作者：程馨谊，瑞士百达资产管理主题股票客户投资组合经理 概括而言，能源转型不仅是可持续性议题，更是驱动未来经济增长的核心动力。通过投资清洁能源和能效解决方 案，我们能够确保技术革新获得可靠、可持续的能源支持。这一趋势在数据中心价值链上创造了从硬件与软件到基 础设施、可再生能源的多元化投资机遇，为投资者提供了极具吸引力的探索领域。 （文章来源：新华财经） 此外，在芯片设计创新领域，电子设计自动化（EDA）和知识产权模块（IP）企业发挥着关键作用。这些企业提供 专业软件工具实现芯片设计的仿真、布局和验证等环节自动化。随着行业向2纳米制程迈进，这些公司正在开发提升 能效和器件微型化的关键技术解决方案，持续推动半导体领域的投资机遇。 数据中心需要高能效、高密度的系统来应对巨大的电力需求，这推动了建筑能效和系统集成领域的投资热潮。作为 能耗大户的散热系统成为重点攻关方向，创新型企业提供了从传统空调系统到新兴芯片直接冷却技术的多元化解决 方案。高效的散热系统不仅能降低运营成本，更能显著提升数据中心的整体可持续性。 电力管理与系统集成解决方案同样至关重要，通过提供配电和基础设施管理的综合系统保障数据中心的高效可靠运 行。这 ...

光伏组件越便宜，光伏电站的投资成本就越低，理论上就应该越赚钱，但现实情况却并非如此。随着光伏组件成了欧洲人的栅栏与围墙，我国很多光伏电站 竟然也烂大街了。 光伏制造行业的价值体现，最后其实就是光伏电站，也是唯一的兑现形式。光伏电站资产本身越值钱，光伏制造行业就越有价值，反之亦然。所以，新增装 机规模，决定着光伏制造行业的兴衰与枯荣。 光伏组件、逆变器、支架等，只能决定光伏电站的硬件成本，却不能决定光伏电站的价值。真正决定光伏电站资产价值的，似乎只有一个核心要素，那就是 电价。 电价合理、划算，光伏电站的投资收益率就高，光伏制造业的日子就水涨船高。反之，光伏上网电价便宜甚至是负电价，光伏电站就会变成无人问津的低效 资产、垃圾资产，光伏制造业当然也会亏得找不到北。 现在，在国内市场正出现一个诡异的现象：光伏电站正在成为不受欢迎的垃圾资产。 是我们的光伏电站建得太多了吗？是光伏发了大量的垃圾电、现在真的已经无法并网网消纳了吗？还是，光伏发电动了别人的奶酪？ 01 上网电价暴跌，让光伏电站失去投资价值！ | 公司 | 转让对象 | 时间 | 标的资产 | 价格 | | --- | --- | --- | --- | ...

储能逆变器 行业简析报告 商业合作/内容转载/更多报告 版权归属上海嘉世营销咨询有限公司 01. 储能是电力系统的蓄水池、推动可再生能源大规模应用的关键技术 储能在电网中的作用 源 网 网 荷 输电线路 输电线路 输电线路 毫秒级 分钟级及 以上 秒级 平滑风光输出曲线 有 功 控 制 和 无 功 补 偿 风光电场调度跟踪 一次调频 调峰 动态无功支撑 黑启动VSG 电能质量治理SVG，DVR，APF 二次调频 负荷侧PDS控制 TOU削峰填谷 需求侧响应（ADR） 数据来源：公开数据整理；嘉世咨询研究结论；图源网络 • 储能，系指利用特定介质或装置，将能量蓄积以备后用，适时释放之过程。具体而言，储能技术能实现电能与其他形态能量间的转换与蓄积，并依需求于未来时刻，以既定能量形态释放。 • 储能之必要性，源于风光等可再生能源的迅猛发展与电力供需不匹配之矛盾。电能传输迅疾，近乎光速，其发、输、用往往瞬时同步，要求供需严格匹配；然而，风电、光伏等可再生能源存在波动 性与随机性，难以实时契合负荷，进而影响电能品质与利用率。 • 储能之作用，犹如电力之"蓄水池"，可有效平抑新能源之波动，确保电力供需之平衡。 02. 热 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into the performance of various sectors within the equipment manufacturing industry, indicating a mixed outlook for different segments [1][2]. Core Insights - The domestic engineering machinery market is experiencing a short-term decline in activity, with May 2025 data showing a 3.86% year-on-year decrease in average working hours and a 5.01 percentage point drop in operating rates [2]. - The automotive sector shows resilience, with a 6% year-on-year increase in daily retail sales of passenger vehicles in late May 2025, supported by promotional strategies from manufacturers [2]. - The photovoltaic sector is facing challenges, with a slowdown in demand for solar glass and a general decline in prices for various products, indicating a weak market outlook [2]. Summary by Sections Market Overview - From June 3 to June 6, 2025, the indices for machinery equipment, power equipment, and automotive sectors changed by 0.93%, 1.38%, and 0.17% respectively, ranking 19th, 14th, and 25th among 31 primary industries [7][10]. Engineering Machinery - The average working hours for major engineering machinery products in May 2025 were 84.5 hours, down 3.86% year-on-year and 6.25% month-on-month. The operating rate was 59.5%, reflecting a 5.01 percentage point year-on-year decline [2]. Automotive Sector - In the last week of May 2025, the average daily retail sales of passenger vehicles reached 95,000 units, a 6% increase compared to the same period last year, although it represented a 7% decrease from the previous month [2]. Photovoltaic Sector - The prices of photovoltaic cells and modules have seen a slowdown in their decline, but overall demand remains weak, particularly for solar glass, which is experiencing price pressure due to reduced purchasing needs from downstream component manufacturers [2]. Industry News - As of April 2025, China's renewable energy generation capacity reached 2.017 billion kilowatts, a 58% year-on-year increase, with wind, solar, and nuclear power surpassing thermal power capacity for the first time [2].

