Core Insights - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies as of December 31, 2025 [1] Group 1: Increased Holdings - Andeli Juice (02218) saw the largest increase in ownership percentage, rising by 2.35% to a total holding of 23.75% [2] - Mengniu Dairy (02319) experienced a slight increase of 0.07%, bringing its holding to 17.52% [2] - The Yingfu Fund (02800) had a minimal increase of 0.02%, resulting in a holding of 1.78% [2] - Other notable increases include Lion Group (02562) with a 3.79% rise to 49.05% and Zhejiang Shibao (01057) with a 3.55% increase to 58.76% [3] Group 2: Decreased Holdings - Country Garden (02007) faced the largest decrease, with a drop of 0.51% to a holding of 15.33% [2] - Geely Automobile (00175) saw a reduction of 0.16%, resulting in a holding of 11.37% [2] - Huaxia Hengsheng Technology (03088) experienced a minor decrease of 0.02%, leading to a holding of 20.19% [2] - Other significant decreases include Jiahe Biotechnology-B (06998) with a 1.74% drop to 0.61% and Chalco International (02068) with a 1.50% decrease to 19.44% [3] Group 3: Five-Day Changes - Over the last five trading days, Lion Group (02562) had the highest increase in ownership percentage, up by 3.79% [3] - Zhejiang Shibao (01057) and Sanhua Intelligent Control (02050) also saw significant increases of 3.55% and 3.46%, respectively [3] - Conversely, Jiahe Biotechnology-B (06998) had the largest decrease of 1.74% over the same period [3] Group 4: Twenty-Day Changes - In the last twenty days, Lion Group (02562) experienced a substantial increase of 23.92% in ownership [4] - Jihong Co., Ltd. (02603) followed with a 22.62% increase, reaching a holding of 54.86% [4] - Red Star Macalline (01528) also saw an increase of 8.47%, bringing its holding to 52.20% [4]

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.90%), GCL-Poly Energy (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in stockholding over the last five trading days include SMIC (+1.092 billion), China Merchants Bank (+1.052 billion), and Hong Kong Exchanges and Clearing (+790 million) [1][2] - The companies with the largest decrease in stockholding over the last five trading days include China Mobile (-3.216 billion), Tencent Holdings (-1.107 billion), and the Tracker Fund of Hong Kong (-465 million) [1][2] Stockholding Ratios - China Telecom (00728) holds 99.79 million shares with a stockholding ratio of 71.90% [2] - GCL-Poly Energy (01330) holds 28.3 million shares with a stockholding ratio of 69.96% [2] - Da Zhong Public Utilities (01635) holds 36.7 million shares with a stockholding ratio of 68.75% [2] - Other notable companies in the top 20 include China Shenhua (66.39%) and China Merchants Energy (64.43%) [2] Recent Trading Activity - The top three companies with increased holdings in the last five trading days are: - SMIC (00981): +1.092 billion, +15.28 million shares [2][3] - China Merchants Bank (03968): +1.052 billion, +19.92 million shares [2][3] - Hong Kong Exchanges and Clearing (00388): +790 million, +1.93 million shares [2][3] - The top three companies with decreased holdings in the last five trading days are: - China Mobile (00941): -3.216 billion, -39.36 million shares [2][3] - Tencent Holdings (00700): -1.107 billion, -1.84 million shares [2][3] - Tracker Fund of Hong Kong (02800): -465 million, -18.01 million shares [2][3]

Market Overview - The Hang Seng Index closed at 25,855, down 0.86% for the day but up 28.89% year-to-date[1] - The Hang Seng Technology Index rose 1.74% to 5,578, with a year-to-date increase of 24.85%[1] - The Hang Seng China Enterprises Index increased by 1.12% to 8,991, with a year-to-date rise of 23.34%[1] Sector Performance - Baidu's stock surged nearly 9% due to advancements in AI and smart cloud business, with significant growth in its self-developed AI chip and smart driving orders[7] - The semiconductor sector saw strong gains, with InnoTek rising over 15% and SMIC up more than 4% following Nvidia's announcement of partnerships for a new power architecture[7] - Robotics stocks were active, with Yujing Technology up over 13% and Sanhua Intelligent Control up over 12%, supported by a significant increase in industrial robot production[7] Oil and Entertainment - Oil stocks continued to perform well, with CNOOC rising nearly 4% as international oil prices increased due to geopolitical tensions[7] - The entertainment sector saw a boost, with Emperor Culture Industries rising nearly 9% as the 2025 New Year box office surpassed 5.3 billion yuan, a near eight-year high[7] Economic Indicators - The WTI crude oil price surpassed $58 per barrel, while Brent crude approached $62 per barrel, driven by rising geopolitical risks[7] - The US Federal Reserve indicated potential future interest rate cuts if inflation continues to decline, as noted in the December meeting minutes[11]

