Core Viewpoint - Chint Electric plans to list its shares in Hong Kong to enhance its international strategy and diversify financing channels, following the unsuccessful "A拆A" plan [4][5]. Group 1: Company Overview - Founded in 1984, Chint Group, led by Nan Cunhui, has over 40 years of experience and includes two A-share listed companies: Chint Electric (601877) and Tongrun Equipment (002150) [1]. - Chint Electric has become a leader in the low-voltage electrical and renewable energy sectors in China [1]. Group 2: Financial Performance - In 2023 and 2024, Chint Electric achieved revenues of approximately 57.25 billion yuan and 64.52 billion yuan, with corresponding net profits of about 3.69 billion yuan and 3.87 billion yuan [5]. - For the first three quarters of 2025, the company reported revenues of around 46.40 billion yuan, a slight decrease of 0.03% year-on-year, while net profit increased by 19.49% to approximately 4.18 billion yuan [5]. Group 3: Debt and Assets - As of the end of the third quarter of 2025, Chint Electric's total short and long-term borrowings exceeded 30 billion yuan, with a debt-to-asset ratio of approximately 66.09% [1][6]. - The company's overseas assets have been expanding, with figures of about 12.40 billion yuan in 2023, 12.76 billion yuan in 2024, and 15.52 billion yuan in the first half of 2025, representing 10.27%, 9.24%, and 10% of total assets respectively [6]. Group 4: Market Strategy - The move to Hong Kong is part of a broader trend of Chinese companies seeking to capitalize on favorable policies and market conditions, with 19 new "A+H" listings in 2025 accounting for about half of the total financing on the Hong Kong Stock Exchange [9]. - Chint Electric aims to leverage its technological and cost advantages in the global renewable energy market, focusing on localizing its overseas operations to better integrate with local markets [9].

证券代码：002150 证券简称：通润装备 公告编号：2025-064 一、会议召开和出席情况 （一）会议召开情况 1、现场会议召开时间：2025 年 12 月 31 日 13:30 江苏通润装备科技股份有限公司 2025 年第三次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 2、网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 31 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互 联网投票系统投票的具体时间为 2025 年 12 月 31 日 9:15 至 15:00 的任意时间。 3、会议地点：上海市松江区思贤路 3255 号正泰科沁苑 3 号楼 A 栋 4 楼会 议室一 4、召开方式：现场投票和网络投票相结合的方式召开 5、会议召集人：江苏通润装备科技股份有限公司（以下简称"公司"）董 事会 6、会议主持人：董事、总经理周承军 7、会议的召集、召开与表决程 ...

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 Grandall Law Firm (Shanghai) 中国 上海 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼，200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China, 200085 电话/TEL: (8621) 5234-1668 传真/FAX: (8621) 5234-1670 关于江苏通润装备科技股份有限公司 2025年第三次临时股东会的法律意见书 致：江苏通润装备科技股份有限公司 国浩律师（上海）事务所（以下简称"本所"）接受江苏通润装备科技股份 有限公司（以下简称"公司"）委托，指派本所律师出席公司 2025 年第三次临 时股东会（以下简称"本次股东会"）。本所律师根据《中华人民共和国证券法》 （以下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司 法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）等法律、 法规、部门规章和规范性文件以及《江苏通润装备科技股份有限公司章程》（以 下 ...

Core Viewpoint - The report from Guosheng Securities forecasts significant growth in the domestic energy storage industry, with expectations of a 111% year-on-year increase in new installations by 2026, reaching 283.63 GWh, and a conservative estimate of an average annual addition of over 200 GWh in domestic large-scale storage [1][4]. Domestic Large-Scale Storage - The domestic large-scale storage market is expected to benefit from policy incentives and increasing independent storage capacity, with a focus on how price transmission affects company performance [2][3]. - The price of lithium carbonate is projected to rise to 92,600 yuan per ton by December 2025, with a 13.4% month-on-month increase in the average bidding price for lithium battery energy storage EPC in November [2]. Overseas Storage Market - The trend of AI-integrated storage is anticipated to drive significant growth in the U.S. energy storage demand, with expected increments of 10 GWh in 2026, 27 GWh in 2027, and 39 GWh in 2028, accounting for 15%, 38%, and 40% of total U.S. storage demand respectively [5]. - The North American energy storage integration market is highly concentrated, with Tesla, Sungrow, and Powin being the top three market share holders [5]. International Household and Commercial Storage - The Australian household storage market is expected to grow significantly due to increased subsidies, with the government raising support to 7.2 billion AUD, while Hungary has initiated a 280 million USD subsidy plan for household storage [6]. - The demand for commercial storage in Europe, Southeast Asia, and Africa is projected to increase due to high electricity costs, with a long-term potential of 146 GWh in these regions [6]. Investment Targets - Key companies to watch in the large-scale storage sector include Sungrow (300274.SZ), Haibo Technology (688411.SH), Canadian Solar (688472.SH), Tongrun Equipment (002150.SZ), and Shuneng Electric (300827.SZ) [7]. - In the household storage segment, notable companies include Deye Technology (605117.SH), Airo Energy (688717.SH), Jinlang Technology (300763.SZ), Goodwe (688390.SH), Kstar (002518.SZ), and Pylon Technologies (688063.SH) [7].

