Market Overview - As of 10:29 AM today, the Shanghai Composite Index is at 4006.65 points, slightly below the five-day moving average with a change of -0.30% [1] - The total trading volume of A-shares today is 915.99 billion [1] Stock Performance - A total of 527 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates including: - Delong Holdings (德龙汇能) at 8.11% - Victory Shares (胜利股份) at 7.83% - Agricultural Products (农产品) at 7.65% [1] - Other stocks with smaller deviation rates that have just crossed the five-day moving average include: - Koyuan Wisdom (科远智慧) - Hongyuan Electronics (鸿远电子) - Hitec High-tech (海特高新) [1] Notable Stocks with Deviation Rates - The following stocks have the highest deviation rates from their five-day moving averages: - Delong Holdings (德龙汇能): 8.11% deviation, latest price 10.96 yuan, five-day moving average 10.14 yuan [1] - Victory Shares (胜利股份): 7.83% deviation, latest price 4.16 yuan, five-day moving average 3.86 yuan [1] - Agricultural Products (农产品): 7.65% deviation, latest price 9.23 yuan, five-day moving average 8.57 yuan [1] - Additional stocks with notable performance include: - Guodian Network (广电网络): 7.42% deviation - Wanlima (万里马): 6.96% deviation [1]

Core Viewpoint - The A-share market for power equipment stocks has seen a collective surge, driven by new government guidelines aimed at promoting renewable energy consumption and regulation, with significant price increases observed in various companies [1] Group 1: Market Performance - Zhonglai Co., Ltd. reached a 20% limit up, while Haibo Technology surged over 11% [1] - Other notable performers include Tuori New Energy, GCL-Poly Energy, and Jincheng Co., Ltd., all hitting the 10% limit up [1] - Yunnan Energy Investment, Yijing Optoelectronics, and Kuaike Electronics saw increases of over 6% [1] Group 2: Government Guidelines - The National Development and Reform Commission and the National Energy Administration released guidelines to enhance renewable energy consumption and regulation [1] - By 2030, a multi-level renewable energy consumption regulation system is expected to be established, ensuring smooth grid connection and efficient operation of renewable energy [1] - The guidelines aim to meet an annual demand for 200 million kilowatts of new renewable energy consumption, supporting carbon peak goals [1] - By 2035, a new power system compatible with high proportions of renewable energy is anticipated to be in place [1]

Group 1 - The smart grid concept saw significant gains on November 11, with stocks like Juhua Technology hitting a 20% limit up and others like Haibo Sichuang and Moen Electric also experiencing substantial increases [1] - The National Development and Reform Commission and the National Energy Administration released guidelines on November 10 to promote the consumption and regulation of renewable energy, aiming to establish a multi-level renewable energy consumption regulation system by 2030 [1] - The guidelines emphasize the need to meet an annual demand for the rational consumption of over 200 million kilowatts of new energy, contributing to carbon peak goals, and to build a new power system compatible with high proportions of renewable energy by 2035 [1] Group 2 - According to China International Capital Corporation, the national grid engineering investment reached 379.6 billion yuan from January to August 2025, marking a 14% year-on-year increase [2] - Future domestic grid investments are primarily driven by the integration of renewable energy, with significant investment opportunities remaining in supporting ultra-high voltage transmission channels and distribution networks [2] - The electrical equipment sector is expected to maintain long-term investment value, with a projected compound annual growth rate (CAGR) of around 7% for national grid engineering investments from 2026 to 2027 [2]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The wind power sector is witnessing increased overseas expansion by leading turbine manufacturers, enhancing their profitability and market share [5][10] - Leading photovoltaic (PV) component companies are accelerating their energy storage business layouts, indicating a shift towards integrated solar-storage solutions [5][6] - The energy storage and hydrogen sectors are experiencing positive trends in bidding volumes and prices, suggesting a healthy market environment [6] Summary by Sections Wind Power - Recent actions by top wind turbine companies include signing agreements for significant projects in Saudi Arabia (3GW), the Philippines (2GW), and Costa Rica, indicating a clear trend towards international market expansion [5][10] - The wind power index increased by 2.29% in the week of November 3-7, outperforming the CSI 300 index by 1.47 percentage points, with a current PE_TTM valuation of approximately 26.96 times [4][11] Photovoltaics - Major PV component firms are focusing on energy storage, with partnerships aimed at supplying large-scale battery systems and integrated solar-storage solutions [5][6] - The current market conditions for the PV sector remain challenging, with leading companies reporting losses in the first three quarters of 2025, while the energy storage sector shows better profitability [5][6] Energy Storage & Hydrogen - In October 2025, the domestic energy storage bidding volume reached 29.4GWh, a year-on-year increase of 116%, indicating strong market demand [6] - The average price for 2-hour energy storage systems is reported at 0.628 CNY/Wh, reflecting a slight decrease from the previous month, while the 4-hour systems saw a price increase [6] - The report suggests that the independent energy storage market is maturing, with potential for reasonable returns as policies and market structures evolve [6] Investment Recommendations - For wind power, focus on companies like Goldwind Technology, Mingyang Smart Energy, and Yunda Co., which are expanding their overseas markets [6] - In photovoltaics, attention is drawn to companies like LONGi Green Energy and Aiko Solar, despite short-term supply-demand challenges [6] - In energy storage, recommend companies like Sungrow Power Supply and Haibo Technology, which are well-positioned in both domestic and international markets [6]

