Core Points - The other power equipment sector experienced a decline of 1.14% on November 11, with HaiLu Heavy Industry leading the drop [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Sector Performance - HaiBo SiChuang (688411) saw a significant increase of 13.00%, closing at 299.65 with a trading volume of 72,500 shares and a transaction value of 2.176 billion [1] - ST YiShiTe (300376) rose by 7.81%, closing at 5.80 with a trading volume of 616,000 shares and a transaction value of 351 million [1] - Yingjie Electric (300820) increased by 4.51%, closing at 56.98 with a trading volume of 90,500 shares and a transaction value of 512 million [1] - Other notable performers included Rongfa Nuclear Power (002366) with a 3.91% increase and a closing price of 8.50, and AiKe SaiBo (688719) with a 2.63% increase [1] Decliners - HaiLu Heavy Industry (002255) led the decline with a drop of 7.13%, closing at 13.80 with a trading volume of 2,599,100 shares and a transaction value of 3.624 billion [2] - OuLu Tong (300870) fell by 6.08%, closing at 191.38 with a trading volume of 47,300 shares [2] - Dongfang Electric (600875) decreased by 3.71%, closing at 23.37 with a trading volume of 1,084,100 shares [2] Capital Flow - The other power equipment sector saw a net outflow of 1.045 billion from main funds, while retail investors contributed a net inflow of 791 million [2]

11月11日，科士达盘中下跌2.08%，截至13:14，报49.05元/股，成交6.58亿元，换手率2.32%，总市值 285.58亿元。 资金流向方面，主力资金净流入172.90万元，特大单买入3193.67万元，占比4.85%，卖出4100.17万元， 占比6.23%；大单买入1.32亿元，占比20.04%，卖出1.21亿元，占比18.40%。 科士达所属申万行业为：电力设备-其他电源设备Ⅱ-其他电源设备Ⅲ。所属概念板块包括：太阳能、逆 变器、光伏玻璃、充电桩、一带一路等。 截至10月31日，科士达股东户数4.10万，较上期增加0.00%；人均流通股13783股，较上期增加0.00%。 2025年1月-9月，科士达实现营业收入36.09亿元，同比增长23.93%；归母净利润4.46亿元，同比增长 24.93%。 分红方面，科士达A股上市后累计派现15.44亿元。近三年，累计派现6.02亿元。 机构持仓方面，截止2025年9月30日，科士达十大流通股东中，香港中央结算有限公司位居第二大流通 股东，持股1069.08万股，相比上期增加245.00万股。博时汇兴回报一年持有期混合（011056）位居第五 大流通 ...

Core Viewpoint - The company Keda announced that its stock price experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 20% over two consecutive trading days, specifically on November 6 and November 7, 2025 [1] Summary by Relevant Sections - **Stock Price Movement** - Keda's stock price has shown a significant increase, with a cumulative rise of over 20% in two trading days [1] - **Operational Status** - The company confirmed that its recent operational conditions are normal, and there have been no significant changes in the internal or external business environment [1] - **Disclosure Compliance** - Keda, its controlling shareholders, and actual controllers have stated that there are no undisclosed significant matters related to the company, and there are no violations of fair information disclosure regulations [1]