智通财经APP获悉，国投证券国际发布研报称，2025年光伏行业大会召开，主管部门明确传达出"反内 卷"推动光伏行业高质量发展的积极信号。光伏产业链内的主流企业，也对"反内卷"逐步达成共识，严 格自律。今年光伏行业"反内卷"初步显现出一定效果。该行认为行业明年"反内卷"效果更加明显，行业 内主要企业都会从中受益，利润有望扭亏为盈。建议投资者逢低布局，关注光伏产业链企业投资机会。 国投证券国际主要观点如下： 光伏产业链内主要企业凝聚"反内卷"共识 光伏行业主流企业积极响应政策号召，凝聚"反内卷"共识，严格自律严控产量。根据光伏行业协会数 据，今年1-10月，光伏主产业链中多晶硅料及硅片环节，产量同比下降。1-10月，多晶硅料产量约111.3 万吨，同比下降29.6%；硅片产量为560GW，同比下降6.7%。多晶硅料产量自2013年以来首次同比下 降，硅片产量自2009年以来首次同比下降。电池片及组件环节，产量增速较去年回落。1-10月，电池片 产量约560 GW，同比增长9.8%，光伏组件产量约514 GW，同比增长13.5%。不同环节的产量下降或增 速降低，体现出行业内主流企业"反内卷"决心及行动。 光伏产业链 ...

（文章来源：每日经济新闻） 每经AI快讯，港股部分光伏股走高，截至发稿，协鑫新能源(00451.HK)涨6.76%，报0.79港元；新特能 源(01799.HK)涨5.22%，报7.66港元；协鑫科技(03800.HK)涨2.75%，报1.12港元；信义光能(00968.HK) 涨1.32%，报3.06港元。 ...

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]

Overview - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting that the demand for offshore wind power in China and Europe is increasing, leading to a rise in foundation demand and profit recovery for wind turbines. The "anti-involution" policy is expected to continue driving the photovoltaic sector, particularly with the expansion of perovskite technology. Overall, while short-term installation demand for renewable energy globally may be weak, there are structural opportunities in the market [1]. Key Points Supporting the Rating - The "anti-involution" trend is stabilizing wind turbine prices, enhancing profitability for manufacturers. China's offshore wind projects are becoming economically viable, contributing significantly to installed capacity. The demand for offshore wind in Europe and emerging markets is also on the rise [3]. - In the photovoltaic sector, the "anti-involution" policy remains the main theme, with a focus on the potential for capacity exits in battery and module production, as well as the industrialization potential of perovskite technology. Investment should prioritize growth-oriented new technology directions and the main industry chain benefiting from the "anti-involution" trend [3]. Investment Recommendations - For wind power, the report suggests prioritizing investments in the turbine segment, which is expected to recover profitability, and in the foundation segment that is progressing quickly in Europe. The offshore wind market is projected to grow significantly, with a focus on deep-sea projects [3]. - In the photovoltaic sector, the report emphasizes the importance of monitoring the "anti-involution" policy's impact on the industry, particularly regarding the exit of inefficient capacity and the enhancement of efficiency in battery and module production [3]. Long-term Outlook for Renewable Energy Demand - The report indicates that China's renewable energy demand is expected to remain robust in the long term, with an average annual installation capacity of over 400GW projected from 2025 to 2035. This is driven by the country's energy security needs and the ongoing transition to a low-carbon economy [13][16]. - The "136 Document" is noted for guiding the development of renewable energy projects towards market-oriented pricing, which is expected to stabilize project returns and promote high-quality development in the sector [31]. Photovoltaic Sector Insights - The report anticipates a moderate decline in photovoltaic installations in 2026 due to a phase of pre-installation in 2025, with projected installations of 290GW in 2025 and 180GW in 2026, reflecting a year-on-year decrease of 38% [33]. - The report highlights that the European photovoltaic market is facing growth challenges, with a forecasted installation of 64.2GW in 2025, indicating a slight decline. The U.S. market is also expected to experience pressure on growth due to policy adjustments [34][37]. Perovskite Technology Potential - Perovskite technology is identified as a key area for enhancing competitiveness in the photovoltaic manufacturing sector, with expectations for significant breakthroughs in industrialization by leading manufacturers in 2026 [33][44].

