Core Viewpoint - The photovoltaic stocks are experiencing an upward trend, with notable increases in share prices for companies such as Xinyi Solar, GCL-Poly, and Flat Glass Technology, driven by new pricing strategies in the photovoltaic glass market [1] Group 1: Stock Performance - Xinyi Solar (00968) shares rose by 5.03%, reaching HKD 3.34 [1] - GCL-Poly (03800) shares increased by 2.52%, reaching HKD 1.22 [1] - New Energy (01799) shares grew by 1.34%, reaching HKD 6.8 [1] - Flat Glass Technology (601865) shares rose by 0.87%, reaching HKD 10.47 [1] Group 2: Pricing Developments - Some photovoltaic glass companies have begun adjusting their new order quotes for September, with the benchmark price for 2.0mm single-layer coated glass rising to RMB 13 per square meter, an increase of RMB 2 per square meter from July [1] - Flat Glass Technology indicated that pricing discussions for September orders are ongoing with clients [1] Group 3: Industry Insights - A meeting was held by the Ministry of Industry and Information Technology and other departments to discuss the regulation of competition within the photovoltaic industry, focusing on capacity, pricing, and quality [1] - Market expectations from the meeting include potential price increases for components that could transmit upstream price hikes, with recent bidding prices from China Resources (3GW) and Huadian (20GW) exceeding previous market prices [1] - Despite these developments, the overall price increase in downstream segments remains weak, and the industry currently holds approximately 500,000 tons of silicon material in inventory, which is still accumulating [1]

Group 1 - The Hong Kong photovoltaic stocks generally rose, with notable increases including 3.5% for Shanshan New Energy, 2.5% for GCL-Poly Energy, and over 2% for Xinyi Solar [1][1][1] - The China Photovoltaic Industry Association recently issued an initiative to strengthen industry self-discipline, advocating for strict compliance with laws and regulations to combat malicious competition through pricing below cost [1][1][1] - Experts believe that as the process of "anti-involution" in the photovoltaic industry continues, the adjustment of polysilicon prices will gradually be accepted by the downstream market, leading to component prices returning to cost levels soon [1][1][1] Group 2 - The entire industry is expected to maintain low production loads and low profit margins as a new norm [1][1][1] - The push for "anti-involution" in the photovoltaic sector should not only focus on manufacturing but also emphasize the importance of the asset side [1][1][1]

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

Group 1 - The core viewpoint of the article highlights a positive trend in the photovoltaic sector, with several companies like Aiko Solar and Hongyuan Green Energy showing improved performance in the first half of the year, either reducing losses or turning profitable [1] - Companies such as GCL-Poly Energy (03800), Xinyi Solar (00968), and Flat Glass (06865) have seen their stock prices increase, indicating a bullish sentiment in the market [1] - The report from Everbright Securities indicates that recent bidding prices for components have risen significantly, which is expected to alleviate losses for manufacturing companies [1] Group 2 - The photovoltaic industry is undergoing a "de-involution" process, with adjustments in polysilicon prices being gradually accepted by the downstream market, suggesting that component prices may soon return to cost levels [1] - The industry is likely to maintain low production loads and low profit margins as a new norm, emphasizing the importance of both manufacturing and asset management in the sector [1] - There is a cautionary note regarding the potential impact of policy changes on the profitability of power station companies, particularly in relation to Document No. 136 and the manufacturing sector [1]

Group 1 - The core viewpoint of the article highlights a positive trend in the photovoltaic sector, with several companies showing improved performance and reduced losses in the first half of the year [1] - Companies such as GCL-Poly Energy (03800) and Xinyi Solar (00968) have seen stock price increases of 4.2% and 3.45% respectively, indicating market optimism [1] - The report suggests that the photovoltaic industry is undergoing a "de-involution" process, with price adjustments in the polysilicon segment being gradually accepted by the downstream market, leading to a potential return of component prices to cost levels [1] Group 2 - According to a report from Everbright Securities, recent bidding results for components by China Resources and China Huadian show an average transaction price between 0.7103 and 0.7461 yuan/W, indicating a significant price increase that could help reduce losses for manufacturing companies [1] - The price increase is seen as a positive response from power station companies to the de-involution policy, which may also positively influence market sentiment [1] - However, there are concerns that power station companies' profitability may be squeezed by both policy Document No. 136 and pressures from the manufacturing side, necessitating close monitoring of future policies to stimulate demand [1]

