中信证券认为，欧洲大储呈现加速增长态势，伴随欧洲负电价提升现货峰谷价差，多数国家储能项目收 益率已提升至10%—15%，且西班牙大停电后欧洲各国政府加大储能支持力度，2025年有望成为欧洲大 储爆发拐点。从欧洲需求体量看，根据测算，2030年欧洲新增装机有望达到165GWh，预计2024年— 2030年复合增速约40%，对应市场空间1700亿元。拆分看，东欧储能项目短期有望快速爆发，西欧&南 欧远期体量更大。国产厂商依托成本优势，有望持续提升欧洲储能份额，看好布局欧洲储能业务的电 芯、系统集成环节厂商。 2022年俄乌冲突爆发后，俄罗斯对欧洲的天然气断供，导致欧洲出现能源危机，发展新能源保障自身能 源安全成为欧洲核心诉求。根据REPowerEU目标，2030年欧洲新能源发电比例目标为42.5%，预计将带 动欧洲储能持续增长。 ...

复苏拐点渐明，二次成长正兴 ——电新行业2025年三季报综述 长江证券研究所电力设备与新能源研究小组 2025-11-03 research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 邬博华 分析师 曹海花 分析师 司鸿历 分析师 叶之楠 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SAC执业证书编号：S0490520080002 SAC执业证书编号：S0490520090003 SFC执业证书编号：BQK482 SFC执业证书编号：BVD284 分析师 王耀 SAC执业证书编号：S0490524120006 %% %% %% %% %% %% %% %% research.95579.com 2 电新行业2025年三季报综述总结 00 资料来源：Wind，长江证券研究所 %% research.95579.com 3 01 光伏：反内卷成效显现，上游盈利显著修复 02 储能：大储高景气延续，户储阶段性波动 03 锂电：需求景气营收扩容，盈利分化静待涨价 04 风电：海陆风景气共振，各环节业绩加 ...

Core Insights - Chinese renewable energy and storage companies are increasingly entering South Asian markets, particularly India and Bangladesh, establishing local manufacturing facilities and securing significant contracts [1][2]. Group 1: Market Entry and Localization - Chinese companies are major suppliers in India's solar and wind energy markets, with firms like JinkoSolar, LONGi Green Energy, and Trina Solar dominating the solar component supply [2]. - In wind energy, leading companies such as Envision Energy and SANY Heavy Industry have secured large contracts, with Envision becoming one of the largest wind turbine suppliers in India [2]. - The localization process has begun, with companies like Sungrow Power Supply establishing factories in Bangalore with an annual capacity of 3 GW, and Envision Energy building manufacturing facilities in Maharashtra and Tamil Nadu [2]. Group 2: Market Potential and Government Support - India faces significant electricity shortages and aims to diversify its energy structure, with a target of achieving 500 GW of renewable energy capacity by 2030 [5][6]. - The Indian government has implemented various policies to support renewable energy, including financial incentives and requirements for energy storage systems in solar projects [6]. - The profit margins in the Indian market are attractive for Chinese companies, with reports indicating that the gross margin for wind turbine orders in India is higher than domestic margins by over five percentage points [7]. Group 3: Challenges and Risks - The investment environment in India is complex, with macro policy risks stemming from changes in foreign direct investment regulations that require prior government approval for Chinese investments [9]. - Discriminatory policies aimed at reducing import dependency pose risks, such as the reintroduction of approval lists that exclude Chinese manufacturers from government projects [11]. - The Indian government's push for localization presents challenges, as foreign companies may face increasing demands for local investment and technology transfer [12].

本文来自格隆汇专栏：中信证券研究 作者：许英博 徐涛等 "十五五"规划建议稿将"科技自立自强水平大幅提高"列入"十五五"时期经济社会发展的主要目标，并将"加快高水平科技自立自强，引领发展新质生产 力"作为战略任务进行专章部署，充分显示了科技发展在"十五五"时期的重要地位。围绕建设以先进制造业为骨干的现代化产业体系、重点发展新质生产 力、采取超常规措施加强原始创新和关键核心技术攻关等方向，我们建议投资人重点关注六大前沿方向：上游半导体先进制造和装备，新型能源体系建 设，量子科技加速发展，深化自主可控并推进人工智能+，消费电子扩内需，AI+文化领域精品内容创作。 ▍方向一：持续发展上游半导体先进制造和装备。 7nm及以下的先进制程在AI时代的产能需求增量明显，也是当前国内最为稀缺的部分，但是我们测算国内先进制程产能占国内晶圆代工厂总产能比重不足 2%，未来扩产还有5倍以上空间。国内晶圆厂商正在积极追赶，在设备供应、良率提升、客户拓展方面逐渐突破，未来有望随着国内AI产业的发展实现快 速成长。此外，美国对华半导体限制的持续收紧，倒逼半导体设备及零部件的国产替代。2023年开始，国内晶圆厂逐渐打造高国产化产线，其中先 ...

