> 数据图表咨询大家二、供给：周期性2025-12-4二、供给：周期性➢ 当前“源网荷储”相关核心概念指数已全面突破上一轮周期高点，体现出链条内多行业正在进入同步强化的上涨阶段，上涨行情具备持续性与延展性。此外产业景气度提升叠加企业中长期资本开支意愿回暖，预计 “源网荷储”相关转债供给有望开启新一轮扩张。图：2018年-2025年相关指数走势（0-1标准化）10.90.80.70.60.50.40.30.20.1020-10-810220-30-810220-50-810220-70-810220-90-810220-11-810220-10-910220-30-910220-50-910220-70-910220-90-910220-11-910220-10-020220-30-020220-50-020220-70-020220-90-020220-11-020220-10-120220-30-120220-50-120220-70-120220-90-120220-11-120220-10-220220-30-220220-50-220220-70-220220-90-220220-11-220220-10-320220-30-320220-50-320220-70-320220-90-320220-11-320220-10-420220-30-420220-50-420220-70-420220-90-420220-11-420220-10-520220-30-520220-50-520220-70-520220-90-520220-11-5202人形机器人指数消费电子产业指数半导体新能源汽车指数光模块CPO指数智能电网指数核聚变指数氢能指数万得风电指数低空经济指数数据中心互联指数固态电池指数芯片指数钙钛矿电池指数11数据来源：Wind，东吴证券研究所东吴证券综合其他
