Guosen: Promoting green fuel to ensure energy security and overseas situations stimulating demand for energy storage.

Guosen released a research report suggesting to pay attention to the development progress of controlled nuclear fusion and green hydrogen ammonia industries in 2026, the release of global energy storage installation demand, industry opportunities for the expansion of AIDC power equipment industry demand, progress in supply-side adjustments in the photovoltaic industry, the warming situation in the power grid equipment sector, the increase in profits brought about by the rise in lithium battery materials prices, and the progress in the industrialization of solid-state batteries. The main points of Guosen are as follows: Top-level policy of green fuels, included in the country's new growth points The special symposium of the National Energy Administration on March 3 stated that green fuels are an important direction for ensuring energy security, promoting green development, and promoting the non-electric utilization of new energy, and are a key means to promote new quality productivity in the energy field. The government work report on March 5 proposed the establishment of a national low-carbon transformation fund. Broad prospects for space photovoltaics Currently, many domestic photovoltaic companies have announced active layout of space photovoltaic business, and have begun to cooperate with commercial aerospace companies at home and abroad. It is recommended to pay attention to the photovoltaic equipment sector and the top component companies in the layout of space business, such as Suzhou Maxwell Technologies, Jinko Solar, Hainan Drinda New Energy Technology, Risen Energy, etc. Global technology giants continue to increase their AI capital expenditure, AIDC power equipment is expected to benefit Major technology giants have announced their capital expenditure for 2026. 1) Amazon's capital expenditure for 2026 is expected to reach around $200 billion, a year-on-year increase of over 50%, 2) Google's capital expenditure for 2026 is expected to reach $175 billion to $185 billion, a year-on-year increase of 91%-102%; 3) Meta is expected to have a capital expenditure of $115-$135 billion in 2026, a year-on-year increase of 59%-87%. Overall, the rapid construction of global data centers is driving explosive growth in electricity demand equipment in the AI era. Key companies to watch include Hainan Jinpan Smart Technology, Newonder Special Electric, Shenzhen Hopewind Electric, Shenzhen Sinexcel Electric, and Hangzhou Zhonhen Electric. Rapid development of new technologies such as solid-state batteries and sodium batteries In terms of solid-state batteries, 1) on the equipment side, Wuxi Lead Intelligent Equipment and Qingyan Nankes's dry electrode equipment are progressing positively, Shenzhen United Winners Laser Co., Ltd. is providing full solid-state battery equipment for two leading companies, and Lingge shares have been awarded a contract for a hundred-ton solid-state electrolyte production line; 2) on the material side, Gotion High-tech and Yunnan Energy New Material have reached a strategic cooperation. In terms of sodium batteries, Contemporary Amperex Technology and Chongqing Changan Automobile have released the world's first mass-produced sodium battery passenger car. Companies in the solid-state battery industry chain to pay attention to include Xtc New Energy Materials (Xiamen) Co., Ltd., Ningbo Ronbay New Energy Technology, Beijing Easpring Material Technology, and related equipment companies. Steady growth in global energy storage demand With the introduction of energy storage capacity electricity price policies in the country, market-driven demand has driven a surge in energy storage orders; electricity supply shortages caused by loads such as American data centers are driving an increase in demand for large energy storage installations in the US; instability in European grids and rising natural gas prices are driving energy storage demand; emerging market countries have frequent supportive policies, and demand for energy storage installations is expected to increase significantly. The bank expects global energy storage installation demand to reach 455GWh in 2026, a year-on-year increase of +40%, and recommends to pay attention to Contemporary Amperex Technology, Eve Energy Co., Ltd., Ningbo Deye Technology, Shenzhen Hopewind Electric, Shenzhen Sinexcel Electric, and Shenzhen Clou Electronics. Profitability of wind turbine manufacturers recovering, export contribution to performance growth The domestic wind power new installations in 2026 are expected to maintain a growth of 10%-20%, with orders saturated and prices well supported. The profitability of the main unit has been increasing quarter by quarter, and the increase in exports has boosted performance, showing a better performance both domestically and abroad. Components are expected to achieve "quantity increase and price stability" in 2026. Focus on wind turbine manufacturers, components, and leading enterprises in offshore wind power, including Goldwind Science & Technology, Sany Renewable Energy, Zhuzhou Times New Material Technology, Dajin Heavy Industry, Ningbo Orient Wires & Cables, Jiangsu Haili Wind Power Equipment Technology, and Delijia Transmission Technology. Risk warning: Risks of policy changes; Rising prices of raw materials such as copper and aluminum leading to increased production costs; Electric vehicle production and sales falling short of expectations.