加州光伏逆变器供应商Enphase Energy（ENPH）美股盘后跌幅重新扩大至超过6.3%。 该公司CEO担心，美国家用光伏市场将在2026年下滑20%。 ...

光伏逆变器生产商Enphase Energy二季度营收3.632亿美元，分析师预期3.593亿美元。 二季度Microinverter部门发货量153万，分析师预期160万。 二季度总体电池发货量190.9 MWH，分析师预期164.34 MWH。 明年加速转向光伏租赁业务，正加产品的大租赁融资可及性。 欧洲家用太阳能市场面临挑战。 ENPH美股盘后冲高回落，跌6.61%。 ...

逆变器、光伏和电力设备 25M6 出口数据解读 20250721 摘要 2025 年 6 月逆变器出口同比增长 7%，虽增速较缓但呈改善趋势，预计 三季度受益于去年低基数，同比增速乐观。 亚洲新兴市场光储系统需求旺盛，6 月出口额同比增长 8%，环比增长 18%，受益于光储平价进程和较高电价。 澳洲市场受益于户储补贴政策，6 月出口额环比增长 90%，国内户储公 司如顾德威和艾罗受益明显。 欧洲市场需求承压，6 月出口同比下滑，环比微增，德国和意大利市场 增速放缓，但新政策或对冲部分下滑，预计 2026 年后有望改善。 巴基斯坦市场 6 月出口额同比大幅下降，系经销商库存管理所致，目前 已恢复正常提货状态。 电力设备板块中，变压器出口景气度最高，1-6 月同比增长 37%，北美 需求强劲，亚洲和欧洲受益于电网建设和数据中心建设。 高压开关 1-6 月出口同比增长 32.5%，主要出口至亚非拉及欧洲地区， 与当地电网建设紧迫性相关；电表出口同比微增，但 6 月出现下滑，需 持续观察。 Q&A 2025 年 6 月逆变器的出口情况如何？ 2025 年 6 月，逆变器合计出口金额为 9.2 亿美元，同比持平，环比增 ...

证券研究报告 电力设备与新能源 6 月逆变器出口跟踪：出口额环增 华泰研究 电力设备与新能源 增持 (维持) | 申建国 | 研究员 | | --- | --- | | SAC No. S0570522020002 | shenjianguo@htsc.com | | SFC No. BSK177 | +(86) 755 8249 2388 | | 边文姣 | 研究员 | | SAC No. S0570518110004 | bianwenjiao@htsc.com | | SFC No. BSJ399 | +(86) 755 8277 6411 | 邵梓洋 联系人 SAC No. S0570124030024 shaoziyang@htsc.com +(86) 21 2897 2228 行业走势图 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | (当地币种) | 投资评级 | | 德业股份 | 605117 CH | 129.15 | 买入 | | 上能电气 | 300827 CH | 34.00 | 买入 | | 阳光电源 | 30 ...

