New Stock Offerings - The offer period for the acquisition of Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] - The latest announcements for various stocks include BoRui Pharmaceutical (688166) and Nanxin Pharmaceutical (688189) on October 10, 2025[1] - Significant abnormal fluctuations were reported for Nanxin Pharmaceutical (688189) on October 10, 2025[1] Trading Alerts - A total of 30 stocks have trading alerts issued on October 20, 2025, including Anlikang (002940) and ST Baoying (002047)[1] - The trading alerts cover various sectors, indicating potential volatility in the market[1] - The latest announcements for stocks such as YD Holdings (000626) and ST Nanzhi (002305) were made on October 20, 2025[1]

Core Viewpoint - Tongrun Equipment (002150) emphasizes its strong relationship with its controlling shareholder, Zhengtai Electric (601877), and its subsidiaries in the renewable energy sector, highlighting collaborative advantages in technology innovation, industry chain integration, and brand culture [1] Group 1: Industry Positioning - The company aims to leverage its deep technical foundation and innovation advantages to continuously focus on the photovoltaic storage industry [1] - It plans to provide high-performance photovoltaic inverters, energy storage products, and solutions for the renewable energy and power industries [1]

证券日报网讯通润装备（002150）10月20日在互动平台回答投资者提问时表示，公司目前储能系统产品 包括户用储能变流器、模块化储能变流器、户外电池柜、电池集装箱及能量管理系统等。公司将继续深 耕光储产业领域，聚焦于具有较高附加值的区域市场，持续提升大型储能系统整体解决方案的市场竞争 力。公司与控股股东正泰电器（601877）及其下属企业在新能源领域存在紧密的产业链上下游关系，在 技术创新、产业链整合及品牌文化等方面具备协同优势，公司将进一步加强内部协同与能力整合，为储 能业务的高质量发展提供坚实支撑。 ...

Market Overview - The A-share market continues to adjust, with the Shanghai Composite Index falling by 1.95%, dropping below 3900 points, while the Shenzhen Component Index and the ChiNext Index decreased by 3.04% and 3.36% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.95 trillion yuan, marking the second consecutive trading day below 2 trillion yuan [1] Sector Performance - The Hainan sector experienced a brief surge in the afternoon, with Haixia Co. hitting the daily limit, Hainan Airport rising over 5%, and Hainan Highway and Hainan Shipping Group also seeing significant gains [1] - The Ministry of Finance and other departments announced adjustments to the duty-free shopping policy for travelers in Hainan, set to take effect on November 1 [1] New Energy Sector - The new energy sector faced a significant pullback, with solar energy, charging piles, and energy storage experiencing collective declines. Notable stocks such as Igor, Kelu Electronics, and Tongrun Equipment hit the daily limit down, while Sunshine Power dropped by 10% and EVE Energy fell by nearly 9% [1] - Popular concepts in consumer electronics, HBM, liquid cooling, and copper-clad boards also saw substantial adjustments, with multiple stocks including ZTE Communications, Deep Technology, Huazheng New Materials, and Invec hitting the daily limit down [1] - A total of 4783 stocks in the market experienced declines [1]

Group 1 - Companies such as Sungrow Power Supply, Haiyou New Materials, and others have seen their stock prices drop by over 10% [1] - Tongrun Equipment experienced a previous limit down, indicating significant market pressure [1] - Other companies like Canadian Solar, Shuneng Electric, and GoodWe also reported notable declines in their stock prices [1]

Core Insights - The photovoltaic equipment and energy storage sectors are experiencing a continuous decline, with significant drops in stock prices for several companies [1] Company Performance - Sunshine Power and Haiyou New Materials both saw their stock prices drop by over 10% [1] - Tongrun Equipment previously hit the daily limit down [1] - Other companies such as Canadian Solar, Shuneng Electric, and GoodWe also reported notable declines in their stock prices [1]

Core Points - The Shanghai Composite Index closed at 3916.23 points, above the five-day moving average, with a slight increase of 0.10% [1] - The total trading volume of A-shares reached 1,948.66 billion yuan [1] - A total of 282 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The stocks with the highest deviation rates from the five-day moving average include: - Xiangnong Chip (300475) with a deviation rate of 9.93% and a daily increase of 16.70% [1] - Yingjixin (688209) with a deviation rate of 8.92% and a daily increase of 14.24% [1] - Luchang Technology (002813) with a deviation rate of 8.00% and a daily increase of 9.98% [1] Trading Activity - The trading turnover rates for the top stocks with significant price movements include: - Xiangnong Chip at 15.82% [1] - Yingjixin at 12.53% [1] - Luchang Technology at 4.44% [1] Additional Notable Stocks - Other stocks that recently crossed the five-day moving average with smaller deviation rates include: - Yuyue Medical (乖离率较小) [1] - Donggang Shares (乖离率较小) [1] - Fangzheng Electric (乖离率较小) [1]

