宁波德业科技股份有限公司（以下简称"公司"）2025 年 4 月 21 日召开第三 届董事会第十三次会议，审议通过了《关于以集中竞价交易方式回购公司股份方 案的议案》，同意公司使用不低于人民币 10,000 万元（含）且不超过 20,000 万元 （含）的自有资金和回购专项贷款以集中竞价交易方式回购公司股份用于未来员 工持股计划或股权激励，回购股份价格不超过人民币 130 元/股（含），回购股份期 限自公司董事会审议通过回购方案之日起不超过 12 个月。具体内容详见公司分别 于2025年4月22日、2025年5月9日披露于上海证券交易所网站（www.sse.com.cn） 的《关于以集中竞价方式回购股份的预案》（公告编号：2025-021）、《关于以集中 竞价方式回购股份的回购报告书》（公告编号：2025-041）。 公司 2024 年年度权益分派已实施完毕，故根据相关规则调整了回购价格上限 证券代码：605117 证券简称：德业股份 公告编号：2025-067 宁波德业科技股份有限公司 关于股份回购进展公告 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 ...

Investment Rating - The investment ratings for key companies in the energy storage sector are as follows: Strong Buy for 阳光电源 (Sunpower) and 盛弘股份 (Shenghong), Buy for 德业股份 (Deye) and 艾罗能源 (Airo Energy), while 固德威 (Goodwe), 锦浪科技 (Jinlang Technology), 派能科技 (Pylontech), 首航新能 (Shouhang New Energy), and 上能电气 (Sungrow) are not rated [3][52]. Core Insights - The energy storage sector is expected to experience a demand explosion in Europe, driven by declining industry chain prices, targeted policy support, and the widespread adoption of dynamic electricity pricing [1][51]. - The economic viability of commercial energy storage has reached a turning point, with the installed capacity in Europe significantly lower than residential storage, indicating a substantial growth opportunity [15][16]. - Domestic companies are positioned to benefit from the growing market demand due to their integrated solutions that meet the stringent safety, protection, and economic requirements of commercial energy storage applications [51][25]. Industry Overview - The European commercial energy storage market is currently underdeveloped, with only 1.6 GWh installed compared to 33 GWh for residential storage as of the end of 2024 [15]. - The introduction of dynamic pricing mechanisms in the EU and Germany is expected to further accelerate the demand for commercial energy storage, allowing users to store energy when prices are low and use or sell it when prices are high [15][16]. - According to BNEF, it is projected that the new installed capacity for commercial energy storage in Europe will reach 1.3 GWh in 2025, representing an 87% year-on-year increase [16]. Competitive Landscape - Domestic companies such as 阳光电源 (Sunpower), 德业股份 (Deye), and 艾罗能源 (Airo Energy) have developed advanced energy storage systems that integrate multiple components into a single cabinet, enhancing energy density and reducing installation costs [25][27][29]. - The safety and economic requirements for commercial energy storage systems are high, necessitating robust protection against environmental threats, which domestic companies are addressing through innovative designs [25][26]. - The report highlights the competitive advantages of domestic firms in the commercial energy storage market, particularly in terms of product safety, rapid deployment, and cost efficiency [51][25].

Core Insights - The report highlights the integration of Grok voice assistant into Tesla's humanoid robot Optimus V3, marking a significant advancement in human-machine interaction [6] - The opening of the world's largest embodied intelligence data factory by Paccini in Tianjin aims to address the scarcity of high-quality datasets crucial for the development of robotics [6] - Yushu Technology has reported annual revenue exceeding 1 billion RMB, indicating strong growth and successful C-round financing [6] - The People's Daily emphasizes the need to eliminate "involution" competition to achieve high-quality development, advocating for market-oriented reforms [6] - In May 2025, the National Energy Administration issued 21.5 million green certificates, with an average trading price of 2.73 RMB per certificate, reflecting a 18.12% increase month-on-month [6] Market Trends - The report provides an overview of the domestic market indices, with the Shanghai Composite Index closing at 3,457.75, up 0.39% [5] - The prices of polysilicon and silicon wafers remain under pressure, with polysilicon prices stable at 35.0 RMB/kg and silicon wafer prices declining [8] - Battery cell prices have also decreased, with N-type battery cells averaging 0.235 RMB/W, down 2.1% from the previous week [8] - The report notes that the market for photovoltaic components is facing high uncertainty, with many manufacturers reducing production [8] Investment Recommendations - The report recommends focusing on companies involved in BC new technology, supply-side improvements, overseas expansion, and domestic substitution [8] - Specific companies highlighted for investment include Aiko, Longi Green Energy, and Xinyi Solar, among others [8] - It suggests actively monitoring companies related to humanoid robots, such as UBTECH and KOLI [8]

