Core Viewpoint - The solar energy sector experienced a rebound on October 14, with significant gains in stock prices for several companies, indicating a positive market sentiment towards the industry [1] Group 1: Company Performance - Longi Green Energy, Yaopi Glass, and Hongyuan Green Energy reached their daily price limit increase [1] - Other companies such as Dongfang Risen, Aiko Solar, and TCL Zhonghuan also saw their stock prices rise, reflecting a broader trend of recovery in the solar sector [1]

Core Viewpoint - The photovoltaic industry chain stocks experienced a strong rally on the 14th, with notable increases in share prices for major companies, indicating positive market sentiment and potential growth in the sector [1] Industry Summary - Since September, prices for polysilicon, silicon wafers, batteries, and photovoltaic modules have all risen, with upstream prices increasing at a higher rate than downstream prices [1] - Photovoltaic glass prices are gradually recovering due to production cuts by leading companies, reduced industry inventory, and a contraction in supply [1] - Central China Securities forecasts that future measures will include product sales price strategies to combat internal competition, mergers and acquisitions among companies, increased industry entry barriers, and enhanced product quality standards, which are expected to optimize the competitive landscape and industry ecosystem [1] - There is a potential for valuation recovery in the photovoltaic industry, with recommendations to focus on leading companies in specific sub-sectors such as energy storage inverters, Bifacial (BC) and perovskite batteries, encapsulants, photovoltaic glass, and polysilicon [1]

Core Viewpoint - The photovoltaic equipment sector is experiencing a strong rebound, with notable stock performance from several key companies [1] Company Performance - Longi Green Energy is approaching a trading limit increase [1] - Trina Solar has seen its stock rise by over 8% [1] - Aiko Solar, JA Solar, and TCL Zhonghuan are among the top performers in terms of stock price increase [1]

Core Insights - Aishuo Co., Ltd. experienced a decline of 5.11% in stock price, trading at 15.41 CNY per share with a total transaction volume of 448 million CNY and a turnover rate of 1.80%, resulting in a total market capitalization of 32.627 billion CNY [1] Company Overview - Aishuo 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 [1] - The revenue composition of Aishuo Co., Ltd. includes solar modules (74.44%), solar cells (18.58%), entrusted processing (5.63%), technical consulting services (0.69%), other (0.65%), and smart energy business (0.00%) [1] Shareholder Analysis - Among the top ten circulating shareholders of Aishuo Co., Ltd., a fund under Huatai-PB Fund ranks first. The photovoltaic ETF (515790) reduced its holdings by 83,700 shares in the second quarter, now holding 12.7576 million shares, which accounts for 0.8% of circulating shares. The estimated floating loss today is approximately 10.5888 million CNY [2] - The photovoltaic ETF (515790) was established on December 7, 2020, with a latest scale of 9.984 billion CNY. Year-to-date returns are 23.88%, ranking 2368 out of 4220 in its category; one-year returns are 15.57%, ranking 2773 out of 3855; and since inception, it has a loss of 6.09% [2] - The fund managers of the photovoltaic ETF are Li Qian and Li Mu Yang, with Li Qian having a cumulative tenure of 5 years and 345 days and a total fund asset scale of 39.351 billion CNY, achieving a best fund return of 89.32% and a worst return of -18.35% during her tenure. Li Mu Yang has a cumulative tenure of 4 years and 282 days with a total fund asset scale of 21.273 billion CNY, achieving a best fund return of 137.86% and a worst return of -42.62% during his tenure [2]

Investment Rating - The report maintains a "Market Perform" rating for the solar industry [1] Core Insights - The solar industry has experienced a significant decline in new installations, with August 2025 showing a 55.3% year-on-year decrease, totaling 7.4 GW. However, cumulative installations from January to August 2025 reached 230.61 GW, reflecting a 64.7% increase year-on-year [3][12] - Solar module exports in August 2025 amounted to 20.4% year-on-year growth, with a total export value of 20.95 billion yuan, and a month-on-month increase of 31.9%. Cumulatively, from January to August 2025, exports totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports also showed a year-on-year increase of 2.2% in August 2025, with a total export value of 6.29 billion yuan, despite a month-on-month decline of 3.4%. Cumulative inverter exports from January to August 2025 reached 43.4 billion yuan, up 8.0% year-on-year [4][22] - Solar power generation in August 2025 increased by 15.9% year-on-year, contributing to 5.75% of the total national power generation, which was 936.3 billion kWh, reflecting a 1.6% year-on-year increase [5][35] Summary by Sections New Installations - In August 2025, new solar installations in China were 7.4 GW, down 55.3% year-on-year and 33.3% month-on-month. Cumulative installations from January to August reached 230.61 GW, up 64.7% year-on-year [3][12] Exports - Solar module exports in August 2025 were valued at 20.95 billion yuan, showing a year-on-year increase of 20.4% and a month-on-month increase of 31.9%. Cumulative exports from January to August totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports in August 2025 were valued at 6.29 billion yuan, with a year-on-year increase of 2.2% and a month-on-month decrease of 3.4%. Cumulative inverter exports from January to August reached 43.4 billion yuan, up 8.0% year-on-year [4][22] Power Generation - Solar power generation in August 2025 was 53.82 billion kWh, reflecting a year-on-year increase of 15.9% and accounting for 5.75% of the total national power generation [5][35] Investment Recommendations - Key recommendations include companies focused on new technologies such as Aikang Co. and Longi Green Energy, supply-side companies like Daqo New Energy and Flat Glass Group, and companies with overseas layouts such as Bowei Alloy and Hengdian East Magnet. Additionally, companies in energy storage like Sungrow Power Supply and Deye Technology are highlighted [40]

