2025 年 10 月 21 日 行业研究/行业周报 电力设备及新能源行业近一年市场表现 投资要点 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 688303.SH | 大全能源 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 605117.SH | 德业股份 | 买入-A | | 300682.SZ | 朗新集团 | 买入-B | | 603688.SH | 石英股份 | 买入-A | | 601137.SH | 博威合金 | 买入-A | 电力设备及新能源 行业周报（20251013-20251019） 同步大市-A(维持) 智元发布机器人精灵 G2，国家发改委提出治理价格无序竞争 【山证太阳能】世界机器人大会超 1500 款机器人产品展出，光伏产业链价格持 稳 2025.9.9 肖索 执业登记编码：S07605 ...

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 696000 | 安泰科技 | 1942.75万 | 0.38% | -1.91亿 | -3.72% | 1.72亿 | 3.34% | | 605158 华达新材 | | 656.92万 | 18.78% | -155.33万 | -4.44% | -501.59万 | -14.34% | | 688786 悦安新材 | | 250.43万 | 2.31% | 844.00万 | 7.79% | -- - 1094.43万 | -10.10% | | 603045 福达合金 | | -150.49万 | -1.74% | -231.21万 | -2.68% | 381.69万 | 4.42% | | 688077 | 大地能 | -321.73万 | -2.14% | -174.51万 | -1.16% | 496.23万 | 3.30% | | 688231 隆达 ...

Core Insights - Bowei Alloy's stock price dropped by 5% to 24.68 CNY per share, with a trading volume of 580 million CNY and a turnover rate of 2.82%, resulting in a total market capitalization of 20.276 billion CNY [1] Group 1: Company Overview - Ningbo Bowei Alloy Materials Co., Ltd. is located in Yinxian District, Ningbo, Zhejiang Province, established on January 22, 1994, and listed on January 27, 2011 [1] - The company's main business includes the research, production, and sales of high-performance and high-precision non-ferrous alloy rods, wires, and plates, as well as solar cell and component production [1] - The revenue composition of the main business is as follows: new materials products account for 77.63%, renewable energy products 21.23%, and others 1.14% [1] Group 2: Shareholder Insights - Huatai-PineBridge Fund has a fund among the top ten circulating shareholders of Bowei Alloy, with the Guangfu ETF (515790) newly entering the top ten in Q2, holding 5.6805 million shares, which is 0.7% of the circulating shares [2] - The estimated floating loss for the Guangfu ETF today is approximately 7.3847 million CNY [2] Group 3: Fund Manager Performance - The fund managers of Guangfu ETF (515790) are Li Qian and Li Mu Yang, with Li Qian having a cumulative tenure of 5 years and 348 days, managing assets totaling 39.351 billion CNY, with the best fund return of 77.42% during her tenure [3] - Li Mu Yang has a cumulative tenure of 4 years and 285 days, managing assets of 21.273 billion CNY, with the best fund return of 128.88% during his tenure [3]

证券日报网讯 10月14日晚间，博威合金发布公告称，公司于2025年8月18日召开第六届董事会第十五次 会议，审议通过了《关于回购注销2023年股票期权与限制性股票激励计划部分限制性股票及调整回购价 格的议案》《关于取消监事会、变更公司注册资本并修订的议案》，根据公司《2023年股票期权与限制 性股票激励计划》（草案）的规定，由于1名限制性股票激励对象离职，董事会同意将其已获授但尚未 解除限售的280，000股限制性股票回购注销，并减少注册资本。因此，公司注册资本由810，374，302 元变更为810，094，302元。近日，公司已完成了上述限制性股票的回购注销工作，并在宁波市市场监 督管理局完成了注册资本变更登记及章程备案手续，取得了该局换发的《营业执照》。 （文章来源：证券日报） ...

| 证券代码：601137 | 证券简称：博威合金 | 公告编号：临 | | --- | --- | --- | | 债券代码：113069 | 债券简称：博 23 转债 | | | | | 2025-098 | 宁波博威合金材料股份有限公司关于 完成注册资本变更登记并换发营业执照的公告 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、准确性和完整性承担法律责任。 宁波博威合金材料股份有限公司（以下简称"公司"） 于 2025 年 8 月 18 日 召开第六届董事会第十五次会议，审议通过了《关于回购注销 2023 年股票期权与 限制性股票激励计划部分限制性股票及调整回购价格的议案》、《关于取消监事会、 变更公司注册资本并修订<公司章程>的议案》，根据公司《2023 年股票期权与限 制性股票激励计划》（草案）的规定，由于 1 名限制性股票激励对象离职，董事会 同意将其已获授但尚未解除限售的 280,000 股限制性股票回购注销，并减少注册资 本。因此，公司注册资本由 810,374,302 元变更为 810,094,302 元。上述变更注册 资本事项经公司 ...

