Guosen Securities recently released its March 2026 investment strategy for the power equipment and new energy sector: Green fuels have been given top-level policy endorsement and designated as a new national growth driver. A special forum of the National Energy Administration on March 3 clarified that green fuels are an important direction for ensuring energy security, promoting green development, and advancing the non-power applications of new energy, serving as a key driver of new productive forces in the energy sector. The 2026 Government Work Report, delivered on March 5, proposed the establishment of a national low-carbon transition fund.
The following is an abstract of the research report:
国信证券近日发布电力设备新能源2026年3月投资策略：绿色燃料顶层政策定调，纳入国家新增长点。3月3日国家能源局专题座谈会明确，绿色燃料是保障能源安全、推动绿色发展、促进新能源非电利用的重要方向，为能源领域新质生产力关键抓手。3月5日政府工作报告提出设立国家低碳转型基金。
以下为研究报告摘要：

Core Views
核心观点

Green fuels have been given top-level policy endorsement and designated as a new national growth driver. A special forum of the National Energy Administration on March 3 clarified that green fuels are an important direction for ensuring energy security, promoting green development, and advancing the non-power applications of new energy, serving as a key driver of new productive forces in the energy sector. The 2026 Government Work Report, delivered on March 5, proposed the establishment of a national low-carbon transition fund.
Space Solar PV Holds Broad Prospects
A number of domestic photovoltaic enterprises have announced active layouts in the space solar PV business and have started cooperating with commercial aerospace companies at home and abroad. Investors are advised to pay attention to the photovoltaic equipment sector and leading component enterprises with space business layouts, including Maiwei Co., Ltd., Jinko Energy Co., Ltd., Junda Co., Ltd., and Risen Energy Co., Ltd..
Global Tech Giants Ramp Up AI Capital Expenditure, Benefiting AIDC Power Equipment
Major tech giants have disclosed their 2026 capital expenditure plans: 1) Amazon’s 2026 capital expenditure is expected to reach approximately $200 billion, a year-on-year increase of over 50%; 2) Google’s 2026 capital expenditure is projected to be $175–185 billion, a year-on-year increase of 91%–102%; 3) Meta’s 2026 capital expenditure is expected to be $115–135 billion, a year-on-year increase of 59%–87%. Overall, the accelerated construction of global data centers has led to an explosive growth in power demand equipment in the AI era. Key enterprises to watch include Jinpan International Co., Ltd., Xinte Electric Co., Ltd., Hewang Electric Co., Ltd., Shengnan Co., Ltd., and Zhongheng Electric Co., Ltd..
New Technologies Such as Solid-State Batteries and Sodium-Ion Batteries Are Booming
For solid-state batteries: 1) On the equipment side, Smart Machine Co., Ltd. and Qingyan Nake have made positive progress in dry electrode equipment; Laser Union provided full solid-state battery equipment for the pilot production lines of two leading enterprises; Linggu Co., Ltd. won a bid for a 100-ton solid-state electrolyte production line order. 2) On the material side, Guoxuan Hi-Tech Co., Ltd. and ENJ Corporation reached a strategic cooperation. For sodium-ion batteries, CATL and Changan Automobile launched the world’s first mass-produced sodium-ion battery-powered passenger car. Investors are advised to focus on industrial chain companies such as Xiamen Tungsten New Energy Co., Ltd., Rongbai Technology Co., Ltd., Dangshen Technology Co., Ltd., and related equipment enterprises.
绿色燃料顶层政策定调，纳入国家新增长点。3月3日国家能源局专题座谈会明确，绿色燃料是保障能源安全、推动绿色发展、促进新能源非电利用的重要方向，为能源领域新质生产力关键抓手。3月5日政府工作报告提出设立国家低碳转型基金。
太空光伏前景广阔
目前国内多家光伏企业已宣布积极布局太空光伏业务，并开始与国内外商业航天企业开展合作，建议关注光伏设备板块和太空业务布局的头部组件企业【迈为股份】、【晶科能源】、【钧达股份】、【东方日升】等。
全球科技巨头持续扩大AI资本开支，AIDC电力设备有望受益
各大科技巨头公布2026年资本开支。1）亚马逊2026年资本开支预计将达到约2000亿美元，同比增长超过50%，2）谷歌2026年资本开支预计将达到1750亿至1850亿美元，同比增长91%-102%；3）Meta预计2026年资本开支将达到1150-1350亿美元，同比增长59%-87%。整体而言全球数据中心加快建设,AI时代电力需求设备呈现爆发式增长。重点关注相关企业【金盘科技】、【新特电气】、【禾望电气】、【盛弘股份】、【中恒电气】。
固态电池、钠电池等新技术蓬勃发展
固态电池方面，1）设备端，先导智能、清研纳科干法电极设备进展积极，联赢激光为两家头部企业中试线提供全固态电池设备，灵鸽股份中标百吨级固态电解质产线订单；2）材料端，国轩高科与恩捷股份达成战略合作。钠电池方面，宁德时代与长安汽车发布全球首款钠电量产乘用车。固态电池方面关注产业链相关公司【厦钨新能】、【容百科技】、【当升科技】及相关设备企业。