8月25日，信义光能(00968)盘中上涨2.82%，截至13:48，报3.28元/股，成交3.02亿元。 本文源自：金融界 作者：行情君 信义光能控股有限公司主要从事光伏玻璃生产制造及光伏电站开发建设，提供超白太阳能压花玻璃、减 反射镀膜玻璃和背板玻璃等产品。公司在中国、马来西亚、印度尼西亚等地拥有多个光伏玻璃生产基 地，截至2024年12月31日，其年产能达到23,200吨/天。 截至2025年中报，信义光能营业总收入109.32亿元、净利润7.46亿元。 ...

第 2 頁 共 2 頁 v 1.1.1 EF003 | 股息派發日 | 2025年10月10日 | | --- | --- | | 股份過戶登記處及其地址 | 香港中央證券登記有限公司 | | | 灣仔皇后大道東183號 | | | 合和中心17樓1712-1716號舖 | | 香港 | | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 截至本公告日期，董事會包括兩名非執行董事，分別為李賢義博士（銀紫荊星章）（主席）及丹斯里拿督董清世 P.S.M, | | | D.M.S.M（太平紳士）（副主席），四名執行董事，分別為李聖潑先生（銅紫荊星章）（副主席及行政總裁）、李友情先生、李文 | | 免責聲明 演先生及朱燦輝先生，以及三名獨立非執行董事，分別為盧溫勝先生、簡亦霆先生及梁仲萍女士。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 XINYI SOLAR HOLDINGS LIMITED 信義光能控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：00968） 截至二零二五年六月三十日止六個月 中期股息之 信義光能控股有限公司（「本公司」）董事（「董事」）會（「董事會」）提述本公司日期為 二零二五年八月一日之截至二零二五年六月三十日止六個月的中期業績公告（「業績 公告」）。於業績公告中，董事會宣佈向於二零二五年八月二十日（星期三）（「記錄日 期」）名列本公司股東名冊之本公司股東（「股東」）派付截至二零二五年六月三十日 止六個月的中期股息（「中期股息」）每股本公司股份（「股份」）4.2港仙。合資格股東 （「合資格股東」）亦將獲授選擇權，選擇以現金或全部或部分以新繳足股款股份（「代 息股份」）代替現金股息方式收取中期股息（「以股代息計劃」）。以股代息計劃須待香 港聯合交易所有限公司（「聯交所」）批准代息股份上市及買賣後方可作實 ...

Core Viewpoint - Xinyi Solar Holdings Limited experienced a 5.0% decline in stock price, trading at HKD 3.23 per share with a transaction volume of HKD 285 million as of 15:15 on August 19 [1] Group 1: Company Overview - Xinyi Solar is primarily engaged in the production of photovoltaic glass and the development of solar power plants, offering products such as ultra-white solar patterned glass, anti-reflective coated glass, and backsheet glass [1] - The company operates multiple photovoltaic glass production bases in China, Malaysia, and Indonesia, with an annual production capacity expected to reach 23,200 tons per day by December 31, 2024 [1] Group 2: Financial Performance - As of the mid-year report for 2025, Xinyi Solar reported total revenue of HKD 10.932 billion and a net profit of HKD 746 million [2]

Group 1 - The solar stocks collectively declined, with notable drops in companies such as Xinyi Solar (down 3.82% to HKD 3.27), Xinyi Glass (down 3.3% to HKD 8.5), and others [1] - The silicon industry association indicated a worsening supply-demand imbalance, prompting some silicon material companies to plan coordinated production cuts to alleviate pressure [1] - If production cuts are effectively implemented, September output is expected to remain stable month-on-month, potentially easing supply-demand pressures [1] Group 2 - Century Securities reported that last week's main material prices showed no significant changes, with weak component demand becoming increasingly evident [1] - The current market for TOPCon components has seen new spot orders signed at levels between RMB 0.65 and 0.7, but subsequent order prices have begun to decline [1] - The future of the solar market is primarily driven by "anti-involution" policies, and uncertainty remains regarding the industry's turning point if policies do not materialize and prices fail to be transmitted downstream [1]