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]

股票代码：600481 股票简称：双良节能 债券代码：110095 债券简称：双良转债 双良节能系统股份有限公司 向不特定对象发行可转换公司债券 第六次临时受托管理事务报告 （2025 年度） 债券受托管理人 二〇二五年九月 重要声明 本报告依据《公司债券发行与交易管理办法》《关于双良节能系统股份有限 公司向不特定对象发行可转换公司债券之债券受托管理协议》（以下简称"《受 托管理协议》"）《双良节能系统股份有限公司向不特定对象发行可转换公司债 券募集说明书》（以下简称"《募集说明书》"）等相关规定，由本次债券受托管 理人中国国际金融股份有限公司（以下简称"中金公司"）编制。中金公司编制 本报告的内容及信息均来源于双良节能系统股份有限公司提供的资料或说明。 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"） ...

Core Viewpoint - The stock of Shuangliang Energy has shown fluctuations in trading performance, with a recent increase in share price and notable trading volume, indicating investor interest and market activity [1][2]. Financial Performance - As of June 30, 2025, Shuangliang Energy reported a revenue of 4.388 billion yuan, a year-on-year decrease of 37.13%, while the net profit attributable to shareholders was -597 million yuan, reflecting a 52.54% increase compared to the previous year [2]. - The company has distributed a total of 4.089 billion yuan in dividends since its A-share listing, with 1.16 billion yuan distributed over the last three years [3]. Stock Market Activity - On September 24, 2023, Shuangliang Energy's stock price rose by 2.09% to 5.86 yuan per share, with a trading volume of 118 million yuan and a turnover rate of 1.09%, resulting in a total market capitalization of 10.98 billion yuan [1]. - The stock has experienced a 6.55% increase year-to-date, but has seen declines of 8.29% over the last five trading days and 3.78% over the last twenty days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Shuangliang Energy increased to 112,800, with an average of 16,611 circulating shares per person, a decrease of 4.70% from the previous period [2]. - The top ten circulating shareholders include notable entities such as the Photovoltaic ETF and Hong Kong Central Clearing Limited, with changes in their holdings indicating shifts in investor sentiment [3].

（文章来源：证券日报） 证券日报网讯 9月19日晚间，双良节能发布公告称，公司于2025年9月19日召开了2025年第一次职工代 表大会，选举王法根先生为公司第九届职工代表董事。 ...

证券日报网讯 9月19日晚间，双良节能发布公告称，公司于2025年9月19日完成董事会换届选举，缪文 彬先生当选为董事长。 （文章来源：证券日报） ...

Investment Rating - The report assigns an "Overweight" rating to the photovoltaic industry, indicating that it is expected to outperform the overall market [8]. Core Insights - The National Standard Committee has proposed stricter energy consumption standards for polysilicon production, reducing the third-level energy consumption standard from ≤10.5 kgce/kg to ≤6.4 kgce/kg, which will lead to the forced shutdown or consolidation of high-energy-consuming capacity [3]. - The new standards are expected to accelerate the elimination of outdated production capacity, particularly affecting facilities established before 2020 that utilize the improved Siemens process [3]. - The report highlights a technological differentiation in production routes, with granular silicon showing significant advantages over rod silicon in terms of energy consumption standards [3]. - The implementation of the new standards is anticipated to keep polysilicon prices robust, as companies will need to increase prices to achieve breakeven under low operating rates [3]. Summary by Sections New Standards and Their Implications - The new energy consumption standards for polysilicon are significantly stricter, with specific limits set for different production methods [3]. - The transition period for companies to comply with the new standards is 12 months, with the official implementation expected in October 2026 [3]. Investment Recommendations - The report suggests focusing on companies like GCL-Poly Energy, Tongwei Co., and Daqo New Energy, as they are well-positioned to adapt to the new standards [3]. - Additionally, companies that upgrade their high-energy-consuming capacities to meet the new standards, such as Shuangliang Eco-Energy, are also recommended for investment [3]. Market Dynamics - The report notes that the market is considering the establishment of large-scale funds for polysilicon storage, indicating a potential shift in market dynamics [3].

