人民财讯12月12日电，迈为股份（300751）12月12日公告，公司全资子公司新加坡迈为与Sparkedge Energy Management Ltd.(简称"普通合伙人")签署了《Subscription Agreement》(简称"认购协议")，新加 坡迈为作为有限合伙人以自有资金认缴出资1000万美元，参与认购Sparkedge Development Fund One L.P. 的基金份额。该基金将重点投资于可再生能源基础设施建设，投资周期涵盖开发与施工阶段，其战略目 标是通过项目竣工后的资产增值实现资本回报。 ...

证券代码：300751 证券名称：迈为股份 公告编号：2025-065 苏州迈为科技股份有限公司 关于与专业投资机构共同投资的公告 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。 特别提示： 1、本次投资事项尚需进行当地金融管理局(CIMA)备案等手续，具体实施情 况和进度尚存在不确定性。 4、本次投资事项不存在同业竞争，不构成关联交易，也不构成重大资产重 组。 一、与专业投资机构共同投资的情况 （一）基本情况 根据苏州迈为科技股份有限公司（以下简称"公司"）战略规划的需要，为 进一步拓展公司业务领域，更好地借助专业机构的专业力量及资源优势，整合各 方资源，提高公司的综合竞争力。公司全资子公司 MAXWELL TECHNOLOGY PTE. LTD. （以下简称"新加坡迈为"）与 Sparkedge Energy Management Ltd.（以下简 称"普通合伙人"）签署了《Subscription Agreement》（以下简称"认购协议"）， 新加坡迈为作为有限合伙人以自有资金认缴出资 1,000 万美元，参与认购 Sparkedge Developm ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2][48]. Core Viewpoints - The Central Economic Work Conference emphasized the need to deepen the rectification of "involution" competition, particularly in the photovoltaic industry, which is expected to accelerate the exit of backward production capacity and promote the recovery of industry profit margins [4][43]. - The report suggests focusing on leading new energy companies that excel in technology and scale [4][43]. Market Review - As of December 11, 2025, the Shenwan Power Equipment industry rose by 1.32% over the past two weeks, outperforming the CSI 300 index by 0.51 percentage points, ranking 12th among 31 industries [11]. - Year-to-date, the Shenwan Power Equipment sector has increased by 40.05%, surpassing the CSI 300 index by 24.36 percentage points, ranking 5th among 31 industries [11]. - The wind power equipment sector increased by 5.79%, while the photovoltaic equipment sector decreased by 0.82% in the last two weeks [16]. Valuation and Industry Data - As of December 11, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 32.90 times [24]. - The PE ratios for sub-sectors are as follows: Electric Motor II at 56.45 times, Other Power Equipment II at 51.83 times, Photovoltaic Equipment at 30.06 times, Wind Power Equipment at 33.63 times, Battery at 32.83 times, and Grid Equipment at 28.49 times [24]. Company Announcements - The report highlights significant projects and developments, including the approval of the Zhejiang UHV AC Ring Network Project with a total investment of 29.3 billion yuan, which is the highest for a single UHV AC project in China [38][39]. - The report also notes various company announcements regarding share repurchases and changes in control, indicating active corporate governance within the sector [42][43]. Weekly Perspective - The report reiterates the importance of adhering to the "dual carbon" goals and promoting a comprehensive green transition, with a focus on energy efficiency and carbon reduction in key industries [4][43]. - It emphasizes the need for technological innovation and quality improvement in the photovoltaic sector, moving away from mere scale expansion [4][43].

