Investment Rating - The industry rating is "Recommended" [6] Core Insights - The demand for humanoid robots is expected to surge due to advancements in AI technology and domestic companies' efforts in cost reduction, leading to significant market opportunities for early movers [2][14] - The domestic new energy vehicle (NEV) market is experiencing robust growth, with sales expected to continue rising due to new model launches and seasonal demand, achieving over 50% market penetration [3][18] - The global energy storage market is entering a high prosperity phase, driven by increasing demand for energy storage solutions and supportive government policies [4][31] - The overseas power equipment market is anticipated to maintain high demand due to urgent upgrades in power grids and the rising need for AI electrical equipment [8] Summary by Sections Humanoid Robots - The completion of the IPO guidance for Yushu Technology indicates a strong market potential for humanoid robots, with significant domestic demand for core components [2][14] - Major companies are entering the humanoid robot space, enhancing the industry's growth prospects, particularly in the T-chain and domestic supply chains [15][16] New Energy Vehicles - October saw a year-on-year increase in NEV sales, with production and sales reaching 1.772 million and 1.715 million units respectively, marking a 21.1% and 20.0% increase [19] - The introduction of new technologies, such as solid-state batteries and high-performance materials, is expected to drive further growth in the NEV sector [20][21] Energy Storage - The global energy storage battery shipments reached 428 GWh in the first nine months of 2025, a 90.7% increase year-on-year, indicating strong market demand [31] - The implementation of compensation policies for energy storage projects is expected to enhance project profitability and stimulate market growth [30][31] Power Equipment - The urgent need for power grid upgrades in Europe and North America is creating significant opportunities for domestic power equipment manufacturers [8][9] - The price of energy meters has rebounded significantly due to new regulations, suggesting potential recovery in profitability for meter manufacturers [9]

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [6] Core Insights - The report highlights significant trends in various sectors of the electric power equipment industry, including solar energy, wind energy, hydrogen, energy storage, and electric vehicles, indicating strong growth potential and investment opportunities [1][2][3][4][5] Summary by Sections 1. Solar Energy - The multi-crystalline silicon market remains stable, with strong price support from component manufacturers. The average transaction price for n-type silicon is 53,200 RMB/ton, unchanged from the previous period [1][15] - The report emphasizes three key areas for investment: supply-side reform leading to price increases, new technology-driven long-term growth opportunities, and industrialization opportunities from perovskite technology [1][16] 2. Wind Energy & Grid - Jiangsu Province is accelerating offshore wind projects, with 1.2GW of sea area usage rights announced, indicating a push towards construction by 2026 [2][17] - The report suggests focusing on companies involved in wind turbine manufacturing, submarine cables, and high-voltage technology [2][19] 3. Hydrogen - The National Pipeline Network plans to build a 290 km hydrogen pipeline, marking a significant step in green energy infrastructure development in China [3][18] - Investment opportunities are highlighted in quality equipment manufacturers and hydrogen compressor companies [3][20] 4. Energy Storage - A strategic cooperation agreement between Haibo Shichuang and CATL for 200GWh of battery supply over three years indicates strong growth in the energy storage sector [4][21] - The report suggests focusing on companies with high growth certainty in large-scale energy storage [4][30] 5. Electric Vehicles - Dongfeng Motor plans to mass-produce high-energy solid-state batteries by September 2026, which will significantly enhance vehicle range and performance [5][31] - The report identifies key players in the solid-state battery sector and suggests monitoring their developments [5][32]

经营者集中简易案件公示表显示，隆基绿能与精控能源等签署协议。根据交易协议，隆基绿能拟通过收 购股权、增资入股、表决权委托的形式取得精控能源约61.9998%的表决权。 交易行情显示，截至11月14日收盘，隆基绿能股价收涨2.72%，报21.88元/股，总市值1658亿元。 据悉，精控能源主要从事锂离子电池储能系统业务。在全球化布局方面，精控能源的业务已覆盖中国大 陆、欧洲、北美、澳洲等多个关键地区，海外产能和服务网络已实现全球布局。 本次交易前，自然人合计控制精控能源44.79%股权对应的表决权，单独控制精控能源。交易后，隆基 绿能将持有精控能源61.9998%的表决权，并单独控制精控能源。 北京商报讯（记者 马换换 王蔓蕾）千亿光伏巨头隆基绿能（601012）进军储能的战略规划尘埃落定。 近日，陕西省市场监督管理局披露了隆基绿能收购苏州精控能源科技股份有限公司（以下简称"精控能 源"）股权案，这也意味着该交易已进入公示阶段。 11月11日晚间，隆基绿能披露投资者关系活动记录表显示，公司正在积极评估光伏与储能业务的结合。 隆基绿能则于2000年2月14日成立于陕西省西安市，主要业务为单晶硅片、电池组件、分布式 ...

