Group 1 - The core point of the news is that Tongwei Co., Ltd. plans to conduct hedging activities in 2026 to mitigate risks associated with raw material and product price fluctuations, as well as interest and exchange rate volatility [1][2][3] - On December 30, 2025, Tongwei's stock closed at 21.01 yuan, down 2.32%, with a turnover rate of 1.43% and a trading volume of 642,800 lots, amounting to a total transaction value of 1.354 billion yuan [1] - On the same day, the net outflow of main funds was 66.7736 million yuan, accounting for 4.93% of the total transaction value, while retail investors saw a net inflow of 43.8711 million yuan, representing 3.24% of the total transaction value [1][3] Group 2 - The planned hedging activities will involve commodity, foreign exchange, and interest rate derivatives, with a maximum value of 3 billion yuan for commodity contracts, 2.4 billion USD for foreign exchange, and 400 million USD for interest rate hedging on any given day [2][3] - The funding for these hedging activities will come from the company's own funds and credit from financial institutions, and the board of directors has approved this plan without requiring shareholder meeting approval [2]

Core Viewpoint - Tongwei Co., Ltd. plans to conduct hedging activities from January 1 to December 31, 2026, to mitigate risks associated with raw material and finished product price fluctuations, as well as foreign exchange and interest rate risks [1] Group 1: Stock Performance - As of December 30, 2025, Tongwei's stock closed at 21.01 yuan, down 2.32% from the previous trading day, with a total market capitalization of 94.587 billion yuan [1] - The stock opened at 21.29 yuan, reached a high of 21.44 yuan, and a low of 20.95 yuan, with a trading volume of 1.354 billion yuan and a turnover rate of 1.43% [1] Group 2: Hedging Business Announcement - The company announced plans to engage in hedging activities involving commodity, foreign exchange, and interest rate derivatives [1] - The maximum value for commodity hedging contracts is set at 3 billion yuan, foreign exchange hedging at 2.4 billion USD, and interest rate hedging at 400 million USD [1] - Funding for these activities will come from the company's own funds and credit from financial institutions [1] - The board of directors has approved this plan, and it does not require shareholder meeting approval [1] - The company emphasizes that the hedging activities are not for speculative purposes and has established risk control measures to address market, credit, and operational risks [1]

证券代码：600438 证券简称：通威股份 公告编号：2025-089 通威股份有限公司 关于 2026 年度开展套期保值业务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司第九届董事会审计委员会第三次会议、第九届董事会第六次会议，审议 通过了《关于 2026 年度开展套期保值业务额度预计及可行性分析的议案》。该议 案无需提交公司股东会审议。 特别风险提示 公司及子公司开展套期保值业务，遵循合法、谨慎、安全和有效的原则，不 从事以投机为目的的金融衍生品交易，但同时也会存在一定的市场风险、违约风 险、操作风险等，敬请广大投资者注意投资风险。 一、交易情况概述 （一）交易目的 公司生产所需原料涉及饲料原料、太阳能光伏上游材料和化工产成品，包括 玉米、豆粕、菜粕、油脂、白银、铜、铝、锡、PVC、工业硅等，公司生产的产 品涉及制成化工品、多晶硅等，上述各类原材料及产品市场价格波动均较大，容 易对公司经营产生较大影响。此外，公司在多个海外国家与地区开展业务，在利 率市场化的金融环境下进行融资，存在汇率与利率风 ...

通威股份有限公司 1、市场风险 衍生品交易市场价格波动较大，如出现极端行情，可能产生价格波动风险， 造成交易损失。 关于 2026 年度开展套期保值业务的可行性分析报告 通威股份有限公司（以下简称"公司"）2026 年拟开展套期保值业务，充分 利用金融市场工具提升公司防御风险能力，降低商品价格、利率、汇率波动对公 司经营及业绩的影响，保障公司稳健经营，其相关必要性与可行性分析如下： 一、公司开展套期保值业务的目的和必要性 公司开展套期保值业务是为了规避原材料和产成品价格以及利率、汇率的波 动对公司生产经营带来的重大影响，相关业务开展均不以投机为目的。 公司生产所需原料涉及饲料原料、太阳能光伏上游材料和化工产成品，包括 玉米、豆粕、菜粕、油脂、白银、铜、铝、锡、PVC、工业硅等，公司生产的产 品涉及制成化工品、多晶硅等，上述各类原材料及产品市场价格波动均较大，容 易对公司经营产生较大影响。此外，公司在多个海外国家与地区开展业务，在利 率市场化的金融环境下进行融资，存在汇率与利率风险。为保持公司经营业绩持 续稳定，规避和转移现货市场的价格波动，防范利率、汇率风险，公司拟开展套 期保值业务，在相应品种上的套保数量将 ...

