Group 1 - A total of 63 stocks in the A-share market reached the daily limit on November 18, indicating strong market activity [1] - Notable stocks include *ST Lvkang with 9 consecutive limit-ups in the veterinary medicine sector, and Shengli Shares with 6 consecutive limit-ups in the natural gas sector [1] - Other significant performers include Zhenai Meijia with 5 limit-ups in the home textile sector, and Jiuwang with 5 limit-ups in the clothing sector [1] Group 2 - ST Ruihe and Longzhou Shares both achieved 4 limit-ups, with ST Ruihe in the photovoltaic sector and Longzhou Shares in energy storage [1] - Huaxia Xingfu, also with 4 limit-ups, is associated with the robotics concept [1] - Companies like Aerospace Development and Zhongshui Fishery recorded 3 limit-ups, involved in commercial aerospace and agricultural sectors respectively [1]

资金持续抢筹电网资产，电网ETF（561380）连续10日净流入超4.3亿元。 电网ETF（561380）跟踪的是恒生A股电网设备指数，该指数从内地市场中选取电网设备相关领域的上 市公司证券作为指数样本，以综合反映电网设备产业链上市公司证券的整体表现。 （文章来源：每日经济新闻） 兴业证券表示，在新型电力系统下，电网投资需求稳步增长，国家电网和南方电网加大投资力度，计划 到2025年投入超过8250亿元。特高压工程持续推进，输变电设备企业将迎来业绩兑现期。电网自动化设 备方面，虚拟电厂市场空间广阔，预计到2030年市场规模将达264亿元。全球电网投资景气度提升，中 国出口表现良好，变压器及电度表出口增速显著。 ...

（文章来源：每日经济新闻） 中信证券研报表示，"十五五"规划建议中进一步明确了新型能源体系的重要地位，针对电力系统建设指 引了消纳、韧性、电气化等中长期的发展重心。该机构认为，政策进一步指引和夯实了特高压、柔性直 流输配电、数智化电网等环节的中长期机遇。同时，中短期来看，输变电设备内外需景气共振，结构性 需求持续显现，特高压、智能电网等环节有望迎来景气反转。 电网设备ETF（159326）是全市场唯一跟踪中证电网设备主题指数的ETF，从申万三级行业分类上看， 指数成分股的行业分布以输变电设备、电网自动化设备、线缆部件及其他、通信线缆及配套、配电设备 为主，拥有较强的代表性。特高压权重占比高达64%，全市场最高。 11月18日，A股三大指数继续回调，前期表现强势的电网设备板块迎来阶段回调，截至10:11，全市场唯 一的电网设备ETF（159326）跌幅1.29%，成交额已达7603万元，持仓股平安电工、亿嘉和、精达股 份、友讯达、远光软件等股逆市上涨。电网设备ETF近期迎来阶段调整，最近7个交易日最大回撤超 8%，行业高景气支撑下，短期回调或迎布局机会。 微软声称AI行业的发展瓶颈是缺电，AI技术革命引发的 " ...

Core Insights - The report highlights a significant recovery in the new energy sector, particularly in solar, wind, lithium batteries, and grid investments, indicating a positive trend for the industry [4][7][21]. New Energy Sector Performance - Solar and storage: Cumulative new photovoltaic installations reached 240.27 GW from January to September 2025, a year-on-year increase of 49.3%. Additionally, 1,671 new energy storage projects were registered in September 2025, reflecting a 24.15% increase year-on-year, with planned investments amounting to 96.177 billion yuan [4][7]. - Wind power: Cumulative investment in wind power construction reached 148.893 billion yuan, a 10.04% year-on-year increase. The total installed capacity of wind power reached 582 million kilowatts, up 21.30% year-on-year. The average bidding price for onshore wind turbines increased by 22.08% to 1,675 yuan/kW by the end of October [4][7]. - Lithium batteries: The demand for lithium batteries surged, with shipments reaching 490 GWh in Q3 2025, a 47% increase year-on-year. The price of lithium hexafluorophosphate rose to 121,500 yuan/ton, a 94.4% increase within the year [4][7]. - Grid investments: National grid construction investments totaled 437.807 billion yuan from January to September 2025, a 9.94% year-on-year increase. The total investment planned by the State Grid and Southern Grid for 2025 is expected to exceed 825 billion yuan, an increase of 220 billion yuan compared to 2024 [4][7]. Investment Recommendations - The report suggests focusing on undervalued stocks with improving fundamentals within the Shenwan Electric Equipment sector, which includes 363 constituent stocks. The selection criteria involve calculating rolling P/E ratios and filtering for companies with positive net profit growth over three consecutive quarters [21][27]. - Recommended stocks include: - DeYe股份 - 阳光电源 - 捷佳伟创 - 横店东磁 - 广大特材 - 大金重工 - 平高电气 - 国电南瑞 - 东方电子 - 科达利 [4][21][27].

