Core Viewpoint - The solar stock sector is experiencing significant declines, with major companies reporting substantial expected losses for 2025, indicating a challenging market environment for the industry [1] Group 1: Stock Performance - Major solar stocks have seen considerable drops, with KaiSheng New Energy down 7.57% to HKD 4.03, Xinyi Solar down 5.01% to HKD 3.41, Fuyao Glass down 4.03% to HKD 11.42, and New Energy down 2.65% to HKD 7.72 [1] Group 2: Earnings Forecast - Among 32 listed solar companies that have released earnings forecasts for 2025, 23 are expected to incur losses, representing over 70% of the sample [1] - Tongwei Co. anticipates a net profit loss ranging from CNY 9 billion to CNY 10 billion for 2025, compared to a loss of CNY 7.039 billion in the previous year [1] Group 3: Industry Challenges - The solar industry's main supply chain is facing intensified losses due to multiple factors, including weak end-demand, temporary overcapacity, and obstacles to price increases [1] - Industry experts suggest that the development of space-based solar power, supported by Elon Musk, has high uncertainty and is unlikely to provide a solution to the current overcapacity in ground-based solar power in the short to medium term [1] - The key to the industry's recovery lies in effective supply-side adjustments, demand-supply rebalancing, and balance sheet repairs [1]

Core Viewpoint - The photovoltaic sector is experiencing significant declines, with major companies reporting substantial expected losses for 2025, indicating a challenging market environment driven by weak demand and overcapacity [1] Group 1: Stock Performance - Major photovoltaic stocks have seen considerable declines, with KaiSheng New Energy down 7.57% to HKD 4.03, Xinyi Solar down 5.01% to HKD 3.41, Fuyao Glass down 4.03% to HKD 11.42, and New Special Energy down 2.65% to HKD 7.72 [1] Group 2: Earnings Forecast - Among 32 listed photovoltaic companies that have released earnings forecasts for 2025, 23 are expected to incur losses, representing over 70% of the sample [1] - Tongwei Co., Ltd. anticipates a net profit loss in the range of CNY 9 billion to CNY 10 billion for 2025, compared to a loss of CNY 7.039 billion in the previous year [1] Group 3: Industry Challenges - The photovoltaic industry's main supply chain is facing intensified losses due to multiple factors, including sluggish end-demand, temporary overcapacity, and obstacles to price increases [1] - Industry experts suggest that the development of space-based photovoltaic technology, supported by Elon Musk, has high uncertainty and is unlikely to provide a scalable commercial application in the short to medium term, failing to absorb the current overcapacity in ground-based photovoltaic systems [1] - The key to the industry's recovery lies in effective supply-side adjustments, demand-supply rebalancing, and the restoration of balance sheets [1]

Market Overview - The Hong Kong stock market indices collectively rose on January 23, with the Hang Seng Index increasing by 0.45% to 26,749 points, the Hang Seng China Enterprises Index up by 0.51%, and the Hang Seng Tech Index rising by 0.62% [1][2]. Key Stock Movements - Major tech stocks saw gains, with Xiaomi Group and Kuaishou both rising nearly 3%, Alibaba up over 2%, and JD.com and Meituan also showing increases [2][4]. - The commercial aerospace sector experienced significant gains, with JunDa shares soaring over 51% following the launch of six platforms related to commercial aerospace in Beijing [6]. - Brain-computer interface stocks were active, with Lens Technology rising over 9% [7]. - Gold stocks continued to strengthen, with Zijin Mining International increasing by over 8% as gold prices reached new highs [9]. - Solar energy stocks surged, with Keyuan New Energy rising over 14% and several others following suit [10]. Sector Performance - The commercial aerospace sector led the market with notable gains, driven by the launch of new platforms aimed at enhancing the industry [6]. - The brain-computer interface sector showed strong activity, supported by advancements in flexible chip technology [7]. - Gold stocks benefited from rising gold prices, which reached a historical high of $4,940.78 per ounce [9]. - The solar energy sector was buoyed by positive remarks from Tesla's CEO regarding solar capacity expansion [10]. Individual Stock Highlights - JunDa shares rose by 51.40% to 39.00, while other aerospace-related stocks also saw significant increases [6]. - Lens Technology increased by 9.36% to 31.78, reflecting strong interest in brain-computer interface technologies [8]. - Zijin Mining International rose by 8.43% to 205.80, benefiting from the surge in gold prices [9]. - Keyuan New Energy saw a rise of 14.44% to 4.36, reflecting optimism in the solar energy market [11]. Future Outlook - The Hong Kong stock market is expected to see a recovery in profit growth by mid-2026, with a slowdown in competition among internet platforms and a reduction in the drag from non-essential consumer spending [26].

