证券代码：300118 证券简称：东方日升 公告编号：2026-004 东方日升新能源股份有限公司 关于为下属公司提供担保的进展公告 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。 一、担保情况概述 东方日升新能源股份有限公司（以下简称"东方日升"、"公司"）分别 于 2025 年 4 月 22 日、2025 年 5 月 14 日召开第四届董事会第十八次会议、2024 年年度股东大会，审议通过了《关于预计公司及下属公司担保额度的议案》。同 意公司为合并报表范围内下属公司提供担保额度总计不超过人民币 1,115,000 万 元，其中向资产负债率超过 70%的全资公司提供的担保额度为不超过 784,000 万 元，向资产负债率为 70%（含）以下的全资公司的担保额度为不超过 331,000 万 元，担保额度有效期自股东大会审议通过之日起十二个月，同时公司股东大会授 权公司董事长/总裁审批担保业务方案及业务相关合同，并同意董事长/总裁在前 述授权范围内转授权公司财务相关负责人行使该项业务决策权并签署相关合同 文件；预计下属公司为公司提供担保额度总计不超过人民币 16 ...

每经AI快讯，2月27日，光伏玻璃指数上涨2%，主要成分股多数走强。亚玛顿涨超4%，安彩高科、东 方日升涨超3%，拓日新能、金晶科技涨超2%。 （文章来源：每日经济新闻） ...

2月26日，东方日升跌2.78%，截至发稿，报19.23元/股，成交14.86亿元，换手率8.31%，总市值219.22 亿元。东方日升股价已经连续7天下跌，区间累计跌幅15.92%。 资料显示，东方日升新能源股份有限公司位于浙江省宁波市宁海县梅林街道塔山工业园区，成立日期 2002年12月2日，上市日期2010年9月2日，公司主营业务涉及销售、生产太阳能电池组件、EVA胶膜、 太阳能电池片、太阳能系统等光伏制造产品以及太阳能电站的投资、建设和运营。主营业务收入构成 为：太阳能电池及组件51.12%，太阳能电站EPC与转让35.49%，储能系统、灯具及辅助光伏产品 6.39%，光伏电站电费收入3.90%，其他3.10%。 从东方日升十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居东方日升十大流通股东。光伏ETF（515790）三季度减持 22.73万股，持有股数1037.82万股，占流通股的比例为1.12%。根据测算，今日浮亏损失约570.8万元。 连续7天下跌期间浮亏损失3777.65万元。 光伏ETF（515790）成立日期2020年12月7日，最新规模112.53亿。今年以来收益16.42%，同 ...

太阳翼向柔性演进：单星功率提升要求太阳翼向轻量化、柔性化发展。 中邮证券近日发布商业航天&太空光伏系列深度(一)：卫星需求拉动太空光伏市场空间：卫星互联网应 用场景打开+战略布局+太空算力，低轨卫星需求将快速提升。太空光伏是卫星能源供应唯一供给方 案，受益于卫星数量+单星功率提升。 以下为研究报告摘要： 投资要点 卫星需求拉动太空光伏市场空间：卫星互联网应用场景打开+战略布局+太空算力，低轨卫星需求将快 速提升。太空光伏是卫星能源供应唯一供给方案，受益于卫星数量+单星功率提升。 技术路线迭代带来新机遇：砷化镓-HJT-钙钛矿叠层演进。(1)砷化镓为目前主流技术路线，可靠性高但 成本高昂。(2)p-HJT方案依托于成熟的晶硅产业，较砷化镓方案大幅降本，且异质结作为向钙钛矿叠层 方案发展的基础，预计在短中期有较大发展空间。(3)钙钛矿叠层方案目前仍处于起步研究阶段，存在 光照或高温环境下稳定性不足、寿命短等问题亟待突破，随技术成熟产能增加叠加降本，预计中长期将 有较大发展空间。 投资建议：建议关注迈为股份（300751）、东方日升（300118）、钧达股份（002865）。 风险提示：商业火箭发射降本、卫星发射频 ...

