Group 1: Electric Vehicles - The report anticipates a 22% year-on-year increase in domestic new energy vehicle sales in 2025, driven by policies such as trade-in incentives, new model releases, and price reductions [2][16][22] - In Europe, the electric vehicle market is expected to grow by 22% in 2025, supported by carbon emission regulations and ongoing subsidies [2][18][22] - The global demand for power batteries is projected to grow at a rate of 25% in 2025, with a significant increase in battery capacity requirements due to enhanced vehicle range [22][24] Group 2: Wind Power - The domestic wind power market is expected to see a significant increase in installed capacity, with new installations projected at 100 GW for land-based and 12 GW for offshore wind in 2025, representing year-on-year growth of 23% and 114% respectively [3][4] - Internationally, the wind power market is forecasted to grow at a CAGR of 16.7% from 2025 to 2030, driven by increased policy support [3] - The report highlights opportunities in offshore wind and related supply chains, including wind turbines, piles, and submarine cables [3] Group 3: Photovoltaics - The report expects global photovoltaic installations to reach 530-560 GW in 2025, with a year-on-year growth of 0-6%, influenced by domestic demand and emerging markets [4] - Supply-side reforms are anticipated to play a crucial role in reshaping the industry, with a key window for these reforms expected between the second half of 2025 and the first quarter of 2026 [4] - New technologies such as bifacial cells and metallization processes are highlighted as areas of interest for future growth [4] Group 4: Energy Storage - The domestic energy storage market is projected to grow by 17% year-on-year in 2025, supported by strong bidding data and the advancement of market-oriented electricity pricing [5] - In the U.S., energy storage installations are expected to increase by 23% in 2025, despite concerns over subsidy reductions [5] - The European market is forecasted to see a 36% increase in energy storage installations in 2025, with significant contributions from large-scale commercial storage [5] Group 5: Industrial Control - The industrial control sector is experiencing a recovery, with growth expected in 2025 due to increased demand from traditional and new energy industries [9] - The report emphasizes the potential of humanoid robots and AIDC (Automatic Identification and Data Capture) technologies as key areas for investment [9] - Companies involved in high-value components and new technologies, such as PEEK materials and disc motors, are recommended for attention [9]

证券代码：603063 证券简称：禾望电气 公告编号：2025-058 深圳市禾望电气股份有限公司 ? 上市公司所处的当事人地位：被上诉人（一审原告） ? 涉案的金额：128,617,570 元 是否会对上市公司损益产生负面影响：上述款项的收回，将增加公司本期利 润 5,964,000 元，具体以审计为准。 一、本次诉讼的基本情况 深圳市禾望电气股份有限公司（以下简称"公司"、 关于涉及诉讼进展的公告 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： ? 案件所处的诉讼阶段：二审判决履行 "原告"或"被上诉人"） 公司对诉讼标的金额进行了更正补充，具体内容详见公司于 2022 年 12 月 5 日在上海证券交易所网站披露的《深圳市禾望电气股份有限公司关于涉及诉讼进 展更正补充的公告》（公告编号：2022-093）。 三、本次公告的诉讼对公司本期利润或期后利润等的影响 上述款项的收回，将增加公司本期利润 5,964,000 元，具体以审计为准。 公司于 2024 年 1 月 2 日收到广东省深圳市中级人民法院出具的 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-058 深圳市禾望电气股份有限公司 关于涉及诉讼进展的公告 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： 一、本次诉讼的基本情况 深圳市禾望电气股份有限公司（以下简称"公司"、"原告"或"被上诉人"） 已就丁文菁女士违反承诺减持公司股份事项向深圳市南山区人民法院提起诉讼， 法院已受理，公司于 2022 年 6 月 16 日取得受理案件通知书。具体内容详见公司 于 2022 年 6 月 17 日在上海证券交易所网站披露的《禾望电气关于涉及诉讼的公 告》（公告编号：2022-058）。 公司于 2022 年 11 月 25 日收到广东省深圳市中级人民法院出具的编号为 （2022）粤 03 民辖 375 号的《民事裁定书》，本案经广东省深圳市中级人民法院 提审，具体内容详见公司于 2022 年 11 月 29 日在上海证券交易所网站披露的《深 圳市禾望电气股份有限公司关于涉及诉讼进展的公告》（公告编号：2022-087）。 案件所处的诉讼阶段：二审判决 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-057 深圳市禾望电气股份有限公司 关于为子公司向银行申请综合授信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： 2025 年 6 月 9 日，公司与北京银行股份有限公司深圳分行（以下简称"北 京银行深圳分行"）签署的《最高额保证合同》，《最高额保证合同》约定公 司为全资子公司禾望科技同北京银行深圳分行签署的《综合授信合同》（以下 简称"主合同"）提供担保，公司全资子公司禾望科技向北京银行深圳分行申 请授信额度最高限额 30,000 万元，用于办理贷款、汇票承兑及国内信用证业务， 授信额度的使用期限为 2025 年 6 月 9 日至 2026 年 6 月 8 日，公司提供连带责 任保证。 2025 年 6 月 10 日，公司全资子公司禾望科技向花旗银行（中国）有限公 司深圳分行（以下简称"花旗银行深圳分行"）申请融资，公司向花旗银行深 圳分行出具了《保证函》，为禾望科技提供额度为 2,300 万美元的连带保证责 任（以 2025 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-057 深圳市禾望电气股份有限公司 关于为子公司向银行申请综合授信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： 被担保人名称：苏州禾望电气有限公司（以下简称"苏州禾望"）、深 圳市禾望科技有限公司（以下简称"禾望科技"） 本次担保金额及已实际为其提供担保的余额：深圳市禾望电气股份有限 公司（以下简称"公司"）本次为全资子公司苏州禾望担保 10,000 万元、为全 资子公司禾望科技担保 30,000 万元、2,300 万美元（以 2025 年 5 月 30 日汇率 计算，折合为等值人民币 16,525.04 万元）。不包含本次担保金额公司已实际为 苏州禾望提供担保 77,787.68 万元、为禾望科技提供担保 154,691.83 万元。（如 无特别说明，本公告中金额币种均为人民币） 特别风险提示：截至公告披露日，公司对外担保总额为 599,479.51 万元， 占公司最近一期经审计净资产的 139.36%，其中已签署担保协议的 ...