Summary of Conference Call Notes Industry or Company Involved - The notes primarily discuss the overall market trends and specific sectors within the Chinese economy, including industrial metals, manufacturing, military, consumer goods, innovative pharmaceuticals, financial services, and public utilities. Core Points and Arguments 1. **Earnings Disclosure Timeline**: Companies are expected to disclose their earnings forecasts by July 15, with subsequent disclosures impacting market trading dynamics. The earnings reporting periods include annual, semi-annual, and quarterly reports, with the latter being less impactful on market trading compared to annual and semi-annual reports [1] 2. **Economic Recovery**: The current state of the domestic economy is characterized by a slow recovery in the financial chain, with overall economic growth being decent. The overall EPS for the A-share market may require more time to improve, suggesting a focus on structural economic trends [2][3] 3. **Industrial Metals Demand**: The demand for industrial metals is supported by the rapid development of sectors such as renewable energy and AI computing, leading to price increases and improved earnings for these metals [3][4] 4. **Manufacturing Sector Growth**: The manufacturing sector, particularly in wind power and exports of motorcycles and inverters, is experiencing high growth rates. The demand from emerging markets, especially Southeast Asia and South America, is driving this growth [4][5] 5. **Military Industry Outlook**: The military sector is expected to see continuous improvement in orders, supported by both domestic and international demand. This sector is highlighted for its potential earnings elasticity [6][7] 6. **Consumer Goods Performance**: The consumer goods sector, particularly in categories supported by government subsidies, has shown strong growth. Categories such as home appliances and communication equipment have experienced significant increases in sales [8] 7. **Innovative Pharmaceuticals**: The innovative pharmaceutical sector is benefiting from favorable policies and a surge in commercial opportunities. The second quarter has seen a significant increase in orders from Chinese pharmaceutical companies [9][10] 8. **Insurance Sector Dynamics**: The insurance sector is seeing improvements in both liability and asset sides, with premium income rising and investment returns being favorable. The demand for bank stocks as a stable investment is also noted [11] 9. **Investment Banking Recovery**: The investment banking sector is experiencing a recovery, with an increase in IPOs and fundraising activities. The number of IPOs reached 24, raising over 20 billion, significantly higher than the previous year [12] 10. **Emerging Technologies and Gaming**: The demand for computing power is expected to grow significantly, particularly in the AI sector, while the gaming industry continues to expand, with mobile game revenues increasing by 12% year-on-year [13][14][15] 11. **Public Utilities Focus**: Investors are advised to pay attention to the public utilities sector, particularly in electricity generation, with a focus on thermal power [15] Other Important but Possibly Overlooked Content - The notes emphasize the importance of structural economic trends and specific sectors that are likely to drive market performance in the near future. The focus on emerging markets and technological advancements indicates potential investment opportunities that may not be immediately apparent [2][4][6][9][12]

Core Viewpoint - The recent surge in A-share market is driven by strong mid-year earnings reports, with many companies experiencing significant profit growth, leading to increased investor interest and stock price appreciation [1][3]. Group 1: Earnings Performance - As of July 12, approximately 487 A-share companies have disclosed mid-year earnings forecasts, with a positive outlook rate of 57.7%, slightly higher than the same period last year [3]. - The non-bank sector shows a high positive outlook rate of about 90.9%, with companies like China Union and Huaxi Securities expecting over 1000% growth [3]. - The home appliance sector has a positive outlook rate of around 70%, with companies like Whirlpool and Sichuan Changhong reporting growth rates exceeding 50% [3]. Group 2: Stock Performance - Companies with strong earnings forecasts, such as Huayin Power, have seen their stock prices surge, with Huayin Power's stock rising 101.33% in July and achieving a 36 to 44 times increase in net profit [1][4]. - Other companies like Yudai Development are also experiencing significant stock price increases, with a forecasted net profit growth of 632% to 784% [4]. Group 3: Sector Analysis - High-performing sectors identified include AI hardware supply chains, wind power, gaming, small metals, and non-bank financials, with a focus on companies with strong earnings certainty [6][7]. - The second quarter's performance is expected to be strong in upstream industrial metals, wind power, and sectors with order fulfillment expectations, such as military industries [7]. - Historical data indicates that there have been nine structural market trends during mid-year earnings disclosures since 2010, with TMT sectors showing potential for recovery in August [7].

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index and Shenzhen Component Index both up by 0.04%, while the ChiNext Index opened down by 0.08% [1] - The Shanghai Composite Index is at 3,498.72 points, with a slight increase of 0.04% and a trading volume of 52.45 billion [2] - The Shenzhen Component Index is at 10,592.51 points, also up by 0.04%, with a trading volume of 81.21 billion [2] - The ChiNext Index is at 2,179.32 points, down by 0.08%, with a trading volume of 35.64 billion [2] External Market - The US stock market showed mixed results, with the Dow Jones down by 0.37% at 44,240.76 points, the S&P 500 down by 0.07% at 6,225.52 points, and the Nasdaq up by 0.03% at 20,418.46 points [3] - Chinese concept stocks performed well, with the Nasdaq China Golden Dragon Index up by 0.71%, outperforming the US indices [3] Industry Insights - CITIC Securities reports a positive long-term trend in the medical device industry, driven by innovation, mergers, and internationalization, with expectations of high growth in Q3 due to new product launches [4] - CICC anticipates continued high growth in new consumption sectors, particularly in health drinks and snacks, with a stable improvement in the food and beverage sector [5] - China Galaxy Securities highlights that leading companies in the steel industry are expected to benefit from improved supply-demand dynamics due to upcoming supply-side reforms [6] - CITIC Securities notes that the overseas energy storage and industrial storage sectors are at a turning point, with expectations of significant performance improvements for leading companies by Q2 2025 [7]

