定 期 报 告 光伏板块核心观点：工信部对 41 家多晶硅企业开展节能监察，光伏反 内卷协同性提升。8 月 1 日，工信部办公厅发布 2025 年度多晶硅行业专项 节能监察任务清单，系对《工业和信息化部办公厅关于组织开展 2025 年度 工业节能监察工作的通知》的具体落实，旨在推动多晶硅行业能效提升与 监管规范落地。我们认为，此次工信部开展多晶硅节能监察或是为了明确 各家企业当前实际能耗水平，从而为后续可能制定相应的能耗控制提供依 据，以推动落后产能的出清。 投资要点： 锂电板块核心观点：8 月排产环比提升，固态电池产业进展加速。1） 排产：8 月环比提升，提前备货金九银十；2）固态电池：宁德时代重视固 态电池研发，天铁获欣界锂金属负极订单。 行 华福证券 电力设备 2025 年 08 月 03 日 业 研 究 行 业 电力设备 产业周跟踪：工信部公布多晶硅节能监察清单， 北美大厂密集上调资本开支计划 风电板块核心观点：海风新增并网大幅增长，反内卷利好风机招标价 格。1）上半年海风新增并网大幅增长，风电利用率有所下降；2）深入推 进招标投标制度改革，风机价格有望稳中向好。 储能板块核心观点：山东、宁夏相继发布 ...

Group 1: Industrial X-ray Detection Market - The industrial X-ray detection market is experiencing structural growth opportunities driven by strong downstream demand in the electronic semiconductor and lithium battery sectors[2] - New orders for Dayun Technology have nearly doubled in the first half of 2025, indicating robust growth in the industrial X-ray detection market[2] - The company aims to build a global industrial detection platform through both organic growth and acquisitions, with over 2 billion yuan raised from its IPO for this purpose[2][18] Group 2: Market Performance and Trends - The A-share market experienced a general decline, with the Shanghai Composite Index falling by 0.94% and the Shenzhen Component Index down by 1.58%[19] - Small-cap indices such as the CSI 500 and CSI 1000 outperformed large-cap indices, indicating a shift in market dynamics favoring smaller companies[20] - The light module index saw the highest increase this week, with a rise of 7.96%[21] Group 3: Biodegradable Food Packaging - The global disposable tableware market is projected to grow to $43.95 billion by 2029, driven by the recovery of the catering industry and the rise of takeaway services[4] - The biodegradable food packaging market is expected to reach $18.6 billion by 2034, supported by increasing penetration rates and government policies limiting plastic use[4]

Core Viewpoint - Jinshi Technology is planning to divest its wholly-owned subsidiary, Hunan Jinshi Technology Co., Ltd., to optimize resource allocation and reduce financial burdens, aligning with its strategic development goals [1][2]. Group 1: Company Overview - Jinshi Technology, established in 2008, originally focused on cigarette label printing and has transitioned to the energy storage sector over the past year [5][6]. - The company has constructed a diversified business model centered on energy storage equipment manufacturing and related products, aiming to provide safe energy storage solutions [5]. Group 2: Financial Performance - Hunan Jinshi has reported significant losses, with a total loss of approximately 14.58 million yuan in 2024 and 4.30 million yuan in Q1 2025 [2][3]. - Despite entering the energy storage market, Jinshi Technology has faced continuous losses over three years, with net profits of -36.59 million yuan in 2022, -44.57 million yuan in 2023, and -4.39 million yuan in 2024 [6]. - The company achieved a revenue of 376 million yuan in 2024, marking a year-on-year increase of 1008.39%, although most revenue was concentrated in Q4 [6]. Group 3: Strategic Moves - The divestiture of Hunan Jinshi is part of a broader strategy to dispose of idle assets and improve financial health, which is expected to provide funding for future developments [1][2]. - The company has faced operational challenges, including a temporary suspension of an important subsidiary, leading to stock warnings and a change in stock designation to "*ST Jinshi" due to negative net profits and low revenue [6][7].

