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].

Group 1 - The company, Delong Laser, stated that it cannot disclose specific cooperation projects with clients due to commercial confidentiality requirements [1]

Core Viewpoint - Delong Laser is making progress in the solid-state battery sector, having launched a film insulation solution and received small batch orders from several leading industry clients [1] Group 1: Company Developments - The company has introduced a film insulation solution for solid-state batteries and is currently validating new processes such as laser heating and ultrafast laser film production [1] - Orders for solid-state batteries are showing a gradual growth trend, although the current order amounts in this field are relatively small [1]

Core Viewpoint - The company, Delong Laser, specializes in various laser precision micro-processing equipment, with some products applied in the manufacturing of satellite and aerospace components, contributing to projects like the "Kuafu-1" satellite [1] Group 1: Company Overview - Delong Laser's main business involves laser precision micro-processing equipment [1] - The company has provided laser processing solutions for special materials and components used in aerospace projects [1] Group 2: Specific Applications - Delong Laser's products were utilized in the development of the "Kuafu-1" satellite, specifically for the HXI payload (solar hard X-ray imager), supplying a significant amount of thin-film transmission gratings [1] - The company has overcome challenges related to slit precision and consistency in laser processing, which was crucial for the successful development of the HXI payload [1] Group 3: Business Proportion - The aerospace-related business constitutes a small proportion of Delong Laser's overall operations [1]

Group 1 - The company has introduced an insulation solution for electrode manufacturing in the solid-state battery sector and has received small batch orders from several leading industry clients [1] - The company is currently validating new processes such as laser heating and ultrafast laser cutting [1] - There is a gradual increase in orders for solid-state batteries, although the current order value in this field is relatively small [1]

Core Viewpoint - The company, Delong Laser, specializes in laser precision micro-processing equipment, with some products used in the manufacturing of satellite and aerospace components, although this segment represents a small portion of its overall business [1] Group 1: Company Operations - Delong Laser's main products are various laser precision micro-processing devices [1] - The company has contributed to the development of the "Kuafu-1" satellite by providing laser processing solutions for the HXI payload, specifically producing thin film transmission gratings [1] - The company has overcome challenges related to slit precision and consistency in laser processing, which has been crucial for the successful development of the HXI payload [1] Group 2: Market Segment - The aerospace-related business of Delong Laser constitutes a small percentage of its overall operations [1]

Group 1 - The company, Delong Laser (688170.SH), has developed wafer laser cutting equipment (SDBG), wafer laser grooving equipment, and laser marking equipment targeting the storage chip sector [1] - The wafer laser cutting equipment (SDBG) has secured a breakthrough order, while other products are currently in the validation stage [1] - The order amounts in this field are relatively small at present [1]

Core Viewpoint - Delong Laser (688170.SH) is making progress in the solid-state battery sector, having launched a film insulation solution and received small batch orders from several leading industry clients [1] Group 1: Company Developments - The company has introduced a film insulation solution for solid-state batteries and has secured small batch orders from multiple top-tier clients in the industry [1] - Delong Laser is currently validating new processes such as laser heating and ultrafast laser film production [1] Group 2: Market Trends - There is a gradual increase in orders for solid-state batteries, although the current order amounts in this field remain relatively small [1]

Core Viewpoint - Delong Laser (688170.SH) specializes in various laser precision micro-processing equipment, with some products applied in satellite and aerospace projects, highlighting its contribution to the development of the "Kuafu-1" satellite [1] Group 1: Company Overview - The company focuses on laser precision micro-processing solutions, addressing issues related to slit precision and consistency in laser processing [1] - Delong Laser's products have been utilized in significant aerospace projects, such as providing thin-film transmission gratings for the HXI payload of the "Kuafu-1" satellite [1] Group 2: Business Segment - The aerospace-related business constitutes a small portion of the company's overall operations, indicating a limited impact on total revenue [1]

Meeting Overview - The first extraordinary general meeting of shareholders for 2026 was held on January 14, 2026, at the company's conference room in Suzhou, Jiangsu, China [2] - The meeting was convened by the board of directors and chaired by Mr. Zhao Yuxing, with a combination of on-site and online voting methods used [3] Attendance and Voting - A total of 8 directors and the board secretary attended the meeting, along with the financial director [4] - The total number of voting rights after excluding repurchased shares was 103,010,000 [2] Resolutions Passed - Three non-cumulative voting proposals were reviewed and passed: 1. Special report on the use of funds raised in the previous fundraising [5] 2. Risk warning and measures regarding the dilution of immediate returns from the issuance of shares to specific targets for the year 2025 [5] 3. Shareholder dividend return plan for the next three years (2025-2027) [6] - All proposals received more than two-thirds of the voting rights from attending shareholders or their proxies [6] Legal Compliance - The meeting was witnessed by Beijing Deheheng (Suzhou) Law Firm, confirming that the procedures and resolutions complied with relevant laws and regulations [8]