Core Viewpoint - The China Chemical and Physical Power Industry Association released a draft initiative on August 13 to promote healthy development in the energy storage industry, focusing on fair competition and various operational standards [1][2][3]. Group 1: Initiative Details - The initiative includes guidelines on cost pricing behavior, encouraging members to participate in market competition based on technology, service, reputation, and performance capabilities [3][4]. - It emphasizes the importance of integrity and transparency in bidding activities, discouraging irrational low pricing and non-compliance with contracts [3][4]. - The initiative also promotes technological innovation and green development, urging participation in the establishment of industry standards [4]. Group 2: Industry Participation - Notable companies signing and participating in the initiative include BYD, EVE Energy, Huawei Digital Energy, and others, indicating a collective effort towards industry improvement [2][4]. Group 3: Investment Recommendations - The report suggests focusing on energy storage companies that may benefit from improved profitability due to the anti-involution policy, as the industry faces increasing competition and pressure on profits [2][5]. - Companies with cost and technological advantages, such as Sungrow Power Supply, Sungrow Shares, and CATL, are highlighted as having potential for profit elasticity [5].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the electric equipment and new energy industry [2][5]. Core Viewpoints - The report highlights the "anti-involution" initiative proposed by the China Chemical and Physical Power Industry Association, which aims to promote healthy development in the energy storage industry through cost pricing norms, product and service fulfillment, technological innovation, and industry coordination mechanisms [3][4]. - The report suggests that under the influence of the anti-involution policy, there are opportunities for profit improvement among energy storage companies, especially as market concentration is expected to increase with accelerated industry clearing and technological iteration [6]. Summary by Relevant Sections Industry Overview - The energy storage industry has faced increasing competition and pressure on profitability due to rapid expansion in energy storage batteries, inverters, and systems [3][6]. - The anti-involution policy is expected to enhance the profitability of leading companies with cost and technological advantages as the market becomes more concentrated [6]. Investment Recommendations - The report recommends focusing on companies such as Sungrow Power Supply, Shenghong Technology, Goodwe, CATL, EVE Energy, Zhongxin Innovation, and Penghui Energy for potential profit improvement opportunities [3][6]. Profit Forecasts for Related Companies - The report provides profit forecasts for several companies, including: - Sungrow Power Supply: Expected net profit of 110.4 billion RMB in 2024, with a PE ratio of 17x [8]. - CATL: Expected net profit of 507.4 billion RMB in 2024, with a PE ratio of 25x [8]. - EVE Energy: Expected net profit of 40.8 billion RMB in 2024, with a PE ratio of 23x [8].

| 公司 | 份额 | 总部 | | --- | --- | --- | | Tesla 特斯拉 | 15% | 美国 | | Sungrow 阳光能源 | 14% | 中国 | | CRRC 中国中车 | 8% | 中国 | | Envision 远景能源 | 6% | 中国 | | Huawei 华为 | 6% | 中国 | | HyperStrong 海博思创 | 5% | 中国 | | Fluence | 4% | 美国 | | BYD 片亚海 | 4% | 中国 | | XYZ 新源智储 | 3% | 中国 | | Powin | 3% | 美国 | | ZTT 中天储能 | 3% | 中国 | | Canadian Solar 阿特斯储能 | 3% | 中国 | | SOETL 电工时代 | 3% | 中国 | | Robestec 融和元储 | 3% | 中国 | | Trina Storage 天合储能 | 2% | 中国 | | Wartsila 瓦锡兰 | 2% | 芬兰 | | Goldwind 金风零碳 | 2% | 中国 | | LG Energy Solution Vertech ...

