Core Viewpoint - The photovoltaic industry is experiencing a recovery in prices and profitability due to industry self-discipline, production limits, and the elimination of outdated capacity, leading to an improved supply-demand balance [1][2]. Group 1: Market Performance - As of June 11, 2025, the CSI Photovoltaic Industry Index (931151) rose by 1.28%, with notable increases in constituent stocks such as Aiko Solar (600732) up 9.44%, and LONGi Green Energy (601012) also seeing gains [1]. - The Photovoltaic ETF (159863) increased by 0.93%, with a recent price of 0.43 yuan, and has accumulated a 1.42% rise over the past week [1]. Group 2: Industry Dynamics - The recent stabilization and rebound in prices for silicon materials and wafers, along with strong demand for N-type solar cells, are contributing to the recovery of profitability for related companies [1]. - The National Energy Administration's new management measures for distributed photovoltaic power generation are expected to enhance industry order and promote high-quality development, instilling long-term confidence in the market [1]. Group 3: Investment Insights - According to a report from China International Capital Corporation (CICC), the photovoltaic sector's valuation remains at historical lows, indicating strong investment potential [1]. - With the traditional installation peak season approaching in the third quarter, the photovoltaic industry chain is likely to enter a new cycle of prosperity, suggesting further upside for related stocks [1]. Group 4: Index Composition - The CSI Photovoltaic Industry Index includes up to 50 representative listed companies involved in the photovoltaic industry chain, with the top ten weighted stocks accounting for 56.2% of the index [2]. - The top ten stocks include LONGi Green Energy (601012), TCL Technology (000100), and Sungrow Power Supply (300274) among others [2].

智通财经6月10日早间新闻精选 1、中美经贸磋商机制首次会议当地时间6月9日下午在英国伦敦举行。当地时间6月10日，中美经贸磋商 机制首次会议将继续进行。 2、6月9日，国务院以"深化科技成果转化机制改革，推动科技创新和产业创新融合发展"为主题，进行 第十四次专题学习。国务院总理李强在主持学习时强调，要通过多方面协同发力，着力破解科技成果转 化瓶颈，切实提高转化效能，促进创新发展。 3、中办、国办印发《关于进一步保障和改善民生 着力解决群众急难愁盼的意见》。其中提出，完善最 低工资标准调整机制，合理提高最低工资标准；完善基本医疗保险药品目录调整机制，制定出台商业健 康保险创新药品目录，更好满足人民群众多层次用药保障需求；推动符合条件的农业转移人口享有同迁 入地户籍人口同等权利。 4、外交部发言人林剑昨日主持例行记者会。有记者提问，中方会否对稀土出口审批开辟更多"绿色通 道"？林剑表示，中国商务部已就中国稀土出口管制措施作出回应，可以查阅。 5、北京市经济和信息化局等五部门印发《北京市时尚产业高质量发展实施方案（2025—2027年）》， 其中提出，支持推出便携式可穿戴设备潮品，开发人工智能个人计算机等新品。鼓 ...

Group 1 - The first meeting of the China-US economic and trade consultation mechanism is being held in London, attended by He Lifeng, a member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council [1] - The Suzhou Artificial Intelligence Industry Association plans to collect innovative products and solutions that empower the Suzhou football team with AI technology to enhance training levels and competitive performance [3] - The State Council has issued opinions to further guarantee and improve people's livelihoods, focusing on solving urgent issues, including improving the minimum wage standard adjustment mechanism and the basic medical insurance drug catalog [4] Group 2 - Guangkang Biochemical's product Chlorantraniliprole has not yet been put into production [5] - Zhongke Shuguang is undergoing a stock swap merger with Haiguang Information, and its stock has resumed trading [5] - Changshan Pharmaceutical's application for marketing authorization of Abemaciclib injection for type 2 diabetes has been accepted, but the timeline for approval remains uncertain [5] - He Sheng Silicon Industry responded that it has never engaged in discussions regarding equity transfer with Tebian Electric and its affiliates [5] - Gongchuang Turf, which has seen six consecutive trading limit increases, stated that the impact of domestic football events on its operations and performance is minimal [5]

