（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司数据中心电源研发业务预计2026年能部分达 成营收吗？ 禾望电气（603063.SH）12月16日在投资者互动平台表示，投资者您好，关于数据中心业务，公司目前 已有相关产品在研发。感谢您的关注！ ...

Group 1 - Wind power equipment sector increased by 0.28% on December 15, with Feiwo Technology leading the gains [1] - Shanghai Composite Index closed at 3867.92, down 0.55%, while Shenzhen Component Index closed at 13112.09, down 1.1% [1] - Notable gainers in the wind power equipment sector included Feiwo Technology (+6.68%), Changyou Technology (+4.01%), and Shuangyi Technology (+3.97%) [1] Group 2 - The wind power equipment sector saw a net inflow of 178 million yuan from main funds, while retail investors experienced a net outflow of 213 million yuan [2] - Key stocks with significant main fund inflows included Goldwind Technology (23.4 million yuan) and Taisheng Wind Energy (64.7 million yuan) [3] - Retail investors showed notable outflows in stocks like Taisheng Wind Energy (-85.18 million yuan) and Goldwind Technology (-21.7 million yuan) [3]

Group 1: Core Insights - The report highlights a new growth cycle for energy storage, projecting significant increases in installed capacity and demand in both domestic and international markets [2][5][32] - Domestic energy storage demand is driven by capacity pricing and innovative business models, with a projected installed capacity of 163 GWh in 2025, a 47% year-on-year increase, and 265 GWh in 2026, a 60% increase [2][32] - Internationally, the U.S. is experiencing a surge in demand due to AI data centers, while Europe and emerging markets are also showing strong growth potential [2][34] Group 2: Domestic Market Dynamics - In the domestic market, the introduction of capacity pricing subsidies by local governments has significantly boosted the internal rate of return (IRR) for energy storage projects, with IRR rates ranging from 6% to 12% [2][13] - The report notes that from January to November 2025, domestic energy storage bidding reached 190 GWh, a 138% increase year-on-year, with a total of 175 GWh awarded [2][27] - The cumulative installed capacity of domestic energy storage reached 72 GWh from January to October 2025, marking a 42% increase year-on-year [2][27] Group 3: International Market Trends - The U.S. is expected to see a demand for approximately 53 GWh of new energy storage installations in 2025, driven by AI data centers and peak load shortages [2][34] - In Europe, the energy storage market is projected to grow significantly, with an expected installation of 20 GWh in 2025, a 131% increase year-on-year, and 42 GWh in 2026, a 109% increase [2][34] - Emerging markets, particularly in the Middle East, Australia, Southeast Asia, and South America, are anticipated to contribute to a combined installation of 34 GWh in 2025, a 220% increase year-on-year [2][34] Group 4: Industry Chain and Competitive Landscape - The global demand for energy storage batteries is projected to reach 628 GWh in 2025, a 91% increase, and 663 GWh in 2026, a 61% increase [2][6] - The report indicates that leading companies in the energy storage sector, such as Tesla and BYD, are expected to strengthen their market positions as battery prices stabilize and production capacity increases [2][6] - The integration of large battery cells is expected to reduce system costs by 10-15%, enhancing the competitive advantage of leading firms [2][6] Group 5: Investment Recommendations - The report recommends strong investment in large-scale energy storage companies, including Sungrow Power Supply, CATL, and BYD, as they are positioned to benefit from the anticipated growth in the market [2][6] - It also highlights the potential for growth in residential and commercial energy storage sectors, suggesting companies like DeYe and Airo Energy as promising investment opportunities [2][6]

证券之星消息，12月12日风电设备板块较上一交易日上涨1.08%，飞沃科技领涨。当日上证指数报收于 3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。风电设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301232 | 飞沃科技 | 109.50 | 9.28% | 11.41万 | | 12.07亿 | | 688186 | 广大特材 | 23.35 | 8.10% | 21.00万 | | 4.82 Z | | 603063 | 禾望电气 | 31.14 | 7.01% | 42.65万 | | 13.09亿 | | 301040 | 中环海陆 | 32.11 | 5.18% | 16.59万 | | 5.36亿 | | 603507 | 振江股份 | 24.82 | 3.37% | 10.48万 | | 2.58亿 | | 301456 | 盘古智能 | 29.12 | 2.97% | 2.46万 | | 7156.9 ...

