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 index [7]. Core Insights - The report highlights a significant increase in exports of electric power equipment, with specific categories such as inverters, transformers, and high-voltage switches showing positive growth trends. However, components and batteries experienced a decline in year-over-year exports [6][2][3][5]. Summary by Category Inverters - In March 2025, inverter exports amounted to $630 million, reflecting a year-over-year increase of 5% and a month-over-month increase of 39%. Notably, exports to Africa surged by 81% year-over-year [2]. Transformers - From January to March 2025, total transformer exports reached 12.5 billion yuan, marking a year-over-year increase of 40%. In March alone, exports were 4.18 billion yuan, up 27% year-over-year [3]. Electric Meters - Total electric meter exports for the first three months of 2025 were 2.55 billion yuan, with a year-over-year increase of 9%. March exports were 770 million yuan, reflecting a 7% increase year-over-year [4]. High-Voltage Switches - High-voltage switch exports totaled 8.49 billion yuan from January to March 2025, showing a year-over-year increase of 30%. March exports were 3.27 billion yuan, up 50% year-over-year [5]. Components and Batteries - In March 2025, exports of components and batteries totaled $2.5 billion, representing a year-over-year decline of 24%, although there was a month-over-month increase of 48% [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【电新】上海车展趋势观察：大电量增程、商用车电动化、宁德时代引领新技术——碳中和领域动态追踪（一 百五十五） 宁德时代引领新技术突破，骁遥双核+自生成锂/钠负极再次拉开产品代差。增程车型有望成为电动化下半 场主力，大电量增程成为趋势。重卡等商用车电动化加速。上海车展新车型发布，大电量增程、商用车电 动化等趋势有望带动锂电需求，新技术突破有望催化固态电池、钠电等主题行情。 （殷中枢/陈无忌） 2025-04-27 您可点击今日推送内容的第1条查看 【汽车】2025上海车展开幕，聚焦智能化主旋律——汽车和汽车零部件板块跟踪报告 2025上海车展开幕，智驾+机器人共振，全产业链变革加速。1）预计2025E销量提振前景依然可期， ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 一、宁德时代引领新技术突破，骁遥双核+自生成锂/钠负极再次拉开产品代差 宁德时代推出三款颠覆性动力电池产品：钠新电池、骁遥双核电池、第二代神行超充电池。（1）自生成 负极新技术的应用超预期，展现宁德时代领先的研发能力和商业化实力，我们认为得益于金属负极保护层 材料和制备工艺的know-how，使得负极侧颠覆性升级快于预期，相关电解液添加剂和补锂剂环节有望受 益。（2）骁遥双核+自生成锂/钠负极，多元电池的组合适配各种场景，我们认为是在全固态电池商业化量 产之前的窗口期内，又一个拉开代差的产品。（3）钠新电池树立宁德时代钠电池的新品牌，能量密度提 升，突破低温、启停场景，有望带来新的增长曲线。（4）二代神行超充电池实现峰值充电功率12C同时续 航800km ...

Group 1 - The Jilin Petrochemical-Jilin Oilfield CO2 pipeline project has been launched, with a total length of approximately 400 kilometers, expected to sequester over 4 million tons of CO2 annually once completed [1][3] - This pipeline is the longest, largest diameter, and highest pressure CO2 pipeline in China, utilizing supercritical/dense phase transport technology, and will pass through four cities: Songyuan, Changchun, Siping, and Jilin [3] - The project incorporates advanced technologies such as centrifugal CO2 compressors and fiber-optic leak detection, filling gaps in domestic technology [3] Group 2 - The CO2 sequestered underground will also be used as a medium for oil extraction, improving efficiency by over 20% compared to traditional water-based methods, with an annual oil recovery of over 1 million tons [3] - The ultimate goal is to establish a closed-loop carbon cycle model of "capture-transport-utilization-sequestration" [3][4] - The project aims to create a main carbon network for carbon-emitting and utilizing enterprises in Jilin Province, significantly promoting the green and low-carbon transformation of local businesses [3][4] Group 3 - Carbon capture, utilization, and storage (CCUS) measures are crucial for achieving global carbon neutrality, and the CO2 pipeline is key to advancing the CCUS industry [4] - Jilin Oilfield has established China's first national-level demonstration project for the entire CCUS industry chain and process [4] - In 2024, Jilin Oilfield is expected to sequester 41,800 tons of CO2, accounting for 22% of the total CO2 sequestered by China National Petroleum Corporation [4]

