每(mei)經AI快訊，中國銀河04月22日發布研報稱：給予電力設備及新能源推薦（維持）評級。

行(xing)(xing)情回顧：本周滬(hu)深(shen)300指數(shu)漲(zhang)幅為(wei)1.89%；創業(ye)(ye)(ye)板指數(shu)漲(zhang)幅為(wei)-0.39%；電(dian)新指數(shu)本周漲(zhang)幅-1.45%，行(xing)(xing)業(ye)(ye)(ye)排名第19。按(an)照三級子行(xing)(xing)業(ye)(ye)(ye)拆分來看，核電(dian)/綜合能源設備(bei)/電(dian)力電(dian)子及自(zi)動化漲(zhang)幅前三，分別為(wei)11.15%/3.47%/1.91%。估(gu)值分析：估(gu)值已處(chu)于歷史(shi)低位，預(yu)期收益率明顯增高。2024年4月19日，電(dian)力設備(bei)與新能源行(xing)(xing)業(ye)(ye)(ye)（CI）市(shi)盈(ying)率（TTM）18.93倍(bei)(bei)(bei)(bei)，為(wei)10年歷史(shi)估(gu)值分位點的(de)(de)2.51%，處(chu)于歷史(shi)底(di)部(bu)區(qu)域。分子行(xing)(xing)業(ye)(ye)(ye)看，2024年4月19日，電(dian)網/儲能/太陽能/新能源車/風電(dian)行(xing)(xing)業(ye)(ye)(ye)的(de)(de)市(shi)盈(ying)率分別為(wei)25.14倍(bei)(bei)(bei)(bei)/32.39倍(bei)(bei)(bei)(bei)/10.23倍(bei)(bei)(bei)(bei)/22.17倍(bei)(bei)(bei)(bei)/27.65倍(bei)(bei)(bei)(bei)，為(wei)10年歷史(shi)估(gu)值分位點的(de)(de)11.96%/16.48%/3.25%/5.18%/55.46%。

行(xing)(xing)業(ye)(ye)數據：產(chan)業(ye)(ye)鏈(lian)價(jia)格小幅回落。Wind數據顯(xian)示(shi)(shi)，截至4月(yue)(yue)19日，碳酸(suan)鋰(li)11.13萬(wan)元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)（-1.27%）；三元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)622前驅體7.83萬(wan)元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)（-0.95%），磷(lin)酸(suan)鐵鋰(li)前驅體1.06萬(wan)元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)（0.00%）；三元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)622正極13.40萬(wan)元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)（0.00%）；六氟磷(lin)酸(suan)鋰(li)7.15萬(wan)元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/噸(dun)（-0.69%）。2光伏：產(chan)業(ye)(ye)鏈(lian)價(jia)格進入景氣下(xia)行(xing)(xing)周(zhou)(zhou)期。Solarzoom數據顯(xian)示(shi)(shi)，隨著產(chan)能釋放(fang)，原材料一(yi)(yi)線廠(chang)商(shang)硅(gui)(gui)料成交價(jia)自2022年(nian)底開(kai)始(shi)一(yi)(yi)路下(xia)行(xing)(xing)。硅(gui)(gui)料正式進入降價(jia)周(zhou)(zhou)期，中下(xia)游產(chan)業(ye)(ye)鏈(lian)價(jia)格同步(bu)反饋(kui)。截至4月(yue)(yue)17日，特(te)級致密硅(gui)(gui)料48元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/千克（-5.9%）；單(dan)晶(jing)(jing)182硅(gui)(gui)片(pian)(pian)1.70元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/片(pian)(pian)（0%）；單(dan)晶(jing)(jing)210硅(gui)(gui)片(pian)(pian)2.20元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/片(pian)(pian)（-4.3%）；單(dan)晶(jing)(jing)PERC182電池(chi)