北京商报讯（记者 董亮 王蔓蕾）9月26日晚间，阳光电源（300274）披露公告称，公司部分董事、高级 管理人员股份减持计划提前终止。 阳光电源表示，截至公告披露之日，相关人员尚未实施上述减持计划。公司近日收到相关人员出具的 《关于股份减持计划提前终止的告知函》，为避免短线交易，相关人员均决定提前终止上述减持计划， 并将在法律法规允许的情况下择机提交新的减持计划且减持数量不超过上述数量。 公告显示，阳光电源于7月11日披露了《关于部分董事、高级管理人员减持股份的预披露公告》，公司 副董事长、高级副总裁顾亦磊，董事、高级副总裁吴家貌，副总裁邓德军，副总裁汪雷，计划自股份减 持预披露公告发布之日起十五个交易日后的3个月内以集中竞价或大宗交易方式减持公司股份合计不超 过42.49万股，占公司总股本的0.0207%。 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 increased by over 10 times month-on-month, reaching a historical high of 17.7GW/45.7GWh, with year-on-year growth of 237.1% and 691.4% respectively [4][38] - The electric equipment sector has shown strong performance, with the sector rising 8.19% in the last two weeks, outperforming the CSI 300 index by 7.19 percentage points, and ranking second among 31 sectors [11][12] - The report highlights the significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [39] Summary by Sections Market Review - As of September 25, 2025, the electric equipment sector has risen 17.13% this month, outperforming the CSI 300 index by 14.98 percentage points, ranking first among 31 sectors [11] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% in the last two weeks [12][16] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 34.90 times, with sub-sectors like motors at 67.83 times and batteries at 37.26 times [24] - The report provides a detailed valuation comparison, indicating that the current valuation is significantly above the one-year average for most sub-sectors [24] Industry News - The report notes that the Chinese government has set ambitious targets for renewable energy, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035 [38] - The report emphasizes the importance of energy storage technology development, highlighting government initiatives to promote large-scale applications of energy storage equipment [38]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Insights - The energy storage system bidding scale in August 2025 saw a month-on-month increase of over 10 times, reaching 17.7GW/45.7GWh, marking a year-on-year growth of 237.1% and 691.4% respectively [5][39] - The power equipment sector has outperformed the CSI 300 index, with a year-to-date increase of 38.91%, surpassing the index by 22.18 percentage points [12][18] - The report highlights significant growth in the grid-side energy storage system, which reached a bidding scale of 18.2GWh in August, reflecting a year-on-year increase of 437.2% and a month-on-month increase of 521.9% [40] Summary by Sections Market Review - As of September 25, 2025, the power equipment industry rose by 8.19% over the past two weeks, outperforming the CSI 300 index by 7.19 percentage points, ranking second among 31 industries [12] - The wind power equipment sector increased by 8.31%, while the battery sector saw a rise of 12.48% [18] Valuation and Industry Data - The power equipment sector's PE (TTM) is 34.90 times, with sub-sectors like the motor sector at 67.83 times and the battery sector at 37.26 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a significant premium over historical averages [25] Industry News - The report notes China's commitment to reducing greenhouse gas emissions and increasing the share of non-fossil energy consumption to over 30% by 2035 [39] - It emphasizes the government's push for large-scale applications of energy storage equipment, focusing on safety and efficiency [39] Company Announcements - The report includes announcements from companies like Datang Group regarding a major offshore wind power project and various corporate actions from firms like Goldwind Technology and Longi Green Energy [42][43] Weekly Perspective - The report suggests focusing on leading inverter companies benefiting from the development of new energy storage technologies, highlighting specific companies such as Guodian NARI and Sunshine Power [44]