Core Insights - The global energy storage market is experiencing explosive growth, driven by increasing demand as energy storage becomes essential for stabilizing and regulating power systems [3][4][5] - Major companies in the energy storage sector are reporting significant revenue increases, with forecasts predicting a nearly 50% growth in the global energy storage market by 2026 [3][10] Industry Overview - Energy storage is recognized as a core value in the power system, with its role as a "stabilizer" and "regulator" becoming increasingly important [3] - The synergy between renewable energy and energy storage is leading to a "spiral upward" development logic, where increased storage capacity supports further renewable energy growth [3][10] Company Performance - Haibo Sichuang reported a remarkable third-quarter performance in 2025, with revenue of 3.39 billion yuan, a year-on-year increase of 124.42%, and a net profit of 307 million yuan, up 872.24% [4] - Sungrow Power achieved a revenue of 66.4 billion yuan in the first three quarters of 2025, a 33% increase year-on-year, with a net profit of 11.88 billion yuan, up 56% [5] - EVE Energy reported a revenue of 45 billion yuan, a 32.17% increase, with net profit reaching 2.816 billion yuan [5] Market Demand - The demand for energy storage is expected to continue growing, with significant orders reported from overseas markets, particularly in Europe, Australia, and the Middle East [7][10] - The energy storage battery and system integration sectors are seeing a surge in orders, with Chinese companies securing 308 overseas energy storage orders totaling 214.7 GWh in the first nine months of the year, a 131.75% increase year-on-year [7] Future Projections - Analysts predict that the energy storage market will maintain a high growth trajectory into 2026, with a shift in demand structure towards longer-duration storage solutions [9][10] - The market is expected to see a significant increase in demand for AIDC (AI Data Center) energy storage systems, with a transition from "demand explosion" to "scale deployment" anticipated [9] Competitive Landscape - Companies in the solar energy sector, such as Trina Solar and JinkoSolar, are increasingly focusing on energy storage as a new growth point to enhance profitability amid pressures in the solar market [10][11] - Trina Solar has set a target of 8 GWh for energy storage shipments in 2025, with plans to double this figure in 2026 [11][12]

证券之星消息，11月7日其他电源设备板块较上一交易日下跌0.87%，海博思创领跌。当日上证指数报收 于3997.56，下跌0.25%。深证成指报收于13404.06，下跌0.36%。其他电源设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002255 | ■體題 | 14.38 | 10.02% | 163.33万 | | 23.07亿 | | 002518 | 科士达 | 53.60 | 9.99% | 29.22万 | | 15.13亿 | | 002851 | 麦格米特 | 86.12 | 2.33% | 46.82万 | | 40.06 Z | | 688719 | 爱科赛博 | 39.87 | 1.01% | 1.82万 | | 7179.01万 | | 002227 | 奥特迅 | 13.69 | 0.51% | 5.96万 | | 8141.26万 | | 688551 | 科威尔 | 40.71 | 0.39% | 1.81万 | | 7 ...

