Core Viewpoint - The continuous emergence of "GWh-level" energy storage orders overseas demonstrates that leading Chinese energy storage companies are becoming a key force in changing the global energy storage landscape [2] Group 1: Overview of Energy Storage Orders - From 2025 to present, the top 10 energy storage giants have signed overseas orders totaling 166.26 GWh, which is 2.04 times the new installed capacity of the overseas energy storage market in 2024 (81.5 GWh) [2] - Australia leads with an order volume of 41.16 GWh, followed by the Middle East with 38 GWh, and Asia (excluding China) with 33.642 GWh [2] - All top 10 energy storage companies have overseas order volumes exceeding 4 GWh, with six companies surpassing 10 GWh. The top three are CATL (52.9 GWh), Hicharge (34.01 GWh), and BYD (19.7 GWh) [2][3] Group 2: Company-Specific Orders - CATL has secured 52.9 GWh of orders across Australia, Asia, the Middle East, and North America [3] - Hicharge has 34.01 GWh of orders in Asia, the Middle East, Australia, North America, and Europe [3] - BYD has 19.7 GWh of orders in the Middle East, South America, Europe, and North America [3] Group 3: Potential Risks and Market Dynamics - Many overseas orders are merely intention orders, with execution cycles lasting 2-3 years or longer. The global energy storage industry is facing unprecedented challenges, and the surge in overseas orders may mask underlying risks [5] - The bankruptcy of Powin, a former top 3 global energy storage system integrator, could impact the globalization efforts of many companies. Powin has built and is constructing energy storage systems exceeding 17 GWh globally [5][6] - The future of global industry development and policy may lead to more overseas projects being delayed or terminated, significantly affecting the globalization of the energy storage industry [5][6] Group 4: Financial Health and Industry Competition - Maintaining financial health is crucial as the industry faces intense competition. Historically, financially healthy companies are more likely to survive industry downturns, while financially weak companies may face severe challenges, including debt defaults or bankruptcy [7] - Companies must prioritize survival before expanding their global market influence and reach [7]

格隆汇12月8日丨果下科技(02655.HK)发布公告，公司拟全球发售3385.29万股H股，中国香港发售股份 338.53万股，国际发售股份3046.76万股(以上可予重新分配及视乎发售量调整权及超额配股权行使与否 而定)；2025年12月8日至12月11日招股；发售价为每股发售股份20.1港元，H股的每手买卖单位将为100 股，光大证券国际为独家保荐人；预期股份将于2025年12月16日开始在联交所买卖。 假设发售价为每股H股20.1港元，且发售量调整权及超额配股权未获行使，集团将自全球发售收取所得 款项净额约6.056亿港元。集团拟将从全球发售中获得的所得款项净额用作以下用途：(1)约44.0%将用于 提升集团的研发能力，其中：(i)约14.0%将用于提升集团的人工智能研发能力，(ii)约15.0%将用于提升 集团国内业务的研发力度，及(iii)约15.0%将用于促进海外业务的研发工作；(2)约19.0%将用于建设海外 运营及服务网络，以支持国际化增长策略；(3)约27.0%将用于扩大集团大型储能系统产品、工商业储能 系统产品及户用储能系统产品的产能，以进一步支持集团的增长策略，并大幅降低因现行产能限制 ...