Group 1: Report Industry Investment Rating - No information about the industry investment rating is provided in the report. Group 2: Core Viewpoints of the Report - In the primary market, from November 10 - 14, 2025, 35 green bonds were newly issued in the inter - bank and exchange markets, with a total issuance scale of about 69.108 billion yuan, an increase of 27.889 billion yuan from the previous week. The issuance terms were mostly 3 years, and the issuers had various natures, ratings, and were from different regions, with various bond types [1]. - In the secondary market, from November 10 - 14, 2025, the weekly trading volume of green bonds totaled 61.6 billion yuan, a decrease of 9.7 billion yuan from the previous week. Non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds had the top three trading volumes. Green bonds with a term of less than 3Y had the highest trading volume, accounting for about 82.39%. The top three industries in terms of trading volume were finance, public utilities, and real estate, and the top three regions were Beijing, Guangdong, and Shanghai [2]. - In the week from November 10 - 14, 2025, the overall deviation of the weekly average trading price valuation of green bonds was not large. The discount trading amplitude was greater than the premium trading, and the discount trading proportion was less than the premium trading. The top three discount bonds and premium bonds, along with their corresponding information such as issuer industries, ratings, and regions, are provided [3]. Group 3: Summary by Relevant Catalogs Primary Market Issuance - **Issuance Quantity and Scale**: 35 green bonds were newly issued, with a total scale of about 69.108 billion yuan, up 27.889 billion yuan from the previous week [1]. - **Issuance Terms**: Mostly 3 - year terms [1]. - **Issuer Nature**: Including local state - owned enterprises, central enterprise subsidiaries, large private enterprises, other enterprises, Sino - foreign joint - ventures, and central financial enterprises [1]. - **Subject Ratings**: Mostly AAA and AA + levels [1]. - **Issuer Regions**: Yunnan, Guangdong, Shaanxi, Beijing, Guangxi, Shandong, Jiangsu, Tianjin, Shanghai, Hebei, and Anhui [1]. - **Bond Types**: Medium - term notes, private placement corporate bonds, enterprise ABS, ABN of the National Association of Financial Market Institutional Investors, general corporate bonds, commercial bank ordinary bonds, private placement notes (PPN), and ultra - short - term financing bills [1]. Secondary Market Trading - **Total Trading Volume**: The weekly trading volume was 61.6 billion yuan, down 9.7 billion yuan from the previous week [2]. - **By Bond Type**: Non - financial corporate credit bonds, financial institution bonds, and interest - rate bonds had trading volumes of 31.3 billion yuan, 21.1 billion yuan, and 5.3 billion yuan respectively, ranking in the top three [2]. - **By Issuance Term**: Green bonds with a term of less than 3Y had the highest trading volume, accounting for about 82.39% [2]. - **By Issuer Industry**: The top three industries in terms of trading volume were finance (28.2 billion yuan), public utilities (13.2 billion yuan), and real estate (2.6 billion yuan) [2]. - **By Issuer Region**: The top three regions in terms of trading volume were Beijing (18.6 billion yuan), Guangdong (7.7 billion yuan), and Shanghai (6.4 billion yuan) [2]. Valuation Deviation of Top 30 Individual Bonds - **Discount Bonds**: The top three discount bonds were G19 Huangshi (- 1.6949%), 25 Shuineng G3 (- 0.9866%), and 25 Puzi G1 (- 0.8655%). The issuer industries were mainly finance, energy, and transportation, and the regions were mostly Beijing, Guangdong, and Guangxi [3]. - **Premium Bonds**: The top three premium bonds were 25 Tiancheng Leasing GN004 (carbon - neutral bond) (0.3998%), 25 Guangxin K2 (0.3949%), and 20 Sichuan 39 (0.3745%). The issuer industries were mainly transportation equipment, finance, and comprehensive, and the regions were mostly Guangdong, Shandong, and Beijing [3].

