Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark [4]. Core Insights - The UK has launched the "Warm Homes Plan," committing £15 billion in public funds to retrofit 5 million homes and assist 1 million families in energy poverty by 2030. This plan is expected to significantly boost demand for residential solar storage and heat pumps [1]. - The plan allocates £2.7 billion for subsidies and £2 billion for low-interest loans to support the purchase of residential solar storage and heat pump systems, alongside £5 billion for assistance to low-income households and £1 billion for heating network investments [1]. - The anticipated growth in the residential solar storage and heat pump sectors is substantial, with projections of 3 million new solar installations and over 450,000 heat pumps installed annually from 2026 to 2030 [1][2]. Summary by Relevant Sections Residential Solar PV - By the end of 2025, the UK is expected to have a cumulative installation of 1.6 million residential solar PV systems, with less than 200,000 new installations in 2025. The "Warm Homes Plan" aims for an additional 3 million installations from 2026 to 2030, translating to an annual increase of 600,000 installations [2]. Residential Energy Storage - In 2025, the UK is projected to add 0.7 GWh of residential energy storage, equivalent to 70,000 units based on a 10 kWh per unit calculation. If 600,000 new solar PV systems are installed annually, with a storage integration rate of 50%, this would result in 300,000 new storage units each year, potentially increasing to 600,000 units if the integration rate reaches 100% [2]. Heat Pumps - The report indicates that approximately 60,000 heat pumps will be installed in 2024. The "Warm Homes Plan" targets an average annual installation of over 450,000 heat pumps from 2026 to 2030, representing a significant increase compared to 2024 [2]. Investment Recommendations - The report suggests focusing on companies benefiting from the European and Australian residential storage markets, such as Airo Energy, GoodWe, Jinlang Technology, and Pylontech. It also highlights the potential for valuation increases in the residential storage sector and recommends low-valuation leading companies like Deye Technology [3]. Additionally, it advises attention to companies in the heat pump sector, such as Rujing Technology, and battery cell manufacturers like Penghui Energy, which may see improved profitability with unexpected demand increases [3].

（文章来源：证券日报） 证券日报网讯 1月26日，德业股份发布公告称，截至本公告披露日，上市公司及其全资子公司对外担保 总额0万元、上市公司对全资子公司提供的担保总额0万元，上述数额分别占上市公司最近一期经审计净 资产的比例0%、0%。公司无逾期对外担保的情形。 ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, and many others, indicating a positive outlook for these stocks [1]. Core Insights - The gold and jewelry sector has emerged as the top performer this week, driven by new consumer sentiment and the upcoming Spring Festival, which is expected to boost sales [4][14]. - The overall performance of various sectors shows significant fluctuations, with gold and jewelry leading the gains, while sectors like luxury goods and U.S. hotels are experiencing declines [12][15]. - The report highlights that the valuation of various sectors remains below their historical averages, suggesting potential investment opportunities [10][17]. Sector Performance Summary - **Gold and Jewelry**: This sector saw a weekly increase of 12.9%, with notable stock performances from Lao Pu Gold (+20.5%) and Chao Hong Ji (+12.3%) due to positive sales forecasts [6][14]. - **Gambling**: The gambling sector increased by 2.9%, with companies like MGM China and Galaxy Entertainment showing strong market share growth [14]. - **Overseas Cosmetics**: This sector rose by 2.1%, driven by E.L.F. Beauty's stock increase of 4.6% following positive earnings forecasts [14]. - **Retail**: The retail sector increased by 2.0%, with Wanchen Group's stock rising by 14.3% due to optimistic revenue expectations [14]. - **Domestic Cosmetics**: This sector saw a modest increase of 0.9%, with companies like Proya and Runben showing positive stock movements [8][14]. - **Snacks**: The snack sector increased by 0.6%, with Youyou Foods and Qiaqia Foods showing gains [14]. - **Pet Sector**: This sector experienced a slight decline of 0.4%, with Zhongchong Co. facing stock price pressures [14]. - **Domestic Sportswear**: This sector decreased by 1.4%, with Anta Sports experiencing a notable decline of 6.1% [14]. - **U.S. Hotels**: This sector fell by 1.4%, with major hotel chains like Marriott and Hilton reporting declines [15]. - **Credit Cards**: The credit card sector also saw a decline of 1.4%, influenced by uncertainties regarding proposed interest rate caps [15]. - **Luxury Goods**: This sector decreased by 1.6%, with Burberry facing significant stock price drops due to market concerns [15]. - **Overseas Sportswear**: This sector fell by 1.8%, with Adidas experiencing a notable drop of 8.7% due to downgrades from investment banks [16]. Valuation Analysis - The report indicates that the expected PE ratios for various sectors in 2025 are below their historical averages, suggesting potential undervaluation. For example, the expected PE for the gold and jewelry sector is 25.9, which is 49% of its historical average [10][17].

