Flash | 15 Oct 2025 02:07:14 ET │ 13 pages Ginlong Technologies (300763.SZ) 3Q25 Profit Cut Miss; Prefer Sungrow and Deye for Higher Sales Mix from ESS CITI'S TAKE Ginlong reported net profit of +29.4% yoy to Rmb865m in 9M25, including -16.8% yoy and -35.4% qoq to Rmb263m in 3Q25. Its quarterly profit cut was a miss vs. consensus (Bloomberg) forecasting its profit of up 68% yoy to Rmb1,158m in 2025E. We attribute Ginlong's earning miss likely to (i) low revenue growth of +3.4% yoy to Rmb1,869m in 3Q25 with ...

证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 锂电需求旺盛涨价诉求强、AIDC 潜力可观 2025 年 10 月 19 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 -12% -6% 0% 6% 12% 18% 24% 30% 36% 42% 48% 2024-10-18 2025-2-16 2025-6-17 2025-10-16 电力设备 沪深300 相关研究 《动储产销两旺，量利双升，继续强 推》 2025-10-16 《动力和储能产销两旺、固态电池催 化多》 2025-10-12 东吴证券研究所 1 / 52 请务必阅读正文之后的免责声明部分 ◼ 电气设备 9435 下跌 5.3%，表现弱于大盘。光伏涨 0.52%，核电跌 5.15%，锂电池跌 5.19%，电气设备跌 5.3%，新能源汽车跌 5. ...

Investment Rating - Maintain "Buy" rating for the industry [6] Core Insights - The power equipment industry is transitioning from "ultra-low price competition" to "structural correction," with significant price increases expected due to changes in export tax policies and supply-side reforms [16][17] - The report highlights three key areas of focus: supply-side reform leading to price increases, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite solar cells [17] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The photovoltaic industry is experiencing a critical shift, with expected global component price increases of approximately 9% starting Q4 2025 due to the cancellation of VAT rebates on solar cell exports [16][17] - Domestic component prices have entered an upward trend since July 2025, with N-type component average prices rising by about 3.6% from July to September 2025 [16][17] 1.2 Wind Power & Grid - A new VAT policy for offshore wind power will be implemented from November 2025, allowing a 50% VAT rebate on self-produced electricity, which is expected to accelerate offshore wind development [18][19] - The first project under Jiangsu's 14th Five-Year Plan for offshore wind has been approved, indicating a boost in offshore wind capacity [18][19] 1.3 Hydrogen & Energy Storage - Sinopec's first green hydrogen ammonia synthesis project has been initiated, with a planned hydrogen production capacity of 20,000 tons/year and ammonia production of at least 100,000 tons/year [23] - Energy storage project bidding prices for October 2025 range from 0.4118 to 0.6 CNY/Wh, indicating a competitive market [24][30] 2. New Energy Vehicles - The National Development and Reform Commission has issued a plan to double the charging infrastructure by 2027, aiming to build 28 million charging facilities to support over 80 million new energy vehicles [35][36] - The plan includes enhancing urban rapid charging networks and expanding charging facilities in rural areas [35][36]

