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].

上周基金重点事件回顾丨01.19-01.25 睿兽分析每周整理最值得关注的基金重点事件，帮助大家及时了解全球私募股权基金市场动向。 国家发改委：研究设立国家级并购基金 1月20日，国新办就落实中央经济工作会议精神，推动"十五五"实现良好开局有关情况举行新闻发布 会。国家发改委副主任王昌林在国新办新闻发布会上表示，要发挥好国家创业投资基金行业标杆作用， 研究设立国家级并购基金，加强政府投资，基金布局规划等，促进创新创业创造，加快培育和发展新质 生产力。（大河财立方） 关于中关村科学城科技成长基金拟投资子基金公示（第十七期） 根据《中关村科学城科技成长基金子基金实施细则（修订版）》等相关规定，中关村科学城党工委、管 委会于2026年1月14日对科技成长基金拟投资的第十七期子基金项目进行公示。本期公示共涉及5只子基 金，分别为：由北京创新工场私募基金管理有限公司管理的"上海创新工场创业投资合伙企业（有限合 伙）"（暂定名）；由北京中关村科学城科技投资管理有限公司管理的"北京汇诚水木医疗产业发展创业 投资基金合伙企业（有限合伙）"（暂定名）；由北京京西创业投资基金管理有限公司管理的"海淀区首 程机器人产业基金"（暂定 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power and new energy sectors, including Ningde Times, Mingyang Electric, and Sunshine Power [6]. Core Insights - The focus on affordability in the U.S. AI power sector is expected to influence the mid-term elections in 2026, with significant price increases in wholesale electricity driven by rising gas prices and capacity costs [2][15]. - The report highlights the potential for a significant increase in capacity prices due to the growing demand from data centers, which are projected to account for 95% of the incremental capacity [2][23]. - The "Energy as a Service" (EAAS) model is identified as a viable solution for data centers to achieve rapid power access while internalizing costs, with an estimated annual installation demand of 29-45 GW from 2026 to 2030 [4][31]. Summary by Sections Section 1: Price Increases and Capacity Demand - The PJM wholesale electricity price increased by 43.7% year-on-year, with gas prices contributing 66% and capacity price increases contributing 30% [2][15]. - The report estimates that capacity prices could rise by 100% to 300% from current levels due to the demand from data centers [2][15]. Section 2: Energy as a Service (EAAS) Model - The EAAS model is projected to maintain a demand of 29-45 GW per year from 2026 to 2030, with small gas turbines being economically advantageous [4][31]. - This model allows data centers to meet their urgent power needs while minimizing the impact on overall electricity costs [4][31]. Section 3: Electric Grid and Regulatory Changes - The report emphasizes the need for accelerated approval processes for electric grid and power sources to reduce electricity costs through economies of scale [3][31]. - Recent regulatory changes, including FERC's proposals, aim to streamline the approval process for large loads and enhance the capacity of the electric grid [31][40]. Section 4: Recommendations for Key Companies - The report recommends several companies for investment, including Ningde Times, Mingyang Electric, and Sunshine Power, all rated as "Buy" [9]. - Other recommended companies include Guodian NARI, Dongfang Electric, and Harbin Electric, which are positioned to benefit from the rising demand for electric power equipment [9]. Section 5: Market Dynamics and Future Outlook - The report anticipates a recovery in household solar storage demand driven by rising electricity prices, with potential for significant market growth [5][10]. - The overall electric power market is expected to experience a structural shift due to the increasing load from data centers, necessitating a reevaluation of investment strategies in the sector [31][35].

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunities Index (CSPSADRP) as of January 23, 2026, showcasing significant price increases and dividend yields [1][11]. - The stock with the highest daily increase is Aotaiwei (688516.CH) at 20.00%, with a year-to-date increase of 98.87% and a dividend yield of 2.80% [1][11]. - Other notable stocks include China Gold (600916.SH) with a daily increase of 10.02% and a year-to-date increase of 13.13%, and Weichai Power (000338.SZ) with a year-to-date increase of 36.63% [1][11]. Group 2 - The fundamental metrics of the index include a historical price-to-earnings ratio of 11.07 times, a price-to-book ratio of 1.34 times, and an expected dividend yield of 4.76% [3][12]. - The index consists of 1009 constituent stocks, with adjustments made biannually in January and July, ensuring no single stock exceeds 3% weight and no GICS sector exceeds 33% weight [4][13].

