户用5KW+5KWh光储项目按照25年生命周期计算，项目IRR约为15.71%；此外，在无政府补贴情况 下，项目回本周期为5-8年，按照目前储能系统补贴约50%计算，对于户用投资者，回本周期减少约1 年，因此该补贴具有较强吸引力。商业储能项目方面，波兰储能项目在欧洲储能市场中盈利能力名列前 茅，在DAM+aFRR服务的收益模式下，今年二季度1MWh系统收入环比增长31%，达到41,985欧元， 2MWh系统收入环比增长了35%，达到55,319欧元。 我国逆变器厂商在分销商覆盖面积、产品功率段布局、系统配套等方面都具备较强竞争优势 通过对三家头部分销商代理品牌的品类进行分析，发现我国逆变器厂商提供逆变器品类约占这三家分销 商备库品类的75%，海外品牌品种占比25%；储能PCS品类方面，我国品牌备库品种占比高达90%，其 余海外品牌品种占比10%。与逆变器市场相比，中国储能PCS在波兰储能市场的影响力相对更强。 风险因素 宏观经济风险，政策性风险，贸易摩擦风险，装机需求不及预期，由于市场竞争加剧引发的市场份额下 降及利润下滑风险。 智通财经APP获悉，中金发布研报称，波兰光储市场近年来发展较快，装机增长趋势可持 ...

2025年10月24日 标的指数成份股涨幅 TOP20 标普中国 A 股红利机会指数(CSPSADRP) MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 | 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 | 5.12 | 68.53 | 3.07 | | 2 | 601658.SH | 邮储银行 | 4.71 | 10.83 | 3.60 | | 3 | 605117 SH | 德业股份 | 4.61 | 30.95 | 3.52 | | 4 | 603365.SH | 水星家纺 | 4.35 | 22.70 | 4.68 | | 5 | 605098.SH | 行动教育 | 3.51 | 22.78 | 5.45 | | 6 | 601857.SH | 中国石油 | 3.15 | 8.39 | 5.12 | | 7 | 000933.SZ | 神火股份 | 2.97 | 45.92 | 3 ...

证券研究报告 逆变器Q3出口跟踪：澳洲、亚非需求向好 证券分析师 李梦强 投资咨询资格编号：S1060525090001 张之尧 投资咨询资格编号：S1060524070005 电力设备及新能源 强于大市（维持） 2025年10月23日 请务必阅读正文后免责条款 ※ 要点总结 2 2025年前三季度，我国逆变器出口金额同比+8%。根据海关总署数据，2025年前三季度，我国逆变器出口金额共计485亿元，同比增长8%。第三 季度逆变器出口金额179亿元，同/环比分别+8%/-3%。发达市场方面，欧洲市场小幅回暖， 1-9月我国出口欧洲逆变器金额191亿元，同比增长 4%；澳洲市场快速增长，1-9月我国出口大洋洲逆变器金额23亿元，同比增长79%。新兴市场方面，1-9月我国出口亚洲/拉美/非洲市场的逆变器 金额分别为170/48/36亿元，同比变化率分别为+13%/-16%/+31%，亚非呈现增长，拉美表现偏弱。 发达市场：欧洲小幅回暖，澳洲快速增长。 欧洲逆变器需求小幅回暖。前三季度，我国出口欧洲逆变器191亿元，同比+4%；第三季度出口金额74.0亿元，同/环比分别+5%/-1%。前三季度， 我国出口荷兰、德国 ...

沪投资品（000102）指数十大成份股详情如下： 证券之星消息，10月23日，沪投资品（000102）指数报收于7184.98点，涨0.5%，成交649.17亿元，换手 率1.29%。当日该指数成份股中，上涨的有32家，德业股份以4.61%的涨幅领涨，下跌的有15家，恒立液 压以2.9%的跌幅领跌。 | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sh601899 | 紫金矿业 | 6.33% | 29.70 | 0.85% | 7893.54 | 有色金属 | | sh600150 | 中国船舶 | 5.31% | 35.45 | -0.56% | 2667.83 | 国防军工 | | sh600111 | 北方稀土 | 4.99% | 49.75 | -2.05% | 1798.50 | 有色金属 | | sh600031 | 三一重工 | 4.92% | 22.68 | -1.48% | 1921.99 | 机械设备 | | sh603993 | 洛阳辑业 | ...

