<p>摩根大通发布了一份报告，更新了其模型，以反映大陆可再生能源股票的第一季度业绩公告。在上游风电领域，该行继续看好风力发电机出口和海上风电主题，维持对金风科技（02208.HK）+0.540 (+3.666%) 的增持评级，空头头寸为 4574 万美元；比例为 12.003%。同时，东方电缆（603606.SH）+0.100 (+0.170%) 也被看好。由于对储能系统的强劲需求以及 AIDC 储能主题的支持，该行对阳光电源（300274.SZ）-0.700 (-0.458%) 和德业（605117.SH）+8.960 (+5.960%) 持积极态度。该行对太阳能制造商保持选择性，偏好具有成本领先和吸引估值的企业，因此看好 GCL 科技（03800.HK）-0.020 (-2.247%)，空头头寸为 4526 万美元；比例为 20.884%，以及 DAQO 新能源（DQ.US）。在可再生电力生产商中，该行偏好中国广核（01816.HK）-0.010 (-0.295%)，空头头寸为 2464 万美元；比例为 22.735%（受益于电价机制的改善）和长江电力（600900.SH）-0.140 (-0.518%)（电价稳定和防御性收益投资）。</p>
<p>该行指出，风力发电机出口到新兴市场和中国的海上风电开发仍然是中国上游风电公司的亮点。它看好金风科技（02208.HK）+0.540 (+3.666%)，空头头寸为 4574 万美元；比例为 12.003% H 股和东方电缆（603606.SH）+0.100 (+0.170%)，两者均被评为增持。然而，由于明阳智能（601615.SH）+0.860 (+5.614%) 在近年来的执行记录较弱，该行对该股票维持了减持评级。</p>
<p>太阳能和储能：阳光电源仍然是该行在该领域的首选。它认为，随着 AI 数据中心储能部署的推进，2026 年下半年将出现更多积极的催化剂。德业被视为区域能源安全发展的主要受益者。对于耐心的投资者，阿特斯（688408.SH）-0.400 (-1.050%) 的收益预计将在出货量正常化和中东可再生能源开发进展时恢复。尽管行业处于下行周期，DAQO 新能源和 GCL 科技（均被评为增持）仍被认为具有价值。负面方面，由于行业下行周期和估值因素，该行对隆基绿能（601012.SH）-0.460 (-2.949%)、通威（600438.SH）-0.180 (-1.108%)、麦克斯韦（300751.SZ）-5.770 (-2.218%) 和 S.C 新能源（300724.SZ）-2.140 (-2.363%) 给予了减持评级。</p>
<p>对于替代能源发电商，摩根大通预计不同燃料类型之间的电价政策差异将在 2026 年下半年持续。该行对（核能）中国广核（01816.HK）-0.010 (-0.295%)，空头头寸为 2464 万美元；比例为 22.735% 给予增持评级，但对（风能）中国龙源（00916.HK）-0.040 (-0.593%)，空头头寸为 2625 万美元；比例为 21.977% 和大唐新能源（01798.HK）-0.010 (-0.588%)，空头头寸为 317 万美元；比例为 27.777% 给予中性评级。多个省份已出台政策，通过差价合约维持核电电价稳定，而风电电价则受到市场导向改革的影响。长江电力（被评为增持）仍然是该行在水电公司中首选的防御性收益投资。（da/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 18 日 16:25。）（A 股报价延迟至少 15 分钟。）（实时流式美国股票报价；除所有场外报价外，均延迟至少 15 分钟。）</p>

金风科技

中国广核

中广核电力

<p>摩根大通在第一季度业绩发布后更新了其大陆可再生能源股票模型，偏好金风科技和东方电缆在风电领域，而阳光电源在储能方面领先。该银行对 GCL 科技和中国广核维持增持评级，理由是需求强劲和电价改善。由于行业下行周期，LONGI 绿色能源等公司被给予减持评级。预计电价政策的差异将持续存在，长江电力被视为首选的防御性收益股票</p>