片(pian)(pian)0.36元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/W（0%）；單(dan)晶(jing)(jing)PERC210電池(chi)片(pian)(pian)0.38元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/W（5.6%）；單(dan)晶(jing)(jing)PERC組(zu)件(jian)單(dan)面(mian)0.85元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/W（-1.2%）；鍍膜玻璃3.2mm26.0元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/平方米(mi)（0.0%）；EVA膠膜7.35元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/平方米(mi)（0%）。2024年(nian)4月(yue)(yue)17日硅(gui)(gui)料毛利潤為(wei)0.01元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/W，同比(bi)下(xia)滑97.8%，全(quan)行(xing)(xing)業(ye)(ye)整體毛利潤達-0.03元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)/W，同比(bi)下(xia)滑104.6%。1）多省進行(xing)(xing)電網設備改造升級；2）青海投資28.52億元(yuan)(yuan)(yuan)(yuan)(yuan)(yuan)鞏固鄉村全(quan)面(mian)振興電網基礎；3）CWEA發(fa)布(bu)《2023年(nian)中國(guo)風電吊裝容(rong)量(liang)簡報》；4）美國(guo)內政部(bu)宣(xuan)布(bu)批準一(yi)(yi)個商(shang)業(ye)(ye)海風項(xiang)目；5）本周(zhou)(zhou)N型硅(gui)(gui)料出現大幅下(xia)跌(die)；6）發(fa)改委發(fa)布(bu)《綠色(se)低碳先進技(ji)術示(shi)(shi)范項(xiang)目清(qing)單(dan)（第(di)一(yi)(yi)批）》。

重要公告(gao)：1）海興電(dian)(dian)力、運達(da)股份、思源(yuan)電(dian)(dian)氣、新(xin)(xin)強(qiang)聯、禾望電(dian)(dian)氣振(zhen)江股份、湖南裕能、國軒高科、博力威、億緯鋰能、星(xing)源(yuan)材質、廈鎢新(xin)(xin)能、貝(bei)特瑞發(fa)布(bu)2023年度報告(gao)；2）星(xing)源(yuan)材質發(fa)布(bu)重大合(he)同公告(gao)；3）蔚(yu)藍(lan)鋰芯、星(xing)源(yuan)材質、寧德時代發(fa)布(bu)24年一(yi)季(ji)度報告(gao)。

最新(xin)(xin)(xin)觀點與投資建(jian)議(yi)：電(dian)(dian)(dian)(dian)(dian)(dian)(dian)網(wang)：海(hai)(hai)(hai)(hai)(hai)內(nei)外電(dian)(dian)(dian)(dian)(dian)(dian)(dian)網(wang)建(jian)設(she)高(gao)(gao)景氣(qi)，推(tui)(tui)薦(jian)把握三大(da)受(shou)益(yi)(yi)領(ling)域(yu)：1）特高(gao)(gao)壓直流是電(dian)(dian)(dian)(dian)(dian)(dian)(dian)網(wang)投資的(de)基(ji)本盤，柔直趨(qu)勢(shi)(shi)明確。重點關(guan)注(zhu)(zhu)(zhu)國(guo)(guo)(guo)(guo)(guo)(guo)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)南(nan)瑞(rui)（600406.SH）、許繼電(dian)(dian)(dian)(dian)(dian)(dian)(dian)氣(qi)（000400.SZ）、中(zhong)國(guo)(guo)(guo)(guo)(guo)(guo)西電(dian)(dian)(dian)(dian)(dian)(dian)(dian)（601179.SH）、平高(gao)(gao)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)氣(qi)（600312.SH）、特變(bian)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)工（600089.SH）、四方(fang)(fang)(fang)股(gu)份(fen)（601126.SH）等(deng)；2）智能(neng)(neng)(neng)(neng)(neng)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)表享海(hai)(hai)(hai)(hai)(hai)內(nei)外雙升(sheng)紅利(li)。