今年3月，经操作逻辑重构、AI智能化改造、地图找房功能植入等多项举措，"宝安产业空间超市"正式 迭代为"宝安AI智选空间"平台。工作人员介绍，与之前相比，"智选空间"在找房、看房和服务功能上有 了针对性的改善。 【深圳商报讯】（记者 张郗郡）找到合适的产业空间是企业开启生产经营至关重要的第一步，政府作 为服务者，如何促进企业与辖区内产业空间的精准、高效匹配？在深圳，宝安区积极搭建的"宝安产业 空间超市"给出了优秀答案。 去年6月，为探索全区产业空间市场化精准匹配新机制，宝安区公共物业管理局对全区产业空间开展"逐 楼栋、逐园区、全覆盖"的数据采集工作，首次摸清了全区产业空间数据底数。随后，宝安区在此基础 上构建了"宝安产业空间超市"平台，企业可通过平台自主筛选匹配产业空间，实现"产业空间信息直达 需求企业"，让企业找空间像网购一样便捷。在深圳市发展改革委（市营商办）组织评选的2024年深圳 市营商环境建设优秀案例中，"搭建'宝安产业空间超市'促进空间高效匹配"成功入选。 2025年初，宝安区公共物业管理局响应区委区政府提高空间匹配效能、推动优势集群发展等进一步要 求，结合AI技术发展背景，决定将"空间超市"升级 ...

Investment Rating - The industry is rated as "Outperform" compared to the market index [3][33]. Core Insights - The report highlights a stable production trend in the photovoltaic (PV) component sector, with a slight increase in production from leading companies, while most others are reducing output to clear inventory. The total production for November is expected to be below 44.5 GW, with potential for recovery in profit margins leading to increased production [3]. - In December 2025, the production forecast for batteries in China is 220 GWh, reflecting a 5.3% month-on-month increase, with energy storage batteries accounting for approximately 35.3% of this total. Globally, the production is expected to reach 235 GWh, up 3.1% month-on-month, indicating strong growth in energy storage despite pressure on power battery production [3]. - The average price of polysilicon remains stable at 52.00 CNY/kg, while the price of monocrystalline silicon wafers has slightly decreased to 1.20 CNY/piece. The average price for energy storage systems based on lithium iron phosphate batteries has increased by 10% to 0.5547 CNY/Wh [3]. - Domestic demand for PV installations saw a significant increase in October 2025, with new installations reaching 12.6 GW, a 30.4% month-on-month growth, although this represents a 38.3% year-on-year decline. Cumulatively, new installations for the year reached 252.87 GW, up 39.5% year-on-year [3]. - Export data indicates that in October 2025, the export value of PV components was approximately 2.258 billion USD, a year-on-year increase of 4.39%, despite a month-on-month decline of 19.34%. The cumulative export value for the first ten months of 2025 was 23.473 billion USD, down 4.89% year-on-year [3]. Summary by Sections Production - PV component production has shown stability, with leading companies increasing output slightly while others reduce to manage inventory. November's production is projected to be below 44.5 GW [3][4]. Prices - The price of polysilicon remains at 52.00 CNY/kg, while monocrystalline silicon wafer prices have decreased slightly. Energy storage system prices have increased by 10% [3][7]. Domestic Demand - New PV installations in October reached 12.6 GW, marking a 30.4% month-on-month increase but a 38.3% year-on-year decline. Cumulative installations for the year are at 252.87 GW, up 39.5% year-on-year [3][18]. Overseas Demand - The export value of PV components in October was approximately 2.258 billion USD, with a year-on-year increase of 4.39%. The cumulative export value for the first ten months was 23.473 billion USD, down 4.89% year-on-year [3][28].

Core Insights - Company Shouhang New Energy has recently won two prestigious awards for its innovative inverter technology in the photovoltaic industry, highlighting its strong market position and commitment to innovation [1][5] Group 1: Company Achievements - Shouhang New Energy has been recognized as the "Most Innovative Inverter Company in the Photovoltaic Industry for 2025" and one of the "Top 10 Distributed Photovoltaic Inverter Brands for 2025" [1] - The company has been continuously recognized as a national high-tech enterprise since 2017, reflecting its ongoing commitment to research and development [4] Group 2: Technological Innovation - Since its establishment in 2013, Shouhang New Energy has focused on technological innovation, particularly in energy storage inverters, becoming one of the early adopters of integrated photovoltaic and energy storage solutions in China [4] - As of June 30, 2025, the company holds 252 authorized patents, including 107 invention patents, 94 utility model patents, and 51 design patents, which serve as a solid foundation for its technological advancements [4] Group 3: Product and Market Strategy - Shouhang New Energy has developed a comprehensive product matrix that includes residential, commercial, and large-scale ground station products, covering photovoltaic inverters from 1.1kW to 350kW and energy storage inverters from 3kW to 20kW [4] - The company has received certifications from over 30 countries and regions, including China, the EU, Germany, India, and Australia, enhancing its global market presence [4] Group 4: Future Outlook - The recent awards are seen as both an honor and a responsibility, motivating the company to deepen its strategic layout in the photovoltaic and energy storage sectors [5] - Shouhang New Energy plans to expand its market presence in Europe, Australia, and emerging markets in Asia, Africa, and Latin America, aiming to contribute to global sustainable development and carbon neutrality goals [6]

