上周基金重点事件回顾丨01.19-01.25 睿兽分析每周整理最值得关注的基金重点事件，帮助大家及时了解全球私募股权基金市场动向。 国家发改委：研究设立国家级并购基金 1月20日，国新办就落实中央经济工作会议精神，推动"十五五"实现良好开局有关情况举行新闻发布 会。国家发改委副主任王昌林在国新办新闻发布会上表示，要发挥好国家创业投资基金行业标杆作用， 研究设立国家级并购基金，加强政府投资，基金布局规划等，促进创新创业创造，加快培育和发展新质 生产力。（大河财立方） 关于中关村科学城科技成长基金拟投资子基金公示（第十七期） 根据《中关村科学城科技成长基金子基金实施细则（修订版）》等相关规定，中关村科学城党工委、管 委会于2026年1月14日对科技成长基金拟投资的第十七期子基金项目进行公示。本期公示共涉及5只子基 金，分别为：由北京创新工场私募基金管理有限公司管理的"上海创新工场创业投资合伙企业（有限合 伙）"（暂定名）；由北京中关村科学城科技投资管理有限公司管理的"北京汇诚水木医疗产业发展创业 投资基金合伙企业（有限合伙）"（暂定名）；由北京京西创业投资基金管理有限公司管理的"海淀区首 程机器人产业基金"（暂定 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the electric power and new energy sectors, including Ningde Times, Mingyang Electric, and Sunshine Power [6]. Core Insights - The focus on affordability in the U.S. AI power sector is expected to influence the mid-term elections in 2026, with significant price increases in wholesale electricity driven by rising gas prices and capacity costs [2][15]. - The report highlights the potential for a significant increase in capacity prices due to the growing demand from data centers, which are projected to account for 95% of the incremental capacity [2][23]. - The "Energy as a Service" (EAAS) model is identified as a viable solution for data centers to achieve rapid power access while internalizing costs, with an estimated annual installation demand of 29-45 GW from 2026 to 2030 [4][31]. Summary by Sections Section 1: Price Increases and Capacity Demand - The PJM wholesale electricity price increased by 43.7% year-on-year, with gas prices contributing 66% and capacity price increases contributing 30% [2][15]. - The report estimates that capacity prices could rise by 100% to 300% from current levels due to the demand from data centers [2][15]. Section 2: Energy as a Service (EAAS) Model - The EAAS model is projected to maintain a demand of 29-45 GW per year from 2026 to 2030, with small gas turbines being economically advantageous [4][31]. - This model allows data centers to meet their urgent power needs while minimizing the impact on overall electricity costs [4][31]. Section 3: Electric Grid and Regulatory Changes - The report emphasizes the need for accelerated approval processes for electric grid and power sources to reduce electricity costs through economies of scale [3][31]. - Recent regulatory changes, including FERC's proposals, aim to streamline the approval process for large loads and enhance the capacity of the electric grid [31][40]. Section 4: Recommendations for Key Companies - The report recommends several companies for investment, including Ningde Times, Mingyang Electric, and Sunshine Power, all rated as "Buy" [9]. - Other recommended companies include Guodian NARI, Dongfang Electric, and Harbin Electric, which are positioned to benefit from the rising demand for electric power equipment [9]. Section 5: Market Dynamics and Future Outlook - The report anticipates a recovery in household solar storage demand driven by rising electricity prices, with potential for significant market growth [5][10]. - The overall electric power market is expected to experience a structural shift due to the increasing load from data centers, necessitating a reevaluation of investment strategies in the sector [31][35].

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunities Index (CSPSADRP) as of January 23, 2026, showcasing significant price increases and dividend yields [1][11]. - The stock with the highest daily increase is Aotaiwei (688516.CH) at 20.00%, with a year-to-date increase of 98.87% and a dividend yield of 2.80% [1][11]. - Other notable stocks include China Gold (600916.SH) with a daily increase of 10.02% and a year-to-date increase of 13.13%, and Weichai Power (000338.SZ) with a year-to-date increase of 36.63% [1][11]. Group 2 - The fundamental metrics of the index include a historical price-to-earnings ratio of 11.07 times, a price-to-book ratio of 1.34 times, and an expected dividend yield of 4.76% [3][12]. - The index consists of 1009 constituent stocks, with adjustments made biannually in January and July, ensuring no single stock exceeds 3% weight and no GICS sector exceeds 33% weight [4][13].

