Core Points - The stock of Shangneng Electric (300827) closed at 31.7 yuan on October 14, 2025, down 1.09% with a turnover rate of 8.95% and a trading volume of 343,200 shares, amounting to a transaction value of 1.122 billion yuan [1]. Trading Information Summary - On October 14, 2025, the net outflow of main funds was 50.1567 million yuan, while retail investors saw a net inflow of 56.4629 million yuan [1][3]. Company Announcements Summary - Shangneng Electric received approval from the Shenzhen Stock Exchange's listing review committee for its application to issue shares to specific targets. The company meets the issuance and listing conditions, but the final approval from the China Securities Regulatory Commission (CSRC) is still pending, introducing uncertainty regarding the timing and outcome [1][3]. - The third vesting period of the 2022 restricted stock incentive plan has been achieved, with 1.870632 million shares set to be listed on October 16, 2025. This represents 0.3724% of the company's total share capital, with a vesting price of 16.91 yuan per share. The company’s performance met the assessment criteria, with a projected revenue growth of 336.98% in 2024 compared to 2021 [1].

Core Points - The company announced the results of the third vesting period for its 2022 restricted stock incentive plan, with 140 individuals receiving shares [1] - A total of 1.870632 million shares will be listed for circulation, representing 0.3724% of the company's total share capital [1] - The listing date for the vested restricted shares is set for October 16, 2025 [1]

Economic News - The Ministry of Commerce of China has taken countermeasures against five U.S. subsidiaries of Hanwha Ocean Corporation in response to the U.S. investigation into China's maritime, logistics, and shipbuilding sectors [2] - The Chinese automotive industry has seen significant growth in the first nine months of the year, with production and sales reaching 24.43 million and 24.36 million vehicles, respectively, marking year-on-year increases of 13.3% and 12.9% [2] - The China Nuclear Group has made significant progress in key technologies for magnetic confinement nuclear fusion energy extraction, establishing a research platform for liquid metal and helium gas working fluids [2] Company Insights - ZTE Corporation has completed testing for 5G-A cellular passive IoT technology, achieving a 100% success rate in inventory success for both single and multiple tags [4] - CATL has established a new five-year strategic cooperation with Dongfeng Commercial Vehicle, focusing on electric vehicle technology development and market expansion [4] - Tongyu Communication has entered the low-orbit satellite supply chain and received overseas orders, aiming to enhance its capabilities in satellite-ground collaboration [4] Daily Research - The report indicates that external shocks have limited impact on the market, with the A-share market maintaining a mid-term upward trend despite recent volatility [5] - The report suggests a dual mainline investment strategy, emphasizing the importance of the technology sector while also considering cyclical sectors like military, pharmaceuticals, and new energy [6] Satellite Internet Industry - The report reviews the development of SpaceX's Falcon 1 rocket, highlighting the importance of engine components and testing services in the commercial space industry [8] - The Merlin 1A engine is identified as a core component of the Falcon 1 rocket, with the combustion chamber being critical for its performance [9] - The report emphasizes the significance of extensive testing in achieving a high success rate for rocket launches, with SpaceX achieving a 97.76% success rate across its missions [12] Investment Strategy - The report recommends focusing on domestic suppliers of rocket engine components and testing services as promising investment opportunities in the commercial space sector [13] - Specific companies highlighted include Srey New Materials and Guoji Precision Engineering as key players in the rocket engine supply chain [14]

2025-081 上能电气股份有限公司 关于公司 2022 年限制性股票激励计划首次授予部分第三个 归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：300827 证券简称：上能电气 公 告 编 号 ： 2、激励工具：第二类限制性股票 重要内容提示： 1、本次归属的限制性股票上市流通日：2025 年 10 月 16 日，本次归属的 限制性股票不设限售期。 2、本次归属的限制性股票上市流通数量：187.0632 万股，占公司目前总股 本的 0.3724%。 3、本次归属的限制性股票人数：140 人。 上能电气股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日召开了第 四届董事会第十七次会议，审议通过了《关于公司 2022 年限制性股票激励计划 首次授予部分第三个归属期符合归属条件的议案》，现将有关情况公告如下： 一、2022 年限制性股票激励计划简述及已履行的相关审批程序 （一）本次激励计划简述 2022 年 8 月 19 日，公司召开第三届董事会第九次会议及第三届监事会第九 次会议，于 2022 年 9 ...

Core Viewpoint - The company has received a notice from the Shenzhen Stock Exchange regarding its application for a specific stock issuance, indicating that it meets the necessary conditions for issuance and listing [1] Group 1 - The Shenzhen Stock Exchange's listing review center has reviewed the company's application for a specific stock issuance and found it compliant with issuance conditions, listing conditions, and information disclosure requirements [1] - The company's stock issuance is pending approval from the China Securities Regulatory Commission (CSRC), and the timing and certainty of this approval remain uncertain [1]

证券代码：300827 证券简称：上能电气 公告编号：2025-082 上能电气股份有限公司 上能电气股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日收到深 圳证券交易所（以下简称"深交所"）上市审核中心出具的《关于上能电气股份 有限公司申请向特定对象发行股票的审核中心意见告知函》，深交所上市审核中 心对公司向特定对象发行股票的申请文件进行了审核，认为公司符合发行条件、 上市条件和信息披露要求，后续深交所将按规定报中国证券监督管理委员会（以 下简称"中国证监会"）履行相关注册程序。 公司本次向特定对象发行股票事项尚需获得中国证监会作出同意注册的决 定后方可实施，最终能否获得中国证监会作出同意注册的决定及其时间尚存在不 确定性。公司将根据该事项进展情况及时履行信息披露义务，敬请广大投资者注 意投资风险。 特此公告。 上能电气股份有限公司董事会 2025 年 10 月 14 日 关于向特定对象发行股票申请获得深圳证券交易所 上市审核中心审核通过的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 ...