Global Energy Storage Demand Rises Steadily
The introduction of domestic energy storage capacity tariff policies and market-oriented demand have driven an explosive growth in energy storage orders. Power supply shortages caused by loads such as U.S. data centers have boosted the demand for large-scale energy storage installations in the U.S. Unstable power grids and rising natural gas prices in Europe have also driven energy storage demand. Frequent government support policies in emerging markets are expected to significantly boost energy storage installation demand. We project that global energy storage installation demand will reach 455 GWh in 2026, a year-on-year increase of 40%. Key enterprises to watch include CATL, EVE Energy Co., Ltd., Deye Co., Ltd., Hewang Electric Co., Ltd., Shengnan Co., Ltd., and Kelu Electronics Co., Ltd..
Profitability of Wind Turbine Manufacturers Recovers, Exports Drive Performance Growth
China’s new wind power installations are expected to maintain a year-on-year growth of 10%–20% in 2026, with saturated orders providing strong support for prices. The profitability of turbine manufacturers is improving quarter by quarter, and export growth is boosting performance, creating a boom resonance at home and abroad. Components are expected to achieve "volume growth with stable prices" in 2026. Investors are advised to focus on leading enterprises in mainframes, components, and offshore wind power, including Goldwind Science & Technology Co., Ltd., Sany Renewable Energy Co., Ltd., Times New Material Co., Ltd., Dajin Heavy Industry Co., Ltd., Orient Cable Co., Ltd., Haili Wind Power Co., Ltd., and Delijia Co., Ltd..
全球储能需求稳步增长
国内储能容量电价政策出台，市场化需求驱动储能订单呈现爆发式增长；美国数据中心等负荷引起的电力供应短缺推动美国大储装机需求提升；欧洲电网不稳定情况及天然气价格上涨均推动储能需求；新兴市场各国政府扶持政策频出，储能装机需求有望大幅度提升。我们预计2026年全球储能装机需求达到455GWh，同比增长+40%，建议关注【宁德时代】、【亿纬锂能】、【德业股份】、【禾望电气】、【盛弘股份】、【科陆电子】。
风电主机厂盈利能力修复，出口贡献业绩增长
2026年国内风电新增装机有望保持10%-20%增长，订单饱和价格具有良好支撑。主机盈利逐季提高，出口放量提振业绩，国内外呈现景气共振态势。零部件在2026年有望实现“量增价稳”。重点关注主机、零部件和海风龙头企业，包括【金风科技】、【三一重能】、【时代新材】、【大金重工】、【东方电缆】、【海力风电】、【德力佳】。

Investment Recommendations
Investors are advised to monitor the development progress of controlled nuclear fusion and the green hydrogen, ammonia, and alcohol industries in 2026, the release of global energy storage installation demand, industry opportunities from the expansion of AIDC power equipment demand, progress in supply-side adjustments in the photovoltaic industry, a recovery in the prosperity of the power grid equipment sector, profit growth from rising lithium battery material prices, and the industrialization progress of solid-state batteries.
Risk Warnings
Risks of policy changes; rising prices of raw materials such as copper and aluminum leading to increased production costs; and lower-than-expected production and sales of electric vehicles (Guosen Securities: Wang Weiqi, Li Hengyuan, Wang Xiaosheng, Li Quan, Yuan Yang)
投资建议：建议关注2026年可控核聚变、绿色氢氨醇行业的发展进程、全球储能装机需求释放情况、AIDC电力设备行业需求扩张的行业机会、光伏行业供给侧调整进展、电网设备板块景气度回暖情况，锂电材料涨价带来的收益提升情况以及固态电池产业化进展情况。
风险提示：政策变动风险；铜、铝等原材料价格上涨致使生产成本上升；电动车产销不及预期（国信证券 王蔚祺,李恒源,王晓声,李全,袁阳）

[Responsible Editor: Yang Zian]
【责任编辑：杨梓安】

(Using AI translation)
（使用AI翻译）