Core Viewpoint - Company has denied any plans for equity transfer and stated that there has been no contact or negotiation with TBEA Co., Ltd. or its affiliates regarding such matters [1] Group 1 - Company confirmed that it has not engaged in any discussions about equity transfer with TBEA or its related parties [1] - Company emphasized that there are no undisclosed equity transfer matters as of now, and any contrary information is deemed seriously inaccurate [1] - Company will take all necessary legal actions against those who fabricate or spread false information that misleads the market and investors [1] Group 2 - Media reported that a source close to the company indicated that it was planning an equity transfer, with TBEA being one of the potential buyers [1]

Investment Rating - The report indicates a positive investment outlook for the data center power supply industry, particularly focusing on the transition from AC to DC architectures, highlighting the potential for domestic manufacturers to increase their market share [4][9]. Core Insights - The trend of increasing power density in data centers is driving the upgrade of power supply architectures from AC to DC, with significant penetration expected for DC systems due to their efficiency, lower failure rates, and space-saving advantages [4][8]. - Domestic manufacturers are expected to benefit from their leading R&D capabilities and delivery strengths, enhancing their investment value in related power supply sectors [4][9]. - The shift towards DC power supply is anticipated to stimulate demand growth in supporting sectors such as energy storage, relays, and low-voltage electrical equipment [4][9]. Summary by Sections Market Space - The demand for AI data centers is driving the power per cabinet to rise to between 20-100 kW, necessitating a more compact and higher voltage power supply system. The global data center development scale is projected to grow from 11 GW in 2024 to 35-40 GW by 2028, with a compound annual growth rate (CAGR) of nearly 35% [8][60]. - If the penetration rate of HVDC in China increases from 15% to 40% and from 0% to 45% overseas, the global HVDC market is expected to expand at a CAGR of 161.86% [66]. Industry Chain - The demand for HVDC and other DC power sources is highly elastic, with domestic manufacturers poised to increase their market share due to their advanced R&D and delivery capabilities. The report emphasizes the importance of capturing incremental opportunities in the industry [9][70]. - The traditional UPS market is relatively stable, with the top five domestic manufacturers holding over 65% market share, while the HVDC and SST markets are still in their infancy, presenting opportunities for early movers [71][73]. Data Center Power Supply - The report notes a high concentration of cloud service providers in the data center power supply market, with domestic manufacturers expected to gain market share. The traditional UPS market is dominated by a few key players, while the HVDC market is still developing [71][78]. - The report highlights that the efficiency of HVDC systems is superior to that of traditional UPS systems, with a single HVDC system achieving over 94% efficiency [22][47].

Core Viewpoint - The announcement details the changes in the holding ratio of convertible bonds by the controlling shareholder of Xinjiang Zhonghe, which has resulted in an increase in shareholding percentage due to the conversion of bonds into stocks [1][5]. Group 1: Convertible Bond Issuance and Allocation - Xinjiang Zhonghe issued 13.75 million convertible bonds on July 18, 2023, with a total value of 137.5 million yuan, each with a face value of 100 yuan [2][8]. - The controlling shareholder, Tebian Electric Apparatus Stock Co., Ltd., subscribed to 4,704,010 bonds, accounting for 34.21% of the total issuance [2]. Group 2: Changes in Holding Ratios - Tebian Electric converted 1,893,760 bonds into shares on March 29, 2024, and 1,904,600 bonds on May 30, 2025, reducing its bond holdings by 67.77% [3]. - As of the announcement date, Tebian Electric holds 905,650 bonds, which is 6.59% of the total issuance [3]. Group 3: Shareholding Increase - The conversion of bonds led to an increase in Tebian Electric's shareholding from 35.54% to 36.81%, an increase of 1.27% [9]. - The change in shareholding does not alter the status of the controlling shareholder or actual controller of the company [10]. Group 4: Regulatory Compliance - The change in equity is exempt from the requirement to issue a tender offer under the relevant regulations, as it does not lead to a change in control [7][10]. - The convertible bonds are currently in the conversion period, and future conversions may lead to further changes in equity [10].