Core Viewpoint - The Hong Kong stock market saw significant gains in solar energy stocks, driven by Tesla CEO Elon Musk's support for space solar power and production capacity plans disclosed during the World Economic Forum [1] Group 1: Stock Performance - Kaisa New Energy surged over 24%, closing at 4.740 with a market cap of 30.6 billion and a year-to-date increase of 27.76% [2] - Flat Glass Group rose over 10.58%, with a latest price of 11.920 and a market cap of 279.27 billion, marking a year-to-date increase of 26.41% [2] - GCL-Poly Energy increased by 9.52%, with a current price of 1.610 and a market cap of 25.02 billion, reflecting a year-to-date growth of 98.77% [2] - Xinyi Solar gained 8.67%, priced at 3.510 with a market cap of 321.06 billion, showing an 18.18% increase year-to-date [2] - GCL Technology rose by 8.41%, with a price of 1.160 and a market cap of 385.31 billion, representing a 9.43% year-to-date increase [2] - New Energy Technology saw a 7.77% rise, priced at 7.910 with a market cap of 113.11 billion, reflecting a 7.62% increase year-to-date [2] - Canadian Solar increased by 7.48%, with a price of 0.115 and a market cap of 1.22 billion, marking a 13.86% year-to-date increase [2] - Xinyi Energy rose by 5.17%, priced at 1.220 with a market cap of 103.94 billion, showing a 10.91% increase year-to-date [2] - Sunshine Energy increased by 3.90%, with a price of 0.080 and a market cap of 2.66 billion, reflecting a 2.56% year-to-date increase [2] - Xinyi Glass rose by 3.41%, priced at 9.100 with a market cap of 402.59 billion, marking a 10.04% year-to-date increase [2] - Shunfeng International Clean Energy increased by 3.08%, with a price of 0.234 and a market cap of 590 million, showing a year-to-date decrease of 1.68% [2] Group 2: Industry Insights - Elon Musk emphasized the collaboration between SpaceX and Tesla to enhance solar energy production, targeting an annual manufacturing capacity of 100GW within the next three years [1]

Core Viewpoint - The Hong Kong stock market saw a significant rise in solar energy stocks, driven by Elon Musk's support for space solar power and production capacity plans disclosed during the World Economic Forum [1] Group 1: Stock Performance - Jinko Solar (凯盛新能) surged over 24%, with a year-to-date increase of 27.76% and a market capitalization of 30.6 billion [2] - Flat Glass Group (福莱特玻璃) rose over 10.58%, with a market cap of 279.27 billion and a year-to-date increase of 26.41% [2] - GCL-Poly Energy (协鑫新能源) increased by 9.52%, boasting a remarkable year-to-date increase of 98.77% and a market cap of 25.02 billion [2] - Xinyi Solar (信义光能) saw an 8.67% rise, with a market cap of 321.06 billion and a year-to-date increase of 18.18% [2] - GCL-Technology (协鑫科技) rose by 8.41%, with a market cap of 385.31 billion and a year-to-date increase of 9.43% [2] - New Energy Technology (新特能源) increased by 7.77%, with a market cap of 113.11 billion and a year-to-date increase of 7.62% [2] - Canadian Solar (卡姆丹克太阳能) rose by 7.48%, with a market cap of 1.22 billion and a year-to-date increase of 13.86% [2] - Xinyi Energy (信义能源) increased by 5.17%, with a market cap of 103.94 billion and a year-to-date increase of 10.91% [2] - Sunshine Energy (阳光能源) rose by 3.90%, with a market cap of 2.66 billion and a year-to-date increase of 2.56% [2] - Xinyi Glass (信义玻璃) increased by 3.41%, with a market cap of 402.59 billion and a year-to-date increase of 10.04% [2] - Shandong Water Development (水发兴业能源) rose by 3.08%, with a market cap of 590 million, but a year-to-date decrease of 1.68% [2] Group 2: Industry Insights - Elon Musk announced that SpaceX and Tesla are working together to enhance solar energy production capacity, aiming for an annual manufacturing capability of 100 GW within the next three years [1]

