徐强 国泰海通分析师: 好的，各位投资者大家下午好，欢迎参加我们国泰海通电新团队春节不打烊的系列电话会 议。我是国泰海通的环保电新首席徐翔，今天我和我们孙潇浩孙老师一起给各位领导做去 做一些 AIDC 方面的汇报。明天就是这个第一个交易日了，那在此，我们国泰海通电新团 队祝大家开市大吉，业绩长虹。这个假期期间，我们围绕了 AIDC、太空算力、太阳翼、 锂电供应链，然后开展了一系列的这个电话会议和专家的这个交流。那这今天下午的电话 会议主要是汇报 A I D C 硬件端的这些投资机会。 然后同时，今天晚上我们还安排了这个卫星载荷的专家，然后来交流一下太空算力以及太 阳翼的这一方面的一个，这个投资内容。今晚 8 点，也欢迎大家这个就是按时接入。首先 我们一直从这个去年开始吧，去去年，24 年底，前年开始，就一直在推荐 AIGC 的这些投 资机会。市场，其实对于 IPC 的这些投资的持续性，持，一直是存，一直在质疑当中，这 个不断的这个提升预期的。那包括像现在。大家对于这个北美地区，像 Oracle 他们的一 个投资的持续性，以及北美这些算力是否存在泡沫，一直有比较大的一个争议。 但是，近期我们在在使用，包括像 O ...

Investment Rating - The report maintains a "Buy" rating for the energy storage sector [6] Core Insights - The investment in energy storage projects is returning to fundamental principles, focusing on capital IRR as a key metric for evaluating project value, with a threshold of 6.5% for good investment value [1][16] - The release of Document No. 114 has accelerated the alignment of profitability models for energy storage plants, shifting from a "strong allocation" to a market-driven economic model [14][15] Summary by Sections 1. Capital IRR Measurement - The capital IRR for energy storage projects is influenced by four core indicators: capacity price level, market arbitrage price difference, EPC costs, and lifespan of the storage station [2][17] - The basic scenario estimates a capital IRR of 5.5% under conservative assumptions, with potential increases based on variations in capacity pricing and market conditions [22][46] 2. Sensitivity Analysis - If the coal power capacity price is set at 330 CNY/kW·year, the capital IRR could reach 15.4% [23] - A 0.01 CNY/kWh increase in market arbitrage price can raise the project IRR by 1.4 percentage points, while a 0.1 increase in daily charge and discharge cycles can increase IRR by 4.4 percentage points [36][27] 3. Provincial Analysis - In 2025, provinces like Shanxi, Inner Mongolia, Shandong, and Gansu are projected to have capital IRR above 6.5% due to favorable market conditions [4][49] - The report emphasizes the need to monitor monthly changes in electricity market price differences and the pricing of coal power capacity in various provinces [4][49] 4. Investment Recommendations - The report suggests that the installed capacity of large-scale energy storage in 2026/2027 is a critical variable for lithium battery demand, with ongoing observation needed on capacity pricing, project lists, and market price changes [4][5] - The domestic energy storage industry is entering a healthy development phase, benefiting leading companies such as CATL, Sungrow, EVE Energy, and Haibo [4][5]

%% %% 行业研究丨深度报告丨电气设备 [Table_Title] 美国加码 AIDC 自建电源，变压器&储能景气 有望加速——美国缺电研究系列三 %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 此前，我们在《解能源桎梏，扬时代风帆——美国缺电深度研究》中指出，AI 电力需求高增下， 美国电力缺口不断放大，公用电网短期难以解决，导致电价不断上涨。2026 年以来，在立法层 面，FERC、州政府及区域输电组织加速推进大型负载并网政策落地，数据中心自建电源已是 大势所趋。本报告重点阐述北美数据中心供电及配储架构，量化测算自建电源对变压器及储能 需求的拉动。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SFC：BQK482 SFC：BVD284 袁澎 SAC：S0490524010001 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Table_ ...

【东吴电新】美国储能：对美出口关税边际下降，OBBB总体符合预期，继续看好储能需求爆发！ 1）2月20日，美国最高法院裁决认定特朗普政府依据《 查找图书 》实施的全球关税违法，由此芬太尼关税、对等 关税有望取消实施（储能系统相关税率分别为10 【东吴电新】美国储能：对美出口关税边际下降，OBBB总体符合预期，继续看好储能需求爆发！ 1）2月20日，美国最高法院裁决认定特朗普政府依据《 查找图书 》实施的全球关税违法，由此芬太尼关税、对等 关税有望取消实施（储能系统相关税率分别为10%、10%）；2）随后，特朗普签署行政令，依据《 查找图书 》第 122条对全球商品加征10%关税，原定2月24日生效，特朗普通过社交媒体将税率提高至15%并立即生效。据此测 算，我国储能系统出口美国总税率#有望下降5%（此前总税率为48.4%，此次调整后关税为：基础关税3.4%+301关 税25%+临时关税15%=43.4%），关税压力下降利好我国储能系统集成出口。 2月美国落地OBBB法案储能细则，总体符合预期，但技术授权限制和PFE计算穿透到原材料，较预期略微严格； 新增MACR测算方式，需穿透到原材料。我们认为，OBBB法案 ...

