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]

Group 1 - The photovoltaic stocks are generally active, with notable increases in share prices for companies such as 福莱特 (4.67% increase), 信义光能 (3.25% increase), 协鑫科技 (2.65% increase), and 新特能源 (1.18% increase) [1] - The State Administration for Market Regulation announced issues and risks related to price violations in the photovoltaic industry, emphasizing the importance of addressing "involution" competition within the sector [1] - According to 广发证券, the further requirements from the market regulator are expected to enhance the anti-involution measures in the photovoltaic industry, leading to improved profitability in the downstream component segment by 2026 [1] Group 2 - 国盛证券 predicts that 2025 will mark a turning point for systematic anti-involution in the photovoltaic industry, with policies from central to local levels aimed at curbing low-price competition and tightening energy consumption standards [1] - The price of polysilicon has rebounded nearly 50% since its low in July, indicating the start of industry consolidation, with expectations that the price center will stabilize between 60-80 yuan/kg by 2026, leading to significant recovery in profitability for leading companies [1]

Group 1 - Several Hong Kong solar stocks experienced gains, with GCL-Poly Energy (00451.HK) rising by 6.76% to HKD 0.79 [1] - Xinte Energy (01799.HK) increased by 5.22% to HKD 7.66 [1] - GCL-Technology (03800.HK) saw a rise of 2.75% to HKD 1.12 [1] - Xinyi Solar (00968.HK) grew by 1.32% to HKD 3.06 [1]

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]

Group 1 - The core viewpoint of the article highlights a significant increase in the stock prices of power equipment concept stocks in the Hong Kong market, with Weien Group (01608.HK) rising over 7% [1] - Other companies in the sector, such as Harbin Electric (01133.HK), Xinyi Solar (00968.HK), and Goldwind Technology (02208.HK), also experienced upward movement in their stock prices [1]