Macro Strategy - The report discusses the "K-shaped differentiation" in China's consumption market, highlighting the split between high-end quality consumption and high cost-performance consumption driven by changes in income structure and generational shifts [6][8] - The K-shaped differentiation reflects a shift in consumer behavior, where emotional value is increasingly prioritized alongside practical value, leading to diverse consumption choices [6][8] - Retailers are adapting to this differentiation by adjusting their brand strategies and product offerings to cater to both ends of the consumer spectrum [6][8] Fixed Income - The report analyzes the current state of urban investment bonds in Fujian Province, indicating a high-pressure regulatory environment aimed at consolidating debt reduction achievements [2][12] - Fujian's economic performance is solid, with a GDP of 57,761 billion yuan and a growth rate of 5.50% in 2024, alongside a strong fiscal position with a public budget revenue of 3,615.29 billion yuan [2][12] - The report suggests a strategy of "regional digging → duration selection → rating down" for investment in urban investment bonds, emphasizing the importance of extending durations and focusing on platforms with strong debt repayment capabilities [2][12] Industry Analysis - The report highlights the growth potential of Meili Tianyuan Medical Health (02373.HK), which has established a comprehensive ecosystem in beauty and health management, showing strong revenue growth and profitability [4][13] - The company is expected to achieve net profits of 3.1 billion, 4.1 billion, and 5.2 billion yuan from 2025 to 2027, with corresponding growth rates of 36.67%, 31.79%, and 25.86% [4][13] - MINIMAX-WP (00100.HK) is positioned as a benchmark for AI export from China, with projected revenues of 0.81 billion, 1.95 billion, and 3.99 billion USD from 2025 to 2027, reflecting a compound growth rate exceeding 130% [5][15]

中证报中证网讯(记者罗京)在新质生产力加速成为经济增长核心引擎的当下，创投机构作为连接科技创 新与产业发展的关键纽带，正发挥着不可替代的资本赋能作用。在宁波，有一家行事低调却实力雄厚的 本土创投机构——宁波东元创业投资有限公司。 作为宁波首家创投机构，东元创投自2005年5月成立以来，以耐心资本陪伴30余家宁波本土企业成长， 培育出8家上市公司，在先进制造、新能源、新材料、半导体等战略性新兴产业领域精准布局，成为宁 波新质生产力培育的隐形推手。 东元创投总经理张健华深耕创投行业超20年，主导投资多个明星项目。他近日接受中国证券报记者采访 时表示："新质生产力的核心是科技创新，创投机构的使命就是搭建资本与科技的桥梁，用长期主义陪 伴企业突破技术瓶颈，这既是我们的坚守，也是宁波产业优势与资本力量的同频共振。" 新能源赛道的锦浪科技（300763），是东元创投耐心赋能的典型样本。张健华介绍，2005年，王一鸣回 国创立锦浪科技时，东元创投便敏锐捕捉到新能源潜力，从2007年初步接触到2013年、2016年两轮投 资，再到2023年适时退出，用6年跟踪、10年陪伴见证该公司成长为全球光伏组串逆变器龙头。 "新质生产力 ...

证券研究报告·公司点评报告·光伏设备 固德威（688390） 股票激励业绩目标高增，大幅受益澳洲户储 爆发 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,353 | 6,738 | 9,105 | 13,497 | 15,583 | | 同比（%） | 56.10 | (8.36) | 35.12 | 48.25 | 15.46 | | 归母净利润（百万元） | 852.10 | (61.81) | 230.19 | 902.05 | 1,189.38 | | 同比（%） | 31.24 | (107.25) | 472.41 | 291.88 | 31.85 | | EPS-最新摊薄（元/股） | 3.51 | (0.25) | 0.95 | 3.71 | 4.89 | | P/E（现价&最新摊薄） | 21.86 | (301.34) | 80.92 | 20.65 | 15.66 | [Table_T ...

锦浪科技（300763.SZ）1月7日在投资者互动平台表示，公司在美国销售的产品包括并网逆变器和储能 逆变器，主要应用于光伏发电领域。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司在美国销售哪些产品？是否用于电网或储能领 域？ ...

