Investment Rating - The report does not provide specific ratings for sub-industries such as power station equipment, electrical equipment, power supply equipment, and new energy power [3]. Core Insights - The overall strategy for the industry emphasizes the unexpected progress in solid-state batteries and highlights the high growth potential in energy storage and related fields. It suggests focusing on leading new energy companies during this layout window, with a preference for sectors like energy storage and lithium batteries, while remaining flexible in selecting areas like AI+ and solid-state technologies [4]. Summary by Sections New Energy and AI - The development of solid-state batteries is resonating positively both domestically and internationally, benefiting companies like CATL, Xiamen Tungsten, and Putailai. Notable advancements include the operationalization of a 430Wh/kg solid-state silicon-based battery production line by Zhongxin Innovation, and the delivery of the first batch of sulfide solid-state batteries by Funeng Technology by the end of the year [4][24]. - The lithium battery market is showing favorable conditions, with companies like EVE Energy and Longpan Technology expected to benefit from recent developments, including EVE's entry into the Xiaopeng MONA supply chain [5]. Energy Storage Industry - The energy storage sector is experiencing unexpected growth, with companies like Tesla, Sungrow, and Haibo Si Chuang benefiting. The IRENA report indicates that "solar + storage" will become the most economical green energy solution, with significant increases in domestic energy storage bidding and installation scales [6][7]. - The report highlights a substantial increase in the bidding scale for new energy storage, with a 60% year-on-year growth to 33.8GWh in August 2025, and a projected installed capacity of over 180 million kilowatts by 2027 [6][27]. AI and New Energy - The integration of AI with new energy technologies is entering a critical phase, with companies like Zhenyu Technology and Keda Li benefiting from advancements in humanoid robots and related technologies. Notably, Figure AI has secured over $1 billion in funding, aiming to deliver 100,000 robots in the next four years [8][24]. - The wind power sector is also expected to exceed expectations, with major procurement projects indicating strong demand. In August 2025, 30 wind turbine procurement projects were opened, totaling approximately 15.39GW [8][23]. Price Trends - Recent trends show a continuous increase in silicon material prices, with the latest transaction price range for n-type granular silicon at 49,000 to 50,000 yuan per ton, averaging 49,500 yuan per ton [7][12]. - The report notes that the price of lithium carbonate has remained stable, while the price of cobalt has increased, reflecting broader trends in the battery materials market [11][17].

Core Viewpoint - Aixi Solar (600732) announced a supplementary equipment procurement agreement worth 89.21 million yuan with its affiliate Zhuhai Maikesi Automation Systems Co., Ltd, aimed at upgrading the hardware and process functions of undelivered wet process equipment [1] Group 1: Equipment Procurement Agreement - The supplementary agreement is an upgrade to the original equipment procurement contract signed in April 2024, which had a total amount of 214 million yuan and involved 74 sets of photovoltaic wet process production equipment [1] - As of now, 16 sets of equipment have been delivered, corresponding to an amount of 46.43 million yuan [1] - The upgrade will result in the delivery of 30 slot cleaning machines and 13 horizontal etching machines [1] Group 2: Market and Technology Context - The equipment upgrade is a prudent decision based on changes in the photovoltaic market and the need for technological iteration to maintain product market competitiveness [1] - Zhuhai Maikesi, as a long-term partner, possesses leading technological advantages and reliable delivery capabilities in the photovoltaic wet process equipment sector [1] - The upgrade will utilize the company's self-developed technology, enhancing the conversion efficiency of battery products and making their performance more competitive in the market [1] Group 3: Company Performance - Aixi Solar is a global leader in the new energy high-tech sector, focusing on the research, development, manufacturing, and overall solutions of core photovoltaic power generation products [1] - In the first half of 2025, the company achieved an operating revenue of 8.446 billion yuan, representing a year-on-year growth of 63.63% [1]

Core Viewpoint - Aixi Co., Ltd. (爱旭股份) announced a supplementary equipment procurement agreement worth 89.21 million yuan with its affiliate Zhuhai Maikos Automation Systems Co., Ltd. to upgrade wet process equipment, reflecting the company's response to market changes and technological advancements [2]. Group 1: Equipment Procurement Agreement - The supplementary agreement is an upgrade to the original equipment procurement contract signed in April 2024, which had a total amount of 214 million yuan and involved 74 sets of photovoltaic wet process production equipment [2]. - As of now, 16 sets of equipment have been delivered, corresponding to an amount of 46.43 million yuan [2]. - The upgrade will result in the delivery of 30 slot cleaning machines and 13 horizontal etching machines [2]. Group 2: Market Position and Technology - The equipment upgrade is a cautious decision made to maintain product competitiveness in response to changes in the photovoltaic market and technological iterations [2]. - Zhuhai Maikos is a long-term partner of the company and possesses leading technological advantages and reliable delivery capabilities in the photovoltaic wet process equipment sector [2]. - The upgrade will utilize the company's self-developed technology, enhancing the conversion efficiency of battery products and improving market competitiveness [2]. Group 3: Financial Performance - In the first half of 2025, the company achieved an operating revenue of 8.446 billion yuan, representing a year-on-year growth of 63.63% [2].

