2月25日，光伏ETF华夏（515370）上涨0.85%，持仓股横店东磁涨超6%，固德威涨超4%，大全能源涨 超2%。 （文章来源：每日经济新闻） 光伏ETF华夏（515370）及其联接基金（012885/012886）跟踪中证光伏产业指数，涉及光伏产业链 上、中、下游企业，包括硅片、多晶硅、电池片、电缆、光伏玻璃、电池组件、逆变器、光伏支架和光 伏电站等，能够更好的反映光伏产业整体表现。其跟踪指数太空光伏含量18.49%，指数维度全市场排 名第一。 中邮证券认为，卫星需求拉动太空光伏市场空间。卫星互联网应用场景打开+战略布局+太空算力，低 轨卫星需求将快速提升。太空光伏是卫星能源供应唯一供给方案，受益于卫星数量+单星功率提升。 ...

25 年业绩扭亏为盈，海外储能业务弹性较大 固德威(688390) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 吴志鹏(分析师) | 021-23215736 | wuzhipeng@gtht.com | S0880525070004 | 本报告导读： 25 年业绩扭亏为盈，26-28 年具备较高成长性。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 7,353 | 6,738 | 8,455 | 11,987 | 14,472 | | (+/-)% | 56.1% | -8.4% | 25.5% | 41.8% | 20.7% | | 净利润(归母) | 852 | -62 | 143 | 717 ...

内容概况：在2018至2019年间，受逆变器产品价格大幅下降及太阳能光伏新增装机增速放缓的双重影 响，中国逆变器市场规模呈现阶段性收缩态势，其中2019年市场规模降至100.69亿元，同比下降 20.47%。2020年以来，随着光伏产业技术持续进步、行业全面进入平价上网阶段，并在"双碳"战略的深 入推进下，光伏行业整体步入快速发展阶段，从而有力带动逆变器市场规模实现快速增长。与此同时， 光伏组件成本的持续下降也在一定程度上刺激了终端对逆变器的配套需求。数据显示，2025年中国逆变 器行业市场规模已提升至561.7亿元。展望未来，在能源结构绿色低碳转型持续推进的背景下，逆变器 市场规模有望保持持续增长趋势。 相关上市企业：阳光电源（300274）、锦浪科技（300763）、固德威（688390）、上能电气 （300827）、科士达（002518）、生益科技（600183）、风华高科（000636）、顺络电子（002138）、 宏发股份（600885）、宝胜股份（600973）等。 相关企业：华为技术有限公司、深圳古瑞瓦特能源股份有限公司、广州三晶电气股份有限公司、南京冠 隆电力科技有限公司、江苏宝丰新能源科技有 ...

Investment Rating - The report suggests focusing on investment opportunities in the photovoltaic industry, particularly those benefiting from supply-side reforms, technological advancements, and changes in demand expectations [3]. Core Insights - The photovoltaic equipment sector index increased by 3.36% during the week of February 2 to February 6, 2026, outperforming the broader market index by 3.53 percentage points [11][14]. - Key companies in the photovoltaic equipment sector that showed significant gains include GCL-Poly Energy, JinkoSolar, and Jinglong Technology, while companies like Sungrow Power and Jinbo Technology experienced notable declines [18][20]. - The report highlights the importance of monitoring policy implementation and technological order fulfillment in the short term, while emphasizing long-term investments in high-efficiency technologies and leading companies [3]. Summary by Sections 1. Market Performance Review - The Shanghai Composite Index decreased by 1.13%, while the power equipment sector index rose by 2.20%, ranking third among 31 industry indices [11]. - The photovoltaic equipment sector index's performance was notably strong, with a 3.36% increase [14]. 2. Industry Chain Price Trends - As of February 4, 2026, the prices for key materials in the photovoltaic industry were as follows: silicon material at 56 CNY/kg (unchanged), silicon wafers at 1.35 CNY/piece (down 0.1 CNY), battery cells at 0.45 CNY/W (unchanged), and modules at 0.82 CNY/W (unchanged) [22]. 3. Industry News - Shanxi Province aims to establish a new energy base in the coal mining subsidence area, with plans for large-scale wind and solar projects [30]. - The utilization rates for wind and solar energy in 2025 were reported at 94.3% and 94.8%, respectively, indicating strong integration of renewable energy [31]. - Concerns were raised about potential negative growth in photovoltaic installations in 2026 due to policy adjustments and market conditions [32].

