Core Viewpoint - The company TBEA (特变电工) has indicated that its products, including transformers, wires and cables, switchgear, and energy storage integrated machines, are applicable to data center projects [1] Group 1 - TBEA's product offerings include transformers, wires and cables, switchgear, and energy storage integrated machines [1] - These products are specifically designed for use in data center projects [1]

Group 1 - The company, TBEA Co., Ltd. (600089.SH), currently does not engage in the robotics business [1] - The company has implemented robotics, mechanical arms, and AGVs in its manufacturing digital workshops and coal mining areas to achieve reduced manpower and enhance production efficiency [1] - The use of these technologies also aims to improve safety in mining areas [1]

Core Viewpoint - The company, TBEA Co., Ltd. (特变电工), has clarified that it does not manufacture liquid-cooled servers [1] Company Summary - TBEA Co., Ltd. responded to inquiries on its investor interaction platform regarding its product offerings [1]

格隆汇9月26日丨特变电工(600089.SH)在投资者互动平台表示，量子科技目前主要应用于通讯领域，我 公司可为量子科技发展提供系列电气产品及绿色节能、智慧运维的电气系统解决方案，助力量子技术的 应用和发展。 ...

Core Viewpoint - The company, TBEA, confirmed that it is not involved in the robotics business but is utilizing robots, mechanical arms, and AGVs in its manufacturing digital workshops and coal mining areas to enhance production efficiency and improve safety in mining operations [1] Group 1 - The company is currently not engaged in the robotics sector [1] - The company is implementing automation technologies such as robots and AGVs in its manufacturing and mining operations [1] - The focus on automation aims to achieve reduced manpower requirements and increased safety in coal mining [1]

送及花业 电力设备/ 光伏设备 2025 年 09 月 25 日 版灵 行业 请务必仔细阅读正文之后的各项信息披露与声明 反内卷再出新政策, 相关研究 券研究培 证券分析师 李冲 A0230524070001 lichong@swsresearch.com 马天一 A0230525040004 maty@swsresearch.com 联系人 李冲 (8621)23297818× lichong@swsresearch.com 事件: 9 月 24 日国家能源局局长王宏志在学习时报发表的署名文章《以更大力度推动我国新 能源高质量发展》，为光伏产业当前面临的困境指明了出路。文章直指产业痛点，提出以技 术创新驱动降本增效,专项整治光伏产业"内卷式"竞争,推动新能源从单一电力消纳向多 能综合利用转变。 申万宏源研究微信服务号 向明确 -光伏反内卷点评 明确光伏消纳发展路径转变,从单一消纳转向多能综合利用。文章提出了明确的发展路 ● 径的转变："坚持电与非电并重，推动新能源从单一电力消纳向多能综合利用转变"。 这一转变对缓解当前光伏消纳压力具有重要意义。2025 年 1—7 月,全国光伏发电利 用率为 94.7%，同 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [8] Core Insights - The report highlights a significant shift in the photovoltaic (PV) industry from a single energy consumption model to a multi-energy comprehensive utilization model, which is crucial for alleviating current PV consumption pressures [2][3] - Future development of renewable energy is expected to transition from a "resource-oriented" approach to a "market-oriented" approach, emphasizing cost control and operational efficiency over mere resource availability [2] - Key measures to break the "involution" in the industry include policy coordination and technological innovation, which are essential for addressing the supply-demand imbalance in the photovoltaic manufacturing sector [2] Summary by Sections Industry Transition - The article emphasizes the need for a transition in the PV industry towards multi-energy utilization, particularly highlighting the importance of hydrogen production from renewable sources [2] - The utilization rate of PV power generation in China was reported at 94.7% for January to July 2025, a decrease of 2.4 percentage points year-on-year, indicating increasing pressure on the power system [2] Market Dynamics - The report stresses that the competitiveness of PV power stations will increasingly depend on market capabilities such as cost control and bidding strategies rather than just resource conditions [2] - The current challenges faced by renewable energy in the power market include weak bargaining power and exposure to price volatility, leading to situations where companies experience "increased output without increased revenue" [2] Investment Recommendations - The report suggests focusing on companies that will benefit from the "involution" reversal, particularly in the silicon material segment, including companies like GCL-Poly Energy, Daqo New Energy, Tongwei Co., and TBEA [2] - It also highlights the importance of new technology firms such as Aiko Solar in the evolving market landscape [2] Valuation Table - A valuation table is provided for key companies in the power equipment sector, detailing their stock prices, market capitalizations, and projected net profits for 2025 to 2027 [3]

