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。 ...

过去几年，全球锂电池需求持续超预期，2025年由于头部企业产能不足，开始出现订单外溢，25年下半 年二三线厂商也连续开始供不应求。从25年开始，主要锂电池企业均开始了新一轮大规模的产能扩张， 据不完全统计，2026年锂电预计新增扩产接近1TWH，创历史新高。近期头部锂电厂商陆续开启设备招 标，目前已能看到数百GWh的头部厂商订单，后续预计还有百GWh规模的订单。 智通财经APP获悉，招商证券发布研报称，2025年主要锂电池公司开始了新一轮资本开支，当前本轮扩 张进入加速阶段，2026年capex投入有望创历史新高。微观来看，锂电设备公司合同负债、新增订单数 据均持续向好，预计后续会有较强的经营表现。同时，固态电池的研发有进展，研发重心开始转向设备 端降本增效，2026年全固态电池量产线的建设也开始提上日程，有望给锂电设备厂商带来新增量和机 会。 招商证券主要观点如下： 锂电池产业本来扩产进入加速阶段 关注先导智能(300450.SZ)、先惠技术(688155.SH)、联赢激光(688518.SH)、海目星(688559.SH)、德龙激 光(688170.SH)、ST逸飞(688646.SH)、赢合科技(300 ...

（来源：淘金ETF） 1、乾照光电（300102） 作为国内砷化镓太空电池绝对龙头，国内市占率超60%，三结砷化镓电池量产效率达35%，实验级效率 突破42%，抗辐射寿命达15-20年，完美适配高轨卫星、深空探测等严苛场景 。产品批量供应中国卫 星、空间站等重大项目，同时切入SpaceX、亚马逊 Kuiper等海外客户供应链，2025年底未交付订单达6- 8亿元 。马斯克100GW太空光伏产能规划落地，将直接带动其砷化镓电池需求爆发，公司凭借技术与产 能优势，成为太空光伏电池核心供应商，充分受益行业景气度提升。 2、东方日升（300118） 国内HJT超薄电池龙头，已实现向SpaceX星链小批量交付HJT电池，产品通过太空环境测试，具备高可 靠性 。公司超薄P型HJT电池厚度仅100μm，适配卫星轻量化需求，同时布局N型HJT技术，转换效率持 续提升 。随着马斯克太空光伏产能扩张，其作为核心供应商，将直接受益于卫星、太空数据中心等场 景需求增长，HJT电池在太空光伏领域的应用前景广阔，推动公司业绩增长。 3、钧达股份（002865） 全球TOPCon电池龙头，通过战略投资尚翼光电布局钙钛矿/晶硅叠层电池技术， ...

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]

本周，顺周期板块大幅拉升。 截至1月20日，基础化工、石油石化、建筑材料等顺周期板块均大涨超3%，高居申万一级行业涨幅榜前三位。今日（1月21日）上 午，顺周期板块继续上涨，有色金属涨超1%，钢铁、汽车、石油石化、基础化工均录得红盘。 消息面上，国家发改委副主任王昌林1月20日在国新办新闻发布会上表示，将会同相关部门打好政策"组合拳"，持续推动物价合 理回升。博时基金表示，从历史经验来看，过去"春节躁动"一般源于货币政策宽松、抑或增长预期明显改善、或重大事件催化三 方面驱动。1月当前的基准是虽暂无明显的增长改善预期、但人民币强势、同时产业催化也有一定期待，这指向本次"春季躁 动"仍可能有相对较强的驱动。结构方面，历次"春季躁动"经验显示，行情过往主要集中在科技成长和部分顺周期领域。 据证券时报·数据宝统计，根据机构一致预测，在汽车、商贸零售、机械、建材、有色等周期板块中，有10只个股2026年净利将暴 增10倍（在机构一致预测2025年净利为正的基础上）。其中增幅位居第一的是中自科技，机构一致预测今年净利增速超过51倍。 公司是一家专注于新材料、新能源的研发、生产和销售的高新技术企业，是我国环境催化剂领域的少 ...

融券方面，德龙激光1月22日融券偿还0.00股，融券卖出500.00股，按当日收盘价计算，卖出金额1.95万 元；融券余量8119.00股，融券余额31.69万元，超过近一年90%分位水平，处于高位。 资料显示，苏州德龙激光股份有限公司位于中国(江苏)自由贸易试验区苏州片区苏州工业园区杏林街98 号，成立日期2005年4月4日，上市日期2022年4月29日，公司主营业务涉及精密激光加工设备及激光器 的研发、生产与销售,并为客户提供激光加工服务。主营业务收入构成为：精密激光加工设备72.10%， 零部件销售及维修10.22%，激光器8.18%，激光加工服务7.28%，激光设备租赁服务1.59%，其他(补 充)0.34%，其他主营0.29%。 截至9月30日，德龙激光股东户数6754.00，较上期增加6.58%；人均流通股15303股，较上期减少 6.17%。2025年1月-9月，德龙激光实现营业收入4.51亿元，同比增长8.45%；归母净利润-1686.18万元， 同比增长21.00%。 1月22日，德龙激光跌0.43%，成交额3.15亿元。两融数据显示，当日德龙激光获融资买入额3203.83万 元，融资偿还3 ...

证券时报记者 陈见南 1月21日，A股顺周期板块表现亮眼，其中申万有色金属行业指数涨幅2.79%，钢铁、建筑材料行业指数涨幅均超 1%。从2026年以来的行情看，有色金属行业指数涨幅排名第一，上涨近16%，基础化工上涨超11%，机械设备、 建筑材料等均上涨超7%。 顺周期板块对经济景气、价格和产能利用率高度敏感，一般包括上游的油气、有色金属等资源行业，中游的机 械、化工等制造行业，下游的汽车、家电等行业。业内人士表示，随着"反内卷"政策逐步深化，CPI触底回升，顺 周期板块整体表现比较强劲，或将显著跑赢市场基准。 博时基金表示，当前虽无明显的增长改善预期，但人民币强势，同时产业催化也有一定期待，"春季躁动"行情仍 可能有相对较强的驱动。结构方面，历次"春节躁动"行情主要集中在科技成长和部分顺周期领域。 值得注意的是，促进物价合理回升已是目前宏观调控的重要目标。1月20日，国家发展改革委副主任王昌林在新闻 发布会上表示，将会同相关部门打好政策"组合拳"，持续推动物价合理回升，并将促进物价合理回升作为货币政 策的重要考量。 从具体个股看，中自科技机构一致预测2026年净利润增速或超过51倍，排名第一，预测净利润为 ...

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].