本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺 或声明。在任何情况下，投资者依据本报告所进行的任何作为或不作为，中金公 司不承担任何责任。 1 中国国际金融股份有限公司（以下简称"中金公司"）作为双良节能系统股 份有限公司（以下简称"双良节能"、"发行人"或"公司"）向不特定对象发行 可转换公司债券（债券简称：双良转债，债券代码：110095，以下简称"本次债 券"或"本次发行的可转换公司债券"）的保荐机构、主承销商和受托管理人， 持续密切关注对债券持有人权益有重大影响的事项。根据《公司债券发行与交易 管理办法》《公司债券受托管理人执业行为准则》《可转换公司债券管理办法》等 相关规定、本次债券《受托管理协议》的约定以及《关于对双良节能系统股份有 限公司及有关责任人予以监管警示的决定》《双良节能系统股份有限公司关于"双 良转债"转股数量累计达到转股前公司已发行股份总额 10%暨股份变动的公告》 《双良节能系统股份有限公司关于收到中国证券监督管理委员会立案告知书的 公告》，现就本次债券重大事项报告如下： 双良节能系统股份有 ...

| 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 113651 | 松霖转债 | 强陵 | 2026-02-28 | 公告 | | 111019 | 宏柏转债 | 强陵 | 2026-02-28 | 公告 | | 118008 | 海优转债 | 强陵 | 2026-02-28 | 公告 | | 123065 | 宝莱转债 | 提议下修 | 2026-02-28 | 公告 | | 118050 | 航宇转债 | 不强赎 | 2026-02-28 | 公告 | | 118024 | 冠宇转债 | 不下修 | 2026-02-28 | 公告 | | 123245 | 集智转债 | 不强赎 | 2026-02-27 | 公告 | 双良节能：因涉嫌信息披露误导性陈述被证监会立案调查 华安证券：控股股东拟斥资1.5亿至3亿元买入可转债并转股 嘉泽新能：股东拟减持不超3%股份 天合光能：股东拟询价转让2%公司股份 武汉天源：股东拟减持不超1.93%股份 宝莱转债：提议下修 航天宏图：2025年公司营业收入同比下降66.11%，扣非亏损12.15 ...

以下文章来源于21世纪经济报道 ，作者21记者 来源|21世纪经济报道 21世纪经济报道 . 权威、专业、深度、有趣！用经济思维看世界。 互联网新闻信息服务许可证编号：44120250004 作者|崔文静 上市公司严监管信号愈发明显。 仅2月27日晚间，即有7家上市公司或其董事长被立案调查或处罚。 其中，海泰发展、捷荣技术、双良节能三家被立案调查；此前已被立案调查的*ST沐邦、*ST海钦、达华智能收到事先告知书；文投控股董事长则被 出具行政处罚决定书。 值得注意的是，随着2月27日晚间这批罚单落地，2026年以来已有14家上市公司或其实控人被立案调查，平均4天即有一家；收到行政处罚决定书或 事先告知书的公司数量更是多达19家，平均约3天一家。 另一个值得关注的信号是：上市公司实控人的违法违规行为被给予更多关注，这不仅体现在更重的行政处罚，而且在立案调查阶段，不少实控人即与 上市公司一起被立案，2月27日新被立案调查的捷荣技术等皆如此。 01 立案调查再添三家，误导性陈述成监管重点 继2月25日ST新华锦被立案调查后，2月27日晚间，又有三家上市公司被证监会启动立案调查。 海泰发展因涉嫌信息披露违法违规被立案； ...

证券研究报告 | 行业周报 gszqdatemark 2026 03 01 年 月 日 电力设备 储能：2026 年 1 月国内储能 EPC 中标规模 4.92GW/12.42GWh。2026 年 1 月国内储能 EPC 中标项目共 25 个，总装机规模达 4916.5MW/12420.28MWh，项目单体平均规模为 196.7MW/496.8MWh，较 2025 年同期提升超 30%。2025 年国内新型储能新增装机 59GW/175GWh，2h 储能系统价格 0.55 元/wh，预计 2026 年碳酸锂价格上涨推动储能均价 上行。建议关注方向：建议关注国内外增速确定性高的大储方向，关注阳光电源、阿特斯、 海博思创、上能电气、科华数据、三晖电气、东方日升。 新能源车：2 月 27 日，鑫椤锂电公布 3 月锂电预排产数据。其中，国内电池样本企业 3 月 排产 149.59GWh，环比+21.93%；海外电池样本企业 22.4GWh，环比+11.27%；正极为 19.47 万吨，环比+23.3%；负极为 16.3 万吨，环比+16.42%；隔膜为 18.95 亿平，环比 +8.7%；电解液为 10.75 万吨， ...

