插播 ： 2025工商业储能有何新打法？6月9日-12日，行家说储能联合光亚法兰克福举办"2025年全球用户侧储能产业价值峰会暨应用示范展"，点击" 阅读 原文 "了解详情 约1GWh！又一家储能头部企业拿单。 日前，全球可再生能源公司Zelestra与阳光电源签署重要协议，为拉丁美洲最大的储能项目之一提供相关储能设备。 ■ 阳光电源：拿下智利1GWh储能订单 根据协议，阳光电源将为该项目提供PowerTitan 2.0液冷电池储能系统及中压功率变换单元，该项目储能容量约为 1GWh ， 预计 将于2025年第 四季度开始交付。 ■ 巨头抢滩智利大储市场 据了解，该项目是智利塔拉帕卡Aurora混合发电项目的一部分，该项目还包括一座220MW直流太阳能发电厂，配备了阳光电源的1+X模块化逆变 器（8.8MW模块化设计）。 Aurora项目目前已开建， 预计每年将产生约600GWh的可再生电力，相当于20万户智利家庭的年用电量。 此外， 阳 光电源 PowerTitan液冷储能系统用于智利 200MW/800MWh BESS del Desierto储能项目，该项目为开发商Atlas Renewable Ene ...

证券代码：688472 证券简称：阿特斯 阿特斯阳光电力集团股份有限公司 2024 年年度股东大会会议资料 二〇二五年五月 目录 | 阿特斯阳光电力集团股份有限公司 | | 2024 年年度股东大会会议议程 | 3 | | --- | --- | --- | --- | | 阿特斯阳光电力集团股份有限公司 | | 2024 年年度股东大会会议须知 | 4 | | 议案一：关于《公司 2024 | | 年度董事会工作报告》的议案 | 6 | | 附件：2024 年度董事会工作报告 | | 7 | | | 议案二：17 2024 | 关于《公司 | 年度监事会工作报告》的议案 | 17 | | 附件：2024 年度监事会工作报告 | | 18 | | | 议案三：关于《公司 2024 | | 年度财务决算报告》的议案 | 20 | | 附件：公司 年度财务决算报告 | 2024 | | 21 | | 议案四：关于《公司 2024 | | 年度报告及其摘要》的议案 | 23 | | 议案五：关于 年度利润分配方案的议案 | 2024 | | 24 | | 议案六：关于公司 | 2025 | 年度非独立董事、高级管理 ...

电力设备及新能源 行业周报（20250512-20250518） 同步大市-A(维持) 电力设备及新能源行业近一年市场表现 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 688472.SH | 阿特斯 | 买入-A | | 605117.SH | 德业股份 | 买入-A | 【山证太阳能】智元发布 AI 智能助行外 骨 骼机 器人 ， 光伏 产 业链 价格 下 行 2025.5.7 华为与优必选正式签署全面合作协议： 5 月 12 日，华为与优必选正式 签署全面合作协议。双方将围绕具身智能和人形机器人领域，在产品技术研 发、场景应用及产业体系等开展创新合作。据介绍，通过发挥华为昇腾、鲲 鹏、华为云及大模型等技术创新能力和华为在研发、生产供应等经验，结合 优必选全栈式人形机器人技术优势，双方将 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - The electric equipment and new energy industry has shown a downward trend in prices across the photovoltaic supply chain, with significant price drops observed in polysilicon, silicon wafers, battery cells, and modules [2][7][8][9][10]. - The report highlights a strategic partnership between Huawei and UBTECH, focusing on humanoid robots and intelligent technology, which may influence the industry positively [2][5]. - The green certificate market in China is experiencing rapid growth, with a 6-fold increase in new transactions year-on-year in Q1 2025, indicating a robust policy framework supporting renewable energy [6]. Summary by Sections Investment Recommendations - Preferred stocks include: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deye Technology (605117.SH) - Buy - A - Additional stocks to watch include Xinyi Solar, GCL-Poly Energy, Tongwei Co., Ltd., and others [4][11]. Price Tracking - Polysilicon prices have decreased to 37.0 CNY/kg, down 5.1% from the previous week, while silicon wafer prices have also seen declines of 5.0% and 4.3% for different specifications [7][8]. - Battery cell prices are under pressure, with a slight decrease of 1.9% for N-type cells, and module prices are expected to continue their downward trend due to reduced demand [9][11]. - Glass prices for photovoltaic applications have also dropped, with 3.2mm coated glass at 20.5 CNY/m², down 2.38% [10].

