Market Overview - The A-share market collectively rose on October 10, with the Shanghai Composite Index up 0.13%, the Shenzhen Component Index up 0.38%, and the ChiNext Index up 1.27%, while the North Stock 50 declined [2] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets was 20,040 billion yuan, a decrease of 1,481 billion yuan compared to the previous day [2] - Over 2,400 stocks in the market experienced gains [2] Sector Performance - The leading sectors in terms of gains included oil and gas, film and television, satellite communication, tourism, gaming, and AI computing hardware [2] - Conversely, sectors that saw declines included energy metals, photovoltaic and wind power, PEEK materials, and solid-state battery concepts [2] Notable Stocks - AI computing hardware stocks rebounded collectively, with Industrial Fulian hitting the daily limit, and Shenghong Technology reaching a new high during the session [2] - Oil and gas stocks surged, with Zhun Oil shares hitting the daily limit [2] - The satellite communication sector maintained high volatility, with stocks like Yuandao Communication, 263, and Sanwei Communication reaching their daily limits [2] Active Sectors - The sports, gaming, and film and television sectors showed active performance during the session [2] Declining Stocks - Many stocks in the new energy sector, including photovoltaic and lithium battery stocks, adjusted downwards, with Shangneng Electric and Tianhong Lithium Battery dropping over 10% [2] - Other notable declines included Tianqi Lithium, Ganfeng Lithium, and JinkoSolar, among others [2]

Core Viewpoint - The report from CICC indicates a significant increase in the scale of energy storage and EPC procurement, reaching 79.88 GW and 271.79 GWh from January to August, representing a year-on-year growth of 191% in GWh terms [1][2]. Domestic Demand - Policy support is expected to sustain the demand for independent energy storage, with a notable increase in project scale and duration. The average project size has grown to 2 GWh, and the storage duration has increased from 1-2 hours to 3-4 hours [2]. - In August alone, the energy storage and EPC scale reached 25.8 GW and 69.4 GWh, showing a year-on-year increase of 520% and a month-on-month increase of 169% [2]. Industry Chain Impact - The reliability requirements for energy storage are increasing, and the diversification of revenue streams may lead to a rise in energy storage system prices, benefiting related integrators. The price of 4-hour energy storage systems in August was 0.431 yuan/Wh, up 3% month-on-month [3]. - The anticipated increase in system prices in Q4 2023 may allow manufacturers with sufficient battery inventory to benefit from inventory premiums, leading to profit growth [3]. Recommended Stocks - CICC recommends several stocks in the energy storage sector, including: - Upwind Electric (300827.SZ) - Haibo Sichuang (688411.SH) - YN Technology (688348.SH) - Deyang Co., Ltd. (605117.SH) [4].

关于上能电气股份有限公司 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 国枫律股字[2025]A0469 号 致：上能电气股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第一次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》、《律师事务 所从事证券法律业务管理办法》（以下简称"《证券法律业务管理办法》"）、《律师事务所 证券法律业务执业规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、 行政法规、规章、规范性文件及《上能电气股份有限公司公司章程》（以下简称"《公 司章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席会议人员资格、 会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 1．本所律师仅就本次会议 ...

上能电气股份有限公司 2025年第一次临时股东大会决议公告 证券代码：300827 证券简称：上能电气 公告编号：2025-074 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。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议召开时间：2025年9月16日（星期二）14:00 （2） 网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为： 2025年9月16日（星期二）9:15—9：25，9：30—11:30 和13:00—15:00；通过深 圳证券交易所互联网投票系统投票的具体时间为：2025年9月16日（星期二） 9:15-15:00期间的任意时间。 2、会议召开方式：本次会议采取现场表决与网络投票相结合的方式召开。 3、会议召开地点：江苏省无锡市惠山区和惠路6号上能电气股份有限公司会 议室。 4、会议召集人：公司第四届董事会 5、会议主持人：公司董事长吴强先生 特别提示： 1.本次股东大会没有出现否决议案的情形。 6、本次会议的召集、召开符合有关法律、行政法规、 ...

Core Viewpoint - The stock of Shangneng Electric has experienced fluctuations, with a recent decline of 2.01% and a total market value of 16.417 billion yuan, reflecting mixed investor sentiment and trading activity [1]. Company Overview - Shangneng Electric, established on March 30, 2012, and listed on April 10, 2020, is located in Wuxi, Jiangsu Province. The company specializes in the research, production, and sales of power electronic devices [1]. - The main revenue sources for Shangneng Electric include photovoltaic inverters (72.20%), energy storage bidirectional converters and system integration products (25.64%), power quality management products (1.19%), spare parts and technical services (0.85%), and others (0.12%) [1]. Financial Performance - For the first half of 2025, Shangneng Electric reported a revenue of 2.184 billion yuan, representing a year-on-year growth of 13.42%. The net profit attributable to shareholders was 201 million yuan, showing a year-on-year increase of 24.78% [2]. - Since its A-share listing, the company has distributed a total of 130 million yuan in dividends, with 102 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Shangneng Electric was 46,700, a decrease of 5.21% from the previous period. The average number of circulating shares per person increased by 9.86% to 5,878 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 3.2101 million shares, a decrease of 226,200 shares compared to the previous period. The photovoltaic ETF (515790) is the ninth largest shareholder with 2.4948 million shares, down by 25,900 shares [3].