新京报贝壳财经讯2月27日，双良节能（600481）发布公告称，公司于2026年2月27日收到中国证监会下 发的《立案告知书》，因公司涉嫌信息披露误导性陈述等违法违规行为，根据相关法律法规，决定对公 司立案。目前公司经营情况正常，在立案调查期间，公司将积极配合调查工作，并严格履行信息披露义 务。 ...

Core Viewpoint - The company, Shuangliang Energy, is under investigation by the China Securities Regulatory Commission (CSRC) for misleading statements related to its overseas orders in the commercial aerospace sector, which has led to significant stock price fluctuations and regulatory scrutiny [1][4]. Group 1: Regulatory Issues - On February 12, the company announced it secured three overseas orders for heat exchangers, which were later clarified to be worth approximately RMB 13.92 million, representing only 0.11% of its audited revenue for 2024 [3]. - The Shanghai Stock Exchange criticized the company for not providing sufficient details about the orders and their impact on overall operations, which could mislead investors [4]. Group 2: Financial Performance - The company has reported continuous losses, projecting a net loss of between RMB 780 million and RMB 1.06 billion for 2025, following a loss of RMB 2.134 billion in 2024 [6]. - For the first three quarters of 2025, the company recorded revenue of RMB 6.076 billion, a year-on-year decline of 41.27%, primarily due to reduced sales in the photovoltaic sector [6]. - The company's debt levels are rising, with asset-liability ratios increasing from 68.49% in 2022 to 81.91% by September 2025, significantly above the industry average of 57.1% [6]. Group 3: Strategic Transformation - In response to ongoing financial difficulties, the company is attempting a strategic shift away from photovoltaic expansion towards hydrogen energy and energy-saving equipment [8]. - The company has terminated plans for a large-scale silicon project and is now focusing on raising up to RMB 1.292 billion for new projects in zero-carbon manufacturing and green hydrogen equipment [8]. - Under new leadership, the company aims to transition from traditional manufacturing to a focus on green, intelligent, and service-oriented operations, with initial contracts in the hydrogen sector already signed [10].