Core Insights - The integration of AI with energy has been officially included in the national strategic framework, with specific goals set for 2027 and 2030 [1] - The application of AI in energy storage is expected to enhance operational efficiency, safety, and economic returns across the industry [2][3] Group 1: National Strategy and Goals - The National Development and Reform Commission and the Energy Administration have issued implementation opinions that include "AI + Energy Storage" in the national energy strategy [1] - By 2027, the goal is to establish over five specialized large models in the energy sector and over ten replicable demonstration projects, with a target of achieving world-leading AI technology in energy by 2030 [1] Group 2: AI Applications in Energy Storage - AI technology is recognized for its potential to improve the operational efficiency and safety of energy storage systems, with companies increasing investments in AI [2] - Companies like Haibo Shichuang are planning to expand independent energy storage projects and leverage AI and big data for backend operations [2] - Cross-industry collaborations, such as the partnership between Nenghui Technology and Ant Group, aim to develop AI applications for energy project management [2] Group 3: Operational Efficiency and Safety - AI is crucial for optimizing energy dispatch decisions in large power plants, directly impacting revenue maximization [3] - AI diagnostic technologies can accurately identify battery faults and provide early warnings, enhancing the safety and lifespan of energy storage systems [3] - The shift from reactive to proactive maintenance through AI can significantly improve operational efficiency [4] Group 4: Market Potential and Economic Returns - The overall service market for energy storage is projected to reach between 40 billion to 50 billion yuan by 2030 [5] - AI-driven algorithms can optimize trading strategies, enhance energy utilization efficiency, and maximize operational returns [6] - Major companies are launching their own AI solutions, indicating a consensus on the importance of AI in the energy storage sector [6][7] Group 5: Challenges and Bottlenecks - Despite the potential of AI, challenges such as data security and the need for robust computational power remain significant [8][9] - The development of AI in energy storage may exacerbate existing power supply and demand issues, particularly in the context of renewable energy integration [8] - The collaboration between AI and energy storage faces commercial viability challenges due to high energy consumption and uncertain returns [9] Group 6: Future Outlook - The industry views the application of AI in renewable energy as an opportunity that outweighs the challenges, with a focus on data security and effective data management [10]

Core Insights - AI technology can enhance the operational efficiency, safety, and economic viability of energy storage systems, and its integration into national energy strategies has been formalized [1][3][9] Group 1: National Strategy and Goals - The National Development and Reform Commission and the Energy Administration have issued implementation opinions that include "AI + Energy" as part of the national energy strategy, aiming to establish over five specialized large models and ten replicable demonstration projects by 2027 [1] - By 2030, the overall AI technology in energy is expected to reach a world-leading level, with a fully developed synergy between computing power and electricity [1] Group 2: Industry Applications and Investments - Energy companies are increasing investments in AI from perspectives of safety assurance, operational efficiency, and revenue enhancement [3] - HaiBoSiChuang plans to expand independent energy storage projects over the next 3-5 years, leveraging its existing AI and big data capabilities [3] - A strategic partnership between NengHui Technology and Ant Group aims to develop "Energy AI Intelligent Agents" to reconstruct management paradigms in renewable energy projects [3] Group 3: Operational Efficiency and Safety - AI can significantly improve operational efficiency in energy storage, transitioning from reactive maintenance to proactive monitoring [5][6] - AI technologies can predict battery health and lifespan, reducing failure rates and enhancing safety through precise diagnostics [4][5] - The integration of AI in operational processes allows for real-time monitoring and predictive maintenance, optimizing energy management and maximizing returns [6][7] Group 4: Market Potential and Economic Impact - The overall service market for energy storage is projected to reach between 40 billion to 50 billion yuan by 2030 [6] - AI-driven algorithms can enhance trading operations by providing accurate price forecasts and optimizing charging and discharging strategies [6][8] Group 5: Challenges and Bottlenecks - Despite the potential of AI, challenges such as data security, privacy protection, and the need for robust computational power remain [9][10] - The development of AI in energy storage is constrained by the need for advanced data centers (AIDC) and the associated high energy consumption [10][11] - The synergy between AI and energy storage must overcome commercial viability challenges due to the uncertain returns of storage projects [10][11]

Market Overview - On October 17, the A-share market experienced a broad decline, with major indices such as the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index falling by 1.95%, 3.04%, and 3.36% respectively [2][4] - The total market turnover was 1.95 trillion yuan, marking a slight increase of 57 billion yuan from the previous trading day, but it has been below 2 trillion yuan for two consecutive days [2][4] - A total of 602 stocks rose, while 4,783 stocks fell, indicating a significant market downturn [2] Sector Performance - The sectors leading the decline included power equipment, electronics, and machinery, with respective drops of 4.99%, 4.17%, and 3.69% [3][5] - Defensive sectors such as banking, coal, and public utilities showed relative strength, with the banking sector seeing stocks like Xiamen Bank and Qingdao Bank rising over 2% [3][5] - The technology growth sector faced significant selling pressure, with notable declines in electronic, media, and automotive industries, which fell by 7.14%, 6.27%, and 5.99% respectively [5] Capital Flow - The market has shown signs of style rotation, with dividend-paying sectors gaining strength while technology growth stocks have been under pressure [5][8] - Main capital outflows were observed, with over 790 billion yuan leaving the market on October 17 alone, and a total of 5 consecutive days of net outflows [5][7] - The A-share market's total market capitalization decreased by 2.56 trillion yuan to 113.02 trillion yuan as of October 17 [7] Market Sentiment and Future Outlook - Analysts attribute the market's adjustment to a combination of external shocks, internal concerns, and technical factors, with global market conditions, particularly in the U.S., impacting investor sentiment [4][8] - Despite short-term volatility, the core drivers of the market remain unchanged, with expectations of continued favorable liquidity trends [8] - The upcoming disclosure of Q3 earnings reports is anticipated to create opportunities for valuation adjustments and structural rebalancing in the market [8]

