Core Viewpoint - The photovoltaic (PV) sector is experiencing increased activity, with notable stock price rises for companies such as Fuyao Glass, Xinyi Solar, GCL-Poly Energy, and New Times Energy, following regulatory announcements aimed at addressing price violations and promoting industry stability [1] Group 1: Market Activity - Fuyao Glass (06865) increased by 4.67%, reaching HKD 10.32 [1] - Xinyi Solar (00968) rose by 3.25%, reaching HKD 3.18 [1] - GCL-Poly Energy (03800) saw a 2.65% increase, reaching HKD 1.16 [1] - New Times Energy (01799) gained 1.18%, reaching HKD 7.69 [1] Group 2: Regulatory Environment - On December 26, the State Administration for Market Regulation reported price violations in the PV industry, emphasizing the need for the sector to recognize the importance of addressing "involution" competition [1] - GF Securities anticipates that the regulatory requirements will lead to further implementation of anti-involution measures, potentially improving industry profitability by 2026 [1] Group 3: Industry Outlook - Guosheng Securities predicts that 2025 will mark a turning point for the PV industry, with policies aimed at curbing low-price competition and tightening energy consumption standards, leading to the exit of high-cost production capacities [1] - The polysilicon segment is expected to rebound first, with prices rising nearly 50% since July's low, initiating industry consolidation [1] - The firm forecasts that by 2026, the price center will stabilize between 60-80 RMB/kg, with significant profit recovery anticipated for leading companies [1]

国盛证券（002670）指出，2025年光伏行业迎来系统性""反内卷"拐点，中央到部委密集出台政策遏制 低价竞争，能耗标准大幅收紧加速高成本产能退出。多晶硅环节率先触底反弹，价格自7月低点上涨近 50%，行业整合启动，该行预计2026年价格中枢将稳定于60–80元/kg，龙头盈利有望显著修复。 消息面上，12月26日，市场监管总局通报了光伏行业价格违法问题和风险，并强调全行业要充分认识整 治光伏行业"内卷式"竞争的重要性。广发证券认为，在市场监管总局的进一步要求下，光伏反内卷有望 得到进一步落实与加强，行业盈利改善可期，看好2026年光伏产业链下游组件环节的盈利改善。 光伏股普遍活跃，截至发稿，福莱特（601865）玻璃(06865)涨4.67%，报10.32港元；信义光能(00968) 涨3.25%，报3.18港元；协鑫科技(03800)涨2.65%，报1.16港元；新特能源(01799)涨1.18%，报7.69港 元。 ...

（文章来源：每日经济新闻） 每经AI快讯，港股部分光伏股走高，截至发稿，协鑫新能源(00451.HK)涨6.76%，报0.79港元；新特能 源(01799.HK)涨5.22%，报7.66港元；协鑫科技(03800.HK)涨2.75%，报1.12港元；信义光能(00968.HK) 涨1.32%，报3.06港元。 ...

Group 1 - Some solar stocks have risen, with GCL-Poly Energy (00451) up 6.76% to HKD 0.79, Xinte Energy (01799) up 5.22% to HKD 7.66, GCL-Technology (03800) up 2.75% to HKD 1.12, and Xinyi Solar (00968) up 1.32% to HKD 3.06 [1] - The State Administration for Market Regulation has initiated compliance guidance on price competition in the solar industry in Hefei, Anhui, aiming to enhance product quality supervision and enforce laws against unfair competition [1] - This initiative is expected to combat illegal activities such as price collusion in the short term, while guiding the industry towards technological innovation and high-quality development in the long term, creating a favorable environment for leading companies with technological and cost advantages [1]

（於開曼群島註冊成立之有限公司） （股份代號：00968） 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聯合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，概不對因本聯合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 Xinyi Glass Holdings Limited 信義玻璃控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：00868） 聯合公告 持續關連交易 電力銷售 董事會謹此宣佈，於二零二五年十二月二十四日（交易時段後）訂立電力框架協 議，據此，信義光能集團的成員公司將於滿足自身的電力需求後，向信義玻璃集 團的成員公司供應其通過分佈式屋頂光伏發電系統產生的電力。 上市規則的涵義 信義光能 信義玻璃為信義光能的主要股東。因此，信義玻璃（及其附屬公司）為信義光能的 關連人士，而電力框架協議項下擬進行的交易構成信義光能的持續關連交易。 鑒於經參考電力框架協議項下交易的年度上限計算的最高適用百分比率（利潤率除 外）超過0.1%但低於5%，故電力框架協議項下 ...