重點關(guan)注(zhu)(zhu)(zhu)海(hai)(hai)(hai)(hai)(hai)興(xing)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)力(li)(li)（603556.SH）、三星醫療（601567.SH）、林洋能(neng)(neng)(neng)(neng)(neng)源(yuan)（601222.SH）、許繼電(dian)(dian)(dian)(dian)(dian)(dian)(dian)氣(qi)（000400.SZ）、國(guo)(guo)(guo)(guo)(guo)(guo)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)南(nan)瑞(rui)（600406.SH）、科(ke)(ke)陸(lu)(lu)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)子（002121.SZ）、東(dong)(dong)方(fang)(fang)(fang)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)子（000682.SZ）、炬(ju)華(hua)科(ke)(ke)技（300360.SZ）、威(wei)(wei)勝信息(xi)（688100.SH）（計(ji)(ji)(ji)算(suan)機(ji)(ji)(ji)組(zu)覆(fu)蓋）；3）數(shu)(shu)智化堅強(qiang)(qiang)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)網(wang)涌現出(chu)一些細(xi)分(fen)領(ling)域(yu)“小而美”的(de)藍海(hai)(hai)(hai)(hai)(hai)市(shi)場(chang)，比(bi)如(ru)(ru)虛擬電(dian)(dian)(dian)(dian)(dian)(dian)(dian)廠、功率(lv)(lv)預(yu)測、數(shu)(shu)字(zi)孿生等(deng)，建(jian)議(yi)關(guan)注(zhu)(zhu)(zhu)國(guo)(guo)(guo)(guo)(guo)(guo)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)南(nan)瑞(rui)（600406.SH）、國(guo)(guo)(guo)(guo)(guo)(guo)網(wang)信通（600131.SH）、東(dong)(dong)方(fang)(fang)(fang)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)子（000682.SZ）、金(jin)智科(ke)(ke)技（002090.SZ）等(deng)。儲(chu)能(neng)(neng)(neng)(neng)(neng)：我(wo)(wo)(wo)們(men)(men)認(ren)為當(dang)(dang)前(qian)全(quan)(quan)球(qiu)局勢(shi)(shi)復(fu)雜變(bian)化將(jiang)加速能(neng)(neng)(neng)(neng)(neng)源(yuan)轉型(xing)(xing)，積極看(kan)待(dai)海(hai)(hai)(hai)(hai)(hai)外光儲(chu)市(shi)場(chang)需求，建(jian)議(yi)關(guan)注(zhu)(zhu)(zhu)盈(ying)利(li)較強(qiang)(qiang)、品牌渠道占優的(de)逆變(bian)器企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)。國(guo)(guo)(guo)(guo)(guo)(guo)內(nei)2023年(nian)(nian)(nian)(nian)(nian)(nian)新(xin)(xin)(xin)型(xing)(xing)儲(chu)能(neng)(neng)(neng)(neng)(neng)裝(zhuang)機(ji)(ji)(ji)超45GWh成(cheng)績亮眼，24年(nian)(nian)(nian)(nian)(nian)(nian)儲(chu)能(neng)(neng)(neng)(neng)(neng)依舊是增(zeng)(zeng)速最高(gao)(gao)賽道，高(gao)(gao)競(jing)(jing)爭(zheng)與高(gao)(gao)增(zeng)(zeng)長共存，國(guo)(guo)(guo)(guo)(guo)(guo)內(nei)招(zhao)標(biao)趨(qu)嚴，看(kan)好(hao)具備規(gui)模(mo)、品牌優勢(shi)(shi)的(de)