Core Viewpoint - JPMorgan Chase & Co. has reduced its stake in Xinyi Solar Holdings Limited (00968.HK) by selling 26,712,620 shares at an average price of HKD 3.3735 per share, amounting to approximately HKD 90.115 million, resulting in a decrease in their holding percentage from 7.12% to 6.82% [1] Group 1 - On January 27, 2026, JPMorgan Chase & Co. sold 26,712,620 shares of Xinyi Solar at an average price of HKD 3.3735 [1] - The total value of the shares sold by JPMorgan Chase & Co. is approximately HKD 90.115 million [1] - After the sale, JPMorgan Chase & Co. holds a total of 624,684,910 shares in Xinyi Solar [1]

香港联交所最新数据显示，1月27日，摩根大通减持信义光能(00968)2671.262万股，每股作价3.3735港 元，总金额约为9011.5万港元。减持后最新持股数目约为6.25亿股，持股比例为6.82%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，摩根大通减持信义光能(00968)2671.262万 股，每股作价3.3735港元，总金额约为9011.5万港元。减持后最新持股数目约为6.25亿股，持股比例为 6.82%。 ...

新能源必定是未来10年、20年甚至50年的投资热点，《新能源正前方》便是专注于新能源垂直领域深度 分析的账号。除了新能源汽车，也覆盖光伏、风电、水电等多个细分子行业，是《价值事务所》的完美 补充。强烈推荐大家关注一下 如果已经看了新能源正前方前面几天追踪福莱特的文章，对于信义光能的逻辑应该是非常清楚的，毕竟 全球光伏玻璃双龙的地位决定了它们的相似度不会低，事实也是如此。 但即使强了一些，总体上，信义光能也脱离不了光伏行业的周期掣肘，业绩承压明显。 02 光伏玻璃环节的关注价值所在 01 为什么信义光能业绩更好？ 先看2025年中报，信义光能上半年实现营收109亿，同比下跌7%，归母净利润7亿元，同比-59% 。其中 光伏玻璃收入95亿元，同比-7%，毛利率11.4%，同比下滑10.1 个百分点。 作为对比，福莱特上半年的营收是77.37亿元，同比下滑27.66%，其中光伏玻璃业务实现收入69.45亿 元，同比下降28.10%；实现归母净利润2.61亿元，同比暴跌82.58%，扣非也是暴跌了84.64%。 虽然信义光能也一样惨，但明显好一些，除了跟资产减值计提幅度不同有关，其实也符合行业特性，光 伏玻璃行业就是 ...

Group 1 - JPMorgan Chase & Co. increased its stake in Xinyi Solar Holdings Limited (00968.HK) by acquiring 21,234,012 shares at an average price of HKD 3.4614 per share, totaling approximately HKD 73.5 million [1] - Following this acquisition, JPMorgan's total holdings in Xinyi Solar rose to 651,397,530 shares, increasing its ownership percentage from 6.88% to 7.12% [1]

Core Insights - The construction materials industry is currently at a low valuation level, with a focus on urban renewal and related opportunities. The allocation ratio for construction materials in Q4 2025 is 0.72%, an increase of 0.11 percentage points from Q3 2025, indicating significant potential for valuation recovery [6][15]. Group 1: Urban Renewal and Market Dynamics - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development issued a notice on January 20, 2026, to support urban renewal actions, providing specific operational guidelines for the "14th Five-Year Plan" urban renewal strategy. This includes a focus on "two renewals and two new projects," emphasizing the construction of underground pipelines and comprehensive utility tunnels [24]. - Companies involved in urban renewal and the renovation of old neighborhoods, such as Dongfang Yuhong, Keshun Co., Sankeshu, Weixing New Materials, and China Liansu, are recommended for attention [24]. Group 2: Construction Materials Sector Overview - The construction materials sector is experiencing a recovery in profitability, with expectations for continued improvement in 2026. The supply-side adjustments and structural changes in demand are expected to support this recovery [37]. - The cement market saw a 0.8% decrease in prices week-on-week, with the national average price at 345 RMB/ton as of January 30, 2026. The industry is currently at a historical low valuation, with companies like Huaxin Cement, Conch Cement, and Shafeng Cement recommended for investment [6][38]. Group 3: Key Company Developments - Keshun Co. established a semiconductor company to explore a second growth curve, focusing on integrated circuit chips and related technologies [20]. - Weixing New Materials plans to acquire an 88.26% stake in Beijing Songtiancheng Technology Co., enhancing its capabilities in municipal pipeline systems and expanding its market reach [23]. - Leading companies in the construction materials sector, such as Sankeshu and Huaxin Cement, are expected to report significant profit growth in 2025, driven by strong operational resilience and strategic adjustments [25][27].

