在A股IPO方面，2024年首家实现上市的光储企业艾罗能源、和2025年首家实现上市的光储企业首航新 能，均以逆变器为主要业务，在新能源IPO普遍遇冷，光伏主材更是"零上市"的情况下，这也足以看出 市场对逆变器环节相对乐观的评价和预期。 多家逆变器企业和研究机构都提到，光伏装机的持续增长、海外市场的持续扩张，以及行业相对健康的 供需、较稳定的价格走势，再加之企业在成本控制、技术迭代、效率提升等方面的努力和进步，支撑了 这一环节的高光表现。 市场波动或将加剧 近一年半以来，光伏制造板块受产能过剩、降价潮、"内卷"式竞争等影响，一片愁云惨淡，多数企业业 绩大幅失血，2024年板块70余家企业近半遭遇亏损，但其中，不少逆变器企业却交出了更胜以往的成绩 单，成为最大亮点。 不过，近期国内外逆变器市场，从政策、舆论到需求，都传来了一些坏消息，这一光伏制造韧性最强的 环节，也要面临着更加不确定的未来。 风光的2024 2024年，沪深两市10家以逆变器为主营业务或在领域做到头部的上市公司中，除了在欧洲市场遭遇打 击、海外库存积压导致营收、净利双降的老牌企业固德威出现0.62亿元的亏损外，其他企业全部实现盈 利。龙头阳光电 ...

Group 1 - The meeting led by Liu Liehong emphasized the importance of promoting the marketization and value realization of data elements, aiming for a high-quality economic and social development through data innovation and efficiency improvement [1] - Desheng Technology has been actively involved in the data element sector, particularly through its participation in the Guangzhou Data Exchange (Tianhe) service area, establishing a comprehensive data ecosystem [2][3] Group 2 - Desheng Technology has established a full layout of data operation services across G, B, and C ends, contributing to the government's digital economy strategy and enhancing enterprise competitiveness through data asset management [2][3] - The Tianhe service area model created by Desheng Technology is recognized as an innovative example in the development of the data element market, integrating operational services, product incubation, and enterprise cultivation [2][3] - The data trading performance in Tianhe District has been significant, with a cumulative transaction amount exceeding 1.3 billion, accounting for over 50% of Guangzhou's total data trading [3] Group 3 - Desheng Technology has cultivated 248 data element enterprises in Tianhe District and launched 452 trading items, promoting innovation in data applications [3] - The establishment of the Tianhe District Data Element Industry Association, with Desheng Technology as the secretary unit, aims to optimize resource allocation and enhance collaboration within the data industry [3][4] - Looking ahead, Desheng Technology plans to leverage its data asset management capabilities and ISO55013 certification to further develop the data element industry in Tianhe District and contribute to the digital economy in Guangzhou [4]

| 投资者关系活动类别 | 特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员 | 信堡信息技术公司罗雪珍 | | | 深高投资高睿 | | 姓名 | 华安证券李芳、胡倩倩、李玉伍 | | 时间 | 2025年5月28日10:00-11:00 | | 地点 | 公司会议室 | | 上市公司接待人员姓名 | 副总经理、董事会秘书罗联明 | | | 财务总监宋月月 | | 投资者关系活动主要 | 首先，副总经理、董事会秘书罗联明先生，财务总 | | | 监宋月月女士分别介绍了公司的业务、财务情况。 | | | 1、《关于深化新能源上网电价市场化改革 促进新 | | | 能源高质量发展的通知》（发改价格〔2025〕136号）对 | | 内容介绍 | 公司业务的影响？ | | | 答：目前，各省份的落实细则正在陆续出台中。光 | | | 伏行业资方也在观望，投资速度一定程度上也在放缓， | | | 对公司业务有一定的拖累。但我们认为光伏新能 ...

本期导读： 最高出资比例达99%。 作者丨FOFWEEKLY 本期推荐阅读5分钟 近期，一级市场热潮涌动，LP的积极性也持续高涨。 据FOFWEEKLY统计，2025年4月，机构LP的出资活跃度环比增长23%，较之去年同期增长38%。 值得关注的是，多地引导基金的设立和出资速度也在加速，其中出资比例还在进一步提升。这对于 依然尚处募资困境中的GP而言，无疑又是一个新思路。 日前，荆州新设一只母基金，最高出资比例达99%。 有机构IR表示："这种高比例出资，相当于政府单一出资，在专项的招商项目比较常见，母基金投 子基金还比较少。" 在她看来："这种模式相当于GP承担起政府的外部招商功能。虽然在招商落地层面也存在一定的难 度，但整体而言，对募资困境中的GP而言，是一种新的思路。" 实际上，这两年，为缓解GP募资困境，多地引导基金在出资比例上都有调整。 200亿，又有母基金发力了 又是湖北，这次是荆州。 5月23日，荆州市发布了《关于设立20亿元母基金加快现代化产业体系建设的实施方案》，增设20 亿产业引导母基金。 据悉，此次增设的20亿产业引导母基金采用"存量整合+增量注资"模式通过财政预算分期到位。母 基金将通 ...