Market Overview - On September 26, the photovoltaic equipment sector declined by 0.49%, with Shangneng Electric leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the photovoltaic equipment sector included: - Yicheng New Energy (300080) with a closing price of 4.90, up 20.10% [1] - Jingsheng Mechanical & Electrical (300316) at 44.95, up 12.80% [1] - Jinghe Materials (688503) at 80.18, up 7.12% [1] - Conversely, significant decliners included: - Shangneng Electric (300827) at 32.43, down 4.42% [2] - Jinlang Technology (300763) at 83.93, down 4.06% [2] - Lianshan Xinke (003022) at 20.29, down 3.93% [2] Trading Volume and Capital Flow - The photovoltaic equipment sector experienced a net outflow of 1.581 billion yuan from institutional investors, while retail investors saw a net inflow of 1.195 billion yuan [2] - The trading volume for key stocks included: - Yicheng New Energy with a volume of 327,000 shares and a transaction value of 160 million yuan [1] - Jingsheng Mechanical & Electrical with a volume of 725,300 shares and a transaction value of 3.082 billion yuan [1] Individual Stock Capital Flow - Key capital flows for selected stocks: - Yicheng New Energy had a net inflow of 56.43 million yuan from institutional investors, accounting for 35.28% of its trading [3] - Jingsheng Mechanical & Electrical saw a net outflow of 155 million yuan from retail investors, representing a -5.02% change [3] - Horizontal East Magnet (002056) had a net inflow of 22 million yuan from institutional investors, with a 18.49% share of its trading [3]

Core Viewpoint - The technology growth sector experienced a collective pullback, with various indices reflecting declines in value, indicating a potential shift in market sentiment towards technology stocks [1]. Group 1: Market Performance - The Sci-Tech 50 Index fell by 0.5%, the Sci-Tech Composite Index decreased by 0.9%, the Sci-Tech 100 Index dropped by 1.4%, and the Sci-Tech Growth Index declined by 1.6% as of midday [1]. - The Sci-Tech 50 ETF (588080) saw a net inflow of 27 million yuan yesterday, bringing its total size to over 75 billion yuan, making it the largest ETF related to the Sci-Tech board [1]. Group 2: Index Composition - The Sci-Tech 50 Index consists of 50 stocks with high market capitalization and liquidity, prominently featuring "hard technology" companies, with over 60% in semiconductors and more than 75% in total when including medical devices and software development [3]. - The Sci-Tech 100 Index is composed of 100 stocks with medium market capitalization and good liquidity, focusing on small and medium-sized tech enterprises, with over 80% in electronics, biomedicine, and electrical equipment [3]. - The Sci-Tech Composite Index covers all market securities on the Sci-Tech board, focusing on core frontier industries such as artificial intelligence, semiconductors, and new energy, encompassing all 17 primary industries on the Sci-Tech board [3]. - The Sci-Tech Growth 50 Index includes 50 stocks with high growth rates in revenue and net profit, with a significant representation from the electronics and biomedicine sectors, accounting for nearly 75% [3].

Core Viewpoint - GCL-Poly Energy experienced a decline in stock price and significant net outflow of funds, indicating potential challenges in the market despite its established position in the solar energy sector [1][2]. Group 1: Stock Performance - On September 26, GCL-Poly's stock fell by 2.31%, trading at 2.54 CNY per share with a total transaction volume of 175 million CNY and a market capitalization of 14.86 billion CNY [1]. - Year-to-date, GCL-Poly's stock price has decreased by 4.87%, with a 3.05% drop over the last five trading days, 4.51% over the last twenty days, and 1.55% over the last sixty days [1]. Group 2: Financial Metrics - For the first half of 2025, GCL-Poly reported a revenue of 7.694 billion CNY, a year-on-year decrease of 5.16%, and a net profit attributable to shareholders of -327 million CNY, representing a significant decline of 854.29% [2]. - The company has not distributed any dividends in the last three years, with a total payout of 158 million CNY since its A-share listing [3]. Group 3: Shareholder Information - As of June 30, 2025, GCL-Poly had 223,100 shareholders, an increase of 3.61% from the previous period, with an average of 26,191 circulating shares per shareholder, a decrease of 3.48% [2]. - The top ten circulating shareholders include the photovoltaic ETF (515790), which holds 54.52 million shares, a reduction of 262,800 shares compared to the previous period [3].

Core Viewpoint - 弘元绿能's stock price has shown volatility with a year-to-date increase of 31.45%, but recent trends indicate a slight decline in the short term [2]. Group 1: Stock Performance - As of September 26, 弘元绿能's stock price was 21.36 CNY per share, down 2.02% during the day, with a total market capitalization of 14.504 billion CNY [1]. - The stock has experienced a 1.66% decline over the past five trading days, but a 7.55% increase over the past 20 days and a 42.31% increase over the past 60 days [2]. Group 2: Financial Performance - For the first half of 2025, 弘元绿能 reported a revenue of 3.229 billion CNY, a year-on-year decrease of 19.52%, while the net profit attributable to shareholders was -297 million CNY, an increase of 74.35% year-on-year [2]. - The company has distributed a total of 2.125 billion CNY in dividends since its A-share listing, with 1.338 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, 弘元绿能 had 58,100 shareholders, a decrease of 2.27% from the previous period, with an average of 11,686 circulating shares per shareholder, an increase of 2.33% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and a photovoltaic ETF, with notable changes in their holdings [3].