香港联交所最新资料显示，1月26日，小摩增持信义光能(00968)2123.4012万股，每股作价3.4614港元， 总金额约为7349.94万港元。增持后最新持股数目约为6.51亿股，持股比例为7.12%。 ...

消息面上，通威股份、隆基绿能、爱旭股份相继发布2025年度业绩预告，均为亏损状态。然而在谈到预 亏的原因时，多家公司均提到了白银价格上涨对业绩的影响。隆基绿能在公告中指出，四季度银浆、硅 料成本大幅上涨，显著推升了硅片、电池及组件产品成本。通威股份在谈到亏损原因时也提到"白银等 部分核心原材料价格持续上涨"。 据悉，银浆是太阳能电池板的关键材料，用于制作导电触点以传输电池产生的电力。数据显示，电池片 中使用的微量白银目前占组件总成本的29%，而2023年仅为3.4%，去年为14%。光伏行业积极通过技术 调整来化解白银价格上涨的压力，加速用铜等更廉价材料替代白银的计划来做出应对。 智通财经APP获悉，光伏股再度走低，截至发稿，彩虹新能源(00438)跌6.45%，报2.03港元；福莱特玻 璃(06865)跌5.76%，报10.97港元；信义光能(00968)跌4.29%，报3.35港元；新特能源(01799)跌3.54%， 报7.64港元。 ...

Core Viewpoint - The photovoltaic sector is experiencing a decline, with several key companies reporting significant losses for 2025, primarily attributed to rising silver prices impacting production costs [1] Group 1: Company Performance - Rainbow New Energy (00438) shares fell by 6.45%, trading at HKD 2.03 [1] - Flat Glass (601865) shares decreased by 5.76%, trading at HKD 10.97 [1] - Xinyi Solar (00968) shares dropped by 4.29%, trading at HKD 3.35 [1] - New Special Energy (01799) shares declined by 3.54%, trading at HKD 7.64 [1] Group 2: Financial Forecasts - Tongwei Co. (600438), Longi Green Energy (601012), and Aiko Solar (600732) all issued profit warnings for 2025, indicating expected losses [1] - Longi Green Energy cited significant increases in silver paste and silicon material costs as a major factor for the anticipated losses [1] - Tongwei Co. also mentioned that the continuous rise in prices of core raw materials, including silver, is contributing to their financial difficulties [1] Group 3: Industry Insights - Silver paste is a critical material in solar panels, used for creating conductive contacts to transmit electricity generated by the cells [1] - The current usage of silver in battery cells accounts for 29% of the total cost of components, a significant increase from 3.4% in 2023 and 14% last year [1] - The photovoltaic industry is actively seeking to mitigate the impact of rising silver prices by accelerating plans to replace silver with cheaper materials like copper [1]

Group 1 - The Hong Kong solar stocks have experienced significant declines, with major companies reporting substantial drops in their stock prices [1] - Kaisheng New Energy (01108.HK) has fallen by 7.57%, currently trading at 4.03 HKD [1] - Xinyi Solar (00968.HK) has decreased by 5.01%, with a current price of 3.41 HKD [1] - Fuyao Glass (06865.HK) has seen a decline of 4.03%, now priced at 11.42 HKD [1] - Xinte Energy (01799.HK) has dropped by 2.65%, trading at 7.72 HKD [1]