证券日报网讯 2月12日，大金重工在互动平台回答投资者提问时表示，截至2026年2月10日，公司股东 户数为35332户。 （文章来源：证券日报） ...

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]

Market Performance - On February 11, A-shares showed mixed performance with the Shanghai Composite Index rising by 0.09% to 4131.99 points, while the Shenzhen Component Index fell by 0.35% to 14160.93 points, and the ChiNext Index decreased by 1.08% to 3284.74 points [1] - Sectors that performed well included battery recycling, scarce resources, rare earth permanent magnets, and minor metals, while sectors such as film, AI data, and online tourism saw declines [1] Fund Manager Changes - On February 11, 29 fund managers experienced changes in their positions, with 22 funds announcing manager departures [3] - Over the past 30 days (January 12 to February 11), a total of 677 fund managers left their positions, with 8 managers leaving on February 11 alone [3] - The reasons for these departures included personal reasons, job changes, and the end of temporary assignments [3] Fund Manager Appointments - On February 10, 49 funds announced new fund manager appointments involving 21 managers [5] - Notable new appointments include Zhang Qisi at Southern Fund, managing a total asset scale of 26.764 billion yuan, with a highest return of 102.58% on the Southern Nasdaq 100 Index Fund [5] Fund Research Activity - In the past month, Bosera Fund conducted the most company research, engaging with 55 listed companies, followed by Huaxia Fund and Penghua Fund with 49 and 42 companies respectively [8] - The consumer electronics sector was the most researched, with 165 instances, followed by the semiconductor sector with 162 instances [8] Recent Company Focus - In the last month, the most researched company by public funds was Daikin Heavy Industries, with 78 fund management companies participating in the research [10] - In the past week (February 4 to February 11), the most researched company was Huanxu Electronics, with 32 fund institutions involved [9]

Summary of the Conference Call for Daikin Heavy Industries Industry and Company Overview - The conference call focuses on Daikin Heavy Industries, highlighting its internationalization efforts and market positioning in the marine engineering sector [1]. Key Points and Arguments 1. **Development History**: The current international achievements are attributed to long-term dedication and proactive planning, with the establishment of a European sales team in 2018 and securing European orders in 2022. The performance has seen a significant surge since the second half of 2024 [1]. 2. **Business Layout**: Over 80% of current revenue is derived from the export marine engineering sector. The company believes there is a core expectation gap in the market regarding its uniqueness. The potential and profitability of new business segments, including shipping logistics, floating systems, and service systems, warrant significant attention [1]. 3. **Market Value Potential**: There is an optimistic outlook for the company's market capitalization, with expectations of growth to a valuation of 100 billion (200% growth potential). The company continues to be a strong recommendation for investors [1].

Core Insights - The marine engineering industry has experienced a surge in order announcements since February, indicating strong growth driven by technological upgrades and market demand [1][4] - A variety of A-share listed companies are involved in sectors such as offshore wind power equipment manufacturing, shipbuilding, and marine engineering construction, with order values ranging from hundreds of millions to tens of billions [1] Group 1: Company Announcements - TianShun Wind Power announced new contracts totaling approximately 870 million yuan for offshore wind projects, including significant orders for foundation structures [1] - Shanghai Electric Wind Power Group secured a major contract for a 550,000 kW offshore wind project, marking a strong start to the year with a total capacity of 576 MW [2] - China State Construction Engineering Corporation's subsidiary won a contract worth about 524 million yuan for the construction and installation of wind turbine foundations [2] - China Shipbuilding Industry Corporation's subsidiary signed a contract for the construction of 16 container ships, with a total transaction value between 736 million and 896 million USD [2] Group 2: Industry Trends - The recent order announcements reflect a comprehensive coverage of the entire industry chain, from core equipment like wind turbines and foundation structures to shipbuilding and engineering construction [3] - There is a clear trend towards high-end and large-scale products, with large-capacity wind turbines and heavy-duty foundations becoming mainstream orders, aligning with industry technological advancements [3] - The market is expanding both domestically and internationally, with orders from coastal provinces in China as well as breakthroughs in overseas shipbuilding and marine product deliveries [3] Group 3: Expert Opinions - Experts suggest that the surge in marine engineering orders is a result of dual drivers: domestic renewable energy planning and global marine economic development [4] - The integration of marine engineering with other sectors, such as marine aquaculture, is creating new growth opportunities by diversifying product applications [4] - The industry's competitiveness is increasingly reliant on technological capabilities and production capacity, with a focus on large-scale and high-end equipment [4]

Core Viewpoint - The company has established a comprehensive ESG capability system focused on carbon management, green steel solutions, and supply chain governance, which aims to enhance order acquisition certainty and sustainability while reducing CBAM costs [1] Group 1 - The company has completed the carbon accounting system for its core products exported to the EU [1] - The company is continuously improving the coverage ratio of "actual value" data in its order dimension [1] - The systematic planning approach is centered around business operations [1]

Group 1 - The company, Dajin Heavy Industry, is a global leader in offshore wind power core equipment supply [1] - The company provides a one-stop solution for wind power infrastructure, including "construction + transportation + delivery" for large offshore wind developers [1] - The company is currently engaging with investors regarding the compatibility of its coastal water infiltration terminal with commercial aerospace infrastructure requirements [1]

Group 1 - The company is actively advancing the review process for its Hong Kong stock issuance [1] - The company encourages investors to pay attention to relevant announcements regarding the issuance [1]

Group 1 - The company, Pangu Intelligent (301456.SZ), stated on the interactive platform that there is currently no business cooperation with Daikin Heavy Industries [1]

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others [6][7]. Core Insights - The global photovoltaic market is expected to maintain high growth during the "14th Five-Year Plan" period, with annual new installations projected to reach 725-870 GW globally and 238-287 GW domestically [3][39]. - The electric power equipment sector is witnessing significant developments, including the approval of major grid projects and the awarding of contracts for high-voltage equipment [4][39]. - The new energy vehicle market continues to show strong momentum, with major manufacturers reporting significant year-on-year delivery increases [2][14]. Summary by Sections New Energy Vehicles - In January 2026, several new energy vehicle manufacturers reported substantial delivery growth, with NIO delivering 27,182 units (+96.1% YoY) and BYD maintaining a leading position with 210,051 units delivered [2][14][24]. - The third China All-Solid-State Battery Innovation Development Summit was held, focusing on key materials and technological advancements [2][27]. New Energy Generation - The photovoltaic industry is transitioning from scale expansion to high-quality development, with a focus on technological integration and new application scenarios [39][40]. - The cancellation of export tax rebates for photovoltaic products starting April 1, 2026, marks a shift to full market competition, pushing companies towards innovation and sustainable competitiveness [45][48]. Electric Power Equipment and Automation - The State Grid's recent tender for ultra-high voltage equipment involved 119 packages, with 115 awarded, indicating robust demand in the sector [4][39]. - The approval of the first major grid project by the National Development and Reform Commission signifies a positive outlook for infrastructure development in the electric power sector [4][39]. Commercial Aerospace - The domestic first "one rocket, 36 satellites" satellite launch technology facility has been accepted, indicating advancements in commercial aerospace capabilities [5]. Market Performance - The electric power equipment and new energy sector saw a weekly increase of 2.20%, outperforming the Shanghai Composite Index, with lithium battery and solar indices showing significant gains [1].