Group 1: Solid-State Battery Development in Space - Solid-state batteries have significant potential in the space sector, with global agencies accelerating their development and validation, aiming for practical application by 2028 [1] - NASA initiated its solid-state battery project, SABERS, in 2021, utilizing a sulfide-based all-solid-state system with an energy density of 500-550 Wh/kg and a discharge rate of 10C, capable of operating in temperatures ranging from -80℃ to +80℃ [1] - The solid-state battery sent to the ISS in 2022 completed over 500 cycles with only a 5% capacity degradation, exceeding expectations [1] - The natural adaptability of solid-state batteries to extreme conditions in space, such as vacuum, temperature variations, and high radiation, makes them a safer and more efficient option compared to liquid batteries [1] - The potential market for solid-state batteries in space applications is substantial, with estimates suggesting a market size exceeding 500 billion for 1 million satellites, alongside applications in computing power storage, deep space exploration, and lunar bases [1] Group 2: Performance of New Energy Indices and ETFs - As of January 23, 2026, the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) surged by 7.66%, with significant gains from constituent stocks such as Laplace (+20.01%), JinkoSolar (+20.00%), and Aotwei (+20.00%) [2] - The New Energy ETF (588830) closely tracks the performance of the New Energy Index and reported an increase of 8.27%, marking its third consecutive rise [2] - The top ten weighted stocks in the New Energy Index as of December 31, 2025, include JinkoSolar, Atlass, and Trina Solar, collectively accounting for 46.84% of the index [2] - The primary sectors represented in the index are photovoltaic equipment (45.83%), batteries (42.46%), and wind power equipment (5.73%) [2]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - In 2025, the company expects to achieve a net profit attributable to the parent of 1.05 - 1.2 billion, with a year-on-year increase of 121.58% - 153.23%. The growth is due to the rapid increase in the delivery volume and amount of overseas offshore wind projects, the higher added value brought by the improved construction standards of exported offshore engineering products, and the further increase in the value of executed projects through systematic services [27]. - In the long - term, European offshore wind power has good growth potential due to the need for energy substitution, new power demand, and rich wind resources [27]. - The UK AR7 auction results are positive, with the project scale and subsidy amount reaching a record high, which has increased developers' enthusiasm [27]. 3. Summary by Related Content 3.1. Research Basic Information - Research object: Dajin Heavy Industry, belonging to the wind power equipment industry [8]. - Reception time: January 22, 2026; the reception staff are the company's management [8]. - Participating research institutions include fund management companies, asset management companies, insurance asset management companies, securities companies, investment companies, etc., such as Dongxing, Rongtong, and China Merchants Securities [9]. 3.2. Q&A Session - **European Offshore Wind Power Sustainability**: The need for energy substitution, new power demand, and rich wind resources in Europe make offshore wind power a "must - choose" option. There is still good growth space as the current penetration rate is low [27]. - **UK AR7 Auction Results**: The AR7 auctioned 8.4GW of offshore wind projects, exceeding market expectations. The project scale and subsidy amount reached a record high, and the execution prices of fixed and floating projects increased year - on - year, increasing developers' enthusiasm. The company is confident in the market this year as the winning bidders are important customers [27][28]. - **2026 Overseas Tendering Progress**: In addition to the UK, Germany, Japan, the Netherlands, and Poland are key markets. Germany has a large volume of auctioned projects to be finalized this year, and the company has a high market share in the German offshore wind foundation field. Japan has some approved projects expected to be finalized this year, and the company is actively participating in bidding. The company has completed its layout in the Polish market [28][29]. - **Floating Project Progress**: Multiple countries are expected to make progress in commercial floating offshore wind power projects this year, including the UK, France, and South Korea. The high winning bid price of the UK AR7 floating project sets a good foundation for subsequent auctions [29]. - **Localized Service Orders**: Localized services can solve customers' bottlenecks and drive the value of other parts of the contract. The company will gradually provide such services to enhance its systematic service capabilities [29]. - **Orders in Other Regions**: Japan and South Korea are emerging overseas offshore wind markets, and the company is actively participating in bidding as a core supplier [29]. - **Own Ship Operation**: The company expects 2 - 3 ships to be put into operation this year, with each voyage capable of transporting 15,000 - 20,000 tons of products. It will have a positive impact on project profitability [30]. - **European Dock Capacity**: The company's docks in Denmark can cover projects in the Baltic Sea area, and those in Germany can cover projects in the North Sea area. The company is looking for new docks to meet the needs of other European offshore engineering projects [30]. - **Project Scheduling and Shipment**: The overseas project production line has a tight scheduling rhythm, and multiple new overseas projects are expected to be shipped this year [31]. - **Exchange Rate Impact in Q4 2025**: The exchange rate did not have a significant impact on the company's overall performance [31].