Group 1 - The electric equipment sector is currently experiencing significant investor interest, with electric grid equipment ETFs rising over 80% from their lows this year, indicating a bullish trend in the market [1] - The surge in electric equipment is driven by both domestic and international catalysts, particularly the demand for energy storage driven by data centers and the electricity shortages caused by the rapid development of AI in the United States [1][2] - The U.S. electric demand surge is expected to trigger a large-scale renewal of grid equipment, aligning with the recent "14th Five-Year Plan" which emphasizes the construction of a new energy system and the development of new energy storage [2] Group 2 - Haibo Shichuang, a leading independent energy storage provider, is poised to benefit from the high growth in the new energy storage industry, with its stock price increasing by 340% year-to-date, reflecting the recovery in the energy storage sector [2] - The high growth in the energy storage industry will drive demand for distribution equipment, with Beijing Keri, a well-established company in the distribution and control equipment sector, expected to see significant growth in performance and valuation due to its strategic partnership with Haibo Shichuang [2] - Beijing Keri is highlighted as an attractive investment opportunity as its stock price has not yet fully reflected its potential, especially in light of its deep collaboration with Haibo Shichuang [4]

Core Viewpoint - Beijing Haibo Sichuang Technology Co., Ltd. has signed a tripartite framework cooperation agreement with the Jinchang Municipal Government and Huawei Technologies Co., Ltd. to promote the development of an integrated energy storage industrial ecosystem in Jinchang City, aiming to establish it as an important demonstration base for the new energy storage industry in the Northwest region [1] Group 1 - The tripartite agreement involves collaboration between Haibo Sichuang, the Jinchang Municipal Government, and Huawei [1] - The focus of the cooperation is on developing an integrated energy storage industrial ecosystem [1] - The initiative aims to position Jinchang City as a key demonstration base for new energy storage in the Northwest [1]

Core Viewpoint - Haibo Sichuang's stock price increased by 5.79% to 289.50 CNY per share, with a total market capitalization of 52.137 billion CNY, indicating strong investor interest and market performance [1] Company Overview - Beijing Haibo Sichuang Technology Co., Ltd. was established on November 4, 2011, and is located in Haidian District, Beijing [1] - The company specializes in the research, development, production, and sales of electrochemical energy storage systems, providing a full range of energy storage system products and one-stop overall solutions for various industry clients [1] - The revenue composition of the company is as follows: 99.77% from energy storage systems, 0.10% from new energy vehicle leasing, 0.07% from other services, and 0.06% from technical services [1] Fund Holdings - Morgan Fund has a significant holding in Haibo Sichuang, with the Morgan Antong Return Mixed A Fund (004361) holding 1,000 shares, representing 0.82% of the fund's net value, making it the ninth largest holding [2] - The fund has generated a floating profit of approximately 15,900 CNY today [2] Fund Performance - The Morgan Antong Return Mixed A Fund was established on April 26, 2017, with a current scale of 13.8675 million CNY [2] - Year-to-date performance is 11.76%, ranking 5,476 out of 8,150 in its category, while the one-year return is 10.13%, ranking 5,515 out of 8,043 [2] - Since its inception, the fund has achieved a return of 53.95% [2]

Core Points - Jinchang City signed a cooperation framework agreement with Beijing Haibo Sichuang Technology Co., Ltd. and Huawei Technologies Co., Ltd. to develop an integrated industrial ecosystem for energy storage equipment manufacturing, energy storage station construction, and energy smart management [2][4] - The collaboration aims to establish Jinchang as an important demonstration base for the new energy storage industry in Northwest China, aligning with national "dual carbon" strategic goals [4] Group 1 - The signing ceremony was attended by key officials from Jinchang City and representatives from Haibo Sichuang and Huawei, indicating strong governmental and corporate support for the initiative [3][4] - Jinchang City is focusing on high-quality development and modernizing its industrial system, leveraging its resource endowment and industrial foundation [4] - Haibo Sichuang plans to utilize its full industry chain advantages in energy storage to develop independent energy storage station projects in Jinchang, in collaboration with Huawei's technology and solutions [4][5] Group 2 - Huawei will provide advanced technical solutions and coordinate resources to support the collaboration, focusing on clean power generation, green ICT infrastructure, and energy storage [5]