Core Viewpoint - The photovoltaic industry chain prices have fully adjusted, and supply-side optimization is expected to stabilize prices [1] Investment Highlights - This week, photovoltaic industry chain prices continued to decline, with some products falling below cash costs. Some manufacturers are unable to deliver, and previously aggressive manufacturers are adjusting their strategies. Future prices are expected to stop falling, as the prices in the photovoltaic industry chain and the stock prices of the photovoltaic sector have fully adjusted. Demand in centralized and overseas markets is expected to marginally increase, and some positive external and internal factors are gradually accumulating, making the current position worth attention. The photovoltaic industry is rated as "overweight" [2] - Recommended stocks include: new technologies (LONGi Green Energy, Aiko Solar, Dier Laser, Laplace), auxiliary materials (CITIC Bo, Flat Glass, Foster), integrated (JinkoSolar, JA Solar, Trina Solar, Canadian Solar, Hengdian East Magnetic), specialized (Tongwei, GCL-Poly, Daqo New Energy, Junda, TCL Zhonghuan), and inverters (Sungrow, GoodWe, Deye) [2] Recent Performance - In the recent week (May 12-16, 2025), the photovoltaic sector's price change was 1.83%, outperforming the CSI 300 index by 0.13 percentage points, ranking among the top in terms of price change compared to other sectors. The TTM overall valuation of the photovoltaic sector as of May 16, 2025, was 16.98 times, ranking in the middle to lower part compared to other sectors. The sector's price-to-earnings ratio has been declining since the end of 2021 and is currently at the valuation level of the end of 2018. The valuation premium of the photovoltaic sector relative to the CSI 300 is 1.43 times, which is also at a historically low level [3] Price Trends - The prices in the industry chain have partially decreased. The average price of dense materials is 37.0 yuan/kg, down 2 yuan/kg; the average price of N-type 182 silicon wafers is 0.95 yuan/piece, down 0.05 yuan/piece; the average price of N-type 182*210 silicon wafers is 1.10 yuan/piece, down 0.05 yuan/piece; the average price of N-type 210 silicon wafers is 1.30 yuan/piece, down 0.08 yuan/piece; the average price of TOPCon (182) battery cells is 0.26 yuan/W, down 0.005 yuan/W; the average price of TOPCon (182*210) battery cells is 0.265 yuan/W, unchanged; the average price of TOPCon (210) battery cells is 0.28 yuan/W, unchanged; the average price of double-glass 182 TOPCon modules is 0.68 yuan/W, down 0.01 yuan/W; the average prices for centralized and distributed systems in China are 0.67 and 0.68 yuan/W, respectively, both down 0.01 yuan/W; the average price of local TOPCon modules in India is 0.15 USD/W, unchanged; the average prices of local and TOPCon modules in the US are 0.30 and 0.27 USD/W, respectively, both unchanged; the average price of TOPCon modules in Europe is 0.088 USD/W, unchanged [4]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into various sectors within the equipment manufacturing industry, indicating a cautious outlook for the photovoltaic sector while remaining optimistic about the engineering machinery and humanoid robot sectors [1][2]. Core Insights - The commercial humanoid robot industry is accelerating towards commercialization, driven by advancements in artificial intelligence, a robust supply chain, and supportive policies, leading to a decrease in costs and an anticipated market explosion in service robots across various sectors [2]. - The engineering machinery sector is experiencing stable export growth, supported by the Belt and Road Initiative, with a notable increase in excavator exports, which reached 9,595 units in April, marking a year-on-year increase of 19.3% [2]. - The photovoltaic sector is facing pressure on raw material prices, with recent market rumors about capacity consolidation among leading silicon material companies proving unfounded, leading to a decline in