Core Viewpoint - Tongwei Co., Ltd. has experienced a decline in stock price and financial performance, with significant net outflows of capital and a decrease in revenue and net profit year-on-year. Group 1: Stock Performance - On December 30, Tongwei's stock price fell by 2.05%, reaching 21.07 yuan per share, with a trading volume of 2.24 billion yuan and a turnover rate of 0.23%, resulting in a total market capitalization of 948.57 billion yuan [1] - Year-to-date, Tongwei's stock price has decreased by 4.70%, with a 1.01% increase over the last five trading days, a 5.73% decline over the last 20 days, and a 3.75% drop over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Tongwei reported a revenue of 646.00 billion yuan, a year-on-year decrease of 5.38%, and a net profit attributable to shareholders of -5.27 billion yuan, a year-on-year decrease of 32.64% [2] Group 3: Shareholder and Institutional Holdings - As of December 19, the number of Tongwei's shareholders increased to 293,500, a rise of 16.48%, while the average circulating shares per person decreased by 14.15% to 15,337 shares [2] - Since its A-share listing, Tongwei has distributed a total of 251.92 billion yuan in dividends, with 169.23 billion yuan distributed in the last three years [3] - As of September 30, 2025, major institutional shareholders have reduced their holdings, including Hong Kong Central Clearing Limited, which decreased its shares by 27.91 million to 136 million shares [3]

Core Viewpoint - The N-type TOPCon solar cell technology is rapidly evolving, with significant growth in production and market share expected in the coming years, driven by its advantages over P-type cells and increasing investments from Chinese photovoltaic companies [1][4]. Group 1: Industry Overview - TOPCon cells utilize a tunneling oxide passivated contact structure, enhancing charge transport and energy conversion efficiency compared to traditional P-type cells [2][4]. - The global shipment volume for TOPCon cells is projected to reach 565.2 GW in 2025 and 652.7 GW in 2026, with significant growth also expected for Xbc and HJT cells [1][4][6]. - In China, TOPCon cell shipments are anticipated to grow from 534.6 GW in 2025 to 609.1 GW in 2026, reflecting a strong domestic market for N-type technology [1][6]. Group 2: Technological Advantages - TOPCon cells offer higher conversion efficiency, better performance in low-light conditions, and reduced degradation compared to P-type cells [3][4]. - The production process for TOPCon cells involves additional steps compared to PERC, but it results in lower costs and higher potential for premium pricing [3][4]. Group 3: Industry Development History - The development of TOPCon technology can be categorized into four phases: initial technology formation (2015-2017), product layout (2018-2020), commercial promotion (2021-2022), and explosive growth (2023-present) [8]. Group 4: Competitive Landscape - Major companies in the N-type TOPCon sector include JinkoSolar, Tongwei, JA Solar, Trina Solar, and others, all of which have begun large-scale production of N-type TOPCon cells [10][11]. - Yingfa Energy is recognized as a leading manufacturer with a significant market share, achieving a production capacity of 32.7 GW and a revenue of 35.4 billion yuan from N-type TOPCon cells in 2024 [10][11]. Group 5: Future Trends - The N-type technology is expected to dominate the market, with increasing penetration rates and a shift towards cost reduction and diverse application scenarios [14]. - The industry is likely to see accelerated technological breakthroughs and a concentration of production capacity as it moves towards a clearing phase [14].

Group 1 - The core point of the article is that Tongwei Co., Ltd. reported a total of 293,532 common stock shareholders as of December 19, 2025 [2]

