Market Overview - The Shanghai Composite Index is at 3639.18 points with a change of 0.11% [1] - The total trading volume of A-shares is 832.786 billion yuan [1] Stocks with Death Cross - 20 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks include: - Angli (002940) with a 5-day moving average of 56.59 yuan, down 1.78% from the 10-day moving average [1] - Chengdu Xian Dao (688222) with a 5-day moving average of 23.11 yuan, down 1.64% [1] - Sai Sheng Pharmaceutical (300485) with a 5-day moving average of 14.83 yuan, down 1.40% [1] Additional Stock Data - Other stocks with significant moving average changes include: - Zhi Xiang (688443) with a 5-day moving average of 33.34 yuan, down 0.85% [1] - Changshan Pharmaceutical (300255) with a 5-day moving average of 41.59 yuan, down 0.68% [1] - Zhi Zheng (603991) with a 5-day moving average of 72.69 yuan, down 0.40% [1] Performance Summary - The performance of various stocks shows a mix of slight gains and losses, with some stocks like Angli and Chengdu Xian Dao experiencing notable declines in their moving averages [1][2] - The overall market sentiment appears cautious, reflected in the trading volumes and the number of stocks showing bearish signals [1]

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including CATL, Keda, and others [4][5]. Core Insights - The new energy vehicle market shows strong growth, with several new players achieving record sales in July 2025, particularly Leap Motor, which delivered 50,129 units, marking a significant increase [2][10]. - Turkey's photovoltaic battery import prices have been raised significantly, from USD 85/kg to USD 170/kg, indicating a 100% increase, which will impact the supply chain dynamics [3][32]. - The report highlights the ongoing digitalization efforts within the State Grid, with a total of 1.75 billion yuan awarded in contracts for digital equipment [4]. Summary by Sections New Energy Vehicles - In July 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Leap Motor leading at 50,129 units, followed by Zeekr and Xpeng with 44,193 and 37,717 units respectively [2][10]. - BYD continues to dominate the market with 344,296 units delivered in July, totaling over 2.49 million units for the year [2][18]. New Energy Generation - Turkey's trade department announced a significant increase in the import reference price for photovoltaic batteries, which will take effect 60 days after the announcement, reflecting a major shift in the market [3][32]. - The report notes that despite Turkey's efforts to localize production, the current domestic battery capacity is insufficient, leading to continued reliance on Chinese imports [3][37]. Electric Power Equipment and Automation - The State Grid has publicly announced the results of its digital equipment bidding, with a total contract value of 1.75 billion yuan across various categories, including servers and network equipment [4][22]. - Key companies to watch in this sector include CATL, Keda, and others, which are expected to benefit from ongoing digitalization and infrastructure investments [4][22]. Market Performance - The electric power equipment and new energy sector saw a weekly increase of 1.94%, with the new energy vehicle index showing the highest growth at 4.71% [1][4]. - The report emphasizes the competitive landscape in the new energy vehicle market, with increasing delivery volumes indicating a robust demand [2][10].

Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Viewpoints - The report emphasizes the ongoing "anti-involution" trend in the photovoltaic industry, which is expected to drive price increases and improve profitability across the supply chain [16][36] - The energy storage sector is experiencing sustained demand growth, with significant project developments and favorable policy support [39][44] - The lithium battery segment shows stable demand, with advancements in solid-state technology and materials innovation [39][44] - The wind power sector is benefiting from increased offshore project activity and recovery in profitability [39][44] - The power equipment sector is seeing positive developments from high-voltage projects and international demand [39][44] - New directions in AI and robotics are highlighted as emerging investment opportunities, particularly in the context of increased capital expenditure from major manufacturers [39][44] Summary by Sections Photovoltaic - The photovoltaic industry is witnessing a price increase in key materials, with polysilicon prices rising to 49-55 CNY/kg and silicon wafer prices increasing by approximately 0.1 CNY per piece [22][25] - The government is pushing for the elimination of low-price competition and the orderly exit of outdated production capacity, with mergers and acquisitions in the polysilicon sector expected to progress in Q3 [16][36] - Recommended stocks include Tongwei Co., GCL-Poly, LONGi Green Energy, and Aiko Solar [16][36] Energy Storage - In H1 2025, major energy storage projects across 21 regions reached a total capacity of 124 GWh, with significant contributions from Inner Mongolia, Shandong, and Guangdong [41][42] - The report highlights the increasing stability of the energy storage market, with a positive outlook for domestic demand and pricing [39][44] - Recommended stocks include Sungrow Power Supply and Deye Technology [39][44] Lithium Batteries - The lithium battery sector is characterized by stable demand and a focus on solid-state battery technology, with companies like CATL and other second-tier players expected to benefit [39][44] - The report notes the importance of material innovations such as lithium metal anodes and nickel-iron current collectors [39][44] - Recommended stocks include CATL, Xiamen Tungsten, and Putailai [39][44] Wind Power - The offshore wind sector is accelerating project construction, with expectations for increased profitability in the second half of the year [39][44] - Recommended stocks include Mingyang Smart Energy and Zhongji Lingnan [39][44] Power Equipment - The report indicates that high-voltage projects have been approved, with overseas demand expected to rise [39][44] - Recommended stocks include Pinggao Electric and XJ Electric [39][44] New Directions - The report highlights advancements in humanoid robotics and AI applications, with significant capital expenditure from major companies [39][44] - Recommended stocks include Sanhua Intelligent Controls and Zhejiang Rongtai [39][44]

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda, and others, indicating a positive outlook for their performance [4]. Core Insights - The electric equipment and new energy sector experienced a decline of 2.62% in the past week, underperforming compared to the Shanghai Composite Index [1]. - The launch of Li Auto's first pure electric SUV, the Li i8, is expected to enhance competition in the electric vehicle market, with prices ranging from 321,800 to 369,800 yuan [2]. - The Ministry of Industry and Information Technology is implementing energy-saving inspections for 41 polysilicon companies, reflecting a commitment to "anti-involution" measures in the photovoltaic industry, which may lead to improved profitability in the polysilicon segment [3][30]. Summary by Sections 1. New Energy Vehicles - Li Auto's Li i8 was officially launched on July 29, with three models priced between 321,800 and 369,800 yuan, set for delivery starting August 20 [2][9]. - The vehicle features a yacht-inspired design, low drag coefficient of 0.218, and spacious interior dimensions of 5085/1960/1740mm, with a wheelbase of 3050mm [10]. 2. New Energy Generation - The "anti-involution" measures are being actively pursued, with energy consumption standards becoming a key indicator for industry consolidation, particularly in the polysilicon sector [3][30]. - The price of polysilicon has shown an upward trend, with the average transaction price for n-type polysilicon rising to 47,100 yuan per ton, reflecting a 0.64% increase week-on-week [33]. 3. Electric Equipment and Automation - Global electricity demand is at a historical high, with China's electricity consumption expected to grow by 5% year-on-year in 2025 [4]. - The report highlights key companies to watch, including CATL, Keda, and others, indicating strong growth potential in the sector [4]. 4. Market Performance - The electric equipment and new energy sector's performance was ranked 24th among sectors, with the lithium battery index experiencing the largest decline of 6.26% [1].

