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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 協鑫科技控股有限公司 呈交日期: 2025年12月3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) | 03800 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.1 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.1 | HKD | | 5,000,000,000 | 本月 ...

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，概不會就本公告全部或任何 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。 GCL Technology Holdings Limited 協鑫科技控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3800） 持續關連交易 (4) 就向協鑫智慧財務諮詢租賃研發樓二樓西南區而訂立之2024年–2025年協鑫 智慧財務諮詢租賃協議，自2024年4月8日至2025年4月7日為期一年； (5) 就向協鑫智慧能源租賃總部樓三樓之部分區域而訂立之2024年–2025年協鑫 智慧能源租賃協議，自2024年10月1日至2025年9月30日為期一年；及 (6) 就向江蘇協鑫（隨後修訂為蘇州鑫煜）租賃總部樓四樓之部分區域而訂立之 2025年江蘇協鑫租賃協議，自2025年1月1日至2025年12月31日為期一年。 該等租賃協議 該等租賃協議 茲提述本公司日期為2021年9月30日之公告，內容有關若干已於2023年10月1日屆 滿之租賃協議。 (7) 就向協鑫智慧財務諮詢租賃研發樓二樓西南區 ...

智通财经APP获悉，截止11月21日，未平仓空单比位列前三位为万科企业（02202）、中远海控 （01919）、恒瑞医药（01276），空仓比分别为19.60%、16.49%、16.36%。 未平仓空单比（绝对值）较上一次增加最多为中环新能源（01735）、万科企业（02202）、东方电气 （01072），分别增加2.58%、1.92%、1.45%。 未平仓空单比（绝对值）较上一次减少最多为宁德时代（03750）、三花智控（02050）、协鑫科技 （03800），分别减少-2.90%、-1.28%、-1.18%。 未平仓空仓比减少最大的10只股票 | 股票名称 | 上一次空仓比 | 最新空仓比 | 减少值↓ | | --- | --- | --- | --- | | 宁德时代(03750) | 13.64% | 10.74% | -2.90% | | 三花智控(02050) | 10.21% | 8.93% | -1.28% | | 协鑫科技(03800) | 8.86% | 7.67% | -1.18% | | 晶泰控股(02228) | 3.26% | 2.15% | -1.11% | | 康龙化成(03 ...

Core Insights - The rapid development of China's new energy industry is highlighted, with a focus on the "14th Five-Year Plan" achievements and the upcoming "15th Five-Year Plan" emphasizing energy security and the transition to a new energy system [1][5][9]. Group 1: Industry Development - The "15th Five-Year Plan" aims to promote quantum technology, biomanufacturing, hydrogen energy, and new energy storage as new economic growth points [1]. - During the "14th Five-Year Plan," China's energy consumption structure improved significantly, with the average cost of global wind power projects decreasing by over 60% and solar photovoltaic (PV) project costs dropping by over 80% in the past decade [3][5]. - The new energy sector is expected to transition from subsidy-dependent growth to a market-driven high-quality development phase during the "15th Five-Year Plan" [15]. Group 2: Technological Trends - The solar PV industry is focusing on optimizing silicon technology to maintain cost advantages, with a shift towards using less silver and more affordable metals like copper and aluminum [7]. - Lithium-ion batteries, particularly lithium iron phosphate batteries, are projected to dominate the new energy storage market, maintaining over 90% market share in the next five years [9]. - The integration of digital technologies in energy management is becoming crucial for enhancing operational efficiency and enabling smart decision-making in the energy sector [26][27]. Group 3: Market Dynamics - The global market for energy equipment is expected to reach approximately $1.27 trillion in 2024, with significant growth potential in the energy digitalization sector, projected to reach $173 billion by 2025 [27][28]. - The focus is shifting from merely increasing installed capacity to achieving efficient collaboration across the energy system, enhancing the penetration and reliability of new energy sources [11]. - The energy storage industry is urged to achieve equal treatment in capacity pricing with other flexible resources, emphasizing the need for fair compensation for the services provided by energy storage [9][15]. Group 4: Policy and Strategic Initiatives - The "15th Five-Year Plan" emphasizes the importance of energy security as a primary task for the energy industry, necessitating a shift towards a new energy system and collaborative strategies [5][13]. - The launch of the "Energy Digitalization Development White Paper" aims to explore the strategic significance and implementation paths for energy digitalization in China [28].