Core Insights - The A-share market has experienced significant volatility, making it challenging for fund managers to maintain outstanding performance over the long term [1] - There are 47 fund managers managing over 10 billion in equity funds with ten years or more of experience [1] Fund Manager Performance - Yan Enqian from Penghua Fund leads with a five-year total return of 257.32% and an annualized return of 17.89% [4][5] - Han Chuang from Da Cheng Fund has a five-year total return of 154.39% and the highest annualized return of 23.36% among the top ten [5] - Liu Xu from Da Cheng Fund manages the largest fund size at 257.34 billion, with a five-year return of 98.49% and an annualized return of 11.83% [5][11] - Jiang Cheng is noted for a stable investment approach, achieving a five-year total return of 133.91% and an annualized return of 13.37% [7] - Wang Bin from Huazhong Fund has a five-year total return of 91.03% and an annualized return of 22.97%, demonstrating strong risk control [7] Risk and Return Analysis - Yan Enqian exhibits a high return of 257.32% but also a significant maximum drawdown of -63.17%, indicating an aggressive investment style [9] - Liu Xu shows a lower maximum drawdown of -25.00% and a high Sharpe ratio of 0.9750, reflecting a more conservative investment approach [9] - Wang Guizhong has a decent return of 79.38% but faces a larger maximum drawdown of -50.24%, suggesting potential downside risks [9] Fund Management Strategies - The top fund managers exhibit diverse investment styles, with some focusing on short-term opportunities while others emphasize long-term value investing [11][12] - Yan Enqian and Wang Guizhong are more inclined to capitalize on market fluctuations, whereas Han Chuang and Wang Bin excel in navigating market cycles for sustained returns [12]

证券研究报告 行业研究 [Table_ReportDate] 2025 年 04 月 27 日 三大交易所修订股票上市规则，明确关键少数责任，强化中小股东保障 [Table_Industry] ESG 周报 [Table_ReportType] 行业周报 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— [Table_Title] 三大交易所修订股票上市规则，明确关键少数责 [Table_Author] [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 任，强化中小股东保障 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com [Table_Report ...

Core Insights - The latest ESG public fund weekly ranking shows a recovery in performance, with all listed funds experiencing gains during the observation period from April 21 to April 25 [1] - There is a significant performance divergence between ESG-themed and broad ESG-themed products, with broad ESG active funds leading the top 10 rankings [1] Fund Performance Summary - Broad ESG active funds achieved an average return of 8.76%, while broad ESG index funds followed with an average return of 3.97% [1] - ESG-themed active funds had an average return of 3.06%, which is less than half of the broad ESG active funds, and ESG-themed index funds had an average return of 0.76%, less than a quarter of the broad ESG index funds [1] Investment Focus - Broad ESG active funds primarily focus on low-carbon investments, including carbon neutrality, new energy vehicles, new energy materials, and climate change [1] - In contrast, the industry concentration for broad ESG index funds is high, with all funds related to new energy vehicle batteries [1] Historical Performance - The historical performance of the new energy vehicle battery sector has shown significant volatility, indicating the need for cautious timing in investments [1]

