| 2025-076 | | | | | --- | --- | --- | --- | | 股票代码：600438 债券代码：110085 | 股票简称：通威股份 债券简称：通 22 | 转债 | 公告编号： | 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。 通威股份有限公司 重要内容提示： 关于可转换公司债券转股结果暨股份变动的公告 累计转股情况：自"通 22 转债"2022 年 9 月 2 日进入转股期截至 2025 年 9 月 30 日，累计有 168,700 张"通 22 转债"转为通威股份有限公司（以下 简称"公司"、"本公司"）A 股股票，累计转股金额 16,870,000 元，累计转 股股数 441,653 股，累计转股股数占"通 22 转债"转股前公司已发行股份总额 4,501,548,184 股的 0.00981%。 经中国证券监督管理委员会证监许可[2021]4028 号文核准，公司于 2022 年 2 月 24 日公开发行了 12,000 万张可转换公司债券，每张面值 100 元，共计 120 亿元。 ...

股票代码：600438 股票简称：通威股份 公告编号： 2025-077 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 关于对外提供担保的进展公告 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。 截至 2025 年 9 月 30 日，公司及下属子公司相互提供担保实际余额为 438.22 亿 元；公司及子公司为合营公司提供担保实际余额为 0.03 亿元；公司下属农业担保公司 为下游客户提供担保的担保责任余额为 6.63 亿元。上述各项担保在任一时点均未超过 2024 年年度股东大会对应已审批授权担保额度。 本次担保是否有反担保： 本次期间，公司及下属子公司相互提供担保均无反担保措施；公司为合营公司提 供担保无反担保措施；公司子公司为下游客户提供担保根据具体担保协议部分设置反 担保措施。 对外担保逾期的累计数量： 截至 2025 年 9 月 30 日，公司及下属子公司相互提供担保无逾期；农业担保公司 为下游客户提供担保逾期额为 319.64 万元，按合同约定未到分责清算日，清算后若满 足公司代偿条件的，再由公司 ...

Investment Rating - The report maintains a "Buy" rating for the following companies: GCL-Poly Energy (3800 HK), Hewei Electric (603063 CH), Sany Renewable Energy (688349 CH), Daqo New Energy (688303 CH), and Tongwei Co., Ltd. (600438 CH) [6][8] Core Insights - The report highlights the recent announcement by the National Development and Reform Commission and the State Administration for Market Regulation regarding measures to combat price disorder in the market, which is expected to support the wind and solar industries [1][2] - Wind power is identified as a leading sector in the new energy industry, benefiting from improved bidding rules and a continuous recovery in turbine prices, with an average bidding price of 1616 RMB/kW in June 2025, up 5.8% from December 2024 [2] - Silicon materials are emphasized as a key focus for the solar industry, with prices for N-type silicon materials rising by 53.3% to 53,200 RMB/ton as of September 2025, driven by industry self-discipline and top-level design [2] Summary by Sections Policy Measures - The report outlines specific measures to regulate pricing behavior, including ensuring that operators do not bid below cost and establishing industry cost benchmarks [1] - The implementation of legal and regulatory penalties for non-compliance is expected to drive a steady improvement in market order [1] Investment Opportunities - The report expresses optimism about investment opportunities in wind and solar sectors, driven by a combination of domestic supply-side reforms and international demand growth due to the Federal Reserve's interest rate cuts [3] - Recommended stocks include Sany Renewable Energy, Hewei Electric, GCL-Poly Energy, Daqo New Energy, and Tongwei Co., Ltd. [3][6] Company Performance - GCL-Poly Energy is expected to benefit from strategic financing and industry consolidation, with a target price of 2.22 HKD [9] - Hewei Electric reported a 36.39% year-on-year revenue increase in H1 2025, with a target price of 48.05 RMB [9] - Sany Renewable Energy's revenue grew by 62.75% in H1 2025, with a target price of 38.01 RMB [9] - Daqo New Energy's financial resilience is highlighted despite losses, with a target price of 33.84 RMB [9] - Tongwei Co., Ltd. is positioned to benefit from ongoing industry reforms, with a target price of 25.39 RMB [10]