Group 1 - Ninebot Company achieved a revenue of 21.325 billion yuan in 2025, a year-on-year increase of 50.22%, and a net profit of 1.755 billion yuan, up 61.84% [1] - Huizhong Co., Ltd. reported a revenue of 450 million yuan in 2025, a 16.79% increase, with a net profit of 66.2099 million yuan, up 14.7% [2] - Dalian Heavy Industry achieved a revenue of 15.501 billion yuan in 2025, an 8.54% increase, with a net profit of 588 million yuan, up 18.17% [3] - Jiepte's optical connection business is still in its early stages, contributing less than 5% to total revenue, with uncertainties due to market demand and competition [4] - Yuanguang Software reported a revenue of 2.593 billion yuan in 2025, an 8.12% increase, with a net profit of 301 million yuan, up 2.8% [5] - Kaipu Cloud reported a revenue of 418 million yuan in 2025, a 32.24% decrease, with a net loss of 10.8071 million yuan [6] - Cambricon achieved a total revenue of 6.497 billion yuan in 2025, a 453.21% increase, with a net profit of 2.059 billion yuan, compared to a loss of 452 million yuan in the previous year [7] - Sanxin Medical reported a revenue of 1.64 billion yuan in 2025, a 9.31% increase, with a net profit of 262 million yuan, up 15.43% [8] - Wanji Technology won a project bid worth 22 million yuan, aligning with its smart connected business development plan [9] - Xingrong Environment proposed a cash dividend of approximately 2.35 yuan per 10 shares for 2025, based on a 35% payout ratio of net profit [10] - Lankai Technology achieved a revenue of 5.456 billion yuan in 2025, a 49.94% increase, with a net profit of 2.236 billion yuan, up 58.35% [11] - Muxi Co., Ltd. reported a revenue of 1.644 billion yuan in 2025, a 121.26% increase, but incurred a net loss of 778 million yuan [12] - Hubei Yihua reported a revenue of 25.659 billion yuan in 2025, a 1.04% increase, with a net profit of 889 million yuan, down 16.74% [13] - Microchip Bio proposed a share buyback plan of 80 million to 120 million yuan for employee stock ownership [14] - Moore Thread reported a revenue of 1.506 billion yuan in 2025, a 243.37% increase, with a net loss of 1.024 billion yuan [15] - Huace Navigation achieved a revenue of 3.681 billion yuan in 2025, a 13.24% increase, with a net profit of 681 million yuan, up 16.7% [16] - Jiangfeng Electronics reported a revenue of 4.605 billion yuan in 2025, a 27.75% increase, with a net profit of 481 million yuan, up 20.15% [17] - Wol Nuclear Materials achieved a revenue of 8.451 billion yuan in 2025, a 22% increase, with a net profit of 1.135 billion yuan, up 33.95% [18] - Shenghong Co., Ltd. reported a revenue of 3.463 billion yuan in 2025, a 14.07% increase, with a net profit of 474 million yuan, up 10.58% [19] - Sun Paper achieved a revenue of 39.184 billion yuan in 2025, a 3.79% decrease, with a net profit of 3.258 billion yuan, up 5.05% [20] Group 2 - Wuhan Tianyuan's actual controller plans to reduce holdings by up to 1.93% of the company's shares [21][22] - Zhenghai Bio's shareholder plans to reduce holdings by up to 2% of the company's shares [23] - Baiwei Storage reported a revenue of 11.296 billion yuan in 2025, a 68.72% increase, with a net profit of 867 million yuan, up 437.56% [24] - Jierong Technology received a notice of investigation from the China Securities Regulatory Commission for suspected information disclosure violations [25] - Tengda Construction won a bid for a city parking lot construction project worth 172 million yuan [26] - Jiazhen New Energy's shareholder plans to reduce holdings by up to 3% of the company's shares [27] - Jiabiou reported a revenue of 575 million yuan in 2025, a 3.47% increase, with a net profit of 157 million yuan, up 26.15% [28] - Jingsheng Co., Ltd.'s shareholder plans to reduce holdings by up to 3% of the company's shares [29] - Chengdi Xiangjiang's subsidiary signed a significant contract with Shanghai Unicom, with an estimated contract value of 642 million yuan [30] - Guoci Materials plans to acquire 100% of Australian-listed company SDI for 166 million AUD (approximately 816 million yuan) [31] - Zhongfutong plans to raise no more than 643 million yuan through a private placement for various projects [32] - Yuanjie Technology reported a revenue of 601 million yuan in 2025, a 138.5% increase, with a net profit of 191 million yuan, compared to a loss of 6.134 million yuan in the previous year [33] - *ST Dazheng's shareholder plans to reduce holdings by up to 1% of the company's shares [34] - Huasheng Tiancheng clarified its cooperation model with Huawei, indicating that it has a minor impact on overall revenue [35] - Fenghuo Communication reported that its low-orbit satellite communication business contributes less than 1% to total revenue [36] - Huasheng Chang plans to acquire 100% of Jialante's shares for 460 million yuan [37] - Hekang New Energy plans to raise no more than 1.652 billion yuan from Midea Group for various projects [38] - Shuangliang Energy is under investigation by the CSRC for misleading information disclosure [39] - Jingfang Technology reported a revenue of 1.474 billion yuan in 2025, a 30.44% increase, with a net profit of 370 million yuan, up 46.23% [40][41] - Zhongji Xuchuang reported a revenue of 38.24 billion yuan in 2025, a 60.25% increase, with a net profit of 10.799 billion yuan, up 108.81% [42] - Shunluo Electronics reported a revenue of 6.745 billion yuan in 2025, a 14.39% increase, with a net profit of 1.021 billion yuan, up 22.71% [43] - Visual China plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [44] - Haitai Development is under investigation by the CSRC for information disclosure violations [45] - Biyin Lefen's controlling shareholder plans to increase holdings by 100 million to 200 million yuan [46] - Tapa Group reported a revenue of 4.107 billion yuan in 2025, a 3.99% decrease, with a net profit of 634 million yuan, up 17.87% [47] - Lite Optoelectronics plans to invest in a quartz fabric R&D center and production base with a total investment of 1 billion yuan [48] - Demingli reported a revenue of 10.789 billion yuan in 2025, a 126.07% increase, with a net profit of 688 million yuan, up 96.35% [49] - Shengke Communication's state-owned investment fund reduced its shareholding to 13% [50] - Tongxing Technology plans to invest in a sodium-ion battery anode material project with a total investment of approximately 500 million yuan [51] - *ST Rindong applied to revoke the delisting risk warning for its stock, reporting a net profit of 360 million yuan in 2025, compared to a loss of 833 million yuan in the previous year [53] - Guoli Electronics reported a revenue of 1.323 billion yuan in 2025, a 66.98% increase, with a net profit of 70.6089 million yuan, up 133.51% [54] - Jingzhida plans to raise no more than 2.959 billion yuan through a private placement for various projects [55] - Hongdian Film reported a revenue of 2.298 billion yuan in 2025, a 16.55% increase, with a net profit of 159 million yuan, compared to a loss of 96.376 million yuan in the previous year [56] - Jingzhida's shareholders plan to reduce holdings by up to 1.55% of the company's shares [57] - Xin Anjie announced that its chairman is under investigation and has been detained [58]

