Core Viewpoint - Deye Co., Ltd. (德业股份), a leading provider of household energy storage inverters, has officially submitted its application for an H-share listing on the Hong Kong Stock Exchange, aiming for an "A+H" dual listing [1] Group 1: Company Overview - Deye Co., Ltd. focuses on energy storage inverters, photovoltaic inverters, and energy storage battery pack products, and it achieved A-share listing in 2021 [1] - According to Frost & Sullivan, Deye Co., Ltd. is the largest household energy storage inverter provider globally based on sales value projected for 2024 [1] Group 2: Industry Context - The photovoltaic industry is currently facing a severe supply-demand imbalance, leading to significant net losses for companies in the main supply chain, such as silicon materials, silicon wafers, battery cells, and modules [1] - In contrast, inverter manufacturers, including Deye Co., Ltd. and Sungrow Power Supply Co., Ltd., are reporting strong performance amid the industry's challenges [1] Group 3: Financial Performance - For the first three quarters of 2025, Deye Co., Ltd. achieved approximately 8.846 billion yuan in revenue, representing a year-on-year increase of 10.36% [1] - The company reported a net profit attributable to shareholders of approximately 2.347 billion yuan, reflecting a year-on-year growth of 4.79% [1] - As of January 29, the company's stock price was 86.36 yuan per share, with a total market capitalization of approximately 78.49 billion yuan [1]

截至发稿，张晓磊累计任职时间7年46天，现任基金资产总规模2120.84万元，任职期间最佳基金回报 80.09%， 任职期间最差基金回报-23.54%。 龚勇进累计任职时间1年302天，现任基金资产总规模1123.5万元，任职期间最佳基金回报30.62%， 任 职期间最差基金回报30.62%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 数据显示，国都证券旗下1只基金重仓德业股份。国都聚成（011389）四季度持有股数4000股，占基金 净值比例为3.07%，位居第九大重仓股。根据测算，今日浮亏损失约1.84万元。 国都聚成（011389）成立日期2021年3月25日，最新规模1123.43万。今年以来收益18.25%，同类排名 504/8866；近一年收益35.73%，同类排名3742/8126；成立以来亏损33.9%。 国都聚成（011389）基金经理为张晓磊、龚勇进。 1月29日，德业股份跌5.08%，截至发稿，报85.9 ...

（来源：储能与电力市场） 储能与电力市场获悉，1月28日，德业股份（股票代码：605117）发布关于向香港联交所递交H股发行并上市的 申请并刊发申请资料的公告。 公告显示，德业股份于2026年1月27日向香港联合交易所有限公司递交了发行H股股票并在香港联交所主板挂牌 上市的申请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。资料显示： 以2024年销售金额计，德业股份成为全球第一大户用储能逆变器提供商。 2023年及2024年以及截至2024年及2025年9月30日止九个月，德业股份实现收入分别为74.8亿元、112.06亿元、 80.16亿元、88.46亿元。毛利率分别为39.2%、38.6%、40.0%、38.5%，平均毛利率39.075%。 其中储能逆变器收入分别为35.01亿元、43.87亿元、32.23亿元、36.95亿元，出货量分贝为408.7千台/组、540.6千 台/组、406.2千台/组、607.6千台/组； 储能电池包收入8.84亿元、24.51亿元、15.35亿元、24.31亿元，出货量分别为127.6千台/组、464.8千台/组、273.1 千台/组、539.7千台/组。 申请 ...

