Core Insights - The photovoltaic equipment sector experienced a 0.55% increase on January 19, with Yichin Optoelectronics leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Stock Performance - Yichin Optoelectronics (600537) closed at 3.07, up 10.04%, with a trading volume of 2.8972 million shares and a transaction value of 828 million [1] - Maiwei Co., Ltd. (300751) closed at 257.60, up 8.24%, with a trading volume of 180,900 shares and a transaction value of 4.604 billion [1] - Foster (603806) closed at 15.32, up 7.36%, with a trading volume of 910,500 shares and a transaction value of 1.374 billion [1] - Other notable performers include Airo Energy (688717) up 6.98%, Shuangliang Energy (600481) up 6.76%, and Bansheng Technology (300051) up 6.22% [1] Capital Flow - The photovoltaic equipment sector saw a net inflow of 904 million from main funds, while retail investors experienced a net outflow of 573 million [2] - The main funds' net inflow for Sunshine Power (300274) was 598 million, while retail investors had a net outflow of 347 million [3] - Maiwei Co., Ltd. (300751) had a main fund net inflow of 425 million, but retail investors saw a net outflow of 414 million [3] - Foster (603806) recorded a main fund net inflow of 234 million, with retail investors experiencing a net outflow of 186 million [3]

Group 1 - The core viewpoint of the article highlights a significant rebound in the A-share energy storage sector on January 19, with several companies experiencing notable stock price increases [1] - Haibo Sichuang saw its stock price rise by over 10%, indicating strong market interest and investor confidence in the company [1] - Other companies in the sector, including Huazi Technology, Airo Energy, Atas, Jinlang Technology, and Sunshine Power, also experienced stock price increases, reflecting a broader positive trend in the energy storage market [1]

Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

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（515790）位居第九大流通股 东，持股1678.53万股，相比上期减少38.60万股。 阿特斯今年以来股价涨18.78%，近5个交易日涨10.55%，近20日涨19.50%，近60日涨47.09%。 责任编辑：小浪快报 资料显示，阿特斯阳光电力集团股份有限公司位于江苏省苏州高新区鹿山路199 ...

Core Viewpoint - The photovoltaic equipment sector experienced a slight increase of 0.38% on January 14, with Dike Co., Ltd. leading the gains, while the overall market showed mixed results with the Shanghai Composite Index down by 0.31% and the Shenzhen Component Index up by 0.56% [1] Group 1: Stock Performance - Dike Co., Ltd. (300842) closed at 80.65, up by 11.81% with a trading volume of 331,900 shares [1] - Mingguan New Materials (688560) closed at 66.81, up by 9.77% with a trading volume of 250,500 shares [1] - Banshengzhi (300051) closed at 8.65, up by 8.81% with a trading volume of 824,000 shares [1] - Laplace (688726) closed at 42.15, up by 6.95% with a trading volume of 182,200 shares [1] - Canadian Solar (688472) closed at 17.36, up by 5.47% with a trading volume of 1,992,500 shares [1] - Haiyou New Materials (688680) closed at 54.90, up by 5.27% with a trading volume of 72,600 shares [1] - Sunshine Power (300274) closed at 165.67, up by 3.23% with a trading volume of 811,800 shares [1] - Junda Co., Ltd. (002865) closed at 82.35, up by 2.82% with a trading volume of 486,700 shares [1] - Jinlang Technology (300763) closed at 76.20, up by 2.32% with a trading volume of 209,000 shares [1] - Goodwe (688390) closed at 72.54, up by 2.23% with a trading volume of 125,800 shares [1] Group 2: Capital Flow - The photovoltaic equipment sector saw a net outflow of 811 million yuan from institutional investors and a net outflow of 975 million yuan from retail investors, while individual investors contributed a net inflow of 1.786 billion yuan [2] - Sunshine Power (300274) had a net inflow of 794 million yuan from institutional investors, while it experienced a net outflow of 635 million yuan from retail investors [3] - Canadian Solar (688472) had a net inflow of 355 million yuan from institutional investors, with a net outflow of 180 million yuan from retail investors [3] - Goodwe (688390) had a net inflow of 104 million yuan from institutional investors, while retail investors saw a net outflow of 57 million yuan [3]

Group 1 - The core focus of the article is on the performance and investment strategies of public funds, particularly highlighting the leading positions of Huafu Fund's products in the market [1][9] - As of January 13, 2026, Huafu Technology Momentum A fund has a total scale of 4.601 billion yuan, while Huafu New Energy A fund has a scale of 4.162 billion yuan [1][9] - Huafu Technology Momentum A fund achieved a return of 102.90% over the past year, significantly outperforming benchmarks and market averages [1][9] Group 2 - The stock allocation of Huafu Technology Momentum A fund at the end of the fourth quarter was 87.34%, continuing its investment focus on humanoid robots [3][10] - Major changes in the top holdings include Zhejiang Rongtai rising to the first position and New Spring Co. moving to the second position, while previous top holdings have exited the top ten [5][10] - The fund's top ten holdings now include companies focused on core components for robotics, enhancing the fund's exposure to the robotics sector [5][11] Group 3 - The fund manager referenced the Ministry of Industry and Information Technology's guidance on humanoid robots, indicating their potential as a disruptive product following computers and electric vehicles [5][13] - Tesla's projections for humanoid robots suggest a future ratio of robots to humans exceeding 1:1, with significant production plans announced for 2024 and 2026 [6][13] - The fund manager cautioned about the uncertainties in the humanoid robot industry, emphasizing the need for investors to manage their risk exposure [14] Group 4 - Huafu New Energy A fund had a stock allocation of 93.3% at the end of the fourth quarter, with its top holdings including Yangguang Power, Ningde Times, and Artas [14][15] - A notable shift in holdings was observed, with Ningde Times' allocation decreasing from 9.03% to 6.18%, while Yangguang Power increased from 5.25% to 8.96% [15] - The fund manager analyzed the macroeconomic environment, indicating a long-term positive outlook for China's economic development and adjustments in the fund's allocations towards lithium battery materials and photovoltaic sectors [15][16]

