浦银安盛增长动力混合A（519170）基金经理为宋施怡。 截至发稿，宋施怡累计任职时间1年287天，现任基金资产总规模10.92亿元，任职期间最佳基金回报 70.67%， 任职期间最差基金回报-2.7%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 12月24日，能辉科技涨5.02%，截至发稿，报26.34元/股，成交1.37亿元，换手率4.17%，总市值44.15亿 元。 资料显示，上海能辉科技股份有限公司位于上海市长宁区通协路288弄2号楼3楼，成立日期2009年2月24 日，上市日期2021年8月17日，公司主营业务涉及光伏电站设计、系统集成及投资运营一站式服务。主 营业务收入构成为：光伏电站系统集成96.43%，电站运营3.21%，新能源及电力工程设计0.21%，储能 系统集成0.13%，其他业务0.02%。 从能辉科技十大流通股东角度 数据显示，浦银安盛基金旗下1只基金位居能辉科技十大流通股东。浦银安盛增长动力混合A （519170）三季度新进十大流通股东， ...

机构持仓方面，截止2025年9月30日，能辉科技十大流通股东中，浦银安盛增长动力混合A（519170） 位居第十大流通股东，持股67.19万股，为新进股东。 资料显示，上海能辉科技股份有限公司位于上海市长宁区通协路288弄2号楼3楼，成立日期2009年2月24 日，上市日期2021年8月17日，公司主营业务涉及光伏电站设计、系统集成及投资运营一站式服务。主 营业务收入构成为：光伏电站系统集成96.43%，电站运营3.21%，新能源及电力工程设计0.21%，储能 系统集成0.13%，其他业务0.02%。 截至11月28日，能辉科技股东户数1.25万，较上期减少3.45%；人均流通股9316股，较上期增加6.17%。 2025年1月-9月，能辉科技实现营业收入10.18亿元，同比增长14.03%；归母净利润2333.98万元，同比减 少54.52%。 分红方面，能辉科技A股上市后累计派现1.51亿元。近三年，累计派现9059.59万元。 12月23日，能辉科技涨0.24%，成交额1.71亿元。两融数据显示，当日能辉科技获融资买入额1914.11万 元，融资偿还1895.44万元，融资净买入18.68万元。截至12 ...

Group 1 - The core viewpoint of the news is that Nenghui Technology's stock has increased by 5.63%, reaching a price of 30.20 CNY per share, with a trading volume of 1.08 billion CNY and a turnover rate of 3.30%, resulting in a total market capitalization of 45.99 billion CNY [1] - Nenghui Technology, established on February 24, 2009, and listed on August 17, 2021, specializes in one-stop services for photovoltaic power station design, system integration, and investment operation [1] - The main revenue composition of Nenghui Technology includes 96.43% from photovoltaic power station system integration, 3.21% from power station operation, 0.21% from new energy and power engineering design, 0.13% from energy storage system integration, and 0.02% from other businesses [1] Group 2 - Among the top ten circulating shareholders of Nenghui Technology, the Puyin Ansheng Growth Power Mixed A Fund (519170) has newly entered the list in the third quarter, holding 671,900 shares, which accounts for 0.59% of the circulating shares, with an estimated floating profit of approximately 1.08 million CNY [2] - The Puyin Ansheng Growth Power Mixed A Fund was established on March 12, 2015, with a latest scale of 646 million CNY, and has achieved a year-to-date return of 10.09%, ranking 5508 out of 8130 in its category [2] - The fund manager of Puyin Ansheng Growth Power Mixed A is Song Shiyi, who has been in the position for 1 year and 260 days, with the fund's total asset scale at 1.092 billion CNY, achieving a best return of 59.36% and a worst return of -3.24% during the tenure [3]

