Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - The power equipment and new energy industry has shown significant market performance over the past year, with a focus on enhancing the utilization of renewable energy through new pricing mechanisms [1][4] - The report highlights the recent order of 143 million yuan received by UBTECH for humanoid robots, indicating strong demand in the robotics sector [3] - The National Development and Reform Commission (NDRC) is actively addressing issues of price disorder in certain industries, which may impact market dynamics [3] Summary by Relevant Sections Market Performance - The power equipment and new energy industry has experienced notable developments, including the introduction of new pricing methods aimed at promoting renewable energy consumption [4] Company Orders - UBTECH's total order amount for humanoid robots in 2025 has reached 1.3 billion yuan, showcasing robust growth in this segment [3] Pricing Trends - The report provides insights into the pricing of polysilicon, silicon wafers, battery cells, and modules, indicating stability in polysilicon prices and a downward trend in silicon wafer and battery cell prices due to high inventory levels [5][7][8] Investment Recommendations - The report recommends several companies for investment based on their strategic positioning in the industry, including Aikang Co., Longi Green Energy, and Daqo New Energy, among others [6][9]

Core Viewpoint - On December 2, a total of 5 listed companies will have their restricted shares unlocked, with a total market value of approximately 2.135 billion yuan [1] Summary by Category Restricted Share Unlocking Details - Company: Aishu Co., Ltd. (爱旭股份), Stock Code: 600732, Type: Equity Incentive Restricted Circulation, Unlocking Shares: 345,800 [1] - Company: 263 Network (二六三), Stock Code: 002467, Type: Equity Incentive Restricted Circulation, Unlocking Shares: 5,070,000 [1] - Company: Hangzhou Oxygen Plant (杭氧股份), Stock Code: 002430, Type: Equity Incentive Restricted Circulation, Unlocking Shares: 319,800 [1] - Company: Yuxin Co., Ltd. (宇新股份), Stock Code: 002986, Type: Equity Incentive Restricted Circulation, Unlocking Shares: 3,289,200 [1] - Company: Sanwei Xinan (三未信安), Stock Code: 688489, Type: Not specified, Unlocking Shares: 62,770,300 [1]

Core Viewpoint - Aixiang Co., Ltd. has experienced a stock price increase of 22.69% this year, but has recently faced declines in the short term, with a 9.26% drop over the last five trading days and a 15.66% drop over the last 20 days [2] Company Overview - Aixiang Co., Ltd. is located in Yiwu, Zhejiang Province, and was established on August 12, 1996, with its listing date on August 16, 1996. The company specializes in the research, production, and sales of solar cells [2] - The main revenue composition includes solar modules (74.44%), solar cells (18.58%), entrusted processing (5.63%), technical consulting services (0.69%), and other (0.65%) [2] Financial Performance - For the period from January to September 2025, Aixiang Co., Ltd. achieved a revenue of 11.597 billion yuan, representing a year-on-year growth of 46.86%. The net profit attributable to the parent company was -532 million yuan, with a year-on-year increase of 81.20% [2] - Cumulative cash dividends since the A-share listing amount to 921 million yuan, with 715 million yuan distributed over the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders is 70,700, a decrease of 9.57% from the previous period. The average circulating shares per person increased by 10.58% to 22,418 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 36.76 million shares, and Invesco Great Wall New Energy Industry Stock A, which holds 26.22 million shares, both showing increases in holdings [3]

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。 重要内容提示： 证券代码：600732 股票简称：爱旭股份 编号：临 2025－106 上海爱旭新能源股份有限公司 关于为子公司提供担保的进展公告 担保对象及基本情况 担保对象 被担保人名称 珠海富山爱旭太阳能科技有限公司 （以下简称"珠海爱旭"）、天津爱 旭太阳能科技有限公司（以下简称 "天津爱旭"） 本次担保金额 2.50 亿元 实际为其提供的担保余额 118.98 亿元（含本次） 是否在前期预计额度内 是 □否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 累计担保情况 | 对外担保逾期的累计金额（万元） | 0.00 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（亿元） | 236.41 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 665.14 | | 特别风险提示 产 | 对外担保总额超过最近一期经审计净资 100% | | | 对资产负债率超过 70%的 ...

