Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

上能电气（300827.SZ）2024年营业收入为47.73亿元，营业收入增长率为-3.23%，归属母公司净利润为 4.19亿元，归属母公司净利润增长率为46.49%，净资产收益率为21.45%。 2025年上半年公司营业收入为21.84亿元，营业收入增长率为13.42%，归属母公司净利润为2.01亿元， 归属母公司净利润增长率为24.78%。 目前公司属于工业行业，主要产品类型为变电设备，2024年报主营构成为光伏逆变器:57.62%;储能双向 变流器及储能系统集成产品:40.4%;备件及技术服务:0.94%;电能质量治理产品:0.92%;其他业务:0.13%。 同壁财经讯，企查查数据显示，根据《炉霍20MW光伏电站逆变器技术升级改造项目中标结果公示》， 上能电气股份有限公司于2026年1月16日公告中标北京京能国际控股有限公司采购项目，中标金额为 240.16万元。 同壁财经讯，企查查数据显示，根据《炉霍20MW光伏电站逆变器技术升级改造项目中标结果公示》， 上能电气股份有限公司于2026年1月16日公告中标北京京能国际控股有限公司采购项目，中标金额为 240.16万元。 相关上市公司：上能电气(3008 ...

Core Viewpoint - The successful commissioning of the 100MW/200MWh Nalang Energy Storage Power Station marks a significant milestone for the region, enhancing grid flexibility and establishing a reliable profit mechanism through innovative frequency regulation services [2]. Group 1: Project Overview - The Nalang Energy Storage Power Station is the first large-scale independent energy storage project connected to the grid in Zhongshan City, contributing to the regional grid's flexibility [2]. - The project is invested and constructed by Shenan Electric Xiwai Energy (Zhongshan) Co., Ltd., with core equipment provided by the company, featuring a 1250kW centralized energy storage PCS [3]. Group 2: Technical Advantages - The energy storage PCS utilizes the second-generation enhanced hybrid grid technology and incorporates leading global IGBT drive technology and intelligent control algorithms, demonstrating significant advantages in response rate, command delay, and control precision [3]. - The energy storage system has achieved a maximum adjustment rate of 50Pn/s, with a response time of less than 5ms and an adjustment accuracy error of no more than 0.5%, significantly improving the stability and reliability of electricity supply for households [5]. Group 3: Industry Engagement - The company has confirmed its participation in the 14th International Energy Storage Summit and Exhibition (ESIE 2026), inviting industry peers to join this global energy storage event [6]. - The event is scheduled to take place from March 31 to April 3, 2026, at the Capital International Exhibition Center in Beijing [7].

兴业证券股份有限公司 关于 上能电气股份有限公司 2023 年度向特定对象发行股票 之 上市保荐书 保荐机构（主承销商） （福州市湖东路 268 号） 在本上市保荐书中，除上下文另有所指，释义与《上能电气股份有限公司 2023 年度向特定对象发行股票募集说明书》相同。 1 二零二六年一月 上能电气股份有限公司 上市保荐书 保荐机构及保荐代表人声明 兴业证券股份有限公司（以下简称"兴业证券"、"保荐人"或"保荐机 构"）及其保荐代表人已根据《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》）等法律法规和中国证监会及 深圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规 则和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 | 保荐机构及保荐代表人声明 1 | | --- | | 目 录 2 | | 一、发行人基本情况 3 | | 二、发行人本次发行情况 10 | | 三、本次证券发行上市的保荐代表人、协办人及项目组其他成员情况 14 | | 四、保荐机构与发行人关联关系的说明 15 | | 五、保荐机构承诺事项 16 | | 六、保荐机 ...

证券代码：300827 证券简称：上能电气 公告编号：2026-003 3、本次权益变动不会导致公司控股股东、实际控制人发生变化。 公司控股股东、实际控制人吴强先生认购本次发行的 1,587,301 股，导致控 股股东、实际控制人吴强及其一致行动人朔弘投资合计持有的公司股份数量增加 至 145,200,069 股。本次权益变动后，公司控股股东、实际控制人吴强及其一致 行动人朔弘投资合计持股比例由 29.1166%降至 26.0827%（剔除公司回购专用账 户股份数量后,持股比例由 29.1166%被动稀释至 26.2111%），触及 1%的整数倍。 具体权益变动情况如下： 上能电气股份有限公司 关于控股股东、实际控制人及其一致行动人持股比例 被动稀释触及 1%整数倍的公告 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。 特别提示： 1、本次权益变动系上能电气股份有限公司（以下简称"公司"）控股股东、 实际控制人吴强先生认购公司 2023 年度向特定对象发行股票（以下简称"本次 发行"），导致其持有公司股份数量增加，但鉴于公司总股本因可转债转股、2022 年度限 ...

