Core Viewpoint - Delong Laser (688170.SH) aims to enhance its long-term development strategy by collaborating with professional investment institutions to diversify investment channels and improve investment returns and asset management capabilities [1] Investment Details - The company plans to invest 10 million yuan as a limited partner to subscribe for 2.8986% of the initial fund shares of Yuanhe Zhongyuan Zhanxin Fund, which is still in the fundraising stage [1] - The total subscription amount and the company's share in the fund will be determined based on the final fundraising completion [1] Investment Focus - The fund will primarily invest in innovative areas related to core next-generation information technology and future communications, including but not limited to future communications, semiconductors, cloud computing, artificial intelligence, and the Internet of Things [1] - Additionally, the fund will focus on technology-driven application scenarios such as AI + robotics, smart manufacturing, and smart energy [1]

证券代码：688170 证券简称：德龙激光 公告编号：2026-002 苏州德龙激光股份有限公司 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法律责任。 重要内容提示： 苏州德龙激光股份有限公司（以下简称"公司"）拟以自有资金出资 1,000.00万元认购江苏南通元禾重元战新基金（暂定名，以登记机关最 终核准登记的名称为准，以下简称"元禾重元战新基金"、"本合伙 企业"）2.8986%的首期基金份额（基金尚处于募集阶段，基金总认缴 出资额及公司持有基金的份额比例以最终募集完成情况为准），重点 投资于围绕核心新一代信息技术及未来通信的创新以及由技术驱动的 应用场景。 本次相关事项构成关联交易，但不构成《上市公司重大资产重组管理 办法》规定的重大资产重组。 本次关联交易的实施不存在重大法律障碍。 本次关联交易事项已经公司第五届董事会独立董事专门会议第四次会 议审议通过后提交董事会审议，并经第五届董事会第十二次会议审议 通过，无需提交公司股东会审议。 相关风险提示： 1、 元禾重元战新基金合伙协议等本次对外投资相关文件尚未完成签署， 协议内 ...

德龙激光公告称，拟以1000万元自有资金认购元禾重元战新基金2.8986%的首期基金份额，该基金尚处 募集阶段，总认缴出资额及公司持有份额比例以最终募集情况为准。基金重点投资新一代信息技术及未 来通信创新等领域。本次投资构成关联交易，不构成重大资产重组，已获董事会审议通过，无需股东会 审议。不过，投资存在协议签署、基金备案及募资规模等不确定性。 ...

Group 1 - The lithium battery industry is entering an accelerated expansion phase, with major companies starting a new round of capital expenditures in 2025, and 2026 is expected to see record-high capex investments [1] - The demand for lithium batteries has consistently exceeded expectations in recent years, leading to order overflow from major manufacturers due to insufficient capacity, with an estimated additional production capacity of nearly 1 TWh expected in 2026 [1] - Major lithium battery manufacturers are currently initiating equipment tenders, with hundreds of GWh of orders already visible, and further orders of around 100 GWh are anticipated [1] Group 2 - Orders for lithium battery equipment have reached new highs, with most equipment manufacturers showing positive year-on-year growth in contract liabilities, and many have surpassed historical peaks [2] - The strong order situation in the lithium battery equipment sector is expected to continue into 2026, although profitability improvements may not be realized until 2026 [2] Group 3 - Progress has been made in the research and development of solid-state batteries, with a shift in focus towards cost reduction and efficiency improvements in equipment, laying the groundwork for future testing of solid-state batteries [3] - Major battery manufacturers are expected to begin constructing pilot lines for solid-state batteries in 2026, which will create additional demand and opportunities for equipment companies [3] Group 4 - Companies to watch in this sector include XianDao Intelligent (300450.SZ), XianHui Technology (688155.SH), LianYing Laser (688518.SH), HaiMuXing (688559.SH), DeLong Laser (688170.SH), ST YiFei (688646.SH), YingHe Technology (300457.SZ), HangKe Technology (688006.SH), and XinYuRen (688573.SH) [4]

Group 1: Industry Overview - The space photovoltaic industry is experiencing significant growth driven by the demand for gallium arsenide batteries and other advanced solar technologies, particularly in high-altitude satellites and deep space exploration [1][2][3] - Musk's 100GW solar power capacity plan is expected to boost the demand for space photovoltaic products, benefiting various companies in the supply chain [1][2][3] Group 2: Key Companies and Their Developments - Qianzhao Optoelectronics (300102) is a leading player in gallium arsenide space batteries with over 60% market share in China, achieving a production efficiency of 35% and an experimental efficiency exceeding 42% [1][12] - Dongfang Risen (300118) has successfully delivered small batches of HJT batteries to SpaceX, with its ultra-thin P-type HJT battery meeting the lightweight requirements for satellites [1][13] - Junda Co., Ltd. (002865) is a global leader in TOPCon batteries, with laboratory conversion efficiency surpassing 33.53%, and is rumored to be a potential supplier for SpaceX's perovskite batteries [1][14] - Yunnan Zhiyuan (002428) is a core supplier of germanium wafers for gallium arsenide space batteries, benefiting from the increasing demand for germanium substrates [1][15] - Sanan Optoelectronics (600703) holds the largest gallium arsenide production capacity globally and is expected to see significant revenue growth from its space photovoltaic applications [1][16] - Maiwei Co., Ltd. (300751) is a leading supplier of HJT production equipment and is well-positioned to benefit from the surge in demand for space photovoltaic manufacturing equipment [1][17] - Saiwu Technology (603212) specializes in photovoltaic packaging materials and is developing radiation-resistant encapsulation films for space applications [1][18][19] - China Satellite (600118) is a key player in satellite platform manufacturing and is expected to benefit from the growth in space photovoltaic systems [1][20] - Aerospace Electronics (600879) provides power systems and communication equipment for satellites, with increasing demand expected due to the growth in space photovoltaic applications [1][21] - Tuojin New Energy (002218) focuses on flexible photovoltaic components suitable for space applications, with expected growth in orders as the market expands [1][22] - Trina Solar (688599) covers multiple technology routes and is positioned to benefit from the expansion of space photovoltaic systems [1][23] - Shanghai Portwan (605598) supplies flexible solar wings and is accelerating the commercialization of perovskite batteries through in-orbit testing services [1][24] - Ruihua Tai (688323) is a leader in CPI film materials, essential for flexible space photovoltaic components, and is expected to see increased demand [1][25] - Jiejia Weichuang (300724) is a leading manufacturer of photovoltaic battery production equipment, poised to benefit from the demand surge in space photovoltaic manufacturing [1][26] - Lens Technology (300433) supplies protective covers for satellite batteries, with expected growth in orders due to the increasing demand for space photovoltaic applications [1][27]

