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 energy 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 revenue projected for 2024 [1]

股票代码：605117 股票简称：德业股份 公告编号：2026-011 宁波德业科技股份有限公司 关于向香港联交所递交 H 股发行并上市的申请 并刊发申请资料的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 宁波德业科技股份有限公司（以下简称"公司"）已于 2026 年 1 月 27 日向 香港联合交易所有限公司（以下简称"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（以下简称"本次发行上市"）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 证券及期货事务监察委员会（以下简称"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。 https://www1.hkexnews.hk/app/sehk/2026/108148/documents/sehk26012701156 _c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2026 ...

格隆汇1月27日丨德业股份(605117.SH)公布，公司已于2026年1月27日向香港联合交易所有限公司 （称"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（称"本次发行上市"）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。 ...

德业股份公告，公司已于2026年1月27日向香港联合交易所有限公司递交了发行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。 ...

Summary of Ningbo Deye Technology (605117.SS) Conference Call Company Overview - **Company**: Ningbo Deye Technology - **Ticker**: 605117.SS - **Market Cap**: Rmb80,454 million (US$11,554 million) [5] Industry Context - **Industry**: Solar Energy and Battery Storage - **Key Initiative**: The UK government launched the "Warm Homes Plan" with a budget of £15 billion (approximately US$20 billion or Rmb143 billion) to assist up to 5 million families in reducing energy bills through solar panels, battery storage, heat pumps, and insulation [2][8]. Core Points 1. **Government Support**: The "Warm Homes Plan" aims to install solar systems for up to 3 million new households by 2030, tripling current installations [2][8]. 2. **Projected Demand**: The program is expected to generate new residential battery energy storage (BESS) demand of 2.4 GWh per annum in the UK, which is 3.3 times the demand in 2024 [1][7]. 3. **Deye's Position**: Deye is expected to benefit from increased inverter and battery sales in the UK due to an exclusive partnership with its UK-based distributor, Sunsynk [1][8]. 4. **International Trends**: Other countries, including Australia, Indonesia, Ukraine, and Hungary, have also initiated plans to support residential BESS installations since 2025, indicating a global trend towards energy storage solutions [1][8]. 5. **UK BESS Market**: In 2024, the UK deployed 2.9 GWh of BESS, with residential installations accounting for 730 MWh. The UK represented 13% of total BESS installations in Europe [7]. 6. **Inverter Imports**: The UK imported Rmb1,365 million worth of inverters from China in 2025, marking a 15% year-over-year increase [7]. Financial Performance - **Earnings Summary**: - **2023**: Net Profit: Rmb1,791 million, Diluted EPS: Rmb2.129, EPS Growth: 18.7% - **2024**: Net Profit: Rmb2,960 million, Diluted EPS: Rmb3.400, EPS Growth: 59.7% - **2025E**: Net Profit: Rmb3,262 million, Diluted EPS: Rmb3.606, EPS Growth: 6.1% - **2026E**: Net Profit: Rmb4,163 million, Diluted EPS: Rmb4.603, EPS Growth: 27.6% - **2027E**: Net Profit: Rmb5,269 million, Diluted EPS: Rmb5.826, EPS Growth: 26.6% [3] Valuation - **Target Price**: Rmb102.00 per share, representing a potential return of 15.2% and a total expected return of 17.5% [5][10]. - **Valuation Methodology**: Based on a discounted cash flow (DCF) model with a terminal growth rate of 3.0% and a weighted average cost of capital (WACC) of 8.4% [10]. Risks - **Key Risks**: - Lower-than-expected demand for residential and commercial energy storage in emerging markets - Increased price competition among inverter manufacturers - Higher-than-expected trade tariffs on Chinese inverter products in international markets [11] Conclusion Ningbo Deye Technology is positioned to capitalize on the growing demand for residential energy storage solutions, particularly in the UK, driven by government initiatives. The company's financial outlook appears strong, with significant projected growth in profits and earnings per share over the next few years. However, potential risks related to market demand and competition should be monitored closely.