Group 1 - The photovoltaic stocks have seen a significant increase, with notable gains from companies such as KaiSheng New Energy (6.04% increase), Fuyao Glass (5.57% increase), and Xinyi Solar (3.41% increase) [1] - Shenwan Hongyuan's report highlights that China has submitted over 200,000 satellite constellation applications, marking a new phase of large-scale deployment in commercial space, which will directly drive long-term demand for space photovoltaics [1] - The space photovoltaic sector is expected to undergo a technological evolution from high-efficiency gallium arsenide to scalable silicon-based HJT, and eventually to perovskite tandem cells [1] Group 2 - Dongxing Securities indicates that if the concept of space data centers is realized, referencing Elon Musk's proposed 100GW space computing power layout, it could lead to a direct demand for over 800GW of space photovoltaic installations based on a 30% conversion efficiency [1] - Great Wall Securities believes that the domestic commercial space sector is entering a collective acceleration phase, with a focus on the perovskite tandem route to enhance product performance and cost efficiency, providing a significant advantage for future advancements [2] - The space photovoltaic industry is poised for substantial market expansion and restructuring opportunities following the recent experiences in low Earth orbit [2]

Core Viewpoint - The solar stock market is experiencing a significant rise, driven by the increasing demand for space photovoltaic technology as China submits over 200,000 satellite constellation applications, marking a new phase in commercial space deployment [1] Group 1: Market Performance - Major solar stocks have seen substantial gains, with Kaisheng New Energy rising by 6.04% to HKD 4.04, Flat Glass Group increasing by 5.57% to HKD 11.38, Xinyi Solar up by 3.41% to HKD 3.34, GCL-Poly Energy rising by 4.67% to HKD 1.12, and New Energy Technology increasing by 3.13% to HKD 7.57 [1] Group 2: Industry Insights - Shenwan Hongyuan's report indicates that the demand for space photovoltaics will grow due to the technological evolution from high-efficiency gallium arsenide to scalable silicon-based HJT and eventually to perovskite tandem cells [1] - Dongxing Securities suggests that if the concept of space data centers is realized, it could lead to a demand for over 800GW of space photovoltaic installations, based on a target of 100GW of space computing power proposed by Elon Musk, assuming a 30% conversion efficiency for photovoltaic systems [1] - Great Wall Securities believes that the domestic commercial space sector is entering a phase of collective effort, with a focus on advancing product performance and cost efficiency through the perovskite tandem route, which could provide a competitive edge for future developments [1] - The space photovoltaic industry is expected to benefit from the lessons learned in near-Earth orbit, positioning itself for significant market expansion and restructuring opportunities [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 （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 （於開曼群島註冊成立的有限公司） （股份代號：00868） 補充聯合公告 持續關連交易 電力銷售 本補充聯合公告乃由信義光能控股有限公司（「信義光能」）董事會（「信義光能董事 會」）與信義玻璃控股有限公司（「信義玻璃」）董事會（「信義玻璃董事會」）作出。信 義光能董事會及信義玻璃董事會茲提述信義光能與信義玻璃於二零二五年十二月 二十四日就標題事項刊發的聯合公告（「該聯合公告」）。除非文義另有所指，否則本 補充聯合公告所用詞彙與該聯合公告所用者具有相同涵義。 本補充聯合公告旨在列載下列有關電力框架協議之定價政策的其他事實資料。 電力框架協議之定價政策 與傳統發電方式不同，信義光能集 ...

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 （股份代號：00968） 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） 補充聯合公告 重續持續關連交易 採購生產設備 本補充聯合公告乃由信義光能控股有限公司（「信義光能」）董事會（「信義光能董事 會」）與信義玻璃控股有限公司（「信義玻璃」）董事會（「信義玻璃董事會」）作出。信 義光能董事會及信義玻璃董事會茲提述信義光能與信義玻璃於二零二五年十二月 二十四日就標題事項刊發的聯合公告（「該聯合公告」）。除非文義另有所指，否則本 補充聯合公告所用詞彙與該聯合公告所界定者具有相同涵義。 本補充聯合公告旨在列載下列有關二零二六年生產設備採購協議項下的年度上限 （「二零二六年擬議年度上限」）的其他事實資料。 二零二五年生產設備採購協議項 ...

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 ...