Management Changes - Zhu Yongming has been appointed as the new Deputy General Manager of Minsheng Jianyin Fund, while Ding Hui has taken over as the Secretary of the Board, effective May 26, 2025 [1][2] - Zhu Yongming's background is primarily in corporate banking and strategic management, raising concerns about his fit for the role of head of investment research [1][5] - Ding Hui has a background in accounting and risk management, having previously worked at KPMG and China Minsheng Bank [2] Company Overview - Minsheng Jianyin Fund was established on November 3, 2008, with a registered capital of 300 million yuan, and is co-owned by China Minsheng Bank (63.33%), Royal Bank of Canada (30%), and Shaanxi International Trust Co., Ltd. (6.67%) [3][5] - The fund has struggled with marketization, leading to stagnation in its asset management scale, which has remained below 160 billion yuan since 2022 [9][15] Fund Performance - As of the first quarter of this year, the management scale of equity and mixed funds was 4.937 billion yuan and 11.034 billion yuan, respectively, reflecting declines of 18.23% and 23.19% compared to the end of 2022 [9] - Despite the growth of bond funds, which have surpassed 100 billion yuan, this growth is largely supported by the major shareholder, China Minsheng Bank, with institutional investors holding over 95% of the top 15 funds [15][19] Investment Structure - The top-performing funds are predominantly fixed-income products, with significant ownership by institutional investors, indicating a lack of retail investor engagement [15][19] - Reports indicate that major shareholders, including China Minsheng Bank, hold over 40% of the fund shares in several products, further emphasizing the reliance on institutional investment [19][20]

一、宏观动态 宏观政策：财政政策更积极，赤字率提至4%，专项债限额4.4万亿，超长期特别国债1.3万亿；货币政策适度宽松，央行一季度净投放3.02万亿元，3月MLF 改革，利率市场化再进一步。 宏观数据：经济景气回升，3月综合PMI 51.4%，投资消费回暖，社融增量创同期新高，但进出口承压，通胀温和，M1-M2剪刀差扩大。 基准利率：10年期国债收益率震荡上行，受经济预期、政策及资金面影响，3月因MLF改革等因素波动。 人民币汇率：对美元升值，对欧元、日元贬值，受中美政策、贸易顺差等因素影响。 二、债券市场 一级市场：发行规模12.19万亿元，同比增21.8%，地方政府债增69.07%，信用债发行降5.07%，成本双降，产业债中公用事业增108.53%，城投债发行收 缩，央企融资提升，民企净流出。 二级市场：信用债成交环比降18.3%，利差整体收窄但震荡大，产业债多数行业利差收窄，城投债仅河北微升，整体收窄30.15bp。 三、违约与评级调整 违约：1家企业首次违约，2家展期，违约金额20亿元，集中于汽车零售和多元金融行业。 评级调整：国内上调10家（城投占半），国际上调3家；国内下调7家，国际下调11家， ...

Group 1 - The Trusted Data Space Development Alliance was established on April 29, 2025, to promote the construction of a national integrated data market and accelerate the practical promotion of trusted data space [1] - Digital China Holdings Limited and its subsidiary, Shenqi Digital Co., Ltd., were approved as members of the alliance, recognizing their achievements in data security, trusted circulation, and digital transformation [1][2] - The alliance aims to focus on industry pain points and practical needs, promoting the development of key results and cultivating significant benchmarks in trusted data space [1] Group 2 - Digital China Holdings has a unique first-mover advantage in the data element field, with its Yanyun DaaS product covering the entire data lifecycle [2] - The company has launched Yanyun Infinity in collaboration with Peking University, creating a value loop from "Data for AI" to "AI for Process" [2] - The company's trusted data space solutions have been applied in various sectors, including government, supply chain, and finance, and are actively promoting the establishment of trusted data space standards [2] Group 3 - The company initiated a logistics data open interconnection initiative with Beijing Jiaotong University and China Data Union Logistics to accelerate the release of data element value in the logistics sector [3] - Trusted data space is seen as a key lever for the marketization and valuation of data elements, providing a safer and more efficient infrastructure for market allocation [3] - Membership in the Trusted Data Space Development Alliance offers opportunities for expanding the data element market, enhancing ecological cooperation, and promoting industry standard formulation [3]

