宁波德业科技股份有限公司 关于使用部分暂时闲置募集资金购买理财产品到期 赎回的公告 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个别及连带责任。 重要内容提示： ●现金管理受托方：广发银行股份有限公司。 证券代码：605117 证券简称：德业股份 公告编号：2025-069 公司已与广发银行股份有限公司签署相关协议，具体信息详见公司在上海证 券交易所网站（www.sse.com.cn）披露的《关于使用部分暂时闲置募集资金进行 现金管理的进展公告》（公告编号：2025-043）。 上述理财产品已于近日兑付收益，理财产品本金以及理财产品收益全额存入 募集资金账户。具体情况如下： | 受托方 | 产品类型 | 收益类型 | 金额 | 实际收益 金额 | 实际年化 | 产 品 | 期 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | （万元） | （元） | 收益率 | 限（天） | | | 广发银行 股份有限 | 结构性存 | 保本浮动 | 4,000 | 147, ...

Core Viewpoint - The report highlights significant adjustments in the heavy holdings of Liu Gesong's six funds managed by GF Fund, particularly in the new energy vehicle and semiconductor sectors, with a notable shift towards new consumption, internet, and military industries [1][2]. Fund Holdings Adjustment - Liu Gesong's funds have reduced their positions in several previously favored stocks, including: - North Huachuang: Holdings decreased by approximately 17.69% to 161,240 shares [2]. - Seres: Holdings reduced by 9.14% [6]. - EVE Energy: Holdings decreased by 4.16% [6]. - JinkoSolar: Holdings down by 10.77% [6]. - Conversely, there has been a significant increase in holdings of stocks such as: - DeYe Co.: Increased by 40% [3][8]. - Xichuang Data: Increased by nearly 76% [3]. - Xiaomi Group-W: Increased by 25.66% [7]. Fund Performance - The overall performance of Liu Gesong's funds in Q2 was underwhelming, with all funds experiencing net redemptions: - The best-performing fund, GF Multi-Dimensional Emerging, recorded a net value growth rate of 7.91% [4]. - Other funds, such as GF Small Cap Growth A and C, reported growth rates of 2.38% and 2.28%, respectively [4]. - GF Innovation Upgrade and GF Technology Pioneer recorded negative returns [4]. Market Context - The A-share market saw mixed performance in Q2, with the Shanghai Composite Index rising by 3.26% and the Shenzhen Component Index slightly declining by 0.37% [5]. - Key sectors such as military, banking, and telecommunications showed significant gains, while sectors like food and beverage, home appliances, and steel performed poorly [5]. - Liu Gesong remains optimistic about the domestic economy's resilience, citing factors such as the easing of geopolitical tensions and supportive domestic policies [5].

所以海外的户处它掀起来是有道理的当然跟它的客户结构也有关系因为工商业它电价低所以它的经济性平衡点要求更高一些 这个基数比较低这是一个大的情况然后欧洲科研组织的变化我觉得几个方面首先是系统造价显著下降中国公司做了很大的贡献不管是锂电池还是PCS还是集成环节中国公司的参与成为主力以后造价大幅下降同时跟这个还很相关的一点就是 因为新年发展很快 新年发展比较多的地方 充足的地方这个负廉价的时段确实显著增长所以总体来看 这个退出的经济性是大幅提高了这是一个大的环境 然后当然这是缓慢的但是欧洲的共产主义 我们为什么说它有望引来爆发呢这个里面肯定有突变的要素 这个就跟这个 各位领导朋友早上好我是招商新联研究员于嘉训今天我和同事蒋国峰一起汇报汇报关于工商业的工商处的推荐正式报告7月1号我们已经正式发了这个报告就是标题就是欧洲工商处有望迎来爆发 我先几分钟互报一下我们的总体的基本结论和推荐后面请蒋国锋稍微展开讲一讲细节因为整个叫欧洲工商署的事情因为工商署是个小行业特别是欧美因为它没有交叉补贴所以居民的电价它比我们的工业和商业的价格要高 最后提一下这个因为算力租金大部分是通讯的同时覆盖就是这个因为公司比较多我们就随便我们就列几个 ...

