困境反转股的右侧走势最强。 作者 | Los 编辑 | 小白 电池上游 环节获 资金 加仓 电力设备板块的二级行业主要分为电机、电池、光伏设备、风电设备和电网设备。 （来源：Choice数据） 上篇文章通过公募基金在科创板的调仓动向，观察到其在电子与创新药等板块的配置思路。 当前市场仍呈现典型的题材轮动格局。在众多板块中，电力设备细分方向的市场共识与关注度显著提 升，尤其是反内卷政策支撑且近期有太空光伏消息催化的光伏板块、持续实现技术突破的电池领域， 以及受益于"十五五"规划中四万亿元投资的电网设备行业。 基于此，本文将继续整理公募基金对相关个股的布局偏好。 而按照四季度公募基金持股比例增持幅度来看，其主要增持点聚焦在前三大权重方向，分别为电池、 光伏和电网。 全市场看，四季度电力设备个股中有13只个股获公募基金的明显增持，其持股占流通股的比例环比提 升超过1个百分点。其中，电池相关个股尤被公募看好，占据6席。 | | | | | 2025年四季度公募基金持股比例增持超1个百分点的电力设备个股名单 | | | | --- | --- | --- | --- | --- | --- | --- | | 证券代码 ...

Group 1: Photovoltaic Industry - The photovoltaic industry is experiencing a clear upward trend due to supply-side clearing and demand-side support, with expectations of profitability recovery in 2026 as inefficient companies exit the market and leading firms enhance efficiency through technological upgrades [1][14] - In 2025, China's photovoltaic industry saw a significant increase in installed capacity, reaching 315.07 GW, with a year-on-year growth rate of 13.67%, despite a slowdown in the second half of the year [14][16] - The introduction of policies aimed at preventing "involution" in the industry has led to a recovery in prices, with polysilicon prices rising over 50% from June to November 2025, indicating a shift towards a more rational pricing environment [22][29] Group 2: Wind Power Industry - The wind power industry is expected to benefit from a favorable supply-demand structure, with significant growth anticipated in offshore wind projects and exports, particularly in 2025 [1][3] - The domestic wind power market is projected to continue its growth trajectory, with offshore wind becoming a key focus area, supported by increasing demand for domestic and international markets [1][3] - Investment recommendations include focusing on leading manufacturers in the wind turbine sector and companies involved in high-barrier components such as submarine cables, which are expected to see increased demand [3][3] Group 3: New Energy Vehicles - The new energy vehicle sector in China is projected to achieve sales of 16.49 million units in 2025, reflecting a year-on-year growth of 28.2%, driven by stable market demand and improved product structures [2][3] - The industry is witnessing a recovery in profitability as supply-side chaos is effectively managed, with significant price increases in key materials like lithium hexafluorophosphate and vinyl carbonate [2][3] - The transition to a high-quality development phase is expected in 2026, supported by technological innovations and enhanced supply chain capabilities [2][3] Group 4: Lithium Battery Industry - The lithium battery industry is experiencing a recovery in profitability as inefficient production capacity is eliminated, with key materials seeing price increases and demand from new energy vehicles and energy storage continuing to rise [8][8] - Recommendations include focusing on leading companies in the battery and structural components sectors, which are expected to benefit from the industry's recovery [8][8] - The commercialization of solid-state batteries is accelerating, with several companies making significant progress in this area [8][8]

中国经济网北京2月10日讯 万润新能(688275.SH)今日股价下跌，该股收盘报83.73元，跌幅 3.96%。 万润新能于2022年9月29日在上交所科创板上市，公开发行2130.3795万股，发行价格299.88元/ 股，保荐机构为东海证券股份有限公司，保荐代表人为盛玉照、江成祺。 上市首日，万润新能盘中创下最高价259.99元，为该股上市以来最高价。该股目前处于破发状 态。 万润新能首次公开发行股票募集资金总额638,858.20万元，扣除发行费用后，募集资金净额为 614,562.26万元。该公司最终募集资金净额比原计划多48.84亿元。万润新能于2022年9月23日披露的 招股说明书显示，该公司拟募集资金126,208.83万元，用于宏迈高科高性能锂离子电池材料项目、湖 北万润新能源锂电池正极材料研发中心、补充流动资金。 万润新能首次公开发行股票的发行费用为24,295.94万元，其中，保荐及承销费用21,200.00万元。 万润新能于2023年5月24日披露的2022年年度权益分派实施公告显示，本次利润分配及转增股本 以方案实施前的公司总股本85,215,178股为基数，每股派发现金红利3.52 ...

