以下为研究报告摘要： 华安证券近日发布电力设备行业周报：本周硅料价格整体持稳，N型致密料小幅上涨， 其余料型维持平盘；硅片、电池片及组件价格均保持稳定。整体来看，成本端对市场的支撑 作用减弱，产业链价格进入盘整阶段，市场观望情绪延续，终端需求及订单仍是关键变量。 电动车：8月锂电排产环比提升，建议继续配置高盈利底公司 随着下游正极材料及电芯企业排产计划稳步提升，市场采购需求呈现回暖态势先惠技术 获宁德7亿元订单，中国盐湖年产2万吨碳酸锂项目正式下线销售，建议配置盈利稳定的电池 和结构件环节。 主要观点： 光伏：硅料涨幅收窄，产业链整体价格涨势放缓 本周硅料价格整体持稳，N型致密料小幅上涨，其余料型维持平盘；硅片、电池片及组 件价格均保持稳定。整体来看，成本端对市场的支撑作用减弱，产业链价格进入盘整阶段， 市场观望情绪延续，终端需求及订单仍是关键变量。 风电：超GW级海风项目密集释放，沿海多地开发提速 近期，华电集团山东烟台1GW海上风电项目中标候选人公示，三峡江苏550MW海上风 电中标候选人公示，广西1.95GW海上风电项目开启竞标行配置。海上风电多地推进大型及 超GW级项目，前期可研与配套配置并行落地，沿 ...

Investment Rating - The report maintains a "Buy" rating for the photovoltaic and wind power sectors, indicating a positive outlook for these industries in the near to medium term [4][5]. Core Insights - The photovoltaic industry is undergoing a "de-involution" movement at the national strategic level, focusing on capacity integration in the silicon material segment and strengthening price regulation across the supply chain. The industry is currently at the bottom of the cycle, with future policy strength being a key variable influencing its trajectory. In the medium to long term, the photovoltaic sector is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [4]. - The wind power sector in China has a strong global competitive advantage, with a relatively reasonable supply-demand structure and robust profitability among companies. The year 2025 is anticipated to be a significant year for offshore wind power development in China, with accelerated construction and favorable export trends [4]. Weekly Market Review - From August 4 to August 8, 2025, the Shanghai Composite Index rose by 2.11%, while the Shenzhen Component Index and the ChiNext Index increased by 1.25% and 0.49%, respectively. The Shenwan Electric Power Equipment Index rose by 1.94%, outperforming the CSI 300 by 0.71 percentage points. Within sub-sectors, photovoltaic equipment, wind power equipment, batteries, and grid equipment experienced changes of +1.29%, +4.50%, +0.99%, and +3.08%, respectively [12][18]. Key Sector Tracking - **Photovoltaic Sector**: The report highlights a significant project where JA Solar is the candidate for a 50MW photovoltaic component procurement project in Tibet, with a bid amount of approximately 36 million CNY and a unit price of 0.7215 CNY/W [3][21]. - **Wind Power Sector**: The report emphasizes the strong profitability of domestic wind power companies in the first half of the year and suggests focusing on leading companies such as Goldwind Technology and Dongfang Cable [4]. Investment Recommendations - **Photovoltaic**: Focus on segments that have undergone sufficient corrections, such as silicon materials, glass, and battery cells. Recommended companies include Aiko Solar, Flat Glass Group, GCL-Poly Energy, and Junda Technology [4]. - **Wind Power**: Maintain a positive outlook on the domestic wind power supply chain, with recommendations for companies like Goldwind Technology and Zhongtian Technology [4]. - **New Energy Vehicles**: The sector continues to grow rapidly, with recommendations to focus on battery and structural components benefiting from low upstream raw material prices, including companies like CATL and EVE Energy [5]. Industry Price Data - The report includes price trends for key materials in the photovoltaic supply chain, indicating fluctuations in silicon material, battery cell, and module prices, which are critical for assessing market dynamics [35][36][38].