证券之星消息，根据天眼查APP数据整理，近日，赣锋综合能源(青海)有限公司成立，法定代表人为王 光坤，注册资本20000万元，经营范围包含：一般项目：新兴能源技术研发；新能源原动设备制造；新 能源原动设备销售；光伏设备及元器件销售；风力发电技术服务；节能管理服务；储能技术服务；技术 服务、技术开发、技术咨询、技术交流、技术转让、技术推广；信息咨询服务(不含许可类信息咨询服 务)；工业互联网数据服务；商业综合体管理服务；软件开发；软件销售；合同能源管理；电池销售； 电池零配件销售；碳减排、碳转化、碳捕捉、碳封存技术研发；森林固碳服务；环保咨询服务(除依法 须经批准的项目外，凭营业执照依法自主开展经营活动)。天眼查APP股权穿透显示，该公司由赣锋锂 业全资持股。 数据来源：天眼查APP ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Viewpoints - The company is a leader in the domestic easy-open lid market and is expanding into the lithium battery materials sector, with a focus on composite electrolytes and metal anodes [13][14]. - The easy-open lid segment provides a stable revenue base, with notable clients including Nestlé, Coca-Cola, and Unilever [29][31]. - The composite electrolyte market is expected to grow due to new safety regulations for electric vehicle batteries, which will drive technological advancements [2][3]. - The lithium metal anode is identified as a long-term development direction, suitable for solid-state battery technology [3]. - The company anticipates significant revenue growth from 2025 to 2027, with projected revenues of 23.6 billion, 30.1 billion, and 39.4 billion yuan, respectively [4]. Summary by Sections Easy-Open Lid Market - The company is the domestic leader in the easy-open lid market, with products including dry powder lids, canned lids, and beverage lids [13]. - The easy-open lid segment is expected to contribute a stable revenue base, with a market growth rate of 6.23% from 2018 to 2023 [29][32]. - The company has been expanding its overseas market presence, exporting to nearly 30 countries and regions [31][26]. Composite Electrolyte - The composite electrolyte is gaining traction due to its cost-saving benefits and improvements in battery safety and lifespan [2]. - The company has signed orders for composite electrolytes with U&S ENERGY and is collaborating with leading automotive and battery companies [2][3]. Lithium Metal Anode - The lithium metal anode is projected to have a significant market potential due to its high theoretical capacity compared to graphite anodes [3]. - The company is developing integrated materials for lithium metal and composite electrolytes and is currently in the sample testing phase with major automotive and battery firms [3]. Financial Projections - The company expects to achieve revenues of 10.7 to 11.3 billion yuan in the first half of 2025, representing a year-on-year growth of 9.9% to 16.0% [21]. - The projected net profit for the same period is estimated to be between 23 million and 28 million yuan, reflecting a substantial increase of 360.6% to 460.7% year-on-year [21]. - For the years 2025 to 2027, the company forecasts a compound annual growth rate (CAGR) of 16.7%, 27.6%, and 30.9% for total revenue [4].

Core Insights - The 2024 China electricity market has shown significant growth, with market-based trading volume exceeding 6.18 trillion kilowatt-hours, accounting for 62.7% of total electricity consumption [1][3] - The report highlights a substantial increase in renewable energy trading, with a volume of 956.9 billion kilowatt-hours, representing 52.3% of total renewable generation [1][3] - The green certificate trading volume surged by 364% year-on-year, while green electricity trading volume grew by 235.2% [1][7] Group 1: Market Expansion and Structure Optimization - In 2024, the total installed power generation capacity in China surpassed 3.349 billion kilowatts, with an increase of 429 million kilowatts, primarily driven by solar and wind energy [2] - The total electricity generation reached 10.09 trillion kilowatt-hours, marking a 6.7% year-on-year increase, with wind and solar contributing 58.1% of the new generation [2][3] - The number of market participants rose to 816,000, an 8.9% increase, including 35,000 power generation companies and 777,000 electricity users [3] Group 2: Trading Dynamics and Price Differentiation - The market-based trading volume reached 6.18 trillion kilowatt-hours, a 9.0% increase, maintaining over 60% of total electricity consumption for three consecutive years [3][4] - Provincial trading volumes totaled 4.75 trillion kilowatt-hours, reflecting a 5.4% increase, with price differentiation observed in provinces with active spot markets [4] Group 3: Unified Market Structure and Green Transition - The establishment of a unified national electricity market is accelerating, with significant growth in green electricity trading and certificates [5][6] - The inter-provincial electricity spot market officially launched after two years of trial, facilitating over 88 billion kilowatt-hours of trading, with 44% from clean energy [6] - The green certificate trading volume reached 446 million, with a 92.3% share from inter-provincial transactions, indicating a robust market for green energy [7][8] Group 4: New Business Models and Regulatory Enhancements - New business models, including diversified energy storage and virtual power plants, are emerging, enhancing market participation [8] - Regulatory frameworks are being upgraded to support market health, including the revision of the Electricity Market Supervision Measures and the establishment of real-time monitoring systems [8]

