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动力和储能产销两旺、固态电池催化多 | 投研报告
合人民币142.9亿元),用于建设海上与漂浮式风电机组制造工厂。大金重工:公司制 造的40000吨甲板运输船KING ONE号顺利吉水。 投资策略:储能:国内容量补偿电价逐步出台,大储需求超预期,供应紧张,今明年预 计30-40%增长,美国大美丽法案后今年抢装超预期,预计明后年稳增长,欧洲、中东等新 兴市场大储需求大爆发,持续高增长;欧洲户储去库完成,出货恢复,工商储需求开始爆 发,新兴市场光储平价需求持续,我们预计全球储能装机25-28年的CAGR为30-50%,继续 强推大储,看好大储集成和储能电池龙头。锂电&固态:9月排产略高于此前预期,10月排 产进一步提升10%,旺季再上台阶,且各家指引高景气度延续;其中,储能需求超预期,电 池供不应求,预计供给紧张延续至26年年中,价格已上涨1-3分/wh,预计Q4价格仍有提升 空间,材料方面散单价格已陆续调整,预计小,回调即买点,继续全面看好锂电池板块,首 推宁德、亿纬锂能、欣旺达等。同时材料环节一二线厂商26年长协价格有望跟涨,短期受出 口管制错杀,实质影响极产能已打满,涨价诉求强烈,6F和高压密铁锂涨价可能性高,预 计26年有望开始盈利有望修复,看好科达利、 ...
山西证券研究早观点-20251013
Shanxi Securities· 2025-10-13 01:02
研究早观点 2025 年 10 月 13 日 星期一 【公司评论】宝丰能源(600989.SH):宝丰能源-煤制烯烃龙头企业,内蒙项 目投产打开成长空间 资料来源:最闻 【衍生品研究】新券定价——沈阳软件园 REIT-东北首只公募 REIT 且民营 背景 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,897.03 | -0.94 | | 深证成指 | | 13,355.42 | -2.70 | | 沪深 | 300 | 4,616.83 | -1.97 | | 中小板指 | | 8,293.71 | -2.86 | | 创业板指 | | 3,113.26 | -4.55 | | 科创 | 50 | 1,452.68 | -5.61 | 资料来源:最闻 分析师: 李明阳 执业登记编码:S0760525050002 市场走势 【今日要点】 【行业评论】太阳能:202509 光伏行业月度报告-8 月光伏新增装机同 比下降 55.3%,组件、逆变器出口同比增长 邮箱:limingyang@sxzq.com 2019 年 2 月 ...
转债周度专题:转债新券有何看点?-20251012
Tianfeng Securities· 2025-10-12 11:44
1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Since August, the pace of changes in the supply - demand structure of the convertible bond market has accelerated. On the demand side, insurance funds have rapidly and significantly reduced their holdings of convertible bonds, while the demand from public funds has remained stable. On the supply side, although the number of forced redemptions has increased significantly since August, the enthusiasm for new convertible bond proposals has been high, and the review speed has marginally accelerated [1][10][14]. - The A - share market fluctuated sharply this week. The current A - share market valuation has significantly recovered. Large - scale equipment renewal and consumer product trade - in measures are expected to boost domestic demand, and the export growth rate may decline. The Fed has re - entered the interest rate cut cycle, and the weak resonance between the domestic economic fundamentals and the capital side is expected to gradually start [27]. - Considering the impact of refinancing policies, the subsequent issuance pressure of convertible bonds is expected to be low. The risk of a correction in convertible bond valuations has been temporarily alleviated. However, in the context of stock market volatility and the strong "taking - profits" sentiment of institutions in the fourth quarter, the short - term profit - making effect of the convertible bond market may be weak. Attention should be paid to the band - trading opportunities of convertible bonds in a volatile market [28]. 3. Summary According to the Directory 1. Convertible Bond Weekly Special Topic and Outlook 1.1 What are the Highlights of New Convertible Bond Issues? - Since August, the demand - side of the convertible bond market has seen insurance funds significantly reducing their holdings, while public funds have increased their positions. On the supply - side, new convertible bond proposals have been actively submitted, and the review speed has accelerated. For example, in August, 18 new convertible bond proposals passed the board of directors, reaching the level of March 2023. In September, 17 proposals passed the general meeting of shareholders, and 7 passed the listing committee review, reaching the level of January 2024 [1][10][14]. - As of October 10, there are 4 convertible bond proposals awaiting issuance after obtaining the CSRC's approval for registration, and 8 public convertible bond proposals have passed the listing committee review, with a total scale of 530.5 million yuan. The industry distribution of these convertible bonds is mainly in TMT, advanced manufacturing, and cyclical industries [15][20]. 1.2 Weekly Review and Market Outlook - This week, the A - share market fluctuated sharply. Before the holiday, the A - share market rose, with the new energy industry chain and semiconductors leading the gains. After the holiday, the market first rose and then fell. The current A - share market valuation has recovered, and domestic demand is expected to be boosted, but the export growth rate may decline [27]. - In the convertible bond market, the subsequent issuance pressure is expected to be low. The short - term profit - making effect may be weak, and attention should be paid to band - trading opportunities. Industries to focus on include popular themes such as semiconductors and AI, domestic - demand - oriented sectors, and central state - owned enterprises under the China - specific valuation system [28][29]. 