以下文章来源于阿尔法工场Green ，作者红海 阿尔法工场Green . 聚焦清洁能源行业，提供最新的绿色能源公司资讯、技术创新和ESG行业趋势。 导 语 ： 需求增长迅速的伊拉克，被储能业界视为"下一个南非"，成为头部厂商争夺战 的桥头堡。 伊拉克"战场" 一位 接近传音控股（688036.SH）的人士透露，"非洲手机之王"传音杀入了伊拉克储能市场，与更早进入伊拉克的光储龙头德业股 份（605117.SH），形成短兵相接之势。 传音将以自有品牌itel Energy 和itel Power等，由经销商代理运营。目前 ，传音已与伊拉克最大的光储经销商之一ZMC Solar Energy达成合作。 作为老牌光储企业，ZMC业务覆盖8个国家，在中东拥有强大的分销网络，尤其深耕伊拉克中南部和阿联酋两大市场。 图源：facebook 手机业务在"大本营"非洲遭遇增长瓶颈后，传音亟需第二条增长曲线。 近年来，小米 (01810.HK) 、OPPO、 荣耀等中国品牌纷纷加大非洲市场投入、并复制传音在非洲的模式。2025年第一季度，传音 手机出货量同比下滑5%，营收与利润更是双双下滑，其中净利润暴跌近70%。 或早有预感， ...

Group 1 - The core achievement in solar technology is the development of perovskite micro-modules by NREL and CubicPV, which have achieved a world record efficiency of 24.0% for photovoltaic conversion [1] - The performance of the photovoltaic industry is reflected in the 中证光伏产业指数 (CSI Photovoltaic Industry Index), which has seen a decline of 0.58% as of July 15, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks include 横店东磁 (9.98% increase), 科华数据 (6.85% increase), and 罗博特科 (1.75% increase), while the worst performers include 协鑫集成 (4.83% decrease) and 双良节能 (3.98% decrease) [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index account for 55.39% of the index, with major companies including 阳光电源, 隆基绿能, and TCL科技 [2]

皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 张之尧 投资咨询资格编号 S1060524070005 zhangzhiy ao757@pingan.com.cn 电力设备及新能源 2025 年 7 月 14 日 行业周报 GE 将建造 18MW 海风样机，BC 领先企业二季度扭亏 强于大市（维持） 行情走势图 -20% -10% 0% 10% 20% 30% 40% 50% 2024/07/10 2024/12/10 2025/05/10 沪深300指数 电力设备及新能源 证券分析师 平安观点： 本周（7 月 7 日-7 月 11 日）新能源细分板块行情回顾。本周风电指数上 涨2.83%，跑赢沪深 300 指数 2.01 个百分点。截至本周，Wind 风电指数 整体市盈率（PE TTM） 为 20.29 倍。本周申万光伏设备指数 （801735.SI）上涨 7.25%，其中，申万光伏电池组件指数上涨 6.15%， 申万光伏加工设备指数上涨 4.91%，申万光伏辅材指数上涨 3.01%，当 前光伏板块市盈率约 34.05 倍。本周 储 能指 数（884790 ...

Investment Rating - The investment rating for the industry is "Positive" (maintained) [3] Core Views - The photovoltaic manufacturing industry is currently facing challenges due to unclear downstream demand expectations and excess upstream capacity. However, the implementation of Document No. 136 is expected to clarify demand expectations, leading to improvements in both supply and demand dynamics within the industry [4][20] - The energy storage sector is experiencing a significant increase in project bidding, with June 2025 seeing a record high of 62.8 GWh in public bidding capacity, a 228% increase compared to June 2024 [5][9] - The photovoltaic sector is anticipated to rebound due to the "anti-involution" plan aimed at reducing excess capacity and promoting sustainable development within the industry [17][18] Summary by Sections Energy Storage - The energy storage industry is in a transitional phase, with ongoing government support expected to maintain resilient demand for storage projects. Key companies to watch include Haibo Shichuang and Sungrow Power [14][17] - The regions with high renewable energy penetration, such as Inner Mongolia, Ningxia, Xinjiang, and Hebei, are showing positive attitudes towards supporting energy storage projects [14][15] Photovoltaics - The photovoltaic sector is experiencing rapid capacity growth, outpacing demand, leading to significant losses for companies. The "anti-involution" plan aims to address this by facilitating the exit of outdated capacity and stabilizing prices [17][18] - The price of polysilicon has seen a dramatic decline, dropping from 65 RMB/kg at the beginning of 2024 to 35 RMB/kg by July 2025, but there are signs of recovery [18][19] - Companies to focus on include Tongwei Co., GCL-Poly Energy, and Xinte Energy in the polysilicon segment, and new technology firms like BQ Materials and Aiko Solar in the photovoltaic technology space [4][20]

