Summary of Key Points from Conference Call Records Industry Overview - The UK government has launched a £15 billion "Warm Homes Programme" aimed at helping users install photovoltaic systems, energy storage, heat pumps, and insulation materials to alleviate energy shortages, which is expected to leverage a total investment of £38 billion [1][1] Funding Allocation - The funding distribution includes: - £4.4 billion for direct subsidies to low-income households for home upgrades, including photovoltaic systems, energy storage, insulation materials, and clean heating [1][1] - £2.7 billion for heat pump subsidies, with a target of installing 61,000 new heat pumps in 2025, 450,000 by 2030, and 1.5 million by 2035 [1][1] - £1.1 billion for heating network construction [1][1] - £5.3 billion for loan funds [1][1] Market Impact - The subsidies are estimated to stimulate over £100 billion in demand for household storage and heat pump equipment, benefiting early movers in the Chinese market significantly [1][1] Company Insights - **Airo Energy**: A leading player in household storage with a strong market share in Europe. Expected to generate over £400 million in revenue from household storage in the UK by 2025, and has begun small-scale supply of home heat pumps [1][1] - **GoodWe**: A leading company in household storage with deep market penetration and early layout in Europe [2][2] - **Deye Co., Ltd.**: A leading enterprise in household storage with strong manufacturing competitive advantages and differentiated competitive advantages in emerging markets [3][3] - **Rujing Technology**: A core supplier of heat pump controllers, with key products widely used in well-known brands such as Gree, McQuay, Ariston, Haier, Mitsubishi Heavy Industries, Carrier, and Bosch [4][4] Additional Companies to Watch - Companies to monitor include Jinlang Technology, Penghui Energy, Shouhang New Energy, Keda, Tongrun Equipment, and Pylon Technologies [4][4]

Investment Rating - The investment rating for the industry is "Recommended" based on the positive outlook for the sector and expected performance exceeding the benchmark index [3]. Core Insights - The UK government has launched a £15 billion "Warm Home Plan" aimed at helping millions of households install solar panels, energy storage, heat pumps, and insulation materials, significantly stimulating the home storage and heat pump sectors [1][6]. - The plan is expected to upgrade up to 5 million homes and help 1 million households escape energy poverty by 2030, leveraging £15 billion in subsidies to attract a total investment of £38 billion [6]. - The distribution of the subsidy includes £4.4 billion for low-income home upgrades, £2.7 billion for heat pump subsidies, £1.1 billion for heating network construction, and £5.3 billion for a loan fund [7]. - The home storage market is projected to exceed £100 billion by 2030 due to the estimated scale of home upgrades [6]. - The heat pump sector has a specific subsidy of £2.7 billion, with targets to install 450,000 and 1.5 million units annually by 2030 and 2035, respectively, indicating significant growth potential [6]. Company Summaries - **Airo Energy**: A leading distributed solar storage company with a strong focus on overseas markets, expected to perform well this year due to increased R&D and product diversification [8]. - **GoodWe**: A traditional home storage company with strong channel capabilities and advanced technology, well-established in the European market [8]. - **Sungrow Power Supply**: A top global solar storage company with a robust overseas presence, generating significant revenue from storage products [8]. - **Deye Technology**: Strong competitive edge in home storage, with a well-established global sales network and advanced manufacturing capabilities [8]. - **Rujing Technology**: A core supplier of heat pump controllers, with products widely used in major brands [10]. Financial Metrics of Key Companies - Airo Energy: Market Cap £14.6 billion, 2024 EPS £1.3, 2025 EPS £0.7, PE 140, PB 3, Investment Rating: Strongly Recommended [2]. - Sungrow Power Supply: Market Cap £338 billion, 2024 EPS £5.3, 2025 EPS £6.6, PE 25, PB 8, Investment Rating: Strongly Recommended [2]. - Deye Technology: Market Cap £80.5 billion, 2024 EPS £4.6, 2025 EPS £4.0, PE 22, PB 10, Investment Rating: Increase Holding [2].

