特此公告。 上能电气股份有限公司 董事会薪酬与考核委员会 证券代码： 300827 证券简称：上能电气 公告编号：2025-087 上能电气股份有限公司 董事会薪酬与考核委员会关于 2022 年限制性股票激励计划 第一批预留授予部分第三个归属期归属名单的核查意见 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。 上能电气股份有限公司（以下简称"公司"）董事会薪酬与考核委员会依据 《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》"）、《上市公司股权激励管理办法》（以下简称"《管理办 法》"）、《深圳证券交易所创业板股票上市规则》（以下简称"《上市规则》"）及《深 圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理》等相关法律、 法规、规范性文件和《公司章程》的有关规定，对公司 2022 年限制性股票激励 计划第一批预留授予部分第三个归属期归属名单进行了核查，发表核查意见如下： 公司 2022 年限制性股票激励计划第一批预留授予部分第三个归属期的 4 名 激励对象符合《公司法》《证券法》等法律、法规和规范 ...

Group 1: Core Insights - The report highlights a new growth cycle for energy storage, projecting significant increases in installed capacity and demand in both domestic and international markets [2][5][32] - Domestic energy storage demand is driven by capacity pricing and innovative business models, with a projected installed capacity of 163 GWh in 2025, a 47% year-on-year increase, and 265 GWh in 2026, a 60% increase [2][32] - Internationally, the U.S. is experiencing a surge in demand due to AI data centers, while Europe and emerging markets are also showing strong growth potential [2][34] Group 2: Domestic Market Dynamics - In the domestic market, the introduction of capacity pricing subsidies by local governments has significantly boosted the internal rate of return (IRR) for energy storage projects, with IRR rates ranging from 6% to 12% [2][13] - The report notes that from January to November 2025, domestic energy storage bidding reached 190 GWh, a 138% increase year-on-year, with a total of 175 GWh awarded [2][27] - The cumulative installed capacity of domestic energy storage reached 72 GWh from January to October 2025, marking a 42% increase year-on-year [2][27] Group 3: International Market Trends - The U.S. is expected to see a demand for approximately 53 GWh of new energy storage installations in 2025, driven by AI data centers and peak load shortages [2][34] - In Europe, the energy storage market is projected to grow significantly, with an expected installation of 20 GWh in 2025, a 131% increase year-on-year, and 42 GWh in 2026, a 109% increase [2][34] - Emerging markets, particularly in the Middle East, Australia, Southeast Asia, and South America, are anticipated to contribute to a combined installation of 34 GWh in 2025, a 220% increase year-on-year [2][34] Group 4: Industry Chain and Competitive Landscape - The global demand for energy storage batteries is projected to reach 628 GWh in 2025, a 91% increase, and 663 GWh in 2026, a 61% increase [2][6] - The report indicates that leading companies in the energy storage sector, such as Tesla and BYD, are expected to strengthen their market positions as battery prices stabilize and production capacity increases [2][6] - The integration of large battery cells is expected to reduce system costs by 10-15%, enhancing the competitive advantage of leading firms [2][6] Group 5: Investment Recommendations - The report recommends strong investment in large-scale energy storage companies, including Sungrow Power Supply, CATL, and BYD, as they are positioned to benefit from the anticipated growth in the market [2][6] - It also highlights the potential for growth in residential and commercial energy storage sectors, suggesting companies like DeYe and Airo Energy as promising investment opportunities [2][6]

