Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The UK government will eliminate import tariffs on offshore wind components starting April 1, 2026, aiming to boost the domestic offshore wind manufacturing industry and reduce production costs [5][10] - The National Energy Investment Group is accelerating its layout in energy consumption sectors, emphasizing the importance of green electricity and low-carbon development [6][25] - New regulations in Germany regarding rooftop solar may benefit household energy storage systems, pushing small solar systems to respond to market price signals [6][22] Wind Power - The UK will cancel import tariffs on 33 types of offshore wind-related industrial products, which is expected to lower manufacturing costs and reflect the government's commitment to offshore wind development [5][10] - The wind power index increased by 0.83% in the week of March 9-13, 2026, outperforming the CSI 300 index by 0.64 percentage points, with a current PE_TTM valuation of approximately 26.04 times [3][11] - The auction results from January 2026 awarded 8.4GW of offshore wind capacity, indicating the government's ability to stabilize market expectations despite economic pressures [5][10] Solar Power - The National Energy Investment Group is focusing on green electricity and low-carbon new tracks, which is seen as a significant opportunity for business model innovation in the energy sector [6][25] - The solar equipment index rose by 6.86%, outperforming the CSI 300 index by 6.68 percentage points [6][26] Energy Storage & Hydrogen - New regulations in Germany will stop fixed feed-in tariffs for small solar installations under 25kW, promoting market responsiveness and potentially increasing the penetration of household energy storage systems [6][22] - The energy storage sector is experiencing high demand, with recommendations for companies like Sungrow Power Supply, Huaneng Renewables, and others in the domestic and international markets [6][22]

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The energy storage lithium battery sector is experiencing an upward trend, while Europe and North America continue to face electricity shortages [1] - The report highlights the strong demand for energy storage and the ongoing positive outlook for the industry, driven by various government policies and market dynamics [3][7] Industry Trends - The report notes significant price increases in various segments, including lithium carbonate and battery materials, indicating a robust market environment [3] - The energy storage capacity in the U.S. is projected to grow significantly, with expectations of 51% year-on-year growth in 2026 [7] - The report emphasizes the importance of new energy policies in various regions, including the U.S. and Europe, which are expected to further stimulate demand for energy storage solutions [3][19] Company Performance - Notable companies such as CATL and Tianqi Lithium are highlighted for their strong financial performance, with CATL's net profit expected to reach 72.2 billion yuan in 2025, a year-on-year increase of 42.3% [3] - The report mentions several companies with significant growth potential, including Ningde Times, Sunshine Power, and others, which are positioned well in the energy storage and lithium battery markets [3][6] Investment Strategy - The report suggests a focus on leading companies in the energy storage and lithium battery sectors, recommending investments in firms like CATL, Yihua Lithium Energy, and others due to their strong growth prospects and market positions [3][6] - The report also indicates a favorable outlook for companies involved in the development of solid-state batteries and advanced energy storage technologies [3][4]

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Views - The energy storage lithium battery sector is experiencing an upward trend, while Europe and North America continue to face electricity shortages [1] - The report highlights the strong demand for energy storage and the ongoing positive outlook for the sector, driven by various national policies and market dynamics [3][7] Industry Trends - Energy Storage: The 14th Five-Year Plan emphasizes the development of new energy storage and flexible power sources. In Germany, the EEG 2027 draft proposes to stop fixed feed-in tariffs for small photovoltaic installations [3] - Electric Vehicles: In February, electric vehicle sales in China reached 765,000 units, with exports increasing by 115% year-on-year. The domestic battery production was 142 GWh, showing a 41% year-on-year increase [3] - Market Prices: Lithium carbonate prices remain high, with battery prices adjusting accordingly. The report notes a significant increase in the prices of various battery materials [3] Company Performance - CATL reported a net profit of 72.2 billion yuan for 2025, a year-on-year increase of 42.3% [3] - Tianqi Lithium's performance is expected to improve significantly, with a projected increase in net profit due to rising lithium prices [3] - Other companies like Ganfeng Lithium and BYD are also highlighted for their strong growth potential in the electric vehicle and energy storage markets [3][4] Investment Strategy - The report suggests a strong push for energy storage, with expectations of over 60% growth in global installations in 2026. It emphasizes the importance of leading companies in the energy storage and lithium battery sectors [3][4] - Key investment recommendations include CATL, Sungrow Power, and other leading firms in the energy storage and electric vehicle supply chains [3][4]

