Core Viewpoint - The photovoltaic stocks have collectively declined, influenced by rising silver prices which have increased the cost of silver paste, subsequently affecting the costs of battery cells and modules [1] Group 1: Stock Performance - Xinyi Solar (00968) fell by 4.18%, trading at HKD 3.44 [1] - Xinte Energy (01799) decreased by 3.35%, trading at HKD 7.22 [1] - Flat Glass Group (601865) dropped by 2.94%, trading at HKD 11.24 [1] - Junda Co., Ltd. (002865) declined by 1.83%, trading at HKD 39.64 [1] Group 2: Cost Analysis - Silver prices have been on a gradual rise, directly increasing the cost of silver paste [1] - As of January 30, 2026, the complete cost of battery cells is projected to exceed CNY 0.5/W, reflecting a month-on-month increase of CNY 0.1/W [1] - The complete cost of modules has surpassed CNY 0.9/W [1] Group 3: Market Dynamics - Domestic market execution of ground project orders is gradually declining, with limited visibility on new orders [1] - The overseas market's demand is expected to strengthen due to changes in export tax rebates, with a forecast that Q1 2026 shipments will be primarily driven by the overseas market [1] - In the context of weak seasonal demand and recent price increases for modules, procurement attitudes are becoming more cautious, leading to insufficient order visibility for Q1 2026 [1]

Group 1 - The core viewpoint of the article indicates a collective decline in solar stocks, with notable drops in companies such as Xinyi Solar, New Energy, Flat Glass, and Junda, attributed to rising silver prices impacting production costs [1] - Silver prices have been on a gradual rise, leading to increased costs for silver paste, which in turn affects the costs of battery cells and modules. By the end of January 2026, the complete cost of battery cells is expected to exceed 0.5 yuan/W, reflecting a month-on-month increase of approximately 0.1 yuan/W, while module costs have surpassed 0.9 yuan/W [1] - Since February 2026, silver prices have experienced significant volatility, causing real-time declines in the prices of battery cells and modules [1] Group 2 - Domestic market execution of ground project orders is gradually declining, with limited visibility on new orders. In contrast, the overseas market is expected to see increased shipments in the first quarter of 2026 due to the reversal of export tax rebates [1] - In the context of weak seasonal demand and recent price increases for modules, procurement attitudes are becoming more cautious, leading to insufficient visibility on orders for the first quarter of 2026 [1]

Company Overview - The company is experiencing a phase of increased domestic demand for photovoltaic glass due to a reduction in export tax rebates, leading to a slight increase in glass prices and a partial recovery in sales profits [1] - The company aims to control inventory levels to alleviate pressure during the Chinese New Year, with inventory days decreasing from 40.17 days to 34.18 days, a reduction of approximately 6 days [1] Market Commentary - Demand for photovoltaic components has been weak in the first half of the year, with the focus on inventory clearance expected to continue until mid-February [1] - The company is one of the leading suppliers of glass for export components, and it is anticipated that the proportion of overseas shipments will increase, potentially raising profit margins [1] Production and Capacity - The company has launched a 1200-ton production line in Indonesia as of January 15, with another line expected to commence soon, aiming for full production and sales within the year [1] - The overseas production capacity is projected to account for 24.7% of the company's total production capacity, with expectations that over 35% of total shipments will be exported [1] Financial Forecast and Valuation - Revenue forecast for 2025 has been raised by 13.4% to 18.914 billion yuan due to higher-than-expected glass prices [1] - The profit forecast for Q4 has been increased by 2% to 1.528 billion yuan, while the revenue forecast for 2026 has been adjusted up by 10.3% to 20.324 billion yuan [1] - The company has introduced a revenue forecast for 2027 of 21.293 billion yuan and a profit forecast of 2.355 billion yuan [1] - The target price is maintained at 3.6 HKD, corresponding to P/E ratios of 14.5 and 12.3 for 2026 and 2027, respectively, indicating a potential upside of 1.4% from the current stock price [1]

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，並明確表示概不就因本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) 董事會會議通知 承董事會命 信義光能控股有限公司 執行董事兼公司秘書 朱燦輝 香港，二零二六年二月十二日 於本公告日期，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）（董事會主席） 及丹斯里拿督董清世 P.S.M, D.M.S.M (太平紳士) (董事會副主席)，四名執行董事，分別為李聖潑先生 （銅紫荊星章）(董事會副主席)、李友情先生、李文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。 本公告將於聯交所網站 www.hkexnews.hk 及本公司網站 www.xinyisolar.com 刊載。 信義光能控股有限公司(「本公司」，連同其附屬公司統稱「本集團」) 董事(「董事」) 會(「董事會」) 謹此宣佈，本公 ...