12月26日，禾迈股份盘中上涨2.02%，截至10:04，报98.61元/股，成交3566.06万元，换手率0.29%，总 市值122.35亿元。 资金流向方面，主力资金净流入44.97万元，大单买入498.16万元，占比13.97%，卖出453.19万元，占比 12.71%。 禾迈股份所属申万行业为：电力设备-光伏设备-逆变器。所属概念板块包括：储能、逆变器、太阳能、 光伏玻璃、中盘等。 截至9月30日，禾迈股份股东户数1.02万，较上期增加3.82%；人均流通股12134股，较上期减少3.68%。 2025年1月-9月，禾迈股份实现营业收入13.23亿元，同比增长4.57%；归母净利润-5911.54万元，同比减 少124.07%。 分红方面，禾迈股份A股上市后累计派现13.06亿元。近三年，累计派现11.86亿元。 责任编辑：小浪快报 禾迈股份今年以来股价跌9.92%，近5个交易日涨2.72%，近20日跌0.16%，近60日跌11.74%。 资料显示，杭州禾迈电力电子股份有限公司位于浙江省杭州市拱墅区康桥街道候圣街99号财智顺丰创新 中心5幢6层，成立日期2012年9月4日，上市日期2021年12月20 ...

Group 1 - The core view of the report indicates that the convertible bond market in 2025 is expected to experience a "double hit" of parity and premium rates, transitioning from "equity replacement" to "debt market supplementary income" in 2026 [1][2] - The report anticipates that the supply of convertible bonds will continue to shrink by 5.3% to 27.6% in 2026, with a notable increase in the issuance of convertible bonds from the ChiNext board, which may provide quality supply in the next two years [1][8] - Demand for convertible bonds is driven by the pursuit of elastic products, with significant growth in the scale of secondary bond funds and the potential for primary bond funds to increase their positions [1][19] Group 2 - The valuation outlook suggests that the premium rate for convertible bonds may not significantly rise, as the current 30% premium rate implies expectations of at least a 30% increase in the underlying stock [1][36] - The report highlights that the convertible bond market may see localized profit opportunities, particularly if the underlying stock market maintains a slow bull trend, with a focus on sectors such as technology and new energy [1][42] - The strategy for 2026 emphasizes the importance of focusing on industry rotation and individual bond marginal changes, recommending a concentrated position in core alpha opportunities [1][48]

崧盛股份 20251221 摘要 商业航天领域谐波减速器需求激增，受益于新网、G60 等大规模卫星部 署项目，以及在轨维护机器人卫星等新兴应用，市场潜力巨大，预计需 求总量达数万台。 中顺股份航天用谐波减速器单价约 5 万元，远高于民用产品，主要因材 料成本（耐真空非金属材料、特殊润滑）、严苛质控（真空高低温试验、 震动模拟）及全尺寸检测等因素。 中顺股份在航天减速器市场已实现全覆盖，主要客户包括银河航天、上 海机务所等头部企业及中科院下属研究所，商业航天领域信任度高，预 计未来市场份额可达 50%以上。 中顺股份积极拓展机器人减速器市场，已与国内外头部企业建立联系并 完成送样测试，产品反馈良好，并为国内人形机器人企业提供技术支持， 持续进行技术迭代以保持竞争力。 公司已投资购置检测设备并招聘员工，以提升产能，满足未来两年航空 航天和机器人订单增长需求。新增自动化装配线后，年产量可达七八万 台，进一步扩充可达 10 万台。 Q&A 中顺股份的谐波减速器在商业航天领域有哪些具体应用场景？ 谐波减速器在商业航天领域的应用主要包括以下几个方面：首先是卫星的天线 指向机构和太阳翼展开机构，这些都需要用到谐波减速器。其 ...