Core Insights - The current wave of investment in the photovoltaic (PV) sector is unexpectedly driven by commercial aerospace, with significant market potential identified for low Earth orbit satellites and space computing [1][9] - The PV industry is facing five major investment opportunities: anti-involution, technological iteration, overseas demand, energy storage demand, and space photovoltaics, making it an attractive sector for investors [1][9] Investment Opportunities - The Chinese PV industry chain is the most competitive globally, with various investment opportunities across different segments, including PV battery components, inverters, and silicon materials [2][10] - The newly launched Huabao CSI Photovoltaic Industry Index Fund (code: 026754) tracks the CSI Photovoltaic Industry Theme Index, covering a wide range of segments from upstream to downstream in the PV industry [2][10] - The CSI Photovoltaic Industry Index includes 50 constituent stocks, with the top five stocks accounting for 41.9% and the top ten for 55.11%, indicating a balanced structure of leading and supporting companies [2][10] Performance Metrics - From the index's inception on April 22, 2019, to December 31, 2025, the CSI Photovoltaic Industry Index has achieved a cumulative return of 47.48% and an annualized return of 6.67%, outperforming the CSI 300 Index and other related indices [3][13] - The index's annualized volatility is lower than that of comparable indices, indicating a favorable risk-return profile [4][13] Market Trends - The CSI Photovoltaic Industry Index has shown significant upward movement, reaching a new high of 3444 points on January 26, 2024, marking the highest level in nearly 29 months [5][15] - The index's price-to-book (PB) ratio is 2.52, indicating a low valuation and high elasticity, which enhances its investment appeal [5][15] Future Outlook - The fund manager of the Huabao CSI Photovoltaic Industry Index Fund anticipates focusing on anti-involution and new growth opportunities in the first half of 2026, while emphasizing the importance of industry profit recovery in the second half [6][16] - The manager highlights that recent price increases in the industry and the alignment of customer bases between energy storage systems and PV components present significant growth potential [17][16]

Core Insights - The article discusses significant events in the private equity fund market from January 19 to January 25, highlighting government initiatives and new fund establishments aimed at promoting innovation and investment in various sectors [5]. Government-Backed Funds - The National Development and Reform Commission announced plans to establish a national-level merger fund to enhance government investment and promote innovation and entrepreneurship [7]. - The Beijing Zhongguancun Science City Technology Growth Fund is set to invest in five sub-funds, focusing on various sectors including healthcare and robotics [8]. - The Pudong New Area government is launching a 2 billion yuan seed fund to support AI innovation, emphasizing collaboration with educational institutions [8]. - Guangzhou has introduced a pilot program to address financing challenges in technology transfer, allowing for a "first invest, then equity" model [9]. - Jiangsu Nanjing's advanced manufacturing fund is set to invest in high-end equipment and emerging industries, with a target size of 2 billion yuan [9]. Market-Driven Funds - Coller Capital successfully raised $17 billion for its CIP IX fund, marking the largest fund in the company's history, focusing on secondary market investments [14]. - Hengxu Capital completed the first closing of its fourth flagship fund, raising over 2 billion yuan, with plans to reach 3.5 billion yuan [15]. - The Xiamen Torch Fund II, with a size of 1 billion yuan, aims to invest in strategic emerging industries such as new materials and aerospace [16]. - The Hubei Port and Shipping Development Fund expanded to approximately 2.8 billion yuan, focusing on transportation projects [16]. Corporate Investments - Lek Electric plans to invest 190 million yuan in a venture capital fund targeting high-end manufacturing and core technologies [19]. - Ningbo Deyu plans to invest 86 million yuan in a fund focused on robotics and AI [20]. - Silver Technology is investing 50 million yuan in a private equity fund for communication and smart terminal industries [21]. - Wuyang Control's subsidiary intends to invest 30 million yuan in a fund targeting advanced technology and modern services [21].

香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司 及 證 券 及 期 貨 事 務 監 察 委 員 會 對 本 公 告 的 內 容 概 不 負 責，亦 不 對 其 準 確 性 或 完 整 性 發 表 任 何 聲 明， 並明確表示概不就因本公告的全部或任何部分內容而產生或因依賴該等內容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Ningbo Deye Technology Corporation 寧波德業科技股份有限公司 （「本公司」） （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） 警 告 本 公 告 是 應 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）及 證 券 及 期 貨 事 務 監 察 委 員 會（「證監會」）的 要 求 而 刊 發，僅 旨 在 向 香 港 公 眾 提 供 信 息。 閣 下 閱 覽 本 公 告，即 代 表 閣 下 知 悉、接 納 並 向 本 公 司、其 聯 席 保 薦 人、整 體 協 調 人、顧 問 或 包 銷 團 成 員 表 示 同 意： – 1 – (a) 在聯交所網站登載本公告，並不 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Ningbo Deye Technology Corporation 寧波德業科技股份有限公司 (the "Company") (A joint stock company incorporated in the People's ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Ningbo Deye Technology Corporation 寧波德業科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而 刊發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向本公司、其保薦人、整體協調人、顧問或包銷團成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據送呈香港公司註冊處處長登記的本 公司招股章程作出投資決定；有關文本將於發售期內向公眾刊發。 警 告 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件中 的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其任何補充 ...