文|天峰 来源|财富独角兽 2025年以来，沪深股指迎来了一轮气势如虹的上涨行情，A股市场展现出强劲的复苏态势。年初，沪深 300指数以3580点起步，随后在政策利好、经济数据回暖及资金面宽松等多重因素推动下，指数一路高 歌猛进，屡创新高。截至2025年末，上证指数已突破4000点大关，全年累计涨幅18%，创下近三年来的 最佳表现。 笔者发现，受益于A股市场大幅上涨，建信基金旗下基金经理邵卓便是其中的佼佼者，多只产品近一年 收益率均实现正增长。其实，邵卓的业绩并非偶然，而是源于其成熟的投资框架、精准的选股能力、有 效的风险控制、独特的实业背景积淀以及强大的投研平台支撑，多维度因素共同铸就了其长期优异的投 资表现。 01 成熟完善的投资框架：宏观、中观、微观三位一体 邵卓业绩稳定的核心支撑在于其构建了"自上而下与自下而上相结合"的全天候投资框架，通过宏观、中 观、微观三个维度的协同研判，实现对市场机会的精准把握。在自上而下层面，他并不执着于对市场走 势的短期博弈，而是聚焦于三大核心要素：经济周期位置的判断、流动性状况的跟踪以及市场主要矛盾 的识别，以此把握中周期（1-2年）内市场的主导投资逻辑。 例如在市场震荡 ...

太空，正成为全球竞赛的焦点，而光伏将成为这场"战役"的核心装备。上周末，中美先后宣布卫星申请 的大消息，SpaceX新增7500 颗第二代星链卫星的申请；国际电信联盟（ITU）官网也显示，我国新增 了20.3万颗卫星申请。 卫星部署提速，带来一个迫切的问题——谁能承担为卫星供能的重任呢？太阳能是目前最理想的能源， 它稳定、可持续且经济性高，是卫星运转的能源基石。叠加AI算力需求激增，全球主要经济体纷纷布 局太空数据中心建设，面对其庞大的电力供应需求，太阳能依旧是最佳的选择，这一诉求同样指向了太 空光伏。 在商业航天和太空算力的持续推进过程中，太空光伏将成为优先受益者，这正在为光伏产业带来全新的 想象空间。为了助力投资者布局光伏产业，量化大厂富国基金旗下的光伏ETF富国（认购代码： 560233，交易代码：560230）拟于1月19日（下周一）起正式发行。 风险提示：基金管理公司不保证本基金一定盈利，也不保证最低收益。基金的过往业绩并不预示其未来 表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证。投资有风险，入市需谨慎。 较好的成分股质地，为光伏产业指数提供了较长的成长性，回顾历史表现，光伏产业指 ...

Core Insights - The company is a leader in the electric connection component industry, with its core product, CCS, achieving cumulative shipments exceeding 100 million units and winning the 2025 Guangdong Provincial Manufacturing Single Champion award [1] - The company has established a diversified industrial layout centered around new energy vehicles, with revenue contributions from various sectors including energy storage, industrial equipment, medical devices, consumer electronics, and low-altitude economy [1] - The company is actively expanding into emerging business areas such as AIDC, robotics, and low-altitude economy, with significant revenue potential in these sectors [2] - The company plans to issue convertible bonds to raise 1.2 billion yuan for investment in flexible electric connection systems and to supplement working capital, aiming for an annual production capacity of 45 million new flexible electric connection components [3] - Revenue forecasts for 2025-2027 are projected at 5.002 billion, 6.214 billion, and 7.647 billion yuan, with corresponding EPS of 3.34, 4.38, and 5.48 yuan, indicating stable growth in the new energy vehicle and energy storage sectors [4] Revenue Breakdown - In the first three quarters of 2025, revenue from the new energy vehicle sector accounted for 83.6%, while the energy storage sector contributed 10.9%, and other sectors combined accounted for approximately 5.5% [1] - Revenue from AIDC and low-altitude economy sectors reached approximately 19 million and 9 million yuan, respectively, in the first three quarters of 2025, indicating substantial growth potential [2] Strategic Initiatives - The company has established partnerships with leading enterprises in the power and energy storage industries, as well as major automotive manufacturers, and has begun mass production deliveries to North American electric vehicle companies [1] - The company is focusing on key technologies represented by electronic skin, enhancing its competitive edge in the flexible electric connection market [3]