证券代码：300827 证券简称：上能电气 公告编号：2026-002 上能电气股份有限公司 关于向特定对象发行股票上市公告书披露的提示性公告 《上能电气股份有限公司向特定对象发行股票新增股份变动报告及上市公 告书》及相关文件已于同日在中国证券监督管理委员会指定的创业板信息披露网 站巨潮资讯网（www.cninfo.com.cn）上披露，敬请投资者注意查阅。 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。 特此公告。 2026 年 1 月 15 日 上能电气股份有限公司董事会 ...

证券代码：300827 证券简称：上能电气 上能电气股份有限公司 （SINENG ELECTRIC CO., LTD.） （无锡市惠山区和惠路 6 号） 向特定对象发行股票 新增股份变动报告及上市公告书 保荐人（联席主承销商） 联席主承销商 二〇二六年一月 上能电气股份有限公司 新增股份变动报告及上市公告书 发行人全体董事、高级管理人员声明 本公司全体董事、高级管理人员承诺本上市公告书不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 董事： 吴 强 段育鹤 李建飞 吴 超 陈运萍 胡光旺 纪志成 熊源泉 权小锋 董事会审计委员会 成员： 权小锋 熊源泉 吴 超 杨春明 李建飞 陈运萍 上能电气股份有限公司 1 高级管理人员： 年 月 日 上能电气股份有限公司 新增股份变动报告及上市公告书 特别提示 一、发行股票数量及价格 1、发行数量：52,336,507 股 2、发行价格：31.50 元/股 3、募集资金总额：人民币 1,648,599,970.50 元 4、募集资金净额：人民币 1,637,671,857.30 元 二、新增股票上市安排 1、股票上市数量：52,33 ...

证券代码：300827 证券简称：上能电气 公告编号：2026-004 上能电气股份有限公司 | | | 本次发行前 | | | 本次发行后 | | | --- | --- | --- | --- | --- | --- | --- | | | | | 占剔除 | | | | | | | | 回购专 | | | 占剔除回 | | | | 占总股 | 用证券 | | 占总股 | 购专用证 | | 姓名 | 职务 | 持股数量 本比例 | 账户后 | 持股数量 | 本比例 | 券账户后 | | | | （股） | | （股） | | | | | | （%） | 总股本 | | （%） | 总股本的 | | | | | 的比例 | | | 比例（%） | | | | | （%） | | | | | 吴强 | 董事长 | 101,469,066 | 20.12 | 20.23 | 103,056,367 | 18.51 | 18.60 | | --- | --- | --- | --- | --- | --- | --- | --- | | 段育鹤 | 副董事长 | 44,630,643 | 8.85 | 8.90 ...

Group 1 - The core viewpoint of the news is that Shangneng Electric's stock has experienced fluctuations, with a recent decline of 2.02% and a total market value of 20.088 billion yuan [1] - As of January 15, the stock price of Shangneng Electric is 39.83 yuan per share, with a trading volume of 710 million yuan and a turnover rate of 4.58% [1] - The company has seen a year-to-date stock price increase of 16.39%, with a 32.86% increase over the past 60 days [1] Group 2 - Shangneng Electric reported a revenue of 3.565 billion yuan for the period from January to September 2025, representing a year-on-year growth of 16.15% [2] - The net profit attributable to shareholders for the same period was 311 million yuan, showing a year-on-year increase of 2.99% [2] - The company has distributed a total of 130 million yuan in dividends since its A-share listing, with 102 million yuan distributed in the last three years [3] Group 3 - As of September 30, 2025, the number of shareholders for Shangneng Electric increased by 62.40% to 75,800 [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 5.4105 million shares to 8.6206 million shares [3] - The company’s main business revenue composition includes 72.20% from photovoltaic inverters and 25.64% from energy storage bidirectional converters and system integration products [1]

Core Viewpoint - The solar energy sector in China is experiencing significant growth, with a notable increase in solar power generation and production figures for 2025, indicating a robust market outlook for the industry [1] Industry Summary - According to the National Bureau of Statistics, China's solar power generation reached 41.2 billion kilowatt-hours in November 2025, representing a year-on-year growth of 23.4% [1] - Cumulatively, from January to November 2025, the total solar power generation in China was 529.09 billion kilowatt-hours, marking a cumulative increase of 24.8% [1] - The report by Zhiyan Consulting forecasts the market trends and investment prospects for the solar power station industry in China from 2026 to 2032, highlighting the sector's potential for continued expansion [1] Company Summary - Key listed companies in the solar energy sector include Longi Green Energy (601012), Tongwei Co., Ltd. (600438), Sungrow Power Supply Co., Ltd. (300274), JA Solar Technology Co., Ltd. (002459), Trina Solar Limited (688599), TBEA Co., Ltd. (600089), Chint Electric Co., Ltd. (601877), TCL Zhonghuan Renewable Energy Technology Co., Ltd. (002129), Linyang Energy Co., Ltd. (601222), and Sungrow Power Supply Co., Ltd. (300827) [1]