Summary of Shenzhen Kstar Science & Tech (002518.SZ) Conference Call Company Overview - **Company**: Shenzhen Kstar Science & Tech (002518.SZ) - **Industry**: Electric power conversion technology, focusing on data centers and energy storage systems (ESS) Key Points and Arguments 1. **Target Price Revision**: - The 12-month target price (TP) is raised to Rmb55.4 from Rmb48.5, reflecting a 13.7% upside from the current price of Rmb48.73 [1][18] - The new TP is based on a 30x 2026E P/E, considering a long-term EPS CAGR of 28% from 2026E to 2030E [18] 2. **Positive Business Developments**: - Positive read-across from SolarEdge's 3Q25 earnings indicates healthy ESS demand in Europe, with SolarEdge's revenue growing by 55% quarter-over-quarter [3][18] - Kstar launched a new MW-level UPS product, enhancing its product offerings [1][19] - Potential AIDC power system orders from European and Taiwanese customers for North American data center projects [1][19] 3. **Market Position and Growth Potential**: - Kstar is positioned as a key beneficiary of overseas data center buildout and residential/C&I ESS demand [2] - The company is expanding its customer base through an ODM model across Europe, Taiwan, and Southeast Asia [2] - There is potential for wallet share gain from domestic cloud hyperscalers like Alibaba and Bytedance [2] 4. **Financial Forecasts**: - 2025E revenue is projected at Rmb5,331.6 million, with a significant increase to Rmb8,998.7 million by 2027E [5] - EBITDA is expected to grow from Rmb794.0 million in 2025E to Rmb1,762.8 million in 2027E [5] - EPS is forecasted to increase from Rmb1.14 in 2025E to Rmb2.52 in 2027E [5] 5. **Margin Improvement**: - An improving margin profile is anticipated due to rising overseas sales contributions, with gross profit margins for high-power UPS expected to be between 35%-40% [18] - Overall data center products segment gross profit margin was 33.3% in 1H25 [18] 6. **Product Innovations**: - Kstar is developing in-house Solid-State Transformer (SST) products, with a launch expected around the end of 2026 [17][19] - The new 1250kW UPS product can scale up to 5MW and supports various backup energy sources, targeting AI data centers [19] Additional Important Information - **Risks**: - Potential risks include lower-than-expected data center revenue growth and new energy revenue outlook [24] - **Market Capitalization**: The market cap is Rmb28.4 billion (approximately $4.0 billion) [5] - **Investment Rating**: The stock is rated as a Buy, with a potential upside of 14% [2][18] This summary encapsulates the key insights from the conference call regarding Shenzhen Kstar Science & Tech, highlighting its growth prospects, financial forecasts, and market positioning within the electric power conversion technology sector.

一、股票交易异常波动的情况 深圳科士达科技股份有限公司（以下简称"公司"）股票交易价格连 续两个交易日（2025年11月6日、2025年11月7日）收盘价格涨幅偏离值 累计超过20%，根据深圳证券交易所的有关规定，属于股票交易异常波动 的情况。 二、公司关注并核实相关情况 针对公司股票异常波动情况，根据相关规定的要求，公司对有关事项 进行了核查，现就相关情况说明如下： 证券代码：002518 证券简称：科士达 公告编号：2025-041 深圳科士达科技股份有限公司 关于股价异动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 三、是否存在应披露而未披露的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市 规则》等有关规定应予以披露而未披露的事项或与该事项有关的筹划、商 谈、意向、协议等；董事会也未获悉公司有其他根据《深圳证券交易所股 票上市规则》等有关规定应予以披露而未披露的、对公司股票及其衍生品 种交易价格产生较大影响的信息；公司前期披露的信息不存在需要更正、 补充之处。 四、风险提示 1、经自查，公司不存在违反信息公平披露的情形。 1 ...

证券之星消息，11月7日其他电源设备板块较上一交易日下跌0.87%，海博思创领跌。当日上证指数报收 于3997.56，下跌0.25%。深证成指报收于13404.06，下跌0.36%。其他电源设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002255 | ■體題 | 14.38 | 10.02% | 163.33万 | | 23.07亿 | | 002518 | 科士达 | 53.60 | 9.99% | 29.22万 | | 15.13亿 | | 002851 | 麦格米特 | 86.12 | 2.33% | 46.82万 | | 40.06 Z | | 688719 | 爱科赛博 | 39.87 | 1.01% | 1.82万 | | 7179.01万 | | 002227 | 奥特迅 | 13.69 | 0.51% | 5.96万 | | 8141.26万 | | 688551 | 科威尔 | 40.71 | 0.39% | 1.81万 | | 7 ...

中国经济网北京11月7日讯 科士达(SZ:002518)今日股价涨停，截至收盘报53.60元，涨幅9.99%，总 市值312.07亿元。该股此前1个交易日涨停。 （责任编辑：康博） ...

