证券代码：603063 证券简称：禾望电气 公告编号：2026-006 1、深圳市禾望电气股份有限公司（以下简称"公司"）2026 年第一次临时 董事会会议（以下简称"本次会议"）的召开符合《中华人民共和国公司法》《上 海证券交易所股票上市规则》等相关法律、行政法规、规范性文件及《深圳市禾 望电气股份有限公司章程》的有关规定； 深圳市禾望电气股份有限公司 2026 年第一次临时董事会会议决议公告 一、 董事会会议召开情况 2、公司于 2026 年 2 月 9 日以电子邮件、电话等方式向董事发出董事会会议 通知； 3、本次会议于 2026 年 2 月 11 日以通讯方式召开； 4、本次会议应参会董事 5 名，实际参会董事 5 名； 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 5、本次会议由董事长韩玉先生主持，部分高级管理人员列席会议。 二、 董事会会议审议情况 表决结果：同意票5票，反对票0票，弃权票0票。 同意公司于2026年2月27日召开2026年第一次临时股东会（具体内容详见公 司召开股东会通知）。 特此公告。 深圳市 ...

Core Viewpoint - The core reason for the electricity shortage in the U.S. is the continuous increase in capital expenditure expectations for data centers, leading to a significant upward revision of peak load growth forecasts for summer from 64GW in 2024 to 166GW in 2025 by GridStrategies [2] Group 1: Electricity Shortage Causes - The mismatch between capital expenditure expectations for data centers and actual demand, as well as the mismatch between actual demand and infrastructure capacity, creates uncertainty in the actual deployment pace of data centers [2] - The projected capacity of data center reserve projects in the U.S. has reached 245GW as of mid-October 2025, which will lead to increased peak load as data centers continue to operate [3] Group 2: Future Power Supply and Load Gap - The future new power installations in the U.S. will primarily be gas-fired, with the EIA estimating an addition of 7GW of gas power installations in 2026-2030 under current project plans, while other stable power sources will see no new additions [3] - Different scenarios for the pace of data center construction indicate varying load gaps by 2030, ranging from 2GW to 157GW, depending on whether regulatory power sources are considered [4] Group 3: Regional Load Growth Characteristics - The growth in peak load will be concentrated in areas with dense data center construction, particularly in ERCOT and PJM regions, driven by data center demand [5] - In PJM, the summer peak load is expected to rise from 156GW in 2026 to 222GW in 2036, with a significant drop in power reserve margins leading to a surge in capacity prices [6] - ERCOT's summer peak load is projected to grow from 87GW in 2025 to 138GW in 2030, with a focus on enhancing power system reliability through the construction of storage and gas-fired power sources [7] Group 4: Investment Opportunities - In the context of high market demand for gas turbines, there are bottlenecks in production capacity among leading overseas gas turbine companies, suggesting a favorable outlook for Chinese companies like Dongfang Electric and Shanghai Electric [8] - The increasing demand for U.S. power grid infrastructure presents opportunities in the transformer segment, with companies like Jinpan Technology and Siyi Electric being highlighted [8] - The short-term effectiveness of storage solutions in enhancing power system reliability points to investment potential in companies like Sungrow Power and Canadian Solar [8]