Summary of Key Points from Conference Call Records Industry Overview Energy Storage Industry - **Price Increase**: In September, the price of energy storage cells rose significantly, with the last week of September seeing prices reach 0.26-0.295 RMB per watt-hour, a 4% increase from the lowest price in the third week [1][3][6]. - **Market Growth Forecast**: The global energy storage market is expected to grow at a compound annual growth rate (CAGR) of 30%-40% over the next 3 to 5 years, driven by domestic policies and easing trade tensions between China and the U.S. [1][7][8]. - **Key Projects**: Companies like Aters signed a 2.1 GWh energy storage project expected to start in Q1 2026 and go live in H1 2027. Sungrow Power has submitted a Hong Kong IPO application, which is anticipated to attract funding and foreign investment [1][3][6]. - **Lithium Battery Market**: The lithium battery market is benefiting from unexpected growth in storage demand and commercial vehicle sales, with industry companies raising their production and sales forecasts for 2026, expecting a 40% growth across the entire supply chain and over 50% for storage [1][14]. Photovoltaic Industry - **Policy-Driven Growth**: The photovoltaic industry is entering a period of intensive policy announcements in Q4, with expectations of component price increases [5][11]. - **Challenges**: The industry faces challenges such as the "anti-involution" issue, with ongoing discussions about silicon material mergers and energy consumption standards [11]. - **Investment Recommendations**: Recommended companies include Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and JA Solar, particularly those with undervalued positions due to rising component prices [12]. Wind Power Industry - **High Growth Phase**: The traditional power grid export sector remains robust, with liquid transformer exports increasing by approximately 50% year-on-year from January to August [2][24]. - **Future Outlook**: The offshore wind power sector in Brazil is expected to grow, with significant increases in installed capacity anticipated in both onshore and offshore segments [20][22][23]. Key Companies and Their Performance - **Ningde Times**: Received a 1.5 billion RMB advance payment and is expanding production capacity, indicating strong industry demand [1][15]. - **Sungrow Power**: Expected to achieve Q3 revenue between 4 billion to 4.3 billion RMB, showing slight growth [10]. - **Aters and Tongwei**: Both companies are highlighted for their strong performance and potential for future growth [10][12]. Investment Recommendations - **Direct Beneficiaries**: Companies such as Ningde Times and Yiwei Lithium Energy are recommended for their direct benefits from price increases in energy storage cells [9]. - **Secondary Targets**: Companies like Xinwangda, Penghui Energy, and Zhongchuang Innovation are also suggested as potential investment opportunities [4][9]. Additional Insights - **Market Dynamics**: The energy storage sector is expected to see a clear upward trend in demand and pricing, particularly in Q4, supported by favorable policies and market conditions [8][9]. - **Price Trends**: The prices of key materials like lithium hexafluorophosphate are expected to rise significantly if demand exceeds 35%, with potential price increases of 5,000-10,000 RMB per ton [16]. This summary encapsulates the critical insights and projections from the conference call records, focusing on the energy storage, photovoltaic, and wind power industries, along with key company performances and investment recommendations.

