（文章来源：证券日报） 证券日报网讯 1月28日，西子洁能在互动平台回答投资者提问时表示，2025年，公司加强销售订单质量 管控，主营业务销售毛利率水平较上年同期继续提高；同时，公司加强应收账款及存货管理，营运资金 占用总额有所下降，2025年度经营活动现金净流入明显提升，计提的预期信用损失及资产减值损失较上 年同期减少，公司全年实现扣非归母净利润2.2亿元至2.8亿元，较上年同期大幅增长53.3%至95.11%， 盈利能力大幅提升，公司业绩稳中向好。另外，公司2025年度非经常损益主要为杭州杭锅工业锅炉有限 公司取得政府征迁一次性补偿净收益发生在四季度。 ...

会议助理 1: 和电，A I D C 基于以下的诸多看点。 汪磊 国投证券公用环保分析师: 各位投资者早上好，我是国投证券公用环保的汪磊。那借着这个今天早 8 点的机会，给大 家简单的说一下西子节能，那我们也是在这个时间，是重点推荐西子节能。给大家简单把 最新的一些变化和观点更新一下。因为这个公司，其实大家比较熟悉，所以公司的来龙去 脉和历史严格就不讲了。主要是几个新的方向，可以跟大家更新一下。一个是大家知道， 是时间，现在除了主页在这个那个经常在余热锅炉上，在压力容器上有很大的优势之外， 它在其他一些新兴的产业方向上有一些布局，那这些布局还是有一些进展。 比如说在数据中心这块，大家可以看到数据中心的储能，它是有一些比较大的进展。它在 1 月 16 号，公司是与北京的轻微智能科技有限公司。正式签署了战略合作协议，那双方是 围绕着人工智能的水中心 AIDC，推动算力和能源建设的全方位合作。这个清为智能科技 是目前国内 AI 领域唯一采用新一代芯片架构，实现高阶国产替代的一个企业。算力卡类， 订单累计超 3 万张。芯片总出货量突破了 3000 万颗。那他们俩的合作模式，主要是西子 量身定制，以熔岩储能为核心的一个 ...

Core Viewpoint - SpaceX's CEO Elon Musk announced that the first flight test of the Starship V3 will take place in six weeks at the Starbase launch site in Boca Chica, Texas, aiming to send the next-generation Starlink V3 satellites into orbit and validate several key technological capabilities of the Starship V3 [1] Industry Summary - According to Dongwu Securities, the scale of China's commercial space market is projected to grow from 1.2 trillion yuan in 2024 to 4.8 trillion yuan by 2027, and is expected to exceed 7.8 trillion yuan by 2030 [1] - Zhongtai Securities believes that the commercial space industry is entering a new phase of rapid development, with the number of commercial space enterprises in China exceeding 600 and a total of 25 commercial space launch sites (18 operational and 7 under construction) [1] - The launch speed of the GW satellite constellation is significantly accelerating, and reusable rocket technology is approaching critical validation stages, driven by the demand for space computing capabilities [1] - A turning point in the commercial space industry has been observed, with the sector likely to experience concentrated catalysts in the near future, suggesting investment opportunities in the commercial space direction [1] Company Summary - Aerospace Technology has deeply entered the commercial space industry chain, collaborating with leading rocket manufacturers such as Jiuzhou Yunjian, Xinghe Power, Blue Arrow Aerospace, Tianbing Technology, Dongfang Space, and CAS Space, providing various supporting products including turbine discs, pumps, shells, flanges, and other forged components [1] - Xizi Clean Energy's subsidiary, Hangzhou Zhongneng Optoelectronics, has overcome challenges in large-area low-temperature preparation, high-precision laser scribing, and high-barrier packaging, providing reliable supply for high-power solar wings in space [1]

证券日报网讯1月27日，西子洁能（002534）在互动平台回答投资者提问时表示，氢能源作为低碳环保 的重要方向，其产业发展与市场演进密切相关。公司早期已通过参股氢燃料电池企业臻泰能源进行了布 局积累。未来，公司将紧密关注氢能领域的市场发展与技术变革，结合行业趋势与自身在清洁能源装备 及系统集成方面的基础，动态评估并适时优化发展策略。 ...