Summary of Key Points from Conference Call Records Industry Overview Energy Storage Industry - **Price Increase**: In September, the price of energy storage cells rose significantly, with the last week of September seeing prices reach 0.26-0.295 RMB per watt-hour, a 4% increase from the lowest price in the third week [1][3][6]. - **Market Growth Forecast**: The global energy storage market is expected to grow at a compound annual growth rate (CAGR) of 30%-40% over the next 3 to 5 years, driven by domestic policies and easing trade tensions between China and the U.S. [1][7][8]. - **Key Projects**: Companies like Aters signed a 2.1 GWh energy storage project expected to start in Q1 2026 and go live in H1 2027. Sungrow Power has submitted a Hong Kong IPO application, which is anticipated to attract funding and foreign investment [1][3][6]. - **Lithium Battery Market**: The lithium battery market is benefiting from unexpected growth in storage demand and commercial vehicle sales, with industry companies raising their production and sales forecasts for 2026, expecting a 40% growth across the entire supply chain and over 50% for storage [1][14]. Photovoltaic Industry - **Policy-Driven Growth**: The photovoltaic industry is entering a period of intensive policy announcements in Q4, with expectations of component price increases [5][11]. - **Challenges**: The industry faces challenges such as the "anti-involution" issue, with ongoing discussions about silicon material mergers and energy consumption standards [11]. - **Investment Recommendations**: Recommended companies include Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and JA Solar, particularly those with undervalued positions due to rising component prices [12]. Wind Power Industry - **High Growth Phase**: The traditional power grid export sector remains robust, with liquid transformer exports increasing by approximately 50% year-on-year from January to August [2][24]. - **Future Outlook**: The offshore wind power sector in Brazil is expected to grow, with significant increases in installed capacity anticipated in both onshore and offshore segments [20][22][23]. Key Companies and Their Performance - **Ningde Times**: Received a 1.5 billion RMB advance payment and is expanding production capacity, indicating strong industry demand [1][15]. - **Sungrow Power**: Expected to achieve Q3 revenue between 4 billion to 4.3 billion RMB, showing slight growth [10]. - **Aters and Tongwei**: Both companies are highlighted for their strong performance and potential for future growth [10][12]. Investment Recommendations - **Direct Beneficiaries**: Companies such as Ningde Times and Yiwei Lithium Energy are recommended for their direct benefits from price increases in energy storage cells [9]. - **Secondary Targets**: Companies like Xinwangda, Penghui Energy, and Zhongchuang Innovation are also suggested as potential investment opportunities [4][9]. Additional Insights - **Market Dynamics**: The energy storage sector is expected to see a clear upward trend in demand and pricing, particularly in Q4, supported by favorable policies and market conditions [8][9]. - **Price Trends**: The prices of key materials like lithium hexafluorophosphate are expected to rise significantly if demand exceeds 35%, with potential price increases of 5,000-10,000 RMB per ton [16]. This summary encapsulates the critical insights and projections from the conference call records, focusing on the energy storage, photovoltaic, and wind power industries, along with key company performances and investment recommendations.

Core Insights - The renewable energy sector is experiencing significant growth, with the China Securities Renewable Energy Index rising by 3.07% as of October 9, 2025, and key stocks like Maiwei Co., Ltd. and TBEA Co., Ltd. showing substantial gains [1][4]. Market Performance - The Renewable Energy ETF (159875) has increased by 2.52%, marking its third consecutive rise, and has accumulated a 6.98% increase over the past two weeks as of September 30, 2025 [1][4]. - The ETF's trading volume was active, with a turnover rate of 10.72% and a transaction value of 145 million yuan, indicating strong market engagement [4]. - The ETF's latest scale reached 1.275 billion yuan, with a recent increase of 67.5 million shares over the past two weeks [4]. Financial Metrics - The Renewable Energy ETF has seen a net asset value increase of 49.44% over the past six months, ranking 480 out of 3689 in the index fund category, placing it in the top 13.01% [4]. - The ETF's highest monthly return since inception was 25.07%, with a maximum consecutive monthly gain of 62.44% and an average monthly return of 8.85% [4]. Industry Trends - The electricity transmission and transformation industry is on an upward trend due to increasing global demand for grid construction and upgrades, with TBEA Co., Ltd. positioned to benefit from this growth [4]. - The solid-state battery and energy storage sectors are gaining attention from investors, driven by market transformations and unexpected overseas demand, particularly in the U.S. and Europe [5]. - The power equipment sector is actively responding to technological advancements, especially in relation to AI computing power and renewable energy-related equipment [5][6]. Key Stocks - As of September 30, 2025, the top ten weighted stocks in the China Securities Renewable Energy Index include CATL, Sungrow Power Supply, and TBEA Co., Ltd., collectively accounting for 45.2% of the index [8].

