Core Viewpoint - DeYe Co., Ltd. has shown a significant increase in stock price and revenue, indicating strong performance in the inverter and energy storage sectors, despite recent fluctuations in trading volume and net capital outflow [1][2]. Financial Performance - As of June 30, 2025, DeYe Co., Ltd. achieved a revenue of 5.535 billion yuan, representing a year-on-year growth of 16.58% [2]. - The net profit attributable to shareholders for the same period was 1.522 billion yuan, reflecting a year-on-year increase of 23.18% [2]. - The company has distributed a total of 4.238 billion yuan in dividends since its A-share listing, with 3.897 billion yuan distributed over the past three years [3]. Stock Market Activity - On October 20, 2023, DeYe Co., Ltd.'s stock price rose by 2.19%, reaching 73.12 yuan per share, with a trading volume of 6.52 billion yuan and a turnover rate of 1.00% [1]. - The stock has increased by 24.54% year-to-date, although it has seen a decline of 2.25% over the last five trading days [1]. - The company has appeared on the "龙虎榜" (top trading list) once this year, with the most recent occurrence on September 5 [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 52,300, a rise of 76.28% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 20.57% to 17,284 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 32.2913 million shares, an increase of 9.4808 million shares from the previous period [3].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power equipment and new energy sectors, including CATL, Kodali, and others, based on their strong growth potential and market positioning [5]. Core Insights - The solid-state battery sector is experiencing significant breakthroughs, with global shipments expected to rise from 34 GWh in 2026 to 614 GWh by 2030, indicating a robust market expansion [2][9]. - The photovoltaic industry is stabilizing in terms of pricing, with silicon material prices holding steady and production levels increasing, suggesting a balanced supply-demand dynamic [3][28]. - The State Grid's investment is projected to exceed 650 billion RMB in 2025, reflecting ongoing infrastructure development and strategic projects [4]. Summary by Sections 1. New Energy Vehicles - The solid-state battery research in China has made substantial progress, addressing key challenges in interface, materials, and stability, paving the way for commercialization [2][9]. - The market for solid-state batteries is expected to grow, with their share in the overall market projected to increase from 10% in 2027 to 30% by 2030 [2][9]. 2. New Energy Generation - The pricing for silicon materials has remained stable, with first-tier manufacturers maintaining prices around 55 RMB per kg, while second and third-tier manufacturers are priced between 52-53 RMB [3][28]. - The production of silicon wafers has increased significantly in October compared to September, indicating a positive trend in the supply chain [28][29]. 3. Electric Power Equipment and Automation - The State Grid's fixed asset investment reached over 420 billion RMB from January to September, marking an 8.1% year-on-year increase, with expectations for 2025 to see investments surpassing 650 billion RMB [4]. - Key companies to watch include CATL, Kodali, and others, which are positioned to benefit from the anticipated growth in the sector [4]. 4. Market Performance - The electric power equipment and new energy sector saw a decline of 5.30% in the past week, underperforming compared to the Shanghai Composite Index [1]. - The solar energy index showed a slight increase of 0.52%, while other indices, including wind power and energy storage, experienced declines [1]. 5. Investment Recommendations - The report suggests focusing on three main investment lines: 1. Long-term competitive segments with short-term marginal changes, highlighting companies like CATL and others [18]. 2. The impact of 4680 technology iterations on industry upgrades, with a focus on companies involved in high-nickel cathodes and structural components [18]. 3. New technologies that offer high elasticity, particularly in solid-state battery companies [18].

Core Viewpoint - The company, 德业股份 (605117.SH), has stated that it currently does not have any research and development related to solid-state battery products [1] Group 1 - The company confirmed on an interactive platform that there are no ongoing projects for solid-state batteries [1]