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Nike, Midea Group, JD Group, Haier Smart Home, Gree Electric, Anta Sports, and others, indicating a positive outlook for these stocks [1]. Core Insights - The gold and jewelry sector has emerged as the top performer this week, driven by new consumer sentiment and expectations of improved sales as the Spring Festival approaches. The sector saw a weekly increase of 12.9% [4][14]. - The report highlights a rebound in the new consumer sectors, with various segments such as gambling, overseas cosmetics, and retail also showing positive performance [4][14]. - The overall market sentiment is influenced by the performance of the MSCI China index, which has shown fluctuations in its weekly, monthly, and year-to-date performance [12][13]. Sector Performance Summary - **Gold and Jewelry**: Increased by 12.9%, with notable gains from Lao Pu Gold (20.5%) and Chow Tai Fook (5.9%) due to positive sales forecasts [6][14]. - **Gambling**: Rose by 2.9%, with MGM China and Galaxy Entertainment seeing increases of 4.0% and 3.6% respectively, attributed to market share gains [6][14]. - **Overseas Cosmetics**: Gained 2.1%, driven by E.L.F Beauty's strong performance and positive earnings outlook [6][14]. - **Retail**: Increased by 2.0%, with Wanchen Group rising 14.3% due to optimistic revenue forecasts [6][14]. - **Domestic Cosmetics**: Saw a modest increase of 0.9%, with companies like Proya and Runben showing positive trends [8][14]. - **Snacks**: Increased by 0.6%, with Youyou Foods and Qiaqia Foods showing gains [8][14]. - **Pet Sector**: Experienced a slight decline of 0.4%, with Zhongchong Co. facing market challenges [8][14]. - **Domestic Sportswear**: Decreased by 1.4%, with Li Ning showing a positive increase of 4.3% while Anta Sports faced a decline [8][14]. - **US Hotels**: Fell by 1.4%, with major hotel chains like Marriott and Hilton seeing declines [15][16]. - **Credit Card Sector**: Also decreased by 1.4%, with Visa and Mastercard facing market uncertainties [15][16]. - **Luxury Goods**: Declined by 1.6%, with Burberry experiencing a significant drop [15][16]. - **Overseas Sportswear**: Decreased by 1.8%, with Adidas facing a notable decline due to downgrades from investment banks [15][16]. Valuation Analysis - The report indicates that most sectors are currently undervalued compared to their historical averages, with expected PE ratios for various sectors such as overseas sportswear at 30.0x (56% of the past 5-year average) and domestic sportswear at 13.4x (70% of the past 5-year average) [10][17].

每日经济新闻 （记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，德业股份1月26日晚间发布公告称，公司第三届第二十二次董事会会议于2026年1月26日 在公司9楼会议室召开。会议审议了《关于公司为全资子公司提供对外担保的议案》等文件。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 ...

宁波德业科技股份有限公司 可持续发展（ESG）管理制度 第二条 本制度所称的 ESG 职责，是指公司在经营发展过程中应当履行的环 境（Environmental）、社会（Social）和公司治理（Governance）方面的责任和 义务，主要包括对自然环境和资源的保护、社会责任的承担以及公司治理的健全 和透明。 第三条 本制度所称利益相关方，是指其利益可能受到公司决策或经营活动 影响的组织或个人，包括股东（投资者）、债权人、职工、合作伙伴、客户、供 应商、社区组织和相关政府部门等。 宁波德业科技股份有限公司 可持续发展（ESG）管理制度（草案） （H 股发行并上市后适用） 第四条 本制度适用于公司及纳入公司合并报表范围内的全资、控股子公司 （以下简称"子公司"）。 第一章 总则 第二章 ESG 职责理念与原则 第一条 为进一步加强宁波德业科技股份有限公司（以下简称"公司"）ESG （环境、社会和公司治理）管理，积极履行 ESG 职责，根据《中华人民共和国 公司法》《上市公司治理准则》《企业内部控制基本规范》《上海证券交易所上 市公司自律监管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管 指引第 ...

宁波德业科技股份有限公司 反洗钱制度 宁波德业科技股份有限公司 反洗钱制度 （2026 年 1 月制定） 第一章 总则 第一条 为规范宁波德业科技股份有限公司（以下简称"公司"）反洗钱工 作，建立健全反洗钱工作管理机制，提高公司防范洗钱风险的能力，根据相关法 律法规，结合公司实际情况，制定本制度。 第二条 公司致力于通过遵守各营运所在司法管辖区的反洗钱法律及法规， 以禁止和打击清洗黑钱、恐怖分子融资、违反制裁和其他犯罪活动。 第三条 本制度是公司实施反洗钱管理的纲领性文件，适用于公司及纳入公 司合并报表范围内的全资、控股子公司（以下简称"子公司"）和全体员工。各 子公司结合当地市场情况和经营需要，制定或完善各类操作细则，有效落实反洗 钱法律法规和监管规定的要求。 公司各境外子公司在境外开展业务时，应当遵循驻在国家（地区）的反洗钱 及制裁和出口管制法律规定，协助配合驻在国家（地区）反洗钱机构的工作，在 驻在国家（地区）法律规定允许的范围内严格执行本制度的有关要求。 第二章 管理与监督 第四条 董事会依照法律、法规和《宁波德业科技股份有限公司章程》（以 下简称"《公司章程》"）的规定，履行与反洗钱有关的职责，承担 ...

