2026年建筑行业投资策略分析报告：科技产业链高价值高通胀高壁垒环节高弹性引领

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CONTENTS0102030405063

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AI202620261AICPU

GPU

FPGA

A

SIC2AI20301.219%AIDC40%8kW

50kWAI产业链上游产业链下游产业链中游土建基础设施行业产业智算服务供应商IDC服务商土地及施工配供电系统基础电信互联网自动驾驶

文娱创作机器人

智慧科研制冷系统金融电信交通IT基础架构元宇宙

智慧农林智慧医疗

智慧物流AI芯片AI服务器云服务供应商网络设备IDC管理系统2024501

AI202620261+”5G+22026GTCtokenGPUtokentokenAItoken32026AI3463.13%810E5%—34%AI5%—30%601

AIPCBPCB产业链上游产业链下游产业链中游PCB（印刷电路板）生产覆铜板（CCL)原材料应用场景计算机通讯设备汽车电子电子玻纤纱铜木浆消费电子制造设备耗材封装基板电子玻纤布

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环氧树脂覆铜板（CCL)工业控制航空航天芯片封装医疗仪器军事线路板（PCB)高多层板HDIDPC其他上游光芯片与光器件中

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跨阻放大器数字信号处理器光无源器件光纤连接器

光分路器光端机光交换机光网络单元光纤收发器通信基站点

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波分复用器电信数据通信701

AI////AI////·8.67%10251391737.77%2025IDC/AIDC20242025IDCBB01

B02EPCIDCIDC12.9149.1%2025202520282025AIIDCEPCIDC100%42MW39.2308%AIDC(1)2025

125GPU20251.2/2026/1.3/2027/1.51.56(2)2025

120.075AIDC2.922.85AIDC6,60030%//20242025801

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131.954.0605287.SH688608.SH///60.117.18.080.024.428.541.164.920.262.7291.325.323.622.1/33.921.624.531.090.919.343.738.823.923.313.5//26.821.716.115.852.644.165.861.420.017.812.912.127.637.045.844.2283.4661.33,513.3222.4130.01,699.4211.9193.4520.9215.3390.158.9002920.SZ002475.SZ1357.HK61.2//184.0797.0653.5347.4336.1186.3566.3522.9332.5334.8708.5136.2464.6258.8146.1355.059.95.227.18.99.220.722.386.8300010.SZ300033.SZ603171.SH300253.SZ300058.SZ300170.SZ002517.SZ000892.SZ688258.SH688111.SH2513.HK6.311.837.07.7-17.285.3-4.77.317.98.43.46.63.93.87.014.79.6316.152.28.773.5230.3137.8350.9175.7127.4230.1450.556.175.8-8.4188.032.032.1/107.1240.5203.886.618.1/-18.60.4-256.158.97.014.521.118.36.0162.7

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TFT-LCD8.6

A

MOLED201820202025258.148.298.2%9.3%202312FACILITY

SYSTEM/UMCV

SMC2024V

SMC2025ICIC5.340.6%16.5%2025202515012026320603929.SH601133.SH603163.SH688981.SH688347.SH600584.SH002156.SZ688126.SH002371.SZ688012.SH301269.SZ688521.SH184.917.31,472.9131.5610.6247.5501.9152.9238.5132.5228.2286.4113.41,020.0672.395.214.24.10.8/69.818.725.914.6/26.0

20.736.4

31.856.1

41.6132.2

109.117.13.19.45.44.52.74.43.69.48.59.029.5394.591.1-16.229.141.1-56.5-11.455.7-17.714.832.7-84.512.4-0.643.2109.9102.2116.042.0577.372.44.5//27.0

34.722.7

21.2//109.97.78,175.92,015.7752.1299.976.22.041.0

106.3

29.8

375.6

182.1

140.33.3-1.979.5/34.530.526.724.047.655.3/35.4

27.942.4

34.2360.1

188.835.7

27.958.1

42.444.3147.774.34.3672.918.2-23.918.815.01.1111.3

90.7602.2468.7309.386.089.026.1/34.057.928.137.047.9/3,397.41,936.7469.1128.729.755.1

79.6

54.3

276.3

153.9

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中国电建300712.SZ

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协鑫能科000601.SZ

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首都在线300383.SZ

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15.1816.42/20Wind01202551%2025

年全国风电新增装机同比增长51%。（1）风力发电产业链上游主要包括叶片、塔筒、风电铸件、发电机、主控系统、电缆等原材料及零部件；产业链中游为整机制造，包括陆上风机和海上风机；产业链下游为风电开发建设及运维。（2）2025年，全国风电新增装机容量1.2亿千瓦，同比增长51%，其中陆上风电新增1.1亿千瓦，海上风电新增659万千瓦。（3）截至2025年12月，全国风电累计并网容量达到6.4亿千瓦，同比增长23%，其中陆上风电5.9亿千瓦，海上风电0.47亿千瓦。（4）2025年，全国风电发电量1.13万亿千瓦时，同比增长13%；全国风电平均利用率94%。（5）《十五五规划》提出，推进非化石能源安全可靠有序替代化石能源，坚持风光水核等多能并举，实施非化石能源十年倍增行动。产业链上游产业链中游产业链下游关键原材料及核心零部件施工安装设备液压打桩锤陆上风电场开发及建设陆