Investment Rating - The report suggests a "Strong Buy" rating for the solar and energy storage sectors, indicating a positive outlook for the industry based on current trends and demand forecasts [2][39]. Core Insights - The report highlights that the domestic solar installation capacity in November 2025 reached 22.02 GW, representing a month-on-month increase of 74.76% but a year-on-year decrease of 11.92% [2][3]. - The export value of solar modules in November 2025 was approximately $2.412 billion, showing a year-on-year growth of 34.08% and a month-on-month increase of 6.84% [2][3]. - The report emphasizes the ongoing demand for energy storage systems, with the average price of lithium iron phosphate battery storage systems in November 2025 ranging from 0.4452 to 0.6828 CNY/Wh, with an average price of 0.5721 CNY/Wh [2][3]. Summary by Sections Production - Solar module production in November 2025 decreased by 2.43% compared to October, while battery production for January 2026 is projected to be 210 GWh, a decrease of 4.55% month-on-month [2][3]. Pricing - As of December 24, 2025, the price of multi-crystalline silicon remained stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers increased by 5.93% to 1.25 CNY/piece [2][3]. Domestic Demand - The cumulative newly installed solar capacity from January to November 2025 reached 274.89 GW, reflecting a year-on-year increase of 33.25% [2][3]. Overseas Demand - The report notes that the export value of inverters in November 2025 was $767 million, marking a year-on-year increase of 25.91% and a month-on-month increase of 13.29% [2][3].

证券代码：002150 证券简称：通润装备 公告编号：2025-063 江苏通润装备科技股份有限公司 特别提示： 江苏通润装备科技股份有限公司（以下简称"公司"）本次回购注销涉及 86 名激励对象，回购注销的限制性股票数量为 2,365,750 股，占回购注销前公司 总股本的 0.65%，回购资金合计为人民币 22,991,263.01 元。 公司已于 2025 年 12 月 25 日在中国证券登记结算有限责任公司深圳分公 司（以下简称"中国结算公司"）办理完成了上述限制性股票的回购注销事宜。 本次回购注销完成后，公司总股本由 363,234,553 股减少至 360,868,803 股。 公司于 2025 年 8 月 22 日召开第八届董事会第二十三次会议和第八届监事会 第二十次会议，审议通过了《关于 2023 年限制性股票激励计划首次授予第二个 解除限售期及预留授予第一个解除限售期解除限售条件未成就暨调整回购价格 并回购注销部分限制性股票的议案》，相关事项已经公司 2025 年第一次临时股 东大会审议通过。鉴于激励对象离职和解除限售条件未成就，按照《江苏通润装 备科技股份有限公司 2023 年限制性股票激 ...

Core Viewpoint - The photovoltaic industry chain is expected to gradually bottom out and improve by the second half of 2025, aided by anti-involution measures, although financial improvements may slow market clearing, making the continuation of anti-involution essential [1] Group 1: Industry Outlook - The photovoltaic demand is anticipated to recover in the latter half of the 14th Five-Year Plan due to enhanced energy storage capacity and the need for market-oriented adjustments in the domestic electricity market [1] - The global energy transition is driving strong demand for energy storage, with a projected growth rate of nearly 50% for new installations in 2026, fueled by domestic policies and decreasing costs [2] Group 2: Market Dynamics - A decline in domestic installations is expected to lead to profit differentiation among glass glue film companies, with those having overseas clients likely to increase export ratios and profit margins [3] - The high silver prices are promoting the industrialization of silver-copper paste, while auxiliary material companies are actively seeking second growth curves in sectors like semiconductors and storage [3] Group 3: Valuation and Recommendations - Current valuations for major companies in the main industry chain are at historical low levels of 1xP/B to 2.5xP/B, with potential for performance recovery and sector opportunities as demand improves in 2Q26 [4] - Recommended stocks include: 1) Quality large-scale storage and industrial storage companies such as Canadian Solar (688472.SH), Shangneng Electric (300827.SZ), and others [4] 2) High-power module manufacturers like JinkoSolar (688223.SH) and Aiko Solar (600732.SH) [4] 3) Silicon material companies such as GCL-Poly Energy (03800) and Tongwei Co., Ltd. (600438.SH) [4] 4) Optimized players like Xinyi Solar (00968) and Flat Glass Group (601865.SH) [4] 5) Companies with new product launches like Dike Co., Ltd. (300842.SZ) and Juhe Materials (688503.SH) [4]