Core Viewpoint - Shihang New Energy's stock performance shows a slight increase of 1.17% on November 27, with a trading volume of 64.37 million yuan, indicating investor interest despite a net financing outflow [1] Financing Summary - On November 27, Shihang New Energy had a financing buy-in amount of 5.23 million yuan and a financing repayment of 7.06 million yuan, resulting in a net financing outflow of 1.83 million yuan [1] - As of November 27, the total financing and securities lending balance for Shihang New Energy is 80.75 million yuan, which accounts for 6.68% of its market capitalization [1] - The company had no securities lending activity on November 27, with zero shares sold or repaid, and a remaining balance of zero [1] Business Overview - Shihang New Energy, established on June 7, 2013, and listed on April 2, 2025, is located in Bao'an District, Shenzhen, Guangdong Province [1] - The company specializes in the research, production, sales, and service of renewable energy power equipment, focusing on solar energy conversion, storage, and management [1] - The revenue composition of Shihang New Energy includes: grid-connected inverters (57.98%), storage batteries (23.11%), storage inverters (13.72%), accessories and others (4.85%), and other supplementary sources (0.34%) [1] Financial Performance - As of September 30, 2025, Shihang New Energy reported a total revenue of 1.746 billion yuan and a net profit attributable to shareholders of 114 million yuan, reflecting a year-on-year decrease of 47.57% [2] - The number of shareholders decreased by 9.62% to 20,700, while the average circulating shares per person increased by 10.65% to 1,873 shares [2] - Since its A-share listing, the company has distributed a total of 51.96 million yuan in dividends [2] Shareholding Structure - As of September 30, 2025, Hong Kong Central Clearing Limited is the largest circulating shareholder of Shihang New Energy, holding 614,800 shares, an increase of 275,400 shares from the previous period [2]

Core Insights - The report indicates a mixed performance in the photovoltaic (PV) component production and pricing, with potential for recovery in profits if prices rebound [1][2][3] Production Summary - PV Component Production: As of November 2025, domestic PV component production is expected to be below 44.5 GW, with leading companies showing slight increases while most others are reducing output to clear inventory [1] - Battery Production: In November 2025, the production of power, storage, and consumer batteries in China is projected to reach 209 GWh, a month-on-month increase of 12.4% and a year-on-year increase of 64.6% [1] Pricing Summary - PV Pricing: As of November 21, 2025, the price of polysilicon remains stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers has decreased to 1.28 CNY/piece [1] - Energy Storage Pricing: In October 2025, the average bid price for lithium iron phosphate battery storage systems is 0.5547 CNY/Wh, reflecting a month-on-month increase of 10% [1] Demand Summary - Export Performance: In October 2025, the export value of PV components was approximately $2.258 billion, showing a year-on-year increase of 4.39% but a month-on-month decline of 19.34% [2] - Domestic Installation: In September 2025, the domestic PV installation capacity was 9.7 GW, a month-on-month increase of 31.3% but a year-on-year decrease of 53.8% [2] Investment Recommendations - The report suggests focusing on energy storage-related companies due to the significant year-on-year growth in storage project tenders, recommending companies such as Sungrow Power Supply (300274.SZ) and Nandu Power (300068.SZ) [3]