Core Viewpoint - Aishuo Co., Ltd. announced the approval of using raised funds to replace self-raised funds for investment projects and issuance expenses [1] Group 1 - The company will use a total of 2,968,550,943.40 yuan of raised funds to replace self-raised funds that were previously invested in projects [1] - Additionally, the company will use 864,559.58 yuan of raised funds to replace self-raised funds used for stamp duty payments [1]

证券代码：600732 股票简称：爱旭股份 编号：临 2025－089 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 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： 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"）、浙江爱 旭太阳能科技有限公司（以下简称 "浙江爱旭"） 本次担保金额 23.25 亿元 实际为其提供的担保余额 203.98 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） | 242.81 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 683.15 | | 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% ...

证券代码：600732 股票简称：爱旭股份 编号：临 2025－088 上海爱旭新能源股份有限公司 关于与关联方签署设备采购补充协议暨关联交易的公告 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： 2024 年 4 月，上海爱旭新能源股份有限公司（以下简称"公司"）下属子公 司浙江爱旭太阳能科技有限公司（以下简称"浙江爱旭"）与珠海迈科斯自动化系 统有限公司（以下简称"珠海迈科斯"）签署《设备采购合同》（以下简称"原合 同"），向其采购光伏湿法生产设备共计 74 台/套。综合考虑行业发展趋势、技术迭 代、公司战略等因素，公司拟将原合同中尚未交付的湿法设备进行部分硬件改造及 工艺功能升级，为此公司与珠海迈科斯在原合同基础上签订补充协议，补充协议的 金额为 8,921.12 万元（含税），达到公司董事会审议标准。 本次关联交易已经公司第九届董事会第四十次会议和第九届监事会第三十 二次会议分别审议通过，无需提交公司股东会审议。 除本次交易外，最近十二个月内，公司及下属子公司与同一关联方累计发生 关联交易共 17 笔， ...

证券代码：600732 证券简称：爱旭股份 公告编号：临 2025－090 上海爱旭新能源股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开时间：2025 年 9 月 26 日(星期五) 下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度经营成 果及财务指标的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回答。 会议召开方式：上证路演中心网络互动 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 26 日 下午 16:00-17:00 （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 三、 参加人员 董事长/总经理：陈刚 先生 投资者可于 2025 年 9 月 ...

本公司监事会及全体监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。 一、会议召开情况 证券代码：600732 证券简称：爱旭股份 编号：临 2025－086 上海爱旭新能源股份有限公司 第九届监事会第三十二次会议决议公告 具体详见同日披露的《关于使用募集资金置换预先投入的自筹资金的公告》（临 2025-087 号）。 2、审议并通过了《关于与关联方签署设备采购补充协议暨关联交易的议案》 表决结果：同意 3 票，反对 0 票，回避 0 票，弃权 0 票。 具体详见同日披露的《关于与关联方签署设备采购补充协议暨关联交易的公告》 （临 2025-088 号）。 特此公告。 上海爱旭新能源股份有限公司监事会 上海爱旭新能源股份有限公司（以下简称"公司"）第九届监事会第三十二次 会议的通知于 2025 年 9 月 10 日以电子邮件方式送达。会议于 2025 年 9 月 18 日以 现场结合通讯方式召开，应参会监事 3 名，实际参会监事 3 名。会议由监事会主席 黄进广先生主持，本次会议的召集召开符合《公司法》、《公司章程》及其他有关 法律、法规的规定，形 ...

一、会议召开情况 上海爱旭新能源股份有限公司（以下简称"公司"）第九届董事会第四十次会 议的通知于 2025 年 9 月 10 日以电子邮件方式送达。会议于 2025 年 9 月 18 日以现 场结合通讯方式召开，应参会董事 7 名，实际参会董事 7 名，会议由董事长陈刚先 生主持。本次会议的召集召开符合《公司法》、《公司章程》及其他有关法律、法 规的规定，形成的决议合法有效。 二、会议决议情况 证券代码：600732 证券简称：爱旭股份 编号：临 2025－085 上海爱旭新能源股份有限公司 第九届董事会第四十次会议决议公告 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。 会议经记名投票表决形成如下决议： 1、审议并通过了《关于使用募集资金置换预先投入的自筹资金的议案》 表决结果：同意 7 票，反对 0 票，回避 0 票，弃权 0 票。 公司本次使用募集资金置换截至 2025 年 9 月 11 日预先已投入的自筹资金共计 人民币 2,968,550,943.40 元，以及置换后续以自筹资金缴纳印花税金额人民币 864,559 ...

华泰联合证券有限责任公司（以下简称"华泰联合"或"保荐人"）作为上 海爱旭新能源股份有限公司（以下简称"爱旭股份"或"公司"）2023 年度向特 定对象发行 A 股股票并在主板上市的保荐人，根据《证券发行上市保荐业务管 理办法》、《上市公司募集资金监管规则》、《上海证券交易所股票上市规则》、《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》、《上海证券交易所上 市公司自律监管指引第 11 号——持续督导》等有关规定，对爱旭股份拟使用募 集资金置换先期投入的事项进行了审慎核查，并发表本核查意见，具体情况如下： 核查意见 华泰联合证券有限责任公司 关于上海爱旭新能源股份有限公司 使用募集资金置换先期投入的核查意见 一、募集资金基本情况 经中国证券监督管理委员会《关于同意上海爱旭新能源股份有限公司向特定 对象发行股票注册的批复》（证监许可[2025]1549 号）同意，公司向特定对象发 行人民币普通股（A 股）290,939,318 股，发行价格 12.03 元/股，募集资金总额人 民币 3,499,999,995.54 元，扣除发行费用人民币 41,761,672.15 元（不含增值税）， 公司实际募 ...