Core Viewpoint - Jiangsu Province is emphasizing the need for greater efforts to promote consumption upgrades, expand key service consumption areas, and accelerate the development of new consumption models [1] Group 1: Economic Reforms - The meeting highlighted the importance of deepening market-oriented reforms and high-level openness to drive forward development [1] - There is a focus on optimizing the layout of provincial productivity through the implementation of the "1+3" key functional area construction [1] Group 2: Consumer Market Development - The province aims to enhance consumption upgrades and expand service consumption in key areas [1] - New consumption scenarios are to be explored, and the development of new consumption types is to be accelerated [1] Group 3: Business Environment - Strengthening the protection of legal rights for various business entities is a priority [1] - The government plans to optimize the approval process, ensure fair regulation throughout, and improve services across the entire business cycle to create a top-tier market-oriented, legal, and international business environment [1] Group 4: Trade and International Cooperation - The strategy includes the implementation of a free trade pilot zone enhancement strategy to facilitate cross-border trade [1] - There is a commitment to steadily expand institutional openness and explore new market potentials while consolidating traditional markets [1] - The development of new foreign trade formats and models is encouraged, along with active expansion of international cooperation [1]

Core Insights - As of the end of April, China's offshore wind power installed capacity reached 43.51 million kilowatts, maintaining the world's largest share at over 50% of the global total [1][2] - Guangdong Province's offshore wind power capacity has surpassed 12.5 million kilowatts, with Yangjiang City contributing 6 million kilowatts, ranking second nationally [2] Industry Developments - Significant breakthroughs in offshore wind power technology have been achieved, including the launch of a domestic 26-megawatt offshore wind turbine model and advancements in subsea flexible direct current transmission and deep-sea booster station technologies [2] - A number of floating offshore wind turbine units have been constructed and are now operational [2] Future Projections - By 2030, Yangjiang is projected to reach an offshore wind power capacity of 40 million kilowatts, generating over 100 billion kilowatt-hours of electricity, which would account for approximately one-ninth of Guangdong's estimated electricity consumption in 2024 [2] - This development is expected to reduce carbon dioxide emissions by 80 million tons annually, highlighting significant environmental benefits [2] Market Trends - The offshore wind power sector in China is entering a phase of market competition, characterized by accelerated deep-sea development, continuous technological upgrades, and multi-industry integration [2] - The industry faces challenges such as complex construction conditions and increased technical difficulties, necessitating a focus on innovative floating foundation research and development, as well as improved policy incentives and collaborative mechanisms [2]

Group 1 - The Central Committee and State Council of China issued opinions to improve the modern enterprise system with a focus on enhancing corporate governance, market-oriented operational mechanisms, and promoting innovation and social responsibility over the next five years [1] - By 2035, the modern enterprise system is expected to be more refined, enhancing international competitiveness and laying a solid foundation for building world-class enterprises [1] - The policy is expected to create a synergistic effect with the registration system reform, fostering a value investment logic that emphasizes endogenous growth [1] Group 2 - Central Huijin Company is exploring the improvement of the entrusted management model for state-owned financial capital, aiming to enhance its operational capabilities and promote high-quality development of its controlled and participating institutions [2] - Strengthening operational capabilities is anticipated to enhance strategic coordination in serving the real economy and preventing systemic risks, with asset quality and compliance becoming market focal points [2] - The professionalization of state capital management is expected to reinforce the stability of the financial sector in the market, providing a more sustainable value anchor for investors [2] Group 3 - Inner Mongolia Rural Commercial Bank is set to officially open on May 27, following the merger of various rural credit institutions into a unified local state-owned bank [3] - This merger marks a significant reform in the regional rural credit system, potentially leading to a restructured valuation logic for local banks and providing liquidity premiums for those with clear strategic positioning [3] - The move aligns with financial supply-side reforms, improving the local financial ecosystem and providing stable funding support for rural revitalization strategies [3] Group 4 - Ant Wealth has changed its name to Ant Wealth (Shanghai) Technology Co., Ltd., reflecting a strategic shift from financial services to technology [4] - The change in business scope indicates a focus on technology services, aligning with regulatory trends that separate financial and technological operations [4] - This transformation may lead to innovative business models in the fintech sector, enhancing collaboration between technology solution providers and licensed financial institutions [4] Group 5 - The offshore RMB has surpassed the 7.17 mark against the US dollar, reaching a six-month high, indicating strengthened market expectations for domestic economic recovery [5][6] - The appreciation of RMB assets is likely to attract foreign investment towards core assets, prompting listed companies to enhance their capabilities in managing exchange rate fluctuations [6] - Long-term, the deepening of the market-oriented exchange rate formation mechanism is expected to support a more mature risk pricing system in the capital market, providing a stable monetary environment for value investment [6]