股票代码：600438 股票简称：通威股份 公告编号：2026-017 通威股份有限公司 关于暂不召开股东会审议发行股份及支付现金 购买资产并募集配套资金事项的公告 | 股票代码：600438 | 股票简称：通威股份 | | 公告编号：2026-017 | | --- | --- | --- | --- | | 债券代码：110085 | 债券简称：通 22 | 转债 | | 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（以下简称"通威股份"、"公司"）正在筹划通过发行股份 及支付现金的方式，购买青海丽豪清能股份有限公司（以下简称"丽豪清能"）100% 股权，并募集配套资金（以下简称"本次交易"）。 2026 年 3 月 10 日，公司召开第九届董事会第七次会议审议了《关于<发行股份及 支付现金购买资产并募集配套资金预案>及其摘要的议案》及其他与本次交易相关的议 案，并在上海证券交易所网站（www.sse.com.cn）进行相关公告。 截至本公告披露之日，鉴于本次交易涉及的审计、评估工作尚未完成，公司董事 会 ...

股票代码：600438 股票简称：通威股份 上市地点：上海证券交易所 通威股份有限公司 发行股份及支付现金购买资产 并募集配套资金预案摘要 | 交易类型 | 交易对方名称 | | --- | --- | | 发行股份及支付现金购买资产 | 段雍、海南卓悦企业管理合伙企业（有限合伙）、 海南豪悦企业管理合伙企业（有限合伙）等 名 57 | | | 青海丽豪清能股份有限公司股东 | | 募集配套资金 | 不超过 名符合条件的特定对象 35 | 二〇二六年三月 通威股份有限公司发行股份及支付现金购买资产并募集配套资金预案摘要 上市公司声明 本公司及全体董事、高级管理人员保证预案及摘要内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性和完整性承担 相应的法律责任。 本公司控股股东及一致行动人、实际控制人及全体董事、高级管理人员承诺： 如为本次交易所提供或披露的信息涉嫌虚假记载、误导性陈述或者重大遗漏，并 被司法机关立案侦查或者被中国证监会立案调查的，在形成调查结论以前，不转 让在上市公司拥有权益的股份，并于收到立案稽查通知的两个交易日内将暂停转 让的书面申请和股票账户提交上市公司董事 ...

通威股份有限公司董事会 1 因筹划重大资产重组事项，上市公司股票已于 2026 年 2 月 25 日开市起停牌。 根据《上市公司重大资产重组管理办法》等相关规定，公司就本次交易停牌前 20 个交易日内的股票价格波动情况进行了自查，该期间内公司股价涨跌幅情况、 同期上证指数及行业指数涨跌幅情况如下： | 项目 | 停牌前第 21 | 个交易日（2026 | 停牌前 1 | 个交易日（2026 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 年 月 1 | 日） 19 | 年 2 | 月 日） 24 | | | 上市公司股票收盘价 （元/股） | 19.27 | | | 18.16 | -5.76% | | 上证综合指数 （000001.SH） | 4,114.00 | | | 4,117.41 | 0.08% | | 光伏设备（882606.WI） | 3,782.86 | | | 3,885.42 | 2.71% | | | 剔除大盘因素影响涨跌幅 | | | | -5.84% | | | 剔除同行业板块因素影响涨跌幅 | | | | -8.47% | 剔除 ...

Core Viewpoint - The Chinese photovoltaic (PV) panel industry is facing a persistent supply surplus, leading to significant financial losses among major companies in the sector [2][4][5]. Group 1: Financial Performance - In the fiscal year 2025, all seven major PV companies in China are expected to report final losses, with total losses projected to reach up to 39.2 billion RMB [4]. - The fiscal year 2024 marked the first instance of losses for these companies, and the situation has not improved, with cumulative losses expected to increase from 27 billion RMB in 2024 to between 36.4 billion and 39.2 billion RMB in 2025 [4]. - The average price of PV panels remained stable at approximately 9 cents per watt by the end of 2025, indicating a lack of recovery in pricing despite the losses [4]. Group 2: Industry Dynamics - The demand for PV panels has increased due to decarbonization trends and rising energy prices; however, the growth in supply has outpaced demand, leading to intensified price competition and deteriorating market conditions [5]. - The Ministry of Industry and Information Technology of China has initiated discussions to address "disorderly competition" and plans to implement measures to reduce production capacity, although these efforts have not yet yielded significant results [5]. - From January to October 2025, the production of PV panels by Chinese companies reached 514 GW, reflecting a year-on-year increase of 13.5%, further contributing to the oversupply issue [5].