Core Viewpoint - The company has adjusted the maximum margin for its commodity futures and options hedging business from RMB 150 million to RMB 300 million to better manage the risks associated with raw material price fluctuations, particularly lithium salt products [2][5][12]. Group 1: Trading Overview - The company primarily engages in the production of cathode materials and precursors for lithium-ion power batteries and energy storage batteries, with lithium carbonate being a significant raw material [4]. - The hedging business aims to mitigate the impact of price volatility of lithium salt products on production costs, enhancing the company's financial stability [4][12]. Group 2: Adjusted Trading Amount - The maximum margin for the hedging business has been increased to RMB 300 million, while the maximum contract value held on any trading day remains at RMB 1.5 billion [5][12]. - This adjustment is valid for 12 months from the date of the board's approval, allowing for the margin to be reused within this period [5][8]. Group 3: Risk Management Measures - The company has established a comprehensive risk management framework to control various risks associated with the hedging activities, including market, operational, and technical risks [11]. - Specific measures include strict adherence to internal control systems, regular analysis of market conditions, and ensuring that hedging activities align with the company's operational needs [11]. Group 4: Impact on the Company - The hedging activities are not intended for speculation or arbitrage and are designed to ensure that normal business operations are not disrupted, thereby supporting stable business development [12]. - The company will follow relevant accounting standards for the financial reporting of its hedging activities, ensuring transparency and compliance [12]. Group 5: Approval Process - The adjustment of the hedging margin was approved by the company's board and audit committee, fulfilling necessary procedural requirements without needing shareholder approval [2][13].

东海证券股份有限公司 关于湖北万润新能源科技股份有限公司 调整商品期货期权套期保值业务额度的核查意见 东海证券股份有限公司（以下简称"东海证券"或"保荐机构"）作为湖北 万润新能源科技股份有限公司（以下简称"万润新能"或"公司"）首次公开发 行股票并上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《上 海证券交易所科创板股票上市规则》及《上海证券交易所科创板上市公司自律监 管指引第 1 号——规范运作》等有关规定的要求，负责万润新能上市后的持续督 导工作，对公司调整商品期货期权套期保值业务额度进行了核查，具体情况如下： 一、商品期货期权套期保值业务概述 （一）交易目的 公司主要从事锂离子动力电池和储能电池的正极材料及其前驱体的生产，涉 及主要原材料为碳酸锂等锂盐产品，锂盐产品采购成本占生产成本比例较大，锂 盐产品的价格波动对公司成本管控造成较大影响，为应对和控制锂盐产品现货市 场价格波动给公司生产经营带来的风险和影响，综合考虑公司原材料采购规模及 套期保值业务的预期成效等因素，在保证正常生产经营的前提下，公司及子公司 开展商品期货期权套期保值业务，不以投机和套利交易为目的，通过套期保值的 避险机制有 ...

证券代码：688275 证券简称：万润新能 公告编号：2026-005 湖北万润新能源科技股份有限公司 关于调整商品期货期权套期保值业务额度的公告 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。 重要内容提示： 交易主要情况 | | □获取投资收益 | | | --- | --- | --- | | 交易目的 | ☑套期保值（合约类别：☑商品；□外汇；□其他：________） | | | | □其他：________ | | | 交易品种 | 与公司生产经营有直接关系的锂盐品种 | | | 交易金额 | 预计动用的交易保证金和权利金上限（单位：万元） | 30,000.00 | | | 预计任一交易日持有的最高合约价值（单位：万元） | 150,000.00 | | 资金来源 | ☑自有资金 □借贷资金 □其他：___ | | | 交易期限 | 2026年2月6日-2026年11月30日 | | 已履行的审议程序 湖北万润新能源科技股份有限公司（以下简称"公司"）于 2025 年 12 月 1 日召开第三届董事会第一次会议， ...

Core Viewpoint - The article discusses the importance of resource integration versus technological innovation in the lithium iron phosphate (LFP) industry, highlighting a shift in the business model from merely selling materials to focusing on processing capabilities and stable delivery [1][12]. Group 1: Price Trends and Market Dynamics - In January 2026, lithium iron phosphate was included in the National Bureau of Statistics' monitoring of 50 important production materials, with prices increasing by 11.3% month-on-month in early January and an additional 5.9% later in the month, reaching 57,337 yuan per ton [1]. - Phosphate chemical companies are increasingly investing in the lithium iron phosphate supply chain, with traditional phosphate enterprises like Xingfa Group and Chuanheng Co. being evaluated alongside LFP producers [2][19]. Group 2: Lessons from Previous Cross-Industry Ventures - The previous wave of titanium dioxide companies entering the lithium iron phosphate market was driven by the potential to utilize by-products like ferrous sulfate, but many projects faced significant challenges, leading to low operational rates and project terminations [4][5]. - The failure of these cross-industry ventures was attributed to the industrial nature of material delivery, where consistency in product quality is crucial for securing contracts with leading battery manufacturers [6][7]. Group 3: Current Industry Innovations - A notable innovation in the current phosphate chemical industry is the adoption of contract processing agreements, exemplified by Xingfa Group's deal with Qinghai Fudi Industrial to process 80,000 tons of lithium iron phosphate annually [11][12]. - This shift towards a processing fee model allows companies to stabilize cash flow and operational rates without solely relying on material prices, contrasting with previous strategies that focused on high material sales [13][15]. Group 4: Resource Integration and Competitive Landscape - Phosphate chemical companies have a natural advantage in the lithium iron phosphate market due to their established resource networks, which include access to phosphate rock and related processing capabilities [16][17]. - The industry's competitive dynamics are evolving, with traditional lithium iron phosphate producers facing pressure to integrate resources and engineering capabilities to remain competitive, leading to a potential consolidation of the market into a few comprehensive platforms [19][23].