Core Viewpoint - The report highlights a decline in production and demand in the photovoltaic and energy storage sectors, with specific emphasis on the challenges faced by domestic and international markets, including rising component prices and seasonal demand fluctuations [1][2]. Production - Photovoltaic module production in November 2025 decreased by 2.43% compared to October 2025, with domestic installation progress in December falling short of expectations and rising component prices causing reluctance among downstream buyers [2] - In January 2026, China's production of power, storage, and consumer batteries is projected to be 210 GWh, a decrease of 4.55% month-on-month, primarily driven by a significant decline in second-tier enterprises [2] Prices - As of January 7, 2026, the price of polysilicon dense material increased by 3.85% to 54.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers rose by 12.00% to 1.40 CNY/piece [3] - In November 2025, the average price of lithium iron phosphate battery storage systems ranged from 0.4452 to 0.6828 CNY/Wh, with an average of 0.5721 CNY/Wh, reflecting a month-on-month decrease of 6.4% [3] Demand - In November 2025, the export value of photovoltaic modules reached approximately 2.412 billion USD, marking a year-on-year increase of 34.08% and a month-on-month increase of 6.84% [4] - Domestic photovoltaic installations in November 2025 totaled 22.02 GW, representing a month-on-month growth of 74.76% but a year-on-year decline of 11.92% [4] Investment Recommendations - The report suggests focusing on energy storage-related companies, recommending specific stocks such as Sungrow Power Supply (300274), Narada Power Source (300068), Tongrun Equipment (002150), Huashengchang (002980), and Shouhang New Energy (301658) [5]

1月13日，A股市场整体下跌。 截至收盘，上证指数收报4138.76点，下跌0.64%；深证成指收报14169.4点，下跌1.37%；创业板指收报3321.89 点，下跌1.96%。两市合计成交36509.85亿元，较上一交易日增加496.09亿元。 1.两市主力资金净流出超1280亿元 今日沪深两市主力资金开盘净流出530.96亿元，尾盘净流出183.95亿元，全天净流出1286.54亿元。 | | | 沪深两市最近五个交易日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | 尾盘净流入 | 超大单净买入 | | 2026-1-13 | -1286.54 | -530. 96 | -183. 95 | -718. 20 | | 2026-1-12 | -213.07 | -198.59 | -51. 60 | 53. 33 | | 2026-1-9 | -298.04 | -164.63 | 1.02 | -16. 77 | | 2026-1-8 | -374. 35 | -163. 14 | -6. 58 | ...

Market Overview - The A-share market experienced an overall decline on January 13, with the Shanghai Composite Index closing at 4138.76 points, down 0.64%, the Shenzhen Component Index at 14169.4 points, down 1.37%, and the ChiNext Index at 3321.89 points, down 1.96% [1] - The total trading volume across both markets reached 36,509.85 billion yuan, an increase of 496.09 billion yuan compared to the previous trading day [1] Capital Flow - The net outflow of main funds from the two markets exceeded 1280 billion yuan, with an opening net outflow of 530.96 billion yuan and a closing net outflow of 183.95 billion yuan, totaling 1286.54 billion yuan for the day [2] - The CSI 300 index saw a net outflow of 255.22 billion yuan, while the ChiNext index experienced a net outflow of 557.08 billion yuan [4] Sector Performance - The non-ferrous metals sector achieved a net inflow of 47.64 billion yuan despite a decline of 0.82%, with Zijin Mining being a notable stock [6] - The banking sector recorded a net inflow of 17.49 billion yuan, increasing by 0.67% [6] - The electronic sector faced significant outflows, with a net outflow of 492.14 billion yuan and a decline of 3.12%, led by Industrial Fulian [6] Institutional Activity - The top stocks with net institutional buying included China Satellite, which rose by 4.17% with a net buy of 67.88 million yuan, and Hengwei Technology, which increased by 1.21% with a net buy of 40.36 million yuan [8] - Conversely, stocks like Aerospace Electronic saw significant net selling, with a decline of 10.01% and a net sell of 35.09 million yuan [10] Institutional Focus - Recent institutional ratings highlighted stocks such as Jianghai Co., rated "Buy" by Tianfeng Securities with a target price of 34.4 yuan, currently trading at 29.84 yuan, indicating a potential upside of 15.28% [11] - Other stocks of interest include Enjie Co. and Yuxin Technology, both rated "Buy" by UBS with significant upside potential [11]

