Investment Rating - The report maintains a "Synchronize with the market - A" rating for the solar energy industry [2]. Core Viewpoints - In the first two months of 2025, the domestic photovoltaic (PV) installed capacity reached approximately 39.47 GW, representing a year-on-year growth of 7.5%, although it saw a month-on-month decline of 44.2% compared to December 2024 [12][2]. - The export value of PV components in January and February 2025 was 164.6 billion and 119.6 billion respectively, showing a year-on-year decline of 31.6% for the cumulative export value [15][3]. - The solar power generation in the first two months of 2025 increased by 27.4% year-on-year, accounting for 4.85% of the total national power generation [37][5]. Summary by Sections 1. Installed Capacity - The domestic PV installed capacity for January and February 2025 was approximately 39.47 GW, with a year-on-year increase of 7.5% and a month-on-month decrease of 44.2% [12][2]. 2. Exports - The export value of PV components in January and February 2025 was 164.6 billion and 119.6 billion respectively, with year-on-year declines of 24.1% and 39.8% [15][3]. - The cumulative export value for the first two months was 284.2 billion, reflecting a year-on-year decrease of 31.6% [15][3]. 3. Inverter Exports - In January and February 2025, the inverter export value was 44.1 billion and 32.6 billion respectively, with year-on-year increases of 9.7% and 2.5% [26][4]. - The cumulative export value for inverters in the first two months was 76.7 billion, showing a year-on-year growth of 6.5% [26][4]. 4. Solar Power Generation - The solar power generation in the first two months of 2025 was 724.1 billion kWh, marking a year-on-year increase of 27.4% [37][5]. - This generation accounted for 4.85% of the total national power generation, which was 14,921 billion kWh, reflecting a year-on-year decrease of 1.3% [37][5]. 5. Investment Recommendations - Key recommendations include focusing on new technology directions with companies like Aiko Solar and Longi Green Energy, supply-side improvements with companies like Flat Glass Group, and overseas expansion with companies such as Hengdian Group and Sungrow Power Supply [41][5].

Group 1 - The core viewpoint of the news is that Hengdian East Magnetic (002056.SZ) has reported a decrease in the proportion of shares held by the top ten institutional investors, indicating a potential shift in investor sentiment [1] - As of March 26, 2025, a total of 17 institutional investors hold 966 million shares of Hengdian East Magnetic, accounting for 59.36% of the total share capital [1] - The top ten institutional investors collectively hold 58.67% of the shares, which is a decrease of 1.53 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three public funds have reduced their holdings compared to the previous quarter, with a total reduction rate of 0.66% [2] - Two new public funds have disclosed their holdings this period, including E Fund Environmental Theme Mixed A and Zhongtai CSI 500 Index Enhanced A [2] - One foreign fund, Hong Kong Central Clearing Limited, has also reduced its holdings by 0.32% compared to the previous quarter [2]

Company and Industry Summary Company: 横店东磁 (Yongdian Dongci) Key Points on Company Performance and Strategy - **Photovoltaic Business Growth**: 横店东磁 has invested 260 million yuan in a 100 MW solar monocrystalline silicon wafer project since 2009, with photovoltaic business revenue accounting for 53% of total revenue by 2020. In 2023, the company achieved a unit profit of 0.31 yuan per watt, outperforming the industry average, indicating a strong position in the photovoltaic sector [3][4][5]. - **European Market Contribution**: The European market represents approximately 40% of 横店东磁's overall business. Despite a slowdown in growth in 2024, steady growth is expected in 2025 due to the rollout of centralized projects and reduced domestic supply, which will support price recovery [4][5]. - **U.S. Market Expansion**: Starting from Q4 2024, the U.S. market has become a new growth point, with expected shipments exceeding 3.5 to 4 GW in 2025. The unit profit for battery cells is anticipated to rise due to the impact of anti-dumping policies [4][6][7]. - **Domestic Market Development**: The company has significantly increased its domestic shipment volume, achieving nearly tenfold growth while maintaining profitability. It has also expanded into power station projects to further secure profits [4][8]. - **Technological Innovation in Photovoltaics**: 横店东磁 aims to enhance component efficiency, targeting a power output increase to around 650 watts in 2025. This includes various technological upgrades to improve product competitiveness [4][9]. - **Lithium Battery Business Growth**: Since 2015, the company has developed its lithium battery business, achieving a 56% year-on-year increase in shipments in 2024. The gross profit margin improved to 12.7%, marking a turnaround from previous losses [4][10][11]. - **Strategic Focus on Solid-State Batteries**: In 2025, the company plans to push for the introduction of solid-state battery technology to enhance the sustainability of its new energy materials [10][11]. - **Magnetic Materials and Devices**: The magnetic materials segment remains a stable revenue source, with the company maintaining a leading position in the market. Recent acquisitions have bolstered its capabilities in emerging applications [4][12][13][14]. Future Outlook - **Long-Term Growth Potential**: 横店东磁's strategic foresight and early investments in various sectors position it well for future growth. The company is expected to benefit from increasing demand in the new energy vehicle and AI sectors, alongside contributions from the photovoltaic market [4][15]. - **Resilience Amid Industry Fluctuations**: Despite potential industry volatility, 横店东磁 has demonstrated resilience and achieved growth, making it a company worth considering for long-term investment [4][15].