Core Points - The Shanghai Composite Index is at 3910.12 points, slightly down by 0.05%, and above the five-day moving average [1] - The total trading volume of A-shares today is 15,714.28 billion yuan, with 268 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - Notable stocks with significant deviation from the five-day moving average include: - Yingjixin (688209) with a deviation rate of 10.48% and a daily increase of 16.34% [1] - Shannon Chip (300475) with a deviation rate of 10.38% and a daily increase of 17.30% [1] - Wanma Technology (300698) with a deviation rate of 8.70% and a daily increase of 12.09% [1] - Other stocks with smaller deviation rates include: - Meidixi, Ruifeng New Materials, and Tongrentang, which have just crossed the five-day moving average [1] Trading Data - The trading data for stocks that broke through the five-day moving average includes: - Yingjixin: Latest price 24.42 yuan, five-day moving average 22.10 yuan, turnover rate 10.83% [1] - Shannon Chip: Latest price 105.22 yuan, five-day moving average 95.33 yuan, turnover rate 14.24% [1] - Wanma Technology: Latest price 50.61 yuan, five-day moving average 46.56 yuan, turnover rate 16.94% [1]

Core Viewpoint - Tongrun Equipment's stock has shown significant growth this year, with a notable increase in both share price and trading volume, indicating strong market interest and potential investment opportunities [1][2]. Group 1: Stock Performance - As of October 14, Tongrun Equipment's stock price increased by 2.26%, reaching 19.04 CNY per share, with a trading volume of 1.19 billion CNY and a turnover rate of 1.76%, resulting in a total market capitalization of 6.916 billion CNY [1]. - Year-to-date, the stock price has risen by 54.80%, with a 0.58% increase over the last five trading days, a 9.17% increase over the last 20 days, and a 57.23% increase over the last 60 days [2]. Group 2: Company Overview - Tongrun Equipment, established on October 28, 2002, and listed on August 10, 2007, is located in Changshu, Jiangsu Province, and specializes in the research, production, and sales of metal tool cabinets and high/low voltage complete switchgear and components [2]. - The company's main revenue sources include solar inverters (54.62%), tool cabinets (27.39%), electromechanical sheet metal products (9.27%), energy storage products (7.03%), and other products (1.69%) [2]. Group 3: Financial Performance - For the first half of 2025, Tongrun Equipment reported a revenue of 1.709 billion CNY, reflecting a year-on-year growth of 6.33%, and a net profit attributable to shareholders of 97.3117 million CNY, which is a 26.32% increase compared to the previous year [2]. - The company has distributed a total of 564 million CNY in dividends since its A-share listing, with 61.6653 million CNY distributed over the past three years [3]. Group 4: Shareholder Information - As of June 30, 2025, the number of shareholders increased by 18.09% to 34,200, while the average circulating shares per person decreased by 15.33% to 10,491 shares [2]. - Notably, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The demand for energy storage is on the rise, with significant investment opportunities in the energy storage sector [2][3] - China's new national commitment aims for non-fossil energy consumption to exceed 30% of total energy consumption by 2035, with wind and solar power capacity expected to reach over six times that of 2020, targeting 3.6 billion kilowatts [2][3] Summary by Relevant Sections Energy Storage Growth - New energy storage installations are expected to see sustained high growth, driven by clear growth in renewable energy generation over the next decade [3] - By the end of 2024, the cumulative installed capacity of new energy storage projects in China is projected to reach 73.76 million kilowatts, with an energy scale of 168 million kilowatt-hours, which is approximately 20 times that of the end of the 13th Five-Year Plan, and over 130% growth compared to the end of 2023 [3] Market Dynamics - The liberalization of the electricity market is anticipated to drive independent energy storage demand growth, with market transactions widening the price gap between peak and valley electricity, thereby enhancing the economic viability of energy storage [3] - Several provinces in China, including Inner Mongolia, Hebei, Gansu, Ningxia, and Shandong, have introduced capacity pricing and compensation policies, providing strong baseline returns for energy storage [3] Investment Recommendations - The report recommends focusing on the energy storage sector, highlighting companies such as Sungrow Power Supply, CATL, EVE Energy, Tongrun Equipment, Haibo Science and Technology, and Deye Co., Ltd. [3] - Material companies to watch include Tinci Materials, Dofluorid, Putailai, Shanta Technology, and Fulin Precision [3]