Core Viewpoint - The report highlights a decline in the production and demand for photovoltaic components, with a notable decrease in both domestic and overseas markets, while also indicating a mixed performance in battery production and pricing trends across different segments [1][2]. Production - Photovoltaic component production in November 2025 decreased by 2.43% compared to October 2025, with domestic terminal installation progress falling short of expectations and rising component prices causing reluctance among downstream buyers [2] - In December 2025, the predicted production volume for power, storage, and consumer batteries in China is 220 GWh, reflecting a 5.3% month-on-month increase, with storage battery production accounting for approximately 35.3% [2] Pricing - As of December 17, 2025, the price of polysilicon remained stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers was 1.18 CNY/piece, and TOPCon double-glass components also held steady at 0.69 CNY/W [3] - In November 2025, the average price of lithium iron phosphate battery storage systems ranged from 0.4452 to 0.6828 CNY/Wh, with an average price of 0.5721 CNY/Wh, reflecting a 6.4% decrease month-on-month [3] Demand - In November 2025, the export value of photovoltaic components reached approximately 2.412 billion USD, marking a year-on-year increase of 34.08% and a month-on-month increase of 6.84% [4] - The cumulative export value from January to November 2025 was 25.885 billion USD, showing a year-on-year growth of 4.89% [4] - Domestic photovoltaic installations in October 2025 totaled 12.6 GW, representing a month-on-month increase of 30.4% but a year-on-year decrease of 38.3% [4] - The newly tendered capacity for EPC/PC (including DC-side equipment) and storage systems in November 2025 reached 21.8 GW/64 GWh, marking a monthly high for 2025 with a 65% increase month-on-month [4] Investment Recommendations - The report suggests focusing on companies related to the photovoltaic and storage sectors, recommending specific companies such as Sunshine Power, Nandu Power, Tongrun Equipment, Huashengchang, and Shouhang New Energy [5]

证券研究报告 行业研究 / 行业点评 2025 年 12 月 22 日 行业及产业 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《SOFC 行业深度：北美数据中心电力短缺， SOFC 迎来快速增长》2025-12-19 《数据中心供配电设备行业跟踪：AI 及数据中 心维持高景气，电力设备需求旺盛》 2025-12-16 《光储行业跟踪：11 月国内新型储能新增招标 规模环比大增，储能电芯持续高景气》 2025-12-16 《锂电行业跟踪：11 月国内动力电池装车量和 出口量同比增长，锂电材料价格趋于稳定》 2025-12-15 《数据中心及 AI 景气上行，电力设备需求持续 增长》2025-12-12 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com ——光储行业跟踪 11 月光伏组件出口额同比高增，海外需 求持续旺盛 目录 | 1. 11 月国内光伏组件产量环比下降，储能需求旺盛 ...

Investment Rating - The report rates the industry as "stronger than the market" [2] Core Insights - The report highlights a significant increase in the bidding scale for new energy storage in November, indicating a sustained high demand for energy storage cells [1][5] - The production of photovoltaic (PV) modules in China decreased by 2.43% month-on-month in November, while energy storage demand remains robust [2][5] - The report suggests focusing on companies related to solar and storage sectors, recommending specific stocks such as Sunshine Power, Nandu Power, and others [2] Summary by Sections Production - In December 2025, the production forecast for China's market of power, storage, and consumer batteries is 220 GWh, a month-on-month increase of 5.3%, with energy storage cells accounting for approximately 35.3% [2][9] - The global production forecast for the same categories is 235 GWh, reflecting a month-on-month growth of 3.1% [2] Prices - As of December 10, 2025, the price of polysilicon remains stable at 52.00 CNY/kg, while the average price for lithium iron phosphate battery storage systems is 0.5721 CNY/Wh, showing a month-on-month decrease of 6.4% [2][10] Domestic Demand - In October 2025, the domestic PV installation reached 12.6 GW, a month-on-month increase of 30.4%, with a cumulative installation of 252.87 GW year-on-year growth of 39.5% [2][19] - The bidding scale for EPC/PC and energy storage systems in November reached 21.8 GW and 64 GWh, marking a month-on-month increase of 65% [2][21] Overseas Demand - In October 2025, the export value of PV modules was approximately 2.258 billion USD, a year-on-year increase of 4.39% but a month-on-month decrease of 19.34% [2][26] - The report notes a significant growth potential in emerging markets, particularly in Australia, where inverter exports have seen a year-on-year increase exceeding 200% [2][29]