頭部企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)以及(ji)建(jian)議(yi)提前(qian)關(guan)注(zhu)(zhu)(zhu)長時儲(chu)能(neng)(neng)(neng)(neng)(neng)領(ling)域(yu)，如(ru)(ru)固(gu)德威(wei)(wei)（688390.SH）、德業(ye)(ye)(ye)(ye)(ye)股(gu)份(fen)（605117SH）、派能(neng)(neng)(neng)(neng)(neng)科(ke)(ke)技（688063.SH）、陽光電(dian)(dian)(dian)(dian)(dian)(dian)(dian)源(yuan)（300274.SZ）等(deng)。光伏：23年(nian)(nian)(nian)(nian)(nian)(nian)裝(zhuang)機(ji)(ji)(ji)超預(yu)期(qi)(qi)(qi)，高(gao)(gao)基(ji)數(shu)(shu)下(xia)(xia)(xia)24年(nian)(nian)(nian)(nian)(nian)(nian)增(zeng)(zeng)速大(da)概率(lv)(lv)將(jiang)下(xia)(xia)(xia)臺階(jie)。當(dang)(dang)前(qian)價(jia)格均處于(yu)(yu)歷史低(di)位，全(quan)(quan)產(chan)業(ye)(ye)(ye)(ye)(ye)鏈(lian)毛利(li)超跌至負值，供(gong)給端出(chu)清(qing)信號已經頻現，積極看(kan)好(hao)24H1光伏迎來(lai)(lai)周期(qi)(qi)(qi)上行(xing)(xing)的(de)機(ji)(ji)(ji)會(hui)。推(tui)(tui)薦(jian)成(cheng)本優勢(shi)(shi)大(da)、N型(xing)(xing)料出(chu)貨(huo)(huo)順利(li)的(de)硅料企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)，堅持看(kan)好(hao)HJT長期(qi)(qi)(qi)發(fa)(fa)展機(ji)(ji)(ji)會(hui)，建(jian)議(yi)關(guan)注(zhu)(zhu)(zhu)與新(xin)(xin)(xin)技術綁定較強(qiang)(qiang)的(de)輔材企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)，如(ru)(ru)通威(wei)(wei)股(gu)份(fen)（600438.SH）、東(dong)(dong)方(fang)(fang)(fang)日升(sheng)（300118.SZ）、協鑫科(ke)(ke)技（3800.HK）等(deng)。鋰(li)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)：最新(xin)(xin)(xin)碳酸鋰(li)價(jia)格探底回(hui)升(sheng)，產(chan)業(ye)(ye)(ye)(ye)(ye)鏈(lian)盈(ying)利(li)修(xiu)復(fu)有望(wang)(wang)實(shi)現。我(wo)(wo)(wo)們(men)(men)預(yu)計(ji)(ji)(ji)2024年(nian)(nian)(nian)(nian)(nian)(nian)國(guo)(guo)(guo)(guo)(guo)(guo)內(nei)新(xin)(xin)(xin)能(neng)(neng)(neng)(neng)(neng)源(yuan)銷量1186萬(wan)輛，行(xing)(xing)業(ye)(ye)(ye)(ye)(ye)增(zeng)(zeng)速進一步下(xia)(xia)(xia)臺階(jie)至25%；海(hai)(hai)(hai)(hai)(hai)外市(shi)場(chang)滲透率(lv)(lv)提升(sheng)空間更(geng)大(da)。未來(lai)(lai)競(jing)(jing)爭(zheng)加劇(ju)下(xia)(xia)(xia)，建(jian)議(yi)關(guan)注(zhu)(zhu)(zhu)前(qian)期(qi)(qi)(qi)調(diao)整較深(shen)、出(chu)海(hai)(hai)(hai)(hai)(hai)布局領(ling)先的(de)材料企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)，如(ru)(ru)當(dang)(dang)升(sheng)科(ke)(ke)技（300073.SZ）、容百(bai)科(ke)(ke)技（688005.SH）、天賜(si)材料（002709.SZ）、貝特瑞(rui)等(deng)（835185.BJ）。