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

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Securities Times Reporter Xu Ying

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

Notably, popular stocks in wind power, photovoltaics, and other sectors remain hot. Recently, as storage price hikes continue to ferment, the investigation interest in storage chip-related companies remains high.

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

Wind Power and Photovoltaics Remain Hot

Recently, the power equipment and new energy sectors, represented by wind power, photovoltaics, and grid equipment, continue to be hot topics for securities firms. The recent “14th Five-Year Plan” outline mentions “strengthening the construction of new energy infrastructure” and emphasizes “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” (“advancing 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 is undoubtedly the “most popular,” leading the market in visits by securities firms. Since March, Dajin Heavy Industry has been visited twice by securities firms. During investigations, 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 projects in the North Sea, Baltic Sea, and other offshore wind farms.

Tianshun Wind Power, also in wind equipment, received 58 visits from securities firms. During investigations, Tianshun Wind Power noted that after the Russia-Ukraine war, European energy has clearly shifted toward offshore wind. Over the next decade, with the involvement of local European, Chinese, and Southeast Asian supply chains, European offshore wind is expected to become increasingly certain. Additionally, companies like Zhenjiang Co., Taisun Wind Power, and others related to wind power have each been visited by more than 10 securities firms.

The photovoltaic sector remains equally hot. Jinko Solar and Dico Co. received 52 and 42 visits respectively; companies like Trina Solar, Ares, and Daqo Energy, along with other photovoltaic industry chain companies, each attracted over 20 visits. The focus of securities firm investigations includes technological iteration, overseas market expansion, and industry chain price trends.

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

Storage Chip Concept Stocks

Clustered Investigations

Storage chips have also become a recent focus of securities firm investigations. As the semiconductor cycle gradually warms 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 price hike cycle. Wind data shows that many storage chips and related concept stocks have received high attention from securities firms. Institutions generally focus on storage chip price trends, domestic substitution progress, and companies’ expansion into emerging fields.

Among them, Dongxin Co. has been investigated 7 times this year, with a total of 38 visits from securities firms, making it one of the most investigated companies in the storage chip sector. As a relatively pure storage chip design company in the A-share market, its SLC NAND products are widely used in industrial and communications fields. Dongxin Co. stated during investigations that its 1xnm flash memory products have achieved mass production, with continuous design and process optimization, significantly improved product reliability, and sales have been realized.

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

CITIC Construction Investment states that North America’s 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 the core benefiting lines, 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 American profits far surpass those of other regions globally, and the related industry chain is expected to be resilient.

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