Core Viewpoint - The global BC technology innovation summit held in Yiwu, China, highlights the importance of innovation in the photovoltaic industry, particularly focusing on the advancements in BC technology and its potential to lead the market in the coming years [1][19]. Group 1: Event Overview - The global BC technology innovation summit and the 14th bifi PV workshop took place in Yiwu, attracting over 600 participants from leading photovoltaic companies and research institutions worldwide [1]. - This summit is part of a series of prestigious academic gatherings that have previously been held in various international locations, emphasizing the global nature of the photovoltaic industry [3]. Group 2: BC Technology Insights - BC technology is recognized as the ultimate technology in the single crystal silicon era, with the potential to achieve conversion efficiencies close to the theoretical limits [3]. - Aiko Solar, a key player in the industry, has achieved GW-level mass production of N-type BC technology, showcasing its commitment to innovation and efficiency [3][5]. Group 3: Industry Perspectives - Liu Yiyang, Executive Secretary of the China Photovoltaic Industry Association, emphasized that innovation is crucial for the healthy development of the photovoltaic industry, aligning with national strategic directions [5]. - Radovan Kopecek, founder of ISC Konstanz, projected that BC technology will gain significant market share and customer recognition, with production efficiency reaching 25% and expected to dominate the market by 2027-2028 [8]. Group 4: Future Projections - Aiko Solar's Chairman, Chen Gang, discussed the transition of the photovoltaic industry towards a value competition era, highlighting the need for continuous technological innovation to meet diverse customer demands [10]. - The company aims to increase mass production efficiency to 26% by 2026 and eventually reach 35% within 14 years, indicating a strong commitment to advancing BC technology [10]. Group 5: Collaborative Efforts - The summit facilitated discussions among industry leaders on the necessity of collaborative innovation across the entire supply chain to foster a healthy ecosystem for BC technology [14]. - Various companies and research institutions participated in the summit, contributing to a comprehensive analysis of BC technology across design, production, testing, and application [14]. Group 6: Safety and Standards - TÜV Rheinland awarded Aiko Solar and Longi Green Energy with certificates for "component-level fire risk resistance," highlighting the safety advantages of BC components in high-temperature and shaded environments [16]. Group 7: Market Positioning - Aiko Solar's ABC components have maintained the highest production efficiency ranking for 33 consecutive months, demonstrating their market leadership and commitment to delivering high-quality products [18]. - The company focuses on providing differentiated products and services to meet the evolving needs of customers in the photovoltaic market [18].

证券代码：600732 证券简称：爱旭股份 公告编号：临 2025－105 上海爱旭新能源股份有限公司 关于 2025 年第三季度业绩说明会召开情况的公告 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法律责任。 为便于广大投资者更全面深入地了解上海爱旭新能源股份有限公司（以下简称 "公司"）的业绩和经营情况，公司于 2025 年 11 月 21 日（星期五）下午 14:00-15:00 通过上证路演中心（网站：https://roadshow.sseinfo.com/）召开了 2025 年第三季度业 绩说明会，就公司 2025 年前三季度经营成果、财务状况等具体情况与投资者进行互 动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行了解答。现 将有关事项公告如下： 一、业绩说明会召开情况 （一）会议召开时间：2025 年 11 月 21 日（星期五）下午 14:00-15:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 （四）参加人员：公司董事长兼总经理陈刚先生，独立董事徐莉萍女士，财务 负 ...

