周观点1019：储锂风景气延续，光伏 及AIDC迎边际催化 长江证券研究所电力设备与新能源研究小组 2025-10-20 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 邬博华 分析师 曹海花 分析师 司鸿历 分析师 叶之楠 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SAC执业证书编号：S0490520080002 SAC执业证书编号：S0490520090003 SFC执业证书编号：BQK482 SFC执业证书编号：BVD284 分析师 袁澎 SAC执业证书编号：S0490524010001 %% %% %% %% research.95579.com 2 00 本周电新板块行情回顾 板块重要事件回顾与展望 00 CJ电新指数本周下跌5.31%，光伏板块因反内卷预期强化跌幅相对较小，其他电源和电机分别因AIDC和人形机器人跌幅较大，风电因前期涨幅较大本周回调。 图：本周电新板块行情回顾 CJ电新指数 光伏 储能 锂电 风电 电力设备 其他电源 电机 -10 ...

证券之星消息，10月20日光伏设备板块较上一交易日下跌0.01%，隆基绿能领跌。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。光伏设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300080 | 易成新能 | 5.14 | 5.54% | 56.38万 | | 2.84亿 | | 688680 | 海优新材 | 43.82 | 4.96% | 3.37万 | | 1.45亿 | | 688556 | 高测股份 | 11.69 | 4.66% | 39.46万 | | 4.61亿 | | 301278 | 快可电子 | 34.98 | 3.92% | 1.67万 | | 5764.52万 | | 300051 | 斑→枝 | 6.42 | 3.72% | 10.89万 | | 6908.21万 | | 300316 | 晶盛机电 | 39.05 | 3.55% | 31.29万 | | 12.16亿 | ...

（来源：博亚和讯） 昨夜， 海大掀起饲料涨价潮。 涨价 通知 尊敬的广大客户朋友: 结合当前的原料情况,经研究,决定从2025年10月18号凌晨 开始,对以下产品进行涨价处理: 特此通知 感谢您对公司一如既往的支持,祝您养殖顺利 ! 珠海准 涨价通知 虾料、泥鳅料系列涨价 200元/吨; í I Í 海鲈海水系列、黄颖塘颐料系列涨价 200元/吨; 三、 生鱼、加州、吻鱼、太阳鱼系列、9600#苗料、海龙王系 列涨价 300 元/吨; 四、鱼苗宝、高档鱼 0#、海生圆 0-2#、鳜鱼料系列涨价 500 元/吨; 尊敬的各位经销商、养殖户朋友: 大家好! 感谢您对我司一直以来的信任与支持!。 基于当前原料行情,为保证产品质量,实现养殖效益最大化,经 公司研究决定,从 2025年10月 18日凌晨开始对以下产品价格进行 调整： 特此通知! 束心感谢客户朋友们长期的支持，祝您养殖顺利!。 肇庆高要海大生物科技有限公司 2025 年 10月 17 日 1、 虾料、泥鳅料系列涨价 200元/吨; 2、 海鲈海水系列、黄颖、塘闽、金娼料系列涨价 200元/吨; 3、 生鱼、吻鱼、太阳鱼系列涨价 300元/吨; 4、 加州 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The lithium hexafluorophosphate market is experiencing unexpected prosperity, and the supply-side reform in the photovoltaic sector is continuously advancing [1] - The report highlights significant improvements in the supply-demand dynamics of the lithium hexafluorophosphate market, with prices rising sharply due to the end of the oversupply situation [8] - The photovoltaic industry is seeing a notable recovery, with the average external price of granular silicon increasing by 27.9% quarter-on-quarter, indicating a positive trend in the sector [5] Summary by Relevant Sections Photovoltaics - The photovoltaic sector is in a "de-involution" phase, with significant effects from supply-side reforms. The average external price of granular silicon reached 42.12 RMB/kg, up 27.9% from Q2, while cash costs decreased by 4.5% [5] - The price of silicon materials has stabilized around 50 RMB/kg, and there are expectations for new policies to further support the industry [5] - Companies to watch include GCL-Poly Energy, Tongwei Co., and high-efficiency battery technology firms such as BAK Power, Aiko Solar, and LONGi Green Energy [5] Wind Power - The offshore wind sector is entering a bidding peak, with significant projects being approved and orders being won by companies like Orient Cable and Zhongtian Technology [6] - The onshore wind market remains robust, with a high level of bidding activity and increasing average prices for wind turbines [7] Energy Storage - Hebei Province has released a list of independent energy storage pilot projects totaling 13.82 GW/47.03 GWh, indicating a push for diverse energy storage technologies [7] - The SNEC ES+2025 International Energy Storage Exhibition showcased advancements in large-scale energy storage systems [7] Lithium Battery - Companies in the lithium battery supply chain are advancing solid-state battery technologies, with significant deliveries of semi-solid batteries reported [7] - The price of lithium hexafluorophosphate has surged over 20% in less than a month, reflecting a substantial improvement in the supply-demand balance [8] Power Equipment - The State Grid's fixed asset investment increased by 8.1% year-on-year, with expectations for continued growth in power infrastructure [9] - The first cross-grid electricity spot trading between Southern and State Grid marks a significant step towards a unified electricity market in China [10]

