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） 信義玻璃董事會、信義能源董事會及信義光能董事會（統稱「董事會」）及信義儲電 董事會茲提述信義玻璃、信義儲電、信義能源及信義光能刊發的日期為二零二五年 十二月二十三日的聯合公告（「該聯合公告」），內容有關標題事項 ...

Core Viewpoint - Bank of America Securities predicts that 2026 will be a "Red Horse Year" for the Chinese base metals market, driven by favorable conditions for electrification and AI power infrastructure in 2023 due to factors such as a weak dollar and the US interest rate cut cycle [1] Group 1: Market Drivers - The supply of copper and aluminum remains tight [1] - Demand drivers for this year include a 10% year-on-year increase in grid investment, a 27% growth in electric vehicle battery production, a 41% increase in energy storage systems, and rising AI power demand [1] - The anti-involution policy is becoming more balanced, although recent enforcement has been weak [1] Group 2: Stock Recommendations - Preferred stocks include aluminum companies as alternative investments for AI power supply, with a forecasted price-to-earnings ratio between 8 to 10 times [1] - Positive outlook on gold, copper, lithium (including battery materials), and cobalt stocks; neutral view on coal; bearish on solar energy and construction materials (like steel) due to weak demand and declining steel profit margins [1] Group 3: Specific Stock Picks - Key stock picks include China Aluminum (601600) (02600), Zijin Mining (601899) (02899), China Hongqiao (01378), Shandong Gold (600547) (01787), and Ganfeng Lithium (002460) (01772) [1] - Underperforming stocks identified include Tongwei Co. (600438) (600438.SH), Xinyi Solar (00968), Ansteel (000898) (00347), and China Resources Cement (01313) [1]

Group 1 - The core viewpoint of the article is that 2026 is identified as the "Year of the Red Horse," which is favorable for the Chinese base metals market due to several key factors, including a weak US dollar and a US interest rate cut cycle benefiting metals [1] - Key demand drivers for this year include a 10% year-on-year increase in grid investment, a 27% growth in electric vehicle battery demand, a 41% increase in energy storage systems, and rising AI power demand [1] - Supply constraints for copper and aluminum are expected to continue, contributing to the overall market dynamics [1] Group 2 - The preferred investment stocks include aluminum companies, with a forecasted price-to-earnings ratio between 8 to 10 times, and a "buy" outlook on gold, copper, lithium (including battery materials), and cobalt stocks [1] - The company holds a neutral view on coal and a bearish outlook on solar energy and construction materials (such as steel) due to weak demand and declining steel profit margins [1] - Key stocks that are expected to underperform the market include Tongwei Co., Ltd. (600438.SH), Xinyi Solar (00968), Ansteel Group (00347), and China Resources Cement Technology (01313) [1]

Group 1 - The Hong Kong stock market's power equipment sector showed strong performance at the beginning of trading, with notable gains in several companies [1] - Dongfang Electric (01072.HK) experienced an increase of over 8% [1] - Harbin Electric (01133.HK) saw a rise of more than 5%, while Shanghai Electric (02727.HK) and Xinyi Solar (00968.HK) also followed with gains [1]

Group 1 - The core viewpoint of the news is that the Hong Kong solar stocks have collectively declined due to regulatory scrutiny from the market supervision authority regarding potential monopoly risks in the solar industry [1] - GCL-Poly Energy has seen a drop of over 7%, while other companies like Sunshine Energy and Xinte Energy have also experienced declines of 3.5% [1][2] - The market supervision authority has held discussions with several key players in the solar industry, including the China Photovoltaic Industry Association and major companies, to address issues related to market manipulation and has mandated corrective actions by January 20 [1] Group 2 - The market supervision authority has prohibited the discussed companies from agreeing on production capacity, utilization rates, sales volumes, and pricing [1] - Companies are also restricted from dividing markets, production volumes, and profits through any form of investment ratio [1] - The authority has required the companies to submit written corrective measures by January 20 [1]

Core Viewpoint - The photovoltaic stocks have experienced a decline, influenced by regulatory scrutiny regarding potential monopolistic practices within the industry [1] Group 1: Stock Performance - New Special Energy (01799) fell by 3.23%, trading at 7.19 HKD [1] - Xinyi Solar (00968) decreased by 1.55%, trading at 3.18 HKD [1] - Flat Glass (601865) dropped by 1.35%, trading at 10.2 HKD [1] Group 2: Regulatory Actions - The Beijing Market Supervision Administration held discussions with several key players in the photovoltaic sector, including the China Photovoltaic Industry Association and companies like Tongwei Co., Ltd. (600438) and Xiexin Technology [1] - The meeting addressed concerns about monopolistic risks and outlined specific corrective actions that companies must undertake [1] - Companies are prohibited from agreeing on production capacity, utilization rates, sales volumes, and pricing, as well as from engaging in market division or profit allocation through any means [1] - A deadline of January 20 has been set for the submission of written corrective measures to the Market Supervision Administration [1]

Core Viewpoint - The solar energy stocks have experienced a decline following a meeting held by the Beijing Market Supervision Administration, which addressed monopoly risks and required corrective actions from several key companies in the industry [1] Group 1: Stock Performance - New Special Energy (01799) fell by 3.23%, trading at 7.19 HKD [1] - Xinyi Solar (00968) decreased by 1.55%, trading at 3.18 HKD [1] - Flat Glass Group (06865) dropped by 1.35%, trading at 10.2 HKD [1] Group 2: Regulatory Actions - The Beijing Market Supervision Administration held discussions with the China Photovoltaic Industry Association and several companies, including Tongwei Co., Xiexin Technology, Daqo New Energy, New Special Energy, Asia Silicon, and Dongfang Hope [1] - The meeting focused on reporting monopoly risks and providing clear rectification opinions, requiring companies to implement corrective measures [1] - Companies are prohibited from agreeing on production capacity, utilization rates, sales volumes, and prices, as well as from engaging in market division or profit distribution through investment ratios [1] - A deadline of January 20 has been set for the submission of written corrective measures to the Market Supervision Administration [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 信義光能控股有限公司 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00968 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 9,147,043,615 | | 0 | | 9,147,043,615 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 9,147,043,615 | | 0 | | 9,147,043,615 | 第 2 頁 共 10 頁 v 1.1.1 FF301 第 1 頁 共 1 ...

Group 1 - Hong Kong solar stocks are generally active, with notable price increases observed [2] - Fuyao Glass (06865.HK) rose by 4.67%, reaching HKD 10.32 [2] - Xinyi Solar (00968.HK) increased by 3.25%, trading at HKD 3.18 [2] - GCL-Poly Energy (03800.HK) saw a rise of 2.65%, priced at HKD 1.16 [2] - New Energy (01799.HK) gained 1.18%, with a current price of HKD 7.69 [2]

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]