Financial Data and Indicators - The basic earnings per share for Q1 2025 is 0.4200 CNY, a decrease of 2.33% compared to Q1 2024, which was 0.4300 CNY [1] - The net asset per share increased to 16.2 CNY, reflecting an 8.58% growth from 14.92 CNY in Q1 2024 [1] - The net profit for Q1 2025 is 0.46 billion CNY, a slight decrease of 2.13% from 0.47 billion CNY in Q1 2024 [1] - The return on equity (ROE) for Q1 2025 is 2.64%, down 8.97% from 2.90% in Q1 2024 [1] - The total operating revenue for Q1 2025 is 1.96 billion CNY, an increase of 20.25% from 1.63 billion CNY in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 35.8994 million shares, accounting for 53.4% of the circulating shares, with an increase of 16.4664 million shares compared to the previous period [2] - Zhang Yimin is a new major shareholder with 11.9203 million shares, representing 17.74% of the total share capital [2] - The Basic Pension Insurance Fund No. 1202 has reduced its holdings by 0.4574 million shares [2] Dividend Distribution - The company has announced that there will be no distribution or transfer of dividends this time [3]

Investment Rating - The report maintains a "Buy" rating for Ningde Times, indicating an expected return exceeding 15% over the next 6-12 months [1][8]. Core Insights - Ningde Times leads in technological breakthroughs with new battery products, including sodium batteries and the Xiaoyao dual-core battery, showcasing its advanced R&D capabilities and commercial strength [1]. - The report highlights the growing trend of range-extended electric vehicles (REEVs), which are expected to become a dominant force in the electrification of the automotive market, particularly in scenarios where charging infrastructure is lacking [2][3]. - The electrification of commercial vehicles, especially heavy trucks, is accelerating, with battery companies focusing on developing solutions tailored for this segment [4]. Summary by Sections Section 1: Technological Advancements - Ningde Times has introduced three groundbreaking battery products, including sodium batteries and the second-generation supercharging battery, which demonstrate significant advancements in energy density and charging capabilities [1]. - The new self-generating lithium/sodium anode technology is expected to enhance the performance of related electrolyte additives and lithium supplementation agents [1]. Section 2: Market Trends - Range-extended vehicles are projected to capture 30% of the domestic electric vehicle market, with sales expected to reach 1.167 million units in 2024, reflecting a year-on-year growth of 78.7% [2]. - The market share of range-extended vehicles in China is anticipated to increase from 3.6% to 9.1% between 2022 and 2024 [2]. Section 3: Commercial Vehicle Electrification - The report notes that commercial vehicles account for 12% of the total vehicle population but contribute to 56% of carbon emissions in the transportation sector [4]. - Battery companies are increasingly targeting the commercial vehicle market, with innovations in battery technology aimed at meeting the operational demands of heavy-duty vehicles [4]. Section 4: Investment Recommendations - The report suggests focusing on companies such as Ningde Times, Rongbai Technology, and others that are well-positioned to benefit from the trends in large-capacity range-extended vehicles and commercial vehicle electrification [4].

Financial Performance - The basic earnings per share for Q1 2025 is 0.6400 CNY, a decrease of 1.54% compared to Q1 2024, which was 0.6500 CNY [1] - The net profit for Q1 2025 is 0.52 billion CNY, showing a slight increase of 1.96% from 0.51 billion CNY in Q1 2024 [1] - The operating revenue for Q1 2025 is 3.32 billion CNY, down by 5.14% from 3.5 billion CNY in Q1 2024 [1] - The return on equity for Q1 2025 is 3.11%, a decrease of 3.42% from 3.22% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 11.2012 million shares, accounting for 25.25% of the circulating shares, with an increase of 3.1678 million shares compared to the previous period [1] - New entrants among the top shareholders include the Penghua Carbon Neutral Theme Mixed Securities Investment Fund, holding 3.8604 million shares (8.70%) [2] - Significant changes in holdings include Fu Weiping increasing his stake by 46.32% to 1.5615 million shares, while Tang Weiguo reduced his holdings by 58.05% to 1.1005 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]