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聯合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，並明確表示，概不對因本聯合公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：00868） Xinyi Solar Holdings Limited 信義光能控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：00968） Xinyi Glass Holdings Limited 信義玻璃控股有限公司 聯合公告 重續持續關連交易 採購生產設備 由於二零二五年生產設備採購協議將於二零二五年十二月三十一日屆滿，信義光 能與信義玻璃之附屬公司已於二零二五年十二月二十四日（交易時段後）訂立二零 二六年生產設備採購協議，重續期自二零二六年一月一日起至二零二六年十二月 三十一日止（包括首尾兩日）為期一年。 上市規則的涵義 信義光能 信義玻璃為信義光能的主要股東。因此，信義玻璃（及其附屬公司）為信義光能的 關連人士，而二零二六年生產設備採購協議項下擬進行的交易構成信義光能的持 續關連交易。 鑒於經參考二零二六年生產設備採購協議項下交 ...

Core Viewpoint - The photovoltaic industry chain is expected to gradually bottom out and improve by the second half of 2025, aided by anti-involution measures, although financial improvements may slow market clearing, making the continuation of anti-involution essential [1] Group 1: Industry Outlook - The photovoltaic demand is anticipated to recover in the latter half of the 14th Five-Year Plan due to enhanced energy storage capacity and the need for market-oriented adjustments in the domestic electricity market [1] - The global energy transition is driving strong demand for energy storage, with a projected growth rate of nearly 50% for new installations in 2026, fueled by domestic policies and decreasing costs [2] Group 2: Market Dynamics - A decline in domestic installations is expected to lead to profit differentiation among glass glue film companies, with those having overseas clients likely to increase export ratios and profit margins [3] - The high silver prices are promoting the industrialization of silver-copper paste, while auxiliary material companies are actively seeking second growth curves in sectors like semiconductors and storage [3] Group 3: Valuation and Recommendations - Current valuations for major companies in the main industry chain are at historical low levels of 1xP/B to 2.5xP/B, with potential for performance recovery and sector opportunities as demand improves in 2Q26 [4] - Recommended stocks include: 1) Quality large-scale storage and industrial storage companies such as Canadian Solar (688472.SH), Shangneng Electric (300827.SZ), and others [4] 2) High-power module manufacturers like JinkoSolar (688223.SH) and Aiko Solar (600732.SH) [4] 3) Silicon material companies such as GCL-Poly Energy (03800) and Tongwei Co., Ltd. (600438.SH) [4] 4) Optimized players like Xinyi Solar (00968) and Flat Glass Group (601865.SH) [4] 5) Companies with new product launches like Dike Co., Ltd. (300842.SZ) and Juhe Materials (688503.SH) [4]

港股电力设备概念股震荡走高，伟能集团(01608.HK)涨超7%，哈尔滨电气(01133.HK)、信义光能 (00968.HK)、金风科技(02208.HK)等个股跟涨。 本文源自：金融界AI电报 ...

Group 1 - The core transaction involves the sale of 100% equity of Jinzhai Xinyi Wind Power from Xinyi Glass (Wuhu) and Anhui Xinyi Power to Xinyi Energy (Fanchang) for a total consideration of RMB 62 million, subject to adjustments [1] - Jinzhai Xinyi Wind Power, located in Jinzhai City, Anhui Province, has an approved generation capacity of 64 megawatts and is governed by a wind farm management agreement [1] - As of the announcement date, the equity of Jinzhai Xinyi Wind Power is held by Xinyi Glass (Wuhu) and Anhui Xinyi Power at 82.0% and 18.0%, respectively [1] Group 2 - The proposed arrangement will reduce the need for independent operational teams for managing the wind farm, thereby effectively lowering costs and expenses related to non-core businesses for both Xinyi Glass and Xinyi Storage [2] - The acquisition of Jinzhai Xinyi Wind Power will enhance Xinyi Energy's renewable energy portfolio in China, particularly in the wind energy sector, as the company is also exploring other renewable energy projects [2]

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聯合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，概不對因本聯合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 GLASS HOLDINGS LIMITED 信義玻璃控股有限公司 （於開曼群島註冊 成立之有限公司） （股份代號：00868） XINYI ELECTRIC STORAGE HOLDINGS LIMITED 信義儲電控股有限公司 （於開曼群島註冊 成立之有限公司） （股份代號：08328） XINYI ENERGY HOLDINGS LIMITED 信義能源控股有限公司 （於英屬處女群島註冊 成立之有限公司） （股份代號：03868） XINYI SOLAR HOLDINGS LIMITED 信義光能控股有限公司 （於開曼群島註冊 成立之有限公司） （股份代號：00968） 聯合公告 關連交易 出售及購買 金寨信義風能之股權 於二零二五年十二月二十三日（交易時段後），信義玻璃（蕪湖）與安徽信義電源訂 立股權轉讓協議，雙方有條件同意出售，而信義能源（繁昌）則有條件同意購買股 權。 有 ...