金融界2025年5月28日消息，国家知识产权局信息显示，特变电工山东鲁能泰山电缆有限公司取得一项 名为"电缆护套压型装置"的专利，授权公告号CN222902252U，申请日期为2024年07月。 专利摘要显示，本申请涉及一种电缆护套压型装置，包括两个压型轮成型组，压型轮成型组包括支撑模 块、压型轮模块和驱动模块；压型轮模块与支撑模块连接，压型轮模块包括第一凸压型轮、第一凹压型 轮、第二凸压型轮和第二凹压型轮，用于依次对金属带材进行压型；驱动模块与压型轮模块连接，用于 调节第一凸压型轮、第一凹压型轮、第二凸压型轮和第二凹压型轮的位置关系。通过两个压型轮成型组 的协同工作，逐渐加大金属带材整体成型的弧度，使电缆护套成型效果更加精确和均匀；驱动模块的各 驱动件能够独立调节各个压型轮的位置关系，从而可以根据不同的金属带材规格和成型要求进行灵活调 整，提高了装置的适应性和通用性。 天眼查资料显示，特变电工山东鲁能泰山电缆有限公司，成立于2003年，位于泰安市，是一家以从事计 算机、通信和其他电子设备制造业为主的企业。企业注册资本126556万人民币。通过天眼查大数据分 析，特变电工山东鲁能泰山电缆有限公司共对外投资了7 ...

Group 1 - The core achievement of TBEA is the successful trial of the SFFZ-360000/330 split transformer, marking the development of the largest capacity 330 kV split transformer by Hengbian Company [1] - The split transformer is preferred for large photovoltaic power generation and energy storage projects due to its economic and reliability considerations [1]

Group 1 - The core viewpoint of the news highlights the significant growth and performance of the New Energy ETF, which has shown a notable increase in trading volume and scale, ranking among the top two comparable funds [3] - The New Energy ETF has a recent average daily trading volume of 36.32 million yuan over the past year, indicating strong liquidity [3] - The fund's scale has increased by 3.44 million yuan in the past week, and its share count has grown by 36 million shares in the last six months, both ranking in the top two among comparable funds [3] - The valuation of the index tracked by the New Energy ETF is at a historical low, with a price-to-book ratio (PB) of 2.08, which is lower than 85.94% of the time over the past five years, suggesting a favorable valuation [3] - The index includes companies involved in renewable energy production, application, storage, and related equipment, reflecting the overall performance of the new energy sector [3] Group 2 - The Shandong Provincial Development and Reform Commission has issued a draft implementation plan for the market-oriented reform of new energy grid connection prices, which is the first provincial-level guideline following the national notice aimed at promoting high-quality development in the new energy sector [4] - The guidelines are expected to serve as a reference for other regions in formulating their own plans in response to the national directive [4] - According to Guojin Securities, the core driving force for the photovoltaic industry is shifting from policy intervention to self-driven industry dynamics, indicating a potential recovery for the sector [4] - As of April 30, 2025, the top ten weighted stocks in the CSI New Energy Index include major companies such as CATL, LONGi Green Energy, and others, collectively accounting for 44.26% of the index [4]

Core Points - The Shanghai Composite Index rose by 0.21%, while the Shanghai China Manufacturing Theme Index increased by 0.1%, closing at 1417.05 points with a trading volume of 40.378 billion yuan [1] - Over the past month, the Shanghai China Manufacturing Theme Index has increased by 2.74%, but it has decreased by 6.30% over the last three months and is down 3.76% year-to-date [1] - The index includes representative listed companies in sectors such as new generation information technology, high-end CNC machine tools and robotics, aerospace equipment, energy-saving and new energy vehicles, electric power equipment, new materials, biomedicine, and high-performance medical devices [1] Index Composition - The top ten weighted stocks in the Shanghai China Manufacturing Theme Index are: Wanhua Chemical (4.13%), Guodian NARI (3.56%), Longi Green Energy (3.54%), CRRC (3.43%), China Shipbuilding (2.72%), Kingsoft Office (2.55%), Tebian Electric (2.32%), United Imaging (2.2%), AVIC Shenyang Aircraft (2.03%), and China Shipbuilding Industry Corporation (1.95%) [1] - The index is fully composed of stocks listed on the Shanghai Stock Exchange, with a 100% representation [1] Industry Breakdown - The industry composition of the index shows that industrials account for 55.63%, information technology for 16.96%, materials for 14.03%, healthcare for 11.77%, and consumer discretionary for 1.62% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]