Group 1 - Longi Green Energy has signed an agreement to acquire approximately 61.9998% of the voting rights of Suzhou Jingkong Energy Technology Co., Ltd, marking its entry into the energy storage sector and extending its industrial chain from "solar" to "storage" [2] - During the Q3 earnings conference, Longi Green Energy emphasized that the combination of photovoltaic and energy storage will effectively address the intermittency issues of solar energy [3] - Jingkong Energy, established in 2015, focuses on smart power supply systems, smart electrochemical energy storage systems, smart hydrogen fuel cell systems, and automotive lead-acid energy management systems, with a planned total production capacity of 33GWh for its new energy storage project [3] Group 2 - Major photovoltaic manufacturers, including Trina Solar, Jinko Solar, and Canadian Solar, are accelerating their expansion into the energy storage market, with Canadian Solar projecting a shipment of 2.1 to 2.3 GWh of energy storage systems in Q4 2025 and 14 to 17 GWh for the entire year of 2026 [4] - The increasing penetration of intermittent energy sources like solar and wind makes energy storage systems crucial for ensuring the stable operation of the power grid, with planned renewable energy projects reaching hundreds of GW globally [4] - The energy storage market is anticipated to grow significantly, with demand expected to reach TWh levels in the next decade, presenting a vast new market opportunity [4]

市场关注已久的隆基绿能（601012）科技股份有限公司(以下简称"隆基绿能")入局储能一事终于有了明 确信息。 陕西省市场监督管理局11月13日公示了隆基绿能收购苏州精控能源科技股份有限公司(以下简称"精控能 源")股权案。 根据公示内容，隆基绿能与精控能源等签署协议。隆基绿能拟通过收购股权、增资入股、表决权委托的 形式取得精控能源约61.9998%的表决权。 精控能源于2015年9月17日成立于江苏省苏州市，主要业务为锂离子电池储能系统业务。自成立以来， 精控能源从iCCS、BMS、EMS、PCS、TMS等关键技术领域入手，全面掌握储能系统集成技术。在全 生态应用场景下，为用户提供先进的智慧能源管理方案。 值得一提的是，精控能源与澳大利亚知名能源企业ClubSolar不久前举行了战略合作签约仪式。根据协 议，双方将共同推进2GWh户用储能系统在澳大利亚市场的部署与应用，这一合作彰显了精控能源加速 布局全球多元化市场的战略决心。 "随着全球能源结构向清洁化、低碳化转型，储能系统作为支撑可再生能源大规模消纳和电网稳定运行 的关键环节，市场需求持续增长。尤其是在光伏发电渗透率不断提升的背景下，储能能够有效解决光伏 ...

智通财经记者｜马悦然 "目前来看，(光伏)产能的出清远不如2024年预期的那么通畅，激烈的价格竞争会持续，但可能不太会出现明显波动。" 11月13日，在彭博新能源财经圆桌会议上，该机构光伏分析师谭佑儒对智通财经等媒体表示。 产能出清、反内卷是近两年中国光伏行业持续的议题。谭佑儒判断称，结合当前放缓的需求增长，行业盈利的改善至少在2026年之后才有希望看到，除非出 现明显的外部市场干预。 谭佑儒认为，当前业内讨论的多晶硅联合体和出资事宜，是历史上少见的提案，其当前进展较为缓慢，讨论激烈的部分可能还是围绕监管、资金来源、后续 一些产能如何退出、如何协调产能分配等，这些仍未看到非常明确的解决方案。 此外，谭佑儒提及，一些不参与联合体或者独立经营的企业考虑，也是影响因素。后续硅料行业产能整合，对于下游硅片、电池片、组件这些更分散、竞争 更充分的环节，也不一定能形成较好的帮助。 其分析的数据显示，当下组件价格依然维持在国内约0.65元/W左右，海外8-9美分/W(约合0.57-0.64元人民币/W)的区间，上游的价格波动并未有效传导至下 游，且下游最终出现买单市场。因此，当前行业面临一个较为特殊的时间点，即产能过剩叠加 ...

行家说储能 与此同时，储能业务相较于光伏板块具有更高的毛利率，这也为隆基在行业激烈竞争中提供了新的盈利增长点。而且，随着隆基主导的BC技术逐渐 逐渐从 TOPCon的压制中缓过来 ，公司也有了腾出更多资源布局储能业务的空间。 ▋ 从"暂不涉足"到强势入局，因何转向？ 作为此前唯一未涉足储能业务的光伏巨头，隆基绿能如今强势入场，其战略转向清晰可见。 回顾2021年至2024年，隆基绿能将重点资源投向氢能，而在储能领域则保持谨慎。然而，不到1年时间，隆基绿能通过收购方式快速切入储能赛道，这一转 变背后，既有市场环境的客观推动，也是企业发展的必然选择。 从战略时机来看，当前氢能商业化进程发展缓慢，而储能市场需求在2025年迎来爆发，加上电网消纳压力日益凸显，"光储融合"已成为光伏规模化发展的必 然路径。 此前在11月10日的投资者关系活动纪录中，隆基绿能就"入股或控股储能相关公司最新进展"做出回应。公司指出，当前国内电网消纳已成为重点需要解决的 问题，光伏与储能相结合将成为解决光伏间歇性问题的有效方式。公司正在 积极评估光伏与储能业务的结合，把握市场机遇 。 而在9月3日隆基绿能举行的投资者关系活动中，钟宝申指出， ...