从资金流向上来看，当日光伏设备板块主力资金净流入9335.76万元，游资资金净流出2.63亿元，散户资 金净流入1.7亿元。光伏设备板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 605117 | 德业股份 | 2.44(Z) ﮯ | 10.16% | -1.91 Z | -7.97% | -5239.66万 | -2.18% | | 300763 | 锦浪科技 | 9672.86万 | 7.33% | -5671.27万 | -4.30% | -4001.59万 | -3.03% | | 300274 阳光电源 | | 7899.48万 | 1.29% | -4677.73万 | -0.76% | -3221.75万 | -0.52% | | 003022 联泓新科 | | 4913.58万 | 9.62% | 36.49万 | 0.07% | -4950.07万 | -9.69% | | ...

证券时报·数据宝统计，截至今日下午14:02，上证综指3685.66点，收于年线之上，涨跌幅为0.54%，A 股总成交额为17308.59亿元。到目前为止，今日有39只A股价格突破了年线，其中乖离率较大的个股有 佛燃能源、固德威、华峰铝业等，乖离率分别为8.20%、8.06%、7.76%；隆基绿能、中南传媒、中航光 电等个股乖离率较小，刚刚站上年线。 （文章来源：证券时报网） | | 备 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 603960 | 克来机 | 0.61 | 1.93 | 19.76 | 19.87 | 0.57 | | | 电 | | | | | | | 688348 | 昱能科 | 2.67 | 1.51 | 47.42 | 47.67 | 0.52 | | | 技 | | | | | | | 600809 | 山西汾 | 0.64 | 0.43 | 187.27 | 188.00 | 0.39 | | | 酒 | | | | | | | 600094 | 大名城 | 0.59 | 1.86 | 3.40 | 3.41 ...

Group 1 - The latest stock price of GCL-Poly Energy Holdings Limited is 45.00 yuan, an increase of 0.73 yuan from the previous trading day's closing price [1] - The stock opened at 44.66 yuan, reached a high of 45.40 yuan, and a low of 44.08 yuan, with a trading volume of 71,292 hands and a transaction amount of 319 million yuan [1] - GCL-Poly's main business includes the research and production of photovoltaic inverters and other power electronic devices, which are applied in photovoltaic power generation systems [1] Group 2 - The stock experienced a net outflow of main funds amounting to 18.44 million yuan on that day, with a cumulative net outflow of 21.21 million yuan over the past five days [1] - Notably, the stock broke through the annual line on that day, but the deviation rate was relatively small, indicating limited divergence between the stock price and the annual line [1]

天眼查商业履历信息显示，固德威技术股份有限公司，成立于2010年，位于苏州市，是一家以从事计算 机、通信和其他电子设备制造业为主的企业。企业注册资本24258.6404万人民币，实缴资本5250万人民 币。公司法定代表人为黄敏。 通过天眼查大数据分析，固德威技术股份有限公司共对外投资了28家企业，参与招投标项目562次，知 识产权方面有商标信息149条，专利信息629条，此外企业还拥有行政许可71个。 固德威最新一期业绩显示，截至2025一季报，公司营业总收入18.82亿元、同比增长67.13%，归属净利 润2802.83万元，同比增长2.75%，扣非净利润6250.09万元，同比减少78.95%，流动比率1.138、速动比 率0.670、资产负债率63.30%。 金融界消息 截至2025年8月11日收盘，固德威（688390）报收于45.0元，上涨1.65%，换手率2.94%，成 交量7.13万手，成交金额3.19亿元。 来源：金融界 资金流向方面，今日主力资金净流出1844.83万元，占比成交额5.78%。其中，超大单净流出1596.74万 元、占成交额5.0%，大单净流出248.08万元、占成交额0.7 ...

