Investment Rating - The report rates the energy storage industry as "Outperform the Market" [1][4][5] Core Insights - The energy storage industry is experiencing rapid growth, with significant demand in emerging markets expected to drive future opportunities [2][3][4] - The domestic market in China is seeing a surge in energy storage system and battery shipments, with 110 GWh of systems and 265 GWh of batteries shipped in the first half of 2025, marking year-on-year increases of 101% and 128% respectively [1][3][56][57] - The U.S. market is also showing growth due to the "Inflation Reduction Act," which is expected to boost energy storage demand in the short term [1][27][29] - Emerging markets, particularly in the Middle East, Southeast Asia, and Africa, are anticipated to become significant export destinations for Chinese energy storage companies due to power shortages and supportive government policies [2][4][54] Summary by Sections Domestic Market Performance - In the first half of 2025, China achieved energy storage tenders of 126.3 GWh and winning bids of 189.8 GWh, reflecting year-on-year increases of 101% and 182% respectively [1][44] - The domestic energy storage system shipment reached 110 GWh, nearing the total for 2024, with expectations of over 200 GWh for the full year [56] - The domestic energy storage battery shipments were 265 GWh, with projections of over 500 GWh for the year, indicating a growth rate of nearly 50% [57] International Market Trends - The U.S. energy storage market is projected to grow, with a 30% year-on-year increase in installed capacity in the first half of 2025 [1][27] - In Europe, energy storage demand is also rising, with Germany showing a 130% increase in front-of-the-meter storage installations in the first half of 2025 [1][36] - Emerging markets are expected to see explosive growth in energy storage installations, with projections of 37 GWh in 2025, a year-on-year increase of 256% [2][51] Investment Recommendations - The report suggests focusing on leading companies in the energy storage supply chain, including Yangguang Electric, Ningde Times, and Yiwei Lithium Energy, as they are well-positioned to benefit from the growing demand in both domestic and international markets [4][5][113]

Investment Rating - The report maintains an "Outperform" rating for the energy storage industry [5][4][6]. Core Insights - The energy storage industry is experiencing rapid growth, particularly in emerging markets, driven by power shortages and supportive government policies [2][4][54]. - The demand for energy storage systems is expected to remain strong in 2025, with significant increases in both domestic and international markets [1][3][56]. - The "Big and Beautiful" act in the U.S. is anticipated to boost short-term demand for energy storage, although a decline in demand may occur post-2026 [27][29]. Summary by Sections Industry Overview - In the first half of 2025, domestic energy storage system shipments reached 110 GWh, nearly matching the total for 2024, with battery shipments at 265 GWh, a year-on-year increase of 128% [1][56]. - The U.S. saw a 30% year-on-year increase in installed front-of-the-meter storage, reaching 5.65 GW in the first half of 2025 [1][27]. Emerging Markets - Emerging markets are projected to become significant export destinations for domestic energy storage companies, with orders from the Middle East, Australia, and East Asia reaching 35 GWh, 33 GWh, and 24 GWh respectively [2][51]. - The report forecasts a substantial increase in energy storage demand in regions facing power shortages, such as Southeast Asia, South Africa, and India [54][55]. Global Market Outlook - The global energy storage market is expected to see new installed capacity of 221 GWh in 2025, with a projected market value of 1787 billion yuan [3][96]. - Emerging markets are anticipated to achieve a cumulative installed capacity of 40.5 GWh by 2025, reflecting a 293% year-on-year growth [3][96]. Investment Recommendations - The report suggests focusing on leading companies in the energy storage supply chain, including Yangguang Electric, Ningde Times, and Yiwei Lithium Energy, due to their strong market positions and growth potential [4][113].

