Summary of Key Points from Conference Call Records Industry Overview - The UK government has launched a £15 billion "Warm Homes Programme" aimed at helping users install photovoltaic systems, energy storage, heat pumps, and insulation materials to alleviate energy shortages, which is expected to leverage a total investment of £38 billion [1][1] Funding Allocation - The funding distribution includes: - £4.4 billion for direct subsidies to low-income households for home upgrades, including photovoltaic systems, energy storage, insulation materials, and clean heating [1][1] - £2.7 billion for heat pump subsidies, with a target of installing 61,000 new heat pumps in 2025, 450,000 by 2030, and 1.5 million by 2035 [1][1] - £1.1 billion for heating network construction [1][1] - £5.3 billion for loan funds [1][1] Market Impact - The subsidies are estimated to stimulate over £100 billion in demand for household storage and heat pump equipment, benefiting early movers in the Chinese market significantly [1][1] Company Insights - **Airo Energy**: A leading player in household storage with a strong market share in Europe. Expected to generate over £400 million in revenue from household storage in the UK by 2025, and has begun small-scale supply of home heat pumps [1][1] - **GoodWe**: A leading company in household storage with deep market penetration and early layout in Europe [2][2] - **Deye Co., Ltd.**: A leading enterprise in household storage with strong manufacturing competitive advantages and differentiated competitive advantages in emerging markets [3][3] - **Rujing Technology**: A core supplier of heat pump controllers, with key products widely used in well-known brands such as Gree, McQuay, Ariston, Haier, Mitsubishi Heavy Industries, Carrier, and Bosch [4][4] Additional Companies to Watch - Companies to monitor include Jinlang Technology, Penghui Energy, Shouhang New Energy, Keda, Tongrun Equipment, and Pylon Technologies [4][4]

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 27, 2026 [1][5] - China Gold (600916.SH) leads with a daily increase of 9.96% and a year-to-date increase of 36.81%, with a dividend yield of 3.45% [1][5] - Aotewei (688516.SH) shows a remarkable year-to-date increase of 120.95%, with a daily increase of 9.81% and a dividend yield of 2.31% [1][5] Group 2 - The index's historical price-to-earnings ratio is reported at 4.76%, with an expected price-to-earnings ratio of 11.07 [2] - The dividend yield for the index over the past 12 months is noted as 1.34 times, indicating a strong return for investors [2] - The article mentions the formation of a MACD golden cross signal, suggesting positive momentum for the stocks listed [4][8]

Group 1: New Listings on Hong Kong Stock Exchange - Five companies, including Yuchai Ship Electric, Deyang Co., Weiyuan Energy, Xinquan Co., and Xingchen Tianhe, have submitted listing applications to the Hong Kong Stock Exchange, showcasing the attractiveness of the Hong Kong market for real economy and hard technology enterprises [1] Group 2: Collaboration between Exchanges - Hong Kong Stock Exchange has signed a memorandum of cooperation with the Brazilian Securities Exchange to promote sustainable finance and carbon market development, exploring cross-border securities listing and new opportunities in carbon and ESG products [2] Group 3: Walden Materials' Listing Progress - Walden Materials has passed the listing hearing on the Hong Kong Stock Exchange, being one of the largest manufacturers of heat shrink materials and communication cable products globally, with a market share of 20.6% in the global heat shrink materials industry and 12.7% in the telecommunications cable sector [3] Group 4: Financial Performance of China Merchants Securities - China Merchants Securities reported preliminary financial data for 2025, achieving a total revenue of 24.9 billion yuan, a year-on-year increase of 19.19%, and a net profit attributable to shareholders of 12.3 billion yuan, up 18.43% year-on-year, reflecting a steady transformation aligned with serving the real economy [4] Group 5: Hong Kong Stock Market Performance - The Hang Seng Index closed at 27,126.95, with a gain of 1.35%, while the Hang Seng Tech Index rose by 0.50% to 5,754.72, and the National Enterprises Index increased by 1.07% to 9,244.88 [5]

Company Overview - Ningbo Deye Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC, CITIC Securities, and CMB International as joint sponsors [1] - The company is a global leader in solar energy storage products, focusing on providing comprehensive photovoltaic and energy storage solutions for sustainable green energy [1] - According to Frost & Sullivan, Deye is the largest provider of household energy storage inverters globally by sales revenue in 2024 [1] Business Segments - Deye's core growth area is in the renewable energy sector, particularly in energy storage inverters, photovoltaic inverters, and energy storage battery packs, while also having a long-standing presence in environmental appliances such as dehumidifiers and solar air conditioners [3] - The company’s energy storage inverters can switch seamlessly between grid-connected and off-grid modes in as fast as 4 milliseconds, ensuring continuous power supply for critical loads [5] - Deye's energy storage inverters cover a power range from 3KW to 125KW, suitable for various applications including residential and commercial [5] - The company offers a full range of energy storage battery packs designed for different applications, ensuring compatibility with its inverters and providing flexibility and scalability [6] - Deye's photovoltaic inverters include string inverters and microinverters, with power ratings from 1kW to 136kW, catering to residential and small commercial needs [7] Financial Performance - For the fiscal year 2023, Deye reported revenues of approximately RMB 7.48 billion, with a projected increase to RMB 11.21 billion in 2024 [10] - The net profit for 2023 was approximately RMB 1.79 billion, expected to rise to RMB 2.96 billion in 2024 [10] - The gross profit margin for 2023 was 39.2%, with slight decreases projected for 2024 and 2025 [11] Market Overview - The global household energy storage inverter market is expected to grow from RMB 1.7 billion in 2020 to RMB 14.5 billion by 2024, with a compound annual growth rate (CAGR) of 71.8% [12] - The European market is projected to reach RMB 4.4 billion by 2024, while Africa is anticipated to be the fastest-growing market, reaching RMB 2.5 billion in the same year [12] - The global solar photovoltaic inverter market is forecasted to grow from RMB 63.7 billion in 2020 to RMB 154 billion by 2024, with a CAGR of 24.7% [14]

