资料来源：最闻 国内光伏新增装机：根据国家能源局数据，2025 年 10 月国内光伏新增 装机 12.6GW，同比-38.3%，环比+30.4%。国内 1-10 月累积新增光伏装机 252.87GW，同比+39.5%。 组件出口：根据海关总署数据，10 月组件出口额 160.8 亿元，同比+4.9%， 环比-19.5%。1-10 月累计出口额 1682.6 亿元，同比-11.8%。根据 SMM 不完 全统计，2025 年 10 月国内光伏组件出口量 19.4GW，同比+3.3%，环比-24.3%； 2025 年 1-10 月国内光伏组件累计出口量 223.7GW，同比+4.4%。 逆变器出口：10 月逆变器出口额同比维持增长，环比持续下滑。根据海 关总署数据，2025 年 10 月逆变器出口额 48.2 亿元，同比+3.4%，环比-5.2%。 1-10 月累计出口额 533.1 亿元，同比+7.2%。分大洲看，10 月国内逆变器对 欧洲出口 17.0 亿元，同比-9.8%，环比-9.9%；对亚洲出口 15.0 亿元，同比 +7.1%，环比-11.5%；对拉丁美洲出口 5.5 亿元，同比-9.7%，环比+3.7 ...

2025年12月4日 标的指数成份股涨幅 TOP20 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 東日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 002532.SZ 天山铝业 | | 5.14 | 78.27 | 3.08 | | 2 | 600219.SH | 南山铝业 | 4.00 | 30.85 | 2.73 | | 3 | 000933.SZ | 神火股份 | 3.45 | 57.07 | 3.20 | | 4 | 600351 SH | 亚宝药业 | 2.69 | 18.24 | 4.54 | | 5 | 002478.SZ | 常宝股份 | 2.64 | 53.17 | 2.89 | | 6 | 601598.SH | 中国外运 | 1.89 | 27.21 | 4.56 | | 7 | 601717.SH | 中创智领 | 1.87 | 96.64 | 4.77 | | 8 | 002895.SZ | 川恒股份 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-113 宁波德业科技股份有限公司 关于全资子公司开立募集资金专户并签订募集资金 专户存储三方监管协议的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意宁波德业科技股份有限公司向特定对 象发行股票注册的批复》（证监许可[2023]1583 号）批准，宁波德业科技股份有 限公司（以下简称"公司"）向特定对象发行人民币普通股（A 股）数量为 35,997,120 股，发行价格为 55.56 元/股，募集资金总额合计人民币 1,999,999,987.20 元，扣 除与本次发行有关的费用共计人民币 8,249,002.89 元（不含增值税），实际募集 资金净额为人民币 1,991,750,984.31 元。上述募集资金已于 2024 年 6 月 14 日全 部到位。立信会计师事务所（特殊普通合伙）对上述募集资金到位情况进行了验 证，并出具了信会师报字[2024]第 ZF10952 号《验资报告》。 二、《 ...

2025年12月1日 标的指数成份股涨幅 TOP20 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 标普中国 A 股红利机会指数(CSPSADRP) | 序号 | 代码 | 简称 | 草日涨幅 | 年内涨幅 | 股息率(近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 002478.SZ | 常宝股份 | 6.26 | 53.96 | 2.97 | | 2 | 605117.SH | 德业股份 | 3.99 | 39.92 | 4.89 | | 3 | 601825.SH | 沪农商行 | 2.95 | 16.03 | 4.74 | | 4 | 000928.SZ | 中钢国际 | 2.67 | 7.36 | 4.70 | | 5 | 002563.SZ | 森马服饰 | 2.53 | -5.67 | 8.45 | | 6 | 603508.SH | 思维列控 | 2.51 | 44.43 | 11.71 | | 7 | 605090.SH | 九丰能源 | 2.45 | 22.59 | 3 ...