Core Viewpoints - The article emphasizes the expectation of a robust economic start in 2026 driven by proactive macro policies and structural reforms as part of the "14th Five-Year Plan" [1][5] - The appreciation of the RMB is anticipated to improve, nearing the "7" mark against the USD [1][19] Focused Commentary - Wu Qing highlights the importance of enhancing the inclusivity and adaptability of capital market systems during the "14th Five-Year Plan" period, focusing on public fund reforms and aligning investor interests [3] - The article discusses the need for a binding mechanism for public funds to ensure investor profit and loss are core to assessments, promoting the development of equity funds and index investments [3] Equity Market - CITIC Securities predicts a more proactive policy direction in the upcoming Central Economic Work Conference, with a focus on consumption expansion, technological innovation, and real estate risk mitigation [5] - Huaxia Fund suggests that the "spring rally" may start earlier due to key meetings, improved macro liquidity, and easing of funding pressures, recommending a focus on AI, domestic demand recovery, and resource sectors [6] -招商证券 notes that December's market will be influenced by the Federal Reserve's meetings and domestic conferences, with a preference for large-cap stocks and blue-chip dividends [7] Industry Research - Galaxy Securities indicates that the power industry will see opportunities for capacity upgrades during the "14th Five-Year Plan," with a focus on stable profitability in thermal power and growth in nuclear power [12] - Harvest Fund expresses optimism for the energy storage sector, highlighting its transition to a growth phase driven by policy and technological advancements [13] - CITIC Construction Investment Securities sees significant growth potential in the low-altitude economy, predicting a market size exceeding one trillion by 2030 [14] Macro and Fixed Income - Huatai Securities anticipates a gradual appreciation of the RMB, with a forecast of 6.82 against the USD by the end of 2026, driven by strong export growth and seasonal currency settlement peaks [19] - Bosera Fund notes a cautious sentiment in the bond market, with a need for clearer signals of policy easing to boost demand [20] - Guotai Fund believes that the bond market may see a recovery opportunity following recent volatility, suggesting it could be a good time for long-term positioning [21] Asset Allocation - CICC recommends maintaining a "barbell" strategy in asset allocation, combining dividend stocks with technology investments, while adjusting weights based on market conditions [23]

经过多年深耕，集团于往绩记录期间实现了高速增长。集团的收入由截至2022年12月31日止年度的人民 币1.42亿元增至截至2023年12月31日止年度的人民币3.14亿元，并进一步增至截至2024年12月31日止年 度的人民币10.26亿元，复合年增长率为168.9%。集团的收入由截至2024年6月30日止六个月的人民币 9060万元增至截至2025年6月30日止六个月的人民币6.91亿元。集团的毛利由截至2022年12月31日止年 度的人民币3560万元增加至截至2023年12月31日止年度的人民币8400万元，并进一步增加至截至2024年 12月31日止年度的人民币1.55亿元，复合年增长率为108.6%。集团的毛利由截至2024年6月30日止六个 月的人民币1180万元增加至截至2025年6月30日止六个月的人民币8630万元。截至2022年、2023年及 2024年12月31日止年度以及截至2024年及2025年6月30日止六个月，集团的毛利率分别为25.1%、 26.7%、15.1%、13.0%及12.5%。 集团已与下惠开香港经济发展有限公司(惠开香港)、Dream'ee (Hong Kong) ...

作为一家中国储能行业的可再生能源解决方案及产品提供商，集团专注于研发并向集团的客户及终端用 户提供储能系统解决方案及产品。集团的储能系统解决方案和产品广泛应用于中国市场及海外市场的大 型电源侧及电网侧以及工商业及家庭场景。根据灼识咨询，集团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。 集团已与下惠开香港经济发展有限公司(惠开香港)、Dream'ee(Hong Kong)Open-ended Fund Company(Dream'ee HK Fund)及雾凇资本有限公司(雾凇资本)订立基石投资协议(各称及统称基石投资协 议)，据此，基石投资者已同意在若干条件规限下，按发售价认购或促使其指定实体认购一定数量的发 售股份(向下约整至最接近每手100股H股的完整买卖单位)，可供认购总金额为7425万港元(假设发售价 为20.1港元)，且不包括经纪佣金、证监会交易征费、会财局交易征费及联交所交易费(基石配售)。基于 发售价每股发售股份20.1港元，基石投资者将予认购的发售股份总数将为369.4万股H股。 果下科技(02655)于2025年12月8日-202 ...

