Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Viewpoints - The report emphasizes the ongoing "anti-involution" trend in the photovoltaic industry, which is expected to drive price increases and improve profitability across the supply chain [16][36] - The energy storage sector is experiencing sustained demand growth, with significant project developments and favorable policy support [39][44] - The lithium battery segment shows stable demand, with advancements in solid-state technology and materials innovation [39][44] - The wind power sector is benefiting from increased offshore project activity and recovery in profitability [39][44] - The power equipment sector is seeing positive developments from high-voltage projects and international demand [39][44] - New directions in AI and robotics are highlighted as emerging investment opportunities, particularly in the context of increased capital expenditure from major manufacturers [39][44] Summary by Sections Photovoltaic - The photovoltaic industry is witnessing a price increase in key materials, with polysilicon prices rising to 49-55 CNY/kg and silicon wafer prices increasing by approximately 0.1 CNY per piece [22][25] - The government is pushing for the elimination of low-price competition and the orderly exit of outdated production capacity, with mergers and acquisitions in the polysilicon sector expected to progress in Q3 [16][36] - Recommended stocks include Tongwei Co., GCL-Poly, LONGi Green Energy, and Aiko Solar [16][36] Energy Storage - In H1 2025, major energy storage projects across 21 regions reached a total capacity of 124 GWh, with significant contributions from Inner Mongolia, Shandong, and Guangdong [41][42] - The report highlights the increasing stability of the energy storage market, with a positive outlook for domestic demand and pricing [39][44] - Recommended stocks include Sungrow Power Supply and Deye Technology [39][44] Lithium Batteries - The lithium battery sector is characterized by stable demand and a focus on solid-state battery technology, with companies like CATL and other second-tier players expected to benefit [39][44] - The report notes the importance of material innovations such as lithium metal anodes and nickel-iron current collectors [39][44] - Recommended stocks include CATL, Xiamen Tungsten, and Putailai [39][44] Wind Power - The offshore wind sector is accelerating project construction, with expectations for increased profitability in the second half of the year [39][44] - Recommended stocks include Mingyang Smart Energy and Zhongji Lingnan [39][44] Power Equipment - The report indicates that high-voltage projects have been approved, with overseas demand expected to rise [39][44] - Recommended stocks include Pinggao Electric and XJ Electric [39][44] New Directions - The report highlights advancements in humanoid robotics and AI applications, with significant capital expenditure from major companies [39][44] - Recommended stocks include Sanhua Intelligent Controls and Zhejiang Rongtai [39][44]

Core Points - In the first seven months of 2025, a total of 59 new companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 59.116 billion yuan [1] - Among these, the Sci-Tech Innovation Board saw 8 companies listed, collectively raising 8.117 billion yuan [1] - Seven companies opted for the first set of listing standards, which require a minimum expected market value of 1 billion yuan and specific profit and revenue criteria [1] Company Listings - Yitang Co., Ltd. (688729.SH) was listed on July 8, 2025, raising 2.49748 billion yuan with underwriting fees of 92.2118 million yuan, following the fourth listing standard [2] - Yingstone Innovation (688775.SH) was listed on June 11, 2025, raising 1.93807 billion yuan with underwriting fees of 158.3475 million yuan, adhering to the first listing standard [2] - Hanbang Technology (688755.SH) was listed on May 16, 2025, raising 500.94 million yuan with underwriting fees of 37.2891 million yuan, also following the first listing standard [2] - Other companies listed under the first standard include Shengke Nano (688757.SH), Haibosichuang (688411.SH), Xingfu Electronics (688545.SH), Sikan Technology (688583.SH), and Saifen Technology (688758.SH), with varying amounts raised and underwriting fees [2]