Group 1 - The Ministry of Industry and Information Technology has approved solid-state battery testing, with industrialization expected to occur soon, targeting an energy density of over 400Wh/kg by 2026-2027, focusing on electrolyte and negative electrode collector materials [1] - Solid-state batteries are anticipated to see a bidding catalyst in 2025, with high certainty in equipment and significant flexibility in materials, offering a unit value five times that of liquid batteries [1] - JinkoSolar may collaborate with SpaceX to resolve TOPCon patent issues within the equipment chain, with auxiliary materials and flexibility being maximized, and the semiconductor and copper paste business valued at 80 billion [1] Group 2 - As of February 9, 09:43, the Kexin New Energy ETF (588830.SH) rose by 3.97%, with its related index Kexin New Energy (000692.SH) increasing by 3.89%; major constituent stocks included JinkoSolar up 10.44%, Juhua Materials up 20.00%, Rongbai Technology up 9.61%, Trina Solar up 4.15%, and Aotewi up 3.06% [1] - Guosen Securities highlights the promising prospects of space photovoltaics in the new energy power equipment sector, with global tech giants continuously expanding AI capital expenditures, leading to "outperform" ratings for certain storage equipment sector stocks [1] - Great Wall Securities believes that solid-state battery technology is entering a golden development period, with a combination of cold isostatic pressing and warm isostatic pressing processes offering efficiency and cost advantages in large-scale production, driving technological innovation in the equipment sector [1]

Core Viewpoint - Elon Musk's recent statements and activities have significantly influenced the A-share photovoltaic sector, leading to a surge in stock prices for various companies in this industry [2][3][5]. Group 1: Market Reaction - On January 23, 2026, 24 photovoltaic stocks reached their daily limit up, with the photovoltaic index rising by 7.46%, outperforming the overall market [2]. - Following Musk's remarks about the potential of solar energy in China, several companies, including JinkoSolar and TCL Zhonghuan, saw their stock prices rapidly increase [3][6]. - The A-share photovoltaic sector experienced a collective surge, with stocks like Aotaiwei and Maiwei doubling in price over a two-month period [6]. Group 2: Industry Fundamentals - Despite the recent stock price increases, many photovoltaic companies are still facing financial difficulties, with nearly 70% of 75 companies reporting losses for 2025 [4]. - The photovoltaic industry is currently at a low point, and while some companies are seeing a narrowing of losses, this has not translated into positive market sentiment [4][12]. - The concept of "space photovoltaics" has emerged as a potential new growth area for the industry, driven by the need for new market opportunities amid intense competition in ground-based solar energy [10][13]. Group 3: Future Prospects - Analysts predict that the space photovoltaic market could reach significant sizes, with estimates suggesting a potential market space of 200 billion yuan if 10,000 satellites are launched annually [10]. - Musk's exploration of Chinese photovoltaic companies signals a demand for support from the Chinese supply chain for his space energy ambitions [10][12]. - The push for space photovoltaics may compel companies to focus on new technologies and product quality, potentially leading to a return to value development in the industry [14].

1月29日，固德威（688390）发布2025年度业绩预告。 经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润与上年同期（法定披露数据） 相比，将实现扭亏为盈，归属于母公司所有者的净利润12,500.00万元到16,200.00万元，与上年同期相 比，将增加18,681.04万元到22,381.04万元。 经财务部门初步测算，预计归属于母公司所有者扣除非经常性损益后的净利润3,400.00万元到7,100.00万 元，与上年同期相比，将增加22,757.40万元到26,457.40万元。 上年同期业绩情况和财务状况 （一）利润总额：-6,675.91万元。归属于母公司所有者的净利润：-6,181.04万元。归属于母公司所有者 扣除非经常性损益的净利润：-19,357.40万元。 公司2025年度业绩较上年同期实现扭亏为盈，主要原因如下： （1）受益于国内光伏抢装潮、澳大利亚户储补贴政策落地及欧洲市场走出库存调整期，公司逆变器及 储能电池销量与毛利额显著提升； （2）公司持续加大研发投入并优化全球市场布局，期间费用虽同比有所增加，但营收增长与产品结构 优化有效提升了整体盈利能力。 综上，公司 ...