Core Viewpoint - The domestic photovoltaic demand in Q3 2025 has weakened due to the end of the rush for installation, but the financial performance of the main industry chain and glass segments has significantly improved, with a focus on potential price increases for components and further profit release for silicon material companies in Q4 2025 [1] Industry Summary - **Main Industry Chain Recovery**: The upstream of the main industry chain has significantly recovered, while the component prices are yet to show a clear upward trend. After the end of the rush for installation in the first half of 2025, photovoltaic demand has weakened, but the performance of silicon materials and silicon wafers has greatly improved due to anti-involution efforts [2] - **Stable Processing Fees and Glass Profit Improvement**: The shipment of slurry in Q3 2025 has slightly increased quarter-on-quarter, with overall gross margins remaining stable. Attention is drawn to the pace of mass production of low-cost metal slurry from this year to the first half of next year, as well as the second growth curve of leading companies. Leading glass and film companies have strengthened their advantages due to a higher proportion of overseas shipments and continuous cost reductions [3] - **High Demand for Energy Storage**: Despite a certain degree of weakness in inverter exports due to the European off-season in Q3 2025, domestic energy storage bidding has increased significantly year-on-year, driving demand for centralized inverters and energy storage systems. The large-scale energy storage market remains robust, with strong performance in emerging markets such as Australia and Southeast Asia [4] - **Focus on Q4 2025 Financial Recovery**: The overall profit and operating cash flow of the sector have improved significantly in Q3 2025. The average transaction price of silicon materials is expected to continue to rise quarter-on-quarter in Q4 2025, and with the support of anti-involution efforts, component prices are likely to gradually increase. The outlook for energy storage remains positive, with expectations of high growth in domestic large-scale energy storage installations and demand recovery in Europe [5] Company Recommendations - **Silicon Material Segment**: Recommended companies include Tongwei Co., Ltd. (600438), Daqo New Energy (688303) [6] - **High-Efficiency Component Leaders**: Recommended companies include JinkoSolar (688223), Aiko Solar (600732) [6] - **Copper Slurry and Second Growth Curve**: Recommended companies include Dike Co., Ltd. (300842), Juhe Materials (688503) [6] - **Glass Segment**: Recommended companies include Xinyi Solar (00968), Flat Glass Group (601865) [6] - **Energy Storage**: Recommended companies include Deye Technology (605117), Tongrun Equipment (002150), Ginlong Technologies (300763), Sangfor Technologies (300827), Yunnan Energy (688348), and Canadian Solar (688472) [6]

Core Points - The company has completed the registration of reserved grants of restricted stock under the 2025 incentive plan, with a total of 3.9345 million shares allocated to 75 individuals [2][4][6] Group 1: Incentive Plan Details - The reserved grant registration date is November 17, 2025 [2] - The actual number of restricted shares granted is 3.9345 million, adjusted from 3.9825 million due to one participant's withdrawal [2][4] - The grant price is set at 5.68 yuan per share [4] - The effective period for the restricted stock is up to 60 months from the completion of the initial grant registration [3] Group 2: Financial Implications - The total funds raised from the stock subscription amount to 22.34796 million yuan, all contributed in cash [6] - The company will use the funds to supplement its working capital [7] - The stock grant will not change the total share capital of the company, as the shares are sourced from the company's repurchased stock [7] Group 3: Accounting and Reporting - The company will account for the stock payment expenses according to the relevant accounting standards, with costs amortized over the vesting period [7] - The estimated stock payment costs for 2025-2028 have been calculated, but the final accounting costs will depend on actual performance and audit results [7]

Core Viewpoint - Aishuo Co., Ltd. has completed the registration of restricted stock grants as part of its 2025 incentive plan, with a total of 3.9345 million shares reserved for granting [1] Group 1 - The announcement was made on the evening of November 18, detailing the completion of the registration work for the restricted stock grants [1] - The registration date for the reserved restricted stock grants is November 17, 2025 [1] - The total number of restricted stock grants registered is 3.9345 million shares [1]

证券代码：600732 股票简称：爱旭股份 编号：临 2025－104 上海爱旭新能源股份有限公司 关于 2025 年限制性股票与股票期权激励计划 预留授予限制性股票登记完成的公告 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法律责任。 重要内容提示： 2、实际授予数量：393.45 万股 3、实际授予人数：75 人 4、授予价格：5.68 元/股 5、股票来源：公司从二级市场回购的本公司人民币 A 股普通股股票 人调整为 75 人。 上海爱旭新能源股份有限公司（以下简称"公司"）于 2025 年 9 月 26 日召开 第九届董事会第四十一次会议，审议通过了《关于向激励对象预留授予限制性股票 与股票期权的议案》。根据《上海爱旭新能源股份有限公司 2025 年限制性股票与股 票期权激励计划》（以下简称"本次激励计划"或"《2025 年激励计划》"）的规 定和公司 2025 年第一次临时股东会的授权，公司董事会已完成《2025 年激励计划》 中预留授予限制性股票的登记工作，有关具体情况公告如下： 一、限制性股票的授予结果 1、授予日：20 ...