固收金工 [Table_FixedGain] 2026 年可转债年度策略： 内生时代，博弈稀缺 证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-12-08 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观深度报告 20251205：六部委"供需适配政策"精准发力"新消费" 新消费有望逐步接棒传统消费，成为拉动我国商品消费的主要动力 目前四季度到 26 年一季度仍是抢筹建仓的重要窗口，26 年主线仍将围绕 双碳+AI 双驱动的"源网荷储"全线链条展开，网荷衔接段、泛储题材以 及荷载端侧软硬件方向优于源网传统概念，这其中"扩散"会成为变奏 曲，关注三个维度带来的边际弹性 1）大盘向中小盘扩散；2）核心题材 向边缘题材扩散；3）第一梯队向第二梯队扩散；其中转债本身仍以中小 盘边缘题材第二梯队标的为主的特征将充分受益于这一边际变化；同时 待发行转债主线含量明显上升，一级半、次新策略带来的超额收益将倒逼 转债投资人拥抱科技，转债供需格局进一步优化，主线标的可获得性进一 步改善，内生增长下再融资资产搁浅概率收敛，或摆脱转债发行即内卷的 外生增长下的怪圈，26 年胜负手或取决于 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Insights - The energy storage lithium battery sector is experiencing strong demand even in the off-season, with significant growth expected in 2025. The report highlights advancements in humanoid robotics and artificial intelligence-driven automation (AIDC) as key growth areas [1][3] Industry Trends - The electric equipment sector saw a slight increase of 0.22%, underperforming compared to the broader market. Wind power rose by 3.48%, while solar energy saw a decline of 1.61% [3] - The humanoid robot sector is gaining momentum, with significant developments such as the establishment of a national training base for humanoid robots in Beijing and the launch of emotional companion robots by companies like UBTECH [3] - In energy storage, there is a push for virtual power plant models in photovoltaic projects, and integrated "source-grid-load-storage" systems are being promoted in pilot areas [3] Market Data - In November, the wholesale sales of new energy vehicles in China reached 1.72 million units, a year-on-year increase of 20% [3] - The average price of cobalt increased by 2.6% to 413,500 CNY per ton, while lithium carbonate prices saw a slight decrease of 0.5% [3] - The report notes that the total investment in the power grid is projected to be 23.1 billion CNY, with the approval of a high-voltage AC project expected to commence next year [3] Investment Strategy - The report emphasizes the expected 60%+ growth in large-scale energy storage demand in China, driven by new pricing policies and robust market conditions. It forecasts a global energy storage installation growth of 50-60% in the coming year [3] - The report recommends several companies for investment, including CATL, Sungrow Power, and BYD, highlighting their strong market positions and growth potential [6]

Core Viewpoint - The overall market performance in the current year has been positive, with most stocks experiencing an increase, but there is significant differentiation based on fundamentals [4] Group 1: Market Performance - The cyclical industries are facing weak overall demand, while some sectors benefit from positive changes on the supply side, showing signs of profit recovery [4] - The real estate sector continues to see both volume and price declines, with over half of the companies reporting losses in the first three quarters [4] - The liquor industry is also experiencing structural demand decline, with many companies reporting rare negative profit growth in a single quarter [4] - Banks are showing weak cyclical characteristics, but have achieved positive returns this year due to a favorable interest margin [4] Group 2: Investment Strategy - The differentiation in the stock market has led to varied performance among fund managers, with the current portfolio showing slower growth [5] - The focus has been on learning about sectors like AI, semiconductors, and innovative pharmaceuticals, which occupy a significant portion of research time [5] - The portfolio has not changed much, indicating a low turnover rate, suggesting that new knowledge has not been effectively integrated into investment decisions [5] Group 3: Investment Philosophy - Understanding the valuation of a stock is complex and can be both quantitative and qualitative [6] - The concept of "weight" in stocks is emphasized, where long-term dividend discounting plays a crucial role in valuation [6] - The distinction between "derivative" and "integral" investment philosophies is highlighted, with each having its own merits and challenges [6] Group 4: Risk Assessment - The value of an investment can be compared to a chicken's ability to lay eggs, where various uncertainties exist regarding its future productivity [7] - The importance of negative imagination in investment decisions is stressed, as it can help mitigate potential losses [7] Group 5: Long-term Perspective - The overall returns for investors in the secondary market are derived from total dividends minus transaction costs, emphasizing the competitive nature of investment returns [8] - The company has achieved a mixed performance over the past seven years compared to the CSI 300 Total Return Index, with a goal of navigating through market cycles successfully [8]

