Guojin Securities: Bottom turning points are confirmed one after another, and the electronics industry welcomes another upturn in prosperity.

Guojin Securities pointed out that in terms of photovoltaic energy storage, the anti-inward spiraling trend in the third quarter resulted in a narrowing of losses, with some segments turning losses around. In September, the newly added installed capacity was 9.7GW, showing a rebound in the industry. A slight increase is expected in the fourth quarter, with expectations for improved performance in the photovoltaic industry, warming up energy storage, and increased utilization in data center storage upgrades. It is recommended to continue investing in leading overseas energy storage companies. In terms of hydrogen energy, Bloom turned losses around in the third quarter, with a double-digit decrease in SOFC costs and potential single orders from data centers, leading to a sustained increase in profit margins. Green hydrogen ammonia and fuel cell technologies are included in the Five-Year Plan for the addition of new growth poles. In terms of the power grid, the Fifteenth Five-Year Plan emphasizes optimizing energy channels, accelerating the construction of smart/micro grids, and sees a strong outlook for ultra-high voltage and intelligent power networks. Haidian Electric saw a 30% increase in net profit in the third quarter, exceeding expectations, with strong growth in overseas power grids and data centers. In the third quarter, the sector's revenue was 93.6 billion, with a net profit of 8.2 billion, representing a 10% and 15% year-on-year growth respectively.