Group 1: Market Performance - The computing power sector experienced significant gains on July 31, with stocks such as Invec, Changfei Fiber, and Hewei Electric seeing consecutive increases, while Chunzhong Technology and Siquan New Materials reached their daily limit [1] - Notable stock performances included Invec (002837.SZ) with a price of 40.21, up 10.01%, and a market cap of 338.70 billion; Hewei Electric (603063.SS) at 37.90, also up 10.01%, with a market cap of 172.28 billion [2] Group 2: Industry Developments - Meta announced an increase in its capital expenditure forecast for 2025 to between 66 billion and 72 billion, driven by investments in talent, infrastructure, data centers, and energy to support the evolving AI competition [4] - Microsoft reported fourth-quarter revenue of 76.44 billion, exceeding analyst expectations, and projected capital expenditures for the next fiscal year to exceed 30 billion [4] - The Ministry of Industry and Information Technology in China emphasized the acceleration of high-quality development in computing power infrastructure during the release of the National Information Development Report (2024) [4] Group 3: Institutional Insights - Guosheng Securities noted that some CSP manufacturers have revised their annual expenditure forecasts upward, indicating a high demand for computing power, with light communication becoming a crucial component of AI infrastructure [5] - According to招商证券, there is a noticeable trend of computing power demand overflow from leading overseas manufacturers, with significant growth in international business for top IDC companies [5] - Huachuang Securities highlighted the rapid iteration of AI large models and smart hardware applications driving a surge in demand for high-performance servers, GPUs, and advanced PCBs [5]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300850 | 新强联 | 33.38 | -2.08% | 13.33万 | | 4.46 Z | | 002487 | 大全車工 | 31.76 | -1.52% | 9.59万 | | 3.05亿 | | 300772 | 运达股份 | 12.89 | -1.38% | 15.89万 | | 2.03亿 | | 300185 | 通裕重丁 | 2.88 | -1.37% | 85.89万 | | 2.47亿 | | 300904 | 威力传动 | 53.84 | -1.14% | 1.67万 | | 9117.45万 | | 300690 | 双一科技 | 25.13 | -1.02% | 7.58万 | | 1.91亿 | | 300443 | 金雷股份 | 21.73 | -1.00% | 9.03万 | | 1.95亿 | | 601615 | 明阳智能 | 11.58 | -0.69% | 17.47万 | | 2. ...

Core Viewpoint - The data center power supply sector experienced significant movement, with Hewei Electric hitting the daily limit, indicating strong investor interest and potential growth in this area [1] Group 1: Market Trends - The report from Minsheng Securities forecasts that the global AI market is expected to grow at a compound annual growth rate (CAGR) of over 35% from 2023 to 2030, highlighting a robust growth trajectory for related sectors [1] - The SST solution is applicable for direct current (DC) power scenarios in microgrids, enabling a direct conversion from grid power to 800V DC supply, which may enhance efficiency and reliability in power distribution [1] Group 2: Company Performance - Hewei Electric reached its daily limit, indicating strong market performance and investor confidence in the company's prospects within the data center power supply segment [1] - Other companies such as Zhongheng Electric, Shenghong Co., Keda, Tonghe Technology, and Magmi Tech also saw increases, suggesting a broader positive sentiment in the sector [1]

Investment Rating - The investment rating for the wind power industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The offshore wind sector is expected to see significant project launches in Jiangsu and Guangdong in the first half of 2025, marking the beginning of a new era for state-managed offshore wind development. The average annual installed capacity for offshore wind during the 14th Five-Year Plan period is projected to exceed 20GW, significantly surpassing the previous plan's levels. Onshore wind installations are anticipated to reach a historical high of 100GW in 2025, with component manufacturers experiencing simultaneous volume and price increases, leading to substantial annual performance growth. The domestic manufacturing profitability of main engine companies is expected to recover in the third quarter as orders are delivered following price increases, and the export of Chinese wind turbines is gaining momentum, with new orders expected to maintain high growth in 2025-2026, providing further profit elasticity [4][5]. Summary by Sections Industry News - Recent performance in the wind power sector has shown a divergence, with the top three performing segments being bearings (+12.1%), blades (+6.8%), and submarine cables (+2.0%). The top three individual stocks over the past two weeks include Changsheng Bearings (+37.5%), Zhongcai Technology (+14.9%), and Wuzhou Xinchun (+9.8%) [3]. Market Data - As of 2025, the cumulative public bidding capacity for wind turbines nationwide is 43.7GW (-13%), with onshore wind turbine bidding capacity at 40.1GW (-12%) and offshore wind turbine capacity at 3.7GW (-18%). The average winning bid price for onshore wind turbines (excluding towers) in 2025 is 1,531 CNY/kW. In 2024, the total public bidding capacity is projected to be 107.4GW (+61%) [7][8]. Investment Recommendations - Three key areas for investment focus are suggested: 1) Leading companies in export layouts for pile foundations and submarine cables; 2) Domestic main engine leaders with bottoming profits and accelerating exports; 3) Component manufacturers with opportunities for simultaneous volume and profit growth in 2025. Recommended companies include Goldwind Technology, Oriental Cable, Guangda Special Materials, Zhongji United, Dajin Heavy Industry, Riyue Co., Times New Materials, Hewei Electric, and Jinlei Co. [5]