Group 1 - The electric grid equipment industry is currently stable, influenced by ongoing policy support, which is a key variable affecting industry trends [1] - In the medium to long term, the industry is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [1] - The industry is at the bottom of the cycle, and future improvements in supply-demand relationships are anticipated as policy support increases and supply-side structural improvements occur [1] Group 2 - The Electric Grid ETF (561380) tracks the Hang Seng A-Share Electric Grid Equipment Index (HSCAUPG), focusing on listed companies in China's A-share market involved in power transmission, distribution systems, and related services [1] - The index aims to reflect the overall performance of companies in the electric grid equipment sector, covering manufacturing and technical services [1] - Investors without stock accounts can consider the Guotai Hang Seng A-Share Electric Grid Equipment ETF Initiated Link C (023639) and Link A (023638) [1]

Group 1 - The latest stock price of Zhaoxin Co., Ltd. is 2.33 yuan, an increase of 0.02 yuan compared to the previous trading day [1] - The stock reached a maximum of 2.35 yuan and a minimum of 2.32 yuan during the trading session, with a total transaction amount of 0.60 billion yuan [1] - As of July 31, the total number of shareholders of the company reached 102,683 [1] Group 2 - The main business of the company involves power grid equipment and green electricity sectors, with its registered location in Guangdong Province [1] - On the day of reporting, the net inflow of main funds was 5.4871 million yuan, with a cumulative net inflow of 10.2980 million yuan over the past five trading days [1]

Group 1 - Huatong Cable's stock closed at 21.15 yuan on August 11, down 0.79 yuan, a decrease of 3.6% from the previous trading day [1] - The company operates in the power equipment industry, focusing on the research, production, and sales of wires and cables [1] - Huatong Cable's Korean factory has completed the third phase of capital increase construction, enhancing its production capacity [1] Group 2 - The company plans to establish a new factory in Angola to further improve its overseas layout [1] - Huatong Cable reported that the operational status of its Korean factory is good, with increased supply capacity [1] - The company is optimistic about the market prospects in Angola and aims to promote the production capacity of products such as continuous oil pipes [1] Group 3 - On August 11, there was a net outflow of 35.92 million yuan in main funds, with a cumulative net outflow of 13.04 million yuan over the past five days [2]

Group 1 - The stock price of Songsheng Co., Ltd. closed at 24.02 yuan on August 11, 2025, with an increase of 0.23 yuan, representing a rise of 0.97% [1] - The trading volume on that day was 26,832 hands, with a transaction amount of 0.64 billion yuan [1] - Songsheng Co., Ltd. specializes in the research, production, and sales of LED driver power supplies, primarily used in plant lighting and smart city applications [1] Group 2 - The company is optimistic about the prospects of plant lighting applications and is actively engaged in research and development of new materials and technologies for this sector [1] - Recently launched the EP-MClass2 programmable LED driver, which supports dual-channel output to precisely match the growth needs of different plants [1] - The company aims to seize project opportunities arising from the reconstruction of rural roads [1] Group 3 - On August 11, the net outflow of main funds was 1.2465 million yuan, accounting for 0.07% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 1.1607 million yuan, also representing 0.07% of the circulating market value [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][24]. Core Views - The company has shown steady growth in the first half of 2025, with revenue reaching 1.121 billion yuan, a year-on-year increase of 0.04%, and a net profit attributable to shareholders of 368 million yuan, up 17.17% year-on-year. The gross margin improved to 55.49%, an increase of 7.73 percentage points [1][2]. - The company's overseas revenue has significantly increased, with a 45% year-on-year growth in power equipment exports and a 41.49% increase in CNC equipment revenue. The overseas business now accounts for 18.53% of total revenue, up 5.54 percentage points year-on-year [2][19]. - The company is expanding its overseas operations, with the opening of a new factory in Indonesia and the establishment of a regional headquarters in Singapore, enhancing its service capabilities in Southeast Asia [2][19]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 1.121 billion yuan, with a net profit of 368 million yuan, reflecting a 17.17% increase year-on-year. The gross margin was 55.49%, and the net margin was 33.34% [1]. - For Q2 2025, the company reported a revenue of 612 million yuan, a decrease of 8.64% year-on-year but an increase of 20.06% quarter-on-quarter. The net profit for the quarter was 197 million yuan, up 5.10% year-on-year and 15.06% quarter-on-quarter [1][17]. Revenue Breakdown - Power equipment revenue for the first half of 2025 was 959 million yuan, a year-on-year increase of 15.29%, with an export revenue of 311 million yuan, up 45.21% [2][19]. - CNC equipment revenue reached 111 million yuan, a 41.49% increase year-on-year, with export revenue soaring by 219.28% [2][19]. Future Projections - The company is projected to achieve net profits of 719 million yuan, 818 million yuan, and 973 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 23, 20, and 17 [3][24].