Core Viewpoint - The company has announced the voluntary lock-up commitment of shares from the first unlocking period of its third employee stock ownership plan, reflecting confidence in its future development and long-term investment value [1][2]. Group 1: Commitment Details - The company’s third employee stock ownership plan has achieved the unlocking conditions for the first unlocking period, allowing for the release of 3,852,000 shares, which represents 30% of the initially granted shares and 0.24% of the total share capital [1]. - The holders of the third employee stock ownership plan have voluntarily committed to extend the lock-up period for the unlocked shares for an additional year, from March 20, 2025, to March 19, 2026 [2]. Group 2: Other Matters - The company’s board of directors will ensure that the commitment is strictly adhered to and will fulfill relevant information disclosure obligations in accordance with applicable laws and regulations [2].

横店东磁: 关于第三期员工持股计划第一个解锁期 解锁条件成就的公告 证券代码：002056 证券简称：横店东磁 公告编号：2025-028 横店集团东磁股份有限公司关于 第三期员工持股计划第一个解锁期解锁条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 横店集团东磁股份有限公司（以下简称"公司"）于 2025 年 3 月 25 日召 开第九届董事会第二十次会议，审议通过了《公司关于第三期员工持股计划第一 个解锁期解锁条件成就的议案》。鉴于公司第三期员工持股计划第一个解锁期解 锁条件已经成就，根据中国证监会《关于上市公司实施员工持股计划试点的指导 意见》以及《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运作》等相关规定，现将有关事项公告如下： 一、本员工持股计划批准及实施情况 《关于提请股东大会授权董事会办理第三期员工持股计划相关事宜的 议案》等相关议案。 司出具的《证券过户登记确认书》，公司回购专用证券账户持有公司股票的 —第三期员工持股计划"证券账户。 会第十次会议，审议通过了《公司关于调整第三期员工持股计划预留份额的议 ...

横店东磁: 第九届董事会第二十次会议决议公告 证券代码：002056 证券简称：横店东磁 公告编号：2025-027 司章程》和《公司董事会议事规则》的规定。 二、董事会会议审议情况 横店集团东磁股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 横店集团东磁股份有限公司（以下简称"公司"）第九届董事会第二十次会议于 二〇二五年三月二十日以书面或电子邮件形式通知全体董事，于二〇二五年三月二 十五日上午以通讯表决方式召开。本次会议应出席董事（含独立董事）7 人，实际 出席董事 7 人，公司监事及高级管理人员列席了本次会议。 本次会议出席人数、召开程序、议事内容均符合《中华人民共和国公司法》 《公 《公司关于第三期员工持股计划第一个锁定期解锁条件成就的公告》（公告编 号：2025-029），详见公司指定信息披露网站 http://cninfo.com.cn，同时刊登在 2025 年 3 月 22 日的《证券时报》上。 横店集团东磁股份有限公司董事会 二〇二五年三月二十六日 会议由公司董事长任海亮主持，与会董事经过认真讨论，审议并通 ...

第三期员工持股计划第一个解锁期解锁条件成就的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 横店集团东磁股份有限公司（以下简称"公司"）于 2025 年 3 月 25 日召 开第九届董事会第二十次会议，审议通过了《公司关于第三期员工持股计划第一 个解锁期解锁条件成就的议案》。鉴于公司第三期员工持股计划第一个解锁期解 锁条件已经成就，根据中国证监会《关于上市公司实施员工持股计划试点的指导 意见》以及《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规 范运作》等相关规定，现将有关事项公告如下： 一、本员工持股计划批准及实施情况 1、2023 年 10 月 19 日，公司召开第九届董事会第五次会议和第九届监事会 第五次会议，并于 2023 年 11 月 7 日召开 2023 年第二次临时股东大会，审议通 过了《公司第三期员工持股计划（草案）》及其摘要、《公司第三期员工持股计划 管理办法》《关于提请股东大会授权董事会办理第三期员工持股计划相关事宜的 议案》等相关议案。 2、2024 年 3 月 19 日，公司收到中国证券登记结算有限责任公司深圳分公 ...