Core Viewpoint - The renewable energy sector is experiencing a strong upward trend, with significant gains in key stocks and ETFs, indicating positive market sentiment and potential investment opportunities [1][4]. Market Performance - As of September 25, 2025, the China Securities New Energy Index rose by 1.34%, with notable stocks such as TCL Zhonghuan hitting the daily limit, and other companies like Tongsheng Technology and Enjie Co., Ltd. also showing substantial increases [1]. - The New Energy ETF (159875) increased by 1.27%, marking its third consecutive day of gains [1]. ETF Insights - The New Energy ETF had a turnover rate of 7.58% during the trading session, with a total transaction value of 83.975 million yuan [4]. - As of September 24, 2025, the ETF's total size reached 1.082 billion yuan, with a cumulative inflow of 24.6957 million yuan over the past 18 trading days [4]. - The ETF's net value increased by 58.85% over the past year, with the highest monthly return since inception being 25.07% and an average monthly return of 8.03% [4]. Industry Trends - Guoyuan Securities highlighted that the recent "anti-involution" actions in the photovoltaic industry have reached the highest strategic level, focusing on capacity integration in the silicon material segment and strengthening price regulation across the industry [4]. - The industry is currently at the bottom of its cycle, with future policy measures expected to be a key variable influencing market trends [4]. - The photovoltaic sector is anticipated to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [4]. Investment Recommendations - It is suggested to focus on silicon materials, glass, and battery segments that have undergone sufficient corrections and have clear alpha potential, as well as new technologies and leading manufacturers in the supply chain [4][5].

Core Insights - The Zhongzheng Photovoltaic Industry Index (931151) has shown a strong increase of 1.69% as of September 25, 2025, with notable gains in constituent stocks such as TCL Zhonghuan (10.06%) and Jingsheng Mechanical Electrical (5.20%) [1] - The Photovoltaic ETF Fund (516180) has also risen by 1.86%, with a latest price of 0.77 yuan, reflecting a 0.27% increase over the past week [1] - The index comprises up to 50 representative listed companies involved in the photovoltaic industry chain, aiming to reflect the overall performance of these securities [1] Company Performance - The top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index as of August 29, 2025, include Yangguang Electric (10.51%), Longi Green Energy (9.97%), and TCL Technology (9.42%), collectively accounting for 56.14% of the index [2] - The performance of individual stocks shows varied results, with TCL Zhonghuan leading with a 10.06% increase, while TBEA (−0.43%) and Zhengtai Electric (−0.46%) experienced declines [4]

Industry Insights - The price of multi-crystalline silicon N-type raw materials is quoted at 50.3-55 CNY/kg, while granular silicon is priced at 49-50 CNY/kg, with an overall multi-crystalline silicon price index at 52.44 CNY/kg, indicating a slight upward shift in transaction prices [1] - The market for multi-crystalline silicon is experiencing polarization, with resources priced at 52 CNY/kg and below being more popular, leading to some crystal pulling enterprises facing supply shortages [1] - In September, multi-crystalline silicon production saw mixed changes, with an overall expected slight decline. In October, a reduction in production is anticipated in the Sichuan region due to the approaching dry season [1] - The photovoltaic industry is advancing its "anti-involution" strategy, with significant effects from price control measures, suggesting that industry chain prices may gradually cover full costs [1] - Strict new energy consumption standards for multi-crystalline silicon are expected to accelerate the elimination of outdated production capacity [1] - The photovoltaic sector is likely to achieve supply-side improvements through a combination of top-level support, market-driven elimination, and technological iteration, with policies related to capacity and product quality expected to be implemented soon [1] Company Developments - TBEA (特变电工) claims that its multi-crystalline silicon cost and quality are among the best in China, with cash costs around 30,000 CNY/ton and comprehensive costs approximately 35,000 CNY/ton by July 2025 [2] - Daqo New Energy (大全能源), a leading domestic high-purity multi-crystalline silicon producer, has established partnerships with major photovoltaic companies such as Longi Green Energy, JA Solar, Trina Solar, and TCL Zhonghuan, with a production guidance of 110,000 to 140,000 tons for the entire year of 2025 [2]