Group 1 - On November 14, Nenghui Technology's stock rose by 3.83%, with a trading volume of 278 million yuan [1] - The financing data shows that on the same day, Nenghui Technology had a financing purchase amount of 19.25 million yuan and a financing repayment of 27.54 million yuan, resulting in a net financing outflow of 8.28 million yuan [1] - As of November 14, the total balance of margin trading for Nenghui Technology was 160 million yuan, accounting for 3.55% of its market capitalization, indicating a high level compared to the past year [1] Group 2 - As of September 30, Nenghui Technology had 12,900 shareholders, an increase of 1.48% from the previous period, while the average circulating shares per person decreased by 1.46% to 8,775 shares [2] - For the period from January to September 2025, Nenghui Technology achieved an operating income of 1.018 billion yuan, representing a year-on-year growth of 14.03%, but the net profit attributable to shareholders decreased by 54.52% to 23.34 million yuan [2] Group 3 - Nenghui Technology has distributed a total of 151 million yuan in dividends since its A-share listing, with 90.60 million yuan distributed over the past three years [3] - As of September 30, 2025, among the top ten circulating shareholders of Nenghui Technology, the new shareholder, Puyin Ansheng Growth Power Mixed A (519170), holds 671,900 shares [3]

Group 1 - The core viewpoint of the news is that Nenghui Technology experienced a decline in stock price and trading volume, with significant financing activities indicating high investor interest despite the drop [1][2]. - On November 12, Nenghui Technology's stock fell by 3.23%, with a trading volume of 248 million yuan. The net financing purchase was 2.2 million yuan, while the total financing and securities balance reached 169 million yuan, accounting for 3.77% of the circulating market value [1]. - The company has a high financing balance, exceeding the 90th percentile of the past year, indicating strong investor engagement [1]. Group 2 - As of September 30, Nenghui Technology had 12,900 shareholders, an increase of 1.48%, while the average circulating shares per person decreased by 1.46% to 8,775 shares [2]. - For the period from January to September 2025, Nenghui Technology reported a revenue of 1.018 billion yuan, a year-on-year increase of 14.03%, but the net profit attributable to shareholders decreased by 54.52% to 23.34 million yuan [2]. - The company has distributed a total of 151 million yuan in dividends since its A-share listing, with 90.6 million yuan distributed over the past three years [3].

Group 1 - The core point of the news is that Nenghui Technology's stock price dropped by 5.03% to 24.53 CNY per share, with a total market capitalization of 3.736 billion CNY as of the report date [1] - Nenghui Technology, established on February 24, 2009, specializes in photovoltaic power station design, system integration, and investment operation services, with 96.43% of its main business revenue coming from system integration [1] - The company's revenue breakdown includes: 3.21% from power station operation, 0.21% from new energy and power engineering design, 0.13% from energy storage system integration, and 0.02% from other businesses [1] Group 2 - Among the top ten circulating shareholders of Nenghui Technology, the Puyin Ansheng Growth Power Mixed A Fund (519170) entered the list in the third quarter, holding 671,900 shares, which is 0.59% of the circulating shares [2] - The Puyin Ansheng Growth Power Mixed A Fund has a current scale of 646 million CNY and has achieved a year-to-date return of 16.81% [2] - The fund's performance over the past year shows a return of 12.52%, with a cumulative loss of 4.72% since its inception on March 12, 2015 [2]

Group 1 - The core viewpoint of the news is that Nenghui Technology experienced a decline in stock price and trading volume, with significant financing activities indicating high investor interest despite the drop [1][2]. Group 2 - On October 9, Nenghui Technology's stock fell by 2.08%, with a trading volume of 152 million yuan. The financing buy-in amount was 24.29 million yuan, while the financing repayment was 16.19 million yuan, resulting in a net financing buy of 8.09 million yuan. The total financing and securities balance reached 113 million yuan [1]. - The current financing balance of Nenghui Technology is 113 million yuan, accounting for 2.81% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing [1]. - In terms of securities lending, there were no shares repaid or sold on October 9, with the securities lending balance at zero, which is below the 30th percentile level over the past year, indicating a low level of securities lending [1]. Group 3 - As of June 30, Nenghui Technology had 12,700 shareholders, a decrease of 4.55% from the previous period. The average number of circulating shares per person increased by 4.77% to 8,904 shares [2]. - For the first half of 2025, Nenghui Technology achieved operating revenue of 899 million yuan, a year-on-year increase of 44.80%. However, the net profit attributable to the parent company was 28.77 million yuan, a decrease of 9.47% year-on-year [2]. Group 4 - Nenghui Technology has distributed a total of 151 million yuan in dividends since its A-share listing, with cumulative distributions of 90.60 million yuan over the past three years [3].