转自：新华财经 上海证券报 2025年，证券行业迎来更名大年。据记者统计，年内已有6家券商完成名称变更。从并购重组催生的国 联民生、国泰海通，到股权变更后亮相的天府证券、北京证券，再到剥离多元业务、聚焦主业的国盛证 券，这些新名称的背后，并非简单的品牌焕新，而是在牌照红利消退、业务同质化严重等"旧烦恼"下， 叠加监管"打造航母级券商"引导与地方国资整合诉求后，券商展开的一场关于生存与转型的集中探索， 折射出整个证券行业在时代变革中的战略重构。 11月3日，来自四川省的智能应用软件公司明略科技-W登陆港股市场，成为四川省年内第二家登陆港股 的企业。今年以来，在政策支持及资金面回暖的背景下，港股市场成为热门上市地。数据显示，今年前 10个月，港交所以超过2100亿港元的募资额在全球各大交易所中排名第一。截至11月3日，今年以来港 股IPO融资额达到2164.74亿港元，同比增长203.5%。上市企业共有81家，同比增长50%。从地区分布 看，上海、广东、江苏、浙江等地在港交所上市的企业数量均超过10家，位居前列。 速发展势头。截至三季度末，11只储能概念股获得社保基金持仓，豪鹏科技、盛弘股份、安孚科技、科 士达等 ...

长江商报消息 ●长江商报记者 潘瑞冬 "光储"龙头阳光电源（300274.SZ）业绩与股价齐飞。 10月30日，阳光电源市值短暂"摸高"4000亿元，11月3日，公司股价收涨5.09%，市值达4135亿元，创下 新高。 基本面上，刚出炉的三季报显示，2025年前三季度，阳光电源实现营业收入664.02亿元，同比增长 32.95%；归母净利润为118.81亿元，同比增长56.34%；公司的经营活动现金净流量达99.14亿元，同比 增长1133.14%。 118.81亿元的归母净利润已经超过了2024年全年水平。阳光电源2024年归母净利润为110.36亿元，为公 司首次归母净利润过百亿元。 随着储能系统业务成为第一大营收支柱，阳光电源的毛利率也创出13年来的新高。2025年前三季度，阳 光电源的毛利率提升至34.88%。 储能发货增长70%助业绩飙升 阳光电源经营业绩再迎高速增长。 研发费用超31亿追平2024年全年 根据三季报，阳光电源2025年前三季度实现营业收入664.02亿元，同比增长32.95%；归母净利润为 118.81亿元，同比增长56.34%。报告期，公司的经营活动现金净流量达99.14亿元，同 ...

Group 1 - In November, 32 brokerage firms have disclosed their recommended stock lists, totaling 219 unique stocks, with Top Group and Zhongji Xuchuang being the most recommended by five firms each [1] - Other notable stocks include Shenhuo Co., Zijin Mining, Luoyang Molybdenum, and Haier Smart Home, each recommended by four firms, while nine stocks received recommendations from three firms [1] - Top Group's strong recommendation includes firms like Pacific Securities and Zhongtai Securities, while Zhongji Xuchuang is recommended by firms such as Everbright Securities and Guosen Securities [1] Group 2 - Analysts maintain an optimistic outlook for the A-share market in November, expecting a fluctuating upward trend [2] - The market is currently in a vacuum period regarding performance, events, and policies, lacking catalysts for direction, leading to a wait-and-see approach for year-end changes [2] - Key investment themes include focusing on high-dividend sectors like energy and finance, as well as infrastructure for stable growth [2] Group 3 - Specific investment directions include focusing on sectors like non-ferrous metals and new energy, which have continued prosperity and reasonable valuations [3] - Analysts suggest three main investment lines: technology growth, market hot sectors, and industries benefiting from policy optimization [3] - In October, 287 stocks were recommended by brokerages, with 100 stocks seeing price increases, indicating strong profit potential [3] Group 4 - In October, five recommended stocks saw price increases exceeding 30%, with Guosheng Quantum leading at 65.19% [4] - Other notable performers include Rongxin Culture and Jiangbolong, with increases of 64.86% and 46.78% respectively [4] - However, some stocks like Luxshare Precision, despite being recommended by seven firms, saw a price decline of 2.61% [4]