关于公司完成工商变更登记的公告 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。 深圳市禾望电气股份有限公司（以下简称"公司"）于 2025 年 11 月 11 日、 2025 年 11 月 28 日分别召开 2025 年第六次临时董事会会议和 2025 年第二次临 时股东会会议，审议通过了《关于取消监事会并修订<公司章程>的议案》，同意 取消监事会，《监事会议事规则》相应废止，对《公司章程》部分条款进行修订， 并办理工商登记手续。具体内容详见公司分别于 2025 年 11 月 12 日、2025 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取消 监事会并修订<公司章程>及修订、制定部分治理制度的公告》（公告编号： 2025-097）、《深圳市禾望电气股份有限公司 2025 年第二次临时股东会决议公告》 （公告编号：2025-101）。 公司于 2025 年 11 月 28 日召开职工代表大会，经全体与会职工代表表决， 选举李小康先生为公司第四届董事会职工代表董事，具体内容详见公司于 2025 ...

南华期货碳酸锂企业风险管理日报 2025年12月09日 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 期货价格区间预测 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 碳酸锂主力合约 | 强支撑位：83000 | 56.7% | 88.1% | source： 同花顺,南华研究 锂电企业风险管理策略建议 | 行为导向 | | 情景分析 | 策略推荐 | 套保工具 | 操作建议 | 推荐套保比例 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 远月期货合约 | 买入 | 10% | | | 产成品价格无相 | 未来有生产电池材料的计划，担 | 为防止成本上涨，企业根据生产 | LC2605-P-83000 | 卖出 | 20% | | | 关性 | 心未来采购碳酸锂时价格上涨导 | 计划需买入对应生产计划的期货 ...

Group 1: Optical Modules - The optical module industry is experiencing the highest growth and performance realization among AI hardware this year, driven by high verification barriers for North American CSP tech giants and increasing demand due to the acceleration of supernode technology [2][4] - The average ratio of optical modules to GPUs is continuously increasing, with demand for 800G and 1.6T optical modules being revised upwards, indicating a strong upward resonance in demand [2][4] - By 2026, the demand for 1.6T optical modules is expected to exceed 30 million units, with an average price of $900-1000 per unit, while high-end EML optical chips are projected to face a 25-30% supply shortage [4][5] Group 2: Liquid Cooling - The liquid cooling industry has seen fluctuating trends this year, with initial enthusiasm dampened by low penetration rates, followed by a resurgence in August and significant breakthroughs in November [5][9] - The demand for liquid cooling in North America is expected to expand rapidly by 2026, with penetration rates in the NVIDIA ecosystem projected to rise from 20-30% to over 80-90% [7][9] - A leading domestic manufacturer is anticipated to capture a market share of 13-17% in North America by 2026, with Google expected to implement liquid cooling solutions for over 200,000 TPU V7 chips, creating a market space exceeding $24-28 billion [9][10] Group 3: AI PCB - The AI PCB industry is thriving, with companies like Shenghong, Huidian, and Shengyi achieving performance realization in North America, despite some quarterly fluctuations [10][12] - The supply side is seeing an increase in product value and manufacturing difficulty due to upgrades in customer chips and cabinet solutions, leading to a marginal differentiation in the supply landscape [10][12] - By 2026, the introduction of orthogonal backplanes is expected to significantly increase unit value, with M9 material processing anticipated to break through, although mass production is expected to ramp up in 2027 [12][13] Group 4: Server Power Supply - The server power supply market has shown similar trends to liquid cooling, with initial excitement followed by a divergence in performance among manufacturers [13][14] - The supply side is dominated by Taiwanese manufacturers, with a high concentration of market share, while domestic manufacturers are expected to make significant breakthroughs in North America by 2026 [14][15] - The adoption of HVDC technology is projected to replace traditional UPS solutions, with an expected market scale exceeding $20-30 billion by 2026 [15]

南华期货白糖产业周报 ——还有新低吗？ 边舒扬（投资咨询资格证号：Z0012647） 交易咨询业务资格：证监许可【2011】1290号 2025年12月7日 第一章 核心矛盾及策略建议 1.1 核心矛盾 我们认为市场交易的重点来自于海内外的供求差异问题 ，这也是当前内强外弱格局存在的原因所在。当 前影响白糖价走势的核心矛盾有以下几点： 1、国内01合约最终如何定价？上周01合约重新下挫，盘面一度逼近5300，南方蔗区的集中开榨还是对于盘 面造成不小的压力，现货价格近期也出现明显的降价，目前现货仍对盘面有所升水的情况下，最终可能还会 出现一波共振下跌，可能会达到我们在季度报告给出的区间下沿。 2、国际市场是否仍会创新低？上周国际原糖价格从15.2美分之上开始回落，可以看到盘面打到巴西出口成本 线再度沦陷，彰显出全球过剩的压力，下周原糖重新下跌的可能性变大。 中国巴西糖进口量 source： 海关总署,南华研究,同花顺 吨 2021 2022 2023 2024 2025 03/01 05/01 07/01 09/01 11/01 0 250,000 500,000 750,000 巴西中南部累计糖产量季节性 s ...