Overall Viewpoint - The electric new industry is expected to maintain a favorable trajectory, with potential reversals in bottom sectors and continuous growth in new directions [6][22][25]. Continued Prosperity - The lithium battery sector shows a stable competitive landscape with strong demand from domestic and European markets, as well as emerging markets for energy storage [7][30]. - Wind power is anticipated to see increased installations, particularly in offshore wind, with significant growth expected in 2025-2026 [7][30]. - Energy storage is projected to recover in the domestic market, with strong demand from Australia and emerging markets, while commercial storage is expected to become a new growth driver [7][30][25]. Bottom Reversal - Lithium battery materials are currently at a cyclical low, with expectations for production recovery and price stabilization in the second half of 2025 [9][26]. - The photovoltaic sector is also at a cyclical bottom, with policy support expected to alleviate supply-demand imbalances by the end of 2025 [9][26]. New Growth Directions - Humanoid robots and AIDC (Artificial Intelligence Data Center) are emerging as significant growth areas, with strong production trends expected in 2025 [10][28]. - The humanoid robot sector is seeing progress from both domestic and international manufacturers, with Tesla's orders expected to catalyze growth [10][28]. - AIDC is experiencing fluctuations in capital expenditure from major internet companies, with potential catalysts from new technology applications [10][28].

Investment Rating - The report maintains a "Synchronize with the Market - A" rating for the electric equipment and new energy industry [1] Core Viewpoints - The electric equipment and new energy industry has shown a stable market performance over the past year, with various companies recommended for investment based on their growth potential and market positioning [1][2] - The report highlights the integration of AI technologies in the industry, such as the introduction of the Grok voice assistant in Tesla's humanoid robot, which may revolutionize human-machine interaction [1][2] - The report emphasizes the importance of breaking away from "involutionary competition" to achieve high-quality development in the industry, as stated by the People's Daily [4] 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 - Flat Glass Group (601865.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2] Market Trends - The report notes a decline in prices across various segments of the solar industry, including polysilicon, silicon wafers, battery cells, and modules, indicating a bearish market sentiment [6][7][8][9] - The average price of polysilicon is reported at 35.0 CNY/kg, while silicon wafer prices have decreased by 3.2% for N-type wafers [6][7] - Battery cell prices have also seen a decline, with N-type cells priced at 0.235 CNY/W, reflecting ongoing inventory accumulation and weak downstream demand [8] Investment Recommendations - The report recommends focusing on companies with innovative technologies and strong market positions, such as Aishuo Co., Ltd. and Longi Green Energy for BC new technology, and Flat Glass Group for supply-side improvements [10] - Companies with overseas expansion strategies, such as Hengdian East Magnetic and Sungrow Power Supply, are also highlighted as potential investment opportunities [10] - The report suggests monitoring companies involved in humanoid robotics, including UBTECH and other related firms [10]

证券代码：605117 证券简称：德业股份 公告编号：2025-066 宁波德业科技股份有限公司 关于 2022 年股票期权激励计划 2025 年第二季度 自主行权结果暨股份变动的公告 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： 2022 年股票期权激励计划首次授予股票期权第二个行权期行权结果：公 司 2022 年股票期权激励计划首次授予股票期权第二个行权期可行权股票期权数 量为 299.0066 万份，实际可行权期间为 2024 年 8 月 1 日至 2025 年 7 月 25 日， 行权方式为自主行权。2025 年第二季度，共行权并完成股份过户登记 6.4711 万 股，占可行权股票期权总量的 2.1642%。 2022 年股票期权激励计划预留授予股票期权第二个行权期行权结果： 2022 年股票期权激励计划预留授予股票期权第二个行权期可行权股票期权数量 为 43.4820 万份，实际可行权期间为 2025 年 1 月 9 日至 2025 年 12 月 19 日，行 权方式为自主行权。2025 年第 ...