Group 1: Business Performance - The synergy effect between photovoltaic and energy storage businesses is expected to significantly improve from 2024 to 2025, effectively addressing challenges in the photovoltaic industry and driving business growth [2][3] - In the first half of 2025, revenue from photovoltaic power station system integration accounted for 96.43%, with household distributed business exceeding 50%, becoming the main growth engine [2][3] - The company achieved an operating income of 867 million yuan in the first half of 2025, a year-on-year increase of 44.45%, with a net profit attributable to shareholders of nearly 30 million yuan, maintaining steady growth [3] Group 2: Market Expansion and Projects - The energy storage system integration has successfully expanded overseas (Europe, Middle East), with significant breakthroughs expected in the second half of the year, projecting revenue in the tens of millions [3][4] - The company has signed a strategic cooperation agreement with Ant Financial for energy + AI projects, focusing on market-based electricity trading and trusted asset blockchain implementation, with significant revenue expected in Q4 [3] - The company has established a sales channel for overseas markets, successfully registered a subsidiary in the Netherlands, and achieved full coverage of mainstream certifications for energy storage products [4]

Group 1: Company Overview - Shanghai Nenghui Technology Co., Ltd. focuses on photovoltaic power station R&D, system integration, and investment operations, while also engaging in new energy products and services such as energy storage and smart microgrids [3] - In the first half of 2025, approximately 96.43% of the company's revenue came from photovoltaic system integration, with other businesses contributing about 3.55% [3] Group 2: Financial Performance - The company's photovoltaic system integration revenue grew by 44.80% in the first half of 2025, while power engineering design revenue more than doubled, and station operation revenue increased by 76.66% [3] - Operating cash flow turned positive, increasing by 179.26% year-on-year [3] - The company reported a decline in profitability due to intense competition in the photovoltaic industry and a stock incentive expense of 11.225 million [7] Group 3: Strategic Initiatives - The company plans to collaborate with Ant Group on "Energy AI Intelligent Agents" to explore new business models and profit growth [4] - The company is actively developing its overseas energy storage business, with projects in Eastern Europe and the Middle East, and has established an overseas energy storage company in the Netherlands [5] Group 4: Market Outlook and Challenges - The company is adapting to new market policies and aims to selectively develop higher-quality projects with better returns [5] - The company has approximately 40 million yuan in contracts signed or under negotiation for heavy-duty vehicle battery swap projects, with optimistic orders expected by the end of Q4 and into next year [6]

Core Viewpoint - The company reported strong revenue growth in H1 2025, driven by accelerated project turnover in the photovoltaic EPC business, although net profit showed a decline year-on-year [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 900 million yuan and net profit attributable to shareholders of 30 million yuan, representing a year-on-year increase of 44.8% and a decrease of 9.5%, respectively [1]. - Q2 2025 revenue and net profit were 590 million yuan and 20 million yuan, showing a year-on-year increase of 56.7% and 5.5% [1]. - The gross profit margin for H1 2025 was 12.4%, down 4.9 percentage points year-on-year, with the photovoltaic system integration gross margin at 10.5%, down 5.9 percentage points [1][2]. Cost Management - The company's expense ratio decreased slightly to 8.3% in H1 2025, down 1.2 percentage points year-on-year, with sales, management, R&D, and financial expense ratios at 2.6%, 3.3%, 1.6%, and 0.8%, respectively [2]. - Operating cash flow improved significantly, reaching 200 million yuan, an increase of 460 million yuan year-on-year, primarily due to increased collections [2]. Business Expansion - The company successfully entered overseas markets for its energy storage systems, targeting Europe and the Middle East, and aims for growth in overseas business volume and local operations [2]. - A new dual-side battery swapping station for electric mining trucks has been established in Xinjiang, indicating potential growth in the heavy truck battery swapping business [2]. Profit Forecast and Valuation - The company adjusted its revenue forecasts upward while lowering profit margin assumptions, predicting net profits of 80 million, 110 million, and 130 million yuan for 2025-2027, with a CAGR of 35.5% [3]. - The target price for the company's stock is set at 26.78 yuan, reflecting a slight increase from the previous target of 21.60 yuan, based on a PEG ratio of 1.5x for 2025 [3].