Core Insights - The Zhongzheng Photovoltaic Industry Index (931151) has shown a strong increase of 1.69% as of September 25, 2025, with notable gains in constituent stocks such as TCL Zhonghuan (10.06%) and Jingsheng Mechanical Electrical (5.20%) [1] - The Photovoltaic ETF Fund (516180) has also risen by 1.86%, with a latest price of 0.77 yuan, reflecting a 0.27% increase over the past week [1] - The index comprises up to 50 representative listed companies involved in the photovoltaic industry chain, aiming to reflect the overall performance of these securities [1] Company Performance - The top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index as of August 29, 2025, include Yangguang Electric (10.51%), Longi Green Energy (9.97%), and TCL Technology (9.42%), collectively accounting for 56.14% of the index [2] - The performance of individual stocks shows varied results, with TCL Zhonghuan leading with a 10.06% increase, while TBEA (−0.43%) and Zhengtai Electric (−0.46%) experienced declines [4]

Core Viewpoint - A significant industry reshuffle is occurring in the polysilicon sector, driven by new energy consumption standards that will force inefficient producers out of the market [1][5]. Group 1: New Energy Consumption Standards - The National Standardization Administration has released draft standards for polysilicon and silicon products, setting strict energy consumption limits [1]. - The new standards require polysilicon production to meet a maximum energy consumption of 6.4 kgce/kg, with a target of 5.5 kgce/kg for compliance, significantly tightening previous limits [1][2]. - Non-compliant companies will face mandatory rectification periods, with potential shutdowns for those failing to meet the new standards [2][4]. Group 2: Impact on Industry Capacity - Following the implementation of the new standards, domestic polysilicon effective capacity is expected to decrease to approximately 2.4 million tons per year, a reduction of 16.4% from 2024 projections [2]. - The new standards could lead to the shutdown of over 30% of existing industry capacity, alleviating the current overcapacity situation [2][4]. - Most of the current excess capacity is already inactive, and the 12-month transition period will have minimal short-term supply impact [2]. Group 3: Competitive Landscape - Leading companies like GCL-Poly and Tongwei are expected to benefit from the new standards due to their technological advantages [3][5]. - GCL-Poly's granular silicon energy consumption meets the new first-level standard, while Tongwei's energy consumption is close to the second-level standard [3]. - The tightening of energy consumption standards is seen as a measure to combat the "involution" in the industry, promoting quality over quantity [4][5]. Group 4: Policy and Industry Response - The government and industry associations are implementing a comprehensive governance system addressing energy consumption, pricing, and capacity [5]. - A voluntary production control agreement has been signed by leading photovoltaic glass companies to collectively reduce production by 30% [5]. - The new energy consumption standards are viewed as a clear survival line for polysilicon companies, with a critical choice for those lagging behind to either invest in upgrades or exit the market [5].

Group 1 - The core viewpoint of the article highlights the strong performance of solid-state batteries, with Enjie Co., Ltd. reaching its daily limit increase and several stocks hitting new highs [1] - The New Materials ETF index fund closely tracks the CSI New Materials Theme Index, with electronic materials accounting for 24.7% and new energy materials for 38.8%, benefiting significantly from market movements, rising over 4.0% during trading [1] - The CSI New Materials Theme Index selects 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, inorganic non-metals, and other key strategic materials, reflecting the overall performance of new materials theme listed companies [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the CSI New Materials Theme Index (H30597) include CATL, North Huachuang, Wanhua Chemical, Longi Green Energy, Huayou Cobalt, Tongwei Co., Ltd., Sanan Optoelectronics, and others, collectively accounting for 51.59% of the index [1]

Core Viewpoint - Tongwei Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decline in revenue and net profit in the first half of 2025, while maintaining a significant market presence in the photovoltaic and feed industries [1][2]. Financial Performance - As of July 31, 2025, Tongwei Co., Ltd. reported a revenue of 40.51 billion yuan, a year-on-year decrease of 7.51% [2]. - The company recorded a net profit attributable to shareholders of -4.96 billion yuan, reflecting a year-on-year decline of 58.35% [2]. Stock Market Activity - On September 24, 2025, Tongwei's stock price increased by 2.07%, reaching 21.20 yuan per share, with a trading volume of 620 million yuan and a turnover rate of 0.66% [1]. - The company's market capitalization stood at 95.44 billion yuan [1]. - Year-to-date, the stock price has decreased by 4.12%, with a 7.79% drop over the last five trading days, but a 19.10% increase over the past 60 days [1]. Shareholder Information - As of July 31, 2025, the number of shareholders was 289,300, a slight decrease of 0.16% from the previous period [2]. - The average number of circulating shares per shareholder increased by 0.16% to 15,559 shares [2]. Dividend Distribution - Since its A-share listing, Tongwei has distributed a total of 25.19 billion yuan in dividends, with 16.92 billion yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 164 million shares, a decrease of 29.92 million shares from the previous period [3]. - Various ETFs, including Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, have adjusted their holdings, with some increasing and others decreasing their share counts [3].