Core Viewpoint - The trend of A-share companies planning to list in Hong Kong continues, with 18 companies disclosing their intentions to issue H-shares and list on the Hong Kong Stock Exchange in November [1] Group 1: Companies Planning to List - 18 A-share listed companies have announced plans to issue H-shares and list in Hong Kong from November 1 to November 29 [1] - Zhongji Xuchuang announced on November 10 its intention to issue H-shares and list on the Hong Kong Stock Exchange [1] Group 2: Specific Company Announcements - Runjian Co., Ltd. announced on November 25 its plan to issue H-shares and list in Hong Kong [2] - Ningbo Yunsheng authorized management on November 24 to initiate preparations for issuing H-shares and listing in Hong Kong [2] - Igor announced on November 24 its plan to issue H-shares and list in Hong Kong [2] - Miao Exhibition announced on November 24 its intention to issue H-shares and list in Hong Kong [2] - Zhuoyi Information announced on November 20 its plan to issue H-shares and list in Hong Kong [2] - Yuanjie Technology announced on November 19 its intention to issue H-shares and list in Hong Kong [2] - Dashang Co., Ltd. announced on November 18 its plan to issue H-shares and list in Hong Kong [2] - Sifang Jingchuang announced on November 14 its intention to issue H-shares and list on the main board of the Hong Kong Stock Exchange [2] - Zejing Pharmaceutical announced on November 14 its plan to issue H-shares and list in Hong Kong [2] - Juxin Technology announced on November 14 its intention to issue H-shares and list in Hong Kong [2] - Deye Co., Ltd. announced on November 13 its plan to issue H-shares and list in Hong Kong [2] - Tuosida announced on November 12 its intention to issue H-shares and list in Hong Kong [2] - Marumi Bio announced on November 12 its plan to issue H-shares and apply for listing in Hong Kong [2] - Transsion Holdings announced on November 12 its intention to issue H-shares and list in Hong Kong [2] - Anker Innovations announced on November 11 its plan to issue H-shares and list in Hong Kong [2] - Visual China announced on November 4 that it is planning to issue H-shares [2] - Juhe Materials announced on November 3 its plan to issue FF shares and list in Hong Kong [2]

Core Insights - The article discusses the tumultuous development of China's energy storage industry over the past decade, highlighting the rapid rise and fall of numerous companies, leading to a chaotic market environment [2] - China currently holds a dominant position in the global energy storage supply chain, with significant market shares in battery shipments and key materials [2] - The industry is facing a new phase of intense competition and restructuring, driven by aggressive capital investment and price wars [2] Industry Overview - The number of energy storage-related companies in China has surged from 11,000 a decade ago to over 380,000 by September 2025, marking a growth of 33.55 times [3] - Major energy storage projects with investments exceeding 1 billion yuan are projected to surpass 1.5 trillion yuan, with planned battery capacity exceeding 2800 GWh from 2022 to 2024 [3] Financial Health - As of June 2025, over 110 listed companies in the energy storage sector reported total liabilities of 1.79 trillion yuan, an increase of 11.86% year-on-year [4] - The overall asset-liability ratio stands at 57.74%, with short-term interest-bearing liabilities amounting to 378.2 billion yuan, reflecting a year-on-year increase of 25.86% [4] - Excluding major players like CATL, many smaller companies are in precarious financial positions, with a net asset value of -553.79 billion yuan [4][5] Market Challenges - By mid-2025, 15 listed energy storage companies had asset-liability ratios exceeding 70% and negative net asset values, indicating significant financial stress [5] - Nearly 30,000 energy storage companies were reported to be in abnormal statuses such as cancellation or suspension by 2024, with many established for less than a year [5] - A recent shortage of battery cells has further strained smaller companies, with 38.7% forced to reduce production and 15.2% temporarily halting operations [5] Sustainability Assessment - The 24潮产业研究院 (TTIR) emphasizes the importance of assessing the sustainable development capabilities of energy storage companies for stakeholders [6] - A ranking of the top 20 energy storage companies based on sustainability metrics will be released, focusing on revenue generation, profitability, innovation, financial health, global expansion, and shareholder returns [6] Rankings and Metrics - The article provides a detailed ranking of the top 20 energy storage companies based on various sustainability criteria, including revenue growth and profitability [12][23] - Companies like CATL and BYD lead in multiple sustainability dimensions, showcasing their strong market positions and financial health [12][23]