摘要：接近年底了，就让我们以12月12日为观察基点，系统梳理了商业航天、AI与服务器、人形机器 人、半导体、可再生能源、光通信六大科技前沿领域的热点资讯与产业动态。通过深度剖析各赛道核心 驱动逻辑、关键技术瓶颈、市场竞争格局及龙头公司战略布局，旨在绘制一幅当前科技投资的全景图 谱。分析指出，我们正处在一个由技术突破、政策引导与资本助推共同定义的新产业周期起点，多领域 呈现出"硬科技国产替代"与"全球创新共振"的交织特征。文章最后探讨了美联储货币政策转向对科技成 长的潜在影响，为投资者在复杂宏观环境下辨识结构性机会提供系统化框架。 引言：一个交织着突破与转折的科技十字路口 12月12日，并非一个普通的交易日。它汇集了来自太空、人工智能、能源革命与货币政策的多重信号， 共同勾勒出未来数年全球科技与产业竞争的清晰轮廓。从SpaceX即将IPO掀起的商业航天资本狂想，到 特斯拉Optimus与中国机器人军团竞速量产；从HBM封装驱动半导体设备国产化冲刺，到核聚变技术突 破重塑能源未来想象；再到美联储降息为高成长赛道注入流动性预期——这些看似离散的事件，实则指 向同一个核心：我们正站在新一轮科技产业革命，由实验室创新向 ...

A500ETF华泰柏瑞（563360）紧密跟踪新一代标杆指数中证A500指数，该指数优选各行业市值代表性 强、表征行业龙头的500只股票，兼顾大市值的同时均衡覆盖A股各行业核心龙头资产。该ETF配备了场 外联接基金（A：022438、C：022439、I：022742、Y022947）。 12月11日，三大指数盘中集体翻绿，中证A500指数截至发稿跌0.46%，成分股中，迈为股份涨超11%， 中国天楹、立昂微、普天科技等多股涨停，中兴通讯跌停。 相关ETF方面，A500ETF华泰柏瑞（563360）截至发稿跌0.57%，成交额超77亿元，居同标的第一，换 手率26.32%，盘中交投活跃。 资金面上，Wind金融终端数据显示，A500ETF华泰柏瑞（563360）近5个交易日持续获资金净流入，累 计"吸金"超31亿元。 消息面上，据报道，提升A股配置， 基金"专业买手"布局跨年行情。尽管11月A股市场波动加剧，基金 投顾却在逆势加仓A股资产。数据显示，11月基金投顾增配幅度最大的是A股资产。开源证券数据显 示，11月共有131只基金投顾组合进行了调仓。其中，A股资产被基金投顾组合增配的力度最大，远超 其他品种， ...

Group 1: Equipment Export - The engineering machinery sector is expected to see a full domestic recovery and moderate export recovery in 2025, with a projected revenue growth of 12% year-on-year in the first three quarters of 2025 [52] - Key recommended companies for engineering machinery include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic, which are expected to benefit from both domestic and international demand [3][52] - The oil service equipment sector is poised for significant growth due to historical opportunities in the Middle East and the Belt and Road Initiative, with recommended companies including Jereh and Neway [3] Group 2: Domestic Demand Improvement - The photovoltaic equipment sector is entering a platform integration phase, with significant advancements in perovskite and heterojunction technologies, leading to increased equipment value [3] - The lithium battery equipment sector is expected to benefit from ongoing capacity expansions and solid-state battery technology, with recommended companies including Lead Intelligent and Hanke Technology [4] - The semiconductor equipment sector is experiencing a recovery driven by domestic substitution and AI-related demand, with key recommendations including Northern Huachuang and Zhongwei [4] Group 3: High-Growth Sectors - The PCB equipment sector is entering a new expansion cycle driven by AI, with high demand for advanced HDI and SLP boards, with recommended companies including Dazhu CNC and Ding Tai High-Tech [5] - The liquid cooling equipment market is growing rapidly as it becomes a standard for AI server cooling, with key recommendations including Hongsheng and a focus on Invec [5] - The gas turbine and diesel generator sectors are expected to see significant growth due to increased electricity demand driven by AI, with recommended companies including Jereh and Yingliu [5] Group 4: New Technologies and Directions - The mass production of humanoid robots is anticipated, with domestic component manufacturers expected to benefit from cost reductions, with recommended companies including Hengli Hydraulic and New Coordinates [5] - The integration of new technologies in the photovoltaic sector is leading to industry transformation, with a focus on innovative solutions [5] Group 5: Performance Analysis - The semiconductor equipment and PCB equipment sectors are leading in revenue growth, with semiconductor equipment benefiting from advanced process expansions and PCB equipment driven by AI server demand [33] - The profit growth in the PCB equipment and general automation sectors is notable, with improvements in product structure and scale effects [33] - The overall machinery sector is experiencing a mild upward trend, with significant performance disparities among sub-sectors [11][20]