Core Viewpoint - Huahui Intelligent is preparing for its listing on the Beijing Stock Exchange, with a planned fundraising of 344 million yuan, which is a reduction of nearly 100 million yuan from the original plan of 459 million yuan, representing a decrease of over 20% [1][11]. Company Overview - Huahui Intelligent, originally established as a precision component manufacturer in June 2010, shifted its focus to the lithium-ion battery industry in 2016, developing key equipment such as sand mills and pulping machines [2][12]. - The company has successfully developed and delivered its first generation of sand mills with complete independent intellectual property rights by the end of 2020, and has since expanded its product offerings to include system solutions for lithium battery manufacturing [2][12]. - The main products include grinding systems for cathode materials, single machine equipment, and precision mechanical components, with the sand mill products praised for their small grinding particle size, good consistency, low energy consumption, and low failure rates [2][12]. Financial Performance - As of the signing date of the prospectus, Huahui Intelligent has established good cooperative relationships with leading battery material manufacturers such as Hunan Youneng and Wanrun New Energy, achieving high brand recognition and competitiveness in the lithium battery materials equipment sector [3][13]. - The company reported revenue of 300 million yuan, 427 million yuan, and 616 million yuan over the reporting period, with year-on-year growth rates of 42.07% and 44.32% respectively, while net profits were 45.93 million yuan, 62.62 million yuan, and 75.82 million yuan, with year-on-year growth rates of 36.33% and 21.08% [3][14]. - Despite the downturn in performance of its downstream clients, Huahui Intelligent achieved growth in both revenue and net profit during the reporting period [3][14]. Industry Context - The lithium iron phosphate industry has seen an influx of new entrants since 2021, leading to a significant increase in production capacity and intensified market competition [4][15]. - The price of lithium carbonate, a key raw material for lithium battery cathode materials, has sharply declined in 2023, resulting in a phase of structural oversupply in the industry [4][15]. - Major clients of Huahui Intelligent, such as Hunan Youneng and Wanrun New Energy, have reported declining performance in 2023 and 2024, contrasting with Huahui Intelligent's growth [4][15]. Revenue Recognition Issues - There are concerns regarding the timing of revenue recognition, with a significant portion of revenue being recognized in the fourth quarter, accounting for 80.98% of total revenue in 2022, which decreased to 25.65% in 2024 [7][18]. - The company has faced regulatory scrutiny over potential premature revenue recognition, particularly regarding contracts with clients like Yingtan Xurui Precision Manufacturing [9][20]. - The company attributes the uneven distribution of revenue recognition to seasonal business performance, influenced by the production and acceptance cycles of its high-value equipment [10][21].

Meeting Overview - The first extraordinary general meeting of shareholders for Hubei Wanrun New Energy Technology Co., Ltd. was held on February 2, 2026 [2] - The meeting took place at the company's designated location in Shiyan City, Hubei Province [2] - There were no rejected proposals during the meeting [2] Attendance and Voting - The meeting was attended by 6 current directors and the board secretary, with additional senior management present [3] - Voting was conducted through a combination of on-site and online methods, complying with relevant laws and regulations [3] Resolutions Passed - Three main proposals were reviewed and passed: 1. Proposal for the investment in the construction of a high-pressure dense lithium iron phosphate project and providing guarantees for the wholly-owned subsidiary [4] 2. Proposal regarding the remuneration scheme for employee representative directors of the third board [5] 3. Proposal for establishing a remuneration management system for directors and senior management [5] - The first proposal required a two-thirds majority for approval, while the second and third proposals required a simple majority [5] Legal Verification - The meeting was witnessed by Beijing Zhonglun Law Firm, confirming that all procedures and voting results were in compliance with applicable laws and regulations [6]

北京市中伦律师事务所 关于湖北万润新能源科技股份有限公司 2026 年第一次临时股东会的 法律意见书 二〇二六年二月 北京市中伦律师事务所 关于湖北万润新能源科技股份有限公司 2026 年第一次临时股东会的 法律意见书 致：湖北万润新能源科技股份有限公司 北京市中伦律师事务所（以下简称"本所"）接受湖北万润新能源科技股份 有限公司（以下简称"公司"）的委托，指派本所律师对公司 2026 年第一次临时 股东会（以下简称"本次股东会"）的合法性进行见证并出具法律意见。 本所及本所律师依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《律师事务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规 则（试行）》等规定及本法律意见书出具日以前已经发生或者存在的事实，严格 履行了法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保 证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、准 确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书根据《中华人民共和国公司法》（以下简称"《公司法》"）、《证 券法》、中国证券监督管理委员会《上市公司股东会规则》（ ...