Core Viewpoint - CICC maintains a neutral rating for Xinyi Solar (00968) with a target price of HKD 3.6, indicating a potential upside of 1.4% from the current stock price, which corresponds to P/E ratios of 14.2 and 12.1 for 2026 and 2027 respectively. New revenue forecast for 2027 is set at CNY 21.293 billion, with a profit forecast of CNY 2.355 billion [1] Group 1: Company Status - The reduction in export tax rebates has led to a temporary increase in domestic demand for solar components, resulting in a slight rise in photovoltaic glass prices. The company is experiencing a recovery in sales profits for photovoltaic glass. The first half of the year saw weak demand for components, with inventory clearance being the main focus for photovoltaic glass, expected to continue until mid-February [2] - Year-to-date, the inventory days in the glass industry have decreased from 40.17 days to 34.18 days, a reduction of approximately 6 days. The company aims to control inventory days to alleviate pressure from accumulation during the Spring Festival [2] Group 2: Overseas Shipment and Profitability - The company has increased its overseas shipment ratio, with a new 1200-ton production line in Indonesia launched on January 15. Another line is expected to be operational soon, aiming for full production and sales within the year. Overseas production capacity now accounts for 24.7% of the company's total production capacity [3] - Given the demand for overseas components and the supply of glass, it is estimated that the company will need to export 10-15% of its products domestically. Combined with overseas production shipments, the total overseas shipment ratio is expected to exceed 35%, with long-term profit margins for photovoltaic glass overseas being better than those domestically [3] Group 3: Profit Forecast and Valuation - The company has adjusted its revenue forecast for 2025 upwards by 13.4% to CNY 18.914 billion, considering that photovoltaic glass prices are expected to be higher than anticipated in October-November 2025. The profit forecast for Q4 has been raised by 2% to CNY 1.528 billion due to better-than-expected glass prices [4] - For 2026, with an increase in the export ratio and higher overseas prices compared to domestic ones, the overall sales price of glass is expected to rise, leading to a 10.3% increase in revenue forecast to CNY 20.324 billion. However, due to potential risks from silicon material capacity impairment and declining profit margins from weak domestic component demand, the profit forecast has been adjusted downwards by 1.2% to CNY 2.033 billion [4]

Company Overview - CICC maintains a neutral rating for Xinyi Solar (00968) with a target price of HKD 3.6, corresponding to P/E ratios of 14.5 and 12.3 for 2026 and 2027, indicating a potential upside of 1.4% from the current stock price [1] - The company has introduced a revenue forecast for 2027 at CNY 21.293 billion and a profit forecast of CNY 2.355 billion [1] Current Situation - The reduction in export tax rebates has led to a temporary increase in domestic demand for solar components, resulting in a slight rise in photovoltaic glass prices, with sales profits showing some recovery [1] - Demand for components was weak in the first half of the year, with photovoltaic glass primarily focused on inventory clearance, expected to last until mid-February [1] - The inventory days in the glass industry have decreased from 40.17 days to 34.18 days, a reduction of approximately 6 days [1] - The company aims to control inventory days to alleviate pressure from accumulation during the Spring Festival [1] Overseas Expansion - The company has launched a 1200-ton production line in Indonesia on January 15, with another line expected to commence soon, aiming for full production and sales within the year [1] - The overseas production capacity now accounts for 24.7% of the company's total production capacity [1] - It is estimated that the company will need to export 10-15% of its products domestically to overseas markets, with total overseas shipments expected to exceed 35%, as overseas profit margins for photovoltaic glass are anticipated to be higher than domestic ones [1] Profit Forecast and Valuation - The revenue forecast for 2025 has been raised by 13.4% to CNY 18.914 billion due to higher-than-expected photovoltaic glass prices in October-November [2] - The profit forecast for Q4 has been increased by 2% to CNY 1.528 billion due to better-than-expected glass prices [2] - For 2026, the revenue forecast has been adjusted upward by 10.3% to CNY 20.324 billion, considering the increase in export proportion and higher overseas prices [2] - However, the profit forecast has been slightly reduced by 1.2% to CNY 2.033 billion due to risks associated with silicon material impairment and declining profit margins from weak domestic component demand [2]