天眼查商业履历信息显示，北京海博思创科技股份有限公司，成立于2011年，位于北京市，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17773.0148万人民币，实缴资本 10221.8693万人民币。公司法定代表人为张剑辉。 通过天眼查大数据分析，北京海博思创科技股份有限公司共对外投资了34家企业，参与招投标项目308 次，知识产权方面有商标信息72条，专利信息368条，此外企业还拥有行政许可5个。 来源：金融界 金融界消息 截至2025年7月29日收盘，海博思创（688411）报收于88.6元，上涨0.66%，换手率3.52%， 成交量1.33万手，成交金额1.17亿元。 资金流向方面，今日主力资金净流入1191.36万元，占比成交额10.19%。其中，超大单净流入370.10万 元、占成交额3.17%，大单净流入821.26万元、占成交额7.03%，中单净流出流出1126.35万元、占成交 额9.64%，小单净流出65.01万元、占成交额0.56%。 海博思创最新一期业绩显示，截至2025一季报，公司营业总收入15.48亿元、同比增长14.86%，归属净 利润9385.72万元，同 ...

Summary of the Conference Call Company and Industry Overview - The conference call discusses Haibo Energy, focusing on the independent energy storage sector in China and its international expansion efforts, particularly in Europe and other regions [2][4][21]. Key Points and Arguments 1. **Domestic Energy Storage Market Growth**: The independent energy storage model has gained traction due to capacity pricing and discharge compensation policies, with expected new installations of 130 GWh, 160 GWh, and 210 GWh from 2025 to 2027 [2][4]. 2. **International Market Expansion**: Since 2021, the company has made significant strides in overseas markets, especially in Europe, accumulating substantial project achievements and large orders. Global new installations are projected to reach 127 GWh, 176 GWh, and 257 GWh from 2025 to 2027 [2][5][21]. 3. **Strategic Positioning**: The company focuses on independent energy storage, leveraging cost control for profitability. It aims to provide comprehensive energy services, expanding applications from grid-side to user-side and commercial sectors, akin to Tesla's Autobidder ecosystem [2][8][11]. 4. **Industry Growth Forecast**: The global energy storage industry is expected to recover high growth rates from 30% in 2025 to 40% in 2026-2027, driven by reduced impacts from U.S. tariffs and rapid demand growth in China, Europe, and other regions [2][8]. 5. **Revenue Composition**: The company derives over 50% of its revenue from grid-side independent energy storage. With a shift in investment focus towards local state-owned and private enterprises, the company anticipates a significant increase in shipments, projecting sales of nearly 12 GWh and revenue close to 10 billion yuan in 2024 [2][11][12]. Additional Important Insights 1. **Investment Value**: Analysts highlight the company's investment potential due to its "storage plus X" strategy, which extends to user applications and offers a full-service approach from project approval to operation and maintenance [3][6]. 2. **Market Misunderstandings**: Despite a first-quarter report that fell short of expectations, analysts believe this reflects market misconceptions rather than a decline in the company's fundamentals, which remain strong [9][23]. 3. **Cost Control Advantages**: The company maintains a competitive edge in pricing and cost control, with a historical gross margin of 16% to 20%, outperforming peers [12][26]. 4. **Policy Impact**: Recent policies, such as the 136 document, have reshaped the domestic energy storage market, enhancing the economic viability of independent storage models [4][19]. 5. **Future Demand Outlook**: The company is optimistic about future demand, particularly in the U.S. following the OBBB Act, and anticipates significant growth in Europe, India, Latin America, and Australia [28]. Conclusion Haibo Energy is positioned as a leading player in the energy storage sector, with robust growth prospects both domestically and internationally. The company's strategic initiatives and market positioning suggest a strong potential for future performance and profitability.