Core Viewpoint - The renewable energy generation capacity in China has surpassed 2 billion kilowatts, marking a year-on-year growth of 58% [1][2]. Group 1: Renewable Energy Capacity - As of the end of April this year, China's renewable energy generation capacity reached 2.017 billion kilowatts, equivalent to nearly 90 Three Gorges power stations' total capacity [2]. - The combined installed capacity of wind and solar power has reached 1.53 billion kilowatts, exceeding that of thermal power [2]. - In 2024, China is expected to add 373 million kilowatts of renewable energy capacity, continuing a trend of over 300 million kilowatts added for two consecutive years [2]. Group 2: Global Position - China's share of the global new renewable energy capacity additions exceeds 50% [2].

Group 1: Company Overview - Mingyang Electric primarily engages in the research, production, and sales of power distribution and control equipment for renewable energy and new infrastructure sectors [1] - The company achieved a revenue of 6.444 billion in 2024, representing a year-on-year growth of 29.62%, and a net profit of 663 million, with a year-on-year increase of 33.80% [1] - In the first quarter of 2025, Mingyang Electric reported a revenue of 1.306 billion, showing a year-on-year growth of 26.21% [1] Group 2: Competitive Advantages - Mingyang Electric has competitive advantages in wind energy, photovoltaics, and energy storage, particularly excelling in offshore wind power booster systems and prefabricated low-energy consumption power modules for data centers [1] - The company is implementing a strategy of "indirect overseas expansion + global layout," focusing on markets in Europe, North America, and Southeast Asia, and has established connections with leading wind turbine manufacturers in Europe [1] Group 3: Market Outlook - The order expectations for Mingyang Electric are positive, especially in the renewable energy, grid, and industrial automation sectors, indicating a favorable development outlook [1]

Group 1 - The core viewpoint of the articles highlights the rapid development of renewable energy in China, with installed capacity surpassing 2 billion kilowatts, equivalent to the total capacity of 90 Three Gorges dams, and a year-on-year growth of 58% [1] - As of April 2023, the combined installed capacity of wind and solar power reached 1.53 billion kilowatts, exceeding that of thermal power generation [1] - In 2024, China is expected to add 373 million kilowatts of renewable energy capacity, marking the second consecutive year of exceeding 300 million kilowatts, with over 50% of global new installations [1] Group 2 - The National Energy Administration is focusing on enhancing the power system's capacity to absorb renewable energy, addressing challenges posed by the randomness and intermittency of new energy generation [1] - The implementation of the "Power System Regulation Capacity Optimization Special Action Implementation Plan (2025-2027)" aims to support an average annual addition of over 200 million kilowatts of new energy, ensuring a national utilization rate of no less than 90% [2]