证券代码：605117 证券简称：德业股份 公告编号：2025-112 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。 宁波德业科技股份有限公司（以下简称"公司"）分别于2025年11月5日召 开第三届董事会第十九次会议和第三届监事会第十七次会议，审议通过了《关于 注销2022年股票期权激励计划首次授予部分第二个行权期到期未行权的股票期 权的议案》《关于注销2022年股票期权激励计划剩余预留授予部分第一个行权期 到期未行权的股票期权的议案》，于2025年11月21日召开第三届董事会第二十次 会议，审议通过了《关于注销部分股票期权的议案》。具体情况如下： 3、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 预留授予激励对象中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3.3340万份。具体内容 详见2025 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-111 宁波德业科技股份有限公司 关于 2025 年员工持股计划完成非交易过户的公告 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。 董事会 2025 年 11 月 28 日 根据中国证券监督管理委员会《关于上市公司实施员工持股计划试点的指导 意见》及《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等相关 规定，现将公司 2025 年员工持股计划的实施进展情况公告如下： 公司于 2025 年 11 月 27 日收到中国证券登记结算有限责任公司出具的《证 券过户登记确认书》，公司"宁波德业科技股份有限公司回购专用证券账户"中 所持有的 1,907,200 股公司股票已于 2025 年 11 月 26 日以非交易过户的形式过户 至公司"宁波德业科技股份有限公司-2025 年员工持股计划"证券账户，过户价 格为 29.084 元/股，占公司总股本的 0.21%。 根据《宁波德业科技股份有限公司 2025 年员工持股计划（草案）》的规定， 本员工持股计划 ...

Core Insights - The report emphasizes that the photovoltaic industry is entering a continuous capacity clearance cycle, driven by anti-involution policies and market dynamics, which will gradually improve the performance of existing photovoltaic companies [4][22][50] - The investment recommendation maintains a "stronger than market" rating, suggesting a focus on leading companies in niche sectors such as energy storage inverters, polysilicon materials, photovoltaic glass, and integrated component manufacturers [4][36][50] Group 1: 2025 Review and 2026 Outlook - In 2025, the photovoltaic sector saw a significant increase in installed capacity, with a total of 240.27 GW added, representing a year-on-year growth of 64.73% [4][36] - The report notes a bifurcation in stock performance, with the photovoltaic industry index yielding a return of 21.53% from January to November 2025, outperforming the Shanghai and Shenzhen 300 index, which returned 13.18% [14][20] - The outlook for 2026 indicates a slowdown in new installations, with expectations of stable demand and a focus on improving the quality of the industry through capacity reduction and consolidation [4][36][50] Group 2: Investment Recommendations - The report suggests that the energy storage inverter sector will benefit from a global upturn in energy storage demand, with significant growth expected in the market [4][36] - For polysilicon, the report highlights that anti-involution measures are likely to reverse the industry's challenges, recommending a focus on leading companies with performance elasticity [5][9] - The photovoltaic glass market is entering a phase of capacity optimization, with a recommendation to focus on leading companies that possess cost advantages [9][10] Group 3: Market Dynamics - The report indicates that the traditional markets in Europe and the U.S. are experiencing sluggish growth, while demand in Asia-Pacific and Africa remains robust, with imports of components continuing to grow rapidly [4][41][42] - The report outlines that the U.S. market is facing challenges due to the expiration of investment tax credits, which is expected to impact new installations negatively [45][46] - In contrast, the Middle East and Africa are emerging as hotspots for photovoltaic demand due to their energy transition needs and favorable market conditions [41][47]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1]. Group 1: Stock Performance - The top stock, Dai Mei Co., Ltd. (603730 SH), experienced a daily increase of 9.99% and a year-to-date increase of 21.56%, with a dividend yield of 3.68% [1]. - Siwei Liekong (603508 SH) saw a daily rise of 6.14% and a year-to-date rise of 31.38%, boasting a high dividend yield of 13.33% [1]. - Other notable performers include Jia Fei Ya (002572 SZ) with a daily increase of 4.19% but a year-to-date decline of 11.70%, and Xin Ao Co., Ltd. (603888 SH) with a daily rise of 3.92% and a year-to-date increase of 11.45% [1]. Group 2: Dividend Yields - The article lists several companies with attractive dividend yields, such as Siwei Liekong (13.33%), Jia Fei Ya (7.35%), and Yutong Bus (600066 SH) with a yield of 6.54% [1]. - Companies like Zhongyang Media (000719 SZ) and Yilian Network (300628 SZ) also show competitive dividend yields of 5.10% and 5.41%, respectively [1]. Group 3: Market Trends - The formation of a MACD golden cross signal indicates a positive market trend, suggesting that stocks in this index may continue to perform well [3].