Overview - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting that the demand for offshore wind power in China and Europe is increasing, leading to a rise in foundation demand and profit recovery for wind turbines. The "anti-involution" policy is expected to continue driving the photovoltaic sector, particularly with the expansion of perovskite technology. Overall, while short-term installation demand for renewable energy globally may be weak, there are structural opportunities in the market [1]. Key Points Supporting the Rating - The "anti-involution" trend is stabilizing wind turbine prices, enhancing profitability for manufacturers. China's offshore wind projects are becoming economically viable, contributing significantly to installed capacity. The demand for offshore wind in Europe and emerging markets is also on the rise [3]. - In the photovoltaic sector, the "anti-involution" policy remains the main theme, with a focus on the potential for capacity exits in battery and module production, as well as the industrialization potential of perovskite technology. Investment should prioritize growth-oriented new technology directions and the main industry chain benefiting from the "anti-involution" trend [3]. Investment Recommendations - For wind power, the report suggests prioritizing investments in the turbine segment, which is expected to recover profitability, and in the foundation segment that is progressing quickly in Europe. The offshore wind market is projected to grow significantly, with a focus on deep-sea projects [3]. - In the photovoltaic sector, the report emphasizes the importance of monitoring the "anti-involution" policy's impact on the industry, particularly regarding the exit of inefficient capacity and the enhancement of efficiency in battery and module production [3]. Long-term Outlook for Renewable Energy Demand - The report indicates that China's renewable energy demand is expected to remain robust in the long term, with an average annual installation capacity of over 400GW projected from 2025 to 2035. This is driven by the country's energy security needs and the ongoing transition to a low-carbon economy [13][16]. - The "136 Document" is noted for guiding the development of renewable energy projects towards market-oriented pricing, which is expected to stabilize project returns and promote high-quality development in the sector [31]. Photovoltaic Sector Insights - The report anticipates a moderate decline in photovoltaic installations in 2026 due to a phase of pre-installation in 2025, with projected installations of 290GW in 2025 and 180GW in 2026, reflecting a year-on-year decrease of 38% [33]. - The report highlights that the European photovoltaic market is facing growth challenges, with a forecasted installation of 64.2GW in 2025, indicating a slight decline. The U.S. market is also expected to experience pressure on growth due to policy adjustments [34][37]. Perovskite Technology Potential - Perovskite technology is identified as a key area for enhancing competitiveness in the photovoltaic manufacturing sector, with expectations for significant breakthroughs in industrialization by leading manufacturers in 2026 [33][44].

资产重组 爱尔眼科（300015.SZ）：公司拟收购亳州爱尔、连云港爱尔等39家机构部分股权，交易合计金额为 9.63亿元。此次收购不构成关联交易和重大资产重组，属于董事会审批范围。收购完成后，上市公司对 相关医院的持股比例将有所提升。公司表示，此次收购将进一步完善分级连锁体系，加强市场领先地 位，并充分利用协同效应与规模效应提升盈利能力与综合竞争力。同时，收购也有助于落实国家"分级 诊疗"政策导向，提高基层居民就医的可及性。 高争民爆（002827.SZ）：公司与控股股东控制的西藏藏建投资有限公司共同以现金方式购买黑龙江海 外房地产开发集团有限公司持有的黑龙江海外民爆器材有限公司100%股权。其中，高争民爆购买67% 股权，金额为3.42亿元；藏建投资购买33%股权，金额为1.68亿元。交易完成后，高争民爆取得海外民 爆控制权，海外民爆将纳入公司合并报表范围。通过收购海外民爆3.1万吨工业炸药许可产能，将全部 产能指标转移至西藏自治区，解决产能不足制约上市公司发展的短板。 重大合同 恩华药业（002262.SZ）：公司全资子公司恩华和信与绿叶制药及其子公司绿叶嘉奥达成产品《独家商 业合作协议》，恩华和信将获 ...

Core Viewpoint - Sany Heavy Energy announced that the company has no overdue guarantees [1] Group 1 - The announcement was made on December 24 [1]

（文章来源：证券日报） 证券日报网讯 12月24日，三一重能发布公告称，公司将于2026年1月9日召开2026年第一次临时股东 会，审议对外担保、关联交易、董事会补选等4项议案，现场与网络投票同步进行，股权登记日为2025 年12月31日。 ...