人民财讯10月18日电，10月12日至14日，在沙特阿拉伯利雅Solar&Storage KSA2025期间，通威与沙特 本地绿色能源解决方案提供商Sun Arabia正式签署80MW高效组件供货协议。 ...

Group 1 - Chengdu enterprises are increasingly expanding their global presence, with significant trade events held in Riyadh and Istanbul, resulting in over 10 key economic cooperation agreements worth nearly 800 million yuan [1] - The trade volume between Chengdu and Saudi Arabia is projected to reach 4.58 billion yuan in 2024, marking a 22.5% increase, while the first eight months of 2025 have already seen 3.6 billion yuan, a growth of 33.8% [3] - A market opportunity list comprising 304 items has been released, covering industrial products, cultural products, services, and agricultural products, aimed at facilitating Chengdu enterprises' international expansion [3] Group 2 - Various cooperation agreements were signed among companies in sectors such as material procurement, civil engineering, automotive sales, and industrial gas sales, indicating a broadening of collaboration areas [4] - The Saudi Vision 2030 economic reform plan is accelerating market potential in sectors like aerospace, automotive, machinery, and technology [5] - Chengdu enterprises are exploring investment opportunities in the Saudi market, including business hotels and local e-commerce platforms [6] Group 3 - The trade volume between Chengdu and Turkey is expected to reach 5.36 billion yuan in 2024, with Chengdu products like tablets, solar cells, and footwear gaining popularity in Turkey [7] - Agreements have been signed for cooperation in energy construction, home appliances, and agricultural product procurement, reflecting strong collaboration intentions [7] - The establishment of a logistics corridor through the Chengdu International Railway Port is set to enhance trade routes to Europe and the Middle East, facilitating the global reach of Chengdu products [8]

Index Performance - The CSI A500 Index decreased by 3.31% this week, closing at 5392.97 points on October 17 [5] - The average daily trading volume for the week was 8521.04 billion yuan, reflecting a 22.20% decrease compared to the previous week [5] Top Performers - The top ten gainers in the CSI A500 index included: 1. Shanghai Pudong Development Bank (600000.SH) with a gain of 12.50% 2. Agricultural Bank of China (601288.SH) with a gain of 11.57% 3. Huatian Technology (002185.SZ) with a gain of 10.02% 4. Shanghai Jahwa United Co., Ltd. (600315.SH) with a gain of 9.42% 5. Hainan Airport (600515.SH) with a gain of 8.96% 6. Shaanxi Coal and Chemical Industry (601225.SH) with a gain of 8.61% 7. Jiangsu Bank (600919.SH) with a gain of 8.60% 8. Tongwei Co., Ltd. (600438.SH) with a gain of 8.31% 9. Air China (601111.SH) with a gain of 7.63% 10. China Pacific Insurance (601319.SH) with a gain of 7.32% [2] Bottom Performers - The top ten losers in the CSI A500 index included: 1. Shengquan Group (605589.SH) with a loss of 18.04% 2. Wentai Technology (600745.SH) with a loss of 17.17% 3. Betta Pharmaceuticals (300558.SZ) with a loss of 16.98% 4. Leo Group (002131.SZ) with a loss of 16.55% 5. Jinlang Technology (300763.SZ) with a loss of 15.40% 6. Tongfu Microelectronics (002156.SZ) with a loss of 14.98% 7. Yake Technology (002409.SZ) with a loss of 14.35% 8. Lens Technology (300433.SZ) with a loss of 14.26% 9. Zhongding Sealing Parts (000887.SZ) with a loss of 13.99% 10. Robot Technology (300757.SZ) with a loss of 13.95% [2] Fund Performance - All 40 CSI A500 ETFs experienced declines, with notable drops in Huatai-PB's CSI A500 Enhanced ETF and Guolian's A500 Enhanced ETF, both falling over 4% [5] - The total scale of the CSI A500 ETFs fell below 200 billion yuan, with Huatai-PB's fund at 249.03 billion yuan, Guotai's at 226.56 billion yuan, and E Fund's at 221.29 billion yuan [5] Market Insights - Pacific Securities research team suggests a balanced allocation towards low-position sectors, particularly banks and insurance with dividend protection attributes, as well as coal and agriculture sectors benefiting from domestic demand recovery [6] - Guohai Securities research team indicates that uncertainties from trade frictions may lead to a rotation in market styles, with a shift from overvalued growth sectors to undervalued sectors [6]