Meeting Overview - The first extraordinary general meeting of shareholders was held on July 25, 2025, at the company's office in Shenzhen [2] - The meeting was convened by the board of directors and chaired by Chairman Han Yu [3] Attendance - All 5 serving directors attended the meeting, with some participating via telecommunication due to work commitments [4] - All 3 serving supervisors were present, with some also attending via telecommunication [4] Voting and Resolutions - A significant resolution regarding the subsidiary's financing lease business and provision of guarantees was passed with over two-thirds approval from the voting shareholders [5] - The voting method combined on-site and online participation, complying with legal and regulatory requirements [3][6] Legal Verification - The meeting was witnessed by Beijing Junzejun (Shenzhen) Law Firm, confirming that the meeting's procedures and voting results were lawful and valid [6]

证券代码：603063 证券简称：禾望电气 公告编号：2025-069 深圳市禾望电气股份有限公司 2025年第一次临时股东会决议公告 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： (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情 况： | 1、出席会议的股东和代理人人数 | 700 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 111,063,542 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 24.4789 | 注：有表决权股份总数不包含公司回购专户账户中的股份。 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情 况等。 本次股东会由公司董事会召集，由董事长韩玉先生主持。会议采用现场投票 和网络投票相结合的方式进行表决。会议的召集、召开程序、出席会议人员资格 及表决程序符合《公司法》及《公司章程》的有关规定。 (五) 公司董事、监事和董事会秘书的出席情况 本次会议是否有否决议案：无 一、 ...