Core Insights - The metal new materials sector experienced a significant increase of 6.99% on October 13, with Galaxy Magnet leading the gains [1] - The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1] Sector Performance - Galaxy Magnet (300127) saw a closing price of 38.74, with a remarkable increase of 20.01% and a trading volume of 389,900 shares [1] - New Laifu (301323) also rose by 20.00%, closing at 63.42 with a trading volume of 56,100 shares [1] - Other notable performers included Jinli Permanent Magnet (300748) with a 17.60% increase, closing at 46.90, and Zhongzhou Special Materials (300963) with a 13.85% increase, closing at 26.38 [1] Capital Flow - The metal new materials sector saw a net inflow of 384 million yuan from institutional investors, while retail investors experienced a net outflow of 118 million yuan [2] - The main capital inflow was concentrated in Galaxy Magnet, which had a net inflow of 237 million yuan, accounting for 16.69% of its trading volume [3] - Other companies like Zhenghai Magnetic Materials (300224) and Antai Technology (000969) also attracted significant institutional investment, with net inflows of 168 million yuan and 90 million yuan, respectively [3]

Group 1 - The core viewpoint of the article highlights the growth in China's copper material production, with a reported output of 2.08 million tons in April 2025, representing an 8.4% year-on-year increase [1] - Cumulative copper material production from January to April 2025 reached 7.492 million tons, showing a cumulative growth of 5.2% [1] Group 2 - Listed companies in the copper industry include Yunnan Copper (000878), Bowei Alloys (601137), Baiyin Nonferrous Metals (601212), Jintian Copper (601609), and Zhongyuan New Materials (603527) [1] - The report referenced is the "2026-2032 China Copper Material Industry Market Survey and Investment Strategy Research Report" published by Zhiyan Consulting [1]

Investment Rating - The report maintains a "Market Perform" rating for the solar industry [1] Core Insights - The solar industry has experienced a significant decline in new installations, with August 2025 showing a 55.3% year-on-year decrease, totaling 7.4 GW. However, cumulative installations from January to August 2025 reached 230.61 GW, reflecting a 64.7% increase year-on-year [3][12] - Solar module exports in August 2025 amounted to 20.4% year-on-year growth, with a total export value of 20.95 billion yuan, and a month-on-month increase of 31.9%. Cumulatively, from January to August 2025, exports totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports also showed a year-on-year increase of 2.2% in August 2025, with a total export value of 6.29 billion yuan, despite a month-on-month decline of 3.4%. Cumulative inverter exports from January to August 2025 reached 43.4 billion yuan, up 8.0% year-on-year [4][22] - Solar power generation in August 2025 increased by 15.9% year-on-year, contributing to 5.75% of the total national power generation, which was 936.3 billion kWh, reflecting a 1.6% year-on-year increase [5][35] Summary by Sections New Installations - In August 2025, new solar installations in China were 7.4 GW, down 55.3% year-on-year and 33.3% month-on-month. Cumulative installations from January to August reached 230.61 GW, up 64.7% year-on-year [3][12] Exports - Solar module exports in August 2025 were valued at 20.95 billion yuan, showing a year-on-year increase of 20.4% and a month-on-month increase of 31.9%. Cumulative exports from January to August totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports in August 2025 were valued at 6.29 billion yuan, with a year-on-year increase of 2.2% and a month-on-month decrease of 3.4%. Cumulative inverter exports from January to August reached 43.4 billion yuan, up 8.0% year-on-year [4][22] Power Generation - Solar power generation in August 2025 was 53.82 billion kWh, reflecting a year-on-year increase of 15.9% and accounting for 5.75% of the total national power generation [5][35] Investment Recommendations - Key recommendations include companies focused on new technologies such as Aikang Co. and Longi Green Energy, supply-side companies like Daqo New Energy and Flat Glass Group, and companies with overseas layouts such as Bowei Alloy and Hengdian East Magnet. Additionally, companies in energy storage like Sungrow Power Supply and Deye Technology are highlighted [40]

Group 1 - The company, Bowei Alloy, announced that as of the date of the announcement, the total amount of guarantees provided by the company is approximately 3.705 billion RMB, which accounts for 44.01% of the company's latest audited net assets [1] - The guarantees provided are exclusively for wholly-owned subsidiaries, with no overdue guarantees reported [1] - The revenue composition for Bowei Alloy in 2024 is projected to be 74.62% from copper alloys, 24.36% from new energy, and 1.02% from other businesses [1] Group 2 - The market capitalization of Bowei Alloy is currently 21.5 billion RMB [2]

Core Viewpoint - The company has provided a guarantee of 300 million RMB for its wholly-owned subsidiary, which is intended for bank comprehensive credit business [1] Group 1: Guarantee Details - The guarantee is structured as a joint liability guarantee [1] - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 396.03 million RMB, which represents 47.04% of the most recent audited net assets [1] - This guarantee falls within the review limit for external guarantee plans for the year 2025 [1]