Core Insights - The Chinese energy storage industry is transitioning from "policy nurturing" to "market survival" following the issuance of Document No. 136, leading to a competitive landscape where companies with technology, cost, and brand advantages will thrive [1] - The "Energy Storage + X" concept proposed by Haibosi Chuang aims to provide comprehensive solutions across various scenarios, indicating a shift towards differentiated positioning and international expansion [4] Industry Overview - The domestic energy storage market has seen rapid growth, but competition is intensifying, particularly in price wars and project resource competition, prompting companies to explore international markets to mitigate reliance on a single market [2] - The global energy storage market has experienced rapid development since 2020, with leading companies like Haibosi Chuang establishing international partnerships and successfully delivering overseas projects [2] Company Performance - Haibosi Chuang's revenue for 2024 is projected to reach approximately 8.27 billion yuan, a year-on-year increase of 18.44%, with energy storage product revenue accounting for about 8.19 billion yuan [3] - The company has achieved a production capacity of 11,411 MWh for energy storage products in 2024, reflecting a year-on-year growth of 35.4% [3] Strategic Initiatives - Haibosi Chuang is accelerating its global expansion, aiming for a balanced business structure across domestic and international markets within 3-5 years [2] - The company has signed multiple cooperation agreements during the SNEC exhibition, exploring various applications of energy storage in sectors such as agriculture, data centers, and mining [5] - The "Energy Storage + X" strategy emphasizes customized services tailored to different industries, enhancing the overall value and economic viability of energy storage systems [5]

Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Insights - The report highlights the ongoing price increases in the photovoltaic industry chain, with significant price adjustments for silicon wafers and battery cells, indicating a recovery in market sentiment for solid-state batteries [9][15] - The report emphasizes the importance of monitoring price changes in the industry chain, as well as the progress of mergers and acquisitions in the silicon material sector [15][36] Summary by Sections Photovoltaic - The prices of silicon materials have risen to approximately 47-49 CNY/kg, with silicon wafer prices for 183N, 210RN, and 210N reaching 1.45, 1.65, and 1.93 CNY per piece respectively [21][24] - The report notes that the photovoltaic industry is experiencing a reduction in low-price competition, with a focus on orderly exit of backward production capacity [16][36] - Key recommendations include investing in companies benefiting from this trend, such as Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and Aiko Solar [36] Energy Storage - The introduction of capacity pricing for energy storage in Gansu province strengthens the logic for independent energy storage in China, with a capacity price set at 330 CNY/KW per year for the first two years [41][42] - The report indicates that the domestic energy storage market is expected to see continued growth, driven by favorable policies and increasing demand [39][50] - Recommended companies in this sector include Sungrow Power Supply and Deye Technology, with a focus on large-scale energy storage projects [36] Lithium Battery - The report notes a stable upward trend in the lithium battery sector, with a focus on companies with strong profitability and stable market positions, such as CATL and other quality second-tier companies [16][36] - The sentiment around solid-state batteries is improving, with significant advancements expected in materials and technology [16][39] Wind Power - The report highlights the acceleration of offshore wind projects in China, with expectations for increased profitability in the second half of the year as project deliveries ramp up [16][36] - Recommended companies include Mingyang Smart Energy and Zhongji Innolight, which are well-positioned to benefit from this trend [36] Power Equipment - The report emphasizes the importance of high-voltage direct current (HVDC) projects and the expected approval of new projects in the second half of the year [16][36] - Recommended companies in this sector include Sifang Co. and State Grid Information & Communication, which are expected to benefit from these developments [36] New Directions - The report discusses the potential of humanoid robots and advancements in solid-state battery technology, indicating a positive outlook for companies involved in these areas [16][36]

Core Viewpoint - The announcement details the upcoming listing and circulation of restricted shares from Beijing Haibo Sichuang Technology Co., Ltd., which will occur on July 28, 2025, following the expiration of a six-month lock-up period after the company's initial public offering [1][2]. Group 1: Listing Details - The total number of shares to be listed is 2,284,129, representing 1.27% of the company's total share capital [5][6]. - The original listing date was set for July 27, 2025, but was postponed to July 28, 2025, due to the original date being a non-trading day [1][5]. Group 2: Share Structure - After the initial public offering, the total share capital of the company is 177,730,148 shares, with 142,080,723 shares subject to restrictions, accounting for 79.94% of the total, and 35,649,425 shares being unrestricted, accounting for 20.06% [1][2]. - The restricted shares being listed are part of the offline placement from the initial public offering, which had a lock-up period of six months [2][3]. Group 3: Compliance and Commitments - All shareholders of the restricted shares have adhered to their commitments, ensuring that there are no issues affecting the listing of these shares [4]. - The underwriter, Zhongtai Securities Co., Ltd., confirmed that the listing of the restricted shares complies with relevant regulations and that the information disclosed is accurate and complete [4][5].