证券代码：605117 证券简称：德业股份 公告编号：2025-068 宁波德业科技股份有限公司 关于部分股票期权注销完成的公告 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个别及连带责任。 根据《上市公司股权激励管理办法》《宁波德业科技股份有限公司2022年股 票期权激励计划（草案）》的相关规定，鉴于公司2022年股票期权激励计划原首 次授予激励对象中10人因离职而不再具备激励对象资格，董事会决定取消上述激 励对象资格并注销其已获授但尚未行权的股票期权合计4.7628万份；原剩余预留 授予激励对象中6人因离职而不再具备激励对象资格，董事会决定取消上述激励 对象资格并注销其已获授但尚未行权的股票期权合计1.5484万份。本次注销2022 年股票期权激励计划股票期权合计6.3112万份。具体内容详见2025年7月1日公司 披露于上海证券交易所网站（www.sse.com.cn）的《关于注销部分股票期权的公 告》（公告编号：2025-065）。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票 期权的申请，经中国证券登记结 ...

Core Viewpoint - The A-share market continues to rise, with the photovoltaic sector showing strong performance, particularly the leading photovoltaic ETF (516290), which has seen significant capital inflow and price increases [1][3]. Market Performance - The photovoltaic sector index (931151) increased by 2.16%, with key stocks such as GCL-Poly (002506) hitting the daily limit, JA Solar (002459) rising by 8.75%, and Hongyuan Green Energy (603185) up by 7.69% [3]. - The leading photovoltaic ETF (516290) has experienced a net inflow of 12.17 million yuan over the past 10 trading days, with 6 days of net capital inflow [1]. Stock Performance - Notable stock performances include: - Sunshine Power (300274) up by 4.84% with a trading volume of 497.07 million yuan [4] - JA Solar (002459) up by 8.85% with a trading volume of 1.394 billion yuan [4] - GCL-Poly (002506) hitting the daily limit [3]. Industry Trends - Recent price increases in silicon wafers, ranging from 8% to 11.7%, have been confirmed by multiple manufacturers, attributed to rising upstream silicon material costs [6]. - The photovoltaic industry is undergoing a "de-involution" phase, focusing on capacity consolidation and price regulation, with expectations for high-quality development driven by technological upgrades and market optimization [7]. Future Outlook - The current "de-involution" trend is seen as a catalyst for future price and profit improvements, with a focus on supply-side reforms and potential policy support [8]. - The photovoltaic sector is expected to experience a fundamental recovery, with positive sentiment anticipated as the market adjusts [8].

Group 1 - The core viewpoint is that the photovoltaic industry is experiencing a significant price increase in silicon wafers, with various sizes seeing price hikes between 8% and 11.7% [1] - The photovoltaic industry index (931151) has shown strong performance, with component stocks such as Hongyuan Green Energy (603185) and Xiexin Integration (002506) rising by 6.84% and 6.15% respectively [1] - The photovoltaic ETF fund (159863) has also increased by 1.26%, reflecting the overall positive trend in the industry [1] Group 2 - The current focus for the photovoltaic industry is to break away from "involutionary" competition, which is crucial for policy and corporate self-rescue [2] - This transformation is expected to shift the industry from "price wars" to "quality for price," allowing for the orderly exit of backward production capacity [2] - The top ten weighted stocks in the photovoltaic industry index account for 55.39% of the index, indicating a concentration of market influence among leading companies [3]