电新行业2025年中期投资策略：攻守兼备，踏浪前行

证券研究报告12025年05月29日维持评级[Table_Author]邓永康执业证书：S0100521100006dengyongkang@mszq.com李孝鹏执业证书：S0100524010003lixiaopeng@mszq.com王一如执业证书：S0100523050004wangyiru_yj@mszq.com李佳执业证书：S0100523120002lijia@mszq.com朱碧野执业证书：S0100522120001zhubiye@mszq.com赵丹执业证书：S0100524050002zhaodan@mszq.com席子屹执业证书：S0100524070007xiziyi@mszq.com林誉韬执业证书：S0100524070001linyutao@mszq.com许浚哲执业证书：S0100525030003xujunzhe@mszq.com黎静执业证书：S0100525030004lijing@mszq.com研究助理郝元斌执业证书：S0100123060023haoyuanbin@mszq.com1.电力设备及新能源周报20250525：4月光伏装机量同环比提升显著，小米YU 7正式发布-2025/05/252.电力设备及新能源周报20250518：海外光伏市场需求向好，国网加快重大项目建设-5.电新行业2025Q1基金持仓分析：蛰伏于渊，扶摇待时-2025/05/06 PE（倍）2027E2025E2026E21.9017142.262.8225201.561.8715122.693.1431252.082.8030224.885.7718131.952.5119140.580.7619152.503.3917127.809.681411 推荐分析师邮箱：分析师邮箱：分析师邮箱：分析师邮箱：分析师邮箱：分析师邮箱：分析师邮箱：分析师邮箱：分析师邮箱：分析师邮箱：邮箱：相关研究2025/05/18 评级2027E12推荐16推荐10推荐21推荐17推荐11推荐11推荐11推荐9推荐9推荐 目录1行情复盘与策略推演.................................................................................................................................................31.1 25H1电新行情复盘...........................................................................................................................................................................31.2 25H2策略推演：攻守兼备，踏浪前行..........................................................................................................................................62三擎共振，电智共生.................................................................................................................................................92.1人形机器人：方兴未艾，群雄逐鹿.................................................................................................................................................92.2固态电池：千帆竞发，产业化进程加速.......................................................................................................................................212.3 AIDC：资本开支上行，产业趋势加速.........................................................................................................................................383格局清晰，稳中有升..............................................................................................................................................453.1风电：海陆共振，量利修复确定性强...........................................................................................................................................453.2新能源车：藏锋敛锐，强者恒强...................................................................................................................................................523.3电网设备：需求持续，长线向好...................................................................................................................................................613.4储能：大储需求旺盛，看好新兴市场成长性..............................................................................................................................654韬晦待时，破局重生..............................................................................................................................................704.1光伏面临供需过剩的困境，行业盈利承压...................................................................................................................................704.2光伏未来破局之道：海外产能+新技术........................................................................................................................................765投资建议...............................................................................................................................................................835.1投资建议.............................................................................................................................................................................................835.2重点公司.............................................................................................................................................................................................866风险提示.............................................................................................................................................................104插图目录................................................................................................................................................................105表格目录................................................................................................................................................................107 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明证券研究报告2 本公司具备证券投资咨询业务资格，请务必阅读最后一页免责声明1行情复盘与策略推演1.125H1电新行情复盘1.1.125H1板块整体横盘震荡2025H1板块整体横盘震荡。截至5月23日，中信一级电力设备与新能源板块自2025年以来下跌幅度约2.33%，跑输沪深300指数0.99pct。板块内部分化较大。从中信三级分类的子板块来看，电网、储能和锂电池板块年初至5月23日涨幅分别约7.72%、7.38%、2.95%，明显跑赢电力设备新能源行业指数和沪深300；输变电设备、风电、配电设备及光伏板块则表现较弱，分别下跌3.39%、6.56%、8.48%、16.16%。图1：年初至今电新板块走势（截至2025年5月23日）资料来源：Wind，民生证券研究院图2：年初至今电新子板块走势（截至2025年5月23日）资料来源：Wind，民生证券研究院-15%-10%-5%0%5%10%2024-12-312025-01-072025-01-132025-01-172025-01-232025-02-062025-02-122025-02-18电力设备及新能源(中信)-40%-20%0%20%40%2024-12-312025-01-072025-01-132025-01-172025-01-232025-02-062025-02-122025-02-18电力设备及新能源(中信)输变电设备(中信)风电(中信) 2025-02-2420