Core Viewpoint - Gaote Electronics has successfully passed the IPO meeting for the ChiNext board, aiming to raise 850 million yuan for its battery management system (BMS) products in the new energy sector [1] Group 1: Company Overview - Established in 1998, Gaote Electronics is a national high-tech enterprise and a "specialized and innovative" small giant, focusing on innovative technology [1] - The company aims to become a leading global supplier of safety and value enhancement solutions for new energy storage systems [1] - Gaote Electronics has maintained a leading position in the shipment volume of BMS products in the large-scale energy storage sector for three consecutive years [1] Group 2: Product and Market Position - The main products include energy storage BMS modules and related products, with applications in various fields such as large high-voltage energy storage power stations, commercial energy storage, and backup power systems [1][2] - The company is recognized as the top BMS manufacturer in China for 2023, according to the CESA's white paper on the new energy storage industry [2] - Key clients include major companies such as China Southern Power Grid, China Petroleum, and CATL [2] Group 3: Financial Performance - Revenue for the years 2022, 2023, and 2024 is reported as approximately 346 million yuan, 779 million yuan, and 919 million yuan respectively, with a net profit of 53.75 million yuan, 88.23 million yuan, and 98.42 million yuan for the same years [4] - As of June 2025, total assets are projected to reach approximately 137.4 billion yuan, with a debt-to-asset ratio of 38.02% [6] - The company has maintained a research and development expense ratio of around 6.36% to 6.94% of its revenue over the past few years [6]

Core Viewpoint - Huawei Digital Energy has identified ten key trends in the smart photovoltaic industry for 2026, with eight of these trends closely related to energy storage, highlighting the future direction of the industry under the integration of solar and storage technologies [3][5]. Group 1: Key Trends in Energy Storage - Energy storage has become a crucial component in the integration of renewable energy and multi-energy complementarity, emphasizing the collaboration between solar, wind, and storage systems [3]. - Grid-forming energy storage will be a focal point, serving as a key infrastructure for grid regulation and stability, as highlighted in Huawei's trends [4]. - Intelligent operation and maintenance have become essential capabilities for enterprises, driven by the application of AI and big data analytics to enhance lifecycle management and maximize returns [4]. - A systematic approach to safety will be foundational for enterprise development, with a shift in industry safety standards from focusing solely on battery cells to encompassing the entire battery system [4]. Group 2: Huawei's Strategic Positioning - Huawei's entry into the energy storage sector dates back to around 2010, with a strategic focus on digital energy established in 2021, elevating energy storage to a core strategic component [6]. - The global expansion of Huawei's energy storage solutions mirrors its successful strategies in the telecommunications market, leveraging brand trust and service networks to penetrate key markets [8]. - Huawei's differentiation in the energy storage sector lies in its focus on core control layers such as PCS, EMS, and BMS, rather than vertical integration in battery cell manufacturing [10]. Group 3: Future Development Directions - The smart photovoltaic industry is expected to evolve towards a predictable and controllable stable power supply, with five core characteristics identified for future solar and wind bases [17]. - Grid-forming energy storage will play a vital role in stabilizing the grid and balancing supply and demand, actively participating in energy market transactions [18]. - The integration of AI in household solar storage scenarios is anticipated to enhance user experience by transitioning from AI empowerment to AI-native solutions [21]. - The power density of solar storage devices is projected to increase by over 40% in the coming years due to technological innovations [22]. - The trend towards high voltage and high reliability will contribute to a significant reduction in the cost of electricity generated from solar systems [23]. - System-level battery management is essential for the safe and stable operation of energy storage systems, emphasizing the importance of precise monitoring and management [24]. - The maturity of new energy grid technology systems will accelerate the construction of new power systems, transitioning grid-forming storage from a passive to an active role [25]. - Intelligent systems will increasingly empower renewable energy plants, moving towards an "autonomous driving" model [26]. - The energy storage industry is advancing towards a quantifiable safety phase, establishing clear safety standards and enhancing safety capabilities [27].

