金吾财讯 | 华泰证券表示，展望2026年电新/煤炭行业，供需边际改善的环节迎来利润修复；电气设备出海持续发力同步提升盈利和估值。与市场不同，基于海外AI发展和国内电气化率提升，该机构更看好电力需求的增长幅度和持续时间，电力发展将迎来超级周期，该机构认为持续性和幅度都会更超预期。该机构认为虽然短期能源结构会因新能源系统瓶颈呈现周期属性，但是最终新能源制造业属性和对资源低依赖，必然使得未来系统实现平价，产业将会再次出现非线性增长。该机构认为全球电力基建紧张的大背景下，传统电气设备（电网电源）的重估市场仍然认识不足，且存在较多估值洼地，明年主网设备的紧缺和传统电源设备出海将带来差异化投资机会。
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