6月5日，马来西亚投资、贸易及工业部副部长刘镇东（Liew Chin Tong）在上海参加渣打银行举办的年 度企业峰会时接受媒体采访表示，马来西亚致力于推动经济的"第二次起飞"，中国是马来西亚的最大贸 易伙伴和重要的投资来源国，期待与中国高端科技企业建立更紧密的合作关系。在同一场采访会上，渣 打银行马来西亚首席执行官麦俊彦（Mak Joon Nien）表示，马来西亚市场对人民币的使用显著增加， 中马合作拥有巨大的发展空间。 据了解，今年渣打银行年度企业峰会的主题为"聚势东盟，驭变共赢"，聚焦中国与东盟的广泛合作。另 据外交部官网，2025年4月，中马两国领导人共同见证中马双方交换30多份双边合作文本，涵盖三大全 球倡议合作、"儒伊文明对话"、数字经济、服务贸易、"两国双园"升级发展、联合实验室、人工智能、 铁路、知识产权、农产品输华、互免签证、大熊猫保护等领域。双方发表《中华人民共和国和马来西亚 关于构建高水平战略性中马命运共同体的联合声明》。 马来西亚期待与中国高科技企业密切合作 中国基金报：请简单介绍马来西亚在投资和贸易方面的现状？ 刘镇东：我们致力于推动国家经济的"第二次起飞"。今年恰逢马来西亚担任东盟 ...

Core Insights - The Brazilian National Development Bank (BNDES) is focusing on renewable energy and sustainable urban development, drawing on China's experiences in these areas to aid Brazil's energy transition [1][2] - The northeastern region of Brazil, rich in wind and solar resources, is becoming a key area for renewable energy development, with significant investments from Chinese companies [1][2] - BNDES announced a credit line of 100 billion Brazilian Reais (approximately 127 billion RMB) to support energy transition and decarbonization efforts in the northeastern region [2][5] Group 1: Renewable Energy Development - The northeastern region of Brazil is a core area for wind and solar power, contributing significantly to the country's renewable energy capacity [1] - Chinese companies such as State Grid, China General Nuclear Power Group, and BYD are actively investing in the region to promote clean energy development [1] - The focus on renewable energy is expected to drive industrialization in one of Brazil's poorest regions [1][4] Group 2: Sustainable Urban Development - The "sponge city" model from China, aimed at sustainable water resource management and disaster prevention, is being studied by BNDES as an innovative example for urban planning [2] - This model is seen as a response to extreme climate events while promoting urban sustainability [2] Group 3: Financial Support and Investment - BNDES plays a crucial role in Brazil's industrialization plans, aiming to attract investments and build a strong, sustainable industrial system [2][3] - The Federal Financial Institutions Regional Committee, which includes BNDES, has been reactivated to support industrialization strategies in the northeastern region [3][4] - The Brazilian government is committed to revitalizing the northeastern economy, with significant funding allocated for strategic business plans targeting cooperatives and investments exceeding 10 million Reais [5]

Investment Rating - The report maintains an "Overweight" rating for the public utility industry, expecting the industry index to outperform the market index by more than 10% in the next six months [44]. Core Insights - The public utility index has seen a decline of 1.9% over the past two weeks, underperforming the CSI 300 index by 1.0 percentage points, ranking 27th among 31 industries. Year-to-date, the index has decreased by 1.1%, outperforming the CSI 300 index by 0.4 percentage points, ranking 22nd [9][11]. - Among the sub-sectors, three have increased: heating services by 0.4%, photovoltaic power generation by 0.3%, and gas by 0.1%. Conversely, four sub-sectors have decreased: hydropower by 4.4%, thermal power by 1.9%, comprehensive energy services by 0.6%, and wind power by 0.5% [11][14]. - The report highlights significant industry news, including the issuance of 216 million renewable energy green power certificates in April 2025, a 23.94% increase month-on-month, covering 104,300 renewable energy projects [37][39]. Summary by Sections 1. Market Review - As of June 5, the public utility index has decreased by 1.9% in the last two weeks, ranking 27th among 31 industries. Year-to-date, it has decreased by 1.1%, ranking 22nd [9][11]. 2. Industry Valuation - The public utility sector's price-to-earnings (P/E) ratio is 18.4 times. The photovoltaic sector has a P/E ratio of 740.3 times, while thermal power is at 11.9 times [17][18]. 3. Industry Data Tracking - The average price of Shenxi Yulin thermal coal (Q6000) is 560 yuan/ton, down 1.8% from the previous value. The average price of Qinhuangdao port thermal coal (Q5500) is 612 yuan/ton, down 1.4% [29][32]. 4. Key Industry News - The report discusses the promotion of renewable energy and the establishment of a modern electricity business environment, emphasizing the construction of a new power system [40][41]. 5. Industry Weekly Viewpoint - The report suggests focusing on companies like Xin'ao Co., Ltd. and Huadian International, given the ongoing developments in the gas and thermal power sectors [39][41]. 6. Important Company Announcements - Notable announcements include Xinjiang Li New Energy's agreement with Xinjiang Energy Group and Nanfang Energy's planned investment exceeding 3 billion yuan in 2025 [38].