Group 1: Market Performance and Liquidity - The battery ETF managed by Jiashi has a turnover rate of 3.45% and a transaction volume of 49.24 million yuan as of November 6 [3] - The average daily transaction volume for the battery ETF over the past month is 126 million yuan, with a total scale reaching 1.428 billion yuan [3] - The net value of the battery ETF has increased by 5.90% over the past three years, with the highest monthly return since inception being 39.76% and the longest consecutive monthly gain lasting six months [3] Group 2: Industry Growth and Projections - As of September 30, China's new energy storage capacity exceeded 100 million kilowatts, representing a growth of over 30 times compared to the end of the 13th Five-Year Plan, accounting for over 40% of the global total [3] - China's new energy vehicle production and sales have ranked first globally for ten consecutive years, with a projected global market share of 63.7% in 2024 and an estimated sales volume of 16 million units in 2025 [3] - The lithium battery industry is expected to reach a scale of 1.2 trillion yuan by 2024, primarily driven by power batteries and energy storage batteries, with China's share of global power batteries increasing from 38.35% in 2020 to 68.79% in 2025 [3] Group 3: Market Sentiment and Stock Performance - The electric equipment (battery) industry is gaining market attention, with a shift in investment focus from TMT sectors to electric equipment, indicating increased investor interest [4] - As of October 31, 2025, the top ten weighted stocks in the China Securities Battery Theme Index include companies like Sungrow Power, CATL, and EVE Energy, collectively accounting for 56.8% of the index [4] Group 4: Stock Performance Details - The stock performance of key companies includes: Sungrow Power (-1.64%, 14.31% weight), CATL (-0.51%, 8.95% weight), EVE Energy (1.73%, 6.94% weight), and others with varying performance and weight [6]

Core Viewpoint - The photovoltaic sector is showing strong performance, with the China Securities Photovoltaic Industry Index rising by 1.2%. Major companies are planning to form a consortium to eliminate excess capacity and settle accumulated debts, potentially leading to a new phase of "anti-involution" in the industry [1] Group 1: Market Performance - As of 11:10, the China Securities Photovoltaic Industry Index increased by 1.2% [1] - Key stocks such as Hongyuan Green Energy hit the upper limit, Keda surged over 8%, and Tongwei Co. and Daqo New Energy rose over 7% [1] - The photovoltaic ETF E Fund (562970) experienced significant trading volume during the session [1] Group 2: Industry Developments - Leading polysilicon companies are planning to establish a consortium with a total investment of 20 billion to 30 billion yuan, aimed at eliminating some production capacity and settling industry debts [1] - The implementation of polysilicon storage is expected to alleviate the current overcapacity situation and accelerate profit recovery for companies [1] - The industry supply-demand relationship is anticipated to gradually return to balance through capacity restriction and optimization [1] Group 3: Future Outlook - Continuous release of downstream demand and the execution of "anti-involution" policies are expected to improve the industry's fundamentals [1] - Leading companies are likely to benefit significantly from the optimization of the industry structure [1] - The China Securities Photovoltaic Industry Index covers 50 representative stocks across the photovoltaic supply chain, which are expected to benefit from the "anti-involution" trend and profit recovery expectations [1]

资料显示，光伏50ETF（516880）跟踪的中证光伏产业指数，从主营业务涉及光伏产业链上、中、下游 的上市公司证券中，选取不超过50只最具代表性的上市公司证券作为指数样本，以反映光伏产业上市公 司证券的整体表现。 （文章来源：每日经济新闻） A股三大指数今日低开后震荡调整，光伏板块盘中逆势走强，科士达、通威股份涨超6%，大全能源涨 超5%，阿特斯、隆基绿能涨超4%。 受盘面影响，光伏50ETF（516880）盘中直线拉升涨超2%。 有券商表示，当前光伏行业"反内卷"已取得一定积极成效，三季度主链上游环节预计显著减亏，后续关 注底部反转；储能行业呈现供需两旺态势，国内外需求共振，新型储能"一芯难求"，头部电池企业持续 满产，电池价格延续上涨趋势，供应链整体具备价格传导能力，储能景气度有望持续。 ...