Group 1: Industry Perspective on Institutional Research - The overall number of institutional research engagements in the A-share market has decreased, with a total of 118 engagements last week, lower than 163 engagements in the same week of 2024, indicating a cooling interest in research activities [3][13][21] - Among the primary industries, the highest levels of attention were observed in electronics, power equipment, pharmaceuticals, machinery, computers, and automobiles, with power equipment, non-bank financials, and public utilities showing a year-on-year increase in attention [3][12][19] - In July, the total number of institutional research engagements in the A-share market was 1,345, down from 1,505 in the same month of 2024, with machinery, electronics, pharmaceuticals, automobiles, and power equipment receiving the most attention [21][22][26] Group 2: Individual Company Perspective on Institutional Research - Companies such as Huaming Equipment, Tapai Group, BOE Technology Group, and Jereh Group received significant market attention, with high numbers of research engagements and institutional participation [4][28][32] - Huaming Equipment was frequently researched, with 9 engagements last week, focusing on its role in the power equipment sector and its connections to traditional high-energy-consuming industries [30][31] - Jereh Group has been actively expanding its international strategy, particularly in the Middle East, and was also frequently researched, with 2 engagements last week [30][31]

Group 1 - The core viewpoint of the articles highlights the ongoing cost transmission in the photovoltaic industry chain, with prices of silicon wafers, battery cells, and modules rising in tandem, while the terminal negotiation atmosphere remains present [1] - Silicon material prices are stable with a slight increase, and the price increase of N-type silicon material has narrowed; silicon wafer inventory stands at 18GW, and company losses are narrowing [1] - TOPCon battery cell profitability is beginning to recover, and module prices are influenced by upstream transmission and expectations of supply-side reforms [1] Group 2 - In the wind power sector, large offshore wind projects are being released in multiple regions, accelerating deep-sea layout [1] - In energy storage, domestic procurement data remains high in the first half of the year, European large-scale storage tenders exceed expectations, and the demand for household storage is recovering [1] - The implementation of China's first mandatory energy storage national standard GB 44240-2024 is driving the upgrade of industry safety standards [1] Group 3 - The hydrogen energy industry is seeing advancements across the entire chain of "production, storage, transmission, and utilization," with salt cavern hydrogen storage projects commencing and technology research and development accelerating [1] - The electric grid equipment sector is benefiting from increased capital expenditure expectations from companies like Microsoft and Meta, with demand for AIDC power equipment expected to rise [1] - Overall, the renewable energy industry is characterized by a coexistence of supply-demand dynamics and policy-driven factors, with structural opportunities emerging in various sub-sectors [1] Group 4 - The photovoltaic 50ETF (159864) tracks the photovoltaic industry index (931151), which selects listed companies involved in the entire solar photovoltaic power generation industry chain, covering upstream raw materials, midstream manufacturing, and downstream applications [1] - This index reflects the overall performance of listed companies in the photovoltaic industry and is characterized by high growth potential and technological drivers, making it an important representative in the renewable energy sector [1]

Core Viewpoint - Guodian NARI Technology Co., Ltd. has experienced significant financing activity, with a net financing outflow of 288.69 million yuan last week, ranking sixth in the market, indicating potential investor concerns or profit-taking behavior [1] Financing Activity - Last week, Guodian NARI had a financing buy amount of 290 million yuan and a repayment amount of 578 million yuan [1] - Over the past five days, the main capital inflow was 96.75 million yuan, with a price increase of 2.94% [1] - In the last ten days, the main capital outflow was 257 million yuan, with a price decrease of 3.1% [1] Company Overview - Guodian NARI Technology Co., Ltd. was established in 2001 and is located in Nanjing, primarily engaged in software and information technology services [2] - The company has a registered capital of 803.21 million yuan and a paid-in capital of 69 million yuan [1] - The legal representative of the company is Zheng Zongqiang [1] Investment and Intellectual Property - The company has made investments in 42 enterprises and participated in 5,000 bidding projects [2] - Guodian NARI holds 13 trademark registrations and 5,000 patent registrations, along with 181 administrative licenses [2]