s IT 塞 不 折 n Law Offices 中国广东省深圳市福田区金田路 4028 号荣超经贸中心 28、29 层 邮政编码: 518035 28&29 Floor, Landmark, No.4028 Jintian Road, Futian District, Shenzhen 518035, P.R.C. Tel: 0755-33988188 Fax: 0755-33988199 http://www.junzejun.com 北京市君泽君(深圳) 律师事务所 关于深圳市禾望电气股份有限公司 2025年第一次临时股东会的 法律意见书 致:深圳市禾望电气股份有限公司 深圳市禾望电气股份有限公司(以下简称公司)2025年第一次临时股东会(以 下简称本次股东会)采取现场表决与网络投票相结合的方式召开,其中现场会议于 2025年7月25日在深圳市南山区西丽官龙村第二工业区11栋公司二楼会议室召开。 北京市君泽君(深圳) 律师事务所(以下简称本所) 接受公司聘任,指派本所律师 参加本次股东会现场会议,并根据《中华人民共和国公司法》《中华人民共和国证 券法》(以下简称《证券法》、《上市公司股东会规则》(以下简 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The market has high expectations for increased production in the 25/26 sugar - crushing season in India and Thailand, which suppresses sugar prices. However, due to the slightly slow production progress in Brazil currently and a high sugar - ethanol ratio, the expectation of a decline in Brazil's new - season production in the overseas market is continuously increasing, causing price fluctuations after a sharp drop in the overseas market. The domestic market is slightly stronger with the opening of the out - of - quota profit window, but the rebound strength may be limited [4]. 3. Summary by Relevant Catalogs 3.1 Sugar Price Forecast and Risk Management Strategy - **Price Range Forecast**: The predicted monthly price range for sugar is 5700 - 5900, with a current 20 - day rolling volatility of 4.94% and a historical percentile (3 - year) of 0.1% [3]. - **Inventory Management Strategy**: For enterprises with high finished - product inventory worried about sugar price drops, they can short Zhengzhou sugar futures (SR2509) at 5850 - 5900 with a 25% hedging ratio. They can also sell call options (SR509C6000) at 30 - 40 with a 50% hedging ratio to collect premiums and lock in the spot selling price [3]. - **Procurement Management Strategy**: For enterprises with low procurement inventory and aiming to purchase according to orders, they can buy Zhengzhou sugar futures (SR2509) at 5750 - 5800 with a 50% hedging ratio. They can sell put options (SR509P5700) at 10 - 15 with a 75% hedging ratio to collect premiums and lock in the spot sugar purchase price [3]. 3.2 Core Contradictions - The high expectation of increased production in India and Thailand in the 25/26 season suppresses sugar prices, while the potential decline in Brazil's production in the new season causes price fluctuations in the overseas market. The domestic market is slightly stronger but with limited rebound strength [4]. 3.3利多解读 (Positive Factors) - **Sales and Inventory in Guangxi**: As of the end of June, Guangxi's cumulative sugar sales reached 514.06 million tons, a year - on - year increase of 61.44 million tons; the sales - to - production ratio was 79.51%, a year - on - year increase of 6.29 percentage points. In June, single - month sugar sales were 49.53 million tons, a year - on - year increase of 7.73 million tons. Industrial inventory was 132.44 million tons, a year - on - year decrease of 33.08 million tons [5]. - **Indian Sugar Inventory**: The National Federation of Cooperative Sugar Factories (NFCSF) in India expects the ending sugar inventory in the 2024/25 season to be between 4.8 - 5 million tons, sufficient to meet domestic sugar consumption from October to November 2025 [5]. - **Import Restrictions**: China has suspended imports of Thai syrup and premixed powder [5]. - **Brazilian Production**: As of the first half of May in the 2025/26 season, the cumulative cane crushing volume in the central - southern region of Brazil was 76.714 million tons, a year - on - year decrease of 19.466 million tons (20.24%); the cumulative sugar production was 3.989 million tons, a year - on - year decrease of 1.17 million tons (22.68%) [5]. - **Syrup and Premixed Powder Imports**: In June, the total import of syrup and premixed powder was 115,500 tons, a significant year - on - year decrease of 103,500 tons [6]. - **Brazilian Biofuel Policy**: Brazil has increased the mandatory ethanol blending ratio in gasoline from 27% to 30% and the biodiesel ratio in diesel from 14% to 15% [6]. - **Coca - Cola and Pepsi - Cola**: Coca - Cola plans to re - use sugar as a beverage additive in the US and launch new sugar - containing cola products, and Pepsi - Cola may follow suit [8]. 3.4利空解读 (Negative Factors) - **Guangxi Sugar Production**: In the 2024/25 season, the cumulative cane crushing volume in Guangxi was 48.5954 million tons, a year - on - year decrease of 2.5847 million tons; the mixed sugar production was 6.465 million tons, a year - on - year increase of 283,600 tons; the sugar production rate was 13.30%, a year - on - year increase of 1.22 percentage points [8]. - **Brazilian Sugar Production Forecast**: Analysis agency JOB expects Brazil's sugar production in the 25/26 season to increase by 5% to 46 million tons [8]. - **Thai Sugar Production**: Thailand's sugar production in the 24/25 season is expected to increase to 10.39 million tons [8]. - **Indian Sugar Production Forecast**: Due to favorable monsoon conditions and an increase in the minimum cane purchase price, the sugar production in India's 2025/26 season is expected to strongly recover to about 35 million tons [8]. - **Sugar Imports**: In June, the sugar import volume was 424,600 tons, a year - on - year increase of 397,000 tons, and the out - of - quota import profit window has opened [8]. 3.5 Price Data - **Sugar Basis**: On July 22, 2025, the basis of Nanning - SR01 was 397, with a daily increase of 7 and a weekly decrease of 28; the basis of Kunming - SR01 was 267, with a daily increase of 17 and a weekly decrease of 3 [9]. - **Sugar Futures Prices**: On July 23, 2025, the closing price of SR01 was 5656, with a daily increase of 0.05% and a weekly increase of 0.35%; the closing price of SR09 was 5834, with a daily increase of 0.19% and a weekly increase of 0.45% [9]. - **Sugar Spot Prices**: On July 23, 2025, the price of Nanning sugar was 6050, with no daily or weekly change; the price of Kunming sugar was 5920, with no daily change and a weekly increase of 15 [10]. - **Sugar Import Prices**: On July 23, 2025, the in - quota import price of Brazilian sugar was 4482, with a daily decrease of 101 and a weekly increase of 68; the out - of - quota import price was 5693, with a daily decrease of 133 and a weekly increase of 88 [11].