阿特斯公告，预计2025年年度实现归属于母公司所有者的净利润为人民币9亿元到11亿元，与2024年同 期相比，将减少13.47亿元到11.47亿元，同比减少60%到51%。预计2025年年度实现归属于母公司所有 者的扣除非经常性损益的净利润为人民币9亿元到11亿元，与2024年同期相比，将减少13.26亿元到11.26 亿元，同比减少60%到51%。 ...

截至9月30日，阿特斯股东户数4.88万，较上期增加1.55%；人均流通股28536股，较上期减少1.53%。 2025年1月-9月，阿特斯实现营业收入312.70亿元，同比减少8.51%；归母净利润9.89亿元，同比减少 49.41%。 分红方面，阿特斯A股上市后累计派现7.72亿元。 机构持仓方面，截止2025年9月30日，阿特斯十大流通股东中，易方达上证科创板50ETF（588080）位 居第二大流通股东，持股5331.63万股，相比上期减少813.31万股。华夏上证科创板50成份ETF （588000）位居第三大流通股东，持股5196.13万股，相比上期减少2917.42万股。香港中央结算有限公 司位居第四大流通股东，持股4539.79万股，相比上期增加448.41万股。华泰柏瑞沪深300ETF （510300）位居第五大流通股东，持股2494.74万股，相比上期减少145.17万股。广发高端制造股票A （004997）位居第六大流通股东，持股2063.17万股，为新进股东。易方达沪深300ETF（510310）位居 第八大流通股东，持股1815.84万股，相比上期减少58.90万股。光伏ETF（51 ...

内容概要：光伏储能即光伏储能系统，是一种将光伏发电与储能技术相结合的一种能源解决方案。目 前，光伏储能行业正处于快速增长阶段。光伏储能系统核心硬件（电池、PCS、BMS等）的供给已具备 大规模量产基础，技术成熟度较高的常规储能产品供给充足，可适配多数电源侧、用户侧光伏配储项目 的基础需求。光伏储能系统集成端的供给能力已从单一标准化配置，转向多场景定制化供给。受国内光 伏配置储能项目年度装机数量以及系统价格变动的影响，近年来我国光伏储能系统市场规模呈现出较大 的波动性，截至2024年底，中国已投运光伏配置储能项目累计装机规模达到15.55GW/36.60GWh，光伏 配置储能项目新增装机容量为7.31GW/18.42GWh，光伏储能市场规模为115.68亿元，行业产值为122.22 亿元。未来十年，光伏储能行业将成为新能源革命的核心赛道，市场规模有望迎来爆发式增长。 上市企业：阿特斯[688472]、晶科能源[JKS]、隆基绿能[601012]、通威股份[600438]、阳光电源[300274] 相关企业：宁德时代、比亚迪、阳光电源、派能科技、德业股份、海博思创、科华数据、江苏海四达电 源、湖南科力远、盛虹集团 ...

CSI Solar: solid ESS shipments growth in 2026E, fueled by non-US markets CSI Solar (688472 CH, Not rated) expects robust growth of its energy storage system (ESS) business for 2026E, with global shipments projected at 14-17 GWh, driven primarily by incremental demand in non-US markets, where the company maintains a strong presence through diversified project pipelines and partnerships. The current backlog stands at approximately USD3bn, characterized by high-quality orders concentrated in overseas high-marg ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power and new energy sectors, including Ningde Times, Mingyang Electric, and Sunshine Power [6]. Core Insights - The focus on affordability in the U.S. AI power sector is expected to influence the mid-term elections in 2026, with significant price increases in wholesale electricity driven by rising gas prices and capacity costs [2][15]. - The report highlights the potential for a significant increase in capacity prices due to the growing demand from data centers, which are projected to account for 95% of the incremental capacity [2][23]. - The "Energy as a Service" (EAAS) model is identified as a viable solution for data centers to achieve rapid power access while internalizing costs, with an estimated annual installation demand of 29-45 GW from 2026 to 2030 [4][31]. Summary by Sections Section 1: Price Increases and Capacity Demand - The PJM wholesale electricity price increased by 43.7% year-on-year, with gas prices contributing 66% and capacity price increases contributing 30% [2][15]. - The report estimates that capacity prices could rise by 100% to 300% from current levels due to the demand from data centers [2][15]. Section 2: Energy as a Service (EAAS) Model - The EAAS model is projected to maintain a demand of 29-45 GW per year from 2026 to 2030, with small gas turbines being economically advantageous [4][31]. - This model allows data centers to meet their urgent power needs while minimizing the impact on overall electricity costs [4][31]. Section 3: Electric Grid and Regulatory Changes - The report emphasizes the need for accelerated approval processes for electric grid and power sources to reduce electricity costs through economies of scale [3][31]. - Recent regulatory changes, including FERC's proposals, aim to streamline the approval process for large loads and enhance the capacity of the electric grid [31][40]. Section 4: Recommendations for Key Companies - The report recommends several companies for investment, including Ningde Times, Mingyang Electric, and Sunshine Power, all rated as "Buy" [9]. - Other recommended companies include Guodian NARI, Dongfang Electric, and Harbin Electric, which are positioned to benefit from the rising demand for electric power equipment [9]. Section 5: Market Dynamics and Future Outlook - The report anticipates a recovery in household solar storage demand driven by rising electricity prices, with potential for significant market growth [5][10]. - The overall electric power market is expected to experience a structural shift due to the increasing load from data centers, necessitating a reevaluation of investment strategies in the sector [31][35].

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

（编辑 丛可心） 证券日报网讯 1月23日，阿特斯在互动平台回答投资者提问时表示，目前公司位于盐城大丰的两家工厂 盐城大丰阿特斯阳光电力科技有限公司、盐城市大丰阿特斯储能科技有限公司，已获颁TÜV南德"零碳 工厂"，其他工厂的零碳升级和认证规划也在推进中。 ...

（文章来源：证券日报） 证券日报网讯 1月23日，阿特斯在互动平台回答投资者提问时表示，目前公司位于盐城大丰的两家工厂 盐城大丰阿特斯阳光电力科技有限公司、盐城市大丰阿特斯储能科技有限公司，已获颁TV南德"零碳工 厂"，其他工厂的零碳升级和认证规划也在推进中。 ...

证券日报网讯1月23日，阿特斯在互动平台回答投资者提问时表示，美国电力紧缺源于AI算力中心与制 造回流带动电力需求增长，叠加电网老化、并网周期长等供给约束。公司于2025年12月1日披露了《关 于美国市场业务调整暨关联交易的公告》，公司将会保持美国市场业务的长期参与，在符合当地法律法 规的前提下，持续通过分红等方式分享美国市场经营成果。 ...

证券日报网讯1月23日，阿特斯在互动平台回答投资者提问时表示，目前公司位于盐城大丰的两家工厂 盐城大丰阿特斯阳光电力科技有限公司、盐城市大丰阿特斯储能科技有限公司，已获颁T V南德"零碳 工厂"，其他工厂的零碳升级和认证规划也在推进中。 ...