. ∗ 近端交易逻辑 南华期货锌产业周报 ——宏观基本面共振，矿端紧缺现实 傅小燕 （投资咨询证号：Z0002675） 交易咨询业务资格：证监许可【2011】1290号 2025年12月7日 第一章 核心矛盾及策略建议 1.1 核心矛盾 本周锌偏强震荡，当前锌市正处于宏观预期偏暖加上矿端供应收缩与消费淡季现实的博弈中。宏观层 面，美国11月"小非农"ADP数据不及预期，市场对美联储12月降息的押注显著提升，美元指数走弱为有色 板块提供了估值修复的窗口；国内方面，12月政治局会议召开在即，市场对于政策端"小作文"的博弈情绪 再度升温，整体氛围偏多。产业基本面最为核心的驱动依然在于供给端的剧烈收缩。11月国内矿端紧张局势 未缓解反而加剧，国产TC均价进一步下探至1850元/金属吨，进口TC跌至57.75美元/干吨，冶炼厂在利润倒 挂与原料短缺的双重挤压下，减产规模超预期，预计12月精炼锌产量将进一步滑落至57万吨左右。需求端虽 步入传统淡季，北方施工受阻，地产相关圆管订单下滑，但在供给端强力减量的对冲下，国内七地社会库存 录得去库，降至14.03万吨。综上，在供应瓶颈难以短期证伪的背景下，锌价下方支撑极强，整体维 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The supply of lithium ore is expected to increase next month, with more Hong Kong lithium concentrate arriving at ports and the release of salt lake production capacity. The resumption speed of "Jianxiaowo" is a key variable. If its resumption progress exceeds market expectations, it will expand the lithium salt supply scale and potentially suppress prices. - The demand side is currently strong, with the prices of core battery materials such as lithium iron phosphate, ternary materials, and lithium hexafluorophosphate continuing to rise, and the pre - production schedule of terminal cells in December remaining flat month - on - month, showing a non - off - season market. - Considering the variables on the supply and demand sides, the price fluctuation range of lithium carbonate is expected to further widen, and short - term callback risks should be vigilant [3]. - There are also some influencing factors: the low domestic inventory of marketable lithium concentrate and the high - level production schedule of downstream industries in December are positive factors; while the potential oversupply of supply and slower inventory depletion, as well as the possibility of lower - than - expected demand, are negative factors [3][5][12] 3. Summary by Relevant Catalogs 3.1 Futures Data - **Price Range Forecast**: The strong support level of the lithium carbonate futures main contract is 83,000 yuan/ton, with a current volatility (20 - day rolling) of 58.4% and a historical percentile (3 - year) of 88.9% [2]. - **Futures Contract Indicators**: The closing price of the main contract is 93,700 yuan/ton, with a daily increase of 40 yuan (0.04%) and a weekly decrease of 2,120 yuan (- 2.21%); the trading volume is 663,458 lots, with a daily increase of 20,135 lots (3.13%) and a weekly decrease of 78,005 lots (- 10.52%); the open interest is 560,629 lots, with a daily decrease of 2,207 lots (- 0.39%) and a weekly increase of 52,747 lots (10.39%). Similar data are also provided for the weighted index contract [11]. - **Spread Data**: For example, the spread between LC2601 and LC2603 is - 220 yuan/ton, with a daily increase of 80 yuan (57.14%) and a weekly decrease of 120 yuan (- 35.29%) [11]. 3.2 Spot Data - **Lithium Ore and Lithium Salt Prices**: The prices of various lithium ores and lithium salts have changed. For example, the price of lithium mica (2 - 2.5%) is 2,515 yuan/ton, with a daily decrease of 45 yuan (- 1.76%); the price of battery - grade lithium carbonate is 94,000 yuan/ton, with a daily decrease of 350 yuan (- 0.37%) [20]. - **Lithium Industry Chain Spot Price Differences**: The difference between battery - grade and industrial - grade lithium carbonate is 2,450 yuan/ton, with no daily or weekly change; the difference between battery - grade lithium carbonate and battery - grade lithium hydroxide has decreased [24]. 3.3 Basis and Warehouse Receipt Data - **Basis Data**: The basis of the lithium carbonate main continuous contract shows certain fluctuations. The basis quotes of different brands of lithium carbonate also vary, such as the basis quote of Shengxin Lithium Energy for the LC2601 contract is - 1,800 yuan [31]. - **Warehouse Receipt Data**: The total number of lithium carbonate warehouse receipts is 10,422 lots, with a daily increase of 770 lots. The warehouse receipts in different warehouses have different changes, such as a decrease of 760 lots in Jianfa Shanghai and an increase of 350 lots in Xiangyu Speed - Transfer Shanghai [33]. 3.4 Cost and Profit - **Production Profit**: The production profit of lithium carbonate from purchased lithium ore shows different trends over time, and there are also data on the production profit of lithium hydroxide and the theoretical delivery profit of lithium carbonate [35].