stock prices after an initial spike [2]. Market Performance Review - From May 12 to May 16, the indices for mechanical equipment, electric power equipment, and automotive industries rose by 0.35%, 1.39%, and 2.40% respectively, ranking them 18th, 10th, and 3rd among 31 Shenwan primary industries [7][10]. - The top-performing sub-sectors included passenger vehicles, which rose by 4.43%, and batteries, which increased by 2.47%, while engineering machinery saw a decline of 2.06% [10]. Industry News and Key Company Announcements - The report highlights significant industry events, such as the 4th Changsha International Engineering Machinery Exhibition, which showcased trends towards high-end, intelligent, and green machinery [2]. - Notable announcements include the expected revenue for CSIQ in Q2 2025, projected between $1.9 billion and $2.1 billion, and the anticipated total revenue for the year between $6.1 billion and $7.1 billion [20].

Group 1: Energy Sector Insights - The report highlights the uncertainty surrounding the entry of new energy sources under Document No. 136, but emphasizes that the dual carbon strategy remains a steadfast guiding principle for China's energy development, suggesting a preference for undervalued quality wind power operators [1] - The new regulations from the China Securities Investment Fund Industry Association and the China Securities Regulatory Commission are expected to significantly impact the asset management industry's behavior, particularly favoring public utilities as a major beneficiary [2][4] - The analysis indicates that the four major hydropower companies have consistently ranked in the top 4% of the entire A-share market in terms of risk-return ratio over the past five years, with leading thermal power companies also performing well [3] Group 2: Investment Recommendations - The report recommends focusing on hydropower companies with strong risk resistance and undervalued quality thermal power operators benefiting from declining coal prices, while also suggesting a preference for quality wind power operators [5] - Specific recommendations include: Hydropower: Guotou Power, Changjiang Power, Chuan Investment Energy; Wind Power: Longyuan Power (H), Goldwind Technology (H), Xintian Green Energy, Datang New Energy, China General Nuclear Power; Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Shares [5] - The report also suggests monitoring companies that benefit from the construction of new power systems and those with high risk-return ratios, such as Guodian NARI, Siyi Electric, Pinggao Electric, and Dongfang Electronics [5] Group 3: Energy Storage Developments - The report notes a significant increase in domestic orders for energy storage systems, with a focus on improving the profitability of energy storage stations through various measures, particularly in Shandong province [6] - The overseas demand for energy storage remains strong, with a reported 756.72% year-on-year growth in overseas orders for the first quarter of 2025, approaching a total of 100 GWh [6] - Key suppliers in the energy storage sector, such as Sungrow Power Supply, CATL, and Aters, are expected to benefit from these trends [7]

Investment Rating - Investment rating: Positive (maintained) [3] Core Viewpoints - The public utility sector is expected to benefit significantly from new trends, particularly due to the recent changes in fund management regulations that emphasize the importance of the "return-risk ratio" [10][12] - The demand for flexible resources in the new power system is driving the growth of energy storage installations, supported by continuous improvements in revenue mechanisms for energy storage stations [6][25] - The report highlights the strong performance of hydropower companies in terms of return-risk ratios, with major players like Yangtze Power and Huaneng Hydropower ranking in the top percentiles of the A-share market [11][12] Summary by Sections Public Utilities - The report suggests