Group 1 - Jinan University and Shanghai Jiao Tong University teams achieved a flexible perovskite solar cell with a conversion efficiency of 24.52% and maintained 92.5% of its initial efficiency after 10,000 bends [1] - The current mainstream solar cell technology is gallium arsenide, which has advantages such as high temperature resistance and high conversion efficiency, but its high cost (15-20% of satellite manufacturing costs) limits large-scale applications [1] - Perovskite solar cells have a power density of 23W/s, significantly higher than gallium arsenide, and can reduce equipment depreciation by eliminating high-value TCO glass [1] Group 2 - The perovskite-silicon tandem solar cells are seen as a promising niche market for space applications, driven by clear national policies and diversified enterprises, with expectations for commercial breakthroughs between 2028 and 2030 [2] - SpaceX plans to launch up to 1 million satellites to create an "orbital data center," which could revolutionize energy efficiency by utilizing solar energy in space [2] - The International Telecommunication Union predicts that by the end of 2025, over 100,000 low-Earth orbit satellites will be registered, indicating a strong demand for satellite launches [2] Group 3 - UBS predicts that global demand for space photovoltaics will rise from 0.3 GW in 2026 to 115 GW by 2035, representing a growth of over 300 times in ten years [3] - Several listed companies are actively investing in the perovskite sector, with Trina Solar revealing its long-term layout in crystalline silicon batteries and perovskite tandem batteries [3] - Companies like Dike Co. and Shanghai Port Bay are expanding into space photovoltaic applications, with Dike focusing on electronic paste and Shanghai Port Bay's subsidiary working on satellite energy systems [3] Group 4 - Guosheng Securities notes that Chinese photovoltaic companies with aerospace certification and delivery capabilities are transitioning from ground support to core space applications, indicating a potential growth area in space photovoltaics [4] - Guohai Securities highlights the increasing demand for space photovoltaics, driven by the rise in satellite launches and the shift from communication satellites to more power-intensive computing satellites [4] Group 5 - JunDa Co. is entering the low Earth orbit and space photovoltaic market by investing 30 million yuan for a 16.67% stake in Shanghai Xingyi Xinneng [6] - GCL-Poly achieved a breakthrough in GTC perovskite tandem battery technology with a conversion efficiency of 33.31% and is applying for patents to enhance battery performance [6] - Aerospace Holdings is involved in satellite manufacturing and space energy, possessing relevant technology reserves for satellite energy systems [6]

Core Viewpoint - GCL-Poly Energy Holdings Limited (03800.HK) has announced a procurement framework agreement between its indirect wholly-owned subsidiary, Jiangsu GCL, and Henan GCL, which will facilitate the purchase and sale of products essential for the production of monocrystalline silicon crystals, starting from January 1, 2026, to December 31, 2026 [1] Group 1 - Jiangsu GCL will purchase products from Henan GCL under the procurement framework agreement [1] - The products include quartz used in the production of monocrystalline silicon crystals, which is a critical material in the solar energy industry [1] - As of the announcement date, no transactions have occurred between Jiangsu GCL (or Ningxia GCL) and Henan GCL under this procurement framework agreement [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。 採購框架協議 緒言 於2026年2月2日（交易時段後），江蘇協鑫（本公司間接全資附屬公司）（作為買方）（為 其本身及代表寧夏協鑫（亦為本公司間接全資附屬公司））與河南協鑫（作為賣方）訂 立採購框架協議，據此，於2026年1月1日起至2026年12月31日止期間，江蘇協鑫購 買而河南協鑫出售該等產品。於本公告日期，江蘇協鑫（或寧夏協鑫）與河南協鑫 之間尚未根據採購框架協議就該等產品進行任何買賣交易。 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 上市規則之涵義 根據公開可得資料，於本公告日期，朱氏家族信託為本公司之主要股東及本公司 之關連人士。河南協鑫由朱氏家族信託最終持有。因此，河南協鑫為朱氏家族信託 之聯繫人及本公司之關連人士。因此，根據上市規則第14A章，採購 ...