Company Overview - Tongwei Co., Ltd. was established in 1995 and is headquartered in Chengdu, Sichuan Province, China, controlled by Tongwei Group Co., Ltd. It has developed into a key national enterprise in agricultural industrialization, a major global producer of aquatic feed, high-purity crystalline silicon, and a leading manufacturer of crystalline silicon solar cells [2] - As of December 2024, the company operates over 200 subsidiaries worldwide, employs nearly 60,000 people, and has an annual feed production capacity exceeding 10 million tons. The annual production capacity of high-purity silicon exceeds 900,000 tons, with solar cell capacity exceeding 150 GW and module capacity over 90 GW. The company has developed 56 photovoltaic power stations based on the "fishing-solar integration" model, with a cumulative installed capacity of 4.67 GW [2] Supply Chain Management - Tongwei Co., Ltd. views supply chain management as a core pillar of sustainable development, aiming to create an equal, respectful, transparent, and collaborative environment to promote environmentally friendly, socially inclusive, and well-governed development goals [3] - The company strictly adheres to domestic laws such as the Environmental Protection Law and Labor Law, as well as international standards like RBA Code of Conduct and ILO conventions. By 2024, the signing rate of social responsibility commitment letters and compliance letters among major raw material suppliers in the photovoltaic manufacturing sector reached 100%, achieving full compliance coverage [3] ESG Risk Management - The company has established an ESG risk management mechanism throughout the supplier lifecycle, including key indicator audits for environmental management and labor rights during the admission phase, implementing a "zero tolerance clause" for non-compliance. During the cooperation period, a dual-dimensional tracking system for EHS and ESG is employed to dynamically monitor sustainable development performance [3] - For non-compliance issues, a closed-loop management process is executed, requiring a "7-day rectification plan submission + 3-month improvement deadline," ensuring that ESG risks in the supply chain are controllable and traceable throughout the process [3] Certification and Compliance - Tongwei Co., Ltd. has built a full-process traceability capability from photovoltaic modules to silicon mines, verified by independent third-party audits (STS Senergy, TÜV Rheinland). The company became the first to pass TÜV Rheinland's audit with an A-level or above rating across all processes, with the highest AA-level certification for modules, wafers, rods, and silicon materials [4] - In the field of conflict mineral management, the company strictly follows the UN Global Compact and OECD guidelines, actively promoting suppliers to complete the CMRT conflict mineral survey to ensure the legality and compliance of raw material sources from the outset [4] Sustainable Development Initiatives - In 2025, at the German Photovoltaic Exhibition, Tongwei Co., Ltd. officially launched the "Global Sustainable Partner Program," aimed at global suppliers, channel partners, end customers, industry associations, and certification bodies, focusing on green supply chain collaboration, information platform integration, and public welfare cooperation to build a long-term win-win green development ecosystem [4] Expert Commentary - Experts highlight Tongwei Co., Ltd.'s outstanding performance in supply chain responsibility, noting the establishment of an internal management mechanism for supply chain traceability, which has achieved traceability capabilities from components to silicon mines. The signing rate of social responsibility commitment letters among major raw material suppliers in the photovoltaic manufacturing sector has reached 100%, demonstrating strong supply chain management capabilities [5]

Group 1: Market Performance - The New Energy ETF has a turnover rate of 5.17% and a transaction volume of 58.64 million yuan [2] - As of September 22, the New Energy ETF's latest scale reached 1.118 billion yuan, with a total inflow of 104 million yuan over the past 16 trading days [2] - The net value of the New Energy ETF has increased by 59.51% over the past year [2] - The highest monthly return since inception was 25.07%, with the longest consecutive monthly increase being 4 months and a maximum increase of 31.31% [2] - The average return during the increasing months is 8.03%, and the annualized return over the past 3 months has exceeded the benchmark by 4.82% [2] Group 2: Industry Outlook - Foreign capital is optimistic about the development of energy storage in China, with Citigroup raising its forecast for global energy storage system (ESS) demand from 177.8 GWh in 2024 to an estimated 360.2 GWh by 2027, representing a compound annual growth rate of 26.5% [2] - The forecast for 2025 indicates a year-on-year growth of 37% to 243.7 GWh [2] - The Ministry of Industry and Information Technology has released a roadmap for the development of new energy storage technologies from 2025 to 2035, focusing on five key areas: electrochemical storage, mechanical storage, electromagnetic storage, thermal storage, and hydrogen storage [3] - Domestic energy storage system bidding has seen a significant increase, with a capacity of 47.2 GWh in August 2025, marking a year-on-year increase of 2158% and a month-on-month increase of 1142% [3] - Cumulative bidding for energy storage systems reached 144.1 GWh in the first eight months of this year, reflecting a year-on-year growth of approximately 216% [3] Group 3: Stock Performance - The top ten weighted stocks in the China Securities New Energy Index include CATL, Sungrow Power, Longi Green Energy, China Nuclear Power, and others, accounting for a total of 42.78% [6]