2. Weekly Tracking of the Convertible Bond Market 2.1 The Equity Market Style is Differentiated, and Pro - cyclical Sectors are Strengthening - From September 29 to October 10, the equity market showed mixed performance. The market style was more inclined to large - cap growth stocks. 26 Shenwan industry indices rose, and 5 declined. The non - ferrous metals, steel, and basic chemical industries led the gains [32][34]. 2.2 The Convertible Bond Market Rose Narrowly, and the Premium Rate for 100 - yuan Par Value Rebounded - From September 29 to October 10, the convertible bond market rose. The average daily trading volume decreased. Most individual bonds rose. The non - ferrous metals, beauty care, and non - bank financial industries led the gains in the convertible bond market, while the communication industry declined [38][39]. - The weighted conversion value of the entire market increased, and the premium rate rose. The median price of convertible bonds increased, and the number of medium - and low - priced convertible bonds decreased [45][49]. 2.3 High - frequency Tracking of Different Types of Convertible Bonds 2.3.1 Classification Valuation Changes - This week, the valuations of equity - biased and balanced convertible bonds increased. Among different par - value convertible bonds, the valuation of 80 - 90 yuan par - value convertible bonds increased more significantly. The valuations of AA + and AA - rated convertible bonds decreased, while those of other ratings increased. The valuations of large - cap and small - cap convertible bonds increased significantly, while those of other scales decreased [60]. - Since the beginning of 2024, the conversion premium rates of equity - biased and balanced convertible bonds have rebounded from the bottom [60]. 2.3.2 Market Index Performance - This week, convertible bonds of all ratings and scales rose. Since 2023, high - rated AAA convertible bonds have shown stable performance, while low - rated convertible bonds have shown weaker anti - decline ability and greater rebound strength [71]. 3. Tracking of Convertible Bond Supply and Terms 3.1 This Week's Primary Proposals Issuance - This week, there were no newly listed convertible bonds, and there were 3 convertible bonds awaiting listing, with a total scale of 730.2 million yuan. The number of primary approvals was 10 [76]. - From the beginning of 2023 to October 10, 2025, there were 103 convertible bond proposals in total, with a total scale of 15.8329 billion yuan. The number and scale of proposals at different stages vary [77]. 3.2 Downward Revision & Redemption Clauses - This week, 9 convertible bonds were expected to trigger downward revisions, 4 announced no downward revisions, 0 proposed downward revisions, and 1 actually carried out a downward revision. Six convertible bonds were expected to trigger redemptions, 0 announced no redemptemptempt 0 announced no redemptions, and 5 announced early redemptions [5][83][84]. - As of the end of this week, there were 0 convertible bonds in the put - option declaration period and 9 in the company's capital - reduction repayment declaration period [88].
崧盛股份:公司将积极把握行业机遇,提升储能业务销售占比
(编辑 袁冠琳) 证券日报网讯 崧盛股份10月10日在互动平台回答投资者提问时表示,公司储能业务致力于为全球客户 提供逆变器、变流器等储能核心部件及更加高效、智能的储能解决方案,助力全球能源转型与可持续发 展,公司将积极把握行业机遇,提升储能业务销售占比。 ...
瑜欣电子:公司目前生产的逆变器不适用于储能系统
Zheng Quan Ri Bao· 2025-10-10 11:11
(文章来源:证券日报) 证券日报网讯瑜欣电子10月10日在互动平台回答投资者提问时表示,公司目前生产的逆变器不适用于储 能系统。 ...
朗科智能:目前公司逆变器产品仍在合作研发测试阶段,目前尚未应用于光伏领域
Mei Ri Jing Ji Xin Wen· 2025-10-10 08:37
Core Viewpoint - The company is currently in the research and testing phase for its inverter products, which have not yet been applied in the photovoltaic sector. Future plans include expanding into various downstream application areas such as new energy, automotive electronics, robotics, and pet appliances [1]. Group 1 - The company has been developing energy storage inverters since 2018, with small-sized inverters completed and large inverters still in the research phase [3]. - The company is focused on exploring downstream application areas beyond photovoltaic, indicating a strategic shift towards diverse sectors [1].
