Brokerage Research List Released; Wind Power, Solar, and Storage Chip Interest Runs High

Securities Times Reporter Xu Ying

Since the beginning of this year, securities firms have conducted research on over 940 A-share listed companies, mainly focusing on electronics, machinery, electrical equipment, chemicals, and other industries. Among them, 25 listed companies have been researched by securities firms at least 30 times.

It is worth noting that popular stocks in sectors such as wind power and photovoltaics remain highly active. Recently, as the trend of storage price increases continues to ferment, the research interest in storage chip-related companies remains high.

Specifically, Dajin Heavy Industry has been the most closely watched listed company by securities firms this year, with a total of 95 research visits; Tianshun Wind Power, JinkoSolar, Huqinq Technology, and Nape Mining Machinery have each been researched at least 50 times; companies like Jingzhida, Ninebot, Weisheng Information, and Hailianxun also attract significant attention.

Wind Power and Photovoltaics Remain Hot Topics

Recently, the power equipment and new energy sectors, represented by wind power, photovoltaics, and grid equipment, have continued to be hot areas for securities firms’ research. Recently, the “14th Five-Year Plan” outline was released, mentioning “strengthening the construction of new energy infrastructure” and emphasizing “promoting the safe, reliable, and orderly replacement of fossil fuels with non-fossil energy sources,坚持风光水核等多能并举，实施非化石能源十年倍增行动” (pursuing multiple energy sources such as wind, solar, water, and nuclear, and implementing a ten-year plan to double non-fossil energy).

In the wind power sector, Dajin Heavy Industry has become the undisputed “popularity king,” leading the market in research visits. Since March, Dajin Heavy Industry has been researched twice by securities firms. During the research, the company stated that its revenue structure is mainly driven by overseas business. By the end of 2025, the company’s total overseas order backlog exceeds 10 billion yuan, mainly scheduled for delivery over the next two years, covering offshore wind farms in the North Sea, Baltic Sea, and other offshore wind projects.

Similarly, Tianshun Wind Power, also in wind equipment, received 58 research visits. During the research, Tianshun Wind Power stated that after the Russia-Ukraine war, European energy has significantly shifted toward offshore wind. Over the next decade, with the involvement of local European, Chinese, and Southeast Asian supply chains, the certainty of European offshore wind will increase. Additionally, companies like Zhenjiang Co., Taisun Wind Power, and others related to wind power have each been researched by more than 10 securities firms.

The photovoltaic sector remains equally hot. JinkoSolar and Dico Co. received 52 and 42 research visits, respectively. Companies such as Trina Solar, Aters, and Daqo Energy, which are part of the photovoltaic industry chain, also received over 20 research visits each. The focus of these research activities is on technological iteration, overseas market expansion, and industry chain price trends.

In the grid equipment sector, Siyuan Electric, Huaming Equipment, and Haixing Electric have each been researched more than 10 times. With the release of the “14th Five-Year Plan” and the State Grid’s projected fixed asset investment plan of 4 trillion yuan, institutions are highly interested in the future growth potential of related companies.

Storage Chip Concept Stocks Attract Concentrated Research

Storage chips have also become a recent focus of securities firms’ research. As the semiconductor cycle gradually warms up and downstream demands such as AI (artificial intelligence) and high-performance computing drive growth, the industry’s prosperity has significantly rebounded.

Since the beginning of this year, global storage chips have entered a new round of price increases. Wind data shows that many storage chips and related concept stocks have received high attention from securities firms. Institutions are generally focused on storage chip price trends, domestic substitution progress, and companies’ expansion into emerging fields.

Among them, Dongxin Co. was researched 7 times this year, accumulating 38 research visits, making it one of the most researched companies in the storage chip field. As a relatively pure storage chip design company in the A-share market, its SLC NAND products are widely used in industrial and communication fields. Dongxin Co. stated during research that its 1xnm flash memory products have achieved mass production, with continuous design and process optimization, significantly improved product reliability, and successful sales.

Jiangbolong and Baiwei Storage, representing storage modules and packaging/testing fields, have also been researched multiple times this year, attracting many securities firms. Additionally, companies like Huqinq Technology, Aisen Co., and Hengkun New Materials, due to their key positions in the industry chain, have received intensive research from securities firms.

Exploring Structural Opportunities

Recently, securities firms have been continuously exploring structural opportunities, with a focus on the power and AI storage sectors.

Kaiyuan Securities believes that in the new investment logic era driven by AI, from the perspective of wealth redistribution, power capital is the most certain. Driven by prosperity and energy security, four areas should be prioritized: 1) battery energy storage, 2) grid equipment, 3) computing and electricity collaboration, and 4) wind and solar nuclear.

CITIC Construction Investment states that the North American power shortage is difficult to reverse, and energy storage and grid construction will soon replicate the prosperity of gas turbines. Gas turbines, energy storage, and grid equipment will become core benefiting sectors, gradually becoming a reality. Currently, the market only recognizes the prosperity of gas turbines; in six months to a year, grid investment and energy storage construction will begin to increase steadily. North America’s profit scale far exceeds that of other regions globally, and the related industry chain is highly promising.

Regarding storage chips, Shenwan Hongyuan believes that AI-driven storage demand spans all fields, and by 2026, servers will become the largest downstream application for storage. With limited new capacity added this year, storage prices are expected to remain high. During the super cycle of storage, domestically produced storage is advancing into the first tier.