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the advanced manufacturing sector, particularly in technology and energy storage systems (ESS) [1] Company Insights CSI Solar (688472 CH) - **ESS Growth**: Projected global shipments of ESS for 2026E are expected to reach 14-17 GWh, primarily driven by demand in non-US markets [2] - **Backlog**: The current backlog is approximately USD 3 billion, with high-quality orders concentrated in overseas high-margin regions, indicating strong potential for profitability [2] - **Risk Management**: The company is involved in counter-litigation regarding potential US antidumping duties, assessing the overall risk as low [3] - **Supply Chain**: Currently relies on external sourcing for battery cells but believes it can pass future price increases to customers effectively [3] Maxwell Technologies (300751 CH) - **Order Projections**: Anticipates CNY 6 billion in new orders for 2025E, with expectations to rise to CNY 10 billion for 2026E [4] - **Segment Contributions**: Orders for 2026E are expected to include CNY 6 billion from solar (mainly overseas heterojunction) and CNY 3.5-4.0 billion from non-solar segments [4] - **Long-term Outlook**: Projects semiconductor revenue to scale up to CNY 10 billion by 2029-30E amid diversification efforts [4] Xizi Clean Energy Equipment (002534 CH) - **Growth Drivers**: Long-term growth is supported by overseas market expansion, energy storage operations, and the nuclear power segment, which currently generates CNY 1-2 billion in revenue [5] - **Market Challenges**: Faces localization and policy barriers for entering the US market, with a focus on complementary exports in the short term [5] Shuanghuan Driveline (002472 CH) - **EV Segment Growth**: Expected to generate approximately CNY 4 billion in revenue for 2025E, with double-digit growth projected for 2026E [7] - **ICE Business Decline**: Anticipates a revenue decline of 5-6% in the ICE segment for 2026E due to waning demand [7] - **Construction Machinery**: Projected single-digit revenue growth in 2026E, driven by potential order increases from key clients [7] Additional Insights - The conference highlighted the importance of navigating policy uncertainty and the need for new product development in the advanced manufacturing sector [1] - Companies are focusing on international markets to mitigate risks associated with domestic policy changes and market saturation [5][7] This summary encapsulates the key takeaways from the conference call, providing insights into the advanced manufacturing sector and specific company performances and projections.

Core Viewpoint - The A-share market experienced a significant sector rotation, particularly in the large aircraft sector, with major stocks like Changhe Aircraft Industries and others hitting the daily limit up, indicating a collective surge in the industry chain [1] Group 1: Market Movement - The large aircraft sector saw a collective rally with 13 leading stocks reaching their daily limit up, indicating strong investor interest and confidence in the sector [1] - The surge in the large aircraft sector is attributed to recent disclosures from the National Social Security Fund, which revealed new investments in seven leading companies within the large aircraft industry chain [3][4] Group 2: Key Companies and Investments - Chaojie Co., a core supplier of fasteners for the C919 aircraft, was highlighted as a new investment by the social security fund, becoming its sixth-largest shareholder with 670,000 shares [3] - Xice Testing, the only private entity with full-chain aerospace testing qualifications, saw the social security fund increase its holdings to 3.5 million shares, making it the fourth-largest shareholder [3] - Aero Engine Corporation of China (AECC) Technology, a key player in the C919 engine supply chain, attracted new investments from major international banks like Goldman Sachs and UBS [3] - Hangya Technology, a leader in the domestic aviation precision forging blade sector, received new investments from the social security fund, becoming the eighth and ninth largest shareholders [4] - Hongdu Aviation, a core enterprise under AVIC, is the sole supplier of the C919's front and rear fuselage, with the social security fund acquiring 5 million shares [4] Group 3: Industry Developments - The European Union Aviation Safety Agency (EASA) completed the compliance flight test for the C919, providing a positive evaluation that exceeded market expectations and facilitating its entry into the EU market [6] - The CJ-1000A domestic engine has completed extensive testing, resolving previous capacity constraints and is expected to receive certification by the second quarter of 2026 [6] - Predictions indicate that C919's annual production capacity could rapidly increase to 50-70 aircraft by 2027, with plans to raise production from 30 to 60 aircraft in 2026 [7] Group 4: Market Potential - The existing orders for C919 exceed 1,000 aircraft, representing a market scale of 650 billion yuan, with the potential to drive over 2 trillion yuan in value across the supply chain [7] - The Yangtze River Delta region has become a hub for the large aircraft industry, housing over one-third of the national aircraft supply chain suppliers [7] - By 2043, China's civil aviation fleet is projected to reach 10,061 aircraft, making it the largest single aviation market globally, with an expected reception of 9,323 new passenger aircraft over the next 20 years [8]

