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 固态和人形产业化加速、AIDC 海外超预期 2025 年 08 月 03 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 -7% -2% 3% 8% 13% 18% 23% 28% 33% 38% 2024-8-2 2024-12-1 2025-4-1 2025-7-31 电力设备 沪深300 相关研究 《25Q2 基金持仓深度：电新重仓 Q2 总体下降，电动车、光伏、储能、工 控、电网板块均下降，风电板块上升 ——基于 12658 支基金 2025 年二季 报的前十大持仓的定量分析》 2025-07-30 《人形国内如火如荼，固态产业化加 速》 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 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 2025-07-2 ...

Investment Rating - The report does not explicitly provide an investment rating for the solar photovoltaic industry Core Insights - The photovoltaic industry in China has seen significant growth, with a total installed capacity exceeding 1.48 billion kilowatts, surpassing thermal power for the first time [7][22] - The report highlights the need for the photovoltaic industry to enhance its low-carbon transformation and environmental performance, as it still faces challenges related to carbon emissions and resource consumption [7][11][17] Summary by Sections Background - China leads global renewable energy growth, contributing nearly 64% of the world's new capacity in 2024, with a total installed capacity reaching 1.889 billion kilowatts [18][22] - The renewable energy sector is expected to grow at an annual rate of 16.6% to meet global climate goals by 2030 [25] Evaluation of Photovoltaic Industry - The evaluation project initiated by IPE and PECC includes 55 photovoltaic-related companies, assessing their environmental performance and carbon emissions [7][31] - The evaluation uses the CITI and CATI indices to quantify the companies' green supply chain management and climate action [8][35] Key Findings - Renewable energy utilization among photovoltaic companies has significantly increased, with 40 companies reporting a total of 57.1 million megawatt-hours of renewable energy used in 2024, leading to a reduction of over 32.55 million tons of CO2 equivalent [10][54] - Despite improvements, carbon emissions remain high, with 44 companies reporting a total of 105 million tons of CO2 equivalent emissions from their operations [11][54] - The report indicates that while many companies are setting renewable energy targets, the overall progress in decarbonizing the supply chain is still limited [12][54] Recommendations - The report suggests that photovoltaic companies should focus on enhancing their green competitiveness and accelerating their low-carbon transformation to contribute to global energy transition efforts [17][28]

Group 1 - The China Securities Index (referred to as "National Brand Index") closed at 1712.78 points on August 1, reflecting a decrease of 0.58% [1] - Among the 100 constituent stocks, 48 stocks increased, 2 remained flat, and 50 stocks declined [1] - Notable gainers included Sungrow Power, which rose by 4.58%, Darentang, which increased by 4.22%, and Hikvision, which saw a rise of 3.59% [1]

市场全天震荡调整，三大指数小幅收跌。 盘面上，医药板块全线逆势走强，创新药概念延续强势，昂利康（002940）涨停；中药股展开补涨，维 康药业（300878）涨停；光伏概念反弹，捷佳伟创（300724）涨停；午后AI应用端活跃，智能体方向 领涨，鼎捷数智（300378）涨超10%；数据要素概念走强，深桑达A涨停。下跌方面，体育概念集体调 整，共创草坪（605099）跌停。 截至收盘，沪指跌0.37%，深成指跌0.17%，创业板指跌0.24%。市场热点快速轮动，个股涨多跌少，全 市场超3300家个股上涨。沪深两市全天成交额1.60万亿，较上个交易日缩量3377亿。 市场再现"技术性调整" 今日，A股市场震荡调整，三大指数均小幅下跌，量能较昨日大幅萎缩。 对于最近两日A股的杀跌，机构认为主要还是技术性调整。一方面，从市场结构而言存在涨幅快速积累 后的回调需求，指数摸高至3600点的过程中，不少板块站上阶段性高位，资金获利离场。另一方面，中 报季来临，进入8月中报期，市场将要开始验证上市公司业绩成色。 消息面上，快递行业近期催化颇多。一是国家邮政局召开快递企业座谈会，就依法依规治理行业"内卷 式"竞争，强化农村地区 ...