Group 1 - The core viewpoint is that the photovoltaic industry is experiencing a strong upward trend, with the Zhongzheng Photovoltaic Industry Index rising by 2.27% and key stocks like Sunshine Power increasing by 13.51% [1] - The largest photovoltaic power station in the Taklamakan Desert, the Tayuqi Mo Photovoltaic Power Station, has generated over 300 million kilowatt-hours of green electricity [1] - Huazhong Securities indicates that prices across the photovoltaic industry chain are rising, with stable increases in silicon material prices and a narrowing rise in N-type silicon material prices [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index account for 56.16% of the index, including Sunshine Power, Longi Green Energy, and TCL Technology [2] - The photovoltaic ETF fund closely tracks the Zhongzheng Photovoltaic Industry Index, which selects up to 50 representative listed companies involved in the photovoltaic industry chain [1]

Core Viewpoint - The photovoltaic industry is experiencing positive developments driven by new regulatory measures aimed at energy consumption standards, which are expected to lead to industry transformation and consolidation [1][2][3]. Group 1: Regulatory Developments - The National Development and Reform Commission and the State Administration for Market Regulation have drafted a consultation document on the revision of the Price Law, which is currently open for public feedback [1]. - The Ministry of Industry and Information Technology has issued a special energy-saving inspection task list for the polysilicon industry for 2025, focusing on "comprehensive energy consumption per unit product" as a key inspection criterion [2]. Group 2: Industry Transformation - The energy consumption standards and strict inspections are expected to accelerate the elimination of outdated production capacity, optimizing industry competition structure and resource allocation [2]. - Companies that fail to meet new energy consumption standards may face elimination or mandatory rectification, which will enhance overall industry efficiency [1][2]. Group 3: Technological Upgrades - The push for higher energy consumption standards will compel companies to invest more in cost reduction and efficiency-enhancing technologies, as well as to adopt green electricity to lower carbon emissions [2][3]. - This shift is anticipated to increase the proportion of green electricity used in the industry, supporting the overall green and low-carbon development goals of the photovoltaic sector [2]. Group 4: Market Dynamics - The exit of inefficient production capacity and potential tightening of new capacity approvals are expected to suppress the supply expansion of polysilicon, while global photovoltaic installation demand remains robust [3]. - This dynamic improvement in supply and demand is likely to reverse the recent trend of oversupply and declining prices, leading to a recovery in product prices and profitability for companies in the photovoltaic industry [3]. Group 5: Industry Index and ETF - The CSI Photovoltaic Industry Index (931151) has shown a positive performance, with significant gains in constituent stocks such as Sungrow Power (300274) and LONGi Green Energy (601012) [1][4]. - The index reflects the overall performance of listed companies involved in the photovoltaic industry chain, with the top ten weighted stocks accounting for 56.16% of the index [4].

Industry Overview - The performance of the Shenwan Electric New Energy sector decreased by 2.62%, ranking 24th among 31 industries, while the Shenwan Public Utilities sector fell by 1.84%, ranking 13th [1][2] - During the same period, the CSI 300 index declined by 1.75%, and the Wind Information All A index dropped by 1.09% [2] Key Developments - The Ministry of Industry and Information Technology (MIIT) has initiated energy-saving inspections for 41 polysilicon companies to promote energy conservation and green development in the polysilicon industry [2] - Abu Dhabi Future Energy Company (Masdar) and Spanish company Iberdrola have partnered to invest in the UK's largest offshore wind project with a capacity of 1.4 GW, setting a new reference for international cooperation in renewable energy [2] Company Insights - CATL (Contemporary Amperex Technology Co., Limited) anticipates small-scale production of solid-state batteries by 2027, with larger-scale production expected around 2030 [3] - Guangdong Province has decided to raise the capacity price for coal and gas power plants, with coal power capacity price set at 165 yuan per kilowatt per year starting January 1, 2026 [3] Investment Recommendations - The report maintains a "recommended" rating for the electric new energy and public utility sectors, suggesting to focus on leading photovoltaic companies such as Aiko Solar, Longi Green Energy, and Tongwei Co., Ltd. [4] - In the wind power sector, it is advised to pay attention to component manufacturers like Jinlei Co., Ltd. and Dayun Heavy Industry [5] - For lithium battery investments, companies in the iron-lithium and anode segments such as Hunan Youneng and Shanghai Xiba are highlighted [5]