创业板新能源ETF华夏（159368）是全市场跟踪创业板新能源指数的规模最大ETF基金。创业板新能源 指数主要涵盖新能源和新能源汽车产业，涉及电池、光伏等多个细分领域。创业板新能源ETF华夏 （159368）弹性最大，涨幅可达20cm；费率最低，管理费和托管费合计仅为0.2%；规模最大，截至 2025年10月31日，规模达8.29亿元；成交额最大，近一月日均成交9005万元。其储能含量达59%，固态 电池含量达32%，契合当下市场热点。 （文章来源：每日经济新闻） 12月10日午后，A股三大指数跌幅收窄，深证成指率先翻红。创业板新能源ETF华夏（159368）午后跌 幅收窄至0.58%。盘面上，星源材质涨超8%，迈为股份逆势上涨8.65%，创历史新高，天华新能、宇邦 新材涨超4%。截至发文，创业板新能源ETF华夏（159368）成交额达6979万元，居同类基金首位。 消息面上，12月9日，2025第四届高工储能年会在深圳开幕。高工产业研究院（GGII）现场发布的数据 显示，2025年全球和中国储能电池出货量增速预计均超80%。尤其是"腰部"锂电池企业增速迅猛，今年 前三季度楚能新能源、海辰储能、欣旺达出货量同 ...

Summary of the Conference Call for Maiwei Co., Ltd. Industry and Company Overview - The conference call focuses on Maiwei Co., Ltd., a company involved in semiconductor equipment, photovoltaic technology, and display equipment sectors [2][3][5][6]. Key Points and Arguments Semiconductor Equipment - Maiwei's order volume has doubled for two consecutive years, reaching 4 billion yuan, driven by growth in both front-end (etching, thin film deposition) and back-end (slicing, bonding) semiconductor equipment [2][3]. - The company signed new orders worth approximately 1 billion yuan in 2024, with expectations to reach 2 billion yuan in 2025 and 4 billion yuan in 2026, indicating a strong growth trajectory [3]. - The front-end equipment includes etching and thin film deposition, which account for about 20% of total semiconductor equipment capital expenditure, comparable to lithography machines [3]. - Maiwei's R&D expenditure for 2024 is projected to be 1 billion yuan, which is 50% of leading semiconductor equipment companies, enhancing its market competitiveness and accelerating product expansion [2][4]. Photovoltaic Technology - The company sees significant opportunities in the U.S. market for HJT (Heterojunction Technology) due to its shorter process, resource savings, and lower patent risks, making it suitable for U.S. expansion [5][10]. - Maiwei aims to enhance AGT (Advanced Glass Technology) module power, with expectations to reach 770-780 watts in 2025 and 800 watts by year-end, driven by various technological advancements [9]. Display Equipment - Maiwei focuses on OLED (flexible laser cutting) and Micro LED (wafer bonding, laser transfer) technologies, with key clients including BOE and Tianma, resulting in significant order growth [6]. New Material Breakthroughs - The company plans to achieve breakthroughs in molybdenum materials, which are increasingly replacing tungsten in advanced logic devices and NAND flash memory, necessitating higher requirements for etching and thin film deposition [7][8]. Additional Important Insights - The U.S. photovoltaic manufacturing landscape differs significantly from China, particularly in cost structure, with U.S. operations focusing more on operational and facility costs rather than capital expenditures [10][11]. - AGT technology has a competitive edge in the U.S. market due to its lower operational costs and absence of patent issues, as its patents expired around 2015 [12]. - Maiwei is actively pursuing partnerships with U.S. companies to support AGT production capacity, with expectations of a market valuation reaching 60 to 70 billion yuan [13][14].