公司状况 截至2026年1月31日，禾望电气累计回购股份3.1万股，占总股本的0.0068%，回购金额约99.98万元。回 购价格区间为31.08元/股至33.50元/股，体现了公司对资本管理的持续行动。公司2025年三季报显示前 三季度营收27.78亿元(同比增长20.19%)，归母净利润3.34亿元(同比增长31.99%)，但第三季度单季业绩 同比有所下滑。最新市盈率(TTM)约为30.73倍(截至2025年12月数据)。公司为全资子公司提供担保的授 信额度仍在有效期内，相关风险提示已在过往公告中披露。 以上内容基于公开资料整理，不构成投资建议。 经济观察网禾望电气（603063）控股股东及其一致行动人计划减持不超过500万股股份，套现规模约 1.62亿元。同时，公司股份回购已累计完成约100万元。公司2025年前三季度业绩保持增长，但第三季 度单季业绩同比有所下滑。 近期受关注事件 根据禾望电气2026年1月22日发布的公告，控股股东深圳市平启科技有限公司及其一致行动人高淑丽计 划减持不超过500万股股份(占公司总股本的1.09%)，减持期间为2026年2月13日至2026年5月12日。若按 公告前收盘 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, lead prices entered a downward channel under the dual pressure of tightened macro - liquidity and seasonal industrial shutdown. The "Wash trade" led to a strong US dollar index, capping the valuation of non - ferrous metals including lead. Meanwhile, the domestic lead market is in a stage of weak supply and demand before the Spring Festival. The marginal contraction of supply is offset by a more severe consumption slump. The lead market is in a weak reality logic of "supply exceeding demand, rising inventories and falling prices", and the fundamental analysis remains weak [3]. - In the short - term, the market is experiencing a pre - holiday capital risk - aversion wave, with extremely low trading sentiment. The spot is weak, and the Contango structure may expand, so there is a risk of downward correction due to large fluctuations in the external market during the holiday [7]. - Looking at the whole year of 2026, lead prices are still trapped in a wide - range oscillation pattern due to over - capacity and the substitution of recycled lead. Although there is cost support at the mine end, the price ceiling will be suppressed in the long - term due to the lack of new growth points in consumption and strict environmental capacity limits [9]. 3. Summary by Relevant Catalogs 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - Macro - level: The "Wash trade" caused the US dollar index to be strong, forming a valuation ceiling for lead [3]. - Industry - level: Before the Spring Festival, the domestic lead market is in a stage of weak supply and demand. The开工 rate of recycled lead enterprises has declined seasonally, and the consumption of downstream battery enterprises has come to a standstill. Inventories are rising [3]. 3.1.2 Trading Strategy Recommendations - Futures unilateral: It is recommended to wait and see. The current price is in a seasonal weak range but close to the cost line, so the risk of short - selling increases. It is recommended to make arrangements after the post - holiday inventory data is clear [10]. - Arbitrage strategy: Pay attention to the opportunity of inter - period positive arbitrage. Due to the high inventory - accumulation pressure in February, the far - month contracts may be relatively stronger due to consumption recovery expectations. Observe the reverse arbitrage opportunity after the spread between the 03 - 05 contracts narrows [10]. 3.1.3 Industrial Customer Operation Recommendations - Inventory management: For enterprises with high finished - product inventories worried about price drops, it is recommended to short the main Shanghai lead futures contract with a hedging ratio of 75% at an entry range of 17,500 yuan/ton [11]. - Raw material management: For enterprises with low raw - material inventories worried about price increases, it is recommended to long the main Shanghai lead futures contract with a hedging ratio of 50% at an entry range of 16,000 yuan/ton [11]. 3.2 This Week's Important Information and Next Week's Key Events 3.2.1 This Week's Important Information - **Positive drivers**: In February, affected by the Spring Festival holiday and routine maintenance of some enterprises, the production of primary lead is expected to decline month - on - month. The LME lead inventory is at a relatively medium - level historically, limiting the absolute downward space [12]. - **Negative drivers**: Hawkish signals in the "Wash trade", a sharp decline in the operating rate of battery enterprises, and expected increase in social inventories approaching 100,000 tons [13]. - **Spot transaction information**: The daily average price of SMM 1 lead is 16,400 yuan/ton, down 0.15% from the previous day; the weekly average price is 16,805 yuan/ton; the monthly average price is 17,078.75 yuan/ton. The price of domestic lead concentrates is 16,150 yuan/ton, down 0.15%, and the price of imported lead concentrates is 16,483.7 yuan/ton, down 0.3% [15]. 3.2.2 Next Week's Key Events - Domestic: On February 13th, pay attention to the initial value of the accumulation of social inventories announced by SMM [17]. - International: On February 10th, pay attention to the marginal adjustment of the "balance - sheet reduction" expectation by US inflation - related data [17]. 3.3 Disk Interpretation 3.3.1 Price - Volume and Fund Interpretation - **Domestic market**: The lead price closed at 16,510 yuan/ton this week. Currently, profitable positions are mainly short in net positions. The basis and monthly spread structure show that the spot is weak, and the Contango structure may expand [18][20]. - **International market**: As of 15:00 this Friday, LME lead was at $1,948.5/ton. LME lead maintains a C - structure, and the spot is weaker than the futures [23][38]. - **Internal - external price difference tracking**: Relevant charts show the seasonal changes in lead spot import profit and loss and the relationship between the closing prices of Shanghai lead and LME lead [41]. 3.4 Valuation and Profit Analysis 3.4.1 Upstream and Downstream Profit Tracking in the Industrial Chain - The comparison of primary lead processing fees shows the changes in domestic and imported lead concentrate processing fees [43]. - The relationship between SMM lead concentrate monthly production and domestic lead concentrate processing fees is also presented [43]. 3.4.2 Import - Export Profit Tracking - The relationship between lead concentrate import profit and loss and import volume is shown, as well as the monthly import volume and its year - on - year change [45][46]. - Seasonal charts of refined lead import, lead concentrate import, lead battery import and export, and lead ingot net export are provided [47][49][50]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 Supply - Demand Balance Sheet Deduction - Seasonal charts of domestic lead ingot total supply and monthly actual consumption are presented [54]. 3.5.2 Supply - Side and Deduction - The monthly production of lead concentrates, global lead mine production, electrolytic lead production, and recycled refined lead production, as well as their year - on - year changes and seasonality, are shown [56][58]. - The capacity utilization rates of primary lead and recycled lead are presented [63]. 3.5.3 Demand - Side and Deduction - Seasonal charts of lead battery operating rates (monthly, weekly, by type, and by region) are provided [65][66]. - Seasonal charts of lead battery import and export volumes, and the finished - product inventory days of lead battery enterprises and dealers are presented [68].