Group 1 - The core viewpoint is that the photovoltaic industry chain has reached a price and profit bottom, with significant effects from the "anti-involution" initiative, leading to an expansion of participants and recovery in product prices [1] - The photovoltaic industry is expected to achieve supply-side improvements through a combination of top-level support, market-driven elimination, and technological iteration, with policies related to capacity and product quality expected to be implemented [1] - As of October 13, 2025, the CSI Photovoltaic Industry Index (931151) has decreased by 2.17%, with mixed performance among constituent stocks [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include Yangguang Electric (300274), Longi Green Energy (601012), and TBEA (600089), collectively accounting for 58.02% of the index [2]

Market Overview - The photovoltaic equipment sector experienced a decline of 4.89% on October 10, with Airo Energy leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - Airo Energy (688717) closed at 74.94, down 14.38% with a trading volume of 128,900 shares [1] - Shangneng Electric (300827) closed at 31.62, down 13.72% with a trading volume of 709,800 shares [1] - Jingsheng Mechanical & Electrical (300316) closed at 42.53, down 10.58% with a trading volume of 570,700 shares [1] - Other notable declines include Jinlang Technology (300763) down 9.19% and Yangguang Power (300274) down 7.79% [1] Capital Flow Analysis - The photovoltaic equipment sector saw a net outflow of 6.917 billion yuan from institutional investors, while retail investors contributed a net inflow of 4.268 billion yuan [3] - Notable stocks with significant capital flow include Foster (603806) with a net outflow of 32.1915 million yuan from institutional investors [3] - Hongyuan Green Energy (603185) had a net inflow of 23.8808 million yuan from institutional investors [3] ETF Information - The Huaxia Sci-Tech 100 ETF (product code: 588800) tracks the Shanghai Stock Exchange Sci-Tech 100 Index and has seen a 5-day change of 3.31% [5] - The ETF's current price-to-earnings ratio is 295.08, with a recent reduction in shares by 27.5 million, and a net inflow of 1.285 million yuan from institutional investors [5]

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 涛波依旧 来源：雪球 储能目前是处于景气周期无疑了。这个景气周期能够持续多久？ 券商研报提出储能渗透率概念：即每年新增新型储能提供的灵活调节能力占整个电力系统每年新增灵活调节需求的比例。 以中国为例，未来可新增的电力系统灵活调节能力主要分为四类：火电调峰、抽水蓄能、需求侧响应、新型储能，前三者都有明显的发展 规模上 限，未来新型储能需要逐步担起重任，成为系统灵活调节资源的提供主体。 根据测算， 2024年中国储能渗透率仅为4.9%，预计未来10年有望快速增长至70%左右。 结合这一数据，新型储能目前的发展规模还远不及未 来电力系统对它的需求，储能产业仍处在生命周期中的成长初期。 预计2035年全球新型储能年新增装机容量峰值有望超过1.5TWh，2024-2035年年化复合增速有望达到21.4%。 其他券商研报基本都认为，储能未来五年复合增长率，高于20%。 我们再来看一下新能源汽车渗透率，新能源汽车在2020年的时候，渗透率仅为5%左右，在未来几年渗透率快速到达50%。 目前的储 ...

Market Overview - The photovoltaic equipment sector rose by 1.48% on September 30, with GoodWe leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Key Performers - GoodWe (688390) closed at 64.69, up 12.68% with a trading volume of 178,400 shares and a turnover of 1.094 billion [1] - DeYee (605117) closed at 81.00, up 7.28% with a trading volume of 322,400 shares and a turnover of 2.540 billion [1] - Other notable performers include ST Quanwang (300093) up 5.68%, Star Energy Technology (688348) up 5.45%, and Dike Co. (300842) up 5.45% [1] Decliners - Yicheng New Energy (300080) fell by 7.14% to 5.46, with a trading volume of 2,205,300 shares and a turnover of 126.3 million [2] - ST Muban (603398) decreased by 4.99% to 8.95, with a trading volume of 343,800 shares and a turnover of 310 million [2] - Other notable decliners include Sunshine Power (300274) down 1.83% and Motewei (688516) down 1.69% [2] Fund Flow Analysis - The photovoltaic equipment sector experienced a net outflow of 573 million from institutional investors, while retail investors saw a net inflow of 338 million [2] - Notable net inflows from retail investors were observed in GoodWe (688390) and Dike Co. (300842) [3] - The main net inflow was from Longxi Green Energy (601012) at 253 million, while DeYee (605117) saw a net outflow of 66.3 million from institutional investors [3]