#OBBB法案细则落地、总体符合预期 2月美国落地OBBB法案储能细则，总体符合预期，但技术授权限制和PFE计 算穿透到原材料，较预期略微严格；新增MACR测算方式，需穿透到原材料。 我们认为，OBBB法案有一定过渡期，短期对中国企业出货量影响有限，叠加AI数据中心对储能需求拉动，预计今 年美国大储需求仍维持20-30%的增长。 东吴电新】美国储能：对美出口关税边际下降，OBBB总体符合预期，继续看好储能需求爆发！ #出口关税边际下降、利好储能系统出口 1）2月20日，美国最高法院裁决认定特朗普政府依据《国际紧急经济权 力法》实施的全球关税违法，由此芬太尼关税、对等关税有望取消实施（储能系统相关税率分别为10%、10%）； 2）随后，特朗普签署行政令，依据《1974年贸易法》第122条对全球商品加征10%关税，原定2月24日生效，特朗 普通过社交媒体将税 东吴电新】美国储能：对美出口关税边际下降，OBBB总体符合预期，继续看好储能需求爆发！ #出口关税边际下降、利好储能系统出口 1）2月20日，美国最高法院裁决认定特朗普政府依据《国际紧急经济权 力法》实施的全球关税违法，由此芬太尼关税、对等关税有望取消实施（ ...

Core Insights - The Chinese inverter market experienced a contraction from 2018 to 2019 due to significant price drops in inverter products and a slowdown in new solar photovoltaic installations, with the market size falling to 10.069 billion yuan in 2019, a year-on-year decrease of 20.47% [1] - Since 2020, the market has rebounded strongly, driven by technological advancements in the photovoltaic industry and the transition to grid parity, with the market size projected to reach 56.17 billion yuan by 2025 [1] - The inverter industry is expected to maintain a growth trend in the context of ongoing green and low-carbon energy transitions [1] Inverter Industry Overview - Inverters convert direct current (DC) from sources like batteries into alternating current (AC) for various applications, including household appliances and renewable energy systems [2] - The inverter industry is categorized by various classifications, including active vs. passive inverters, grid-connected vs. off-grid inverters, and different power levels [2][3] Industry Policies - The photovoltaic industry is a strategically supported sector in China, with numerous policies aimed at promoting growth, including financial subsidies and industry standards [3] - Recent policies encourage the upgrade of old photovoltaic equipment and the development of high-efficiency inverters to enhance energy density and efficiency [3][4] Industry Supply Chain - The inverter supply chain includes upstream raw materials and components, midstream research and manufacturing, and downstream applications in solar and wind energy, UPS systems, and electric vehicles [4] Current Industry Status - The global inverter market is projected to grow from $5.06 billion in 2015 to $21.429 billion by 2025, with a compound annual growth rate (CAGR) of 16% [6] - China's inverter production is expected to increase from 21.4 GW in 2015 to 334.8 GW by 2025, with demand rising from 13.16 GW to 186.9 GW during the same period [9] Competitive Landscape - The Chinese inverter market features a competitive landscape with both domestic and international players, including leading companies like Huawei and Sungrow, which are gaining market share through innovation and cost advantages [10] - Domestic companies are focusing on niche markets such as residential and distributed energy systems, enhancing their market positions through differentiated products [10] Key Companies - Sungrow Power Supply Co., Ltd. specializes in renewable energy equipment, including inverters, and reported a revenue of 15.327 billion yuan for its inverter products in the first half of 2025, a year-on-year increase of 17.06% [11] - Jinlang Technology Co., Ltd. focuses on photovoltaic inverters and reported a revenue of 1.82 billion yuan for grid-connected inverters in the first half of 2025, a decrease of 11.22%, while its energy storage inverters saw a significant increase of 313.51% [12] Industry Development Trends - The inverter industry is evolving towards higher power density and energy conversion efficiency, utilizing new semiconductor materials and advanced technologies [13] - Inverters are transitioning from mere energy conversion devices to integrated energy management nodes, supporting smart grid functionalities [13][14] - Future developments will include multi-energy coupling and system integration, enabling comprehensive energy management systems [15]