证券日报网讯 2月2日，禾望电气在互动平台回答投资者提问时表示，具体数据请查阅公司于2025年8月 8日在上海证券交易所披露的2025年半年度报告。 （文章来源：证券日报） ...

证券日报网讯2月2日，禾望电气（603063）发布公告称，2026年1月，公司未进行股份回购。 ...

证券代码：603063 证券简称：禾望电气 公告编号：2026-005 一、 回购股份的基本情况 2025 年 4 月 11 日，深圳市禾望电气股份有限公司（以下简称"公司"）召开 2025 年第一次临时董事会会议，审议通过了《关于回购公司股份方案的议案》，同 意公司使用自有资金以集中竞价交易方式回购公司股份，回购资金总额不低于人 民币 1,000 万元（含），不超过人民币 2,000 万元（含），回购价格不超 46.31 元/股， 回购期限自董事会审议通过本次回购方案之日起不超过 12 个月。具体内容详见公 司于 2025 年 4 月 12 日在上海证券交易所网站（www.sse.com.cn）披露的《深圳市 禾望电气股份有限公司关于以集中竞价交易方式回购股份的预案》（公告编号： 2025-032）。 二、 回购股份的进展情况 深圳市禾望电气股份有限公司 关于以集中竞价交易方式回购公司股份进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 回购方案首次披露日 2025/4/12，由公司董事长韩玉先生提议 回购方案实施 ...

第一章 核心矛盾及策略建议 1.1 核心矛盾 南华期货白糖产业周报 ——盘面减仓上涨，警惕回落风险 杨歆悦 投资咨询证书：Z0022518 联系邮箱：yangxy@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 2026年2月1日 1月以来3-5价差持续震荡，上周价差小幅回升平水，因03合约受空头大幅减仓拉升，涨幅大于05。备货 行情结束后，3-5价差或迎来回落，因03合约处于国产糖库存的高峰期，且今年春节备货成交一般，后续库存 压力偏大，因此03压力会比05更大。关注后续3-5价差收缩的交易机会。 . 白糖期货月差（03-05）季节性 source： 同花顺,南华研究 元/吨 2303-2305 2403-2405 2503-2505 2603-2605 07/01 09/01 11/01 01/01 -100 -50 0 50 100 白糖工业库存季节性 source： 中糖协,南华研究 万吨 21/22 22/23 23/24 24/25 25/26 01/01 03/01 05/01 07/01 09/01 200 400 600 ∗ 远端交易逻辑 SR2605合约贴水广西现货， ...