風(feng)(feng)(feng)(feng)(feng)(feng)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)：1）海(hai)(hai)(hai)(hai)(hai)風(feng)(feng)(feng)(feng)(feng)(feng)：國(guo)(guo)(guo)(guo)(guo)(guo)內(nei)市(shi)場(chang)，近期(qi)(qi)(qi)江(jiang)蘇大(da)豐850MW風(feng)(feng)(feng)(feng)(feng)(feng)機(ji)(ji)(ji)招(zhao)標(biao)海(hai)(hai)(hai)(hai)(hai)風(feng)(feng)(feng)(feng)(feng)(feng)審批加速、陽江(jiang)青洲(zhou)(zhou)(zhou)五(wu)、六、七項(xiang)(xiang)目(mu)建(jian)設(she)規(gui)劃(hua)批前(qian)公示，浙江(jiang)、河北等(deng)省陸(lu)(lu)續發(fa)(fa)布24年(nian)(nian)(nian)(nian)(nian)(nian)重點建(jian)設(she)海(hai)(hai)(hai)(hai)(hai)風(feng)(feng)(feng)(feng)(feng)(feng)項(xiang)(xiang)目(mu)清(qing)單，上海(hai)(hai)(hai)(hai)(hai)啟(qi)動(dong)(dong)5.8GW海(hai)(hai)(hai)(hai)(hai)風(feng)(feng)(feng)(feng)(feng)(feng)競(jing)(jing)配(pei)，其(qi)中(zhong)深(shen)遠海(hai)(hai)(hai)(hai)(hai)4.3GW。我(wo)(wo)(wo)們(men)(men)預(yu)計(ji)(ji)(ji)海(hai)(hai)(hai)(hai)(hai)風(feng)(feng)(feng)(feng)(feng)(feng)2024年(nian)(nian)(nian)(nian)(nian)(nian)/2025年(nian)(nian)(nian)(nian)(nian)(nian)新(xin)(xin)(xin)增(zeng)(zeng)裝(zhuang)機(ji)(ji)(ji)10-12GW/16-20GW，深(shen)遠海(hai)(hai)(hai)(hai)(hai)趨(qu)勢(shi)(shi)不變(bian)。建(jian)議(yi)重點關(guan)注(zhu)(zhu)(zhu)江(jiang)蘇海(hai)(hai)(hai)(hai)(hai)風(feng)(feng)(feng)(feng)(feng)(feng)相(xiang)關(guan)標(biao)的(de)東(dong)(dong)方(fang)(fang)(fang)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)纜（603606.SH）、天順風(feng)(feng)(feng)(feng)(feng)(feng)能(neng)(neng)(neng)(neng)(neng)（002531.SZ）、海(hai)(hai)(hai)(hai)(hai)力(li)(li)風(feng)(feng)(feng)(feng)(feng)(feng)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)（301155.SZ）、泰勝風(feng)(feng)(feng)(feng)(feng)(feng)能(neng)(neng)(neng)(neng)(neng)（300129.SZ）。2）分(fen)散(san)(san)式(shi)(shi)風(feng)(feng)(feng)(feng)(feng)(feng)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)：三部門聯合印發(fa)(fa)《關(guan)于(yu)(yu)組(zu)織開(kai)(kai)展“千鄉萬(wan)村馭風(feng)(feng)(feng)(feng)(feng)(feng)行(xing)(xing)動(dong)(dong)”的(de)通知(zhi)》，優化審批流程并(bing)明確項(xiang)(xiang)目(mu)收(shou)益(yi)(yi)保障及(ji)分(fen)配(pei)機(ji)(ji)(ji)制，以村企(qi)(qi)合作為主要形式(shi)(shi)，鼓(gu)勵通過土地(di)使用(yong)權入股(gu)等(deng)方(fang)(fang)(fang)式(shi)(shi)共享項(xiang)(xiang)目(mu)收(shou)益(yi)(yi)，分(fen)散(san)(san)式(shi)(shi)風(feng)(feng)(feng)(feng)(feng)(feng)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)2000GW裝(zhuang)機(ji)(ji)(ji)發(fa)(fa)展潛(qian)力(li)(li)有望(wang)(wang)挖掘(jue)。