Core Insights - The Electric Grid Equipment ETF (159326) has seen a narrowing decline of 1.21% as of 14:54 on November 17, with a trading volume of 207 million yuan, indicating strong market interest [1] - The ETF has attracted over 1.5 billion yuan in the last 12 trading days, reaching a total size of over 1.9 billion yuan, marking a record high since its inception and making it the largest electric grid equipment-themed ETF in the market [1] - The National Energy Administration has released guidelines to promote the integrated development of renewable energy, emphasizing the need for a dual network operation of electricity and computing power to support a national integrated computing power network [1] Industry Developments - The "14th Five-Year Plan" suggests accelerating the construction of a new energy system, increasing the proportion of renewable energy supply, and ensuring a safe and orderly replacement of fossil energy [1] - There is a focus on enhancing the resilience and complementarity of the power system, with plans for scientific layout of pumped storage and significant development of new energy storage, as well as accelerating the construction of smart grids and microgrids [1] - The Electric Grid Equipment ETF tracks the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment, with a high weight of 64% in ultra-high voltage [1]

Group 1 - The A-share market experienced a collective pullback on November 17, with the only electric grid equipment ETF (159326) declining by 1.61% and achieving a trading volume of 177 million yuan, while some constituent stocks like Jingda Co. and Zhongyuan Co. saw significant gains [1] - The electric grid equipment ETF has attracted substantial capital, accumulating over 1.5 billion yuan in the last 12 trading days, reaching a total size of over 1.9 billion yuan, marking a record high since its inception and making it the largest electric grid equipment themed ETF in the market [1] - The long-term logic for the electric grid equipment sector remains solid due to ongoing global electricity shortages, presenting potential opportunities for investment despite short-term pullbacks [1] Group 2 - The electric grid equipment ETF (159326) is the only ETF tracking the CSI Electric Grid Equipment Theme Index, with a strong representation in sectors such as transmission and transformation equipment, grid automation equipment, cable components, and distribution equipment [2] - The index has a high weight of 64% in ultra-high voltage equipment, the highest in the market, and includes leading companies in its top ten holdings, such as Guodian NARI, TBEA, and Siyuan Electric [2]