南华期货镍&不锈钢产业周报 1.1 核心矛盾 镍不锈钢尾盘跳水，周内主要跟随大盘以及宏观层面情绪带动偏多，贵金属以及有色领跌带领盘面大幅回 调，资金面同步炒作对盘面指引较深。此外配额发放节奏持续笼罩上方，PT Vale称目前获批配额仅为生产需 求的30%，进一步做实配额缩减预期。印尼方面周中有加强布局下游终端电池领域叙事，中长期或对供需格 局造成影响，短期推动不足。基本面上目前改善有限。菲律宾以及印尼主要矿区均进入雨季，产量以及装船 量均会受到影响，矿端发运受限。新能源方面目前价格跟随镍价上涨，节前大多厂商已经完成备货，目前高 价下进一步采购意愿不足。镍铁跟随盘面同步反弹，前期龙头采购价上行，但是目前成本高企下下游接受意 愿有所降低。不锈钢周内震荡偏强。目前盘面较高情况下库存有一定上升。现货方面盘价持续上调，试图借 趋势挺价，但是节前实际高位成交有限，下游高价接受度较低，目前多空博弈不减。 近端交易逻辑 —尾盘深度回调，受大盘影响为主 当前镍不锈钢期货盘面的近端逻辑以宏观以及大盘指引为主，近期贵金属以及有色均有不同程度的调整，沪 镍近期交易逻辑有所淡化，跟随大盘波动偏多。此外印尼端政策扰动仍有余波，基本面底部 ...

Investment Rating - The investment rating for the industry is "Strongly Recommended" for key companies such as Ningde Times, Yiwei Lithium Energy, and Sungrow Power Supply [1]. Core Insights - The recent release of the national capacity price policy for energy storage marks a significant step towards high-quality development in the energy storage sector. This policy establishes a capacity price mechanism for independent energy storage stations that support the safe operation of the power system [6][7]. - The capacity price will be based on local coal power capacity price standards and adjusted according to peak capacity, which is essential for ensuring stable power supply and promoting investment in energy storage [10][11]. - The demand for long-duration energy storage is expected to increase significantly, with independent energy storage becoming a major contributor to new installations [9][16]. Industry Overview - The industry comprises 308 listed companies with a total market capitalization of 7,610.8 billion [2]. - The energy storage sector is experiencing rapid growth, with cumulative installed capacity expected to reach 136 GW/351 GWh by 2025, reflecting an 80% year-on-year increase in new installations [9][10]. Key Companies and Financial Metrics - **Ningde Times (300750.SZ)**: Market Cap: 1611.1 billion, 2024 EPS: 11.5, 2025 EPS: 14.9, 2025 PE: 23, PB: 5, Investment Rating: Strongly Recommended [1]. - **Yiwei Lithium Energy (300014.SZ)**: Market Cap: 132.3 billion, 2024 EPS: 2.0, 2025 EPS: 2.2, 2025 PE: 28, PB: 3, Investment Rating: Strongly Recommended [1]. - **Sungrow Power Supply (300274.SZ)**: Market Cap: 313.1 billion, 2024 EPS: 5.3, 2025 EPS: 5.9, 2025 PE: 26, PB: 7, Investment Rating: Strongly Recommended [1]. - **Huaibei Technology (688411.SH)**: Market Cap: 43.0 billion, 2024 EPS: 4.9, 2025 EPS: 5.5, 2025 PE: 43, PB: 10, Investment Rating: Not Rated [1]. - **Shenghong Co., Ltd. (300693.SZ)**: Market Cap: 11.9 billion, 2024 EPS: 1.4, 2025 EPS: 1.5, 2025 PE: 25, PB: 6, Investment Rating: Strongly Recommended [1]. - **Kehua Data (002335.SZ)**: Market Cap: 32.2 billion, 2024 EPS: 0.7, 2025 EPS: 1.2, 2025 PE: 53, PB: 5, Investment Rating: Strongly Recommended [1]. Market Performance - The absolute performance of the energy equipment and new energy sector has shown significant growth, with a 12-month increase of 59.4% [4].