证券研究报告 商业航天规模化在即， 太空光伏打开成长空间 ——商业航天&太空光伏系列深度（一） 行业投资评级：强于大市|维持 中邮证券研究所 电新团队 中邮证券 1 1 发布时间：2026-02-24 投资要点 请参阅附注免责声明 2 卫星需求拉动太空光伏市场空间：卫星互联网应用场景打开+战略布局+太空算力，低轨卫星需求将 快速提升。太空光伏是卫星能源供应唯一供给方案，受益于卫星数量+单星功率提升。 太阳翼向柔性演进：单星功率提升要求太阳翼向轻量化、柔性化发展。 技术路线迭代带来新机遇：砷化镓-HJT-钙钛矿叠层演进。（1）砷化镓为目前主流技术路线，可靠性 高但成本高昂。（2）p-HJT方案依托于成熟的晶硅产业，较砷化镓方案大幅降本，且异质结作为向钙钛 矿叠层方案发展的基础，预计在短中期有较大发展空间。（3）钙钛矿叠层方案目前仍处于起步研究阶段， 存在光照或高温环境下稳定性不足、寿命短等问题亟待突破，随技术成熟产能增加叠加降本，预计中长期 将有较大发展空间。 投资建议：建议关注迈为股份、东方日升、钧达股份。 风险提示：商业火箭发射降本、卫星发射频次不及预期，技术迭代、产业落地不及预期，国际技术标准 与规则竞争 ...

在工商业储能快速落地的过程中，用户关注的不再只是"能不能用"，而是能否稳定运 行、持续输出收益。现实中，收益波动、效率损失、高温降额以及运维复杂，仍然是困 扰工商业储能项目长期运行的核心问题。 针对以上痛点，东方日升首发推出 全液冷碳化硅(SiC) 131kW/ 261kWh工商业储能一 体机 ，从系统架构、功率平台到安全与智能运维进行整体升级，为用户提供高功率、 高效率、高可靠的工商业储能解决方案。 三重技术 · 驱动年度收益跃升 围绕功率、系统效率与高温工况稳定性三大核心环节，东方日升全液冷碳化硅工商业储能 一体机实现系统级技术升级： 多 项 技 术 协 同 作 用 下 ， 相 较 传 统 风 冷 工 商 业 储 能 一 体 机 系 统 ， 产 品 全 年 可 多 完 成 约 1 2 , 210kWh的循环电量，在典型峰谷套利、两充两放场景中，按330天测算，整体收益提 升超9,000元，收益提升路径清晰且可持续。 安装便利 · 2 0分钟极速部署 多重防护 · 3 6 5天安心运行 在工商业储能应用中安全是核心保障。该产品提供多维防护，IP66级PCS，可选IP67级P ACK，耐腐等级C4（C5 可选 ...

Core Viewpoint - The article emphasizes the launch of the all-liquid-cooled silicon carbide (SiC) commercial energy storage integrated machine by Dongfang Risen, addressing key issues in commercial energy storage such as revenue stability, efficiency loss, and operational complexity [2]. Group 1: Technical Upgrades - The all-liquid-cooled SiC energy storage system achieves a system-level technical upgrade, resulting in an additional annual cycle energy of approximately 12,210 kWh compared to traditional air-cooled systems, leading to an overall revenue increase of over 9,000 yuan based on a 330-day calculation [4]. - The PCS power has been increased from 125 kW to 131 kW, enhancing charging and discharging capabilities for high-frequency operations [6]. - The introduction of SiC MOSFETs increases switching frequency to three times that of traditional IGBTs, reducing device losses by 40% and improving maximum efficiency to 99.1% [6]. Group 2: Installation and Deployment - The product features a standard cabinet and highly integrated design, allowing for batch stocking and flexible allocation, with single cabinet installation completed in 20 minutes [8]. - The system can automatically identify and connect devices after power-up, enabling the entire station to be operational within 30 minutes [8]. Group 3: Flexibility and Adaptability - The modular system allows for flexible allocation of energy storage resources, enabling the repurposing of redundant standard cabinets from existing sites to new projects, thus avoiding downtime during upgrades [9]. - The system can adapt to changes in electricity prices and policies, extending the overall revenue cycle of projects [9]. Group 4: Safety and Reliability - The product offers multi-dimensional protection with an IP66-rated PCS and optional IP67-rated PACK, suitable for various complex environments [12]. - A three-tier fire protection system, combined with AI health management, ensures precise monitoring and rapid response to potential thermal runaway situations [12]. Group 5: AI and EMS Integration - The system utilizes AI for predictive analysis and EMS for intelligent scheduling, reducing reliance on manual experience and improving decision-making speed and accuracy [13]. - Actual operational data indicates that AI strategies can enhance daily revenue by approximately 20%, with a 15% increase in scenarios involving reverse flow [13]. Group 6: Grid Compatibility - The system is designed to operate effectively in complex grid environments, stabilizing voltage and frequency under weak grid or load fluctuation conditions [15]. - It optimizes active and reactive power output, maintaining a power factor above 0.98, thereby reducing losses from harmonics and phase imbalance [15].