2、主材方面，钧达拜访S，未来可能合作CPI膜和钙钛矿叠层电池；东方日升p-HJT电池在春节前得到S下 【长江电新】太空光伏：重视T、S设备下单催化，主辅材企业进展积极 S电池设备还会继续下单，其次是硅片设备，近期与国内企业技术交流持续进行中。 1、T电池设备下单在即，预计首批规模10GW，后续还会下单40GW，明确使用LP路线，11月前将完成交付，#下 单进展是超预期的。 S电池设备还会继续下单，其次是硅片设备，近期与国内企业技术交流持续进行中。 2、主材方面，钧达拜访S，未来可能合作CPI膜和钙钛矿叠层电池；东方日升p-HJT电池在春节前得到S下单，持续 进行技术优化，国内市场拓展亦进展积极；晶科后续可能赴美拜访T。 辅材方面，福斯特持续推进柔性砷化镓标的股权投资；海优推进硅橡胶膜产业化，年内可能有上天测试机会；永 臻对T批量供应铝边框可能3月落地，鑫铂马来工厂投产后也会有T审厂。 1、T电池设备下单在即，预计首批规模10GW，后续还会下单40GW，明确使用LP路线，11月前将完成交付，#下 单进展是超预期的。 【长江电新】太空光伏：重视T、S设备下单催化，主辅材企业进展积极 3、看好太空光伏beta投资 ...

Group 1: Economic Policies and Market Developments - The Central Political Bureau of the Communist Party of China discussed the draft outline of the 14th Five-Year Plan and the government work report, emphasizing the need for a proactive fiscal policy and moderately loose monetary policy to strengthen domestic market construction and promote high-level technological self-reliance [3] - The People's Bank of China announced a reduction in the foreign exchange risk reserve ratio for forward foreign exchange sales from 20% to 0% starting March 2, 2026, to support enterprises in managing exchange rate risks [3] - The China Securities Regulatory Commission (CSRC) held a meeting to discuss the capital market's 14th Five-Year Plan, focusing on high-quality development and risk prevention [3] Group 2: Company Announcements and Financial Performance - Zhongke Hanwuji Technology Co., Ltd. reported a revenue of 6.497 billion yuan for the fiscal year 2025, a year-on-year increase of 453.21%, and a net profit of 2.059 billion yuan, reversing a loss of 452 million yuan from the previous year [4] - Companies such as Zhongjin Gold and Hekang New Energy announced significant investment plans, including a 4.5 billion yuan project in Inner Mongolia and a fundraising of up to 1.652 billion yuan from Midea Group, respectively [9] - Several companies, including Haitai Development and Shuangliang Energy, are under investigation by the CSRC for suspected violations of information disclosure regulations [9]

中国基金报记者 夏天 回溯历史公告，双良节能本次被立案调查的直接导火索指向本月中旬其在微信公众号发布的一则涉商业航天订单信息。 2月27日晚间，双良节能（证券代码：600481）发布公告称，公司当日收到中国证监会下发的《立案告知书》，因涉嫌信息披露误导性陈述等违法违规行 为，证监会决定对其立案调查。 双良节能因涉嫌信息披露误导性陈述等违法违规行为被立案 公司表示，目前经营情况正常，将积极配合中国证监会的相关调查工作并严格履行信息披露义务。 2月12日13时25分，公司公众号发布快讯称，先后获得3个海外订单、共计12台高效换热器设备，将用于SpaceX星舰发射基地扩建配套的燃料生产系统， 并称这是继前期合作后再度供货，以此彰显海外客户对其产品的认可。 该消息发布后，双良节能股价迅速异动，自当日13时26分起至收盘均为涨停。 然而，经监管督促，公司于当日盘后紧急披露补充公告，揭开了订单的真实情况：3笔订单合计金额仅为1392.30万元，占公司2024年度经审计营业收入的 比例约为0.11%，对公司经营业绩无重大影响；公司并未直接与SpaceX发生合作，仅为该项目的非独家间接供应商，商业航天也并非公司产品的主要应用 ...