证券代码：300827 证券简称：上能电气 公告编号：2025-046 上能电气股份有限公司 （三次修订稿） 二〇二五年七月 上能电气股份有限公司 2023 年度向特定对象发行股票的预案 发行人声明 在虚假记载、误导性陈述或重大遗漏，对其内容的真实性、准确性和完整性承担 个别及连带责任。 法》等法律法规相关要求编制。 责；因本次向特定对象发行股票引致的投资风险，由投资者自行负责。 的声明均属不实陈述。 其他专业顾问。 项的实质性判断、确认或批准，本预案所述本次向特定对象发行股票相关事项的 生效和完成尚待有关审批机构的批准或注册。 上能电气股份有限公司 2023 年度向特定对象发行股票的预案 特别提示 会议、2023 年第一次临时股东大会及第三届董事会第二十次会议、2023 年第三 次临时股东大会、第三届董事会第二十六次会议、2023 年度股东大会、第四届董 事会第十次会议、第四届董事会第十二次会议、2024 年度股东大会、第四届董事 会第十四次会议审议通过，本次发行方案尚需获得深圳证券交易所审核通过并获 得中国证券监督管理委员会作出的同意注册的决定后方可实施。 不超过 35 名特定投资者，包括符合中国证监会规 ...

平安证券近日发布5月逆变器出口跟踪：根据海关总署数据，2025年5月，我国逆变器出 口金额60亿元，同/环比分别+8%/+3%。1-5月，我国逆变器出口金额共计240亿元，同比增 长9%。出口区域来看，欧洲、亚洲、拉丁美洲是我国出口逆变器的前三大市场，2025年1-5 月出口金额占比分别为39%/36%/11%。1-5月，我国出口欧洲/亚洲/拉美的逆变器金额分别为 93/87/25亿元，同比分别+4%/+24%/-18%。欧洲、亚洲、非洲出口金额同比呈现正增长；拉 丁美洲出口金额同比有所下降。 以下为研究报告摘要： 逆变器1-5月出口金额同比增长。根据海关总署数据，2025年5月，我国逆变器出口金额 60亿元，同/环比分别+8%/+3%。1-5月，我国逆变器出口金额共计240亿元，同比增长9%。 出口区域来看，欧洲、亚洲、拉丁美洲是我国出口逆变器的前三大市场，2025年1-5月出口 金额占比分别为39%/36%/11%。1-5月，我国出口欧洲/亚洲/拉美的逆变器金额分别为 93/87/25亿元，同比分别+4%/+24%/-18%。欧洲、亚洲、非洲出口金额同比呈现正增长；拉 丁美洲出口金额同比有所下降。 亚洲： ...

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 消息面上，2025年6月19-20日，"第五届中国国际固态电池科技大会暨2025先进电池材料与智能装备技 术展"在合肥举办，聚焦固态电池技术及产业链发展；宁德时代21C创新实验室锂金属电池研究成果发 表于《自然·纳米技术》，推动固态电池规模化应用进程；此外，多家企业披露在固态电池材料及设备 领域的研发进展，如硅碳负极、固态电解质及干法成膜设备等，产业化布局持续深化。 西部证券指出，国内固态电池产能建设加快推进，瑞固新材硫化物固体电解质工厂一期百吨级产线已正 式投产，二期千吨级产能建设正在推进，预计到2028年产能将实现指数级增长。新能源汽车、人形机器 人、eVTOL等领域快速发展叠加电池安全标准趋严，固态电池产业化应用有望加速。此外，5月亚洲、 北美逆变器出口金额同环比提升 ...