Core Viewpoint - DeYe Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange and released its first prospectus for the Hong Kong market, focusing on its energy storage business as a primary fundraising purpose [1][13]. Fundraising Purpose - The fundraising will target four core areas: enhancing R&D capabilities over the next five years, expanding production bases and warehouses to increase capacity, strengthening global marketing and service networks, and supplementing working capital for operational flexibility [2][14]. - R&D investments will focus on the energy storage industry, including upgrades to residential energy storage systems, development of commercial and industrial large-scale storage systems, research and commercialization of solid-state transformers, and advancement of smart cloud platforms [2][14]. - The planned production capacity at the Malaysian facility is approximately 3GW of inverters and 200,000 energy storage battery packs annually, aimed at improving service efficiency and delivery flexibility [2][14]. Business Focus - DeYe Co., Ltd. is a provider of solar storage products, concentrating on energy storage inverters, photovoltaic inverters, and energy storage battery packs, covering both residential and commercial applications [2][14]. - The core business includes energy storage inverters with power ratings ranging from 3KW to 125KW, applicable in various scenarios [2][14]. Financial Performance - The company has shown steady revenue growth, with projected revenues of approximately RMB 74.80 billion, RMB 112.06 billion, and RMB 88.46 billion for the fiscal years ending September 30, 2023, 2024, and 2025, respectively [5][17]. - Corresponding profits for the same periods are estimated at RMB 17.91 billion, RMB 29.60 billion, and RMB 23.46 billion, with gross margins of 39.2%, 38.6%, and 38.5% [5][17]. - R&D expenditures have increased, reaching RMB 4.364 billion, RMB 5.489 billion, and RMB 3.54 billion for the same periods, representing 5.8%, 4.9%, 4.4%, and 4.2% of revenue [5][17]. Customer and Supplier Dynamics - The concentration of customers has decreased significantly, with the top five customers' revenue share dropping from 53.2% to 31.5% from 2023 to the first three quarters of 2025, and the largest single customer’s share reducing from 19.4% to 10.5% [7][19]. - This diversification indicates a reduced dependency on a few customers, enhancing the company's resilience and risk management capabilities [7][20]. - The procurement structure has also improved, with the share of purchases from the top five suppliers decreasing from 38.1% to 33.3% over the same period, indicating a more diversified supply chain [9][22]. Strategic Evolution - DeYe Co., Ltd. has transitioned from being a supplier of equipment to an integrated solution provider, developing a comprehensive business system that covers products, scenarios, and ecosystems [11][23]. - The company aims to enhance its capabilities in high-value areas such as AIDC and commercial energy storage by focusing on advanced technologies like solid-state transformers and smart cloud platforms [11][23]. - This evolution signifies the company's shift towards becoming a key enabler in building a smart energy ecosystem and enhancing the lifecycle value of energy storage assets [11][23].

温馨提示： 投稿/合作/找圈，请联系 行家说Cindy ： 15989092696 （微信同号） 1月27日，德业股份正式向港交所递交上市申请，并公开了港股的第一份招股书。 ▋ 储能业务为募资主要用途 根据招股书披露，本次募集资金的具体总额虽未明确公开，但规划用途已清晰指向四个核心领域，主要用于提升未来五年的研发能力、扩建生产基地与仓库 以扩充产能、加强全球化营销与服务网络布局，同时补充营运资金以保持运营灵活性。 其中，研发投入将重点聚焦储能产业，具体方向包括住宅储能系统的升级迭代、商用工业及大型储能系统的开发、固态变压器的研发与商业化，以及智能云 平台等创新项目的推进。而产能拓展中则重点提及了马来西亚生产基地规划年产能约3GW逆变器及20万套储能电池包。 据其介绍，产能扩展项目预期将提升服务效率、增强交付弹性、进一步优化成本结构、拉近与核心国际客户的距离、缩短产品交付周期，并使我们能灵活应 对各国贸易政策，强化服务全球客户的能力。 ▋ 聚焦光储，业务覆盖户储到工商储 据了解，德业股份是一家光储产品提供商，聚焦于储能逆变器、光伏逆变器、储能电池包产品，构建覆盖户用、工商业场景的产品矩阵。储能逆变器 是德业 股 ...

Core Viewpoint - The article discusses the focus of fund managers on semiconductor equipment and technology sectors, highlighting the performance of key fund managers and their investment strategies in these areas [4][20]. Fund Manager Performance - Fund managers Xie Zhiyu and Qiao Qian have significant management scales of 38.6 billion and 24 billion respectively, with annualized returns of 18% and 13.52% since their tenure began [4]. - Xie Zhiyu's fund, Xingquan Helun Mixed A, achieved a return of 35.7% in 2025, outperforming the CSI 300 index by 18 percentage points [4][5]. - Qiao Qian's fund, Xingquan Business Model Mixed A, recorded a return of 38.05% in 2025, with a net value growth exceeding 10% in early 2026 [5][6]. Investment Focus - Both fund managers are concentrating on technology sectors, particularly overseas computing power and semiconductor equipment [8][9]. - Xie Zhiyu maintains a high equity position, with 92.5% of the fund's net value in stocks by the end of the fourth quarter [11]. - Qiao Qian's fund also operates with a high equity position of 94.4% at the end of the fourth quarter [16]. Portfolio Adjustments - Xie Zhiyu's fund saw significant changes in its top holdings, with the introduction of storage testing and module leader Baiwei Storage, which is expected to see a net profit growth of 427%-520% in 2025 [12]. - New entries in the top ten holdings for Xie Zhiyu include semiconductor equipment stocks Tuo Jing Technology and Huahai Qingke, while North China Innovation, Lens Technology, and Focus Media exited the list [13]. - Qiao Qian's fund also adjusted its top holdings significantly, with six new entries, including Baiwei Storage and Huahai Qingke, while North China Innovation and Lens Technology were removed [17]. Overall Market Outlook - The two fund managers agree on the positive outlook for technology sectors, particularly semiconductor equipment, storage, and overseas computing power [20].