Market Overview - The A-share market is experiencing volatility, with the Shanghai Composite Index fluctuating around 3559 points and trading volume decreasing to 1.59 trillion yuan, while northbound funds are increasing their positions in banks and photovoltaic sectors [1] - Despite a four-month contraction in manufacturing PMI, the non-manufacturing PMI remains above 50, indicating resilience in consumption and services, suggesting a mixed economic outlook [1] Policy and Funding Dynamics - The central bank is maintaining liquidity, while the Ministry of Finance has reinstated VAT on newly issued government bonds starting August 8, creating a balanced policy approach that avoids excessive capital turnover while allowing market speculation [3] - Northbound funds have shown a "seesaw" effect, with a net outflow of 25.6 billion yuan on August 1, but significant purchases in high-quality stocks like Ningbo Bank and Longi Green Energy, indicating a shift from overvalued consumer stocks to high-dividend and renewable energy sectors [3] - Margin trading balances have decreased to 1.93 trillion yuan, with leveraged funds moving away from semiconductors and telecommunications towards military and public utility sectors, suggesting a defensive positioning ahead of potential market adjustments [3] Technical Analysis and Market Signals - The Shanghai Composite Index has been oscillating between 3500 and 3600 points for nearly a month, with trading volume declining after 47 consecutive days above 1 trillion yuan, resembling a mid-marathon fatigue [4] - Key signals to monitor include northbound fund inflows exceeding 10 billion yuan for three consecutive days, trading volume returning above 1.8 trillion yuan, and July economic data, particularly social financing and PMI, exceeding expectations [4] Investment Strategy - Long-term investors are advised to allocate 60% of their portfolio to high-dividend banks and public utilities, 20% to policy-supported sectors like AI and semiconductors, and the remaining 20% to oversold consumer and pharmaceutical stocks for potential rebounds [5] - Short-term traders are cautioned against chasing stocks at their peak and are encouraged to wait for pullbacks to find better entry points [5] Sector Performance Insights - On August 1, there was a net outflow of 71.2 billion yuan from major funds, with significant sell-offs in computer and electrical equipment sectors, while AI leaders like 360 and Cambridge Technology attracted capital, indicating a shift from speculative trading to performance-based investment [6] - The current market environment suggests that companies with solid fundamentals will attract investment during the upcoming earnings disclosure period [6]

Fundraising Activities - Zhongke Chuangxing announced the first closing of its fund with a scale of 2.617 billion yuan, focusing on hard technology projects in various industries including artificial intelligence [5] - KKR successfully raised 28 billion USD, increasing its assets under management (AUM) by 14% to 686 billion USD, with a target of reaching 1 trillion USD AUM by 2029 [9] - China Chengtong signed a framework cooperation agreement with Jiangsu Province to establish a 10 billion yuan fund, targeting strategic emerging industries [11] - Coller Capital announced a record fundraising of 6.8 billion USD for its second credit opportunities fund, showcasing its strong position in the private secondary market [14] - BlueFive Capital completed fundraising for its 2 billion USD private equity fund, focusing on sectors like healthcare and technology in the GCC region [16] - Changjiang Industrial Group established a 5 billion yuan fund focusing on specialized vehicles and high-end manufacturing [18] - Suzhou Taikang Investment Fund was registered with a total contribution of 3.1 billion yuan, marking the establishment of a new RMB fund in Suzhou [20] - Yuanhe Puhua launched its first private equity fund in Shanghai, focusing on the integrated circuit industry [22][23] - Dongfang Jiafu established a 1.6 billion yuan fund in Ordos, focusing on advanced manufacturing and information technology [25] - Kewai Fund announced the establishment of a 1 billion yuan smart energy fund, supported by Total Energy [27] Investment Strategies - KKR's new fundraising efforts are part of a broader trend of significant dollar fundraising among VC firms, indicating a shift in the domestic dollar fund ecosystem [7] - Blackstone announced an investment of over 25 billion USD in Pennsylvania's digital and energy infrastructure, aiming to stimulate an additional 60 billion USD in investments [13] - The establishment of AIC pilot funds by Shenzhen Investment Control Capital aims to connect financial resources with the real economy, supporting high-quality development in Shenzhen [34] Sector Focus - The funds established by various companies are primarily targeting sectors such as artificial intelligence, advanced manufacturing, new materials, and digital infrastructure, reflecting a strategic focus on innovation and technology [5][11][25][34] - The collaboration between Renault and Chinese private equity firms aims to explore investment opportunities in the electric vehicle sector, emphasizing technology innovation and industry capital empowerment [43]

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