上

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半年公司中标/新签了辽宁华电丹东东港一期100万千瓦海上风电项目(107.70亿规划设计、施工建设到投资运营的全产业链一体化服务能力。元)。在能源电力领域产业政策和发展规划研究，百万千瓦级超超临界机组、三代核电常规岛、清洁燃煤发电、特高压交直流和

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2025年上半年公司签署500MW风电配储项目股东协议。2025年上半年承建范围风场装机容量超过350万千瓦，其中以施工总包模式承建的项目超过300万千瓦，以EPC总承包模式承揽20万千瓦，完成了600余套基础施工、640余台风机安装。202577.2420252201202514%2025

年全国光伏新增装机同比增长14%。（1）光伏产业链上游为硅料及硅片等原材料的供应。中游环节涉及光伏电池片及组件的研发及制造，中游环节对于光伏系统的性能及使用寿命至关重要。下游将光伏组件集成至光伏系统中，并部署于新能源电站、工厂、建筑、住宅等场景中，用于太阳能发电。

2025年，全国光伏新增装机3.17亿千瓦，同比2增长14%，其中集中式光伏新增1.64亿千瓦，分布式光伏新增1.53亿千瓦。（3）截至2025年12月，全国光伏发电装机容量达到12亿千瓦，同比增长35%，其中集中式光伏6.7亿千瓦，分布式光伏5.3亿千瓦。（4）2025年，全国光伏发电量1.17万亿千瓦时，同比增长40%；全国光伏发电利用率95%。（5）《十五五规划》提出，推进非化石能源安全可靠有序替代化石能源，坚持风光水核等多能并举，实施非化石能源十年倍增行动。中游：电池片、电池组件制造下游：应用上

游

：硅片制造多晶硅金属硅硅片银浆电池片组件支架层压片接线盒密封胶边框集

中

式光伏电站焊带分

布

式光伏电站建筑工E

VA胶膜POE胶膜逆变器乙

烯

＆醋酸乙烯用

户

分布式光伏工商业分布式光伏光

伏

建筑一体化汇流器

程蓄电池PET基

膜、氟膜背板纯

碱

、石英砂光伏玻璃控制器2301////能源电力业务是公司核心主营业务，涵盖了水电、火电、风电和太阳能发电、核能、电网、新型储能、地热、生物质能、智慧能源、氢能等全部领域，具备从规划设计、施工建设到投资运营的全产业链

一体化服务能力。2025年上半年太阳能发电业务合同金额

1,137.42

亿元，同比减少28.55%。2025年上半年公司中标宁夏电投（中卫）新能源有限公司300万千瓦光伏基地项目EPC总承包

（56.99

亿元）。在能源电力领域产业政策和发展规划研究，百万千瓦级超超临界机组、三代核电常规岛、清洁燃煤发电、特高压交直流和

GIL

综

2025年上半年公司控股并网项目装机容量太阳能发电1123.44万千瓦

成功签署哈萨克斯坦300MW合管廊输变电、柔性交直流输电、海上风电、太阳能热发电等勘

光伏配储项目购电协议。察设计技术领域具有国际领先优势。2025年上半年，公司100+EPC20MW400MW250MW2035MW2025360.852025240112021—203520301.23404.212473.052《十五五规划》提出加快构建新型能源体系，大力发展新型储能。（3）2026年两会政府工作报告要求发展新型储能。上

游

材料及设备中游储能系统建设下游应用材料供应电池材料正极材料设备供应储能系统设计

储能系统集成储能系统建设

储能系统安装电

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444.54Wind202539011卫星行业为商业航天行业的一个分部，是指以卫星通信、导航和遥感以及AI等其他技术为基础的战略性新兴行业，涵盖与卫星制造、发射及应用有关的一切经济活动。卫星行业可细分为三个主要环节，即卫星研制、卫星发射及卫星运营和应用，而卫星运营和应用环节进一步包括生产地面设备及提供星基解决方案。2025《十五五规划》提出，推进大功率能源系统、通用星载计算机和箭体结构轻量化、星箭联合设计、可重复使用运载等技术攻关，提升星283箭产品规模化生产和商业航天发射能力。加强太空主动防御、群体智能操控等技术研发应用，提高太空安全态势感知和风险防范能力。（4）根据人民财讯2026年3月23日，SpaceX与特斯拉联合发布了Terafab项目，特斯拉将与SpaceX和xAI携手，建造史上规模最大的芯片制造工厂，目标是每年制造1000亿至2000亿颗先进的2纳米芯片。SpaceX创始人兼特斯拉CEO马斯克表示，Terafab的目标是每年生产超过1太瓦的计算能力，其中约80%用于太空，约20%用于地面。（5）根据央视财经援引路透社2026年1月31日报道SpaceX向美国联邦通信委员会提交申请，计划发射多达100万颗卫星，以打造“轨道数据中心”。产业链上游产业链下游产业链中游卫星发射运营服务地面运营商应用领域卫星通信运载火箭

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