Overview - The report highlights that the energy storage lithium battery industry is entering a new profit cycle, driven by strong demand and improved supply dynamics [1][17]. Energy Storage - The energy storage sector is experiencing a global high prosperity, with significant policy and market support leading to rapid development [5][19]. - As of September 2025, China's wind and solar power accounted for 46% of installed power capacity, while new energy storage only represented 3% and 6% of total installed capacity and new energy capacity, respectively, indicating substantial growth potential [5][28]. - The exit of mandatory storage policies has allowed independent storage to emerge as a profitable asset, with improved pricing mechanisms and market conditions [5][36]. - Domestic energy storage projects have seen a significant increase, with new installations reaching 43.7 GW in 2024, a year-on-year growth of 103% [20][24]. Lithium Batteries - The lithium battery sector is benefiting from the growth in energy storage demand, with the industry moving out of a price decline cycle and entering a phase of volume and profit recovery [15][17]. - The demand for energy storage batteries is rising, and the sales of power batteries remain robust, contributing to a healthy growth outlook [15][17]. - The supply side is improving, with many companies still operating at a loss or minimal profit, leading to a strong desire to increase prices amid high demand [5][15]. Solid-State Batteries - Solid-state batteries are seen as a key technology to overcome the performance limitations of lithium batteries, with ongoing industrialization efforts supported by policy and market participants [5][17]. - The demand for solid-state batteries is expected to grow in applications requiring high energy density and safety, such as low-altitude flying vehicles and humanoid robots [5][17]. - Key materials and equipment for solid-state battery production are making progress, with significant technological barriers that favor advanced participants in the industry [5][17]. Investment Recommendations - The report maintains a "stronger than market" rating for the energy storage and lithium battery sectors, recommending investments in leading companies such as Sungrow Power Supply, Haimo Technologies, and CATL [8][12]. - The solid-state battery sector is also highlighted for its growth potential, with recommendations to focus on companies involved in key materials and equipment [8][12].

Group 1: Solar Module Procurement - Six solar module companies have been shortlisted for the 2026 procurement by the Three Gorges Group, including Longi Green Energy, Tongwei Co., Jinko Solar, Hefei JA Solar, Huansheng Photovoltaic, and Chint New Energy [1][15] - The bidding prices for the modules range from 0.75 to 0.763 yuan/W, with an average price of 0.756 yuan/W [1][15] Group 2: Inverter Procurement - Five companies have been shortlisted for the 2026 inverter procurement, including Sungrow Power Supply, China National Building Material Group, Zhuzhou Converter Technology National Engineering Research Center, Shanghai Electric, and Xiamen Kehua Hengsheng [3][17] - The project scale for the inverters is 3000 MW, focusing on 300-400 kW string inverters and their auxiliary equipment [4][18] Group 3: Fixed Mounting Structure Procurement - Five companies have been shortlisted for the 2026 fixed mounting structure procurement, including Nanchang Nanfeng Fire Equipment Manufacturing, Suzhou Jusheng Solar Technology, Jiangsu Guoqiang Xingsheng Energy Technology, Yunnan Huaguo Technology, and Ningxia Longxiang New Energy [4][19] - The project scale for the fixed mounting structures is 2500 MW, with various bidding prices reported [5][19]

Group 1 - The core point of the news is that the environmental impact assessment for the 200MW fish-solar complementary photovoltaic project by Lianyungang Huifei Energy Technology Co., a subsidiary of Sungrow Power Supply Co., has been approved, with a total investment of 1.1 billion yuan [1] - The "A-share Green Report" project aims to enhance transparency in environmental information of listed companies, utilizing authoritative environmental regulatory data from 31 provinces and 337 cities [1] - The latest A-share Green Weekly Report indicates that nine listed companies have recently exposed environmental risks [1] Group 2 - Sungrow Power Supply Co.'s main business segments include the photovoltaic industry (72.2% of revenue), energy storage (25.64%), and others, with minor contributions from power quality governance and technical services [2] - The company's market capitalization is approximately 18.03 billion yuan, with projected revenues of 4.933 billion yuan for 2023, 4.773 billion yuan for 2024, and 3.565 billion yuan for the first three quarters of 2025 [3] - The net profit attributable to the parent company is expected to be 286 million yuan in 2023, 419 million yuan in 2024, and 311 million yuan for the first three quarters of 2025 [3]

