The Zhitong Finance App learned that Guoxin Securities released a research report stating that it is focusing on the overall opportunities in the offshore wind power sector and focusing on core links such as submarine cables and pipe piles. Lithium battery leaders have fallen more than a lot, and valuations are at the bottom of history. Operating performance and cash flow are expected to grow steadily, focusing on a significant return of value to absolute profit space. With the iteration of AIDC power supply and distribution technology to DC high voltage, more leading domestic power electronics companies are expected to enter the global AIDC supply chain and usher in an industry dividend period where performance continues to grow.
Guoxin Securities's main views are as follows:
Global offshore wind power is about to usher in several years of prosperity
Recently, construction of domestic offshore wind power provincial management projects has started one after another. Jiangsu, Zhejiang, and Guangdong have all started equipment bidding for major projects. Key orders to China's supply chain from overseas markets such as Europe, Southeast Asia, and the Middle East are progressing smoothly. In terms of land wind, electricity prices for new energy mechanisms have been rising steadily, and wind power tenders showed a recovery trend. In January-August, domestic land wind tenders were 65.5 GW, an increase of 36% over the previous year. Since the second half of 2026, fan exports have maintained a high level of prosperity, providing the industry with room for long-term profit growth. The focus is on leading mainframes, components, and Haifeng companies, including Dongfang Cable, Goldwind Technology, Delijia, Daikin Heavy Industries, and Sany Heavy Energy.
Lithium battery fundamentals benefit from export demand, and lithium battery leaders are expected to return in value after falling too much
The production schedule of lithium battery companies continues the upward trend. Demand for energy storage continues to improve, electric vehicle exports are growing rapidly, and domestic bicycle charging capacity continues to rise, and demand for lithium batteries continues to grow rapidly. In September, domestic NEV exports maintained a high growth rate. In October, the six companies in the lithium battery sector estimated a total production of 211.3 GWh, up 66% year on year and 6% month on month. Under the boom in the industry, diaphragms and copper foil maintain a tight balance. It is recommended to focus on leading companies in the fields of batteries, diaphragms, copper foil, solid state batteries and sodium batteries, including Ningde Times, Penghui Energy, Everweft Lithium, Azure Lithium, Haopeng Technology, China Innovation Aviation, Xinzhoubang, Xingyuan Materials, and Tiannai Technology.
Global demand for energy storage is growing steadily, and systems and PCS are going overseas faster
Domestic energy storage market-based demand is driving explosive growth in orders; US data center development is driving up demand for large storage purchases; rising European gas prices and market-based electricity price development are driving energy storage demand; emerging market government energy storage policies are frequent. Global energy storage installed demand is expected to reach 455 GWh in 2026, an increase of 40% over the previous year. It is recommended to focus on Sunshine Power, Deye Co., Ltd., Haibo Sichuang, and Shenghong shares.
The certainty of grid investment is prominent, and we continue to focus on AIDC and overseas leaders
By the end of September, UHV tenders were close to 28 billion yuan, an increase of about 27% over the full year of 2025. Entering the fourth quarter, domestic grid investment is expected to accelerate. AIDC gradually showed flexibility in the orders and performance of related companies in the second half of the year; overseas demand for medium- and high-voltage equipment was strong, and export orders were confirmed centrally in the third quarter, contributing to the sector's profit elasticity on a month-on-month basis. The focus is on domestic demand, overseas, and leading AIDC companies, including Pinggao Electric, Mingyang Electric, Jinpan Technology, Baiyun Electric, Megmeet, and Zhongheng Electric.
Risk warning: risk of trade friction; rising commodity raw material prices; domestic NEV sales fall short of expectations; domestic energy storage market growth falls short of expectations; exchange rate risk