Investment Rating - The report indicates a positive investment outlook for the data center power supply industry, particularly focusing on the transition from AC to DC architectures, highlighting the potential for domestic manufacturers to increase their market share [4][9]. Core Insights - The trend of increasing power density in data centers is driving the upgrade of power supply architectures from AC to DC, with significant penetration expected for DC systems due to their efficiency, lower failure rates, and space-saving advantages [4][8]. - Domestic manufacturers are expected to benefit from their leading R&D capabilities and delivery strengths, enhancing their investment value in related power supply sectors [4][9]. - The shift towards DC power supply is anticipated to stimulate demand growth in supporting sectors such as energy storage, relays, and low-voltage electrical equipment [4][9]. Summary by Sections Market Space - The demand for AI data centers is driving the power per cabinet to rise to between 20-100 kW, necessitating a more compact and higher voltage power supply system. The global data center development scale is projected to grow from 11 GW in 2024 to 35-40 GW by 2028, with a compound annual growth rate (CAGR) of nearly 35% [8][60]. - If the penetration rate of HVDC in China increases from 15% to 40% and from 0% to 45% overseas, the global HVDC market is expected to expand at a CAGR of 161.86% [66]. Industry Chain - The demand for HVDC and other DC power sources is highly elastic, with domestic manufacturers poised to increase their market share due to their advanced R&D and delivery capabilities. The report emphasizes the importance of capturing incremental opportunities in the industry [9][70]. - The traditional UPS market is relatively stable, with the top five domestic manufacturers holding over 65% market share, while the HVDC and SST markets are still in their infancy, presenting opportunities for early movers [71][73]. Data Center Power Supply - The report notes a high concentration of cloud service providers in the data center power supply market, with domestic manufacturers expected to gain market share. The traditional UPS market is dominated by a few key players, while the HVDC market is still developing [71][78]. - The report highlights that the efficiency of HVDC systems is superior to that of traditional UPS systems, with a single HVDC system achieving over 94% efficiency [22][47].