- The report constructs an ETF hotspot trend strategy based on the highest and lowest price trends of ETFs, selecting those with both highest and lowest prices in an upward trend. Further, it constructs a support-resistance factor based on the relative steepness of the regression coefficients of the highest and lowest prices over the past 20 days, and selects the top 10 ETFs with the highest turnover rate in the past 5 days/20 days to construct a risk parity portfolio[27][30] - The report tracks the performance of various style factors, noting that the value factor recorded a positive return of 2.36%, the leverage factor recorded a positive return of 1.08%, and the volatility factor slightly rebounded with a return of 0.19%[41][42] - The report evaluates the performance of different alpha factors, highlighting that the quick ratio factor had the best performance with a weekly excess return of 1.32%, followed by the debt-asset ratio factor with a weekly excess return of 1.21%, and the earnings variability over 5 years factor with a weekly excess return of 1.04%[44][46][47] - The ETF hotspot trend strategy recorded a cumulative excess return over the CSI 300 index since the beginning of the year[28][29] - The value factor achieved a weekly return of 2.36%, the leverage factor achieved a weekly return of 1.08%, and the volatility factor achieved a weekly return of 0.19%[41][42] - The quick ratio factor achieved a weekly excess return of 1.32%, the debt-asset ratio factor achieved a weekly excess return of 1.21%, and the earnings variability over 5 years factor achieved a weekly excess return of 1.04%[44][46][47]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 6.13 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.4%. The net profit attributable to the parent company was 700 million yuan, up 15.6% year-on-year, while the net profit excluding non-recurring items was 680 million yuan, an increase of 14.5% year-on-year [2][4] - In Q3 2025 alone, the company achieved a revenue of 2.11 billion yuan, reflecting a year-on-year growth of 30.6%, although it saw a quarter-on-quarter decline of 3.7%. The net profit for the same quarter was 230 million yuan, up 22.8% year-on-year and down 2.9% quarter-on-quarter [2][4] Summary by Sections Financial Performance - For the first three quarters of 2025, the company's gross profit margin was 30.77%, a decrease of 2.93 percentage points year-on-year. In Q3 2025, the gross profit margin was 31.24%, down 2.97 percentage points year-on-year but up 1.83 percentage points quarter-on-quarter [10] - The total operating expenses for the first three quarters of 2025 accounted for 17.64% of revenue, a decrease of 2.53 percentage points year-on-year. In Q3 2025, the expense ratio was 17.71%, down 4.76% year-on-year [10] Business Development - The company is expanding its non-grid business, which is expected to contribute significantly to revenue growth. The new products and technologies are beginning to penetrate the market more rapidly [10] - The company anticipates that the net profit attributable to the parent company for 2025 could reach 844 million yuan, corresponding to a price-to-earnings ratio of approximately 28 times [10]

Core Insights - The concept of the "new generation power grid" is centered around the "energy internet," which utilizes interconnected technologies and is based on distribution networks to integrate a large amount of distributed renewable energy, enhancing electricity efficiency through intelligent energy management systems [1][2] Group 1: Market Opportunities - The power equipment industry is experiencing a dual boost from policy support and surging demand, with a clear growth trajectory. The global power market size surpassed $350 billion in 2023 and is expected to exceed $450 billion by 2025, with a compound annual growth rate (CAGR) of nearly 12%. The clean power conversion equipment sector is projected to have a CAGR of 23.8% from 2024 to 2030 [3] - The demand for power equipment is driven by multiple sectors, including 5G infrastructure, where the number of national base stations is expected to exceed 4.5 million by 2025, increasing the value of power per station by 60% compared to 4G. Additionally, the number of ultra-large data centers is projected to reach 120, with power investment accounting for 18% of total costs [3] Group 2: Investment Trends - In August 2025, the national power engineering investment reached 70.4 billion yuan, a year-on-year decrease of 14%. However, the cumulative investment from January to August 2025 was 499.2 billion yuan, showing a slight increase of 0.3% year-on-year. The "East Data West Computing" project has seen over 15 billion yuan in power investment, with total support for green communication projects reaching 67.5 billion yuan by 2025 [6] - The power grid equipment sector is witnessing a strong correlation between high investment and demand, with total investments from the State Grid and Southern Grid expected to reach 825 billion yuan in 2025, marking a historical high. The investment in ultra-high voltage projects is projected to be 112 billion yuan, a year-on-year increase of 34% [10][9] Group 3: Technological Advancements - The power electronic transformer (PET) is a core device for the new generation of power conversion, benefiting from technological breakthroughs and increasing downstream demand. The global market for PETs in renewable energy grid integration is expected to reach 4.8 billion yuan by 2025, with a CAGR of 25% [15] - Technological advancements in PETs include high-frequency and modular designs, with efficiency exceeding 98% and a 50% reduction in size and weight compared to traditional transformers. Domestic companies have achieved industrialization of PET technology at the 10kV/2MVA level, with a domestic production rate exceeding 85% and costs down by 30% since 2020 [18] Group 4: Investment Outlook - The new generation power grid is entering a golden investment period, with total investments from the State Grid and Southern Grid expected to exceed 825 billion yuan in 2025. Key investment areas include ultra-high voltage and intelligent distribution networks, with the former projected to receive 112 billion yuan in investment and the latter achieving over 90% automation coverage [18]

证券日报网讯宏力达11月14日在互动平台回答投资者提问时表示，公司正积极进行海外市场业务拓展， 具体情况请关注公司披露的定期报告和相关公告。 ...