Investment Rating - The report maintains an "Overweight" rating for the electric power equipment and new energy industry [2] Core Insights - The demand for grid equipment is expected to increase due to domestic and international resonance, driven by significant investments in smart grids, west-to-east power transmission, and urban-rural grid upgrades [2][4] - The cumulative investment in national grid projects reached 560.4 billion yuan from January to November 2025, reflecting a year-on-year increase of 5.9% [4][38] - The export value of domestic transformers reached 8.08 billion USD from January to November 2025, marking a year-on-year growth of 35.19% [4][59] Summary by Sections Market Review - As of December 25, 2025, the electric power equipment industry rose by 2.10% over the past two weeks, outperforming the CSI 300 index by 0.11 percentage points [11] - The wind power equipment sector increased by 4.37%, while the photovoltaic equipment sector rose by 1.59% [11][19] Valuation and Industry Data - The PE (TTM) ratio for the electric power equipment sector is 33.43 times, with sub-sectors like motors at 59.57 times and photovoltaic equipment at 30.07 times [4][24] - The report highlights that the demand for high-efficiency, energy-saving, and environmentally friendly transformers will dominate the future market [4][46] Industry News - The rapid development of artificial intelligence in the U.S. is driving the construction of large-scale data centers, which require high-performance transformers for stable and efficient power supply [4][56] - The report suggests focusing on leading new energy companies with technological and scale advantages [4][60]

Core Viewpoint - The company announced the redemption of a financial instrument, indicating effective management of its idle funds and commitment to maintaining project progress and operational stability [1] Group 1: Redemption Details - The company redeemed a customized financial product from Shenwan Hongyuan Securities Co., Ltd., specifically the Longding Jinniu No. 3004 product, on December 24, 2025 [1] - The total redemption amount was 25 million yuan, yielding a profit of 61,400 yuan [1] Group 2: Fund Management - The funds used for the redemption were part of the temporarily idle proceeds from the issuance of convertible corporate bonds [1] - The company plans to arrange the use of remaining funds based on the progress of investment projects and funding needs [1] - The company assured that this redemption will not affect the progress of investment projects or its normal production and operations [1]

证券日报网讯 12月26日，奥特维发布公告称，奥特维为控股子公司旭睿科技向招商银行无锡分行追加 3000万元连带责任保证担保，期限一年；至此对其担保余额升至4.4亿元，公司合并口径担保总额 200801.23万元，占净资产48.65%，无逾期担保。 ...

证券之星消息，12月26日光伏设备板块较上一交易日上涨2.75%，协鑫集成领涨。当日上证指数报收于3963.68，上涨0.1%。深证成指报收于 13603.89，上涨0.54%。光伏设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002506 | 办整集成 | 2.93 | 10.15% | 447.57万 | | 12.84亿 | | 002865 | 钧达股份 | 54.87 | 10.00% | 25.42万 | | 13.69亿 | | 600537 | 亿晶光电 | 4.33 | 9.90% | 119.89万 | | 5.13亿 | | 300274 | 阳光电源 | 181.08 | 7.86% | 114.82万 | | 205.19亿 | | 300118 | 东方日升 | 15.70 | 5.72% | 231.05万 | | 37.03亿 | | 300724 | 捷佳伟创 | 97.60 | 5.50% | 33.59万 | | ...

来源：新浪证券-红岸工作室 12月26日，晶科能源涨1.78%，成交额6.56亿元，换手率1.14%，总市值572.30亿元。 异动分析 TOPCON电池+BC电池+钙钛矿电池+光伏概念 1、公司在N型TOPCon领域技术工艺储备丰富、提效降本路径清晰，未来将持续加大投入以保持"N型时 代"领跑者的地位。公司在安徽合肥、浙江海宁投产的16GW大尺寸N型TOPCon电池产能进展顺利，各 项指标符合预期。其中合肥TOPCon电池工厂已经满产，量产测试效率已达24.7%，可用良率与PERC产 线持平。海宁尖山工厂爬坡顺利，于2022年6月底满产。 2、2023年6月2日公司互动：公司已量产高效电池聚焦N型TOPCon技术，同步积极开展新技术、新工艺 的研发，储备了IBC电池技术和钙钵矿电池技术等。 3、根据2025年12月2日互动易，公司本次钙钛矿/TOPCon叠层电池转换效率世界纪录得益于公司在 TOPCon电池、钙钛矿和叠层技术上的深厚积累和系统性创新，证明了TOPCon与钙钛矿叠层技术的可 行性与巨大潜力。近年来，行业钙钛矿叠层电池稳定性虽已有明显改善，但仍未完全满足商业化量产要 求。预计仍需三年左右时间，钙 ...

Group 1 - The core viewpoint of the news is that the power equipment and photovoltaic equipment sectors are experiencing significant growth, driven by strong market demand and supportive government policies [1][2][5] - On December 26, the photovoltaic equipment index rose by 3.71% to 7014.51 points, while the power equipment index increased by 1.19% to 1029.01 points, with many stocks hitting the daily limit [1] - Key companies in the photovoltaic sector, such as GCL-Poly Energy (002506), Junda Co., Ltd. (002865), and Yijing Photovoltaic (600537), saw their stocks hit the daily limit, indicating strong investor interest [1] Group 2 - The surge in both sectors is attributed to three main factors: short-term performance support, long-term development direction, and practical industry implementation [2] - As of November 2023, the total installed power generation capacity in China reached 3.79 billion kilowatts, a year-on-year increase of 17.1%, with solar power capacity growing by 41.9% [2] - The National Development and Reform Commission's recent policy emphasizes the need for smart upgrades in traditional industries, which will support digital transformation and modernization efforts [2][3] Group 3 - The article highlights the importance of regulating order and innovation in industries such as new energy vehicles, lithium batteries, and photovoltaics, which are seen as key drivers of high-quality foreign trade development [3] - The policy aims to enhance competition and increase industry concentration, benefiting leading companies with technological barriers and scale advantages [3][5] - The successful commissioning of the Taizhou pumped storage power station, a key project under the national plan, showcases advancements in domestic technology and materials, reinforcing the industry's capabilities [4][5] Group 4 - The rapid progress of the pumped storage project reflects the effectiveness of policy execution and strengthens market expectations for the scaling of related renewable energy projects [5] - The acceleration of pumped storage projects is expected to drive demand for reversible hydraulic turbine generator sets and energy storage control systems, providing new growth opportunities for the power equipment sector [5]