Group 1: Report Summary - The monthly price range forecast for the asphalt main contract is 3400 - 3600, with a current 20 - day rolling volatility of 18.35% and a 3 - year historical percentile of 28.65% [1] - For inventory management, when the finished - product inventory is high and there are concerns about price drops, it is recommended to sell 25% of the bu2509 contract in the 3500 - 3600 range to lock in profits [1] - For procurement management, when the regular inventory is low, it is recommended to buy 50% of the bu2509 contract in the 3300 - 3400 range to lock in procurement costs [1] - Weekly asphalt production increased by about 5.2%, while demand in South and East China decreased by 7.5% due to rainfall, leading to an increase in the inventory - to - consumption ratio this week [2] - The basis in the North China market strengthened, and the cracking spread on the futures market continued to strengthen, with the overall valuation remaining high [2] - In the short term, it is necessary to see if the slowdown in demand growth during the rainy season can match the increase in production growth under high profits. In the long - term, there is an expected increase in demand in the last year of the 14th Five - Year Plan [2] - After the callback, it is still advisable to maintain a long - position - based configuration [2] Group 2: Price and Spread Data Spot Price - The Shandong spot price on June 3, 2025, was 3645 yuan/ton, with a daily increase of 20 yuan/ton and a weekly increase of 20 yuan/ton [5] - The Yangtze River Delta spot price was 3600 yuan/ton, with a daily increase of 20 yuan/ton and a weekly increase of 20 yuan/ton [5] - The North China spot price was 3645 yuan/ton, with no daily change and a weekly increase of 35 yuan/ton [5] - The South China spot price was 3365 yuan/ton, with a daily decrease of 15 yuan/ton and a weekly decrease of 75 yuan/ton [5] Basis - The Shandong spot 09 basis on June 3, 2025, was 189 yuan/ton, with a daily decrease of 22 yuan/ton and a weekly increase of 29 yuan/ton [5] - The Yangtze River Delta spot 09 basis was 144 yuan/ton, with a daily decrease of 22 yuan/ton and a weekly increase of 29 yuan/ton [5] - The North China spot 09 basis was 189 yuan/ton, with a daily decrease of 42 yuan/ton and a weekly increase of 44 yuan/ton [5] - The South China spot 09 basis was - 91 yuan/ton, with a daily decrease of 57 yuan/ton and a weekly decrease of 66 yuan/ton [5] Cracking Spread - The Shandong spot cracking spread against Brent on June 3, 2025, was 162.036 yuan/barrel, with a daily decrease of 15.2169 yuan/barrel and a weekly decrease of 7.6459 yuan/barrel [8] - The futures main contract cracking spread against Brent was 129.4578 yuan/barrel, with a daily decrease of 18.6826 yuan/barrel and a weekly decrease of 21.3357 yuan/barrel [8] Group 3: Factors Analysis Bullish Factors - The inventory structure of asphalt is good [7] - There is a seasonal peak in demand [7] - The basis is strengthening [7] Bearish Factors - The cracking spread remains at a high level [4] - After the end of maintenance, the production of some refineries has recovered [7] - The plum - rain season in the South has dragged down demand [7]

2025 年 4 月 11 日，深圳市禾望电气股份有限公司（以下简称"公司"）召开 2025 年第一次临时董事会会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司股份，回购资金总额不低于人 民币 1,000 万元（含），不超过人民币 2,000 万元（含），回购价格不超过 46.31 元/ 股，回购期限自董事会审议通过本次回购方案之日起不超过 12 个月。具体内容详 见公司于 2025 年 4 月 12 日在上海证券交易所网站（www.sse.com.cn）披露的《深 圳市禾望电气股份有限公司关于以集中竞价交易方式回购股份的预案》（公告编号： 2025-032）。 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。 | 回购方案首次披露日 | 2025/4/12，由公司董事长韩玉先生提议 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 个月 12 | | 预计回购金额 | 1,000万元~2,000万元 | | 回购用途 | □减少注册资本 √用于员工持股 ...

Core Points - The company has approved and implemented the 2023 Stock Option Incentive Plan, which includes the granting of stock options to eligible participants [1][2] - The first exercise period for the stock options has been completed, and the company has decided to cancel unexercised options due to the departure of certain participants [3][4][5] - The second exercise period has been established, with specific conditions that must be met for the options to be exercised [6][9] Summary of the 2023 Stock Option Incentive Plan - The plan was approved by the board and the first extraordinary shareholders' meeting, with independent opinions provided by the independent directors and legal advisors [1][2] - The plan includes a waiting period of 24 months before the second exercise period begins, which lasts until 36 months after the grant date [6][9] - The company has set specific performance targets for the participants, including a required revenue growth rate of at least 60% for 2024 compared to 2022 [9][10] Exercise Conditions and Performance Assessment - The conditions for the second exercise period have been met, including no adverse audit opinions and no disqualifying actions against the participants [6][8] - The performance assessment will be conducted annually, with a scoring system determining the proportion of options that can be exercised based on individual performance [10][11] - The total number of options available for exercise in the second period is 6,283,200, distributed among 314 participants [14][16] Financial Implications - The company will account for the stock option expenses according to relevant accounting standards, and the exercise of options is not expected to have a significant impact on the company's financial status [15][16] - The fair value of the stock options was determined using the Black-Scholes model at the grant date, and no re-evaluation is required post-grant [15]

证券代码：603063 证券简称：禾望电气 公告编号：2025-055 深圳市禾望电气股份有限公司 关于 2023 年股票期权激励计划首次授予部分第二个行权期 符合行权条件的公告 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： 1、股票期权拟行权数量：628.32 万份。 2、行权股票来源：公司向激励对象定向增发的本公司 A 股普通股。 一、2023 年股票期权激励计划批准及实施情况 （一）2023 年股票期权激励计划 1、2023 年 3 月 31 日，公司召开 2023 年第四次临时董事会会议，会议审议 通过了《关于公司<2023 年股票期权激励计划（草案）>及其摘要的议案》和《关 于制定公司<2023 年股票期权激励计划实施考核管理办法>的议案》。公司 2023 年第四次临时监事会会议审议通过了前述议案及《关于公司<2023 年股票期权激 励计划首次授予激励对象名单>核查意见的议案》。公司独立董事就本次激励计 划是否有利于公司的持续发展及是否存在损害公司及全体股东利益的情形发表 独立意见，并公开征集投票权 ...