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, with signs of recovery in profitability and stable growth in the wind power sector [1][5]. Core Insights - The renewable energy sector reported a revenue of 11,722 billion yuan for Q1-3 2025, a year-on-year decrease of 1%, and a net profit of 242 billion yuan, down 19% year-on-year. In Q3 2025, revenue was 4,138 billion yuan, up 2% year-on-year, and net profit was 118 billion yuan, up 41% year-on-year [2][7]. - The photovoltaic segment experienced a significant reduction in losses, with Q3 2025 revenue at 2,315 billion yuan, down 8% year-on-year, but net profit surged to 28.4 billion yuan, a year-on-year increase of 1,495% [2][37]. - The wind power segment showed robust growth, with Q3 2025 revenue of 1,135 billion yuan, up 22% year-on-year, and net profit of 50 billion yuan, up 33% year-on-year [2][16]. Summary by Sections Revenue and Profitability - The renewable energy sector's revenue for Q1-3 2025 was 11,722 billion yuan, with a net profit of 242 billion yuan. Q3 2025 saw a revenue of 4,138 billion yuan and a net profit of 118 billion yuan, marking a significant recovery [2][15]. - The photovoltaic sector's revenue for Q1-3 2025 was 6,640 billion yuan, with a net loss of 43 billion yuan. In Q3 2025, revenue was 2,315 billion yuan, and net profit was 28.4 billion yuan, indicating a strong recovery [2][37]. Segment Performance - The photovoltaic segment's Q3 2025 performance showed a revenue decline of 8% year-on-year but a remarkable net profit increase of 1,495%. The wind power segment continued to grow, with a 22% revenue increase year-on-year [2][16][37]. - The report highlights that the profitability of the wind power segment is improving, with a notable increase in gross margins due to price adjustments and operational efficiencies [2][16]. Market Trends - The report notes a gradual recovery in demand for household energy storage, with significant growth expected in commercial and large-scale storage solutions. The anticipated installation capacity for 2025 is around 150 GWh, representing a year-on-year increase of over 40% [2][6]. - The photovoltaic industry is undergoing a restructuring process, with upstream profitability recovering as prices for silicon materials rise. This trend is expected to continue into 2026, leading to a reshaped industry ecosystem [2][6]. Recommendations - The report recommends focusing on high-growth areas such as inverters and mounting systems, as well as leading photovoltaic companies with cost advantages and strong distribution channels [2][6].

企查查显示，精控能源曾在2023年连续完成两轮大额融资。分别为数亿元C轮与超3亿元D轮。迈为股 份、博裕资本、苏州高新、中车转型升级基金等知名企业均有参与。 于是，在 "光伏+储能" 双轮驱动的利好加持下，隆基绿能股价在14日午后跳涨近8%。 11月14日，据陕西省市场监督管理局网站发布的《经营者集中简易案件公示表》显示，隆基绿能拟通过 收购股权、增资入股、表决权委托的形式取得精控能源约61.9998%的表决权，交易完成后，隆基绿能 将单独控制精控能源。 据介绍，精控能源成立于2015年，聚焦动力电源系统、智慧储能系统、氢燃料电池系统三大主业，连续 五次入选彭博新能源财经全球储能一级厂商榜单。其自主研发了全球首创的电源管理系统IPCP、1500V 高压液冷储能系统、5S高集成度储能系统、氢能源高低压电池等产品。在全球自有产能31GWh，全球 并网量10GWh以上。 对隆基绿能而言，布局储能是破解行业周期压力、打造新增长曲线的关键。当前光伏行业仍处于周期低 谷，主要产品价格低位运行，行业普遍面临盈利压力。目前光伏组件出货前四的企业中，仅隆基绿能未 布局储能业务。 着眼业绩层面，在行业寒冬的影响下，隆基绿能已连续 ...