10月17日，据港交所披露，阳光电源股份有限公司向港交所提交上市申请书，独家保荐人为中金公司。 0:00 ...

（原标题：199.44亿元主力资金今日撤离电力设备板块） 沪指10月17日下跌1.95%，申万所属行业中，跌幅居前的行业为电力设备、电子，跌幅分别为4.99%、4.17%。电力设备行业位居今日跌幅榜首 位。 电力设备行业今日下跌4.99%，全天主力资金净流出199.44亿元，该行业所属的个股共363只，今日上涨的有13只，涨停的有1只；下跌的有350 只，跌停的有7只。以资金流向数据进行统计，该行业资金净流入的个股有56只，其中，净流入资金超5000万元的有5只，净流入资金居首的是天 际股份，今日净流入资金1.77亿元，紧随其后的是卧龙电驱、双一科技，净流入资金分别为1.53亿元、8573.91万元。电力设备行业资金净流出个 股中，资金净流出超亿元的有53只，净流出资金居前的有阳光电源、宁德时代、特变电工，净流出资金分别为16.87亿元、11.00亿元、8.40亿元。 （数据宝） 电力设备行业资金流入榜 (产品代码: 560500) ★ 跟踪：中证500质量成长指数 近五日涨跌： -5.29% 市盈率：18.31倍 资金流向：最新份额为4.3亿份，增加了0.0份，主力资金净流入 90.0万元。 估值分位: 7 ...

特大单净流入资金排名 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%） | 特大单净流入（亿元） | 行业 | | --- | --- | --- | --- | --- | --- | | 300308 | 中际旭创 | 373.60 | 1.81 | 18.94 | 通信 | | 002017 | 东信和平 | 26.36 | 10.02 | 7.30 | 通信 | | 002185 | 华天科技 | 12.96 | 10.02 | 4.44 | 电子 | | 000592 | 平潭发展 | 3.71 | 10.09 | 3.60 | 农林牧渔 | | 002654 | 万润科技 | 15.67 | 7.18 | 3.51 | 电子 | | 601288 | 农业银行 | 7.62 | 1.74 | 3.24 | 银行 | | 601718 | 际华集团 | 3.86 | 9.97 | 2.77 | 纺织服饰 | | 603367 | 辰欣药业 | 23.27 | 10.02 | 2.37 | 医药生物 | | 300620 | 光库科技 | 104.75 | 5.17 | 2.22 | 通信 | ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 688680 | 海优新材 | 41.75 | -10.98% | 5.02万 | 2.19亿 | | 300274 | 阳光电源 | 145.21 | -10.91% | 121.14万 | 182.69 Z | | 688472 | 阿特斯 | 12.24 | -9.20% | 83.58万 | 10.51亿 | | 688390 | 固德威 | 53.51 | -8.95% | ﻟ 9.74万 | 5.39 Z | | 301658 | 首航新能 | 30.78 | -7.98% | 5.53万 | 1.76亿 | | 300751 | 迈为股份 | 97.07 | -7.77% | 8.08万 | 8.07亿 | | 300827 | 上能电气 | 29.18 | -7.66% | 34.53万 | 10.32亿 | | 300316 | 晶盛机电 | 37.71 | -7.62% | 45.91万 | 17.79亿 | | 688717 ...