Group 1 - The article discusses various ETFs focused on the renewable energy sector, highlighting their performance and underlying indices [1]. - The "新能源ETF易方达" tracks the 中证新能源指数, which covers the entire renewable energy industry chain, including lithium batteries, photovoltaics, wind power, hydropower, and nuclear power [1]. - As of the latest trading session, the 中证新能源指数 increased by 2.4%, with a rolling price-to-earnings ratio of 48.4 times and a valuation percentile of 79.0% since its inception in 2015 [1]. Group 2 - The "储能电池ETF" follows the 国证新能源电池指数, focusing on the energy storage sector, comprising 50 companies involved in battery manufacturing, energy storage inverters, and system integration [1]. - The index saw a slight increase of 0.8%, with a rolling price-to-earnings ratio of 31.2 times and a valuation percentile of 83.3% since its launch in 2015 [1]. Group 3 - The "光伏ETF易方达" tracks the 中证光伏产业指数, which emphasizes the photovoltaic sector as a significant future energy source, consisting of 50 representative companies across the solar energy supply chain [1]. - The index experienced a rise of 1.7%, with a rolling price-to-earnings ratio of 2.5 times and a valuation percentile of 49.6% since its inception in 2019 [1].

Group 1: Market Overview - The photovoltaic equipment concept stocks surged significantly in the morning session, with many stocks hitting the daily limit [1][4] - The overall A-share market experienced a rise followed by a sharp decline, with the Shanghai Composite Index reaching a new high before falling [1][2] - The trading volume increased, indicating a broader market trend where declining stocks outnumbered advancing ones [1][2] Group 2: Photovoltaic Sector Performance - The photovoltaic sector index opened high and rose over 4%, reaching a new high in over a month, with half-day trading volume exceeding the previous day's total [4] - Major companies like Yijing Photovoltaic (600537) and GCL-Poly Energy (002506) saw rapid price increases, with Yijing hitting the daily limit within three minutes of opening [4] Group 3: Industry Developments - The "2025 China Photovoltaic Industry Annual Conference" focused on the industry's transformation and discussed strategies for high-quality development [5] - The Ministry of Industry and Information Technology emphasized the need for orderly exit of backward production capacity and dynamic balance in capacity management [6] - Goldman Sachs raised its forecast for U.S. electricity demand growth, which is expected to benefit the photovoltaic sector due to increasing demand from data centers [6] - Galaxy Securities noted that the photovoltaic industry has faced losses for eight consecutive quarters but anticipates a turnaround in profitability by the second quarter of 2026 [6]

12月26日，电新板块强势冲高，截至10:07，同类费率最低档的光伏龙头ETF（516290）跳空高开，放量大涨2.65%！同类规模领先、费率最低档的 电池50ETF（159796）涨1.54%，冲击六连涨，盘中资金汹涌布局，获4200万份净申购！ 光伏龙头ETF（516290）标的指数成分股多数冲高，成分股批量涨停，东方日升、协鑫集成、钧达股份等涨停，阳光电源大涨超8%。阿特斯涨超 7%，TCL中环、隆基绿能等涨超4%，通威股份、正泰电器等涨幅居前。 【光伏龙头ETF（516290）标的指数前十大成分股】 | 南昌 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估買权重 ▼ | | --- | --- | --- | --- | --- | --- | | 1 | 600089 | 特变电工 | 电力设备 | 1.43% | 10.15% | | 2 | 601012 | 隆基绿能 | 电力设备 | 4.38% | 9.68% | | 3 | 300274 | 阳光电源 | 电力设备 | 8.35% | 8.34% | | 4 | 000100 | TCL科技 | 曲子 | -0.67% | 8.0 ...

12月26日，横店东磁盘中上涨2.05%，截至10:51，报19.91元/股，成交2.31亿元，换手率0.72%，总市值 323.88亿元。 资金流向方面，主力资金净流入1553.00万元，特大单买入1290.53万元，占比5.59%，卖出708.86万元， 占比3.07%；大单买入4859.66万元，占比21.05%，卖出3888.32万元，占比16.84%。 横店东磁今年以来股价涨63.99%，近5个交易日涨0.40%，近20日涨2.15%，近60日涨9.84%。 机构持仓方面，截止2025年9月30日，横店东磁十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股8816.45万股，相比上期增加3871.53万股。南方中证500ETF（510500）位居第五大流通股 东，持股1182.09万股，相比上期减少21.32万股。光伏ETF（515790）位居第六大流通股东，持股925.37 万股，相比上期减少22.75万股。广发国证新能源车电池ETF（159755）位居第七大流通股东，持股 913.45万股，为新进股东。嘉实中证稀土产业ETF（516150）位居第八大流通股东，持股875.36万股， ...