Core Viewpoint - The recent development of flexible silicon-perovskite tandem solar cells by a team from Suzhou University addresses key challenges in efficiency and stability, providing power support for long-term operations of spacecraft and space data centers [1] Group 1: Technological Advancements - The new solar cell technology achieves an efficiency of 33.6% along with excellent bending and light stability, validating the suitability of perovskite tandem cells for space photovoltaic applications [1] - The research findings were published in the prestigious journal "Nature," highlighting the significance of this breakthrough in the solar energy sector [1] Group 2: Market Performance - The photovoltaic ETF Huaxia (515370) rose by 1.74%, with notable increases in holdings such as Jidian Co. (over 9%), GCL-Poly (over 5%), and Aters (over 4%) [1] - The Huaxia photovoltaic ETF and its connected funds (012885/012886) track the CSI Photovoltaic Industry Index, which encompasses upstream, midstream, and downstream companies in the photovoltaic industry, reflecting the overall performance of the sector [1] - The index has a photovoltaic content of 83.64%, ranking first in the entire market dimension [1]

Core Viewpoint - The company, Arctech Solar Power Group Co., Ltd., has announced adjustments to its commodity futures and derivatives, as well as foreign exchange hedging business, to effectively mitigate the impact of raw material price fluctuations on its operations and ensure timely product delivery and cost control [1][17]. Group 1: Announcement Details - The company has set a maximum contract value of $2 billion for any trading day related to commodity and foreign exchange hedging, with a total expected margin and premium cap of 935 million RMB and 763 million USD [2]. - The board of directors approved the adjustment to include commodity futures and derivatives, such as polysilicon, lithium carbonate, copper, aluminum, tin, and silver, which will share the same limit as foreign exchange hedging [3][11]. Group 2: Trading Objectives and Amounts - The trading objective is to reduce the impact of raw material price volatility on production and ensure project profitability, utilizing futures market hedging capabilities [5]. - The adjusted maximum contract value for commodity futures and derivatives is set at 2 billion RMB per day, with a margin and premium cap of 700 million RMB [6]. Group 3: Funding Sources and Trading Methods - Funding for the commodity futures and derivatives hedging will come from the company's own funds and customer payments for hedging, while foreign exchange hedging will utilize self-funds or bank credit [7]. - The trading methods will include futures, options, and derivatives, focusing on raw materials relevant to production, with foreign exchange hedging limited to currencies used in operations [8]. Group 4: Trading Duration - The foreign exchange hedging business will be valid for 12 months from the approval date of the 2024 annual shareholders' meeting, while the commodity futures and derivatives hedging will be valid for 12 months from the board's approval date [10]. Group 5: Risk Management and Control Measures - The company will adhere to legal, prudent, and effective principles in its hedging operations, avoiding speculative trading [4]. - Risk control measures include matching hedging activities with production needs, managing liquidity risks, and ensuring compliance with internal control systems [14][15]. Group 6: Impact on Company Operations - Engaging in futures and derivatives hedging will help stabilize profit levels and enhance the company's risk defense capabilities, without affecting normal operations [16]. - The company will follow relevant accounting standards for the hedging activities to ensure proper financial reporting [16]. Group 7: Intermediary Opinions - The sponsoring institution supports the adjustments made by the company, stating that they are necessary for managing raw material price volatility and ensuring operational efficiency [17].

中国国际金融股份有限公司 关于阿特斯阳光电力集团股份有限公司 调整商品期货及衍生品、外汇套期保值业务相关事项的核 查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为阿特斯阳光电力 集团股份有限公司（以下简称"阿特斯"或"公司"）首次公开发行股票并在科 创板上市及持续督导保荐机构履行持续督导职责，根据《证券发行上市保荐业务 管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上 市公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性文件的要 求，对阿特斯调整商品期货及衍生品、外汇套期保值业务相关事项进行了专项核 查，并出具核查意见如下： 一、交易情况概述 （一）交易目的 因公司储能业务合同从签署到交付的时间范围在 6-15 个月之间，且合同均 在期初确定价格，为有效降低原材料（包括但不限于多晶硅、碳酸锂、铜、铝、 锡、白银等商品品种）价格波动对公司生产经营的影响，确保产品按时交付、控 制产品成本、确保项目的销售利润，公司拟充分利用期货市场的套期保值功能， 在 2024 年年度股东大会授权范围内，增加开展原材料商品期货及衍生品套期保 值，与外汇套期保值共用额度。 （二）调整后的 ...

证券代码：688472 证券简称：阿特斯 公告编号：2026-001 阿特斯阳光电力集团股份有限公司 关于调整商品期货及衍生品、外汇套期保值业务相关 事项的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 交易目的 | □获取投资收益 套期保值（合约类别：商品；外汇；□其他：________） | | | | | --- | --- | --- | --- | --- | | | □其他：________ | | | | | 交易期限 | 自 2024 年年度股东大会审议通过之日起 | | 12 | 个月内 | | 期货期权业 | 包括但不限于多晶硅、碳酸锂、铜、铝、锡、白银等商品品 | | | | | 务交易品种 | 种 | | | | | 交易金额 | 预计动用的交易保证金和权利金 上限（单位：亿元） | | | CNY7.00 | | | 预计任一交易日持有的最高合约 | | | CNY20.00 | | | 价值（单位：亿元） | | | | | 资金来源 | 自有资金 | □借贷资金 ...