广东省建筑科学研究院集团股份有限公司 首次公开发行股票 参与战略配售的投资者专项核查报告 保荐人（主承销商） （深圳市福田区福田街道福华一路 111 号） 招商证券股份有限公司关于 由招商证券股份有限公司（以下简称"招商证券"、"保荐人（主承销商）"或 "主承销商"）承销的广东省建筑科学研究院集团股份有限公司（以下简称"广东 建科"、"发行人"或"公司"）首次公开发行股票（以下简称"本次发行"）并在创业 板上市申请文件已于 2023 年 8 月 17 日经深圳证券交易所（以下简称"深交所"） 上市委会议审核同意，并获中国证券监督管理委员会（以下简称"中国证监会"） 证监许可〔2025〕1275 号文注册同意，批文签发日期为 2025 年 6 月 17 日。 本次发行的参与战略配售的投资者为招商证券投资有限公司（或有，按照《深 圳证券交易所首次公开发行证券发行与承销业务实施细则》规定实施跟投的，保 荐人依法设立的另类投资子公司或者实际控制该保荐人的证券公司依法设立的 另类投资子公司，简称"招商投资"）、与发行人经营业务具有战略合作关系或 长期合作愿景的大型企业或其下属企业（科学城（广州）投资集团有限公司（简 称 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030, leading to a corresponding increase in demand for AIDC power equipment [5][13] - The domestic data center industry is expected to see substantial capital expenditure growth, with major cloud providers anticipated to ramp up investments, particularly in AI infrastructure [18][24] - The industry is characterized by a long power transmission chain, with established global players like Eaton and Schneider Electric dominating, while domestic companies are gaining competitive advantages in various segments [5][13] AIDC Power Equipment Summary - The demand for AIDC power equipment is projected to reach 29/48/60/67/70/74 GW from 2025 to 2030, with an average annual growth rate of 20% [5][13] - The market space for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is expected to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - Recent performance in the AIDC power equipment sector has shown significant gains, particularly in transformers and switchgear, with notable stock performances from companies like TBEA and XWDA [5][28] Grid Industry Summary - National power engineering investment reached 1,057 billion yuan in June 2025, a year-on-year increase of 22.5% [32] - The grid engineering investment for the same period was 871 billion yuan, reflecting a year-on-year growth of 4.1% [33] - The bidding results for the State Grid's transformer equipment showed a total bid amount of 211.89 billion yuan, a year-on-year increase of 38.1% [61] - The focus for the grid industry includes high voltage orders and the development of new business models such as virtual power plants and green electricity direct supply [5][55]

Core Viewpoint - Mingyang Electric has achieved significant technological breakthroughs in the offshore wind power sector, with the successful development and certification of a 72.5kV high-voltage conductive slip ring and a 252kV vacuum breaking environmental protection gas-insulated metal-enclosed switchgear, positioning the company favorably in the industry [1][4][7]. Technological Advancements - The 72.5kV high-voltage conductive slip ring has passed authoritative certification, breaking the previous limitation of 40.5kV in similar equipment, thus providing critical technical support for the large-scale development of floating offshore wind power [1][7]. - The new slip ring technology integrates into a single-point mooring system, utilizing gas insulation instead of traditional air insulation, which significantly reduces the equipment size and enhances corrosion resistance, making it suitable for harsh deep-sea environments [6][7]. - The technology ensures stable power transmission even in a rotating state, effectively addressing cable twisting and wear issues, thereby guaranteeing reliable power delivery for large-capacity offshore wind turbines [6][7]. Market Positioning and Strategy - Mingyang Electric's innovations align with the industry's shift towards deep-sea floating wind power, providing the company with a competitive edge in this emerging market [7]. - The company is committed to forward-looking strategies, focusing on technological advancements to address industry pain points and drive new upgrades in technology [8]. - Mingyang Electric is expanding its product matrix by developing low-energy consumption power modules for data centers and actively exploring the smart grid market, enhancing its overall competitiveness [8]. Financial Performance - In the first quarter of 2025, the company reported a revenue of 1.306 billion yuan, a year-on-year increase of 26.21%, and a net profit attributable to shareholders of 112 million yuan, up 25.01% year-on-year [9]. - The company aims to leverage its technological advantages and innovation capabilities to continue launching market-demand-driven products, aspiring to become a global leader in power transmission and distribution equipment and system services [9].