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 22, 2026 [1][5] - The stock "奥特维" (code: 688516.SH) leads with a daily increase of 14.41% and a year-to-date increase of 65.73%, with a dividend yield of 3.21% [1][5] - Other notable performers include "九丰能源" (code: 605090.SH) with a daily increase of 5.95% and a year-to-date increase of 21.51%, and "中国海滩" (code: 600938.SH) with a daily increase of 4.12% and a year-to-date increase of 5.43% [1][5] Group 2 - The overall dividend yield for the index is reported at 4.76%, with a historical price-to-earnings (P/E) ratio of 11.75 times and an expected P/E ratio of 11.07 times [2] - The data indicates a positive trend in stock performance, with several companies showing significant year-to-date gains, suggesting a favorable investment environment [4][8]

Summary of China Renewable Energy Conference Call Industry Overview - The conference call focused on the **China Renewable Energy** sector, specifically the solar module and inverter markets. Key Points on Solar Modules - **Export Value Decline**: China's solar module export value decreased by **15.3% year-over-year (yoy)** to **US$23,698 million** in 2025, despite a **13.7% yoy** increase in export volume to **268.3 GW** [1][2] - **December Performance**: In December 2025, the export value was **US$1,825 million**, reflecting a **6.5% yoy** increase but a **1.7% month-over-month (mom)** decline [2] - **Regional Demand**: The increase in export volume in December was primarily driven by: - **Europe**: **45.2% yoy** increase to **7.9 GW**, with significant contributions from Italy, the Netherlands, and Poland - **Asia (excluding China)**: **20.8% yoy** increase to **7.6 GW**, mainly from the UAE, South Korea, and the Philippines - **Africa**: **47.5% yoy** increase to **2.0 GW** [2] Key Points on Inverters - **Export Value Growth**: China's inverter export value rose by **9.3% yoy** to **US$9,042 million** in 2025, with a notable **26.1% yoy** increase to **US$839 million** in December [1][4] - **Regional Demand**: The demand for inverters in December was significantly boosted by: - **Europe**: **36.5% yoy** increase to **US$306 million**, driven by demand from Ukraine and Eastern European countries supporting residential energy storage systems (ESS) - **Africa**: **97.8% yoy** increase to **US$100 million**, with Egypt, South Africa, and Nigeria being key contributors - **Oceania**: **149.3% yoy** increase to **US$62 million**, supported by subsidy policies for residential ESS projects in Australia [4][6] Production and Installation Trends - **Module Production Decline**: China's module production volume decreased by **1.2% yoy** to **563.2 GW** in the first 20 months of 2025, with a projected further decline of **14.8% yoy** to **32.5 GW** in January 2026 due to seasonal factors [3] - **Solar Installation Growth**: Solar installations in China increased by **33.2% yoy** to **274.9 GW** in the first 11 months of 2025, although November saw a **11.9% yoy** decline to **22.0 GW** [3] Investment Preferences - The report suggests a preference for inverter companies such as **Sungrow** and **Deye**, which are expected to benefit from the growth in ESS demand [1] Risks - Potential risks affecting the inverter market include: - Lower-than-expected demand for residential and commercial energy storage in emerging markets - Increased price competition among inverter manufacturers - Higher trade tariffs on Chinese inverter products in international markets [15][17] Valuation Insights - **Deye Technology**: Target price set at **Rmb102.0/share**, based on a DCF model, anticipating sustainable growth in energy storage demand [14] - **Sungrow Power Supply**: Target price set at **Rmb240.00/share**, also based on a DCF valuation, reflecting long-term growth potential [16] This summary encapsulates the essential insights from the conference call regarding the current state and future outlook of the China Renewable Energy sector, particularly focusing on solar modules and inverters.

