证券研究报告 双良节能 (600481 CH) 硅片盈利改善可期，设备业务持续推进 2025 年 9 月 01 日│中国内地 新能源及动力系统 双良节能公布上半年业绩：2025H1 收入 43.9 亿元，同比-37.1%，归母/扣 非净利-6.0/-6.0亿元，同比大幅减亏（24H1归母/扣非净利-12.6/-14.0亿元）， 主要系资产减值损失收窄。光伏方面，公司持续推进硅片工艺优化，实现降 本增效，后续随着产业链价格提升，盈利改善可期。设备方面，公司积极布 局绿电制氢电解槽、数据中心液冷等设备，有望打造第二成长曲线。我们看 好公司硅片业务盈利触底修复，设备业务贡献新增量，维持"增持"评级。 25Q2 减值拖累净利，费用率下降显著 25Q2 公司实现归母净利-4.4 亿元，扣非净利-4.4 亿元，亏损环比加剧，主 要源于国内光伏抢装结束后市场需求放缓，产业链价格持续下跌，导致硅片 业务盈利下降，存货减值压力提升。25Q2 公司毛利率-1.3%，环比下降 5.8pct，资产减值损失 1.7 亿元，环比增加 1.8 亿元。受益于出货规模提升， 25Q2 公司期间费用率为 11.9%，环比下降 2.4pct，其中 ...

Core Viewpoint - The article discusses the latest holdings of the "National Team" in the A-share market as of the end of Q2 2025, highlighting their significant investments in traditional industries, particularly in the financial sector, and the performance of their key stocks. Group 1: National Team Holdings Overview - As of the end of Q2 2025, the "National Team" was involved in 804 A-share companies, with a total holding value of approximately 44,362 billion yuan, an increase of about 2,312 billion yuan from the previous quarter [3][5]. - The "National Team" includes entities such as Central Huijin, China Securities Finance, and social security funds, which play a crucial role in stabilizing the market [3][20]. Group 2: Sector Allocation - 85% of the "National Team's" holdings are concentrated in the financial sector, with bank stocks alone accounting for 33,124 billion yuan, representing 74.67% of their total holdings [5][8]. - Other sectors with significant holdings include food and beverage, public utilities, and construction decoration, each exceeding 500 billion yuan [5]. Group 3: Stock Performance - Among the "National Team's" major holdings, 10 companies saw stock price increases exceeding 100% since April 2025, with notable performances from AI computing and innovative pharmaceutical companies [8][10]. - A total of 25 companies with holdings over 1 billion yuan experienced stock price increases of over 60% since April, indicating strong market performance [8]. Group 4: Major Holdings - The "National Team" held over 10 billion yuan in 152 companies, with 33 companies exceeding 100 billion yuan in holdings [10]. - Major bank holdings include China Bank (11,158.12 billion yuan), Industrial and Commercial Bank (10,608.27 billion yuan), and Agricultural Bank (9,825.95 billion yuan), collectively accounting for over 70% of the "National Team's" A-share holdings [10][12]. Group 5: New Investments and Adjustments - In Q2 2025, the "National Team" initiated positions in 155 new companies and increased holdings in 343 companies, while reducing positions in 136 companies [17]. - Notable new investments include companies in the electronics and biopharmaceutical sectors, with some stocks like Deep South Circuit and Yifang Bio seeing price increases over 100% since April [17][18]. Group 6: Central Huijin and Social Security Fund - Central Huijin holds the largest market value among "National Team" members, with significant investments in major banks [4][28]. - The social security fund has the highest number of holdings, with a focus on maintaining a diversified portfolio across various sectors [4][28].