Core Viewpoint - The "anti-involution" research trend is gaining momentum in the A-share market, with expectations that it may become the main theme for the next market phase, benefiting various sectors such as lithium batteries, photovoltaics, coal, steel, chemicals, energy, and construction materials [2][3][4]. Group 1: Research and Analysis - In the past week, a total of 176 research reports on the "anti-involution" theme were published by institutions, covering multiple industries including strategy, macroeconomics, steel, fossil energy, electrical equipment, building materials, non-ferrous metals, chemicals, and aquaculture [2]. - The "anti-involution" theme has become a focal point in analyst roadshows, with 79 related events held in the past week, indicating a strong institutional interest [2]. - Analysts believe that the current round of "anti-involution" has a higher standing, broader coverage, and stronger synergy, with potential implications for the market's next phase [3]. Group 2: Policy and Market Implications - The Central Financial Committee's recent meeting emphasized the need to promote a unified national market and address issues of low-price competition, which has led to increased attention on "anti-involution" in the capital market [3]. - The "anti-involution" policy is expected to unfold in three stages: policy expectations, price increases, and demand expansion, with a focus on sectors that may experience a turnaround [4]. Group 3: Beneficiary Industries - Key sectors expected to benefit from the "anti-involution" policies include: - Midstream and downstream manufacturing such as lithium batteries, photovoltaics, wind power, passenger vehicles, paper, and medical devices - Service and consumer sectors like food processing, express delivery, and small appliances - Resource materials including steel, cement/glass, consumer building materials, chemical fibers/agricultural chemicals, and energy metals - Real estate-related sectors such as kitchen appliances and home furnishings [5][6]. - The steel industry is highlighted for its potential bottom reversal, with supply-side reforms and improved profitability expected [8]. Group 4: Sector-Specific Insights - The photovoltaic industry is entering a high-quality development phase, with significant stock price increases observed in related sectors [9]. - Analysts suggest that the photovoltaic sector's recovery will depend on effective supply-side reforms and the establishment of a long-term mechanism for eliminating outdated capacity [9]. - Recent downgrades in specific photovoltaic stocks indicate a cautious outlook despite the overall positive sentiment in the sector [10].

5）公司核心逻辑：公司绑定半导体设备+晶圆厂龙头客户，期待半导体射频电源加速、推升业绩增 长。未来随光伏见底+半导体订单提速，公司未来成长空间大。 英杰电气：光伏电源龙头；半导体电源、光伏电池、充电桩储能打开成长空间1）光伏电源：——硅料 电源：公司为市占率超70%的龙头。——硅片电源：公司市占率75-80%、龙头领先，绑定核心设备厂 +硅片厂。——电池电源：公司布局HJT、TOPCon 类PECVD、PVD、扩散等环节电源，为国产替代领 军者，实现批量供应。 投资要点 2024 年报&2025Q1 业绩：短期承压；期待半导体射频电源进展提速1）2024 年报：营收17.8 亿元，同 比增长0.6%；归母净利润3.2 亿元，同比下滑25.2%。年毛利率38.5%，同比提升1.3pct；净利率18.8%， 同比下降5.5pct。 收入结构——光伏：8.7 亿元、同比下滑10.3%，毛利率28.5%、同比-2.4pct；半导体：3.5亿元、同比增 长6.4%，毛利率54%、同比+11.1pct；其他领域：5.5 亿元、同比增长18.9%，毛利率44.6%、同 比-2pct。 2）2025Q1 业绩：营收3.3 亿 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company is experiencing short-term pressure on performance, with expectations for accelerated progress in semiconductor RF power supply technology as it moves towards 5nm advanced processes [1][2] - The company has established itself as a leader in photovoltaic power supply, with a market share exceeding 70%, and is also making significant strides in the semiconductor power supply sector, which has become its second-largest revenue source after photovoltaics [2][3] - The company is focusing on key processes such as semiconductor etching and thin film deposition, while also expanding into emerging fields like silicon carbide epitaxy and composite copper foil [2] Financial Summary - For 2024, the company reported revenue of 1.78 billion yuan, a year-on-year increase of 0.6%, and a net profit of 320 million yuan, a decline of 25.2% [1] - The gross margin for 2024 was 38.5%, an increase of 1.3 percentage points year-on-year, while the net margin was 18.8%, a decrease of 5.5 percentage points [1] - The company expects net profits to grow significantly from 449 million yuan in 2025 to 712 million yuan in 2027, reflecting year-on-year growth rates of 39%, 21%, and 31% respectively [4]