Core Viewpoint - The photovoltaic equipment sector experienced a 1.07% increase on October 23, with DeYe Co., Ltd. leading the gains. The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index also rose by 0.22% [1]. Group 1: Stock Performance - DeYe Co., Ltd. (605117) closed at 76.88, up 4.61%, with a trading volume of 180,900 shares and a transaction value of 1.361 billion yuan [1]. - Tongling Co., Ltd. (301168) saw a closing price of 41.00, increasing by 3.96%, with a trading volume of 24,800 shares and a transaction value of 99.1422 million yuan [1]. - Yangguang Electric (300274) closed at 153.52, up 2.81%, with a trading volume of 566,900 shares and a transaction value of 8.573 billion yuan [1]. - Other notable performers included Hengdian East Magnetic (002056) at 20.88 (+2.65%) and Yuan Tewei (688516) at 43.10 (+2.06%) [1]. Group 2: Fund Flow Analysis - The photovoltaic equipment sector saw a net inflow of 69.21 million yuan from institutional investors, while retail investors experienced a net inflow of 10.01 million yuan [2]. - Conversely, speculative funds recorded a net outflow of 79.22 million yuan [2]. - The detailed fund flow for key stocks showed that Yangguang Electric had a net inflow of 447 million yuan from institutional investors, while Longi Green Energy (601012) had a net inflow of 164 million yuan [3].

10月23日，德业股份盘中上涨2.01%，截至13:17，报74.97元/股，成交5.77亿元，换手率0.86%，总市值 680.55亿元。 资金流向方面，主力资金净流入157.70万元，特大单买入6958.98万元，占比12.05%，卖出6570.42万 元，占比11.38%；大单买入1.35亿元，占比23.39%，卖出1.37亿元，占比23.79%。 德业股份今年以来股价涨27.69%，近5个交易日跌0.17%，近20日涨6.58%，近60日涨41.05%。 德业股份所属申万行业为：电力设备-光伏设备-逆变器。所属概念板块包括：光伏玻璃、BIPV概念、碳 中和、MSCI中国、太阳能等。 截至6月30日，德业股份股东户数5.23万，较上期增加76.28%；人均流通股17284股，较上期减少 20.57%。2025年1月-6月，德业股份实现营业收入55.35亿元，同比增长16.58%；归母净利润15.22亿元， 同比增长23.18%。 分红方面，德业股份A股上市后累计派现42.38亿元。近三年，累计派现38.97亿元。 今年以来德业股份已经1次登上龙虎榜，最近一次登上龙虎榜为9月5日。 机构持仓方面，截止20 ...

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant price increases and dividend yields for various companies [1]. Group 1: Stock Performance - The top stock, Tunnel Co. (600820 SH), experienced a daily increase of 6.38% and a year-to-date increase of 0.67%, with a dividend yield of 4.57% [1]. - New Australia Co. (6038888 SH) saw a daily rise of 5.04% and an impressive year-to-date increase of 18.80%, with a dividend yield of 3.79% [1]. - Common Treasure Co. (002478.SZ) reported a daily increase of 4.46% and a year-to-date increase of 24.78%, with a dividend yield of 3.45% [1]. - Runna Co. (002483.SZ) achieved a daily rise of 4.19% and a remarkable year-to-date increase of 45.34%, with a dividend yield of 4.16% [1]. - Tianshan Aluminum (002532.SZ) recorded a daily increase of 3.26% and a year-to-date increase of 60.71%, with a dividend yield of 3.21% [1]. Group 2: Dividend Yields - The article lists several companies with notable dividend yields, including: - Tunnel Co. (4.57%) [1] - Runna Co. (4.16%) [1] - Tianshan Aluminum (3.21%) [1] - Jiangyin Bank (3.96%) [1] - Agricultural Bank (3.07%) [1]

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1]. Core Viewpoints - The report highlights the stable pricing in the photovoltaic industry chain and the recent developments in robotics, indicating a positive outlook for the sector [1][3]. - The National Energy Administration reported 8,658 new renewable energy projects in August 2025, with a significant focus on photovoltaic projects [4]. - The National Development and Reform Commission is addressing price disorder in the market, which may impact pricing strategies in the industry [5]. Summary by Relevant Sections Preferred Stocks - The report lists several preferred stocks with ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy-B - Longi Green Energy (601012.SH) - Buy-B - Daqian Energy (688303.SH) - Buy-B - Fulete (601865.SH) - Buy-A - Hengdian East Magnet (002056.SZ) - Buy-A - Sunshine Power (300274.SZ) - Buy-A - Deye Co., Ltd. (605117.SH) - Buy-A - Langxin Group (300682.SZ) - Buy-B - Quartz Co., Ltd. (603688.SH) - Buy-A - Bowei Alloy (601137.SH) - Buy-A [2]. Price Tracking - The report provides insights into the pricing trends of various components in the photovoltaic supply chain: - The average price of dense polysilicon is 51.0 CNY/kg, remaining stable [6]. - The average price of 182-183.75mm N-type silicon wafers is 1.35 CNY/piece, also stable [7]. - The average price of 182-183.75mm N-type battery cells is 0.32 CNY/W, maintaining stability [7]. - The average price of 182*182-210mm TOPCon double-glass modules is 0.693 CNY/W, remaining unchanged [8]. Investment Recommendations - The report recommends focusing on companies in various segments: - BC new technology direction: Aishuo Co., Ltd., Longi Green Energy - Supply-side direction: Daqian Energy, Fulete - Overseas layout direction: Bowei Alloy, Hengdian East Magnet - Light storage direction: Sunshine Power, Deye Co., Ltd. - Power marketization direction: Langxin Group - Domestic substitution direction: Quartz Co., Ltd. [9].