证券代码：688390 证券简称：固德威 公告编号：2026-008 固德威技术股份有限公司 关于公司 2026 年限制性股票激励计划内幕信息知情 人及激励对象买卖公司股票情况的自查报告 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、准确性和完整性依法承担法律责任。 固德威技术股份有限公司（以下简称"公司"）于 2026 年 1 月 7 日召开了第 四届董事会第二次会议，审议通过了《关于公司<2026 年限制性股票激励计划（草 案）>及其摘要的议案》等相关议案，并于 2026 年 1 月 8 日在上海证券交易所网 站（www.sse.com.cn）披露了相关公告。 按照《上市公司信息披露管理办法》、公司《信息披露管理制度》及相关内 部保密制度的规定，公司对 2026 年限制性股票激励计划（以下简称"激励计划"） 采取了充分必要的保密措施，同时对本次激励计划的内幕信息知情人进行了必要 登记。根据《上市公司股权激励管理办法》《上海证券交易所科创板股票上市规 则》、上海证券交易所《科创板上市公司自律监管指南第 4 号——股权激励信息 披露》等规范性文件的要求， ...

北京市天元律师事务所 关于固德威技术股份有限公司 2026 年第二次临时股东会的法律意见 京天股字（2026）第 030 号 致：固德威技术股份有限公司 固德威技术股份有限公司（以下简称"公司"）2026 年第二次临时股东会（以 下简称"本次股东会"）采取现场投票与网络投票相结合的方式，现场会议于 2026 年 1 月 23 日在固德威智慧能源大厦二楼会议室召开。北京市天元律师事务所（以 下简称"本所"）接受公司聘任，指派本所律师参加本次股东会现场会议，并根据 《中华人民共和国公司法》、《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）以及《固德威技术股份 有限公司章程》（以下简称"《公司章程》"）等有关规定，就本次股东会的召集、 召开程序、出席现场会议人员的资格、召集人资格、会议表决程序及表决结果等事 项出具本法律意见。 为出具本法律意见，本所律师审查了《固德威技术股份有限公司第四届董事会 第二次会议决议公告》、《固德威技术股份有限公司关于召开 2026 年第二次临时 股东会的通知》（以下简称"《召开股东会通知》"）以及本所律师认为必要的其 他文件和资 ...

固德威技术股份有限公司 2026年第二次临时股东会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 证券代码：688390 证券简称：固德威 公告编号：2026-009 一、 会议召开和出席情况 （一） 股东会召开的时间：2026 年 1 月 23 日 （二） 股东会召开的地点：固德威智慧能源大厦二楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 146 | | --- | --- | | 普通股股东人数 | 146 | | 2、出席会议的股东所持有的表决权数量 | 89,778,980 | | 普通股股东所持有表决权数量 | 89,778,980 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 36.9635 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 36.9635 | （四） 表决方式是否符合《公司法》及公司章程的规定 ...

Group 1 - The stock of Goodwe (688390) closed at 89.63 yuan on January 22, with a significant increase of 19.95%, a turnover rate of 11.20%, and a price fluctuation of 18.46%, resulting in a total transaction amount of 2.284 billion yuan [2] - The stock was listed on the daily trading list due to its closing price increase of 15% or more [2] - The top five trading departments accounted for a total transaction amount of 1.25 billion yuan, with a net buying amount of 61.11 million yuan [2] Group 2 - The main capital inflow for the stock was 83.34 million yuan throughout the day [3] - The top buying departments included an institutional special seat with a purchase amount of 238.59 million yuan and the Shanghai-Hong Kong Stock Connect with a purchase amount of 199.12 million yuan [3] - The top selling departments included the Shanghai-Hong Kong Stock Connect with a selling amount of 290.52 million yuan and two institutional special seats with selling amounts of 145.13 million yuan and 63.48 million yuan respectively [3]

