1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views of the Report - The glass industry is currently in a state of weak supply and demand, with the daily melting of float glass dropping to a certain low level, and there are expectations for both cold repairs and ignitions in the future. The demand is weak in both reality and expectation, making it difficult to have a trend - based movement. The policy may also affect the supply, so changes in supply expectations should be monitored. The price rhythm is hard to grasp [1]. - The soda ash industry is mainly cost - priced. Although the supply side occasionally reduces production, new production capacities are gradually ramping up, and the daily output is at an absolute high. Without supply disruptions, the expectation of oversupply remains consistent, and the valuation has limited upward flexibility. As the cold repair expectations of float glass and photovoltaic glass resurface, the rigid demand for soda ash is expected to decline month - on - month [1]. - In reality, the high inventory of glass in the middle - stream needs to be digested, resulting in a short - lived positive feedback between futures and spot. For soda ash, the production still has room to increase, and the capacity expansion cycle is not over, so the expectation of oversupply persists [1]. - The prices of glass and soda ash lack clear trends, showing a weak and volatile pattern with limited short - term elasticity [5]. 3. Summary by Relevant Catalogs 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - Glass: The daily melting of float glass has declined, with both cold repair and ignition expectations. The demand is weak, and the policy may affect supply. The high middle - stream inventory needs to be digested [1]. - Soda ash: Cost - based pricing, new capacities are increasing, daily output is high, and there is an expectation of oversupply. The cold repair of glass will reduce rigid demand [1]. 3.1.2 Trading Strategy Recommendations - Glass: The overall demand is weak, with both cold repair and ignition expectations, and the middle - stream maintains high inventory. The 05 contract is more about expectations, but the fundamentals lack clear drivers. - Strategy: The prices of glass and soda ash lack clear trends, showing a weak and volatile pattern with limited short - term elasticity [5]. 3.1.3 Basic Data Overview - **Glass**: - Spot prices: There was no change in the prices of various glass products on January 18, 2026, compared with the previous day [8]. - Futures prices: The glass 05 contract increased by 17 yuan to 1103 yuan on January 16, 2026, with a daily increase of 1.57%. The 09 contract increased by 13 yuan to 1209 yuan, with a daily increase of 1.09%. The 01 contract decreased by 941 yuan to 0 yuan, with a daily decrease of 100% [8]. - Production and sales: On January 16, 2026, the production - sales ratios in Shahe, Hubei, East China, and South China were 135, 90, 91, and 105 respectively [9]. - **Soda ash**: - Spot prices: There was little change in the market prices of heavy and light soda ash in various regions on January 16, 2026, compared with the previous day [10]. - Futures prices: The soda ash 05 contract decreased by 1 yuan to 1192 yuan on January 16, 2026, with a daily decrease of 0.08%. The 09 contract increased by 3 yuan to 1259 yuan, with a daily increase of 0.24%. The 01 contract decreased by 1 yuan to 1115 yuan, with a daily decrease of 0.09% [11]. 3.2 This Week's Important Information and Next Week's Events to Watch 3.2.1 This Week's Important Information - Positive information: There are still some glass production lines with cold repair expectations to be fulfilled before the Spring Festival, and the supply is still shrinking [11]. 3.2.2 Next Week's Events to Watch - Whether there are further clear instructions on industrial policies. - The National Development and Reform Commission will effectively manage high - energy - consuming and high - emission projects starting from 2026, and the market may have new expectations for supply - side policies. - There is still room for positive feedback between futures and spot for both glass and soda ash when the futures prices rise. - Shahe glass has ignition expectations, the high middle - stream inventory persists, and the far - month demand lacks upward flexibility, with differences in the degree of demand decline. - The second - phase first and second lines of Alxa's 100 - million - ton new production capacities are gradually ramping up, maintaining long - term supply pressure. The cold repair expectation of glass will affect the rigid demand for soda ash [14]. - Monitor the production - sales situation, spot prices of glass, and the spot trading situation of soda ash [15]. 3.3 Disk Interpretation 3.3.1 Unilateral Trends and Capital Movements - Glass: The expectation of the main 05 contract is unclear, with weak supply and demand. The near - term spot pressure is high, and the middle - stream has high inventory. The far - month has expectations of supply reduction and cost increase, but the demand is unclear [16]. 3.3.2 Basis and Calendar Spread Structures - Glass: The 5 - 9 spread fluctuates mainly in a range, without a clear direction, as the supply - demand expectations are uncertain, and funds are on the sidelines [20]. - Soda ash: It maintains a C - shaped structure. With the launch of new production capacities, the long - term situation may deteriorate again [21]. 3.4 Valuation and Profit Analysis 3.4.1 Upstream and Downstream Profit Tracking in the Industry Chain - Glass: Natural gas production lines are in losses, while petroleum coke and coal - gas production lines have small profits or are on the verge of break - even [37]. - Soda ash: The cash cost of the ammonia - soda process (in Shandong) is around 1210 - 1220 yuan/ton, and the cash cost of the combined - soda process (mainly in Central China) is around 1080 - 1090 yuan/ton [37]. 3.4.2 Import and Export Analysis - Glass: The monthly average net export of float glass is 6 - 7 million tons, accounting for 1.4% of the apparent demand, with limited impact [43]. - Soda ash: The monthly average net export of soda ash is 18 - 21 million tons, basically in line with expectations, accounting for 5.8% of the apparent demand, with a significantly higher proportion than last year. The export in November was close to 19 million tons, maintaining high export expectations [43]. 3.5 Supply, Demand, and Inventory 3.5.1 Supply Side and Projections - **Glass**: The daily melting of glass has dropped to around 150,000 tons. There are still some cold - repaired production lines to be fulfilled before the Spring Festival, and the daily melting is expected to decline further [49]. - **Soda ash**: The current daily output of soda ash has increased to over 110,000 tons. The first and second lines of the second - phase project in Alxa (with a total of 2.8 million tons) have been ignited and are gradually producing products [54]. 3.5.2 Demand Side and Projections - **Glass**: The middle - stream inventory remains high, and the spot pressure persists. As of the end of December, the deep - processing orders for glass were 8.6 days, a month - on - month decrease of 10.7% and a year - on - year decrease of 16.1%. The deep - processing raw material inventory was 8.4 days, a month - on - month decrease of 6.7% and a year - on - year decrease of 26.96%. The cumulative apparent demand for glass in 2025 is estimated to have decreased by 7.5%. The terminal demand remains weak, and the middle - stream replenishes inventory at low prices [56]. - **Soda ash**: The total daily melting of float glass and photovoltaic glass is 238,000 tons, showing a slight decline, and the daily rigid demand for soda ash is about 47,600 tons. With the cold repair expectation of glass, the rigid demand for soda ash is expected to decline month - on - month. The finished product inventory of photovoltaic glass remains high, with an inventory period of about 39 days, and the industry chain is in a state of oversupply. The cumulative apparent demand for soda ash in 2025 is estimated to have decreased by 0.2%. The rigid demand for soda ash declines slightly month - on - month, and the middle and lower reaches mainly replenish inventory at low prices [67]. 3.5.3 Inventory Analysis - **Glass**: According to Longzhong data, the total inventory of glass factories is 53.013 million heavy boxes, a month - on - month decrease of 2.505 million heavy boxes, a month - on - month decrease of 4.51%, and a year - on - year increase of 20.89%. The inventory period is 23 days, a decrease of 1.1 days from the previous period. The upstream inventory has been transferred to the middle - stream [75]. - **Soda ash**: The inventory of soda ash is 1.575 million tons, a month - on - month increase of 0.0023 million tons. Among them, the light - soda inventory is 0.837 million tons, a month - on - month increase of 0.0005 million tons, and the heavy - soda inventory is 0.738 million tons, a month - on - month increase of 0.0018 million tons. The inventory in the delivery warehouse is 0.3877 million tons (an increase of 0.00104 million tons). The total inventory of soda ash factories and delivery warehouses is 1.9627 million tons, a month - on - month increase of 0.00127 million tons. The upstream inventory fluctuates at a high level [75].

Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

Core Viewpoint - Hewei Electric (603063) has indicated that the number of its shareholders is expected to exceed 54,000 by December 31, 2025 [1] Group 1 - The company has engaged with investors through an interactive platform [1] - The projected number of shareholders reflects the company's growth and investor interest [1]

Core Viewpoint - Hewei Electric (603063) announced that the company has no violations regarding guarantees or overdue guarantees [1] Group 1 - The company confirmed the absence of any illegal guarantees [1] - The company stated there are no overdue guarantees [1]

Group 1 - The core function of the PCS (Power Conversion System) is to facilitate bidirectional energy conversion between energy storage battery systems and the grid, managing both charging and discharging processes [2] - PCS products can be categorized based on system integration structure into centralized, string, and distributed types, and by operating mode into grid-connected, off-grid, and hybrid types [3] - The rated power of PCS has increased from 1.725MW to 2.5MW and above, with high-power models becoming mainstream due to the rapid expansion of energy storage systems [5] Group 2 - The demand for string PCS is rapidly growing as traditional centralized architectures face issues like battery parallel circulation, driven by the increasing scale of energy storage systems [5] - The report from Qidian Research Institute SPIR indicates that the top companies in China for PCS shipments in 2025 will include Kehua Data, Sungrow Power, and Huawei Digital Energy among others [5][7] - The global energy storage market analysis is part of a comprehensive report that includes various chapters on industry definitions, technology classifications, and policy analyses [8]

证券代码：603063 证券简称：禾望电气 公告编号：2026-003 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 单位：万元 | 被担保人名称 | 本次担保 | 实际为其提供的担保余额 | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | | | 金额 | （不含本次担保金额） | 预计额度内 | 否有反担保 | | 深圳市禾望科技有限公司 | 34,500 | 221,262.55 | 是 | 否 | | （以下简称"禾望科技"） | | | | | 累计担保情况 深圳市禾望电气股份有限公司 关于为全资子公司提供担保的进展公告 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子公司对 | 534,723.22 | | 外担保总额（万元） | | | 对外担保总额占上市公司最近一期经审计 | 124.31 | | 净资产的比例（%） | | | 特别风险提示 | □担保金额（含本次 ...