Investment Rating - The report maintains an "Overweight" rating for the industry [3] Core Insights - The wind power equipment sector is experiencing positive fundamentals, with price increases for LFP (Lithium Iron Phosphate) and separators [1] - The report highlights a strong demand for energy storage and the upward trend in lithium battery material prices [5] - The report emphasizes the strategic partnerships and expansions among key players in the lithium battery and energy storage sectors [5] Summary by Sections Lithium Battery Sector - LFP prices have increased by over 3000 yuan per ton, with long-term contracts covering over 1 million tons signed by major companies [12] - The price of lithium battery separators has been raised, with wet separators increasing by 30% [13] - Notable contracts include Nord's agreement to supply over 373,000 tons of copper foil to a major client over three years [14] and Enjie’s acquisition of a company to expand separator production capacity by 4 billion square meters [16] Energy Storage Sector - The National Development and Reform Commission has included energy storage facilities in the 2025 REITs project scope, indicating a growing recognition of energy storage's importance [22] - A significant upgrade project in Henan aims to enhance coal-fired power plants' flexibility and efficiency, with 33 projects totaling 4.8GW planned [23] Power Equipment Sector - Starting in 2026, the proportion of fixed costs recovered through capacity pricing will increase to no less than 50%, up from 30% in previous years, marking a significant shift in the power market [26] Photovoltaic Sector - The report notes a stable price for silicon materials, with the average price for polysilicon remaining at 52 yuan per kilogram [33] - Silicon wafer prices have decreased, with expectations of further reductions due to high inventory levels and weak demand [33] Wind Power Sector - The report indicates ongoing progress in offshore wind projects, with several major projects in China and Europe moving forward [5] - Key companies benefiting from this trend include leading cable manufacturers and turbine producers [5]

Investment Ratings - The report maintains a "Buy" rating for both the power equipment and environmental protection sectors [1]. Core Views - The report expresses a positive outlook on the hydrogen, ammonia, and methanol sectors, as well as the energy storage industry chain, highlighting significant investment opportunities [2][20]. - Domestic energy storage has shown strong bidding data, with November seeing a total of 10GW/29.7GWh completed, predominantly from independent storage projects [1][6]. - The report emphasizes the ongoing demand for energy storage in the U.S. and other countries, particularly in the context of data centers and reconstruction efforts in Ukraine [2][6]. - The hydrogen, ammonia, and methanol sectors are expected to gain more investment due to favorable policies and market conditions, particularly in light of the EU's carbon tariff [2][20]. Summary by Sections Energy Storage - Domestic energy storage remains robust, with high levels of bidding activity and production expected to continue into 2026 [1][6]. - The U.S. continues to face electricity shortages, driving demand for energy storage solutions, particularly in data centers [2][6]. - The report notes that the independent energy storage market is expected to establish a complete revenue model through various market segments [1]. Wind Power - The report indicates a significant increase in domestic wind power installations, with a 52.86% year-on-year growth in new installations from January to October 2025 [8][12]. - The bidding capacity for wind power equipment has also seen substantial growth, with a 90% increase in 2024 compared to the previous year [12][20]. Lithium Battery - The report highlights a stable production outlook for lithium batteries, with expectations for strong demand in December, particularly from the new energy vehicle sector [21][24]. - The supply chain for lithium materials is expected to stabilize, with a focus on investment opportunities in lithium mines and separators [21][24]. Investment Recommendations - The report suggests focusing on companies involved in overseas wind power and energy storage, particularly those that can benefit from the growing demand in Europe and the U.S. [20][24].