截至发稿，俞佳莹累计任职时间1年259天，现任基金资产总规模1.14亿元，任职期间最佳基金回报 37.64%， 任职期间最差基金回报-0.61%。 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。 责任编辑：小浪快报 数据显示，新华基金旗下1只基金重仓固德威。新华稳健回报灵活配置混合发起（001004）四季度减持 3724股，持有股数2.74万股，占基金净值比例为3.02%，位居第四大重仓股。根据测算，今日浮亏损失 约11.82万元。 新华稳健回报灵活配置混合发起（001004）成立日期2015年5月29日，最新规模5628.61万。今年以来收 益7.31%，同类排名2432/8873；近一年收益28.94%，同类排名4182/8119；成立以来收益62.14%。 新华稳健回报灵活配置混合发起（001004）基金经理为俞佳莹。 2月5日，固德威跌5.05%，截至发稿，报81.18元/股，成交3.11亿元，换手率1.55%，总市值197 ...

Group 1 - The core viewpoint of the article highlights the performance of the Kexin New Energy ETF (588830), which opened down by 3.04% at 1.689 yuan on February 5 [1] - Major holdings in the Kexin New Energy ETF experienced significant declines, with JinkoSolar down 7.14%, Canadian Solar down 2.76%, and Trina Solar down 4.03% [1] - The ETF's performance benchmark is the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index, managed by Penghua Fund Management Co., with a return of 73.85% since its establishment on July 31, 2024, and an 18.90% return over the past month [1] Group 2 - Other notable stock performances within the ETF include Rongbai Technology up 0.10%, Daqo New Energy down 1.90%, Xiamen Tungsten down 1.02%, and Gotion High-Tech down 0.90% [1] - The article emphasizes the volatility in the new energy sector, as indicated by the mixed performance of the ETF's holdings [1]

Core Viewpoint - Gudewei Technology Co., Ltd. has seen a 5% increase in stock price, reaching 86.07 CNY per share, with a total market capitalization of 20.915 billion CNY as of February 3 [1] Group 1: Company Overview - Gudewei was established on November 5, 2010, and went public on September 4, 2020 [1] - The company specializes in the research, production, and sales of photovoltaic inverters and other related products [1] - Revenue composition includes: - Household systems sales: 45.41% - Grid-connected photovoltaic inverters: 32.91% - Other products: 7.05% - Energy storage batteries: 7.02% - Photovoltaic energy storage inverters: 6.85% - Others: 0.76% [1] Group 2: Shareholder Information - Gudewei's top circulating shareholder is a fund under GF Fund Management, specifically the GF High-end Manufacturing Stock A (004997), which reduced its holdings by 3.6814 million shares, now holding 2.6002 million shares, representing 1.07% of circulating shares [2] - The fund has generated an estimated floating profit of approximately 10.6607 million CNY today [2] Group 3: Fund Performance - GF High-end Manufacturing Stock A (004997) has a total asset size of 4.067 billion CNY and has experienced a loss of 3.51% this year, ranking 5385 out of 5562 in its category [2] - Over the past year, the fund has achieved a return of 15.5%, ranking 3486 out of 4285 [2] - Since inception, the fund has returned 41.16% [2] Group 4: Additional Fund Information - Another fund under GF Fund Management, GF Growth New Momentum Mixed A (162717), holds 170,600 shares of Gudewei, accounting for 2.7% of the fund's net value, making it the tenth largest holding [4] - This fund has an estimated floating profit of about 699,500 CNY today [4] - GF Growth New Momentum Mixed A (162717) has a total asset size of 64.0762 million CNY and has incurred a loss of 0.49% this year, ranking 7936 out of 8874 [4]