Core Viewpoint - The stock of Shangneng Electric has experienced fluctuations, with a recent decline of 2.00% on September 26, 2023, while the company has shown significant growth in stock price over the year and recent months [1] Group 1: Stock Performance - As of September 26, 2023, Shangneng Electric's stock price is 33.25 CNY per share, with a total market capitalization of 16.703 billion CNY [1] - Year-to-date, the stock has increased by 6.09%, with a 5-day increase of 5.52%, a 20-day increase of 33.59%, and a 60-day increase of 49.44% [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on September 4, 2023, showing a net buy of -114 million CNY [1] Group 2: Financial Performance - For the first half of 2025, Shangneng Electric reported a revenue of 2.184 billion CNY, representing a year-on-year growth of 13.42%, and a net profit attributable to shareholders of 201 million CNY, up 24.78% year-on-year [2] - The company has distributed a total of 130 million CNY in dividends since its A-share listing, with 102 million CNY distributed in the last three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Shangneng Electric is 46,700, a decrease of 5.21% from the previous period, with an average of 5,878 circulating shares per person, an increase of 9.86% [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and a photovoltaic ETF, both of which have reduced their holdings compared to the previous period [3]

Core Viewpoint - DeYe Co., Ltd. has experienced a stock price increase of 24.77% year-to-date, with significant recent gains, indicating strong market performance and investor interest [1][2]. Company Overview - DeYe Co., Ltd. is located in Ningbo, Zhejiang Province, and was established on August 4, 2000. It was listed on April 20, 2021. The company specializes in the research, production, and sales of evaporators, condensers, variable frequency control chips, dehumidifiers, and air source heat pump hot air machines [1]. - The main revenue components are: inverters (47.77%), energy storage battery packs (25.69%), heat exchangers (15.68%), dehumidifiers (7.36%), and others (3.16%) [1]. Financial Performance - For the first half of 2025, DeYe Co., Ltd. achieved a revenue of 5.535 billion yuan, representing a year-on-year growth of 16.58%. The net profit attributable to shareholders was 1.522 billion yuan, with a year-on-year increase of 23.18% [2]. - The company has distributed a total of 4.238 billion yuan in dividends since its A-share listing, with 3.897 billion yuan distributed in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 76.28% to 52,300, while the average circulating shares per person decreased by 20.57% to 17,284 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, which holds 32.2913 million shares, and other funds that have increased their holdings [3].

Core Viewpoint - Jinlang Technology's stock has shown significant growth in 2023, with a year-to-date increase of 46.59% and a recent surge in trading activity, indicating strong investor interest and market performance [1][2]. Company Overview - Jinlang Technology, established on September 9, 2005, and listed on March 19, 2019, specializes in the research, production, sales, and service of string inverters, with its main products being string inverters [1]. - The company's revenue composition includes: grid-connected inverters (47.97%), household photovoltaic power generation systems (21.28%), energy storage inverters (20.91%), new energy power production (8.01%), and others (1.83%) [1]. Financial Performance - For the first half of 2025, Jinlang Technology reported a revenue of 3.794 billion yuan, representing a year-on-year growth of 13.09%, and a net profit attributable to shareholders of 602 million yuan, marking a substantial increase of 70.96% [2]. - Since its A-share listing, Jinlang Technology has distributed a total of 660 million yuan in dividends, with 318 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, Jinlang Technology had 80,700 shareholders, an increase of 9.39% from the previous period, with an average of 3,984 circulating shares per shareholder, down by 8.59% [2]. - Notable shareholders include Guangfa High-end Manufacturing Stock A, which is the fifth largest shareholder with 6.9963 million shares, and E Fund Growth Enterprise Board ETF, which is the seventh largest with 5.5145 million shares, having decreased its holdings by 139,800 shares [3].