Investment Rating - The report rates the photovoltaic industry as "Overweight" indicating a positive outlook for the sector [3]. Core Insights - The National Standard Committee has proposed stricter energy consumption limits for polysilicon production, reducing the third-level energy consumption standard from ≤10.5 kgce/kg to ≤6.4 kgce/kg, which will lead to the forced shutdown or consolidation of high-energy-consuming capacity [3]. - The new standards are expected to accelerate the elimination of outdated production capacity, particularly affecting facilities established before 2020 that utilize the improved Siemens process [3]. - The report highlights a differentiation in technical routes, with granular silicon showing significant advantages over rod silicon in terms of energy consumption standards [3]. - A 12-month transition period is provided for companies to comply with the new standards, which are expected to be officially released in December 2025 and enforced from October 2026 [3]. - Following the implementation of the new standards, polysilicon prices are anticipated to remain strong, with potential price increases needed for companies to achieve breakeven at low operating rates [3]. Summary by Sections New Standards - The new energy consumption standards for polysilicon are significantly stricter, with rod silicon standards set at ≤5, 5.5, and 6.4 kgce/kg, and granular silicon standards at 3.6, 4.0, and 5.0 kgce/kg [3]. - The average energy consumption for polysilicon in 2024 is projected to be around 55 kWh, which is above the new first-level energy consumption standard [3]. Market Implications - The report suggests that leading companies like Tongwei Co., Ltd. have already reduced their polysilicon energy consumption to around 46 kWh, below the new first-level standard [3]. - The report recommends focusing on companies such as GCL-Poly Energy Holdings, Tongwei Co., Ltd., and Daqo New Energy Corp., as well as polysilicon equipment manufacturers like Shuangliang Eco-Energy [3]. Company Valuations - The report includes a valuation table for key companies in the power equipment sector, indicating their market capitalization and projected net profits for 2025 to 2027 [4].

Group 1 - The core point of the article is the announcement by Shuangliang Energy (SH 600481) regarding its board meeting held on September 19, 2025, where various proposals, including the election of the ninth board committee members, were discussed [1] - For the first half of 2025, Shuangliang Energy's revenue composition was as follows: photovoltaic new energy accounted for 68.99%, energy-saving and water-saving accounted for 31.13%, and inter-segment elimination accounted for -0.12% [1] - As of the report date, Shuangliang Energy's market capitalization was 11.3 billion yuan [1]

| 证券代码：600481 | 证券简称：双良节能 | 编号：2025-058 | | --- | --- | --- | | 转债代码：110095 | 转债简称：双良转债 | | 双良节能系统股份有限公司 关于董事会完成换届选举及聘任高级管理人员、证券事务代表的公告 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个别及连带责任。 双良节能系统股份有限公司（以下简称"公司"）于 2025 年 9 月 19 日召开 2025 年第四次临时股东大会，审议通过了《关于选举董事的议案》和《关于选 举独立董事的议案》。2025 年 9 月 19 日，公司召开九届一次董事会会议分别审 议通过了《关于选举公司第九届董事会董事长、副董事长的议案》、《关于选举公 司第九届董事会专门委员会委员的议案》、《关于聘任公司总经理的议案》、《关于 聘任公司副总经理、董事会秘书、财务负责人的议案》和《关于聘任公司证券事 务代表的议案》；同日，公司召开了 2025 年第一次职工代表大会，选举王法根先 生当选公司第九届董事会职工代表董事。现将公司董事会换届选举及聘任高 ...

独立董事提名人声明与承诺 提名人双良节能系统股份有限公司董事会,现提名陈光明为双良节能系统股 份有限公司第九届董事会独立董事候选人,并已充分了解被提名人职业、学历、 职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况。被提名人 已同意出任双良节能系统股份有限公司第九届董事会独立董事候选人(参见该独 立董事候选人声明)。提名人认为,被提名人具备独立董事任职资格,与双良节 能系统股份有限公司之间不存在任何影响其独立性的关系,具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法规、 规章及其他规范性文件,具有5年以上法律、经济、会计、财务、管理或者其他 履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定(如适用); (三)中国证监会《上市公司独立董事管理办法》、上海证券交易所自律监 管规则以及公司章程有关独立董事任职资格和条件的相关规定; (四)中共中央纪委 ...