Group 1 - The rural e-commerce sector experienced a decline of 1.54%, ranking among the top declines in concept sectors, with companies like agricultural products, New Agricultural Development, and ST Lutong leading the drop [1][2] - Among the rural e-commerce stocks, only four saw price increases, with Huaying Agriculture, ST Guangwang, and Jifeng Technology rising by 1.80%, 1.05%, and 1.03% respectively [1][2] - The rural e-commerce sector faced a net outflow of 532 million yuan from major funds, with 30 stocks experiencing outflows, and Tongwei Co. leading with a net outflow of 158 million yuan [2][3] Group 2 - The top stocks with net outflows in the rural e-commerce sector included Tongwei Co. (-2.52%), Dabeinong (-1.66%), and Agricultural Products (-4.36%) [2][3] - The stocks with the highest net inflows included Batian Co., New Yangfeng, and Nuofeng, with net inflows of 24.88 million yuan, 6.07 million yuan, and 4.64 million yuan respectively [2][3] - The overall market sentiment in the rural e-commerce sector appears negative, as indicated by the significant outflows and the majority of stocks declining in value [1][2]

Group 1: Market Performance - The New Energy ETF has a turnover rate of 3.85% during trading, with a transaction volume of 43.23 million yuan [2] - As of September 19, the New Energy ETF's latest scale reached 1.129 billion yuan, with a total inflow of 19.67 million yuan over the last 10 trading days [2] - The New Energy ETF's net value has increased by 58.12% over the past year [2] Group 2: Investment Opportunities - The highest monthly return since the inception of the New Energy ETF was 25.07%, with the longest consecutive monthly increase lasting 4 months and a maximum increase of 31.31% [2] - The average return during the months of increase is 8.03% [2] - The global push for "carbon neutrality" positions the development of new energy as a long-term strategic direction, with China aiming for peak carbon emissions by 2030 and carbon neutrality by 2060 [2] Group 3: Industry Trends - Despite high market penetration of new energy vehicles, there remains significant potential for replacing traditional fuel vehicles based on ownership ratios [2] - The energy storage market is experiencing explosive growth, crucial for addressing the intermittency issues of wind and solar power generation, with domestic energy storage bidding volumes in August showing several-fold year-on-year growth [2] - According to Shenwan Hongyuan, the short-term focus remains on event-driven themes and price increase themes, while the medium-term outlook is optimistic for a structural bull market, particularly in the photovoltaic sector [3] Group 4: Company Performance - As of August 29, 2025, the top ten weighted stocks in the China Securities New Energy Index include CATL, Sungrow, Longi Green Energy, China Nuclear Power, and others, collectively accounting for 42.78% of the index [5] - Notable stock performances include CATL with a slight decline of 0.18% and Sungrow with an increase of 0.80% [5]

Group 1 - On September 19, Tongwei Co., Ltd. (600438) experienced a financing net sell of 59.49 million yuan, with a financing balance of 2.648 billion yuan [1] - The financing buy-in for the same day was 134 million yuan, while financing repayment amounted to 193 million yuan [1] - The financing balance represented 2.69% of the circulating market value [2] Group 2 - On the same day, the company had a net sell of 32,900 shares in securities lending, with a remaining balance of 371,900 shares [2] - Over the past three trading days, the cumulative net sell in securities lending reached 70,700 shares, with 14 out of the last 20 trading days showing net sells [2] - The securities lending balance was 8.1186 million yuan on September 19 [3] Group 3 - The total margin financing and securities lending balance decreased to 2.656 billion yuan, down by 58.8728 million yuan, representing a decline of 2.17% [4] - The margin financing and securities lending balance had been consistently declining over the previous days [4]

Group 1 - The photovoltaic equipment sector is experiencing a downward trend, with Guosheng Technology nearing a limit down [1] - Other companies such as Ankai High-Tech, Daqo Energy, Aotaiwei, JA Solar, and Tongwei Co. have also seen significant declines [1]