Investment Rating - The industry is rated as "Outperform" compared to the market [1]. Core Insights - The report highlights a significant increase in demand for photovoltaic components, with a notable year-on-year growth in domestic installations and exports [3][4]. - The cancellation of export tax rebates for photovoltaic products is expected to impact pricing and demand dynamics in the industry starting April 2026 [3]. - The report suggests a focus on energy storage-related companies as potential investment opportunities due to the increasing demand in the sector [3]. Production Summary - Photovoltaic module production in November 2025 decreased by 2.43% month-on-month, with domestic inventory levels rising as terminal installations fell short of expectations [3]. - Battery production for January 2026 is projected at 210 GWh, a decrease of 4.55% from the previous month, primarily driven by a reduction in production from second-tier companies [3]. Price Summary - As of January 7, 2026, the price of polysilicon increased by 3.85% to 54.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers rose by 12.00% to 1.40 CNY/piece [3]. - The average price for lithium iron phosphate battery storage systems was reported at 0.5721 CNY/Wh, reflecting a month-on-month decrease of 6.4% [3]. Domestic Demand Summary - In November 2025, domestic photovoltaic installations reached 22.02 GW, marking a 74.76% increase month-on-month but an 11.92% decrease year-on-year [3]. - Cumulative domestic photovoltaic installations from January to November 2025 totaled 274.89 GW, representing a year-on-year growth of 33.25% [3]. Overseas Demand Summary - In November 2025, photovoltaic component exports amounted to approximately 2.412 billion USD, a year-on-year increase of 34.08% [3]. - The inverter export value for November 2025 was 767 million USD, showing a year-on-year increase of 25.91% [3].

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable declines in share prices across multiple sectors, particularly in aerospace, communication, and consumer electronics. Group 1: Major Stock Outflows - The stock with the highest capital outflow is Goldwind Technology, with an outflow of 5.043 billion yuan and a price drop of 3.36% [1][2] - Aerospace Electronics experienced a capital outflow of 4.378 billion yuan, with a significant price decline of 10.01% [1][2] - BlueFocus Media saw an outflow of 2.976 billion yuan, but its share price increased by 1.12% [1][2] Group 2: Sector Performance - The wind power equipment sector, represented by Goldwind Technology, is facing challenges with a notable capital outflow [2] - The aerospace sector, particularly Aerospace Electronics and Aerospace Development, is experiencing substantial capital withdrawals, indicating potential investor concerns [1][2] - The consumer electronics sector, including Industrial Fulian and Xunwei Communication, is also seeing significant outflows, reflecting broader market trends [1][3] Group 3: Additional Notable Stocks - Other companies with significant capital outflows include Kunlun Wanwei (2.078 billion yuan), Raytheon Defense (1.894 billion yuan), and China Satcom (1.439 billion yuan), all of which are in the communication and internet service sectors [1][3] - Semiconductor company SMIC reported an outflow of 1.206 billion yuan, indicating investor caution in the semiconductor industry [1][3] - The photovoltaic equipment sector, represented by Sunshine Power, also faced an outflow of 1.077 billion yuan, highlighting challenges in renewable energy investments [1][3]