Group 1 - The core point of the article is that the recent US Supreme Court ruling on the $175 billion tariff refund has significant implications for both China and the A-share market, despite the refund being an internal US matter [2][6][28] - The $175 billion in tariffs was primarily collected from imports, including a 10% tariff on Chinese goods, and is now being refunded to US importers [8][10] - The refund will indirectly benefit Chinese companies as US importers, who have been financially strained by tariffs, will use the refunded money to pay off debts to Chinese suppliers and resume orders [12][14][28] Group 2 - The immediate impact on the A-share market is expected to be positive, with a potential "opening red" for A-shares as market sentiment improves following the ruling [40][46] - The ruling is seen as a signal that the previous high tariffs on Chinese goods may not be a permanent state, which could lead to a more favorable environment for Chinese exports [20][48] - Structural opportunities in the A-share market are identified, focusing on five main lines: export-oriented sectors, domestic substitution, strategic resources, domestic consumption, and new energy [51][62][88] Group 3 - Export-oriented sectors, particularly those with high exposure to the US market, are expected to benefit directly from the tariff refunds, with companies like Midea Group and Haier expected to see improved performance [52][72][73] - Domestic substitution and self-sufficiency in sectors like semiconductors and military equipment are highlighted as long-term strategic focuses, with companies like SMIC and AVIC Shenyang Aircraft being key players [53][78][86] - Strategic resources such as rare earths and gold are also expected to see price support due to ongoing global supply chain disruptions, benefiting companies like Northern Rare Earth and Shandong Gold [56][87]

Core Viewpoint - Hefei is emerging as a significant hub for advanced industries, particularly in quantum information, fusion energy, and deep space exploration, as showcased during the Spring Festival Gala [2][3][4]. Quantum Information - Hefei is recognized as the "Quantum City," with over 85% of the country's quantum enterprises located in its high-tech zone, including notable achievements like the "Mozi" quantum satellite and the "Nine Chapters" quantum computer [9][12]. - The city is witnessing a wave of IPOs in the quantum sector, with companies like Guoyi Quantum and Benyuan Quantum preparing for public offerings, supported by leading scientists from the University of Science and Technology of China [10][12]. Fusion Energy - Hefei is making strides in fusion energy, with projects like the EAST and CRAFT facilities achieving significant milestones, including the "billion-degree seconds" world record [8][9]. - The establishment of Fusion New Energy, backed by local investment and major companies, is positioning Hefei as a leader in the fusion energy sector, with nearly 60 related enterprises in the area [8][9]. Deep Space Exploration - The city is developing a deep space exploration laboratory that is incubating around 50 projects related to satellite manufacturing and aerospace applications, attracting top commercial space enterprises [9][10]. - Hefei's deep space initiatives are part of a broader strategy to enhance its technological capabilities and innovation landscape [9]. Investment and Economic Growth - Hefei is experiencing a surge in IPO activity, with projections indicating that by 2025, it will have 88 A-share listed companies, ranking fifth among provincial capitals [10][11]. - The city has invested heavily in technology, with over 100 billion yuan allocated during the 14th Five-Year Plan, making it a leading city in R&D spending among provincial capitals [13].

阳光电源股份有限公司 关于为子公司提供担保额度预计的进展公告 本公司及董事会全体成员保证公告内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 一、担保额度预计情况概述 阳光电源股份有限公司（以下简称"公司"）2025 年 4 月 25 日召开第五届董 事会第十七次会议审议通过了《关于为子公司提供 2025 年度担保额度预计及子 公司为客户提供担保的议案》，同意公司为十七家子公司向业务相关方（包括但 不限于银行等金融机构及其他业务合作方）申请银行综合授信（包括但不限于办 理流动资金贷款、项目贷款、承兑汇票、信用证、保函、票据贴现、保理、出口 押汇、外汇远期结售汇以及衍生产品等相关业务）及日常经营需要（包括但不限 于履约担保、产品质量担保）时提供担保，担保额度预计不超过人民币 1,000,000 万元，其中，同意为 SUNGROW IBERICA S.A.（以下简称"西班牙阳光"）提供 担保额度为 5,000 万元，为 Sungrow Power (Hong Kong) Co., Limited（以下简称"香 港阳光"）提供担保额度为 70,000 万元。在上述额度范围内，公司董事会将不再 逐笔形成 ...

Volatility - Today, 6 stocks in the A-share market experienced a volatility exceeding 20% [1] - The stocks with the highest volatility include Vision Smart, Yitian Co., and *ST Yunchuang [1] Turnover Rate - There are 13 stocks in the A-share market with a turnover rate exceeding 30% today [1] - The stocks with the highest turnover rates include Dawi Technology, C Linping, and Rongxin Culture [1] Main Capital Flow - Main capital today saw a net inflow into sectors such as electronics, banking, transportation, automotive, home appliances, steel, and agriculture, while experiencing a net outflow from sectors like power equipment, non-ferrous metals, media, computers, machinery, communications, and biomedicine [1] - The stocks with the largest net inflows include Dongshan Precision (1.948 billion), Deep Technology (1.857 billion), Huasheng Tiancheng (1.644 billion), Sunshine Power (1.429 billion), and C Electric Science (1.427 billion) [1] - The stocks with the largest net outflows include BlueFocus (3.294 billion), Zhongji Xuchuang (2.741 billion), Xiexin Integrated (2.637 billion), New Yi Sheng (2.599 billion), and Xinwei Communication (2.111 billion) [1]