（编辑 郭之宸） 招股书显示，德业股份是一家光储产品提供商，致力于提供全面的光伏和储能产品，为用户带来清洁、可持续的绿色能 源。公司的核心增长领域为新能源业务，聚焦于储能逆变器、光伏逆变器、储能电池包等产品，同时，公司在除湿机、太阳能 空调、热交换器等环境电器业务领域长久深耕，多元化的产品组合带来了业务的增长与韧性。 本报讯 （记者邬霁霞）1月27日晚间，宁波德业科技股份有限公司（以下简称"德业股份"）发布公告，公司已于1月27日向 香港联合交易所有限公司（以下简称"香港联交所"）递交了发行H股股票并在香港联交所主板挂牌上市的申请，并于同日在香 港联交所网站刊登了本次发行上市的申请资料。 ...

| 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 300118 | 东方日升 | 1 | -7.33 | 242亿 | 44.95 | | 603806 | 福斯特 | | -5.34 | 463亿 | 27.08 | | 002865 | 钧达股份 | 1 | -5.08 | 289亿 | 80.97 | | 002506 | 协鑫集成 | 1 | -4.61 | 206亿 | 25.71 | | 688599 | 天合光能 | 长 | -4.53 | 464亿 | 19.58 | | 605117 | 德业股份 | 1 | -4.40 | 820亿 | 4.64 | | 600537 | 亿闘米甲 | | -4.14 | 38.35亿 | -22.12 | | 300274 | 阳光电源 | 1 | -4.01 | 3148亿 | -11.23 | | 300554 | 三超新材 | 报 | -3.80 | 29.51亿 | 11.43 | | 603398 | *ST沐邦 | | -3.10 | ...

行 业 报 告 电力设备及新能源 2026年01月28日 行业点评 英国推出"温暖家园计划"，户储及热泵需求有望增长 强于大市( 维持) 证券分析师 事项： 英国推出"温暖家园计划"（Warm homes plan，WHP）。近日，英国发 布"温暖家园计划"，助力住户升级住房设施、降低能源支出。"温暖家园计 划"将提供150亿英镑的公共投资（折合人民币超1400亿元），计划到2030年 为500万套房屋改造升级。这是英国迄今规模最大的家庭能源改造项目，目标 是在2030年前显著提升住宅能效，并推动屋顶光伏、储能与热泵的大规模普 及。（光储星球，01/26） 平安观点： 证 券 研 究 报 告 于锅炉升级计划（Boiler Upgrade Scheme ，BUS)。BUS计划将为符合 条件的申请者提供7500英镑补贴，用于安装液体循环热泵的支出；选择 空气源热泵/热电厂等新产品的住户可额外获得2500英镑补贴。前文提及 的50亿低收入家庭扶持计划和20亿消费者贷款计划中，也包含热泵的安 装。 投资建议：英国推出家庭能源设备改造政策，投资金额较高，扶持力度 大，有望推动户用光储、热泵等环节需求增长，关注参与者机遇 ...

数据显示，国泰基金旗下1只基金重仓德业股份。国泰中证光伏产业ETF（159864）四季度减持2.52万 股，持有股数17.4万股，占基金净值比例为2.72%，位居第七大重仓股。根据测算，今日浮亏损失约 82.66万元。 国泰中证光伏产业ETF（159864）成立日期2021年7月28日，最新规模5.51亿。今年以来收益17.31%， 同类排名343/5549；近一年收益59.85%，同类排名884/4285；成立以来亏损26.47%。 1月28日，德业股份跌5.03%，截至发稿，报89.60元/股，成交4.91亿元，换手率0.59%，总市值814.36亿 元。 资料显示，宁波德业科技股份有限公司位于浙江省宁波市北仑区大碶甬江南路26号,香港湾仔皇后大道 东183号合和中心46楼，成立日期2000年8月4日，上市日期2021年4月20日，公司主营业务涉及从事蒸发 器、冷凝器和变频控制芯片等部件以及除湿机和空气源热泵热风机等环境电器产品的研发、生产和销 售。主营业务收入构成为：逆变器47.77%，储能电池包25.69%，热交换器15.68%，除湿机7.36%，其他 3.16%，其他(补充)0.34%。 从基金十大 ...