证券代码：605117 证券简称：德业股份 公告编号：2026-010 宁波德业科技股份有限公司 关于公司为全资子公司提供对外担保的公告 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法律责任。 一、担保情况概述 （一）担保的基本情况 2026 年 1 月 26 日，宁波德业科技股份有限公司（以下简称"公司"）与招 商银行股份有限公司宁波分行（以下简称"招商银行"）签订了《不可撤销担保 书》，为全资子公司 DEYE ENTERPRISE LIMITED 承担总金额为人民币 8 亿元 整的连带责任担保。本次担保不存在反担保。 （二）内部决策程序 公司于 2026 年 1 月 26 日召开第三届董事会第二十二次会议，全票审议通过 了《关于公司为全资子公司提供对外担保的议案》，同意公司为全资子公司 DEYE ENTERPRISE LIMITED 在招商银行申请的借款、商业汇票承兑、票据贴现等业 务承担总金额为人民币 8 亿元整的连带责任担保。本事项在董事会审议范围内， 不需要提交公司股东会审议。 重要内容提示： 担保对象及基本情况 | 被担保 ...

第三届董事会第二十二次会议决议公告 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。 一、董事会会议召开情况 证券代码：605117 证券简称：德业股份 公告编号：2026-009 根据《中华人民共和国公司法》（以下简称"《公司法》"）等有关法律法规及 《宁波德业科技股份有限公司章程》（以下简称"《公司章程》"）的规定，宁波德 业科技股份有限公司（以下简称"公司"）于 2026 年 1 月 26 日上午 10 时在公司 9 楼会议室召开第三届董事会第二十二次会议，本次会议以现场方式召开。本次 会议于 2026 年 1 月 22 日以书面、邮件等方式通知了全体董事。会议应到董事 8 名，实到董事 8 名，董事张和君、张栋斌、ZHANG DONG YE、谈最、朱一鸿、 诸成刚、沙亮亮、乐静娜以现场参会形式参加了会议。会议达到了《公司法》和 《公司章程》规定的召开董事会法定董事人数。 宁波德业科技股份有限公司 本次会议由张和君先生主持，公司高级管理人员列席了会议。会议的召开符 合《公司法》《公司章程》及其他有关法律、法规的规定， ...

Investment Rating - The investment rating for the industry is "Recommended" based on the positive outlook for the sector and expected performance exceeding the benchmark index [3]. Core Insights - The UK government has launched a £15 billion "Warm Home Plan" aimed at helping millions of households install solar panels, energy storage, heat pumps, and insulation materials, significantly stimulating the home storage and heat pump sectors [1][6]. - The plan is expected to upgrade up to 5 million homes and help 1 million households escape energy poverty by 2030, leveraging £15 billion in subsidies to attract a total investment of £38 billion [6]. - The distribution of the subsidy includes £4.4 billion for low-income home upgrades, £2.7 billion for heat pump subsidies, £1.1 billion for heating network construction, and £5.3 billion for a loan fund [7]. - The home storage market is projected to exceed £100 billion by 2030 due to the estimated scale of home upgrades [6]. - The heat pump sector has a specific subsidy of £2.7 billion, with targets to install 450,000 and 1.5 million units annually by 2030 and 2035, respectively, indicating significant growth potential [6]. Company Summaries - **Airo Energy**: A leading distributed solar storage company with a strong focus on overseas markets, expected to perform well this year due to increased R&D and product diversification [8]. - **GoodWe**: A traditional home storage company with strong channel capabilities and advanced technology, well-established in the European market [8]. - **Sungrow Power Supply**: A top global solar storage company with a robust overseas presence, generating significant revenue from storage products [8]. - **Deye Technology**: Strong competitive edge in home storage, with a well-established global sales network and advanced manufacturing capabilities [8]. - **Rujing Technology**: A core supplier of heat pump controllers, with products widely used in major brands [10]. Financial Metrics of Key Companies - Airo Energy: Market Cap £14.6 billion, 2024 EPS £1.3, 2025 EPS £0.7, PE 140, PB 3, Investment Rating: Strongly Recommended [2]. - Sungrow Power Supply: Market Cap £338 billion, 2024 EPS £5.3, 2025 EPS £6.6, PE 25, PB 8, Investment Rating: Strongly Recommended [2]. - Deye Technology: Market Cap £80.5 billion, 2024 EPS £4.6, 2025 EPS £4.0, PE 22, PB 10, Investment Rating: Increase Holding [2].