Group 1 - The core viewpoint of the article highlights that Aiko's ABC modules have won a significant bid for a 6GW N-type high-efficiency component project by China Huadian Corporation, marking a milestone in Aiko's domestic centralized business and demonstrating the strong competitiveness and product value of ABC modules in the large-scale centralized power station market [1][3]. Group 2 - In the context of the photovoltaic industry moving towards high-quality development, China Huadian Corporation's role as a key player in energy transition is increasingly significant, with BC technology manufacturers becoming the main winners in the recent bidding, reflecting the widespread recognition of BC technology's efficiency and cost advantages by leading energy groups [3]. - The recent procurement emphasized high-efficiency components with a conversion efficiency requirement exceeding 23.8%, indicating a strong demand for increased energy density per unit area amid tightening land resources and rising development costs [3]. - Aiko's ABC high-efficiency modules have achieved a production efficiency exceeding 25% and have ranked first in the global module production efficiency leaderboard for 36 consecutive months, significantly reducing land occupation and lowering balance of system (BOS) costs, thus enhancing internal returns for centralized power stations [3][4]. Group 3 - Aiko's ABC modules address various challenges in the development and operation of centralized photovoltaic power stations, such as dust obstruction and high humidity corrosion, by incorporating differentiated features that enhance operational stability and efficiency under harsh conditions, thereby providing higher certainty for the lifecycle returns of power stations [4]. - Winning the bid for the Huadian annual framework procurement project signifies Aiko's deep trust from large energy groups in the ABC technology path and product value, with the company committed to creating differentiated value for customers while pursuing extreme innovation [4].

证券代码：600732 证券简称：爱旭股份 公告编号：临 2026－009 上海爱旭新能源股份有限公司 关于 2023 年度向特定对象发行限售股上市流通的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 290,939,318股。 本次股票上市流通总数为290,939,318股。 本次股票上市流通日期为2026 年 3 月 23 日。 一、本次限售股上市类型 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2025 年 7 月 24 日出具的《关于同意上海爱旭新能源股份有限公司向特定对象发行股票注册的批 复》（证监许可[2025]1549 号），上海爱旭新能源股份有限公司（以下简称"公司"） 向 19 名特定对象发行 A 股股票 290,939,318 股，并于 2025 年 9 月 22 日在中国证 券登记结算有限责任公司上海分公司办理完成本次新增股份的登记托管手续。本 次发行新增 290,939,318 股股份的性质为有限售条 ...

核查意见 根据中国证券监督管理委员会（以下简称"中国证监会"）于 2025 年 7 月 24 日出具的《关于同意上海爱旭新能源股份有限公司向特定对象发行股票注册的批 复》（证监许可[2025]1549 号），公司向 19 名特定对象发行 A 股股票 290,939,318 股（以下简称"本次向特定对象发行"），并于 2025 年 9 月 22 日在中国证券登记 结算有限责任公司上海分公司办理完成本次新增股份的登记托管手续。 本次向特定对象发行新增 290,939,318 股股份的性质为有限售条件流通股， 限售期为 6 个月，将于限售期届满后次一交易日起在上海证券交易所上市流通交 易。 二、本次限售股形成后至今公司股本数量变化情况 本次限售股形成后至今公司股本总数未发生变化。截至本核查意见出具日， 公司股本总数为 2,117,249,923 股。 三、本次限售股上市流通的有关承诺 华泰联合证券有限责任公司 关于上海爱旭新能源股份有限公司 2023 年度向特定对象发行限售股上市流通的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"或"保荐人"）作为上 海爱旭新能源股份有限公司（以下简称"爱旭股份"或"公司 ...