Core Viewpoint - The company has signed a strategic cooperation agreement with Beijing Qingwei Intelligent Technology Co., Ltd. to enhance AIDC construction and promote comprehensive collaboration in computing power and energy solutions [1] Group 1: Strategic Cooperation - The partnership aims to develop a customized zero-carbon energy solution centered around molten salt energy storage [1] - The collaboration will ensure stable and economical power supply for computing centers while providing efficient and precise temperature control solutions for high-density computing clusters [1] Group 2: Technological Expertise - The company has over ten years of experience in the molten salt energy storage field, with established technologies in solar thermal power generation, user-side energy storage, and flexible transformation of thermal power [1] - The molten salt thermal storage technology offers several advantages, including large storage capacity, long lifespan, small footprint, high safety, low storage costs, environmental friendliness, and wide applicability [1] Group 3: Industry Application - The technology is particularly suited for the high energy consumption and heat dissipation characteristics of AIDC, enabling efficient and stable clean energy supply and thermal management for data centers [1]

Core Viewpoint - Elon Musk, CEO of Tesla, supports space photovoltaics and reveals key production plans during a discussion with Larry Fink, CEO of BlackRock, at the World Economic Forum in Davos [3]. Group 1: Solar Energy Production - SpaceX and Tesla aim to achieve an annual solar manufacturing capacity of 100GW within the next three years [3]. Group 2: Related Companies and Technologies - Key players in the solar energy sector include: - Core battery manufacturers: Qianzhao Optoelectronics, Dongfang Risen, Junda Co., Trina Solar, Tuojiri New Energy, and Sanan Optoelectronics [4]. - Upstream equipment and materials: Jing Sheng Machinery, Juhe Materials, Zhonglai Co., and Maiwei Co. [4]. - Midstream packaging and components: Lushan New Materials and Lens Technology [4]. - Downstream system integration and on-orbit verification: Shanghai Port and Wan [4]. - Frontier technology investments and layouts: Xizi Clean Energy [4].

证券日报网讯1月23日，西子洁能（002534）在互动平台回答投资者提问时表示，截至2026年1月20日， 股东人数为31077户。 ...

Market Overview - The other power equipment sector increased by 0.51% on January 23, with Maigemit leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Top Performers - Maigemit (002851) closed at 120.62, up 5.75%, with a trading volume of 226,500 shares and a transaction value of 2.68 billion [1] - Green Energy Charging (600212) closed at 8.50, up 5.46%, with a trading volume of 484,000 shares and a transaction value of 405 million [1] - Xizi Clean Energy (002534) closed at 18.94, up 4.41%, with a trading volume of 286,700 shares and a transaction value of 536 million [1] Underperformers - Oulu Tong (300870) closed at 218.00, down 3.45%, with a trading volume of 46,500 shares and a transaction value of 1.018 billion [2] - KOTAI Power (300153) closed at 36.31, down 2.21%, with a trading volume of 399,200 shares and a transaction value of 1.458 billion [2] - China Power (600482) closed at 26.60, down 2.13%, with a trading volume of 714,300 shares and a transaction value of 1.947 billion [2] Capital Flow - The other power equipment sector experienced a net outflow of 490 million from institutional investors, while retail investors saw a net inflow of 417 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2][3] Individual Stock Capital Flow - Oriental Electric (600875) had a net inflow of 288 million from institutional investors, but a net outflow of 68.94 million from speculative funds [3] - Maigemit (002851) saw a net inflow of 89.72 million from institutional investors and a net inflow of 48.47 million from speculative funds [3] - Xizi Clean Energy (002534) had a net inflow of 53.70 million from institutional investors, but a net outflow of 2.61 million from speculative funds [3]