过去十年，强曝光策略是中国企业打开国际市场的常用方式。然而由行业意见领袖、技术专家、员工与 创作者构成的"新权威"，正在取代品牌自述，成为全球市场新的信任货币。 LinkedIn 最新全球调研显 示：80% 的 B2B 营销人正在增加对社区与专家内容的投入。2026 年更审慎的全球预算支出，也要求营 销人能将每一分钱都投向真正影响决策的人。品牌是否能被可信的第三方持续提及、引用和背书，也成 为中国企业打造长期品牌形象，建立新全球化叙事的关键助力。 既做技术引领者，也要把"遥控器"交给每个终端用户 "所有的品牌建设都要围绕终端用户而建立，即使作为光伏、储能这样专业技术的提供者，我们要面对 的终究是每一位使用绿色能源的用户，而他们也会最终成为绿色能源的产消者"，固德威副总裁王英歌 坚定地表达了公司的全球化品牌营销理念。 过去三年，依托硬核技术实力与成熟供应链优势，中国品牌不仅实现了海外市场从 0 到 1 的突破，更显 著提升了全球影响力。而未来的竞争决胜关键，正转向一个更复杂且更具长效价值的核心命题 ——如 何在全球市场构建可持续、高信任度的品牌心智。 从全球营销趋势来看，一方面B2B 买家群体显著年轻化，决策链 ...

Core Insights - The energy storage industry is transitioning from simple scale and price competition to a multi-dimensional competition focusing on technological innovation, globalization, integrated layout, and capital strength [2][3]. Group 1: Industry Trends - A new generation of young leaders is emerging in the energy storage sector, characterized by their strategic execution and modern growth experiences, driving deep integration of industry, capital, and technological innovation [3]. - The "China Lithium Battery Annual Top Ten Young Leaders" selection aims to identify outstanding young leaders under 40 who are forward-thinking and innovative, contributing to the growth and market share of their companies [3]. Group 2: Company Achievements - DeYe Co., established in 2000, has shifted focus to the photovoltaic and energy storage sectors, achieving a global market share of 50% in inverter exports to South Africa, with energy storage revenue projected to account for nearly 40% of total revenue by 2024 [7][8]. - Trina Solar, founded in 1997, has optimized its business structure to include photovoltaic products, energy storage, system solutions, and digital energy services, with a cumulative energy storage system shipment exceeding 10GWh [13][14]. - Ruipu Lanjun, established in 2017, has become a global leader in portable energy storage, with a revenue of RMB 94.91 billion in the first half of 2025, marking a 24.9% increase year-on-year [18][19]. - Jinlang Technology, founded in 2005, has seen a 313.51% increase in energy storage revenue in the first half of 2025, making it the fastest-growing segment of the company [23]. - Penghui Energy, established in 2001, achieved a significant turnaround in Q3 2025, with a revenue increase of 74.96% and a net profit increase of 977.24% [29][30]. - Guoxuan High-Tech, primarily engaged in the development and production of energy storage battery systems, ranked seventh globally in power battery installation volume in 2025 [33]. - Pylon Technologies, established in 2012, has delivered over 2 million energy storage systems, achieving a revenue of RMB 20.13 billion in the first three quarters of 2025, a 42.52% increase year-on-year [41][42].

Core Insights - The Shenzhen International Energy Storage Technology Exhibition 2026 will take place from August 26 to 28, 2026, at the Shenzhen International Convention and Exhibition Center, focusing on the energy storage industry and its advancements [1][9]. Industry Overview - China, as the world's largest energy producer and consumer, has established a comprehensive clean energy equipment manufacturing industry chain, including hydropower, nuclear power, wind power, and solar energy, leading to unprecedented opportunities for the energy storage sector [1]. - According to the National Energy Administration, by the first half of 2024, the cumulative installed capacity of new energy storage projects in China reached 44.44 million kilowatts (99.06 million kilowatt-hours), representing a growth of over 40% compared to the end of 2023 [1]. Exhibition Details - The exhibition will showcase a wide range of energy storage technologies and materials, energy storage power stations, EPC engineering related facilities, liquid cooling technology, grid dispatch and automation control, and intelligent metering and electricity management systems [2]. - Over 800 leading global suppliers from the energy storage industry are expected to participate, with an exhibition area exceeding 40,000 square meters, making it the largest and most professional international energy storage event in South China [2]. Exhibition Scope - The exhibition will include various sections such as energy storage technology, energy storage systems and solutions, battery technology, battery materials and components, and hydrogen energy and fuel cell industries [6][7]. - Specific areas will feature different types of energy storage batteries, systems, and equipment, including lithium-ion batteries, sodium-sulfur batteries, supercapacitors, and various energy management systems [6][7].