数据显示，截至2025年12月31日，中证新能源指数前十大权重股分别为宁德时代、阳光电源、特变电 工、隆基绿能、华友钴业、亿纬锂能、中国核电、赣锋锂业、天赐材料、三峡能源，前十大权重股合计 占比43.23%。 新能源ETF(159875)紧密跟踪中证新能源指数，是一键布局新能源龙头的便利工具。 国证国际指出，2025年我国全社会用电量达10.37万亿千瓦时，同比增长5.0%，为全球首个年度用电量 破10万亿度的国家；其中，充换电服务业、信息传输及软件业用电增速分别高达48.8%和17.0%，新能 源车制造、风电设备制造用电量增速超20%和30%，终端电气化与绿电渗透率提升共同强化对新型储能 系统的刚性需求。 2026年1月23日盘中，光伏设备板块领涨，风电设备板块涨幅居前，截至13:12，中证新能源指数强势上 涨4.03%，成分股拉普拉斯、迈为股份、捷佳伟创纷纷20cm涨停，晶科能源，晶盛机电等个股跟涨。 "十五五"新型电力系统建设全面铺开，储能作为关键调节资源战略地位凸显。长城证券指出，国家电网 明确"十五五"期间将投资四万亿元建设新型电力系统，南方电网2026年固定资产投资亦达1800亿元；在 源网荷储协 ...

Group 1 - The top 20 stocks with significant capital inflow include Jin Feng Technology (1.588 billion), Aerospace Electronics (1.523 billion), and Longi Green Energy (1.294 billion) [1] - Jin Feng Technology and Aerospace Electronics both experienced a price increase of 10% [2] - Longi Green Energy saw an 8.24% increase in stock price, while Dongfang Risen had the highest increase at 20% [2][3] Group 2 - The sectors represented among the top inflow stocks include wind power equipment, aerospace, photovoltaic equipment, and communication equipment [2][3] - Notable capital inflows also occurred in companies like TCL Technology (0.612 billion) and Ganfeng Lithium (0.700 billion), indicating strong investor interest in energy and technology sectors [1][2] - The data reflects a diverse range of industries, highlighting potential investment opportunities across various sectors [1][3]

Group 1 - The core announcement is that Mingyang Smart Energy (601615) will resume trading on January 23, 2026, after being suspended since January 13, 2026, due to a planned acquisition of control over Dehua Company by issuing shares and cash payments [2][3] - The acquisition involves purchasing 100% of Dehua Chip's equity, with a share issuance price set at 14.46 yuan per share, which is not less than 80% of the average stock price over the previous 120 trading days [4] - This transaction is expected to enhance Mingyang's strategic development in the energy sector, strengthen industry chain synergy, accelerate photovoltaic business integration, and optimize business structure [4] Group 2 - Dehua Company, established in 2015, specializes in the design, research, and manufacturing of semiconductor epitaxial wafers and chips, and has capabilities in providing energy system solutions for space vehicles [5] - The establishment of the Commercial Space Administration by the National Space Administration in November 2025 and the related action plan for high-quality development in commercial space have increased market attention on the commercial space sector [6] - Mingyang Smart Energy reported a revenue of 26.304 billion yuan for the first three quarters of 2025, a year-on-year increase of 29.98%, while the net profit attributable to shareholders decreased by 5.29% to 766 million yuan [8]