天眼查商业履历信息显示，阳光电源股份有限公司，成立于2007年，位于合肥市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本207321.1424万人民币，实缴资本207321.1424万人民币。公 司法定代表人为曹仁贤。 金融界消息 截至2025年8月1日收盘，阳光电源（300274）报收于75.3元，上涨4.58%，换手率3.55%， 成交量56.49万手，成交金额42.01亿元。 通过天眼查大数据分析，阳光电源股份有限公司共对外投资了88家企业，参与招投标项目3363次，知识 产权方面有商标信息721条，专利信息4774条，此外企业还拥有行政许可112个。 资金流向方面，今日主力资金净流入8817.55万元，占比成交额2.1%。其中，超大单净流入2773.63万 元、占成交额0.66%，大单净流入6043.92万元、占成交额1.44%，中单净流出流出8904.46万元、占成交 额2.12%，小单净流入86.91万元、占成交额0.02%。 来源：金融界 阳光电源最新一期业绩显示，截至2025一季报，公司营业总收入190.36亿元、同比增长50.92%，归属净 利润38.26亿元，同比增长82.5 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market-A" for the solar industry [2]. Core Viewpoints - In June, the domestic photovoltaic new installed capacity decreased by 38.4% year-on-year, influenced by the end of the rush for installation. The new installed capacity in June was 14.4GW, with a cumulative new installed capacity of 212.21GW from January to June, reflecting a year-on-year increase of 107.1% [2][13]. - The export value of photovoltaic components in June was 15.81 billion yuan, down 23.3% year-on-year and 8.7% month-on-month. The cumulative export value from January to June was 95.37 billion yuan, a decrease of 23.9% year-on-year [2][17]. - The export value of inverters in June was 6.59 billion yuan, showing a year-on-year increase of 1.2% and a month-on-month increase of 10.3%. The cumulative export value from January to June was 30.6 billion yuan, reflecting a year-on-year increase of 7.6% [3][30]. - Solar power generation in June increased by 18.3% year-on-year, with a total generation of 50.06 billion kWh, accounting for 6.29% of the total industrial power generation in the country [2][44]. Summary by Sections Installed Capacity - In June, the domestic photovoltaic new installed capacity was 14.4GW, down 38.4% year-on-year and 84.5% month-on-month. The cumulative new installed capacity from January to June was 212.21GW, up 107.1% year-on-year [13][2]. Exports - The export value of photovoltaic components in June was 15.81 billion yuan, down 23.3% year-on-year and 8.7% month-on-month. The cumulative export value from January to June was 95.37 billion yuan, down 23.9% year-on-year [17][2]. - The export value of inverters in June was 6.59 billion yuan, with a year-on-year increase of 1.2% and a month-on-month increase of 10.3%. The cumulative export value from January to June was 30.6 billion yuan, up 7.6% year-on-year [30][3]. Power Generation - In June, solar power generation was 50.06 billion kWh, reflecting an 18.3% year-on-year increase and accounting for 6.29% of the total industrial power generation in the country [44][2]. Investment Recommendations - Key recommendations include: - New technology direction: Aisuo Co., Longi Green Energy - Supply-side improvement direction: Daqian Energy, Fulete - Overseas layout direction: Hengdian East Magnet, Sunshine Power, Canadian Solar, Deye Co. - Power marketization direction: Langxin Group - Domestic substitution direction: Quartz Co. - Additional companies to actively monitor include: Xinyi Solar, GCL-Poly Energy, Tongwei Co., TCL Zhonghuan, New Special Energy, Dier Laser, Foster, Haiyou New Materials, JA Solar, Trina Solar, Jinko Solar, CITIC Bo, Maiwei Co., Jingcheng Machinery, Shanghai Ailuo, and Guangxin Materials [48][2].