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

Group 1: Market Trends - The cyclical sectors, including basic chemicals, petroleum and petrochemicals, and building materials, have seen significant gains, with increases exceeding 3% as of January 20 [1] - On January 21, cyclical sectors continued to rise, with non-ferrous metals up over 1%, and steel, automotive, petroleum and petrochemicals, and basic chemicals all recording positive performance [1] - The National Development and Reform Commission's deputy director indicated a commitment to implement a policy "combination punch" to promote reasonable price recovery [1] Group 2: Investment Opportunities - According to institutional forecasts, 10 stocks in cyclical sectors are expected to see net profits increase tenfold by 2026, with Zhongzi Technology leading at a projected net profit growth of over 51 times this year [2] - Zhongzi Technology specializes in the research, production, and sales of new materials and renewable energy, and is one of the few major domestic manufacturers in the environmental catalyst field [2] - Tianyin Holdings is projected to have a net profit growth exceeding 42 times this year, benefiting from the AI replacement trend and national subsidies [3] - Delong Laser is expected to see a net profit growth of 36 times this year, focusing on high-end industrial precision laser processing equipment [4] Group 3: Company Performance - Zhongzi Technology has a total market value of 514.07 billion, with a 30% increase in January [3] - Tianyin Holdings has a total market value of 425.40 billion, with a decline of 3.57% in January [3] - Delong Laser has a total market value of 360 billion, with an 18.18% increase in January [4] - Ganfeng Lithium, a leading lithium producer, is projected to have a net profit growth of 551.85% this year, with a market value of 136.69 billion and an 8.09% increase in January [7]

Group 1 - The core viewpoint of the news is that Delong Laser has shown significant trading activity, with a notable financing balance and changes in shareholder structure [1][2][3] Group 2 - As of January 22, Delong Laser's stock price decreased by 0.43%, with a trading volume of 315 million yuan. The financing buy-in amount was 32.04 million yuan, while the financing repayment was 35.54 million yuan, resulting in a net financing buy of -3.50 million yuan [1] - The total financing and securities balance for Delong Laser reached 189 million yuan, accounting for 4.68% of its market capitalization, indicating a high level compared to the past year [1] - The company has a significant short-selling position, with 500 shares sold on January 22, amounting to 19,500 yuan, and a short-selling balance of 31.69 million yuan, also at a high level compared to the past year [1] Group 3 - As of September 30, the number of shareholders for Delong Laser increased to 6,754, a rise of 6.58%, while the average circulating shares per person decreased by 6.17% to 15,303 shares [2] - For the period from January to September 2025, Delong Laser reported a revenue of 451 million yuan, reflecting a year-on-year growth of 8.45%, while the net profit attributable to shareholders was -16.86 million yuan, showing a year-on-year increase of 21.00% [2] Group 4 - Since its A-share listing, Delong Laser has distributed a total of 124 million yuan in dividends, with 72.25 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders as of September 30, 2025, new institutional shareholders include Yongying Technology Driven A, holding 1.944 million shares, and Zhongou Yuexiang Life Mixed A, holding 1.627 million shares [3]

Group 1: Market Trends - The cyclical sectors, including basic chemicals, petroleum and petrochemicals, and building materials, have seen significant gains, with increases exceeding 3% as of January 20 [1] - On January 21, cyclical sectors continued to rise, with non-ferrous metals up over 1%, and steel, automotive, petroleum and petrochemicals, and basic chemicals all recording positive performance [1] - The National Development and Reform Commission's deputy director indicated a commitment to implement policies to support reasonable price recovery, which may drive market sentiment [1] Group 2: Investment Opportunities - Ten stocks in cyclical sectors are predicted to see net profit growth of tenfold by 2026, with the highest growth forecasted for Zhongzi Technology at over 51 times this year [2] - Tianyin Holdings is expected to achieve a net profit growth of over 42 times, benefiting from the AI replacement trend and national subsidies [2] - Delong Laser is projected to see a 36-fold increase in net profit, focusing on high-end industrial laser processing equipment [2] Group 3: Company Specifics - Ganfeng Lithium, with eight institutional ratings, is a leading lithium producer, planning to achieve an annual production capacity of no less than 600,000 tons of lithium products by 2030 [3] - Yujing Co., with six institutional ratings, specializes in processing equipment for hard materials and is expected to benefit from upgrades in the consumer electronics industry and expansion in the photovoltaic sector [3]

Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].