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 investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1][3]. Core Views - The "14th Five-Year Plan" emphasizes the construction of new energy infrastructure, with upstream prices in the industry chain declining [1][3]. - In January 2026, the utilization rates for wind and solar energy were reported at 94.5% and 94.3%, respectively [4]. - The report highlights the addition of 5,690 new renewable energy projects in January 2026, with 5,618 being solar power projects [5]. - The "14th Five-Year Plan" includes seven major engineering projects aimed at building a new energy system, including significant hydropower and offshore wind power bases [5]. Summary by Sections Investment Recommendations - Preferred stocks include: - Aishuo Co., Ltd. (600732.SH) - Buy - A - Daqian Energy (688303.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Haibo Innovation (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Longxin Technology (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2]. Price Tracking - The average price of dense polysilicon is reported at 48.0 CNY/kg, down 7.7% from the previous week, while granular silicon averages 45.0 CNY/kg, down 10.0% [6]. - The average price for 182-183.75mm N-type silicon wafers is 1.08 CNY/piece, down 1.8%, and for 210mm N-type wafers, it remains stable at 1.40 CNY/piece [7][8]. - The average price for N-type battery cells is 0.42 CNY/W, down 4.5% [9]. - The average price for 182*182-210mm TOPCon double-glass modules is 0.763 CNY/W, up 3.2% [9]. Investment Suggestions - Key recommendations include: - BC new technology direction: Aishuo Co., Ltd. - Supply-side direction: Daqian Energy, Flat Glass Group - Light storage direction: Haibo Innovation, Sungrow Power Supply - Power marketization direction: Longxin Group - Domestic substitution direction: Quartz Co., Ltd. - Additional companies to watch include Longi Green Energy, Hengdian East Magnetic, and others [10].

证券代码：600732 证券简称：爱旭股份 公告编号：临 2026-008 上海爱旭新能源股份有限公司 关于为子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 2、公司与横琴华通金融租赁有限公司签署《保证合同》，为珠海爱旭在该公 司办理的融资租赁业务提供 1.00 亿元的连带责任保证担保。 3、公司与平安银行股份有限公司义乌分行签署《最高额保证担保合同》，为 浙江爱旭在该行办理的综合授信业务提供 1.00 亿元的连带责任保证担保。 | 被担保人名称 | 本次担保 | 实际为其提供 | 是否在前 | 本次担保 | | --- | --- | --- | --- | --- | | | 金额 | 的担保余额（含 | 期预计额 | 是否有反 | | | | 本次担保金额） | 度内 | 担保 | | 珠海富山爱旭太阳能科技有限 公司（以下简称"珠海爱旭"） | 亿元 6.00 | 亿元 93.37 | 是 | 否 | | 浙江爱旭太阳能科技有限公司 （以下简称"浙江爱旭"） ...

证券代码：600732 证券简称：爱旭股份 公告编号：临 2026-007 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少 | | --- | --- | --- | --- | | 权益变动前合计比例 | 6.83% | | | | 权益变动后合计比例 | 5.86% | | | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ | 否 | | | 是否触发强制要约收购义务 | 是□ | 否 | | 一、信息披露义务人及其一致行动人的基本信息 1. 身份类别 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动人 | 其他 5%以上大股东及其一致行动人 | | | □合并口径第一大股东及其一致行动人（仅适用于无控股股东、实际 | | 的身份 | | | | 控制人） | | | □其他______________（请注明） | 2. 信息披露义务人信息 | 信息披露义务人名称 | | 投资者身份 | | 统一社会信用代码 | | --- | --- | --- | --- | --- | | 义乌奇光股权投资合伙 | □ | ...

Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The report highlights a significant increase in demand for energy storage, driven by rising prices of energy storage cells and the establishment of a European factory by Sungrow [5][18] - The wind energy sector continues to experience high demand, with notable growth in both onshore and offshore wind installations in China [20][21] - The photovoltaic sector achieved a record high of 316.57 GW in new installations for 2025, indicating strong growth potential [22][23] - The hydrogen energy sector is accelerating due to supportive policies and the establishment of a comprehensive hydrogen energy industry system in regions like Beijing-Tianjin-Hebei [25][26] - The electricity grid equipment sector is undergoing reforms to enhance market efficiency and support the integration of renewable energy sources [32] Summary by Sections Energy Storage - Energy storage cell procurement prices are rising, and there is a clear demand support for energy storage in the future [5] - The report suggests focusing on large-scale energy storage and overseas household storage expectations [19] Wind Energy - The ranking of wind turbine manufacturers in China has changed, with Goldwind, Yunda, and Mingyang leading the market [20] - In 2025, China is expected to add 110 GW of onshore wind and 6.59 GW of offshore wind capacity [21] Photovoltaics - The National Energy Administration reported a total of 316.57 GW of new photovoltaic installations in 2025, marking a historic high [22] - The report emphasizes the importance of expanding green electricity applications and the role of solar energy in future power production [23] Hydrogen Energy - The hydrogen energy industry is experiencing rapid development, with significant policy support and a focus on building a comprehensive hydrogen energy ecosystem [25][27] - The report highlights the successful demonstration of fuel cell vehicles in the Beijing-Tianjin-Hebei region [26] Electricity Grid Equipment - The State Council has issued opinions to deepen electricity system reforms, aiming to enhance market mechanisms and improve resource allocation [32] - The report notes that the electricity market has seen significant growth, with market transactions increasing substantially since 2015 [32] Electric Vehicles - New tariffs in the U.S. favor energy storage cells, and there is a recommendation to invest in undervalued battery segments [35] - The report mentions Tesla's plans to increase investments in AI and energy sectors in China [36] Humanoid Robots - Humanoid robots made a significant appearance at the Spring Festival Gala, showcasing advancements in motion control and human-robot interaction [38] - The report suggests investing in the robotics supply chain, particularly in companies demonstrating technological breakthroughs [42]

Investment Rating - The report maintains a positive outlook on the renewable energy sector, particularly in solar and wind energy, with specific recommendations for companies involved in these industries [1][2][3]. Core Insights - The report highlights the tightening of local monopile production capacity in European offshore wind, suggesting a favorable environment for Chinese companies to expand internationally [2]. - In the solar sector, silicon wafer prices are under pressure while battery component prices remain stable, indicating a potential market adjustment [1][14]. - The hydrogen energy sector is set to receive increased policy support during the 14th Five-Year Plan, with a projected doubling of renewable hydrogen production capacity by the end of 2025 [3][18]. - The energy storage market is experiencing significant growth, with a marked increase in project scale and a forecasted rise in lithium carbonate prices impacting storage system costs [4][20]. Summary by Sections Solar Energy - Silicon prices are declining, with N-type G10L monocrystalline silicon wafers averaging 1.10 RMB per piece, down 8.33% from previous levels [1][14]. - The average price for N-type battery cells remains stable at 0.44 RMB per watt, with distributed component prices ranging from 0.75 to 0.88 RMB per watt [1][14]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, and JA Solar, focusing on supply-side reform and new technology opportunities [1][15]. Wind Energy & Grid - Ørsted has terminated its contract with SeAH Wind for the Hornsea 3 offshore wind project due to production delays, highlighting the challenges in local monopile production [2][16]. - The report suggests monitoring companies like Dajin Heavy Industry and Tianjun Wind Power as they expand internationally [2][16]. - The wind turbine sector is expected to see profitability improvements in 2026, with companies like Goldwind and Mingyang Smart Energy being key players [2][17]. Hydrogen Energy - The National Energy Administration plans to enhance policy support for hydrogen energy during the 14th Five-Year Plan, aiming for over 250,000 tons of renewable hydrogen production capacity by 2025 [3][18]. - Recommended companies include Shuangliang Eco-Energy and Huadian Heavy Industries, focusing on equipment manufacturing and hydrogen compression technology [3][18]. Energy Storage - In January 2026, the domestic energy storage EPC bidding scale reached 4.92 GW, with a total installed capacity of 12.42 GWh, reflecting over 30% growth compared to the previous year [4][19]. - The report emphasizes the importance of companies like Sungrow Power Supply and Aiko Solar in the energy storage market, which is expected to grow significantly [4][24]. New Energy Vehicles - In March 2026, domestic battery production is projected to reach 149.59 GWh, with a 21.93% month-on-month increase, indicating strong demand despite concerns over subsidy reductions [5][25]. - Key players in the battery sector include CATL and BYD, with a focus on maintaining resilience in battery demand [5][26].