Group 1 - The photovoltaic concept stocks have shown strong performance, with Jiejia Weichuang rising by 20%, Sunshine Power increasing by over 4%, and Jingsheng Mechanical and Electrical up by over 2% [1] - Related photovoltaic ETFs have also seen an approximate increase of 2% [1] Group 2 - Various photovoltaic ETFs have reported specific price changes, with the leading photovoltaic ETF at 0.486, up by 2.32%, and the photovoltaic 50 ETF at 0.472, up by 1.94% [2] - Institutions indicate that the photovoltaic industry is at the bottom of its cycle and may require accelerated supply-side clearance. The Ministry of Industry and Information Technology has tightened regulations on energy and water consumption for new capacity, which may further control existing output [2] - The industry is reaching preliminary self-discipline across various segments, gradually reducing production to near two-year lows, and as the supply side clears, profitability is expected to improve [2]

专利摘要显示，本实用新型公开了一种可调节线缆固定结构，可调节线缆固定结构包括：安装座，安装 座具有多个过线口，多个过线口沿第一方向间隔排布；调节组件，调节组件设在安装座上，调节组件包 括第一调节板，第一调节板与安装座滑动配合，第一调节板的至少一部分位于多个过线孔在第一方向上 的一侧，调节组件被配置第一调节板相对于安装座滑动以开闭至少一个过线口。根据本实用新型实施例 的可调节线缆固定结构，第一调节板可以相对于安装座滑动以实现对过线口数量的调节，可以防止安装 座出现多余的过线口，提高可调节线缆固定结构的密封性，同时可使可调节线缆固定结构兼容使用不同 数量线缆的使用场景，提高可调节线缆固定结构的兼容性。 金融界2025年8月1日消息，国家知识产权局信息显示，阳光电源股份有限公司取得一项名为"可调节线 缆固定结构"的专利，授权公告号CN223181690U，申请日期为2024年07月。 天眼查资料显示，阳光电源股份有限公司，成立于2007年，位于合肥市，是一家以从事电气机械和器材 制造业为主的企业。企业注册资本207321.1424万人民币。通过天眼查大数据分析，阳光电源股份有限 公司共对外投资了88家企业，参与招投 ...

Group 1 - The photovoltaic sector has seen a significant rise, with companies such as Shuangliang Energy, Daqo New Energy, Huamin Co., Tongwei Co., TCL Zhonghuan, and Hongyuan Green Energy experiencing notable gains [1] - Various photovoltaic ETFs, including the Photovoltaic ETF Index Fund and the Photovoltaic 50 ETF, have increased by over 2% [1] - The top ten weighted stocks in the photovoltaic ETFs include Yangguang Electric, Longi Green Energy, TCL Technology, and others [2] Group 2 - The market currently has ten ETFs tracking the CSI Photovoltaic Industry Index, with the Huatai-PB Photovoltaic ETF leading in size at 12.206 billion [3] - The Ministry of Industry and Information Technology has issued a notice regarding energy-saving inspections in the polysilicon industry, emphasizing the need for compliance by September 30, 2025 [4] - The current price range for polysilicon is between 45,000 and 52,500 yuan per ton, with potential structural opportunities in downstream segments like silicon wafers and battery cells [4][5] Group 3 - The photovoltaic industry is viewed as a key area for the "anti-involution" strategy, with expectations for improved price stability and market conditions as excess capacity is addressed [5][6] - There is a consensus that the market has moved past the phase of extreme volatility driven by policy expectations and is now in a price platform period [5] - The anticipated effects of the anti-involution policies are expected to enhance market confidence and potentially lead to a new upward trend in the industry [6]

截至10:14，成分股仅做展示使用，不构成投资建议。 消息面上，某多晶硅生产龙头周四透露，中国多晶硅（太阳能电池板的核心原材料）生产商正商议设立一只 500 亿元人民币的基金，用于收购并关闭约三分 之一的产能，同时对该亏损行业的部分业务进行重组。目前正在讨论相关计划，拟收购并关闭至少 100 万吨低质量多晶硅产能。 8月1日，A股市场震荡上行，光伏板块冲高！截至10:17，费率最低档的光伏龙头ETF（516290）强劲拉升，涨超2%！资金持续布局"反内卷"逻辑强化下的 光伏板块，光伏龙头ETF（516290）已连续5日吸金超3600万元。 光伏龙头ETF（516290）标的指数成分股近乎全线冲高，捷佳伟创20cm涨停，双良节能10cm涨停，阳光电源涨超3%，隆基绿能、TCL中环、德业股份等涨 超2%，特变电工、正泰电气等强势跟涨。 【光伏龙头ETF（516290）标的指数前十大成分股】 | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 力?不不落巾 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 ...