Industry Overview - The high-frequency transformer is an essential component in modern power electronics, operating at frequencies significantly higher than standard power transformers, enabling efficient and compact energy conversion [1][14] - The market size of China's high-frequency transformer industry is projected to grow from 50 billion yuan in 2020 to 68.027 billion yuan by 2024, with a compound annual growth rate (CAGR) of 8% [1][15] - By 2025, the market size is expected to reach 80 billion yuan, driven by advancements in material science and digital technology [1] Market Drivers - The demand for high-frequency transformers is being propelled by sectors such as renewable energy, 5G communication, smart grids, and consumer electronics [1][14] - The role of high-frequency transformers is becoming increasingly significant in key areas like renewable energy grid integration, electric vehicles, and data center energy efficiency [1] Industry Policies - The Chinese government has implemented various policies to support the development and innovation of the transformer industry, including energy efficiency diagnostics and technology standard upgrades [8][9] Industry Chain - The upstream of the high-frequency transformer industry includes raw materials and components such as cores, silicon steel sheets, electromagnetic wires, insulation materials, and housings [9] - The midstream involves the manufacturing of high-frequency transformers, while the downstream includes applications in switch power supplies and inverters [9] Competitive Landscape - The industry features a diverse competitive landscape with key players including Maoshuo Power, Jingquan Technology, Igor, and others, focusing on technological innovation and quality control [15][16] - Companies with strong innovation capabilities and comprehensive product lines are gaining advantages in high-end applications such as communication equipment and renewable energy [15] Development Trends - High-frequency transformers are expected to evolve towards higher frequencies, with MHz-level applications becoming mainstream, driven by the need for compact and efficient devices [17] - There is a trend towards integration and planar designs, which will reduce device size and assembly complexity, enhancing production automation and reliability [19] - The application of new materials, such as nano-crystalline and amorphous alloys, will improve performance, while advanced thermal management techniques will ensure reliability under high power conditions [20][21]

每经头条（nbdtoutiao）——股民发帖求主力拉涨停，次日竟成真！襄阳轴承涨停迷局背后：平台审核 漏洞与市场操纵疑云发酵 （记者 曾健辉） 每经AI快讯，上能电气12月3日晚间发布公告称，公司第四届第十九次董事会会议于2025年12月3日以 现场结合通讯的方式召开。会议审议了《关于开立募集资金专户并授权签订募集资金专户监管协议的议 案》等文件。 ...

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。 一、董事会会议召开情况 证券代码：300827 证券简称：上能电气 公告编号：2025-085 上能电气股份有限公司（以下简称"公司"）第四届董事会第十九次会议通 知已于 2025 年 12 月 1 日通过邮件的方式送达。会议于 2025 年 12 月 3 日以现 场结合通讯的方式召开。本次会议应出席董事 9 人，实际出席董事 9 人，公司高 级管理人员列席了会议。会议由公司董事长吴强先生主持，本次会议的召开符合 有关法律、法规及《公司章程》的相关规定。 上能电气股份有限公司 二、董事会会议审议情况 第四届董事会第十九次会议决议公告 1、第四届董事会第十九次会议决议； 特此公告。 上能电气股份有限公司董事会 关联董事吴强、吴超回避表决。 经表决，同意 7 票，反对 0 票，弃权 0 票。 2、审议通过了《关于开立募集资金专户并授权签订募集资金专户监管协议 的议案》 为规范公司募集资金管理、存放和使用，切实保护投资者权益，根据《上市 公司募集资金监管规则》、《深圳证券交易所创业板股票上市规则》、《深圳证券交 易所上 ...

研 究 专 题 定增双周报 2025 年 12 月 01 日 收益回暖，行业分化 ——定增市场双周报 2025.11.17-2025.11.30 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 新 股 发 行 - ⚫ 新增项目增加，注册节奏加快。截至 2025 年 12 月 1 日，上两周（11 月 17 日至 11 月 30 日）新增 16 宗定增项目（其中竞价 12 宗），环比增加 4 宗；终止 11 宗（其中竞价 4 宗）， 环比增加 3 宗；发审委通过 16 宗（其中竞价 6 宗），环比持平；证监会通过 8 宗（其中竞 价 7 宗），环比增加 6 宗；处于正常待 ...

Core Viewpoint - The solar power generation industry in China is experiencing significant growth, with a notable increase in production and capacity in recent years, as highlighted by the data from the National Bureau of Statistics and the report from Zhiyan Consulting [1]. Industry Summary - In September 2025, China's solar power generation reached 46.5 billion kilowatt-hours, marking a year-on-year increase of 21.1% [1]. - From January to September 2025, the cumulative solar power generation in China was 436.28 billion kilowatt-hours, reflecting a cumulative growth of 24.2% [1]. - The report by Zhiyan Consulting provides insights into the market trends and investment prospects for the solar power station industry in China from 2025 to 2031 [1]. Company Summary - Key listed companies in the solar power sector include Longi Green Energy, Tongwei Co., Sunshine Power, JA Solar Technology, Trina Solar, TBEA, Chint Electric, TCL Zhonghuan, Linyang Energy, and Sungrow Power Supply [1].