证券代码：688411 证券简称：海博思创 公告编号：2025-035 北京海博思创科技股份有限公司 根据中国证券监督管理委员会于 2024 年 12 月 19 日出具的《关于同意北京海 博思创科技股份有限公司首次公开发行股票注册的批复》(证监许可〔2024〕1869 号），北京海博思创科技股份有限公司（以下简称"公司"）首次公开发行人民 币普通股 44,432,537 股，并于 2025 年 1 月 27 日在上海证券交易所科创板上市。 公司首次公开发行股票完成后，总股本为 177,730,148 股，其中有限售条件流通 股 142,080,723 股，占公司总股本的 79.94%，无限售条件流通股 35,649,425 股， 占公司总股本的 20.06%。 本次上市流通的限售股为公司首次公开发行网下配售限售股，股份数量为 2,284,129 股，占公司总股本的比例为 1.27%。具体内容详见公司于 2025 年 1 月 22 日在上海证券交易所网站（www.sse.com.cn）披露的《北京海博思创科技股份 有限公司首次公开发行股票并在科创板上市发行结果公告》。上述股份锁定期为 自公司首次公开发行股票并上 ...

中泰证券股份有限公司 本次上市流通的限售股为公司首次公开发行网下配售限售股，股份数量为 2,284,129股，占公司总股本的比例为1.27%。具体内容详见公司于2025年1月22 日在上海证券交易所网站（www.sse.com.cn）披露的《北京海博思创科技股份有 限公司首次公开发行股票并在科创板上市发行结果公告》。上述股份锁定期为自 公司首次公开发行股票并上市之日起6个月，现锁定期即将届满，该部分限售股 将于2025年7月28日上市流通（原定上市流通日2025年7月27日为非交易日，故顺 延至2025年7月28日）。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 （一）公司首次公开发行股票完成后，总股本为177,730,148股，其中有限售 条件流通股142,080,723股，无限售条件流通股35,649,425股。 4 （二）2025年4月27日，公司召开第二届董事会第十四次会议和第二届监事 会第七次会议，审议通过了《关于公司2022年股票期权激励计划第一个行权期行 权条件成就的议案》。符合行权条件的84名激励对象实际行权数量为2,362,344 股，因行权所获股票自行权日起3年内不得减持。行权 ...

Investment Rating - The investment rating for the industry is "Positive" (maintained) [3] Core Views - The photovoltaic manufacturing industry is currently facing challenges due to unclear downstream demand expectations and excess upstream capacity. However, the implementation of Document No. 136 is expected to clarify demand expectations, leading to improvements in both supply and demand dynamics within the industry [4][20] - The energy storage sector is experiencing a significant increase in project bidding, with June 2025 seeing a record high of 62.8 GWh in public bidding capacity, a 228% increase compared to June 2024 [5][9] - The photovoltaic sector is anticipated to rebound due to the "anti-involution" plan aimed at reducing excess capacity and promoting sustainable development within the industry [17][18] Summary by Sections Energy Storage - The energy storage industry is in a transitional phase, with ongoing government support expected to maintain resilient demand for storage projects. Key companies to watch include Haibo Shichuang and Sungrow Power [14][17] - The regions with high renewable energy penetration, such as Inner Mongolia, Ningxia, Xinjiang, and Hebei, are showing positive attitudes towards supporting energy storage projects [14][15] Photovoltaics - The photovoltaic sector is experiencing rapid capacity growth, outpacing demand, leading to significant losses for companies. The "anti-involution" plan aims to address this by facilitating the exit of outdated capacity and stabilizing prices [17][18] - The price of polysilicon has seen a dramatic decline, dropping from 65 RMB/kg at the beginning of 2024 to 35 RMB/kg by July 2025, but there are signs of recovery [18][19] - Companies to focus on include Tongwei Co., GCL-Poly Energy, and Xinte Energy in the polysilicon segment, and new technology firms like BQ Materials and Aiko Solar in the photovoltaic technology space [4][20]