| 序号 | 4683 | 简称 | 東日涨幅 | 年内涨幅 | 股息率 (近12个 | | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | 月) (%) | | 1 | 601686.SH 友发集团 | | 10.03 | 31.48 | 4.24 | | 2 | 002083.SZ | 录日股份 | 10.00 | 29.75 | 2.33 | | 3 | 603299.SH | 苏盐井神 | 5.07 | 5.26 | 3.96 | | 4 | 600026.SH | 中远海能 | 3.96 | 10.89 | 3.41 | | 5 | 603730.SH | 岱美股份 | 3.55 | 5.83 | 3.85 | | 6 | 600188.SH | 兖矿能源 | 3.06 | 15.60 | 6.13 | | 7 | 601857.SH | 中国石油 | 2.50 | 1.78 | 5.45 | | 8 | 000928.SZ | 中钢国际 | 2.21 | 6.54 | 4.61 | | ਰੇ | 007588 SZ | 金杯申 | 2 ...

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The price of large storage battery cells continues to rise, indicating strong demand in the energy storage sector. The domestic independent energy storage market is expected to grow due to supportive policies [5][30]. - The domestic offshore wind power sector remains in a high-growth phase, with significant projects such as the 500MW offshore wind project in Hainan officially starting construction [4][21]. - The photovoltaic industry shows stable pricing across the supply chain, with strong overseas demand supporting battery prices [3][14]. Summary by Sections Photovoltaics - The price of silicon wafers and battery cells continues to rise, while module prices remain stable. Strong overseas market demand is a key driver for the price trends [3][14]. - The Qinghai 136 document has initiated bidding for renewable energy projects, with a total mechanism electricity scale of 22.41 billion kWh [14][15]. - GCL-Poly's third-quarter profit reached 960 million yuan, showcasing resilience in a competitive environment [16]. Wind Power - The domestic offshore wind power sector is experiencing high growth, with significant projects like the 500MW offshore wind project in Yangjiang receiving preliminary approval [4][20]. - The Zhejiang offshore wind project has awarded contracts for ±500kV DC submarine and land cables, indicating ongoing investment in infrastructure [20]. Energy Storage - The average price of large storage battery cells has risen to 0.308 yuan/Wh, reflecting strong demand and supply dynamics [25][30]. - In September, the domestic energy storage market saw a significant increase in new installations, with a total of 3.08GW/9.17GWh added, marking a year-on-year growth of 205% in power and 171% in capacity [26]. - The PJM region in the U.S. faces urgent energy storage needs, requiring the deployment of 16-23GW of storage systems over the next 7 to 15 years to meet increasing load demands [27][29]. Hydrogen Energy - The green methanol project is set to receive national subsidies, with companies like Fuan Energy investing in significant production capacity [31][39]. - The hydrogen energy sector is experiencing favorable development trends, with national support for new technologies and financing becoming more accessible [39]. Electric Grid Equipment - NVIDIA's release of the 800V DC white paper highlights the need for high-voltage direct current solutions in data centers, driven by increased power density and load variability [40]. - Investment opportunities in the electric grid sector include companies involved in high-voltage direct current technology and related equipment [41]. Electric Vehicles - The government has launched a three-year plan to double charging facilities, aiming for 28 million nationwide by the end of 2027 [42][45]. - The heavy-duty truck market has seen a nearly 80% year-on-year increase in sales, indicating strong demand and market recovery [45]. Humanoid Robots - A strategic partnership between Zhaofeng and German company Neura has been established, focusing on humanoid robot technology and significant order potential [47][49]. - The humanoid robot sector is entering a phase of small-batch production, with investment opportunities in companies with new technologies and strong order visibility [50].