我(wo)(wo)(wo)們(men)(men)預(yu)計(ji)(ji)(ji)24-25年(nian)(nian)(nian)(nian)(nian)(nian)分(fen)散(san)(san)式(shi)(shi)風(feng)(feng)(feng)(feng)(feng)(feng)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)裝(zhuang)機(ji)(ji)(ji)有望(wang)(wang)達10GW/年(nian)(nian)(nian)(nian)(nian)(nian)，十(shi)五(wu)五(wu)期(qi)(qi)(qi)間平均約20GW/年(nian)(nian)(nian)(nian)(nian)(nian)。重點關(guan)注(zhu)(zhu)(zhu)已落地(di)分(fen)散(san)(san)式(shi)(shi)風(feng)(feng)(feng)(feng)(feng)(feng)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)項(xiang)(xiang)目(mu)整機(ji)(ji)(ji)企(qi)(qi)業(ye)(ye)(ye)(ye)(ye)金(jin)風(feng)(feng)(feng)(feng)(feng)(feng)科(ke)(ke)技（002202.SZ）、運(yun)達股(gu)份(fen)（300772.SZ）、三一重能(neng)(neng)(neng)(neng)(neng)（688349.SH）以及(ji)陸(lu)(lu)風(feng)(feng)(feng)(feng)(feng)(feng)零(ling)部件廠商天順風(feng)(feng)(feng)(feng)(feng)(feng)能(neng)(neng)(neng)(neng)(neng)（603218.SH）、金(jin)雷股(gu)份(fen)（300443.SZ）、日月股(gu)份(fen)（603218.SH）。3）出(chu)海(hai)(hai)(hai)(hai)(hai)：2023年(nian)(nian)(nian)(nian)(nian)(nian)新(xin)(xin)(xin)增(zeng)(zeng)風(feng)(feng)(feng)(feng)(feng)(feng)機(ji)(ji)(ji)容量為3665.1MW，同(tong)比(bi)增(zeng)(zeng)長60.2%，出(chu)口前(qian)五(wu)的(de)國(guo)(guo)(guo)(guo)(guo)(guo)家分(fen)別為烏茲別克斯坦(tan)（25%）、埃及(ji)（14.1%）、南(nan)非（9.4%）、老撾（8.8%）和智利(li)（7.9%），金(jin)風(feng)(feng)(feng)(feng)(feng)(feng)科(ke)(ke)技、遠景能(neng)(neng)(neng)(neng)(neng)源(yuan)出(chu)口較多(duo)。海(hai)(hai)(hai)(hai)(hai)外市(shi)場(chang)，2023年(nian)(nian)(nian)(nian)(nian)(nian)風(feng)(feng)(feng)(feng)(feng)(feng)能(neng)(neng)(neng)(neng)(neng)投資大(da)幅反彈達480億歐(ou)元(yuan)，其(qi)中(zhong)海(hai)(hai)(hai)(hai)(hai)風(feng)(feng)(feng)(feng)(feng)(feng)300億歐(ou)元(yuan)，陸(lu)(lu)風(feng)(feng)(feng)(feng)(feng)(feng)180億歐(ou)元(yuan)。歐(ou)洲(zhou)(zhou)(zhou)國(guo)(guo)(guo)(guo)(guo)(guo)家將(jiang)在(zai)2024年(nian)(nian)(nian)(nian)(nian)(nian)新(xin)(xin)(xin)進行(xing)(xing)約50GW的(de)海(hai)(hai)(hai)(hai)(hai)風(feng)(feng)(feng)(feng)(feng)(feng)競(jing)(jing)標(biao)，歐(ou)洲(zhou)(zhou)(zhou)海(hai)(hai)(hai)(hai)(hai)風(feng)(feng)(feng)(feng)(feng)(feng)發(fa)(fa)展蓬勃，并(bing)開(kai)(kai)始對中(zhong)國(guo)(guo)(guo)(guo)(guo)(guo)風(feng)(feng)(feng)(feng)(feng)(feng)機(ji)(ji)(ji)展開(kai)(kai)反補(bu)貼(tie)調(diao)查(cha)。