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [5] Core Views - The report highlights the downward trend in upstream prices for photovoltaic materials, with polysilicon prices dropping to an average of 45,200 RMB per ton, a decrease of 6.42% week-on-week [1] - The offshore wind power sector is expected to benefit from the UK government's decision to eliminate tariffs on 33 industrial products used in offshore wind manufacturing, which is projected to save UK manufacturers millions annually [2] - The hydrogen energy sector is emphasized in the "14th Five-Year Plan," focusing on enhancing renewable energy hydrogen production equipment and expanding hydrogen applications in various industries [3] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The average transaction price for polysilicon is reported at 45,200 RMB per ton, with a significant drop in market activity [14] - The price of silicon wafers continues to decline, with 183N wafers trading at approximately 1.05 RMB per piece [15] - The demand for end products remains low, indicating a lack of clear growth momentum in the market [16] 1.2 Wind Power & Grid - The UK has announced the removal of tariffs on offshore wind manufacturing materials, which is expected to accelerate the clean energy transition [17] - The EU plans to establish a new investment fund to support green energy transitions, with projected costs reaching 695 billion euros annually starting in 2031 [18] - China's "14th Five-Year Plan" aims for an installed offshore wind capacity of over 100 million kilowatts by 2030 [19] 1.3 Hydrogen & Energy Storage - The report notes a significant increase in domestic energy storage installations, with a total of 9.51 GW/24.18 GWh added in January-February 2026, marking a year-on-year growth of 182% in power and 472% in capacity [21] - Key players in the hydrogen sector include leading equipment manufacturers and companies specializing in hydrogen compression technology [20] 2. New Energy Vehicles - The USITC has ruled against imposing anti-dumping duties on Chinese active anode materials, which will enhance the price competitiveness of Chinese lithium battery materials in the US market [22] - The report suggests monitoring companies involved in the production of anode materials and battery manufacturing, including major players like CATL and BYD [23]

证券代码：600438 证券简称：通威股份 可转债代码：110085 可转债简称：通22转债 通威股份有限公司 公开发行A股可转换公司债券 第一次临时受托管理事务报告 （2026年度） 重要声明 本报告依据《公司债券发行与交易管理办法》《通威股份有限公司公开发行 A 股可转换公司债券之受托管理协议》（以下简称"《受托管理协议》"）《通威股 份有限公司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募集说明 书》"）等相关公开信息披露文件、通威股份有限公司（以下简称"通威股 份""公司"或"发行人"）出具的相关说明文件或提供的资料等，由本次债券受 托管理人中信建投证券股份有限公司（以下简称"中信建投证券"）编制。中信建 投证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证，也不就 该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事 宜做出独立判断，而不应将本报告中的任何内容据以作为中信建投证券所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中信建投 证券不承担任何责任。 2 ...

Market Overview - The A-share market opened higher with the Shanghai Composite Index up 0.01%, the Shenzhen Component Index up 0.14%, the ChiNext Index up 0.37%, and the Sci-Tech Innovation Index up 0.11% [4][5]. - The industrial mother machine sector showed strong performance, with Huadong CNC hitting the daily limit, and Hengjin Induction rising over 15% [3][5]. Company Highlights - Tongwei Co., Ltd. resumed trading with a 3.14% increase, as the company plans to acquire 100% equity of Lihua Qingneng [6][7]. - The shipping index for European futures rose by 6%, currently reported at 1971.3 points [7]. Stock Performance - The stock performance of major indices includes: - Shanghai Composite Index at 4123.67, up 0.01% [5]. - Shenzhen Component Index at 14373.74, up 0.14% [5]. - ChiNext Index at 3318.41, up 0.37% [5]. - Sci-Tech Innovation Index at 1793.56, up 0.11% [5]. Sector Performance - Strong sectors included industrial mother machines, cybersecurity, high-speed copper connections, nuclear fusion, commercial aerospace, and CPO themes [5]. - Weaker sectors included oil and gas, coal, and a pullback in cloud computing concept stocks [5].