Economic Growth and Development - The fiscal expenditure on people's livelihood remains above 80%, with per capita disposable income expected to grow at an annual rate of 6.6% [1] - The regional GDP and general public budget revenue are projected to grow at annual rates of 7.4% and 8.4%, respectively [1] - By 2025, industrial real-time invoicing and invoicing for large-scale industries are expected to reach 3.4 times and 2.8 times the end of the "13th Five-Year Plan" [1] Marine Economy Initiatives - The largest liquefied natural gas energy hub in China, the "Green Energy Port" in Yancheng, is being developed to enhance the marine economy [2] - Multiple projects, including a 20,000-ton PVA new materials project and a cold storage facility for LPG, have been initiated to boost the marine economy [2] Port and Logistics Development - The Yancheng Port Binhai Port Area has demonstrated significant capabilities in large-scale vehicle exports, with 9,591 vehicles exported and a 10% year-on-year increase in cargo throughput [3] - The port area has established three international direct shipping routes for vehicle roll-on/roll-off services [3] Industrial Upgrading and Innovation - Binhai County is focusing on industrial quality enhancement, balancing traditional and emerging industries, and fostering future industries [5] - The county has seen the establishment of 12 leading enterprises participating in the Abu Dhabi International Petroleum Exhibition, showcasing local manufacturing capabilities [6][7] Urban and Rural Development - Binhai County is actively improving living conditions through the renovation of old residential areas and the construction of new public facilities [9][10] - The county aims to complete significant urban infrastructure projects, including road upgrades and sewage system improvements, by 2025 [10][11] Social Welfare and Healthcare - The county prioritizes social welfare, with significant investments in healthcare and community services, including the establishment of new elderly care facilities [12][14] - A digital healthcare system has been implemented to enhance medical services accessibility for residents [13][15]

Core Viewpoint - The wind power equipment sector experienced a rise of 1.66% on January 22, with Feiwo Technology leading the gains, while the overall market indices showed modest increases [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4122.58, up 0.14%, and the Shenzhen Component Index closed at 14327.05, up 0.5% [1]. - The wind power equipment sector's individual stock performances included significant gains, with Feiwo Technology rising by 8.34% to a closing price of 187.43, and Jin Feng Technology increasing by 5.66% to 26.89 [1]. Group 2: Trading Volume and Value - Feiwo Technology had a trading volume of 92,400 shares and a transaction value of 1.674 billion yuan, while Jin Feng Technology saw a trading volume of 4.3049 million shares and a transaction value of 11.402 billion yuan [1]. - Other notable stocks included Tongyu Transmission with a 2.69% increase, closing at 3.05, and a transaction value of 436 million yuan [1]. Group 3: Capital Flow - The wind power equipment sector saw a net inflow of 204 million yuan from institutional investors, while retail investors experienced a net outflow of 205 million yuan [2]. - The capital flow data indicated that Jin Feng Technology had a net inflow of 206 million yuan from institutional investors, while retail investors had a net outflow of 188 million yuan [3].

有投资者在互动平台向海力风电提问："董秘你好，公司业绩持续增长、净资产与公积金充足，符合深 交所高送转相关监管要求。当前公司股本规模适中，若推出合理比例高送转方案，可降低股价门槛、提 升股票流动性，更好回馈长期投资者，也能彰显公司发展信心。恳请将此建议转呈董事会，在制定利润 分配方案时结合公司实际情况考量。" 来源：市场资讯 针对上述提问，海力风电回应称："尊敬的投资者，您好！公司将综合考虑全体股东的整体利益、公司 的可持续发展等因素，并严格按照相关法律法规的规定进行利润分配。感谢您的建议，谢谢！" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

爱建证券研报指出，振江股份预计2025–2027年归母净利润分别为1.71/3.18/4.78亿元，对应PE为30/16/11 倍。考虑欧洲风电增长潜力大，公司在欧洲客户稳定，在风电单机功率和价值量提升背景下，公司盈利 能力有望持续提升；公司开展装配、铸造业务以及外骨骼机器人等新业务有望为公司带来新增量。公司 PE低于可比公司均值，给予"买入"评级。 ...

Group 1 - The top 20 stocks with significant capital inflow include Aerospace Electronics (8.98 billion), Tianfu Communication (7.17 billion), and Zhongji Xuchuang (6.63 billion) [1] - Aerospace Electronics experienced a price increase of 8.1%, while Tianfu Communication and Zhongji Xuchuang saw increases of 3.85% and 1.33% respectively [2] - Other notable stocks with substantial capital inflow include Woer Nuclear Materials (5.31 billion), Jiuding New Materials (4.75 billion), and China Nuclear Engineering (4.37 billion) [1][2] Group 2 - Jiuding New Materials had a significant price increase of 10%, while Zhejiang Wenlian and China Shipbuilding also saw increases of 10% and 1.96% respectively [2][3] - The energy sector is represented by China Petroleum with a capital inflow of 2.85 billion and a price increase of 2.85% [3] - Companies like Jushi Group and Goldwind Technology also showed strong performance with capital inflows of 2.78 billion and 2.73 billion, and price increases of 10.01% and 4.44% respectively [3]