Core Viewpoint - The trend of listed companies participating in fund establishment reflects their strategic need for transformation and expansion, showcasing long-term strategic vision [1] Group 1: Fund Establishment Trends - Nearly 60 listed companies have announced their participation in fund establishment or disclosed project progress this year [1] - Collaborating with professional institutions for joint investments is the mainstream approach for listed companies in fund establishment [2] - Companies like Tianjin Pengling Group and Ningbo Deye Technology have initiated funds with significant capital contributions, indicating a strong commitment to this trend [2] Group 2: Investment Strategies - Subscription to fund shares is also a significant method for listed companies to engage in fund investments [3] - Companies are leveraging partnerships with professional investment institutions to enhance resource allocation efficiency and capture market opportunities in new technologies and industries [3] - The involvement of professional institutions provides management experience and risk control capabilities, strengthening companies' resilience [3] Group 3: Focus on Emerging Industries - The robotics industry chain is becoming a popular investment area for listed companies establishing funds, with a focus on key components and various types of robots [4] - Other emerging industries such as new energy, new materials, semiconductors, and artificial intelligence are also core investment directions due to their growth potential [5] - Companies are strategically positioning themselves to secure core technologies and supply chains, thereby building a solid industrial moat [5] Group 4: Strategic Considerations - Listed companies need to balance strategic alignment with risk management when establishing funds, ensuring that investments align with long-term strategies [5] - The improvement of regulatory policies is expected to enhance the standardization of fund establishment by listed companies, optimizing the role of capital in empowering industries [5]

AI基金广发新能源精选股票A（015904）披露2025年四季报，第四季度基金利润1247.22万元，加权平均基金份额本期利润0.0279元。报告期内，基金净值增 长率为1.54%，截至四季度末，基金规模为6.09亿元。 该基金属于标准股票型基金，长期投资于先进制造股票。截至1月22日，单位净值为1.206元。基金经理是郑澄然和毛昆。 基金管理人在四季报中表示，展望后续，继续看好储能，国内独立储能新模式爆发，美国 AI 配储打开新的成长空间，中长期增速预期上修，同时 2026 年 高增长具备较强确定性。目前板块估值合理、并未泡沫化，看好产业链各环节具备竞争优势的龙头公司，以及受益需求超预期、具备涨价弹性的品种。继续 看好风电贝塔，行业目前处于盈利上行周期，"十五五"装机量有望再上台阶，出海及绿色氢氨醇也有望打开新的成长空间，同时主要标的估值合理，板块性 价比较优。组合看好固态电池，其产业远期空间大，巨头加大投入，技术加速发展，处于商业化量产的临界点，同时看好收敛的技术路线里具备卡位优势的 公司。整体来看，目前组合配置较为均衡，不仅仅体现在行业配置层面，同时兼顾了产业生命周期、市场风险偏好、股票估值位置等多重因 ...

2026 年 01 月 24 日 行业研究 评级：推荐(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 李航 S0350521120006 | | | | lih11@ghzq.com.cn | | 证券分析师： | | 邱迪 S0350522010002 | | | | qiud@ghzq.com.cn | | 证券分析师： | | 王刚 S0350524020001 | | | | wangg06@ghzq.com.cn | | 证券分析师： | | 李昂 S0350525030002 | | | | lia@ghzq.com.cn | | 联系人 | ： | 吴亦辰 S0350125030017 | | | | wuyc@ghzq.com.cn | [Table_Title] 马斯克推动太空算力布局，美国本土光伏产能建 设加速 ——新能源行业周报 最近一年走势 | 行业相对表现 | | 2026/01/23 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 电力设备 | 10.6% | 14. ...