Core Insights - The top three companies with the highest short positions as of November 14 are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and ZTE Corporation (00763) with short ratios of 17.68%, 16.49%, and 16.03% respectively [1][2] - The companies with the largest absolute increase in short positions include GCL-Poly Energy (03800), Dongfang Electric (01072), and Hansoh Pharmaceutical (01276), with increases of 1.99%, 1.54%, and 1.35% respectively [1][2] - The companies with the largest absolute decrease in short positions are Ganfeng Lithium (01772), ZTE Corporation (00763), and Samsonite (01910), with decreases of -2.53%, -1.02%, and -0.95% respectively [1][2] Top 10 Short Positions - The top 10 companies with the highest short ratios include Vanke Enterprises (02202) at 17.68%, COSCO Shipping Holdings (01919) at 16.49%, and ZTE Corporation (00763) at 16.03% [2] - Other notable companies in the top 10 include Heng Rui Pharmaceutical (01276) at 15.64% and Ping An Insurance (02318) at 13.66% [2] Changes in Short Positions - The companies with the largest increases in short ratios include GCL-Poly Energy (03800) from 6.87% to 8.86%, Dongfang Electric (01072) from 8.67% to 10.21%, and Heng Rui Pharmaceutical (01276) from 14.30% to 15.64% [2] - Conversely, the companies with the largest decreases in short ratios include Ganfeng Lithium (01772) from 11.32% to 8.79%, ZTE Corporation (00763) from 17.05% to 16.03%, and Samsonite (01910) from 6.67% to 5.72% [2][3]

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21% [1][2]. Sector Performance - The pharmaceutical sector faced the largest declines, with notable drops in internet healthcare, AI healthcare, biopharmaceuticals, pharmaceutical outsourcing, and innovative drug concepts. Key stocks included: - 3SBio (01530.HK) down 9.44% - WuXi Biologics (01873.HK) down 6.09% - Kingsoft Cloud (01548.HK) down 6.05% - Innovent Biologics (02696.HK) down 5.62% - CanSino Biologics (09926.HK) down 5.39% - JD Health (06618.HK) down 8.6% - Ping An Good Doctor (01833.HK) down 4.28% - Alibaba Health (00241.HK) down 4.46% - Crystal International (02228.HK) down 4.82% - MicroPort Scientific (02252.HK) down 3.55% [3]. Impact of Economic Data - The recent U.S. non-farm payroll data exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut in December. This has implications for the valuation and financing of innovative drugs, as the cooling expectations for rate cuts may impact investment sentiment [3]. Commodity and Energy Sector - The weakening expectations for a December rate cut have also affected the U.S. dollar index, which surpassed the 100-point mark, putting pressure on the commodities sector. Key declines included: - Ganfeng Lithium (01772.HK) down 12.47% - Tianqi Lithium (09696.HK) down 11.93% - Jinchuan Group (06680.HK) down 6.63% - Lingbao Gold (03330.HK) down 5.47% - China Aluminum (02600.HK) down 4.85% - Chalco International (02068.HK) down 4.74% [4]. Renewable Energy Sector - The power equipment, photovoltaic, and wind power sectors also performed poorly, with significant declines in: - Northeast Electric (00042.HK) down 7.02% - Xinyi Solar (00968.HK) down 7.51% - GCL-Poly Energy (03800.HK) down 5.83% - Yihua Energy (02402.HK) down 6.27% - Flat Glass Group (06865.HK) down 6.02% [4]. Semiconductor Sector - The semiconductor sector saw notable declines, with: - SMIC (00981.HK) down 6.39% - Hua Hong Semiconductor (01347.HK) down 6.09% - Shanghai Fudan (01385.HK) down 3.78% - Beike Micro (02149.HK) down 5.2% [5]. Technology Sector - Other technology-related sectors, including cloud computing and AI, also faced downward pressure, with significant drops in: - Tencent Music (01698.HK) down 5.98% - Baidu (09888.HK) down 5.79% - Alibaba Group (09988.HK) down 4.65% - NetEase (09999.HK) down 3.76% [5].