Investment Rating - The investment rating for the industry is "Strongly Recommended" for key companies such as Ningde Times, Yiwei Lithium Energy, and Sunshine Power [3]. Core Insights - The domestic energy storage policy continues to strengthen, with demand expected to exceed expectations and be sustainable. The National Development and Reform Commission and the Energy Administration have issued a plan to increase the new energy storage installed capacity to over 180GW by 2027, which will double the current capacity within the next two and a half years [1][8][12]. - The bidding scale for the domestic energy storage market reached a historical high of 25.8GW/69.4GWh in August 2025, indicating a robust demand outlook despite previous concerns following the cancellation of mandatory energy storage requirements [14]. Industry Policy - The new energy storage capacity pricing mechanism is being established, with various provinces implementing supportive policies. For instance, the pricing standard for new energy storage capacity is set at 100 yuan/kW/year from October to December 2025, increasing to 165 yuan/kW/year from January 2026 [9][11]. - The cancellation of mandatory energy storage requirements has led to a trend where provincial capacity policies are expected to support the industry's future development [9][12]. Key Companies and Financial Metrics - **Ningde Times**: Market cap of 149.28 billion, 2025 EPS of 14.9, PE of 22, rated "Strongly Recommended" [3]. - **Yiwei Lithium Energy**: Market cap of 15.1 billion, 2025 EPS of 2.2, PE of 33, rated "Strongly Recommended" [3]. - **Sunshine Power**: Market cap of 27.76 billion, 2025 EPS of 5.9, PE of 23, rated "Strongly Recommended" [3]. - **Hai Bo Si Chuang**: Market cap of 3.29 billion, 2025 EPS of 4.8, PE of 38, not rated [3]. - **Sheng Hong Co., Ltd.**: Market cap of 1.2 billion, 2025 EPS of 1.5, PE of 26, rated "Strongly Recommended" [3]. - **Kehua Data**: Market cap of 3.56 billion, 2025 EPS of 1.2, PE of 59, rated "Strongly Recommended" [3]. - **He Wang Electric**: Market cap of 1.54 billion, 2025 EPS of 1.4, PE of 25, rated "Strongly Recommended" [3]. Market Performance - The absolute performance of the energy storage and new energy sector has shown significant growth, with a 12-month increase of 67.9% [6]. Future Outlook - The energy storage installed capacity is projected to double within the next two and a half years, with an average annual installation requirement of 34GW/136GWh to meet the 2027 target [8][12]. - The demand for energy storage is expected to remain strong and sustainable, supported by ongoing policy initiatives and high bidding activity in the market [14].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Chinese energy storage market**, which is experiencing rapid growth driven by policy initiatives and innovative business models across various provinces, such as Inner Mongolia and Gansu [1][2]. Core Insights and Arguments - The **2025-2027 New Energy Storage Development Plan** aims for a total installed capacity of **180GW** by 2027, requiring approximately **100GW** of new installations over the next three years. As of the end of 2024, the cumulative installed capacity is **73.8GW**, indicating a significant growth opportunity [2][3]. - The **price of energy storage cells** is influenced by rising raw material costs, particularly lithium carbonate, and an unexpected surge in domestic demand, leading to a new upward cycle in supply and demand dynamics [1][4]. - The **global power system development trends** favor the long-term sustainability of the energy storage industry, with increasing renewable energy ratios and nonlinear electricity demand driving the need for flexible resources. Electrochemical storage is highlighted as a key solution due to its flexible deployment and controllable costs [5]. Additional Important Insights - The **role of energy storage in renewable energy** is critical, with current strong ratios around **11%** expected to rise to **17%** or even **40%** in the future, enhancing the utilization of renewable energy [6]. - Factors contributing to the continued demand for **independent energy storage** in China include the need for flexible supply to ensure grid safety, supportive local capacity pricing policies, and a shift in investment strategies among state-owned enterprises [7]. - Leading companies in the energy storage sector, such as **Sungrow Power Supply**, **CATL**, and others, are positioned to benefit from both domestic market transformations and global expansion opportunities [5]. This comprehensive overview captures the essential elements discussed in the conference call, highlighting the growth potential and strategic importance of the energy storage sector in China.