Core Viewpoint - The photovoltaic sector in both Hong Kong and A-shares has shown significant strength, driven by a surge in stock prices of various companies within the industry, highlighting a growing market interest in solar energy technologies [1][2]. Group 1: Market Performance - The photovoltaic equipment sector led the market gains in A-shares, with multiple stocks hitting the daily limit up, including Longi Green Energy, Maiwei Co., and JinkoSolar [1]. - Key stocks such as Sungrow Power, Tongwei Co., and Trina Solar also saw substantial increases, contributing to the overall enthusiasm in the sector [1]. - In the Hong Kong market, solar energy concept stocks were active, with Xinyi Solar rising over 10%, and other companies like Flat Glass Group and GCL-Poly Energy also experiencing notable gains [2][3]. Group 2: Emerging Trends - The current photovoltaic market rally is significantly driven by the emerging concept of "space photovoltaic," which is gaining traction as commercial space ventures achieve breakthroughs in cost and launch frequency [3][4]. - Elon Musk's support for solar energy initiatives, particularly through SpaceX and Tesla, has further fueled interest in space photovoltaic technologies, aiming for an annual manufacturing capacity of 100 GW within three years [5][6]. Group 3: Industry Demand and Projections - Analysts predict that if the concept of space data centers is realized, it could generate a demand for over 800 GW of space photovoltaic installations, surpassing current global ground-mounted photovoltaic annual additions [6][7]. - The commercial space sector's growth, marked by over 200,000 satellite constellation applications in China, is expected to drive long-term demand for space photovoltaic solutions [7][8]. Group 4: Company Developments - A-share companies are actively disclosing their strategies in the space photovoltaic field, with firms like Lushan New Materials and Junda Co. announcing investments in research and development for space photovoltaic batteries [7][8]. - Trina Solar has indicated a comprehensive long-term strategy in space photovoltaic technologies, including various advanced solar cell types, and has established collaborations with domestic and international space agencies [7][8]. Group 5: Technological Innovations - The demand for space photovoltaic technologies is anticipated to grow in terms of quantity, quality, and technology, driven by the increasing complexity of satellite functions and the need for higher energy supply [8][9]. - Future satellite communications are expected to adopt cost-effective photovoltaic technologies, such as P-type HJT and perovskite tandem solar cells, which may lead to new trends in the photovoltaic industry [9].

Group 1 - The photovoltaic sector experienced a significant surge, with the China Securities Photovoltaic Industry Index rising by 5.27% as of January 23, 2026, driven by strong performances from stocks such as Laplace (+20.01%), Maiwei (+20.00%), and Dongfang Risheng (+20.00) [1] - Elon Musk, CEO of Tesla, expressed strong support for space photovoltaic technology during a discussion at the World Economic Forum, revealing plans for SpaceX and Tesla to enhance solar manufacturing capacity to 100GW annually over the next three years [1] - China has submitted applications for 203,000 satellite orbits to the ITU, which is expected to generate nearly 10GW of demand for space photovoltaic technology [1] - Heterojunction (HJT) solar cells are gaining traction due to their simple processes and high yields, opening up new opportunities in emerging applications such as computational satellites [1] - Space photovoltaic energy, which harnesses solar energy in outer space for power supply, is becoming a strategic solution for commercial aerospace and high-end applications, marking a pivotal moment for the sector [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the China Securities Photovoltaic Industry Index include TBEA, LONGi Green Energy, Sungrow Power, TCL Technology, Tongwei Co., Maiwei, Deye, Chint Electric, TCL Zhonghuan, and JinkoSolar, collectively accounting for 55.11% of the index [2] - The Jiahua Photovoltaic ETF (159123) tracks the China Securities Photovoltaic Industry Index, providing a convenient tool for investing across the entire photovoltaic industry chain [3] - Investors can also access photovoltaic industry investment opportunities through the Jiahua Photovoltaic ETF's off-market connection (014605) [4]