证券代码：605117 证券简称：德业股份 公告编号：2026-008 宁波德业科技股份有限公司 与私募基金合作投资事项进展公告 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。 重要内容提示： 投资标的名称 宁波德泰业兴创业投资合伙企业（有限合伙） 投资金额（万元） 8,600 投资进展阶段 完成 终止 交易要素变更 进展 特别风险提示（如有请勾选） 募集失败 未能完成备案登记 提前终止 发生重大变更 □其他： 一、合作投资基本概述情况 为推动公司持续发展，充分利用专业机构的经验和资源，拓宽公司产业布局 和战略视野，宁波德业科技股份有限公司（以下简称"公司"）与宁波曦晨私募 基金管理有限公司、戴志勇和傅凌儿共同出资设立宁波德泰业兴创业投资合伙企 业（有限合伙）。投资基金认缴出资总额为 11,000 万元，公司作为有限合伙人 以自有资金认缴出资人民币 8,600 万元，出资占比 78.18%。具体内容详见公司 2026 年 1 月 21 日披露于上海证券交易所网站（www.sse.com.cn）的《宁波德业 科技股份有限公司与私 ...

Core Viewpoint - Ningbo Deye Technology Co., Ltd. announced a partnership with a private equity fund to establish an investment fund focused on intelligent technology sectors [1] Group 1: Investment Details - The partnership is with Ningbo Xichen Private Fund Management Co., Ltd., and they signed a partnership agreement to jointly establish Ningbo Deta Yi Xing Venture Capital Partnership [1] - The total committed capital for the investment fund is 110 million yuan, with the company contributing 86 million yuan, representing 78.18% of the total [1] Group 2: Investment Focus - The fund will primarily invest in projects within the robotics industry chain, artificial intelligence, semiconductors, new materials, and new energy sectors [1] Group 3: Regulatory and Operational Aspects - This transaction does not constitute a related party transaction or a major asset restructuring, thus does not require board or shareholder approval [1] - The fund is yet to complete its business registration and must undergo the registration process with the Asset Management Association of China, indicating potential uncertainties in the implementation process [1] - The fund's operations will be influenced by various factors, including macroeconomic conditions, industry cycles, market changes, and the performance of investment targets, which may lead to risks of not achieving expected returns [1]

Core Viewpoint - The company announced a procurement agreement with Xi'an Fudi Battery Co., Ltd., involving a performance guarantee of up to 200 million RMB for its subsidiary, Ningbo Deye Energy Storage Technology Co., Ltd. [2] Group 1: Agreement Details - The procurement agreement was signed between Deye Energy Storage and Fudi Battery [2] - The company will provide a performance guarantee as requested by Fudi Battery [2] Group 2: Guarantee Information - The performance guarantee is capped at a maximum of 200 million RMB [2] - The guarantee is a joint liability guarantee and does not require further approval from the board or shareholders, as long as it is within the approved limit [2]

Core Viewpoint - The company, 德业股份, has signed a partnership agreement with 宁波曦晨 Private Equity Fund Management Co., Ltd. to establish a new investment fund focused on the intelligent technology industry [1] Group 1: Investment Details - The company will contribute 86 million yuan as a limited partner, representing 78.18% of the total investment in the fund [1] - The fund will primarily invest in projects related to the robotics industry chain, artificial intelligence, semiconductors, new materials, and new energy [1] Group 2: Transaction Characteristics - This transaction does not constitute a related party transaction or a major asset restructuring [1] - There is no requirement for board or shareholder meeting approval for this transaction [1]

Group 1 - The core point of the article is that the company, 德业股份, has signed a partnership agreement with 宁波曦晨私募基金管理有限公司 to establish a new investment fund aimed at expanding its strategic vision and industry layout [1] - The newly established fund, named 宁波德泰业兴创业投资合伙企业 (tentative name), will focus on investing in sectors such as robotics, artificial intelligence, semiconductors, new materials, and new energy [1] - The total committed capital for the investment fund is 110 million yuan, with the company contributing 86 million yuan, representing a 78.18% stake in the fund [1]