increasing allocation to public utilities and power equipment due to the new fund regulations [4][9] - The public utility sector is identified as a major beneficiary of the recent policy changes, which are expected to enhance valuation trends [10][12] Energy Storage - Domestic energy storage utilization is improving, with a total installed capacity of 2.55 GW/5.72 GWh added in Q1 2025 [18] - The report notes that energy storage export orders have surged, with a year-on-year increase of 756.72% in Q1 2025, approaching a total of 100 GWh [25] - Key measures in Shandong province aim to enhance energy storage profitability, including widening the price difference for charging and discharging, and reducing operational costs [5][22] Investment Recommendations - The report recommends focusing on resilient hydropower companies and undervalued thermal power operators benefiting from declining coal prices [13] - Specific companies highlighted for investment include: - Hydropower: Guotou Power, Yangtze Power, ChuanTou Energy - Wind Power: Longyuan Power, Goldwind Technology, Datang Renewable - Thermal Power: Anhui Energy, Shanghai Electric, Huaneng International [13]

一季度，阿特斯营收占CSIQ的比例超过90%（未经审计），是其主要生产经营主体。因此虽然公告披 露的是控股股东经营情况，但其实也是衡量阿特斯业绩的重要参考信息。 凭借储能系统产品维持增长，CSIQ预计二季度实现营收至少为136.4亿元，环比增长超六成，毛利率预 计由11.7%环比增长至23%~25%，主要因储能系统产品出货延续高增态势，成为组件跌价与需求下滑之 际的业绩第二增长点。 近日，光伏龙头阿特斯（688472.SZ）发布了控股股东阿特斯集团Canadian Solar Inc.（下称"CSIQ"） 2025年第一季度业绩以及第二季度、2025年度经营展望的公告。 CSIQ披露的全年光伏制造环节产能计划显示，预计拉棒、硅片、电池片和组件的二季度到四季度合计 增长约4%，其中拉棒和组件产能没有扩产，可见在行业供需依然严峻的背景下，光伏制造商正大幅放 缓投建产能的落地速度。 预计二季度收入环比增六成，全年组件出货或同比微降 CSIQ的生产经营主体是阿特斯，根据公告，CSIQ一季度的营业收入为12亿美元（折合人民币86.2亿 元）。而根据财报，一季度阿特斯实现营收85.85亿元，两者相差不到0.4亿元。对比可 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The reduction of tariffs between China and the US is expected to benefit new energy exports, with optimistic growth in photovoltaic demand from the US and emerging economies [1]. - The report emphasizes the importance of cost reduction and efficiency improvement in photovoltaic manufacturing, focusing on the optimization of leading companies in silicon materials and battery cells [1]. - The wind power sector is anticipated to see steady progress in domestic and overseas demand, with a positive outlook for profitability recovery in the complete machine and component segments by 2025 [1]. - The government’s push for smart connected new energy vehicles is expected to sustain high sales growth throughout the year, driving demand for batteries and materials [1]. - The report highlights the ongoing industrialization of solid-state batteries, with mass production expected by 2027, benefiting companies involved in batteries, materials, and equipment [1]. - Continuous promotion of hydrogen energy development is noted, with recommendations to focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 1.39% this week, outperforming the Shanghai Composite Index, which increased by 0.76% [10]. - The photovoltaic sector saw a significant increase of 2.96%, while the wind power sector experienced a decline of 0.58% [13]. Key Industry Information - In April 2025, China's new energy vehicle sales reached 1.226 million units, a year-on-year increase of 44.2%, accounting for 47.3% of total new car sales [24]. - The battery alliance reported a total of 54.1 GWh of power batteries installed in April, with a month-on-month decrease of 4.3% [24]. - The US-China trade talks resulted in a significant reduction in bilateral tariffs, which is expected to positively impact exports in photovoltaic, lithium battery, and energy storage sectors [24]. Company Developments - CATL has set the final price for its H-share issuance at HKD 263 per share, with plans for listing on May 20, 2025 [27]. - Canadian Solar has adjusted its 2025 component shipment target to 25-30 GW, down from the previous estimate of 30-35 GW [27]. - Several companies, including Sanyuan Electric and Igor, are engaging in stock repurchase plans and other strategic financial maneuvers [27].