Core Insights - The report indicates that the price of ordinary electronic cloth has exceeded expectations, with significant price increases observed in recent months, suggesting a sustained high demand in the market [12][13] - Shanghai's initiative to purchase second-hand homes for rental purposes is expected to boost the supply of rental housing and stimulate the construction materials market [13][14] - The construction materials industry is currently at a historical valuation low, with potential for recovery as demand stabilizes and supply-side improvements take effect [23][25] Group 1: Price Trends and Market Dynamics - The price of ordinary electronic cloth has seen cumulative increases of 1-1.2 RMB/m due to supply-demand imbalances and rising copper prices, indicating a long-term bullish trend [12] - The Shanghai government has launched a program to acquire second-hand homes for rental purposes, focusing on small-sized units, which is anticipated to enhance the supply of rental properties and invigorate the construction materials sector [13] - Recent data shows a recovery in second-hand home transactions, with significant year-on-year increases, suggesting a potential rebound in the real estate market [14][15] Group 2: Industry Fundamentals and Company Performance - The construction materials sector is experiencing a bottoming out phase, with various sub-sectors like cement and fiberglass showing signs of recovery, supported by supply-side adjustments and improved market conditions [23][25] - The report highlights that leading companies in the consumer building materials segment are demonstrating resilience, with improved revenue growth rates compared to the overall market, indicating strong operational capabilities [29] - Cement prices have recently decreased by 1%, but the overall market is expected to stabilize as companies implement price control measures and benefit from lower coal costs [25][26] Group 3: Investment Opportunities - The report suggests focusing on leading companies in the consumer building materials sector, such as Three Trees, Rabbit Baby, and Oriental Yuhong, which are well-positioned to benefit from the ongoing market recovery [23][25] - In the cement industry, companies like Huaxin Cement and Conch Cement are highlighted as potential investment opportunities due to their strong market positions and historical performance [25][26] - The fiberglass sector is also noted for its growth potential, with leading firms like China Jushi and Zhongtai Technology expected to capitalize on increasing demand for high-end electronic cloth [26][28]

Core Viewpoint - The space photovoltaic concept stocks have collectively declined, indicating market skepticism about the current state and future potential of space photovoltaic technology [1] Group 1: Stock Performance - JunDa Co., Ltd. (002865) has dropped by 7.51%, trading at 41.64 HKD [1] - Fuyao Glass (601865) has decreased by 4.23%, trading at 10.86 HKD [1] - Xinyi Solar (00968) has also fallen by 4.23%, trading at 3.4 HKD [1] - New Special Energy (01799) has seen a decline of 2.57%, trading at 7.2 HKD [1] Group 2: Industry Insights - Liu Yiyang, Executive Secretary of the China Photovoltaic Industry Association, stated that space photovoltaic technology is still in the early stages of exploration and validation, making it premature to determine a clear technical direction [1] - The heterojunction (HJT) perovskite technology, which has garnered significant attention from the capital market, is primarily based on a "cost reduction logic" proposed by certain financial institutions, with actual products still in the laboratory or validation phase [1] - There is a considerable distance to go before achieving large-scale commercialization of these technologies [1]

Core Viewpoint - The space photovoltaic concept stocks have collectively declined, indicating market skepticism about the current state and future potential of space photovoltaic technology [1] Group 1: Stock Performance - JunDa Co., Ltd. (02865) fell by 7.51%, trading at HKD 41.64 [1] - FuLite Glass (06865) decreased by 4.23%, trading at HKD 10.86 [1] - Xinyi Solar (00968) also dropped by 4.23%, trading at HKD 3.4 [1] - New Special Energy (01799) saw a decline of 2.57%, trading at HKD 7.2 [1] Group 2: Industry Insights - On February 4, Liu Yiyang, the Executive Secretary-General of the China Photovoltaic Industry Association, stated that space photovoltaic technology is still in the early stages of exploration and validation [1] - It is too early to determine a clear technological direction for space photovoltaic technology [1] - The market's enthusiasm for heterojunction (HJT) perovskite technology is primarily based on a "cost reduction logic" proposed by certain financial institutions, while actual products remain in the laboratory or early validation stages, far from large-scale commercialization [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: 2026年1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2月4日 I. 法定/註冊股本變動 | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | | --- | --- | | 已符合適用的公眾持股量要求（見下方） | ✔ | | 未符合適用的公眾持股量要求（見下方） | | | 根據《主板上市規則》第13.32B條或第19A.28B條 / 《GEM上市規則》第17.37B條或第25.21B條（視情況而定）所載的有關股份類別的最低公眾持股量要求為： | | | 適用的公眾持股量門檻 初始指定門檻 - 上市股份所屬類別的已發行股份總數(不包括庫存股份)的25% | | | | 額外信息 | 第 2 頁 共 10 頁 v 1.2.0 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港 ...