证券代码：600732 股票简称：爱旭股份 编号：临 2025－095 上海爱旭新能源股份有限公司 关于部分股权激励计划 2025 年第三季度自主行权结果 暨股份变动的公告 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： 本次行权股票数量：《上海爱旭新能源股份有限公司 2023 年限制性股票与股 票期权激励计划》（以下简称"《2023 年激励计划》"）股票期权第一个行权期可行 权股票期权数量为 2,894,872 份（该数量已考虑离职注销的影响），行权有效期为 2024 年 7 月 29 日至 2025 年 7 月 25 日。2025 年 7 月 1 日至 2025 年 7 月 25 日，激励对象未 行权。 一、激励计划行权的决策程序及信息披露情况 2024 年 6 月 24 日，公司召开第九届董事会第二十七次会议和第九届监事会第二 十二次会议，审议通过了《关于 2023 年限制性股票与股票期权激励计划第一个行权 期条件成就的议案》。监事会对此进行核实并发表了核查意见，北京市中伦（深圳） 律师事务所出具了法律意 ...

分红方面，爱旭股份A股上市后累计派现9.21亿元。近三年，累计派现7.15亿元。 资料显示，上海爱旭新能源股份有限公司位于浙江省义乌市苏溪镇好派路699号，成立日期1996年8月12 日，上市日期1996年8月16日，公司主营业务涉及太阳能电池的研发、生产和销售。主营业务收入构成 为：太阳能组件74.44%，太阳能电池片18.58%，受托加工5.63%，技术咨询服务0.69%，其他(补 充)0.65%，智慧能源业务0.00%。 爱旭股份所属申万行业为：电力设备-光伏设备-光伏电池组件。所属概念板块包括：BC电池、TOPCon 电池、光伏玻璃、太阳能、MSCI中国等。 截至6月30日，爱旭股份股东户数7.82万，较上期减少2.05%；人均流通股20272股，较上期增加1.26%。 2025年1月-6月，爱旭股份实现营业收入84.46亿元，同比增长63.63%；归母净利润-2.38亿元，同比增长 86.38%。 10月9日，爱旭股份盘中上涨2.06%，截至09:49，报16.87元/股，成交1.48亿元，换手率0.56%，总市值 357.18亿元。 资金流向方面，主力资金净流出402.56万元，特大单买入425. ...

Core Insights - The article discusses the potential for a valuation switch in the technology sector as 2025 approaches, highlighting 23 tech stocks expected to see net profit growth exceeding five times next year [1] Group 1: Company Performance - The company with the highest projected net profit growth is Jingwei Hirain Technologies Co., Ltd. (经纬恒润-W), with a forecasted increase of 42810.28% [2] - The average stock price increase for the 23 tech stocks mentioned is nearly 32%, significantly outperforming the Shanghai Composite Index during the same period [1] - Notable stock performances include New Times Data (新时达) with a cumulative increase of over 133%, and several others like Aidi Pharmaceutical (艾迪药业) and Yujing Co. (宇晶股份) rising over 50% [1] Group 2: Institutional Interest - Companies such as Jingwei Hirain, Aisuke Co. (爱旭股份), and High Measurement Co. (高测股份) have more than 10 institutions predicting their performance for next year, indicating higher institutional interest [1] - The predicted net profit for Aisuke Co. is 594.07%, while High Measurement Co. is expected to see a 1282.89% increase [2] Group 3: Valuation Metrics - Several companies, including Shijingshi Technology (仕净科技), Titan Technology (泰坦科技), Aisuke Co., and Acoli (阿科力), are projected to have price-to-earnings ratios below 30 times [1] - The forecasted price-to-earnings ratio for Aisuke Co. is 28.02, while Jingwei Hirain's is significantly higher at 74.23 [2]

Group 1: Market Dynamics - As of September 28, 2025, there were 17 new private placement projects added, a 1 project increase from the previous period, with 10 projects terminated, marking a 4 project increase[4] - The approval rate for projects remains at 100%, with 3 projects approved by the review committee, a decrease of 8 projects from the previous period[17] - There are currently 628 projects in the normal review stage, with 65 projects having received approval, a decrease of 8 projects[7] Group 2: Fundraising and Pricing - In the last two weeks, 5 competitive projects raised a total of 6.9 billion yuan, a decrease of 38.84% from the previous period, with a 100% fundraising success rate[31] - The average benchmark discount rate for these projects was 11.16%, down by 2.10 percentage points[32] - The average premium rate for bids was 10.04%, reflecting a 1.58 percentage point increase[42] Group 3: Performance of Released Projects - Among the 6 competitive projects released, 83.33% had positive returns, with an average absolute return of 47.36% and an excess return of 34.54%[46] - The average market discount rate for these projects was 10.77%, down by 4.65 percentage points[46] - For the 4 pricing projects released, the average absolute return was 406.53%, a significant increase of 353.82 percentage points[51] Group 4: Risk Factors - Risks include slower-than-expected review progress, fluctuations in secondary market stock prices, and changes in the competitive bidding environment for private placements[54]