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证券代码：605117 证券简称：德业股份 公告编号：2025-064 宁波德业科技股份有限公司 关于 2022 年股票期权激励计划剩余预留授予部分 第二个行权期行权条件成就的公告 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： ? 股票期权拟行权数量：59.5007 万份 ? 行权股票来源：向激励对象定向发行本公司 A 股普通股 宁波德业科技股份有限公司（以下简称"公司"）于 2025 年 6 月 30 日召开 第三届董事会第十六次会议、第三届监事会第十四次会议，审议通过了《关于 案》。公司 2022 年股票期权激励计划剩余预留授予的股票期权第二个行权期行权 条件已经成就，现将相关事项公告如下： 一、2022 年股票期权激励计划批准及实施情况 （一）已履行的决策程序和信息披露情况 波德业科技股份有限公司2022年股票期权激励计划（草案）及其摘要》《宁波德 业科技股份有限公司2022年股票期权激励计划实施考核管理办法》《关于提请股 东大会授权董事会办理2022年股票期权激励计划相关事宜的议案》。公司独立董 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-065 宁波德业科技股份有限公司 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"）于 2025 年 6 月 30 日召开 第三届董事会第十六次会议、第三届监事会第十四次会议，审议通过了《关于注 销部分股票期权的议案》。现将相关事项公告如下： 一、已履行的决策程序和信息披露情况 波德业科技股份有限公司2022年股票期权激励计划（草案）及其摘要》《宁波德 业科技股份有限公司2022年股票期权激励计划实施考核管理办法》《关于提请股 东大会授权董事会办理2022年股票期权激励计划相关事宜的议案》。公司独立董 事对此发表了独立意见。 同日，公司召开第二届监事会第十三次会议，审议通过了《宁波德业科技股 份有限公司2022年股票期权激励计划（草案）及其摘要》《宁波德业科技股份有 限公司2022年股票期权激励计划实施考核管理办法》《关于核实 <宁波德业科技> 股份有限公司2022年股票期权激励计划激励对象名单>的议案》。公司监事会 ...

Group 1 - The core index, the China Securities Zhejiang Phoenix Action 50 Index (Phoenix 50), increased by 0.6% to 6186.75 points, with a trading volume of 16.109 billion yuan [1] - The Phoenix 50 index has shown a growth of 3.22% over the past month, 2.36% over the past three months, and 6.16% year-to-date [1] - The index comprises 50 securities selected from profitable and high-dividend companies listed in Zhejiang Province, reflecting the overall performance of high-dividend and high-growth stocks in the region [1] Group 2 - The top ten holdings of the Phoenix 50 index include: Hangzhou Bank (10.03%), Hikvision (9.6%), Huayou Cobalt (8.93%), Xinhongcheng (5.79%), Dahua Technology (5.57%), China Jushi (4.85%), Tianshan Aluminum (4.11%), Changchuan Technology (3.51%), Deyang Co. (3.38%), and Wuchan Zhongda (2.91%) [1] - The index's market composition shows that 55.76% of the holdings are from the Shenzhen Stock Exchange, while 44.24% are from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index includes: Materials (25.39%), Information Technology (18.98%), Industrials (13.69%), Financials (12.04%), Consumer Discretionary (11.96%), Health Care (9.78%), Communication Services (5.49%), Consumer Staples (1.77%), Utilities (0.74%), and Real Estate (0.17%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the Phoenix 50 include: Zhejiang Merchants Huijin China Securities Phoenix 50 ETF Link A, Zhejiang Merchants Huijin China Securities Phoenix 50 ETF Link C, and Zhejiang Merchants Huijin China Securities Phoenix 50 ETF [2]