Group 1: Photovoltaic Industry - The photovoltaic industry is experiencing a clear upward trend due to supply-side clearing and demand-side support, with expectations of profitability recovery in 2026 as inefficient companies exit the market and leading firms enhance efficiency through technological upgrades [1][14] - In 2025, China's photovoltaic industry saw a significant increase in installed capacity, reaching 315.07 GW, with a year-on-year growth rate of 13.67%, despite a slowdown in the second half of the year [14][16] - The introduction of policies aimed at preventing "involution" in the industry has led to a recovery in prices, with polysilicon prices rising over 50% from June to November 2025, indicating a shift towards a more rational pricing environment [22][29] Group 2: Wind Power Industry - The wind power industry is expected to benefit from a favorable supply-demand structure, with significant growth anticipated in offshore wind projects and exports, particularly in 2025 [1][3] - The domestic wind power market is projected to continue its growth trajectory, with offshore wind becoming a key focus area, supported by increasing demand for domestic and international markets [1][3] - Investment recommendations include focusing on leading manufacturers in the wind turbine sector and companies involved in high-barrier components such as submarine cables, which are expected to see increased demand [3][3] Group 3: New Energy Vehicles - The new energy vehicle sector in China is projected to achieve sales of 16.49 million units in 2025, reflecting a year-on-year growth of 28.2%, driven by stable market demand and improved product structures [2][3] - The industry is witnessing a recovery in profitability as supply-side chaos is effectively managed, with significant price increases in key materials like lithium hexafluorophosphate and vinyl carbonate [2][3] - The transition to a high-quality development phase is expected in 2026, supported by technological innovations and enhanced supply chain capabilities [2][3] Group 4: Lithium Battery Industry - The lithium battery industry is experiencing a recovery in profitability as inefficient production capacity is eliminated, with key materials seeing price increases and demand from new energy vehicles and energy storage continuing to rise [8][8] - Recommendations include focusing on leading companies in the battery and structural components sectors, which are expected to benefit from the industry's recovery [8][8] - The commercialization of solid-state batteries is accelerating, with several companies making significant progress in this area [8][8]

Core Viewpoint - Dongfang Risen (300118) forecasts a net profit loss of 2.3 billion to 2.9 billion yuan for the fiscal year 2025, primarily due to low photovoltaic product prices and long-term asset impairment [1] Stock Performance - The company's stock price exhibited unusual volatility, with a cumulative deviation of 30.10% in closing prices on January 23 and January 26, 2026. On February 4, 2026, the stock rose by 6.90%, but institutional investors sold a net of 94.89 million yuan, and the Shenzhen Stock Connect recorded a net sell of 94.52 million yuan. The stock then fell by 7.08% on February 5, 2026 [2] Recent Events - In response to the recent hype around the "commercial space" concept, the company clarified that its photovoltaic products are not directly supplied to commercial satellite companies. However, it mentioned that ultra-thin heterojunction batteries can be adapted for low-orbit satellite scenarios and have been delivered in small quantities to overseas customers [3] Strategic Advancement - The company is accelerating its transformation towards an integrated "photovoltaic + energy storage" model, with the energy storage business seen as a new growth point to address structural adjustments in the industry [4] Financial Movements - Huaxia Fund's products hold a significant position with 1.4479 million shares, incurring an estimated loss of approximately 2.4614 million yuan during the stock price decline on February 5 [5] Executive Changes - On December 9, 2025, the company appointed 35-year-old Xu Haitao as a representative director, indicating a trend towards a younger executive team [6] Future Developments - Key future events to watch include the detailed disclosure of the 2025 annual report and the progress of the company's strategies related to energy storage and overseas markets [7]

Group 1 - The global energy storage market is experiencing significant advancements, with multiple companies like HaiCheng Energy, BYD, Yiwei Lithium Energy, and others involved in projects totaling over 5.5 GWh in capacity [2] - HaiCheng Energy has signed a strategic cooperation framework agreement with KNESS Group to develop a 2 GWh energy storage project in Poland, focusing on the Ukrainian market [3] - BYD has entered into a supply agreement for 2 GWh of blade battery energy storage cells with Turkish distributor Solinved [4] - BYD's independent battery energy storage system (BESS) of 500 MWh has commenced operations in Bulgaria, showcasing its dual growth in orders and production capacity [7] - Yiwei Lithium Energy has signed a contract for a 36 MWh solar-storage integrated project at Kuala Lumpur International Airport, marking its first such project in Malaysia [10] Group 2 - Zhiguang Electric has signed a contract worth 1.004 billion yuan for energy storage systems, indicating a positive impact on its performance [11] - Zhiguang Electric has also secured multiple energy storage orders, including contracts totaling 1.19 billion yuan and 1.48 billion yuan with different companies [11] - Dongfang Risen has reported a quarterly signing volume of 1.5 GWh in the domestic commercial energy storage sector, with a year-on-year increase of 307.2% [14]