Market Overview - The A-share market experienced a pullback from March 2 to March 6, 2026, with the CSI 300 index down by 1.07%, the ESG 300 index down by 1.28%, the CSI ESG 100 index down by 1.37%, and the Sci-Tech Innovation ESG index down by 4.49%[5] - The average daily trading volume across the A-share market was approximately 4.83 trillion RMB, indicating a loosening of liquidity[5] ESG Fund Issuance - In March 2026, only 1 new ESG fund was launched, with an issuance of 1.531 billion units, primarily focused on ESG strategies[11] - Over the past year, a total of 280 ESG public funds were issued, with a total issuance of 189.802 billion units[11] - As of March 7, 2026, there are 1,090 existing ESG funds, with the largest categories being ESG strategies (443 funds) and environmental protection (281 funds)[11] - The total net asset value of ESG funds reached 1,759.786 billion RMB, with ESG strategy funds accounting for 41.67% of this total[11] Fund Performance - The top-performing fund for the week of March 2 to March 6, 2026, was Huaxia Clean Energy Leader A, with a weekly return of 5.53% and a year-to-date return of 38.06%[12] - Other notable funds included various ETFs focused on green power, with returns ranging from 3.76% to 4.02% for the week[12] Green Bond Market - During the same week, 5 new green bonds were issued in the interbank and exchange markets, with a total planned issuance of approximately 1.8 billion RMB[15] - A total of 29 ESG bonds were issued in March 2026, contributing to a yearly total of 1,285 ESG bonds with a total issuance amount of 1,342.8 billion RMB[15] - As of March 7, 2026, there are 3,955 ESG bonds issued in total, with green bonds making up 62.17% of the total outstanding amount of 5.77 trillion RMB[16] Trading Activity - The total trading volume of ESG green bonds for the week was 604.215 billion RMB, with the interbank market accounting for 76.70% of this volume[16] - Repo transactions dominated the trading methods, comprising 95.16% of the total trading volume[16] ESG Wealth Management Products - In March 2026, 24 new ESG wealth management products were issued, primarily focusing on pure ESG and environmental protection themes[19] - Over the past year, 1,356 ESG wealth management products have been issued, with 1,235 currently active in the market[19] - Pure ESG products represent the largest share, accounting for 53.28% of the total[19] Risk Factors - Potential risks include insufficient policy support for ESG initiatives, lack of standardized data reporting, and lower-than-expected product issuance scales[21]

| 股票代码：600438 | 股票简称：通威股份 | 公告编号：2026-012 | | --- | --- | --- | | 债券代码：110085 | 债券简称：通 转债 22 | | 通威股份有限公司 2026 年度 第二期绿色科技创新债券发行结果公告 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。 通威股份有限公司（以下简称"公司"）第八届董事会第二十二次会议及 2025 年第一次临时股东大会审议通过了《关于申请注册发行债务融资工具（DFI） 的议案》，准许公司根据公司实际资金需求情况，在中国银行间市场交易商协会 注册有效期内择机一次或分期发行债务融资工具，具体内容详见公司在上海证券 交易所网站（www.sse.com.cn）披露的相关公告。 2025 年 4 月 28 日，公司收到中国银行间市场交易商协会（以下简称"交易商 协会"）下发的《接受注册通知书》（中市协注[2025]DFI27 号）。《接受注册通知 书》中明确：交易商协会决定接受公司债务融资工具注册；注册自通知书落款之 日（2025 年 4 月 28 ...