Core Viewpoint - Ningbo Deye Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of solar and energy storage products to offer sustainable energy solutions globally [1]. Company Overview - Deye Technology focuses on the renewable energy sector, particularly in energy storage inverters, photovoltaic inverters, and energy storage battery packs, while also maintaining a strong presence in environmental appliances such as dehumidifiers and solar air conditioners [3]. - The company has diversified its product offerings, selling to over 150 countries across six continents, which has contributed to its growth and resilience [3]. Product Details - The core business of Deye Technology is energy storage inverters, which convert direct current into alternating current and support energy storage functions. These inverters can switch seamlessly between grid-connected and off-grid modes in as fast as 4 milliseconds [5]. - Deye's energy storage inverters cover a power range from 3KW to 125KW, suitable for residential and commercial applications. The company is ranked first in global revenue for residential energy storage inverters in 2024 [5]. - The company offers a full range of energy storage battery packs designed for various applications, ensuring compatibility with its inverters and providing flexibility and scalability [6]. - Deye's photovoltaic inverters include string inverters and microinverters, with power ratings from 1kW to 136kW, catering to residential and small commercial needs. The company ranks seventh in global revenue for residential photovoltaic inverters in 2024, with a market share of 2.5% [7]. Financial Performance - For the fiscal year 2023, Deye Technology reported revenues of approximately RMB 7.48 billion, with projections of RMB 11.21 billion for 2024 and RMB 8.85 billion for the first nine months of 2025 [10]. - The company achieved a net profit of approximately RMB 1.79 billion in 2023, expected to rise to RMB 2.96 billion in 2024 and RMB 2.35 billion for the first nine months of 2025 [11]. - The gross profit margin for the fiscal years 2023, 2024, and the first nine months of 2025 is reported at 39.2%, 38.6%, and 38.5% respectively [13]. Industry Overview - The global residential energy storage inverter market is projected to grow from RMB 1.7 billion in 2020 to RMB 14.5 billion by 2024, with a compound annual growth rate (CAGR) of 71.8% [14]. - Europe is expected to be the largest regional market for residential energy storage inverters, with a market size of RMB 4.4 billion in 2024, growing to RMB 15.5 billion by 2030 [14]. - The global solar photovoltaic inverter market is anticipated to grow from RMB 63.7 billion in 2020 to RMB 154 billion in 2024, with a CAGR of 24.7% [17].

智通财经APP讯，德业股份(605117.SH)发布公告，公司已于2026年1月27日向香港联交所递交了发行H 股股票并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行上市的申请资 料。该等申请资料为公司按照香港证监会及香港联交所的要求编制和刊发，为草拟版本，其所载内容可 能会适时作出更新和变动，投资者不应根据其中的资料作出任何投资决定。 ...

智通财经APP讯，德业股份(605117.SH)发布公告，公司已于2026年1月27日向香港联交所递交了发行H 股股票并在香港联交所主板挂牌上市的申请，并于同日在香港联交所网站刊登了本次发行上市的申请资 料。该等申请资料为公司按照香港证监会及香港联交所的要求编制和刊发，为草拟版本，其所载内容可 能会适时作出更新和变动，投资者不应根据其中的资料作出任何投资决定。 ...

智通财经APP获悉，据港交所1月27日披露，宁波德业科技股份有限公司(605117.SH)向港交所主板递交上市申请书，中金公司、中信证券、招银国际为联席 保荐人。据招股书，德业股份是一家全球领先的光储产品提供商，致力于提供全面的光伏和储能产品，为全球用户带来清洁、可持续的绿色能源。根据 Frost & Sullivan的数据，以2024年销售金额计，德业股份为全球第一大户用储能逆变器提供商。 | [编纂]的[编纂]數目 : | [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | | [编纂]數目 .. | [编纂]股H股(可予[编纂]) | | [编纂]數目 : | [编纂]股H股(可予[编纂]及視乎[编纂]行使與否 | | 而定) | | | 最高[编纂] : | 每股[编纂][编纂]港元另加1%經紀佣金、 | | | 0.0027％證監會交易徵費、0.00565%聯交所 | | | 交易費及0.00015% 會財局交易徵禮(須於申請 | | 時以港元繳足,可予退還) | | | 面值 | 每股H股人民幣1.00元 | | [编纂] : [编纂] | | | 聯席保薦人、[編纂]、[ ...

Group 1 - The core viewpoint of the news is that Ningbo Deye Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CICC, CITIC Securities, and CMB International as joint sponsors [1] - Deye is recognized as a global leader in solar storage products, focusing on providing comprehensive photovoltaic and energy storage solutions to deliver clean and sustainable green energy to users worldwide [1] - According to Frost & Sullivan, Deye is the largest residential energy storage inverter provider globally based on sales value projected for 2024 [1]

Group 1 - Ningbo Deye Technology Corporation has submitted an application for listing on the Hong Kong Stock Exchange, with CICC, CITIC Securities, and CMBI as joint sponsors [1] - Deye is a leading global provider of photovoltaic and energy storage products, focusing on delivering clean and sustainable green energy solutions [1] - According to Frost & Sullivan, Deye is the largest residential energy storage inverter provider globally based on sales revenue projected for 2024 [1]