Core Viewpoint - The report highlights the significant inflow of main capital into various stocks, with specific companies showing remarkable performance in terms of net capital inflow and stock price changes [1][2]. Group 1: Main Capital Inflow - A total of 88 stocks have experienced a net inflow of main capital for five consecutive days or more, indicating strong investor interest [1]. - Hangzhou Bank leads with 16 consecutive days of net inflow, followed by Yunnan Baiyao with 14 days [1]. - Midea Group has the highest total net inflow amounting to 1.582 billion yuan over seven days, while Hangzhou Bank follows closely with 1.489 billion yuan over 16 days [1]. Group 2: Performance Metrics - The stock with the highest net inflow ratio relative to trading volume is Fenglong Co., which has surged by 359.76% over the past 16 days [1]. - Other notable stocks include Guotai Junan Securities with a net inflow of 1.109 billion yuan over 11 days and China Ping An with 1.074 billion yuan over six days, although their stock prices have seen declines of 2.46% and 3.28% respectively [1]. - The report includes a detailed table of stocks with their respective net inflow amounts, inflow ratios, and cumulative price changes, providing a comprehensive overview of market trends [1][2].

Core Viewpoint - The photovoltaic equipment sector experienced a significant increase, with a 2.41% rise on January 22, led by GCL-Poly Energy Holdings [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - GCL-Poly Energy Holdings (688390) saw a remarkable increase of 19.95%, closing at 89.63, with a trading volume of 272,300 shares and a transaction value of 2.284 billion [1] - Other notable performers included: - Yuantai Technology (688516) up 14.41% to 75.01 with a transaction value of 1.283 billion - Junda Co., Ltd. (002865) up 10.00% to 90.40 with a transaction value of 2.132 billion - Maiwei Co., Ltd. (300751) up 9.61% to 270.30 with a transaction value of 3.771 billion [1] Group 2: Fund Flow Analysis - The photovoltaic equipment sector saw a net inflow of 1.509 billion from institutional investors, while retail investors experienced a net outflow of 1.002 billion [2] - Key stocks with significant fund flow included: - Longi Green Energy (601012) with a net inflow of 355 million from institutional investors [3] - Junda Co., Ltd. (002865) with a net inflow of 313 million from institutional investors [3] - Maiwei Co., Ltd. (300751) with a net inflow of 305 million from institutional investors [3]

Group 1 - JunDa Co., Ltd. reached the daily limit increase in stock price [1] - GoodWe Technologies saw a rise of over 10% in its stock price [1] - Other companies such as Maiwei Co., LianSheng Technology, Tianyi New Materials, Haiyou New Materials, and Dongfang Rises also experienced stock price increases [1]

Group 1 - The core viewpoint of the news is that Gudewei's integration with Qianwen to create a smart energy intelligence system has received national recognition from the Ministry of Industry and Information Technology as a typical case of empowering new industrialization through value-added telecommunications services [1][3] - The smart energy intelligence system combines Gudewei's WE platform capabilities of "perception and control" with Qianwen's "multi-modal reasoning and generation" capabilities, and has been implemented in over 500 parks [3] - Gudewei, a leading global provider of new energy power supply equipment and solutions, partnered with Alibaba Cloud in 2024 to develop the WE platform, which aggregates real-time data on grid load curves, energy storage and photovoltaic operations, charging pile status, and inspection images [3] Group 2 - The WE platform, after integration with Qianwen, enables logical attribution and trend prediction, automatically generating peak shaving and valley filling schedules, energy storage charging and discharging allocations, and virtual power plant bidding proposals, significantly enhancing energy utilization efficiency [3] - 80% of major energy state-owned enterprises have chosen Alibaba AI, including industry giants such as State Grid, Southern Power Grid, Sinopec, National Pipeline Network, State Energy Group, and China Coal Science and Technology, with applications spanning the entire energy spectrum including electricity, oil, gas, and coal [3]