5. 超捷股份(301005.SZ)：股东泰州誉威、泰州文超及宋毅博减持计划已实施完毕，累计减持320.17万 股，占总股本的2.38%。 6. 广联达(002410.SZ)：控股股东刁志中及董事刘谦、云浪生、王爱华计划15个交易日后3个月内，以集 中竞价或大宗交易方式分别减持不超过3280万股、60万股、15万股和50万股。 7. 贵州燃气(600903.SH)：股东北京东嘉及贵阳工投计划15个交易日后3个月内，以集中竞价及大宗交易 方式减持股份不超过3450万股，占公司总股本的3%。 1. 奥美医疗(002950.SZ)：股东陈浩华于7月21日通过大宗交易减持421.40万股，占总股本的0.67%，减持 后持股比例降至10.87%。 2. 贝仕达克(300822.SZ)：股东创新一号及创新二号计划15个交易日后3个月内，以集中竞价及大宗交易 方式减持股份不超过929.8731万股，占公司总股本的3%。 3. 博盈特焊(301468.SZ)：股东深圳战兴基金自2025年4月25日披露减持计划以来，已累计减持261.60万 股，占总股本的1.98%，减持计划时间届满。 4. 常山北明(000158.SZ)：副 ...

股东郭献清先生、中山慧众企业管理咨询合伙企业（有限合伙）保证向本公 司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 一、股份减持完成情况 2025 年 5 月 21 日，广东明阳电气股份有限公司（以下简称"公司"）在巨 潮资讯网披露了《关于持股 5%以上股东、董事及高级管理人员减持股份的预披 露公告》（公告编号：2025-028）。 2025 年 6 月 23 日，公司在巨潮资讯网披露了《关于持股 5%以上股东、董事 减持股份到 5%以下并触及 1%整数倍暨权益变动的提示性公告》（公告编号：2025- 031）、《关于持股 5%以上股东减持股份到 5%以下并触及 1%整数倍暨权益变动 的提示性公告》（公告编号：2025-032）及《简式权益变动报告书》。 近日，公司收到股东郭献清先生、中山慧众企业管理咨询合伙企业（有限合 伙）（以下简称"慧众咨询"）出具的《股份交易进展告知函》，获悉该两名股 东的股份减持计划已实施完毕。 证券代码：301291 证券简称：明阳电气 公告编号：2025-035 广东明阳电气股份有限公司 ...

Summary of Key Points Core Viewpoint - The financing balance of the ChiNext board has reached 372.37 billion yuan, marking a continuous increase for ten trading days, with a total increase of 13.16 billion yuan during this period [1]. Financing Balance and Changes - As of July 18, 2025, the total margin balance of the ChiNext board is 373.52 billion yuan, an increase of 0.695 billion yuan from the previous trading day [2]. - The financing balance specifically is 372.37 billion yuan, which is an increase of 0.698 billion yuan from the previous day, continuing a streak of ten consecutive days of growth [1][2]. Individual Stock Performance - During the period of increasing financing balance, 548 stocks saw an increase, with 114 stocks experiencing an increase of over 20%. The stock with the highest increase is Feiliwa, with a financing balance of 36.67 million yuan, reflecting a growth of 296.47% [2][3]. - Conversely, 393 stocks experienced a decrease in financing balance, with 85 stocks declining by over 10%. The largest decrease was seen in Zhongying Electronics, with a financing balance of 54.33 million yuan, down by 33.81% [2][3]. Sector Analysis - Among the stocks with an increase of over 20% in financing balance, the majority are concentrated in the computer, power equipment, and pharmaceutical industries, with 15, 14, and 14 stocks respectively [4]. Market Performance - Stocks with a financing balance increase of over 20% averaged an increase of 11.30%, outperforming the ChiNext index. The top gainers include Tongguan Copper Foil, Dongtian Micro, and Fusa Technology, with increases of 60.84%, 52.28%, and 49.16% respectively [5]. - The stocks with the largest increase in financing balance include Xinyi Sheng, with a balance of 5.764 billion yuan, increasing by 1.519 billion yuan, followed by Zhongji Xuchuang and Guiding Needle, with increases of 0.997 billion yuan and 0.750 billion yuan respectively [5][6].