Core Insights - The report from Guosen Securities indicates that the domestic wind power installation is expected to maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable prices [1][2] - The profitability of wind turbine manufacturers is improving quarterly, with export growth boosting performance, reflecting a synchronized recovery in both domestic and international markets [2] - The report emphasizes the importance of overseas expansion and AIDC (Artificial Intelligence Data Center) as key focus areas for 2026, with major domestic power equipment companies making breakthroughs in overseas markets and innovative products [1] Wind Power Sector - The wind turbine sector is experiencing a recovery in profitability, with significant growth in offshore wind installations and tenders, leading to increased orders and performance for related companies [2] - Key companies to watch in the wind power sector include Goldwind Technology, Sany Renewable Energy, Times New Materials, Daikin Heavy Industries, Oriental Cable, and Haile Wind Power [2] Lithium Battery Industry - The lithium battery supply chain is expected to see a reversal in the downward price trend, with significant recovery in profitability anticipated for most products in 2026 [2] - New technologies such as steel-shell batteries, silicon anodes, and large energy storage cells are expected to achieve mass supply in 2026, while solid-state battery technology is accelerating towards industrialization [2] - Recommended companies in the lithium battery sector include CATL, EVE Energy, Zhongchuang Innovation, Zhuhai Guanyu, Tianci Materials, Enjie, Dingsheng Technology, and Xiamen Tungsten [2] Energy Storage Market - The electrification transition is driving explosive growth in the global energy storage market, with domestic market demand leading to a surge in storage orders [3] - The demand for large-scale energy storage in the U.S. is increasing due to power supply shortages, while unstable grid conditions in Europe are also boosting storage needs [3] - Companies to focus on in the energy storage sector include CATL, EVE Energy, Sungrow Power, and Deye [3] Photovoltaic Sector - The photovoltaic supply side is undergoing adjustments, with new technologies such as silver-free materials and perovskite layers gaining attention [3] - The profitability of silicon materials is expected to recover, with silver-free products nearing mass production by 2026 [3] - Key companies in the photovoltaic sector include GCL-Poly Energy, Xinte Energy, Tongwei Co., and Juhua Materials [3] Investment Recommendations - The report suggests focusing on new technology investment opportunities, such as solid-state batteries and flexible converters [3] - Emphasis is placed on overseas expansion and performance improvement for leading companies in lithium batteries and wind turbine components [3] - Long-term beneficiaries in green electricity alternatives include secondary distribution equipment and charging pile operations [3]

Core Viewpoint - The company is well-positioned in the renewable energy sector, particularly in the silicon-based industry, with a focus on granular silicon and advanced technologies, which may lead the industry into a new commercial phase [1] Industry Summary - The photovoltaic industry is currently experiencing a phase of adjustment due to slowing demand growth and high supply levels, emphasizing the importance of cost control and technological advancement [1] - The industry is expected to see a substantial improvement in supply-demand dynamics by 2026, with a gradual return to a reasonable supply-demand ratio by 2027-2028, leading to profit concentration among leading companies with competitive advantages [1] Company Summary - The company’s granular silicon products are rapidly improving in quality, meeting the higher standards required for N-type silicon materials [1] - Production costs for granular silicon are significantly lower, with cash costs projected to drop to 24.16 RMB/kg by Q3 2025, highlighting its cost advantage [1] - The company’s granular silicon demonstrates superior performance in terms of lifespan and reduced defect rates, having achieved 100% mass production application in leading silicon wafer enterprises [1] - Under the "dual carbon" initiative, the importance of energy conservation and emission reduction is increasing, with the company’s granular silicon showing a 75% reduction in carbon emissions compared to traditional methods [1] Profit Forecast and Investment Recommendation - The company’s projected revenues for 2025-2027 are 14.85 billion, 19.50 billion, and 21.62 billion RMB, with year-on-year growth rates of -1.6%, 31.3%, and 10.8% respectively [2] - Expected net profits for the same period are -720 million, 1.87 billion, and 2.94 billion RMB, with growth rates indicating a narrowing loss, a return to profitability, and a 56.9% increase [2] - The company is rated as a "buy" due to its strong cost competitiveness and low-carbon advantages, which are expected to improve profitability as industry conditions become more favorable [2]

Group 1 - GCL-Poly Energy Holdings Limited (协鑫科技) announced the completion of the second batch of subscription on November 19, 2025 [1] - A total of 1.353 billion shares were issued at a subscription price of HKD 1.15 per share to the designated entity Infini Global Master Fund [1]

Core Viewpoint - GCL-Poly Energy Holdings Limited has completed the subscription of 1.353 billion shares at a price of HKD 1.15 per share, indicating a significant capital raise through the issuance to Infini Global Master Fund [1] Group 1 - The subscription was finalized on November 19, 2025, marking a key milestone for the company [1] - A total of 1.353 billion shares were issued, reflecting a substantial increase in the company's equity base [1] - The issuance price of HKD 1.15 per share suggests a strategic move to attract investment from designated parties [1]