202509光伏行业月度报告:8月光伏新增装机同比下降55.3%,组件、逆变器出口同比增长-20251010
Shanxi Securities· 2025-10-10 05:59
Investment Rating - The report maintains a "Market Perform" rating for the solar industry [1] Core Insights - The solar industry has experienced a significant decline in new installations, with August 2025 showing a 55.3% year-on-year decrease, totaling 7.4 GW. However, cumulative installations from January to August 2025 reached 230.61 GW, reflecting a 64.7% increase year-on-year [3][12] - Solar module exports in August 2025 amounted to 20.4% year-on-year growth, with a total export value of 20.95 billion yuan, and a month-on-month increase of 31.9%. Cumulatively, from January to August 2025, exports totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports also showed a year-on-year increase of 2.2% in August 2025, with a total export value of 6.29 billion yuan, despite a month-on-month decline of 3.4%. Cumulative inverter exports from January to August 2025 reached 43.4 billion yuan, up 8.0% year-on-year [4][22] - Solar power generation in August 2025 increased by 15.9% year-on-year, contributing to 5.75% of the total national power generation, which was 936.3 billion kWh, reflecting a 1.6% year-on-year increase [5][35] Summary by Sections New Installations - In August 2025, new solar installations in China were 7.4 GW, down 55.3% year-on-year and 33.3% month-on-month. Cumulative installations from January to August reached 230.61 GW, up 64.7% year-on-year [3][12] Exports - Solar module exports in August 2025 were valued at 20.95 billion yuan, showing a year-on-year increase of 20.4% and a month-on-month increase of 31.9%. Cumulative exports from January to August totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports in August 2025 were valued at 6.29 billion yuan, with a year-on-year increase of 2.2% and a month-on-month decrease of 3.4%. Cumulative inverter exports from January to August reached 43.4 billion yuan, up 8.0% year-on-year [4][22] Power Generation - Solar power generation in August 2025 was 53.82 billion kWh, reflecting a year-on-year increase of 15.9% and accounting for 5.75% of the total national power generation [5][35] Investment Recommendations - Key recommendations include companies focused on new technologies such as Aikang Co. and Longi Green Energy, supply-side companies like Daqo New Energy and Flat Glass Group, and companies with overseas layouts such as Bowei Alloy and Hengdian East Magnet. Additionally, companies in energy storage like Sungrow Power Supply and Deye Technology are highlighted [40]
浙商中拓:公司少量采购华为品牌的逆变器和储能系统,暂无其他合作
Xin Lang Cai Jing· 2025-10-10 04:00
浙商中拓10月10日在互动平台表示,公司少量采购华为品牌的逆变器和储能系统,暂无其他合作。 ...
德业股份涨2.00%,成交额6.77亿元,主力资金净流出4880.60万元
Xin Lang Cai Jing· 2025-10-09 01:58
10月9日,德业股份盘中上涨2.00%,截至09:47,报82.62元/股,成交6.77亿元,换手率0.92%,总市值 747.26亿元。 机构持仓方面,截止2025年6月30日,德业股份十大流通股东中,香港中央结算有限公司位居第三大流 通股东,持股3229.13万股,相比上期增加948.08万股。泉果旭源三年持有期混合A(016709)位居第五 大流通股东,持股864.14万股,相比上期增加270.26万股。广发小盘成长混合(LOF)A(162703)位居第 六大流通股东,持股770.16万股,相比上期增加220.05万股。华泰柏瑞沪深300ETF(510300)位居第七 大流通股东,持股651.75万股,相比上期增加207.80万股。交银先进制造混合A(519704)位居第九大 流通股东,持股585.05万股,为新进股东。广发高端制造股票A(004997)退出十大流通股东之列。 责任编辑:小浪快报 资料显示,宁波德业科技股份有限公司位于浙江省宁波市北仑区大碶甬江南路26号,成立日期2000年8 月4日,上市日期2021年4月20日,公司主营业务涉及从事蒸发器、冷凝器和变频控制芯片等部件以及除 湿机和空气源 ...
金融制造行业10月投资观点及金股推荐-20251008
Changjiang Securities· 2025-10-08 14:49
联合研究丨组合推荐 [Table_Title] 金融制造行业 10 月投资观点及金股推荐 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 长江金融行业(地产、非银、银行)和制造行业(电新、机械、军工、轻工、环保)2025 年 10 月投资观点及金股推荐。 分析师及联系人 [Table_Author] 邬博华 于博 赵智勇 SAC:S0490514040001 SAC:S0490520090001 SAC:S0490517110001 SFC:BQK482 SFC:BUX667 SFC:BRP550 王贺嘉 蔡方羿 徐科 SAC:S0490520110004 SAC:S0490516060001 SAC:S0490517090001 SFC:BUX462 SFC:BUV463 SFC:BUV415 刘义 吴一凡 马祥云 SAC:S0490520040001 SAC:S0490519080007 SAC:S0490521120002 SFC:BUV416 SFC:BUV596 SFC:BUT916 请阅读最后评级说明和重要声明 2 / ...