横店集团东磁股份有限公司 关于第三期员工持股计划第一期锁定期届满后 一、承诺的基本情况 履行自愿锁定股份承诺的公告 证券代码：002056 证券简称：横店东磁 公告编号：2025-029 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 横店集团东磁股份有限公司（以下简称"公司"）于近日收到公司第三期员工 持股计划管理委员会出具的《关于自愿锁定股份的承诺函》，基于对公司未来发 展的信心，持有人承诺自愿将第三期员工持股计划第一个解锁期所获解锁的 3,852,000 股公司股份进行锁定期延长，延长期限为一年。具体情况如下： （二）承诺的内容 公司第三期员工持股计划持有人基于对公司未来发展前景及长期投资价值 的信心，为保证公司持续、稳定、健康发展，公司第三期员工持股计划持有人承 诺自愿将第三期员工持股计划第一个解锁期所获解锁的 3,852,000 股公司股份进 行锁定期延长，延长期限为一年，自 2025 年 3 月 20 日起至 2026 年 3 月 19 日。 二、其他事项 公司董事会将督促上述承诺主体严格遵守承诺，并按照相关法律法规的规定， 根据第三期员工持股计划 ...

证券代码：002056 证券简称：横店东磁 公告编号：2025-027 横店集团东磁股份有限公司 会议由公司董事长任海亮主持，与会董事经过认真讨论，审议并通过如下议案： （一）会议以 6 票同意、0 票反对、0 票弃权的结果审议通过了《公司关于第三 期员工持股计划第一个锁定期解锁条件成就的议案》，其中关联董事任海亮回避表 决。 根据《关于上市公司实施员工持股计划试点的指导意见》及《深圳证券交易所 上市公司自律监管指引第 1 号——主板上市公司规范运作》的相关规定，根据持有 人个人绩效考核情况，公司第三期员工持股计划第一个锁定期解锁条件已成就，本 次将解锁所持公司股票 3,852,000 股，解锁比例为首次授予份额的 30%，占公司总 股本的 0.24%。解锁后，持有人承诺再履行自愿锁定一年，锁定期限自 2025 年 3 月 20 日起至 2026 年 3 月 19 日。 《公司关于第三期员工持股计划第一个锁定期解锁条件成就的公告》（公告编 号：2025-029），详见公司指定信息披露网站 http://cninfo.com.cn，同时刊登在 2025 年 3 月 22 日的《证券时报》上。 三、备查文件 1 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the performance of the **electric power equipment industry** in the first quarter of 2025, highlighting strong growth driven by increased investments from the State Grid and the successful implementation of several ultra-high voltage (UHV) projects [2][26]. Key Insights and Arguments Wind Power Industry - The wind power supply chain showed ideal performance in Q1 2025, with significant improvements in the production of components and main units. Companies like Jinglei and Riyue are expected to double their performance, while Daqing Heavy Industry also reported substantial improvements [3][4]. - Offshore wind projects are gaining traction, with major contracts awarded to companies like Dajin Heavy Industry in Europe, while domestic projects are concentrated in Guangdong, Shandong, Zhejiang, and Jiangsu [4]. Lithium Battery Sector - After two years of decline, the lithium battery sector is witnessing a turnaround in profitability in Q1 2025. Leading companies such as CATL and Yiwei Lithium Energy reported strong earnings, with a year-on-year volume growth of 20%-30% [5]. - CATL is expected to achieve approximately 14 billion yuan in performance, while Yiwei Lithium Energy anticipates a 30% year-on-year growth in operational metrics [5]. Photovoltaic Sector - The photovoltaic sector faced overall pressure in Q1 2025, although some companies like Canadian Solar and East Hope performed well. Canadian Solar benefited from its U.S. component and energy storage business, while East Hope gained from increased battery contributions from Indonesia [6][22][23]. - Domestic distribution component prices rose to 0.75 yuan per watt, but concerns about demand and price declines in the second half of the year persist [6][21]. Energy Storage Sector - The energy storage sector performed exceptionally well in Q1 2025, particularly in large-scale storage. Companies like Sungrow, Dewei, and Shangen Electric are expected to see significant growth, with Sungrow projecting revenues of 2.4-2.5 billion yuan [7][15][16]. - The demand for energy storage PCS (Power Conversion System) surged, with a year-on-year increase in bidding exceeding 150% in January and February [16]. Electric Power Equipment Industry - The electric power equipment industry experienced a strong start in Q1 2025, with investment in grid projects exceeding 40 billion yuan, reflecting a year-on-year increase of over 30% [26]. - The tendering amount for transmission and transformation equipment from the State Grid exceeded 15 billion yuan, with a growth rate of over 20% [27]. - The demand for high-voltage equipment is particularly strong, benefiting leading companies like Pinggao, XJ Electric, and Western Electric [28]. Export Trends - The export of electric transformers continued to grow, maintaining a trend of over 40% year-on-year growth in January and February 2025 [29]. - The demand for AIDC (Artificial Intelligence Data Center) supporting electrical equipment is rapidly increasing, with major companies receiving large-scale orders [30]. Other Important Insights - The performance of leading companies in the battery material segment, particularly in positive and negative electrode materials, showed a year-on-year growth of approximately 40% [10]. - The impact of rising petroleum coke prices on Q1 performance was minimal, as the costs were largely absorbed by battery manufacturers [11]. - The photovoltaic industry is experiencing a mixed performance, with many companies still in a loss-making state, but some are beginning to recover due to price adjustments and demand fluctuations [22][23]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the electric power equipment industry and its related sectors in Q1 2025.