Investment Rating - The report maintains a "Strongly Outperform" rating for the industry [1]. Core Insights - The government work report emphasizes hydrogen energy, indicating a commitment to developing this sector [6]. - The Philippines has initiated a 3.3GW offshore wind tender, signaling growth potential in emerging offshore wind markets [5][10]. - The report highlights a decline in polysilicon prices, which may impact the solar energy sector negatively [5][6]. Summary by Sections Wind Power - The Philippines' Department of Energy has launched the fifth round of green energy auctions, offering 3.3GW of fixed-bottom offshore wind capacity, with results expected by September 22 [5][10]. - The wind power index decreased by 0.02%, outperforming the CSI 300 index by 1.04 percentage points, with a current PE_TTM valuation of approximately 25.45 times [3][11]. Solar Power - Polysilicon prices have significantly declined, with n-type polysilicon trading between 45,000 to 53,000 CNY per ton, averaging 48,300 CNY per ton, a decrease of 6.58% week-on-week [5][6]. - The solar equipment index fell by 2.38%, with specific declines in solar cell and module indices [3]. Energy Storage & Hydrogen Energy - The government work report mentions hydrogen energy twice, highlighting the establishment of a national low-carbon transition fund to foster new growth points in hydrogen and green fuels [6]. - The report suggests a high demand for new energy storage solutions, recommending investments in leading companies in the domestic and international markets [6]. Investment Recommendations - For energy storage, the report recommends focusing on large-scale storage and competitive companies like Sungrow Power and Huaneng [6]. - In the lithium battery sector, it suggests investing in companies like CATL and Penghui Energy, as the industry emerges from a price decline cycle [6]. - In wind power, it highlights opportunities in companies like Goldwind Technology and Mingyang Smart Energy, especially with the acceleration of deep-sea and floating wind projects [6]. - In solar power, it emphasizes the importance of companies involved in the BC cell industry and those with storage capabilities, such as LONGi Green Energy and Trina Solar [6].

- The report does not contain any quantitative models or factors related to quantitative analysis[1][2][3]

Core Viewpoint - The article emphasizes the Chinese government's commitment to developing future energy sectors, including hydrogen energy, as part of its green and low-carbon development strategy, highlighting the establishment of a national low-carbon transition fund to support these initiatives [3][5][6]. Group 1: Future Energy Development - The government work report introduces the concept of "future energy" for the first time, positioning it alongside quantum technology and 6G as a core area for national industrial development [5]. - Future energy encompasses renewable sources such as solar, wind, hydro, and nuclear energy, along with supporting technologies like energy storage systems and smart grids [5][6]. - Future energy must possess three core characteristics: sustainability, safety, and high efficiency, addressing the need for stable and effective energy forms in the face of societal transformation [6]. Group 2: Hydrogen Energy Industry - The establishment of a national low-carbon transition fund is expected to boost confidence in the hydrogen energy sector, transitioning it from demonstration projects to a full-fledged industrial ecosystem [6][7]. - Companies are encouraged to invest in comprehensive research and development for hydrogen production technologies, with a focus on overcoming challenges related to core materials and system efficiency [7]. - The report signals a clear direction for hydrogen energy by linking it with the construction of zero-carbon parks and factories, providing practical applications for hydrogen energy [7]. Group 3: Industry Competition and Regulation - The government work report addresses the issue of "involution" in competition within the energy sector, proposing measures to regulate and promote healthy industry development [9][10]. - Key players in the photovoltaic industry have called for the establishment of standards to mitigate "involution" and ensure fair competition, with specific recommendations for different segments of the supply chain [10][11]. - The report suggests integrating photovoltaic manufacturing into the energy sector's management framework to enhance coordination between manufacturing, application, and energy consumption [11]. Group 4: Achievements and Future Goals - In 2025, significant progress was made in the energy and power sector, with the first batch of renewable energy projects completed and a substantial increase in new energy storage capacity [12]. - By the end of 2025, new energy storage installations reached 136 million kilowatts, marking an 84% increase from the previous year, with plans to expand to 180 million kilowatts by 2027, driving an estimated investment of 250 billion yuan [12].

| 股票代码：600438 | 股票简称：通威股份 | 公告编号：2026-010 | | --- | --- | --- | | 债券代码：110085 | 债券简称：通 22 转债 | | 通威股份有限公司 关于筹划发行股份及支付现金购买资产并募集配套资金事 项的停牌进展公告 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。 特此公告。 通威股份有限公司 董事会 2026 年 3 月 4 日 因本次交易尚处于筹划阶段，有关事项存在不确定性，为了维护投资者利益， 避免造成公司股价异常波动，根据上海证券交易所相关规定，经公司申请，公司 股票、可转债债券以及可转债转股自 2026 年 2 月 25 日（星期三）开市起开始停 牌，预计停牌时间不超过 10 个交易日。具体内容详见公司于 2026 年 2 月 25 日在 上海证券交易所网站（www.sse.com.cn）披露的《通威股份有限公司关于筹划发行 股份及支付现金购买资产并募集配套资金事项的停牌公告》（公告编号：2026-0 09）。 截至本公告披露日，公司及有关各方正在积极推 ...