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is expected to maintain high growth in domestic solar storage product shipments, with overseas storage accelerating, which will enhance performance. The forecast for net profit for 2025-2027 is 634 million, 807 million, and 984 million yuan, respectively, with year-on-year growth rates of 51%, 27%, and 22% [4][5] Financial Performance Summary - For 2023A, the company is projected to achieve revenue of 4,933 million yuan, with a year-on-year growth rate of 111%. The net profit attributable to the parent company is expected to be 286 million yuan, reflecting a year-on-year increase of 250% [2] - In 2025, the company is expected to generate revenue of 6,236 million yuan, with a year-on-year growth rate of 31%, and a net profit of 634 million yuan, with a year-on-year growth rate of 51% [2][4] - The gross profit margin for the first half of 2025 is reported at 24.1%, with a year-on-year increase of 1.2 percentage points [4] Market Position and Growth Drivers - The company has a strong position in the domestic ground-mounted solar market and is increasing its share in distributed business. It is also expanding into overseas markets such as India, the Middle East, and Europe, which are expected to support rapid growth in global solar business [4] - The revenue from the photovoltaic inverter business in the first half of 2025 reached 1.58 billion yuan, with a year-on-year increase of 14%. The overseas revenue for the same period was 980 million yuan, reflecting a year-on-year growth of 106% [4] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 27.1, 21.3, and 17.5, respectively [2][5] - The projected P/B ratios for the same years are 6.2, 4.9, and 3.9, respectively [2][5]

Investment Rating - The report maintains a "Buy" rating for the companies in the energy storage sector, specifically recommending Yangguang Electric (阳光电源), Shangneng Electric (上能电气), Shenghong Co., Ltd. (盛弘股份), and CATL (宁德时代) [6][9][10]. Core Insights - The introduction of the "New Energy Storage Scale Construction Special Action Plan (2025-2027)" by the National Development and Reform Commission and the Energy Administration is expected to clarify the profit model for independent energy storage, promoting long-term healthy development in the domestic energy storage industry [1][2]. - The action plan sets a target of over 180 GW of new energy storage capacity by 2027, which is projected to drive direct investment of approximately 250 billion yuan [2]. - The report highlights that the demand for energy storage remains strong, and the pricing in the domestic supply chain is stabilizing, leading to an optimistic outlook for the energy storage industry [5]. Summary by Sections Section 1: Policy and Market Dynamics - The action plan encourages energy storage to participate in the electricity market, aiming for a cumulative installed capacity of 73.8 GW by 2024, with an average annual requirement of 35.4 GW from 2025 to 2027 to meet the target [2][3]. - Various provinces are implementing policies to enhance the economic viability of independent energy storage, such as capacity compensation mechanisms [3][4]. Section 2: Pricing and Competition - The report notes that the price competition in the domestic supply chain is nearing its end, with prices for PCS increasing from 0.065 yuan/W in June to 0.07 yuan/W in September, and energy storage cells rising from 0.29 yuan/Wh to 0.3 yuan/Wh [4][5]. - The market is expected to undergo a process of elimination, favoring leading companies while smaller firms may gradually exit the market [4]. Section 3: Company Recommendations - Yangguang Electric (阳光电源) is projected to achieve a net profit of 145.64 billion yuan in 2025, with a target price of 147.42 yuan [11]. - Shangneng Electric (上能电气) is expected to see a net profit of 6.10 billion yuan in 2025, with a target price of 39.93 yuan [11]. - Shenghong Co., Ltd. (盛弘股份) anticipates a net profit of 5.38 billion yuan in 2025, with a target price of 51.60 yuan [11]. - CATL (宁德时代) is forecasted to achieve a net profit of 666 billion yuan in 2025, with a target price of 342.22 yuan [11].

Core Viewpoint - The solar photovoltaic demand in Q2 2025 has rapidly increased due to domestic rush installations, leading to a recovery in revenue and gross margins for major industry chain companies. Additionally, the easing of U.S. tariffs has significantly improved profitability in the U.S. market after companies streamlined their supply chains [1] Industry Chain Summary - The revenue of the main industry chain has increased, and gross margins have generally recovered, although there is differentiation among segments and companies. The downstream battery and module prices have risen quickly due to the rush installations, while the performance of silicon materials and wafers continues to decline marginally. Overall gross margin recovery is noted, but the increase in shipment volumes has not significantly reduced overall losses in the sector [1] - In Q2 2025, the output of slurry slightly increased quarter-on-quarter, but performance was heavily impacted by costs. The introduction of low-cost metal slurry production is expected to provide significant revenue and profit growth opportunities for slurry companies. The profitability of junction boxes, frames, and solder strips has been under pressure, while overseas production capacity for frames has shown strong contributions. Glass and film prices and profits have recovered due to domestic rush installations, with strong demand for centralized inverters and energy storage systems [2] Financial Outlook - The financial statements for Q3 2025 are expected to show further recovery, with a focus on the progress of reducing internal competition. Since July, the price of silicon materials has risen significantly, and downstream silicon wafers and battery modules have experienced varying degrees of price adjustments. The overall profit and operating cash flow for the sector are anticipated to improve further in Q3 2025, although the performance of the module segment may face some pressure quarter-on-quarter. Glass and film prices are expected to gradually rise above the production cost line of second-tier leading companies [3] Recommended Companies - Recommended companies include: - Silicon material segment: Tongwei Co., Ltd. (600438.SH) - High-efficiency module leader: JinkoSolar (688233.SH) - New technology BC and slurry: Dike Co., Ltd. (300842.SZ), Juhe Materials (688503.SH) - Racking: CITIC Bo (688408.SH) - Glass: Xinyi Solar (00968), Flat Glass (601865.SH) - Inverters and energy storage: Deye Technology (605117.SH), Jinlang Technology (300763.SZ), Shangneng Electric (300827.SZ), Canadian Solar (688472.SH) [4]