Investment Rating - The industry is rated as "Outperform" compared to the market [2][37]. Core Insights - The report highlights strong demand for energy storage and power batteries, with a notable recovery in raw material and cell prices [2][5]. - The photovoltaic (PV) component production is expected to be below 44.5 GW in November 2025, with potential for profit recovery leading to increased production [5][9]. - The report suggests focusing on energy storage-related companies due to significant growth in tender capacity for energy storage projects [2][21]. Summary by Sections Production - PV component production has been stable since the second half of 2025, with leading companies slightly increasing production while most others are reducing to clear inventory [5]. - In November 2025, the production of power, storage, and consumer batteries in China is projected to reach 209 GWh, a month-on-month increase of 12.4% and a year-on-year increase of 64.6% [5][9]. Prices - As of November 21, 2025, the price of polysilicon remains stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers has decreased to 1.28 CNY/piece [9][16]. - The average price for lithium iron phosphate battery storage systems is reported at 0.5547 CNY/Wh, with a month-on-month increase of 10% [16][21]. Domestic Demand - In September 2025, the domestic PV installation capacity increased by 31.3% month-on-month to 9.7 GW, but saw a year-on-year decline of 53.8% [20][21]. - The cumulative new PV installation from January to September 2025 reached 240.27 GW, representing a year-on-year growth of 49.3% [20]. Overseas Demand - In October 2025, the export value of PV components was approximately 2.258 billion USD, showing a year-on-year increase of 4.39% but a month-on-month decrease of 19.34% [26][27]. - The cumulative export value from January to October 2025 reached 23.473 billion USD, a year-on-year decrease of 4.89% [26].

Core Viewpoint - Shihang New Energy has experienced a significant decline in stock price this year, with a drop of 28.59% year-to-date and 14.33% over the past five trading days, indicating potential challenges in the market [1][2]. Company Overview - Shihang New Energy, established on June 7, 2013, is located in Bao'an District, Shenzhen, Guangdong Province. The company specializes in the research, production, sales, and service of new energy power equipment, focusing on solar power conversion, storage, and management [2]. - The company's core products include photovoltaic grid-connected inverters (57.98% of revenue), storage batteries (23.11%), storage inverters (13.72%), and other components (4.85%) [2]. Financial Performance - For the period from January to September 2025, Shihang New Energy reported a revenue of 1.746 billion yuan and a net profit attributable to shareholders of 114 million yuan, reflecting a year-on-year decrease of 47.57% [2]. - The company has distributed a total of 51.9588 million yuan in dividends since its A-share listing [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shihang New Energy was 20,700, a decrease of 9.62% from the previous period, with an average of 1,873 circulating shares per shareholder, an increase of 10.65% [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 614,800 shares, which increased by 275,400 shares compared to the previous period [3]. Market Activity - On November 24, Shihang New Energy's stock price rose by 2.01% to 28.94 yuan per share, with a trading volume of 32.1382 million yuan and a turnover rate of 2.72% [1]. - The stock has appeared on the daily trading leaderboard nine times this year, with the most recent occurrence on September 5, where it recorded a net purchase of 23.5987 million yuan [1].

Core Viewpoint - The stock of Shihang New Energy has experienced a significant decline in 2023, with a year-to-date drop of 26.46% and a recent 5-day drop of 14.24% [1] Company Overview - Shihang New Energy Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on June 7, 2013. The company focuses on the research, production, sales, and service of new energy power equipment, particularly in solar energy conversion, storage, and management [2] - The company's main business revenue composition includes: grid-connected inverters (57.98%), energy storage batteries (23.11%), energy storage inverters (13.72%), accessories and others (4.85%), and other (0.34%) [2] - As of September 30, 2025, the number of shareholders is 20,700, a decrease of 9.62% from the previous period, with an average of 1,873 circulating shares per person, an increase of 10.65% [2] Financial Performance - For the period from January to September 2025, Shihang New Energy achieved operating revenue of 1.746 billion yuan and a net profit attributable to the parent company of 114 million yuan, representing a year-on-year decrease of 47.57% [2] - The company has distributed a total of 51.9588 million yuan in dividends since its A-share listing [3] Shareholding Structure - As of September 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 614,800 shares, an increase of 275,400 shares from the previous period [3] Market Activity - On November 21, the stock price of Shihang New Energy fell by 2.07%, trading at 29.80 yuan per share, with a total market capitalization of 12.289 billion yuan [1] - The stock has appeared on the daily trading list (龙虎榜) nine times this year, with the most recent occurrence on September 5, where it recorded a net purchase of 23.5987 million yuan [1]

Core Viewpoint - The company, Shouhang New Energy, announced the approval of a proposal to provide guarantees for its subsidiary during the 16th meeting of the second board of directors held on November 20, 2025 [2] Group 1 - The board meeting took place on November 20, 2025 [2] - The proposal approved involves the company providing guarantees for its subsidiary [2]

（文章来源：证券日报） 证券日报网讯 11月20日晚间，首航新能发布公告称，公司于2025年11月20日召开第二届董事会第十六 次会议和第二届监事会第九次会议，分别审议通过了《关于调整首航储能系统建设项目的议案》，同意 公司对"首航储能系统建设项目"的投资总额、实施内容和实施进度进行调整。 ...