截至发稿，梁荣累计任职时间2年363天，现任基金资产总规模4199.48万元，任职期间最佳基金回报 23.45%， 任职期间最差基金回报-3.17%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，景顺长城基金旗下1只基金重仓通威股份。景顺长城景骊成长混合A（010706）二季度持有 股数9.14万股，占基金净值比例为3.65%，位居第十大重仓股。根据测算，今日浮亏损失约11.52万元。 景顺长城景骊成长混合A（010706）成立日期2021年5月7日，最新规模4195.08万。今年以来收益 15.57%，同类排名5061/8160；近一年收益9.25%，同类排名6111/8021；成立以来亏损6.55%。 景顺长城景骊成长混合A（010706）基金经理为梁荣。 10月17日，通威股份跌5.07%，截至发稿，报23.58元/股，成交24.60亿元，换手率2.25%，总市值 1061.57亿元。 资料显示，通威股份有限公司位于中国(四川)自由贸易试验区成都市高新 ...

截至2025年10月17日 11:17，中证光伏产业指数(931151)下跌4.33%。成分股方面，阳光电源(300274)领 跌8.10%，科士达(002518)下跌7.84%，阿特斯(688472)下跌7.49%，固德威(688390)下跌6.55%，迈为股 份(300751)下跌6.31%。光伏ETF基金(516180)下跌4.53%，最新报价0.76元。拉长时间看，截至2025年 10月16日，光伏ETF基金近2周累计上涨1.27%。 行业或进入"反内卷"密集催化期，10月重点关注：（1）四中全会将于10月20-23日召开，会议将审 议"十五五"规划建议。多家券商宏观团队预测，"反内卷"或成为"十五五"重要内容，关注可能的政策表 态。（2）临近10月中下旬，上市公司三季报将迎来密集披露。7月"反内卷"加码以来，产业链价格均有 明显上涨，特别是硅料环节，相关公司三季度业绩或有明显改善。（3）产能兼并重组进展，及产业链 价格变化。 震荡市下光伏低估值优势凸显。中证光伏产业指数估值和股价位置不高，震荡市环境下低估值优势将凸 显，短期政策催化密集，或带来上涨机会。中期维度，行业"反内卷"持续稳步推进，景气触底 ...

最近A股跟翻书似的，前一天还因为美股大跌慌得睡不着，后一天光伏就直接掀桌子——隆基绿能差点涨停，天合光能冲了15%，晶科能源也涨超10%，把 不少人看懵了：这光伏，是真的熬出头反转了？ 很多人问我，隆基和通威，这俩巨头谁更能打？别急，咱们先理清家底。通威是上游硅料龙头，占了全球四分之一市场，现在硅料涨价，它是最先吃到肉 的。上半年通威亏了快50亿，就因为硅料跌穿成本线，现在三季度硅料涨起来，据说净利润能到11-18亿，10月25号出三季报，这数得重点看。 再看隆基，它是中游硅片、组件的老大。有人说上游涨价对它是利空，其实不然。隆基有个"泰睿硅片技术"，薄片化+大尺寸，硅耗比别人低，非硅成本做 到行业最低，能抵消不少硅料涨价的压力。而且它跟通威绑得紧，锁定了硅料供应，还能分点涨价的收益。更重要的是，落后产能一淘汰，像那些老旧的 PERC产线要退出，隆基这种技术领先的，市场份额只会越来越大。它上半年亏了25亿，但比去年少亏一半，费用砍了不少，现金流也好多了，三季度亏损 估计还能收窄，10月31号的三季报也得盯紧。 最后给大家一个中长线的实在建议：别追着短期涨势瞎冲。光伏这波不是炒概念，是"反内卷"真刀真枪出效果了 ...