Core Viewpoint - The U.S. clean energy industry is experiencing significant changes due to a combination of policy shifts and declining investments, reflecting structural challenges in the energy transition process [1][3]. Investment Decline - As of September this year, investments in the U.S. clean energy sector have decreased by over $24 billion, resulting in approximately 21,000 job losses, with $1.6 billion in projects canceled and nearly 3,000 jobs lost in September alone [3][5]. - The U.S. Department of Energy has terminated financial support for 223 energy projects, affecting 321 funding programs, with an estimated budget cut of $7.56 billion [3][5]. Project Delays and Cancellations - The clean energy sector is facing significant challenges, particularly in Republican-led districts, which have seen investment losses of $12.4 billion and a reduction of about 15,000 jobs [5]. - Major projects in states like Kansas, Michigan, North Carolina, and Tennessee have been canceled or delayed, exacerbating the funding challenges for small to medium-sized developers reliant on public funding [5]. Market Stagnation - Despite the investment decline, some companies are still seeking new growth opportunities, with $542 million announced for electric vehicle components and solar manufacturing, expected to create around 985 long-term jobs [6]. - However, this new investment is insufficient to counteract the overall downward trend, as the U.S. clean energy market shows stagnation in new capacity installations [6][7]. Policy Changes Impact - A series of administrative orders and new regulations have been implemented, notably the "Big and Beautiful" Act, which accelerates the reduction of tax credits for clean energy projects, moving the application deadline from 2032 to the end of 2027 [7]. - The second quarter saw only 11.6 GW of new wind, solar, and storage capacity added, a mere 1% increase year-on-year, with overall capacity down compared to the previous year [7]. Industry Consolidation - The clean energy sector is undergoing rapid consolidation, with merger and acquisition activity in the first half of the year reaching $34 billion across 63 deals, driven by subsidy reductions and tightening credit [10]. - Companies like Sunnova are facing financial difficulties, prompting strategic restructuring and asset sales, while private capital and large utility companies are increasingly involved in acquisitions [10]. International Investment Concerns - Policy uncertainty is affecting foreign investor confidence, with companies like Bil a Solar and Heliene pausing or reevaluating their projects in the U.S. [11]. - The growth rate of clean energy installations in leading states like California and Texas has slowed to 8%, with other states also falling below the national average [11].

今年前三季度，全球锂电储能装机量同比增长68%，储能行业的增速再度震惊行业。 据《中国信息化周报》，2025年上半年，中国储能企业新增海外订单163GWh，同比增长246%。欧洲、 中东、澳大利亚正成为中国储能出海的主要战场。国内方面，取消强制配储后，因容量电价政策提升项 目IRR（内部收益率），企业配储意愿不降反增。 当新能源企业深陷价格战，储能正是一把破"内卷"的利器。多家光伏锂电企业今年上半年揽获储能大 单，储能业务收入大增，多家企业受访时直言储能订单充足。储能曾处"配套赛道"，但正成为新能源赛 道的新热点，并重构光伏锂电供需格局。 从"配套"变主角 储能正经历全球爆发期 根据国家能源局及第三方机构数据，截至2025年前三季度，全球锂电储能装机量达170GWh，同比增长 68%，其中国内新增并网82GWh，同比增长61%，海外储能装机94GWh，同比增长74%。 订单端同样表现强劲。2025年上半年，中国储能企业新增海外订单163GWh，同比增长246%，业务覆盖 全球50余个国家和地区。出海红利在阳光电源、宁德时代等中国企业身上凸显。 数据显示，今年前三季度，阳光电源储能系统出货量29GWh，同比增长 ...

据港交所11月3日披露，果下科技股份有限公司(简称：果下科技)向港交所主板提交上市申请书，光大 证券国际为独家保荐人。这是该公司年内第二次递表港交所。 据招股书，作为一家中国储能行业基于平台技术及人工智能驱动的可再生能源解决方案及产品提供商， 果下科技专注于研发并向客户及终端用户提供储能系统解决方案及产品。该公司的储能系统解决方案和 产品服务于并能够覆盖大型电源侧、大电网侧、工商业及住宅等多种应用场景，适用于中国市场及海外 市场。该公司专注于储能领域，并实施了全球化战略。根据灼识咨询，该公司为业内较早实现储能系统 解决方案及╱或产品的互联网云端整合及开发数字化能源管理全景互联网云平台的参与者之一。 | 编纂]的[编纂]數目:[编纂]股H股(視乎[编纂]行使與否而定) | | --- | | [编纂]數目 : 【编纂】股日股(可予調整) | | [編纂]數目 : [編纂]股日股(可予調整及視乎[編纂]行使與 | | 合向定) | | 最高[编纂] : 每股H股[編纂]港元,另加1.0%經紀佣金、 | | 0.0027% 證 監 會交易 徵費、0.00565% 香港 | | 聯交所交易費及0.00015% 會計及 ...