（文章来源：证券日报） 证券日报网讯 12月24日，三一重能发布公告称，公司第二届董事会第二十五次会议12月23日召开，审 议通过《关于2026年度对外担保额度预计的议案》《关于2026年度在关联银行开展存贷款及理财业务的 议案》《关于2026年度日常关联交易额度预计的议案》等多项议案。 ...

Core Viewpoint - Sany Heavy Energy announced the approval of a proposal to use idle self-owned funds for entrusted wealth management, with a maximum amount of up to RMB 9.5 billion, ensuring that it does not affect the normal operation of its main business and the safety of funds [1] Group 1 - The company will hold its 25th meeting of the second board on December 23, 2025, to review the proposal [1] - The approved wealth management products are expected to have high safety, good liquidity, and relatively favorable investment returns, categorized as medium to low risk [1] - The decision reflects the company's strategy to optimize the use of idle funds while maintaining operational integrity [1]

Group 1 - The core point of the article is that SANY Heavy Energy (688349.SH) has announced plans to use idle self-owned funds for entrusted wealth management, with a maximum amount of up to RMB 9.5 billion [1] - The board meeting is scheduled for December 23, 2025, to review and approve the proposal for the 2026 fiscal year [1] - The company aims to ensure that the use of these funds does not affect the normal operation of its main business and maintains the safety of the funds [1] Group 2 - The investment products targeted by the company are characterized as having high safety, good liquidity, and relatively favorable investment returns, falling within the medium to low-risk category [1]

格隆汇12月24日丨三一重能(688349.SH)公布，公司于2025年12月23日召开第二届董事会第二十五次会 议，审议并通过了《关于2026年度使用闲置自有资金进行委托理财的议案》，同意公司在不影响主营业 务的正常开展和确保资金安全的前提下，使用最高额度不超过人民币95亿元（含本数）的自有资金购买 安全性高、流动性较好、投资回报相对较好的中低风险理财产品。 ...

证券代码：688349 证券简称：三一重能 公告编号：2025-068 关于三一重能股份有限公司 已履行及拟履行的审议程序 三一重能股份有限公司（以下简称"公司"）于 2025 年 12 月 23 日召开第二 届董事会第二十五次会议，审议并通过了《关于 2026 年度使用闲置自有资金进 行委托理财的议案》，同意公司在不影响主营业务的正常开展和确保资金安全的 前提下，使用最高额度不超过人民币 95 亿元（含本数）的自有资金购买安全性 高、流动性较好、投资回报相对较好的中低风险理财产品。本议案在董事会审批 权限范围内，无需提交股东会审议。 特别风险提示 公司尽量选择安全性高、流动性较好、投资回报相对较好、具有合法经营资 格的金融机构销售的中低风险理财产品，但金融市场受宏观经济的影响较大，公 司将根据经济形势以及金融市场的变化适时适量地介入，但不排除该项投资受到 1 市场波动的影响。 2026 年度使用闲置自有资金进行委托理财的公告 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： | 基本情况  | | | --- ...

证券代码：688349 证券简称：三一重能 公告编号：2025-069 三一重能股份有限公司 关于 2026 年度在关联银行开展存贷款及理财业务的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 三一重能股份有限公司（以下简称"公司"）拟在关联方湖南三湘银行 股份有限公司（以下简称"三湘银行"）开展存贷款及保本型理财产品业务，单 日存贷款及理财产品业务余额上限不超过人民币 35 亿元，双方以市场价格为定 价依据。 本次交易未构成重大资产重组。 本次关联交易预计事项尚需提交公司股东会审议通过。 一、关联交易概述 公司拟在关联方三湘银行开展存贷款及保本型理财产品业务，单日存贷款及 保本型理财产品业务余额上限不超过人民币 35 亿元。 本次关联交易未构成《上市公司重大资产重组管理办法》规定的重大资产重 组。 本次关联交易预计事项尚需提交公司股东会审议通过。 1 统一社会信用代码：91430000MA4L9D067R 类型：股份有限公司(非上市、自然人投资或控股) 法定代表人：万洁 注册资本：300,000 万 ...