Group 1 - The photovoltaic industry is expected to enter a new development cycle, with China's new installed capacity reaching 277.2 GW in 2024, a year-on-year increase of 27.8%, and a cumulative installed capacity of 886.7 GW by the end of 2024, reflecting a compound annual growth rate of 39.8% from 2015 to 2024 [18][19] - The penetration rate of photovoltaic power generation in China has increased from 0.4% in 2014 to 9.8% in 2024, surpassing the global average, indicating significant growth potential in the future [20][24] - The industry is currently facing "involution" competition, leading to a supply-demand imbalance and widespread losses among companies, necessitating a shift from price competition to value competition driven by technological innovation [3][28] Group 2 - Capital expenditure in the photovoltaic industry is significantly decreasing, with a 46.4% year-on-year decline in 2025, indicating a strategic shift towards focusing on advanced technologies rather than blind expansion [47][48] - The BC technology penetration rate is rapidly increasing, with market share expected to rise to 5.0% in 2024, up 4.1 percentage points from 2023, providing a differentiated and high-margin breakthrough for photovoltaic companies [67][68] - The efficiency of perovskite solar cells has reached new heights, with the potential for further industrialization and cost reduction, making them a strategic focus for the future [9][34] Group 3 - The central economic work conference has emphasized the need to deeply rectify "involution" competition, which is particularly prevalent in the photovoltaic industry, aiming to enhance quality and efficiency rather than scale [32][33] - The market is witnessing a structural adjustment, with leading companies focusing on building long-term competitive advantages through investments in next-generation technologies, such as BC and perovskite cells [48][64] - The recent procurement adjustments by China Huaneng Group for high-efficiency components, increasing the share of components with conversion efficiency of 23.8% and above to 58.3%, signal a shift towards high-quality development in the industry [71]

Group 1 - The report highlights that Jinma Amusement has achieved significant performance growth through technological breakthroughs and a comprehensive industry chain layout, covering 13 categories of large amusement facilities and 8 series of virtual immersive projects, with exports to nearly 50 countries [1][2][14] - The amusement equipment industry in China is undergoing structural upgrades driven by policy support and market demand, with the global theme park market expected to reach USD 55.9 billion in 2024, growing by 8.21% year-on-year, indicating a strong recovery trend [2][14] - Jinma Amusement is positioned as a benchmark enterprise in the industry, holding over 240 authorized patents and participating in the formulation of 26 industry standards, while continuously enhancing its R&D capabilities and accelerating the application of AI and robotics in the cultural tourism sector [2][14] Group 2 - The company has a broad customer network, deeply binding with leading domestic theme park groups and entering high-end markets in Europe and the "Belt and Road" emerging markets, with new orders expected to grow by over 40% year-on-year in 2024 [3][14] - Jinma Amusement's strategic investment in Shanghai Matrix Super Intelligence aims to promote the implementation of cultural tourism robotics, establishing a joint venture to create a digital service ecosystem [3][14] - The report projects Jinma Amusement's net profit attributable to shareholders to be CNY 1.09 billion, CNY 2.07 billion, and CNY 3.46 billion for 2025-2027, with corresponding PE ratios of 83, 44, and 26 times, respectively, and assigns a target price of CNY 81.16, indicating a potential upside of 40.7% from the current stock price [3][14]

Core Insights - The photovoltaic (PV) manufacturing industry is experiencing a cyclical low, with "anti-involution" becoming a core consensus and transformation path for the entire industry. Prices in the main PV supply chain are gradually stabilizing and even improving in the second half of 2025, driven by self-regulation and production cuts by companies [1][2]. Price Stabilization and Market Dynamics - Since July, multiple policy measures have been implemented to guide the PV industry towards a high-quality development phase focused on technological innovation. Core material prices, such as silicon, have shown signs of recovery, with the price of polysilicon contracts doubling since the end of June. The price of monocrystalline silicon wafers has increased by approximately 40% compared to early Q3 [2][3]. - The average price of N-type polysilicon has risen by about 54% compared to the end of Q2, indicating a significant upward trend in prices due to supply contraction, demand recovery, and rising costs [2][3]. Industry Self-Rescue and Transformation - The industry is undergoing a bifurcation, where technologically advanced companies are recovering profitability, while less efficient firms are exiting the market. Companies are focusing on cost control and improving production efficiency as part of their self-rescue strategies [4][5]. - Leading firms like LONGi Green Energy and Tongwei Co. are enhancing their operational capabilities through technological innovation and product upgrades, shifting the focus from price competition to value competition [4][5]. Financial Performance and Recovery Indicators - The financial performance of PV manufacturers is showing signs of improvement, with 14 out of 21 listed companies in the main PV supply chain reporting positive net profit growth in Q3. For instance, Daqo New Energy reported a 24.75% year-on-year increase in revenue for Q3, with a net profit turnaround [5][6]. - The stabilization of prices in the supply chain has been a key factor in reducing losses for manufacturers, particularly in the upstream silicon and wafer segments, where price increases have significantly improved gross margins [6]. Future Outlook and Challenges - The current recovery in the PV industry is still fragile, with terminal demand not fully restored and overcapacity issues remaining unresolved. The market is expected to face challenges as the "anti-involution" governance enters a critical phase, with 2026 being a pivotal year for the industry [1][6].