Group 1 - Tongwei Co., Ltd. is planning to acquire 100% equity of Lihua Qingneng, and its stock has resumed trading [1] - Southeast Network Framework intends to repurchase company shares worth 100 million to 200 million yuan [1] - Microchip Biotech plans to repurchase shares worth 80 million to 120 million yuan [1] Group 2 - Baichuan Convertible Bond 2 is subject to forced redemption [2] - Hebang Convertible Bond is not subject to forced redemption [2] Group 3 - The last trading day for Lianchuang Convertible Bond and Xinfeng Convertible Bond is approaching [1] - New Hengtai is available for subscription on the Beijing Stock Exchange [1]

通威股份有限公司董事会 关于本次交易符合《上市公司监管指引第 9 号——上市公司筹划和实 施重大资产重组的监管要求》第四条规定的说明 通威股份有限公司（以下简称"公司"或"上市公司"）拟通过发行股份及支付现 金的方式向段雍、海南卓悦企业管理合伙企业（有限合伙）、海南豪悦企业管理 合伙企业（有限合伙）等 57 名股东购买其持有的青海丽豪清能股份有限公司 100% 股权，并向不超过 35 名符合条件的特定投资者发行股份募集配套资金（以下简 称"本次交易"）。 1 通威股份有限公司董事会 2026 年 3 月 11 日 2 1、公司本次交易中拟购买的标的资产为段雍、海南卓悦企业管理合伙企业 （有限合伙）、海南豪悦企业管理合伙企业（有限合伙）等 57 名股东持有的青海 丽豪清能股份有限公司 100%股权，不涉及立项、环保、行业准入、用地、规划、 建设施工等有关报批事项。《通威股份有限公司发行股份及支付现金购买资产并 募集配套资金预案》中披露了本次交易尚需呈报批准的程序，并对可能无法获得 批准的风险作了特别提示。 2、本次交易所购买的标的资产为股权资产，交易对方合法拥有标的资产的 完整权利，除部分交易对方所持标的资产需 ...

《上市公司重大资产重组管理办法》（以下简称"《重组管理办法》"）第十四 条规定："上市公司在十二个月内连续对同一或者相关资产进行购买、出售的， 以其累计数分别计算相应数额。已按照本办法的规定编制并披露重大资产重组报 告书的资产交易行为，无须纳入累计计算的范围。中国证监会对本办法第十三条 第一款规定的重大资产重组的累计期限和范围另有规定的，从其规定。交易标的 资产属于同一交易方所有或者控制，或者属于相同或者相近的业务范围，或者中 国证监会认定的其他情形下，可以认定为同一或者相关资产。" 《〈上市公司重大资产重组管理办法〉第十四条、第四十四条的适用意见— —证券期货法律适用意见第 12 号》规定："在上市公司股东会作出购买或者出售 资产的决议后十二个月内，股东会再次或者多次作出购买、出售同一或者相关资 产的决议的，应当适用《重组管理办法》第十四条第一款第（四）项的规定。" 在本次交易前 12 个月内，公司未发生《重组管理办法》规定的与本次交易 相关的购买、出售资产的交易行为，不存在需纳入本次交易的累计计算范围的情 况。 通威股份有限公司董事会 关于本次交易前 12 个月内购买、出售资产情况的说明 通威股份有限公司 ...

4、上市公司或者其现任董事和高级管理人员因涉嫌犯罪正在被司法机关立 案侦查或者涉嫌违法违规正在被中国证监会立案调查； 5、控股股东、实际控制人最近三年严重损害上市公司利益或者投资者合法 权益的重大违法行为； 通威股份有限公司董事会 关于本次交易符合《上市公司证券发行注册管理办法》第十一条规定 的说明 通威股份有限公司（以下简称"公司"或"上市公司"）拟通过发行股份及 支付现金的方式向段雍、海南卓悦企业管理合伙企业（有限合伙）、海南豪悦企 业管理合伙企业（有限合伙）等 57 名股东购买其持有的青海丽豪清能股份有限 公司 100%股权，并向不超过 35 名符合条件的特定投资者发行股份募集配套资金 （以下简称"本次交易"）。 经审慎判断，公司董事会认为公司不存在《上市公司证券发行注册管理办法》 第十一条规定的以下情形： 1、擅自改变前次募集资金用途未作纠正，或者未经股东会认可； 2、最近一年财务报表的编制和披露在重大方面不符合企业会计准则或者相 关信息披露规则的规定；最近一年财务会计报告被出具否定意见或者无法表示意 见的审计报告；最近一年财务会计报告被出具保留意见的审计报告，且保留意见 所涉及事项对上市公司的重大不 ...