歐(ou)洲(zhou)(zhou)(zhou)為全(quan)(quan)球(qiu)風(feng)(feng)(feng)(feng)(feng)(feng)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)第二大(da)市(shi)場(chang)和產(chan)能(neng)(neng)(neng)(neng)(neng)區，僅(jin)次于(yu)(yu)中(zhong)國(guo)(guo)(guo)(guo)(guo)(guo)。但自疫情以來(lai)(lai)由于(yu)(yu)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)網(wang)建(jian)設(she)延遲(chi)、新(xin)(xin)(xin)項(xiang)(xiang)目(mu)并(bing)網(wang)推(tui)(tui)遲(chi)、通貨(huo)(huo)膨脹、地(di)緣沖突、“負補(bu)貼(tie)”、“零(ling)補(bu)貼(tie)”等(deng)影(ying)響因素(su)，歐(ou)洲(zhou)(zhou)(zhou)本土風(feng)(feng)(feng)(feng)(feng)(feng)電(dian)(dian)(dian)(dian)(dian)(dian)(dian)供(gong)應鏈(lian)瓶(ping)頸已觸(chu)及(ji)多(duo)個領(ling)域(yu)。根據GWEC數(shu)(shu)據，歐(ou)洲(zhou)(zhou)(zhou)海(hai)(hai)(hai)(hai)(hai)風(feng)(feng)(feng)(feng)(feng)(feng)機(ji)(ji)(ji)組(zu)（2026年(nian)(nian)(nian)(nian)(nian)(nian)起(qi)(qi)(qi)）、葉片（2025年(nian)(nian)(nian)(nian)(nian)(nian)起(qi)(qi)(qi)）、齒(chi)輪箱（2025年(nian)(nian)(nian)(nian)(nian)(nian)起(qi)(qi)(qi)）、變(bian)流器（2025年(nian)(nian)(nian)(nian)(nian)(nian)起(qi)(qi)(qi)）、海(hai)(hai)(hai)(hai)(hai)風(feng)(feng)(feng)(feng)(feng)(feng)塔筒（2026年(nian)(nian)(nian)(nian)(nian)(nian)起(qi)(qi)(qi)）、固(gu)定式(shi)(shi)基(ji)礎(chu)(chu)（2026年(nian)(nian)(nian)(nian)(nian)(nian)起(qi)(qi)(qi)）、漂(piao)浮式(shi)(shi)基(ji)礎(chu)(chu)（2029年(nian)(nian)(nian)(nian)(nian)(nian)起(qi)(qi)(qi)）、安裝(zhuang)船（2028年(nian)(nian)(nian)(nian)(nian)(nian)起(qi)(qi)(qi)）將(jiang)存在(zai)潛(qian)在(zai)瓶(ping)頸。目(mu)前(qian)中(zhong)國(guo)(guo)(guo)(guo)(guo)(guo)風(feng)(feng)(feng)(feng)(feng)(feng)機(ji)(ji)(ji)出(chu)口占比(bi)不到(dao)國(guo)(guo)(guo)(guo)(guo)(guo)內(nei)吊裝(zhuang)的(de)5%，且歐(ou)洲(zhou)(zhou)(zhou)占總出(chu)口僅(jin)8.7%，反補(bu)貼(tie)調(diao)查(cha)當(dang)(dang)下(xia)(xia)(xia)影(ying)響有限。

風(feng)險(xian)提示：行業政策不(bu)及預(yu)期(qi)的風(feng)險(xian)；新技(ji)術進展不(bu)及預(yu)期(qi)的風(feng)險(xian)；資源品或零部件短缺導致(zhi)原材料價(jia)格暴漲(zhang)、企(qi)業經營困難的風(feng)險(xian)；海外政局動(dong)蕩、貿易環境(jing)惡(e)化的風(feng)險(xian)。本周(zhou)滬深300指(zhi)(zhi)數漲(zhang)幅(fu)為(wei)(wei)1.89%；創業板(ban)指(zhi)(zhi)數漲(zhang)幅(fu)為(wei)(wei)-0.39%；電新指(zhi)(zhi)數本周(zhou)漲(zhang)幅(fu)-1.45%，行業排(pai)名第19。按照(zhao)三級子行業拆分來(lai)看，核電/綜合(he)能源設備/電力電子及自動(dong)化漲(zhang)幅(fu)前(qian)三，分別為(wei)(wei)11.15%/3.47%/1.91%。

每經頭條（nbdtoutiao）——

(記者 蔡鼎)

免責聲(sheng)明：本文內容與數據僅供參(can)考，不構成投資(zi)建議，使用前請(qing)核(he)實(shi)。據此操作(zuo)，風險(xian)自擔。