Group 1 - The core viewpoint of the article highlights the growth in China's feed industry, with a projected production of 29.27 million tons in August 2025, reflecting a year-on-year increase of 3.6% [1] - Cumulative feed production from January to August 2025 is reported at 219.49 million tons, showing a cumulative growth of 6.7% [1] Group 2 - Listed companies in the feed industry include New Hope (000876), Haida Group (002311), Tongwei Co., Ltd. (600438), Dabeinong Technology Group (002385), and Yuehai Feed (001313) [1] - The data source for the feed production statistics is the National Bureau of Statistics, with analysis provided by Zhiyan Consulting [2]

Group 1 - The core viewpoint of the article highlights the growth in China's solar cell production, with a reported output of 66.38 million kilowatts in July 2025, representing a year-on-year increase of 16% [1] - Cumulative production from January to July 2025 reached 473.964 million kilowatts, showing a cumulative growth of 19.6% [1] - The article references a report by Zhiyan Consulting, which provides insights into the competitive landscape and investment recommendations for the solar cell industry in China from 2025 to 2031 [1] Group 2 - Listed companies in the solar energy sector include Longi Green Energy, Tongwei Co., Sunshine Power, JA Solar, Trina Solar, TBEA, Chint Electric, and TCL Zhonghuan [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports and tailored consulting services [2]

Market Overview - The photovoltaic equipment sector rose by 1.48% on September 30, with GoodWe leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Key Performers - GoodWe (688390) closed at 64.69, up 12.68% with a trading volume of 178,400 shares and a turnover of 1.094 billion [1] - DeYee (605117) closed at 81.00, up 7.28% with a trading volume of 322,400 shares and a turnover of 2.540 billion [1] - Other notable performers include ST Quanwang (300093) up 5.68%, Star Energy Technology (688348) up 5.45%, and Dike Co. (300842) up 5.45% [1] Decliners - Yicheng New Energy (300080) fell by 7.14% to 5.46, with a trading volume of 2,205,300 shares and a turnover of 126.3 million [2] - ST Muban (603398) decreased by 4.99% to 8.95, with a trading volume of 343,800 shares and a turnover of 310 million [2] - Other notable decliners include Sunshine Power (300274) down 1.83% and Motewei (688516) down 1.69% [2] Fund Flow Analysis - The photovoltaic equipment sector experienced a net outflow of 573 million from institutional investors, while retail investors saw a net inflow of 338 million [2] - Notable net inflows from retail investors were observed in GoodWe (688390) and Dike Co. (300842) [3] - The main net inflow was from Longxi Green Energy (601012) at 253 million, while DeYee (605117) saw a net outflow of 66.3 million from institutional investors [3]

Core Viewpoint - The integration of solar and energy storage (光储融合) is becoming a standard in the photovoltaic industry, with companies like 阳光电源 achieving significant profitability and market capitalization growth due to their strategic positioning in this sector [2][14]. Group 1: Industry Trends - The photovoltaic industry is witnessing a shift towards solar-storage integration, with major players like 隆基绿能 and 阿特斯 actively pursuing energy storage business opportunities [4][6]. - The demand for energy storage is driven by the need to stabilize the grid and enhance the efficiency of renewable energy consumption, particularly in the context of fluctuating electricity prices [10][11]. - Recent policy changes, such as the relaxation of market price limits, are expected to further enhance the economic viability of solar-storage models [10][12]. Group 2: Company Performance - 阳光电源 reported a revenue of 435 billion yuan in the first half of the year, a 40% year-on-year increase, with a net profit of 77 billion yuan, up 56% [2][14]. - 阿特斯 achieved a significant increase in energy storage system deliveries, reaching 3.1 GWh in the first half of the year, with a 140% quarter-on-quarter growth in the second quarter [14]. - Companies that have strategically integrated energy storage into their operations are experiencing improved profitability, while those without adequate preparation may struggle in the competitive landscape [16]. Group 3: Market Opportunities - The global energy storage market is projected to grow at a compound annual growth rate of 20% to 30% in the coming years, with strong demand anticipated in regions like Europe, the United States, and Australia [16]. - The integration of solar and energy storage is seen as a critical pathway for companies to navigate through industry cycles and achieve sustainable development [16][18]. - The upcoming ESIE 2026 event is expected to serve as a platform for showcasing technological advancements and fostering collaboration within the energy storage sector [17][18].

Group 1 - The core viewpoint of the news is that Tongwei Co., Ltd. has shown a positive stock performance recently, with a 2.01% increase in stock price on September 30, reaching 22.33 yuan per share, and a total market capitalization of 100.53 billion yuan [1] - As of July 31, the number of shareholders of Tongwei Co., Ltd. was 289,300, a slight decrease of 0.16% from the previous period, while the average circulating shares per person increased by 0.16% to 15,559 shares [2] - The company reported a revenue of 40.51 billion yuan for the first half of 2025, a year-on-year decrease of 7.51%, and a net profit attributable to shareholders of -4.96 billion yuan, down 58.35% year-on-year [2] Group 2 - Tongwei Co., Ltd. has distributed a total of 25.19 billion yuan in dividends since its A-share listing, with 16.92 billion yuan distributed in the last three years [3] - As of June 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 164 million shares, a decrease of 29.92 million shares from the previous period [3] - The top ten circulating shareholders include various ETFs, with notable changes in holdings, such as Huatai-PB CSI 300 ETF increasing its holdings by 3.88 million shares [3]