Core Viewpoint - DeYe Co., Ltd. experienced a 5.01% decline in stock price, closing at 71.34 CNY per share, with a total market capitalization of 647.60 billion CNY as of October 17 [1] Company Overview - DeYe Co., Ltd. is located in Ningbo, Zhejiang Province, and was established on August 4, 2000. The company went public on April 20, 2021. Its main business includes the research, production, and sales of evaporators, condensers, variable frequency control chips, dehumidifiers, and air source heat pump hot air machines [1] - The revenue composition of DeYe Co., Ltd. is as follows: inverters 47.77%, energy storage battery packs 25.69%, heat exchangers 15.68%, dehumidifiers 7.36%, and others 3.16% [1] Fund Holdings - Anxin Fund has a significant holding in DeYe Co., Ltd., with its Anxin Consumer Medicine Stock A fund (000974) holding 213,900 shares, representing 5.38% of the fund's net value, making it the second-largest holding. The estimated floating loss today is approximately 804,100 CNY [2] - The Anxin Consumer Medicine Stock A fund was established on March 19, 2015, with a current size of 206 million CNY. Year-to-date returns are 36.15%, ranking 1232 out of 4218 in its category, while the one-year return is 41.22%, ranking 1258 out of 3865 [2] Fund Manager Performance - The fund managers of Anxin Consumer Medicine Stock A are Chen Songkun and Xu Yanpeng. Chen has been in position for 4 years and 139 days, with a total fund size of 209 million CNY, achieving a best return of 33.24% and a worst return of -32.57% during his tenure [3] - Xu has been in position for 3 years and 34 days, managing a fund size of 229 million CNY, with a best return of 33.24% and a worst return of 7.26% during his tenure [3]

Core Insights - The photovoltaic industry is experiencing a decline, with the China Securities Photovoltaic Industry Index down 4.33% as of October 17, 2025, and significant drops in major stocks such as Sungrow Power (down 8.10%) and LONGi Green Energy (down 7.84%) [1][2] - The industry may enter a "de-involution" phase, with key events such as the Fourth Plenary Session of the 20th Central Committee scheduled for October 20-23, which is expected to discuss the "14th Five-Year Plan" and potential policy implications [1] - The upcoming third-quarter earnings reports for listed companies are anticipated to show significant improvements, particularly in the silicon material segment, following price increases since July [1] Industry Overview - The photovoltaic sector is currently characterized by low valuations, which may present investment opportunities in a volatile market environment [2] - The China Securities Photovoltaic Industry Index includes a maximum of 50 representative companies from the photovoltaic industry chain, reflecting the overall performance of listed companies in this sector [2] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 58.02% of the total index, with major players including Sungrow Power, LONGi Green Energy, and TBEA [2]

Summary of China Energy Storage Conference Call Industry Overview - The conference call focused on the energy storage systems (ESS) market in China, highlighting significant growth and demand trends in September 2025. Key Points Market Demand and Growth - The PRC ESS market completed a total of **11.7GW/33.3GWh** of energy storage systems, representing a **57.5%** increase in capacity and a **103.7%** increase in energy storage volume year-over-year [1] - Strong demand was noted particularly from **Xinjiang** and **Inner Mongolia**, which accounted for nearly half of the month's total orders [1] - By project type, **22.3GWh** (or **67%**) of the completed projects were EPC (including equipment), while **11GWh** (or **33%**) were ESS capacity [2] Pricing Trends - The average price of **2-hour lithium-ion ESS** increased by **31% month-over-month** to **Rmb0.641/Wh**, returning to the June average [3] - The average price of **4-hour systems** rose by **9% month-over-month** to **Rmb0.464/Wh** [3] - Price fluctuations were attributed to a large number of commercial and industrial energy storage cabinets and grid-connected string systems available in the market [3][6] Project Specifics - Standalone energy storage projects accounted for over **80%** of the procurement volume, with five large projects exceeding **2GWh** completed in Inner Mongolia and Xinjiang [2] - Renewable energy storage projects made up **7.5%** of the total volume, with five projects completed in Gansu [2] Company Ratings - **Sungrow (300274 CH)** and **Deye (605117 CH)** received Buy ratings due to the positive outlook on PRC ESS demand and ASP increases [1] - **Dongfang Electric (1072 HK)** was also highlighted with a target price of **HK$20.00**, based on expected revenue and margin improvements in coal-fired power equipment [13] Risks - Key risks for **Dongfang Electric** include rising steel prices, decreasing ASP, and weak new order flows [14] - For **Deye**, risks include lower-than-expected energy storage demand and increased price competition among peers [16] - **Sungrow** faces risks from slower solar installation growth and intensified trade tensions affecting exports [18] Additional Insights - The report indicates a volatile pricing environment for ESS in 2025, with prices showing a slowly declining trend earlier in the year before rising again in September [6] - The analysis suggests that the increased demand and rising prices are favorable for PRC ESS manufacturers, indicating potential investment opportunities in this sector [1][3] This summary encapsulates the essential insights from the conference call regarding the current state and future outlook of the energy storage market in China, along with specific company evaluations and associated risks.

