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

Securities Times Reporter Xu Ying

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

Notably, popular stocks in the wind power and photovoltaic sectors remain highly active, and with the recent ongoing surge in storage prices, research interest in storage chip-related companies remains strong.

Specifically, Dajin Heavy Industry has been the most closely watched listed company by brokerages this year, with a total of 95 research visits. Tianshun Wind Power, JinkoEnergy, 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 Photovoltaic Sectors Lead in Popularity

Recently, the power equipment and new energy sectors, represented by wind power, photovoltaics, and grid equipment, have continued to be hot topics for brokerage research. The recent release of the “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” (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 is undoubtedly the “popular king,” leading the market in broker research visits. Since March, Dajin Heavy Industry has been visited twice by brokerages, and 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 projects in the North Sea, Baltic Sea, and other offshore wind farms.

Tianshun Wind Power, also in wind equipment, received 58 research visits. During the research, Tianshun Wind Power noted that after the Russia-Ukraine war, European energy has shifted significantly toward offshore wind. Over the next decade, with the involvement of local European, Chinese, and Southeast Asian supply chains, Europe’s offshore wind prospects will become increasingly certain. Additionally, companies like Zhenjiang Co., Taiseng Wind Power, and others related to wind power have each been visited by more than 10 brokerages.

The photovoltaic sector remains equally hot. JinkoEnergy and Dico Co., respectively, received 52 and 42 research visits, while companies like Trina Solar, Aters, and Daqo Energy, along with other photovoltaic industry chain companies, each attracted over 20 brokerages. The research focus centers on technological iteration, overseas market expansion, and industry chain price trends.

In the grid equipment sector, Siyuan Electric, Huaming Equipment, and Haixing Electric each received more than 10 research visits. With the “14th Five-Year Plan” projecting 4 trillion yuan in fixed asset investment by the State Grid Corporation, institutional interest in the future growth potential of related companies is strong.

Storage Chip Concept Stocks Attract Concentrated Research

Storage chips have also become a recent focus of brokerage 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 clearly rebounded.

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

Among them, Dongxin Co., Ltd. has been 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 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 frequently researched this year, attracting many brokerages. Additionally, companies like Huqinq Technology, Aisen Co., Ltd., and Hengkun New Materials, due to their key positions in the industry chain, have received intensive brokerage attention.

Exploring Structural Opportunities

Recently, brokerages have been continuously exploring structural opportunities, with the power and AI storage sectors receiving particular focus.

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: first, battery energy storage; second, grid equipment; third, computing and electricity collaboration; and fourth, wind and solar nuclear energy.

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 seen in gas turbines. Gas turbines, energy storage, and grid equipment are becoming 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 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 this super cycle, domestic storage companies are advancing into the first tier.