Group 1 - The company, GCL-Poly Energy Holdings Limited (stock code: 03800), announced a subscription agreement for the issuance of convertible bonds totaling up to HKD 1.17 billion, which is approximately USD 150 million [1] - The conversion price for the bonds is set at HKD 1.60 per share, representing a premium of approximately 41.59% over the last closing price of HKD 1.13 per share on the Hong Kong Stock Exchange [1] - Upon full conversion of the bonds, a total of 731 million shares will be issued, accounting for about 2.20% of the company's existing issued share capital and approximately 2.15% of the enlarged issued share capital [1] Group 2 - The proceeds from the issuance of the convertible bonds, estimated at around HKD 1.17 billion, are intended for investment in a merger and acquisition fund, which requires approval from both the company and the subscriber [1]

Core Viewpoint - GCL-Poly Energy Holdings Limited (03800.HK) announced the issuance of convertible bonds totaling up to HKD 1.17 billion, which will be used for investments in a merger and acquisition fund [1] Group 1: Convertible Bonds Issuance - The company entered into a subscription agreement for the issuance of convertible bonds with a total principal amount not exceeding HKD 1.17 billion [1] - The conversion price is set at HKD 1.60 per share, subject to adjustments, leading to the issuance of a total of 731,250,000 shares upon full conversion [1] - The newly issued shares represent approximately 2.20% of the company's existing issued share capital and about 2.15% of the enlarged issued share capital after the conversion [1] Group 2: Use of Proceeds - The total proceeds from the issuance of the convertible bonds will amount to approximately HKD 1.17 billion [1] - The funds are intended for investment in a merger and acquisition fund, which requires approval from both the company and the subscribers [1]

Group 1 - The company GCL-Poly Energy Holdings Limited (03800) announced a subscription agreement for the issuance of convertible bonds with a total principal amount of up to HKD 1.17 billion [1] - The conversion price for the bonds is set at HKD 1.60 per share, which represents a premium of approximately 41.59% over the last closing price of HKD 1.130 [1] - Upon full conversion of the bonds, a total of 731 million shares will be issued, accounting for about 2.20% of the company's existing issued share capital and approximately 2.15% of the enlarged issued share capital [1] Group 2 - The proceeds from the issuance of the convertible bonds, estimated at around HKD 1.17 billion, are intended for investment in a merger and acquisition fund, which requires approval from both the company and the subscriber [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，並明確表示概不會因本公告全部或任何部分內容而產生或倚賴該等內容而引致 之任何損失承擔任何責任。 建議根據一般授權發行 可換股債券 財務顧問 百德能證券有限公司 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） 發行可換股債券 董事會欣然宣佈，於2026年1月28日（交易時段後），本公司與認購方就發行本金總 額不超過1,170,000,000港元之可換股債券訂立認購協議。 按轉換價每股換股股份1.60港 元（可 予 調 整 ）悉 數 轉 換 可 換 股 債 券 後， 合 共 731,250,000股換股股份將予發行，約佔本公司現有已發行股本2.20%及約佔本公司 經發行換股股份擴大之已發行股本2.15%。換股股份將根據一般授權配發及發行。 發行可換股債券的所得款項總額將為約1,170,000,000港元，其擬用於投資於併購基 金，該基金之普通合夥人須經本公司及認購方批准。 – 1 – 認購協議及根據一般授權發行 ...

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 core viewpoint of the news highlights a significant surge in the Hong Kong power equipment stocks, driven by Tesla and SpaceX's announcement of plans to build 200GW of solar capacity in the U.S. over the next three years, which exceeds market expectations of 10-20GW annually [1] - Companies such as Goldwind Technology saw a nearly 8% increase, GCL-Poly Energy rose nearly 5%, and Dongfang Electric increased by 2.5%, indicating strong market performance in the sector [2] - The North American market is experiencing a surge in demand for power equipment due to aging grid updates and increased electricity needs from AI data centers, with delivery times for transformers and high-voltage cables nearly doubling in Europe and the U.S. [1] Group 2 - China's exports of transformers, high-voltage switches, and wires and cables saw year-on-year growth of 35.3%, 29.4%, and 22.9% respectively from January to November 2025, indicating a robust international market presence [1] - Huatai Securities is optimistic about the acceleration of the national unified electricity market construction, predicting steady growth in grid investment during the 14th Five-Year Plan period, with high demand for UHV construction and continued rapid growth in main grid investments [1]