Core Viewpoint - The solar photovoltaic industry is experiencing significant price increases for silicon wafers, driven primarily by rising upstream silicon material costs and a collective price adjustment by leading silicon wafer manufacturers [1][2]. Group 1: Price Adjustments - Four major silicon wafer companies have raised their prices significantly, with 183N wafers priced at 1.4 yuan per piece, 210RN at 1.5 yuan, and 210N at 1.7 yuan, resulting in an average increase of 12% [1]. - According to InfoLink, the average price increase for various silicon wafer models ranges from 3.3% to 9.8% this week, with a general expectation of further price increases among silicon wafer manufacturers [1][2]. Group 2: Cost Structure and Market Dynamics - The price of polysilicon, a key raw material for wafer production, has risen above 65,000 yuan per ton, reflecting an increase of over 20% compared to previous transaction prices [2]. - Polysilicon accounts for 48% of the production cost of silicon wafers, making it a critical factor influencing wafer pricing [2]. - The current market is characterized by a "price without market" situation, but polysilicon producers are strongly inclined to maintain high prices, indicating a robust cost structure [2]. Group 3: Industry Trends and Supply Dynamics - The solar industry is undergoing a "de-involution" process, with polysilicon producers voluntarily reducing output, leading to a year-on-year decline in production for the first time since 2013, with a 29.6% drop from January to October [2]. - A joint initiative by ten leading companies to establish a solar storage platform aims to stabilize prices and support the recovery of polysilicon and wafer prices [2][3]. - The ongoing supply contraction and cost support are enhancing the bargaining power of silicon wafer companies, with some adopting inventory control strategies to further drive price increases [2]. Group 4: Future Outlook - Analysts predict that the solar industry will gradually bottom out and improve by the second half of 2025, aided by the ongoing de-involution process [3]. - Despite a potential weakening in demand in 2026, the de-involution on the supply side and the performance of leading companies may help some firms return to profitability [3]. - The solar industry's challenges are prompting a push for market reforms in the domestic electricity market and the development of regulatory power sources, with energy storage expected to benefit from both domestic and international market conditions [3]. Group 5: Related Companies - GCL-Poly Energy (03800) is expected to benefit from rising polysilicon prices and has a target price of 1.54 HKD, with a strong outlook for the domestic renewable energy sector [4]. - TCL Zhonghuan (002129.SZ), a leader in large-size silicon wafers, is well-positioned to benefit from price increases due to its high N-type wafer ratio and strong price transmission capabilities [4]. - Jinyang New Energy (01121) is involved in upgrading production lines and is expected to leverage its technology for HBC production, enhancing its market position [4].

智通财经获悉，光伏产业链传来重磅消息。12月25日下午，市场消息称，四家头部硅片企业联合大幅上 调报价，183N硅片报1.4元/片、210RN报1.5元/片、210N报1.7元/片，平均涨幅达12%，有记者从多家硅 片厂商人士已证实该消息。业内普遍认为，上游硅料报价大幅上调(主流新单报价超6.5万元/吨)是本次 涨价的核心驱动力。 根据行业咨询机构InfoLink的数据，本周各型号硅片均价涨幅在3.3%—9.8%之间。该机构指出，在多 数硅片企业预期价格仍有进一步上调空间的情况下，现阶段发货意愿明显偏低，市场普遍采取控货策 略。整体而言，在自律议题持续延伸的情况下，短期内硅片价格不排除维持偏强走势。InfoLink数据暂 未反映12月25日的最新调价情况。 此外，多晶硅作为硅片生产的核心原材料，其价格走向直接决定着硅片的生产成本。数据显示，当前多 数多晶硅企业已将新单报价上调至6.5万元/吨以上，较此前实际成交价涨幅超20%，尽管市场暂呈"有价 无市"的僵持状态，但硅料企业的挺价意愿极为强烈。从成本结构来看，硅料在硅片生产成本中的占比 高达48%，是影响硅片定价的最关键因素，上游原料价格的大幅波动直接牵动硅片 ...

华鑫证券近日发布电力设备行业周报：从制造端来看，今年1-10月各环节增速明显放缓，其中多晶硅产 量同比下降29.6%至113万吨，硅片产量同比下降6.7%至567GW，电池片产量同比增长9.8%至560GW， 组件产同比增长13.5%至514GW；需求端则呈现"先扬后抑"特征，1-10月国内光伏装机规模达 252.87GW，同比增长39.5%，其中1-5月新增装机198GW，同比增长150%，而6月后新增并网装机显著 回落，6-10月新增装机同比下滑46.1%。 以下为研究报告摘要： 投资要点 光伏行业大会聚焦反内卷，多晶硅平台公司成立 当前光伏"反内卷"初见成效，主产业链各环节盈利逐步改善，企业亏损收窄，行业价格体系正逐步修 复。展望2026年，光伏行业或面临新增装机增速放缓与产业链阶段性供需失衡并存局面，但与此同时， 随着"反内卷"行动强化，行业出清也有望全面加速，市场格局或将迎来深度重塑。 特斯拉发布Optimus年度报告 12月19日特斯拉发布《特斯拉人形机器人2025年度报告》视频回顾，展示了Optimus从基础的运动控制 到复杂场景交互的演变过程：5月，Optimus展示出初步的肢体协调能力，掌握 ...