Group 1 - The core viewpoint is that the energy storage battery sector is experiencing significant growth, driven by new policies and market dynamics [2][3] - Energy storage battery concept stocks saw a rise in early trading, with notable increases in shares of Yangguang Electric (over 7%), Yiwei Lithium Energy (over 4%), and others [1] - The energy storage ETF also increased by approximately 2%, reflecting positive market sentiment [1] Group 2 - Analysts believe that the release of the "Document 136" at the beginning of the year marked a turning point for the energy storage industry, leading to improved profitability and demand growth [2] - The introduction of new profit models, such as capacity pricing and peak-valley arbitrage, has significantly enhanced the profitability of energy storage projects [2] - The recent planning of energy storage projects in Hebei province further strengthens the expectation of an upward trend in the industry next year [2]

户储 - 长坡厚雪的高盈利赛道 20251015 摘要 全球附属储能未来 3-5 年复合增速预计为 20%-30%，其中工商储能海 外市场基数低，增长潜力巨大，估值潜力高于户用储能。去年国内工商 储能装机量达 8G 瓦时，今年预期大幅增长。 工商储能技术趋势为多端口适配和单机功率提升（400-500 千瓦），对 电池寿命要求高，倾向选择宁德时代、亿纬锂能等品牌。户用储能与阳 台光伏业务边界模糊，竞争集中在渠道和品牌。 欧洲户用储能需求由经济性驱动，与南非、巴基斯坦、乌克兰等新兴市 场因停电驱动不同。2022 年欧洲户储爆发因天然气价格上涨、电价高 企及政策补贴，目前电价和补贴回归正常，利率下降，预计明年增速 10%左右。 新兴市场去年户用储能需求强劲，巴基斯坦和乌克兰是热点，但下半年 巴基斯坦需求减弱，需关注乌克兰重建。澳大利亚今年实施户储补贴， 新增装机已超去年全年，预计未来保持 40%左右增速。 明年新兴市场潜力区域包括中东、东南亚、中亚，印尼可能爆发式增长， 越南、缅甸、菲律宾及尼日利亚、加纳等也有较高增速预期，整体新兴 市场需求增速预计 15%-20%。 Q&A 附属和工商储能赛道目前处于不同的发展阶 ...

Group 1 - The core viewpoint is that the photovoltaic industry chain has reached a price and profit bottom, with significant effects from the "anti-involution" initiative, leading to an expansion of participants and recovery in product prices [1] - The photovoltaic industry is expected to achieve supply-side improvements through a combination of top-level support, market-driven elimination, and technological iteration, with policies related to capacity and product quality expected to be implemented [1] - As of October 13, 2025, the CSI Photovoltaic Industry Index (931151) has decreased by 2.17%, with mixed performance among constituent stocks [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include Yangguang Electric (300274), Longi Green Energy (601012), and TBEA (600089), collectively accounting for 58.02% of the index [2]

有机构表示，2024年，光伏产业经历"冰火两重天"，主要环节产能及产量均呈显著增长态势，然而受产品单价下降影 响，总体产业规模有所下降，全球光伏产业规模2730.8亿美元，同比下降20.5%。从新增光伏装机规模来看，2024年全球 新增装机规模451.9GW，同比增长30.8%，中国新增装机规模达277.6GW，占全球新增装机比重最大。未来，随着能源需 求持续增加，光伏制造端成本逐步下降，新技术不断突破，光伏电池及组件转换效率将持续提升，行业集中度将不断升 高，中国光伏产业高质量发展步伐加快。 每日经济新闻 光伏概念股走弱，阳光电源跌超5%，正泰电器、德业股份跌超4%，隆基绿能、TCL科技、特变电工等跌超3%。 受盘面影响，光伏相关ETF跌超3%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▲ | | --- | --- | --- | --- | --- | | 159609 | 光伏龙头ETF | 0.524 | -0.022 | -4.03% | | 516290 | 光伏龙头ETF | 0.561 | -0.023 | -3.94% | | 159857 | 光伏ETF | 0.765 | ...