<p>JPM released a report updating its model following the 1Q results announcements of mainland renewable energy stocks. In the upstream wind power segment, the bank continues to favor wind turbine exports and the offshore wind theme, maintaining Overweight ratings on GOLDWIND (02208.HK) +0.540 (+3.666%)  Short selling $45.74M; Ratio 12.003%  H shares and ORIENT WIRES &amp; CABLES (603606.SH) +0.100 (+0.170%)  . Supported by strong demand for energy storage systems and the AIDC energy storage theme, the bank is positive on SUNGROW POWER (300274.SZ) -0.700 (-0.458%)  and DEYE (605117.SH) +8.960 (+5.960%)  . The bank remains selective on solar manufacturers, preferring players with cost leadership and attractive valuations, and therefore favors GCL TECH (03800.HK) -0.020 (-2.247%)  Short selling $45.26M; Ratio 20.884%  and DAQO New Energy Corp. (DQ.US) . Among renewable power generators, it prefers CGN POWER (01816.HK) -0.010 (-0.295%)  Short selling $24.64M; Ratio 22.735%  (benefiting from improvements in tariff mechanisms) and YANGTZE POWER (600900.SH) -0.140 (-0.518%)  (stable tariffs and defensive yield investment).</p>
<div class="lb-trans"><p>摩根大通发布了一份报告，更新了其模型，以反映大陆可再生能源股票的第一季度业绩公告。在上游风电领域，该行继续看好风力发电机出口和海上风电主题，维持对金风科技（02208.HK）+0.540 (+3.666%) 的增持评级，空头头寸为 4574 万美元；比例为 12.003%。同时，东方电缆（603606.SH）+0.100 (+0.170%) 也被看好。由于对储能系统的强劲需求以及 AIDC 储能主题的支持，该行对阳光电源（300274.SZ）-0.700 (-0.458%) 和德业（605117.SH）+8.960 (+5.960%) 持积极态度。该行对太阳能制造商保持选择性，偏好具有成本领先和吸引估值的企业，因此看好 GCL 科技（03800.HK）-0.020 (-2.247%)，空头头寸为 4526 万美元；比例为 20.884%，以及 DAQO 新能源（DQ.US）。在可再生电力生产商中，该行偏好中国广核（01816.HK）-0.010 (-0.295%)，空头头寸为 2464 万美元；比例为 22.735%（受益于电价机制的改善）和长江电力（600900.SH）-0.140 (-0.518%)（电价稳定和防御性收益投资）。</p>
</div><p>The bank noted that wind turbine exports to emerging markets and offshore wind development in China remain highlights for Chinas upstream wind power companies. It favors GOLDWIND (02208.HK) +0.540 (+3.666%)  Short selling $45.74M; Ratio 12.003%  H shares and ORIENT WIRES &amp; CABLES (603606.SH) +0.100 (+0.170%)  , both rated Overweight. However, due to MINGYANG SMART ENERGY (601615.SH) +0.860 (+5.614%)  s weaker execution track record in recent years, the bank maintained an Underweight rating on the stock.</p>
<div class="lb-trans"><p>该行指出，风力发电机出口到新兴市场和中国的海上风电开发仍然是中国上游风电公司的亮点。它看好金风科技（02208.HK）+0.540 (+3.666%)，空头头寸为 4574 万美元；比例为 12.003% H 股和东方电缆（603606.SH）+0.100 (+0.170%)，两者均被评为增持。然而，由于明阳智能（601615.SH）+0.860 (+5.614%) 在近年来的执行记录较弱，该行对该股票维持了减持评级。</p>
</div><p>Solar and energy storage: SUNGROW POWER remains the banks top pick in the segment. It believes more positive catalysts will emerge in 2H26 as AI data center energy storage deployment advances. DEYE is seen as a key beneficiary of regional energy security development. For patient investors, ARCTECH (688408.SH) -0.400 (-1.050%)  s earnings are expected to recover as shipments normalize and renewable energy development in the Middle East progresses. Despite the industry downcycle, DAQO New Energy Corp. and GCL TECH (both rated Overweight) are still considered to offer value. On the negative side, due to the industry downcycle and valuation factors, the bank assigns Underweight ratings to LONGI GREEN ENERGY (601012.SH) -0.460 (-2.949%)  , TONGWEI (600438.SH) -0.180 (-1.108%)  , MAXWELL (300751.SZ) -5.770 (-2.218%)  and S.C NEW ENERGY (300724.SZ) -2.140 (-2.363%)  .</p>
<div class="lb-trans"><p>太阳能和储能：阳光电源仍然是该行在该领域的首选。它认为，随着 AI 数据中心储能部署的推进，2026 年下半年将出现更多积极的催化剂。德业被视为区域能源安全发展的主要受益者。对于耐心的投资者，阿特斯（688408.SH）-0.400 (-1.050%) 的收益预计将在出货量正常化和中东可再生能源开发进展时恢复。尽管行业处于下行周期，DAQO 新能源和 GCL 科技（均被评为增持）仍被认为具有价值。负面方面，由于行业下行周期和估值因素，该行对隆基绿能（601012.SH）-0.460 (-2.949%)、通威（600438.SH）-0.180 (-1.108%)、麦克斯韦（300751.SZ）-5.770 (-2.218%) 和 S.C 新能源（300724.SZ）-2.140 (-2.363%) 给予了减持评级。</p>
</div><p>For alternative energy power producers, JPM expects differences in tariff policies across fuel types to persist into 2H26. The bank assigns an Overweight rating to (nuclear) CGN POWER (01816.HK) -0.010 (-0.295%)  Short selling $24.64M; Ratio 22.735%  , but Neutral ratings to (wind) CHINA LONGYUAN (00916.HK) -0.040 (-0.593%)  Short selling $26.25M; Ratio 21.977%  and DATANG RENEW (01798.HK) -0.010 (-0.588%)  Short selling $3.17M; Ratio 27.777%  . Several provinces have introduced policies to maintain stable nuclear power tariffs through contracts for difference, while wind power tariffs are affected by market-oriented reforms. YANGTZE POWER (rated Overweight) remains the banks top defensive yield pick among hydropower companies. (da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-18 16:25.) (A Shares quote is delayed for at least 15 mins.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</p>
<div class="lb-trans"><p>对于替代能源发电商，摩根大通预计不同燃料类型之间的电价政策差异将在 2026 年下半年持续。该行对（核能）中国广核（01816.HK）-0.010 (-0.295%)，空头头寸为 2464 万美元；比例为 22.735% 给予增持评级，但对（风能）中国龙源（00916.HK）-0.040 (-0.593%)，空头头寸为 2625 万美元；比例为 21.977% 和大唐新能源（01798.HK）-0.010 (-0.588%)，空头头寸为 317 万美元；比例为 27.777% 给予中性评级。多个省份已出台政策，通过差价合约维持核电电价稳定，而风电电价则受到市场导向改革的影响。长江电力（被评为增持）仍然是该行在水电公司中首选的防御性收益投资。（da/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 5 月 18 日 16:25。）（A 股报价延迟至少 15 分钟。）（实时流式美国股票报价；除所有场外报价外，均延迟至少 15 分钟。）</p>
</div>

JPM: Preferred Renewable Energy H Shrs GOLDWIND , GCL TECH  and CGN POWER

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协鑫科技

东方电缆

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德业股份

大全新能源

长江电力

明阳智能

隆基绿能

通威股份

迈为股份

捷佳伟创

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大唐新能源

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摩根大通：首选可再生能源 H 股包括金风科技、GCL TECH 和中国广核