Core Viewpoint - Hezhong Electric has shown a positive stock performance with a 2.09% increase on January 9, 2023, and a total market capitalization of 15.449 billion yuan, indicating investor interest in the company's growth potential in the energy sector [1]. Group 1: Stock Performance - As of January 9, 2023, Hezhong Electric's stock price reached 33.74 yuan per share, with a trading volume of 578 million yuan and a turnover rate of 3.79% [1]. - Year-to-date, the stock price has increased by 2.03%, with a 14.26% rise over the past 20 trading days [1]. Group 2: Financial Performance - For the period from January to September 2025, Hezhong Electric reported a revenue of 2.778 billion yuan, reflecting a year-on-year growth of 20.19%, and a net profit attributable to shareholders of 334 million yuan, up 31.99% year-on-year [2]. Group 3: Shareholder Information - As of December 20, 2025, the number of shareholders for Hezhong Electric decreased by 15.15% to 56,000, while the average number of circulating shares per person increased by 17.86% to 8,173 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 10.5675 million shares, a decrease of 2.9177 million shares from the previous period [3].

Core Viewpoint - Hezhong Electric has shown a positive financial performance with significant growth in revenue and net profit, indicating strong operational capabilities in the energy conversion sector [2]. Group 1: Financial Performance - As of January 6, Hezhong Electric's stock price increased by 0.61%, with a trading volume of 844 million yuan [1]. - For the period from January to September 2025, Hezhong Electric achieved a revenue of 2.778 billion yuan, representing a year-on-year growth of 20.19% [2]. - The company's net profit attributable to shareholders reached 334 million yuan, marking a year-on-year increase of 31.99% [2]. Group 2: Shareholder and Market Activity - As of December 20, the number of shareholders for Hezhong Electric was 56,000, a decrease of 15.15% from the previous period [2]. - The average number of circulating shares per shareholder increased by 17.86% to 8,173 shares [2]. - On January 6, the financing balance for Hezhong Electric was 1.049 billion yuan, accounting for 6.91% of its market capitalization, which is above the 60th percentile of the past year [1]. Group 3: Shareholding Structure - As of September 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 10.5675 million shares, a decrease of 2.9177 million shares from the previous period [2]. - New entrants among the top ten circulating shareholders include Agricultural Bank of China New Energy Mixed A, holding 3.9564 million shares, and Huaxia CSI 1000 ETF, holding 2.4647 million shares [2]. - Notably, several funds exited the top ten circulating shareholders list, indicating potential shifts in investor sentiment [2].

Core Viewpoint - The announcement details the results of the stock option incentive plan for the fourth quarter of 2025, highlighting the number of stock options exercised and the overall impact on the company's share structure and financials. Group 1: Stock Option Exercise Results - The number of stock options exercised in the second exercise period of the 2023 stock option incentive plan is 6.2832 million, with a total of 4,396,090 shares exercised by the end of 2025, accounting for 69.97% of the total exercisable options [1][12][15] - From October 1, 2025, to December 31, 2025, a total of 159,860 shares were exercised and registered [1][12] Group 2: Stock Option Plan Overview - The 2023 stock option incentive plan was approved by the board and shareholders, with 2.247 million options granted to 350 eligible participants on April 17, 2023 [2][4] - The plan includes provisions for adjustments to the exercise price, which has been modified multiple times, with the latest adjustment setting the price at 27.269 yuan per share [5][11] Group 3: Financial Impact and Fund Utilization - The funds raised from the stock option exercise amount to 4,359,222.34 yuan, with a total of 119,876,978.21 yuan raised by the end of 2025 [14][15] - The raised funds will be used to supplement the company's cash flow, and the exercise does not significantly impact the company's financial condition or operating results [15]

证券代码：603063 证券简称：禾望电气 公告编号：2026-002 深圳市禾望电气股份有限公司 关于股票期权激励计划 2025 年第四季度自主行权结果 暨股份变动的公告 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。 重要内容提示： 本次行权股票数量： 公司 2023 年股票期权激励计划首次授予部分第二个行权期可行权股票期权 数量为 628.32 万份，行权有效期为 2025 年 6 月 3 日-2026 年 4 月 16 日，行权方 式为自主行权。2025 年 10 月 1 日至 2025 年 12 月 31 日期间共行权且完成股份 过户登记 159,860 股，截至 2025 年 12 月 31 日，累计行权且完成股份过户登记 4,396,090 股，占可行权股票期权总量的 69.97%。 本次行权股票上市流通时间：公司 2023 年股票期权激励计划采用自主行 权模式行权，激励对象行权所得股票于行权日（T 日）后的第二个交易日（T+2） 日上市交易。 一、2023 年股票期权激励计划 （一）2023 年股票期权激励计划 ...