Group 1: Robotics Industry - The U.S. government is focusing on the development of robotics, indicating that robotics technology is becoming a key frontier in U.S.-China competition, with potential for continued resonance between the two countries' industries [1] - The Trump administration's actions suggest a strategic elevation of the U.S. robotics industry, with domestic policies expected to follow suit [1] - U.S. companies are actively investing in the robotics sector, creating a closed loop of "model-simulation-hardware," while China's supply chain is accelerating the implementation of robotics in various scenarios [1] Group 2: Construction Machinery - In November, domestic excavator sales exceeded expectations, and exports maintained high growth rates despite a high base, indicating a strong overall fundamental outlook for the sector [2] - The upward trend in both domestic and international sales of construction machinery has been validated, with a focus on overseas markets where profits from exports account for about 70% of many companies [2] - The performance of companies in the construction machinery sector remains strong, with non-excavator domestic sales also showing significant growth [2] Group 3: Lithium Battery Equipment - The electrification of ships is expanding the application of lithium batteries into new scenarios, with a positive outlook for lithium battery equipment in the upcoming year [3] - The demand for lithium batteries is expected to increase as new technologies like solid-state and sodium-ion batteries emerge, enhancing the electrification rate across various sectors [3] - The mid-term acceptance of solid-state batteries is anticipated to be completed by the end of the year, leading to a new round of order tenders from leading battery manufacturers and vehicle manufacturers [3] Group 4: PCB Equipment - The PCB industry is experiencing a resurgence, characterized by high-end product development and factory establishment in Southeast Asia, which is driving the demand for PCB equipment upgrades [4] - Key segments of PCB equipment, such as drilling and plating, hold significant value and are critical for circuit board performance [4] - The industry is evolving towards higher layer counts and more precise wiring due to AI-driven advancements, necessitating improvements in processing technology [4] Group 5: Forklifts & Mobile Robots - Sales of large forklifts are maintaining growth, with domestic sales increasing by 5% to 16% and exports growing by 8% to 23% from July to October [5] - The industry is optimistic about the upward trend in demand for smart logistics and unmanned forklifts, with major companies launching intelligent logistics products in Q4 [5] Group 6: Recommended Companies in Machinery Sector - Key companies recommended include Hengli Hydraulic, Aibin Technology, LiuGong, XCMG, Jereh, Naipu Mining, SANY Heavy Industry, Zoomlion, Anhui Heli, Hangcha Group, Huace Testing, Shoucheng Holdings, Xian Dao Intelligent, Bozhong Precision, Haitai International, Yizhiming, Puyuan Precision Electronics, Zhongji United, and Maiwei Shares [6]

注：截至15:00，以上成分股仅做展示使用，不构成投资建议。 12月5日消息，南京大学谭海仁教授课题组与钙钛矿光伏企业仁烁光能（苏州）有限公司组成的联合团队，成功研制可直接接触空气的环保溶剂，离量产大 尺寸钙钛矿光伏电池的目标又近了一步。国际学术期刊《科学》12月5日在线发表相关研究论文。谭海仁表示，南京大学已与仁烁光能共同提交了相关技术 的专利申请，并通过150兆瓦中试生产线获得性能稳定的成品。 12月8日，A股震荡上行，两市超3400家上涨，截至收盘，同类费率最低档的光伏龙头ETF(516290)上涨1.35%，喜提两连阳。 光伏龙头ETF(516290)标的指数成分股涨跌互现，成分股迈为股份(300751)收涨17.47%，一度上涨20.00%，协鑫集成10cm涨停，捷佳伟创涨超9%，罗博特科 等涨超8%，阳光电源、阿特斯涨超1%，TCL科技跌超1%，德业股份、正泰电器等回调。 【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 | 估算权重 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 3 ...