Core Viewpoint - The article emphasizes the investment strategy of "buying primary assets in the secondary market," which is a value investment approach that can yield excess returns by identifying undervalued stocks that exhibit characteristics of primary market investments [2][5]. Group 1: Concept of "Buying Primary Assets in the Secondary Market" - The primary market serves as a "incubation ground" for capital, where investors support companies' growth from inception, while the secondary market acts as a "trading venue" where stock prices can be distorted by emotions and external factors [4][5]. - This strategy involves identifying companies engaged in value-creating activities such as technological research, mergers and acquisitions, and market expansion, but whose stock prices do not yet reflect their long-term value [5][6]. Group 2: Identifying Investment Opportunities - Key indicators for identifying suitable investments include significant asset restructuring, major technological breakthroughs, and the exploration of new business avenues [7]. - Investors should be cautious of "hype-driven" stocks that lack substantial investment in genuine growth initiatives, distinguishing between companies with real financial commitments and those merely riding trends [7]. Group 3: Market Mispricing and Management Insight - Look for stocks with price-to-earnings (PE) ratios below 70% of the industry average or market capitalizations below their replacement costs, as these may indicate mispricing [8]. - Assess management's "primary market thinking" by examining their professional backgrounds and the proportion of shares they hold, with a higher ownership stake (over 30%) suggesting stronger alignment of interests [9]. Group 4: Conclusion and Investment Philosophy - The essence of the primary market is "value discovery," while the secondary market offers opportunities for "price negotiation." The intersection of these two aspects can lead to excess returns [11]. - When observing a company investing heavily in research and development or acquiring assets at low prices while its stock price declines, it may present an opportunity to "buy primary assets in the secondary market" [11].

在光伏行业深度调整中遭遇困境的千亿巨头隆基绿能，又迎来了一则重要股东的减持公告。 6月6日晚间，隆基绿能发布公告称，第二大股东 高瓴资本旗下 HHLR 管理有限公司拟减持不超过3789万股， 即不超过0.5%公司股份。 值得注意的是，隆基绿能此前刚经历重大人事变动，掌舵人李振国辞去公司董事、总经理及法定代表人职务， 将专注投入公司研发和科技管理工作。 截至目前，隆基绿能市值为1097亿元，仅为巅峰期的20%。五年前，在光伏行业一片荣景中，HHLR"入驻"隆 基股份，此番减持备受关注。 HHLR拟减持不超0.5% 6月6日晚间，光伏巨头隆基绿能发布公告称，HHLR管理有限公司拟自公告披露之日起15个交易日后的3个月 内，通过集中竞价交易方式减持其持有的公司股份不超过3789.02万股(即不超过公司总股本的0.5%)。 有行业人士表示，此番减持后，HHLR的持股比例将降至5%，还是4.99%，值得关注。若是持股5%以下的股 东，后续减持上市公司将不用公告，隆基绿能的二季度报告或将揭晓。 据券商中国记者了解，若剔除此前涉嫌的违规减持事件，这应该是HHLR持有隆基绿能4年多以来首次减持隆 基绿能。 2020年12月2 ...

3、华中科技大学同济医学院附属同济医院正式启用华中地区首个脑机接口门诊。上海证券表示，需重 点关注脑机接口技术研发及产品推新，以及销售渠道拓展情况。 4、AI搜索"新贵"Perplexity5月收到7.8亿次查询，月增速超20%；该公司目前正开发新Comet浏览器，首 席执行官预计一年后每周查询量将达10亿次。 智通财经6月6日晚间新闻精选 1、工信部主持召开部两化融合工作领导小组会议，实施"人工智能+制造"行动，加快重点行业智能升 级，打造智能制造"升级版"。要加快提升软硬件产品供给能力。强化工业软件、智能传感器等关键核心 技术攻关。 2、上交所召开座谈会，将推动上市公司进一步加大分红力度，增加分红频次，用好回购、并购重组、 投资者交流等市值管理工具，持续提升公司投资价值。 6、隆基绿能：股东HHLR拟减持不超过0.5%公司股份。万科A：深铁集团拟向公司提供不超过30亿元 借款。5连板共创草坪：美国关税政策目前不确定性较强 公司将持续关注并评估具体影响。3连板华脉 科技：目前业务侧重于通信基础设施方面。德赛西威：股东惠创投和神华投资拟分别减持3%和1.45%公 司股份。 5、加拿大总理卡尼表示，加方愿重启加 ...

Mergers and Acquisitions - Zhejiang Lino plans to acquire 100% equity of Xuzhou Chemical Machinery Co., Ltd. for a cash consideration of 260 million yuan, with the transaction price based on an asset evaluation report [1] - Youfa Group intends to acquire 70.96% equity of Jilin Huaming Pipe Industry Co., Ltd. and will subsequently increase capital at a price of 1 yuan per share, raising the registered capital to 29.737 million yuan [2] - Sanjia Technology aims to acquire 51% equity of Anhui Zhonghe Semiconductor Technology Co., Ltd. for 121 million yuan, which is expected to enhance resource allocation efficiency and market share in the semiconductor packaging equipment sector [3] Shareholding Changes - Artes plans for shareholder Wuxi Yuanhe Chongyuan to reduce its stake by up to 3% of the total share capital, equating to a maximum of 110 million shares, during the period from June 12 to September 11, 2025 [4] - Longi Green Energy's shareholder HHLR intends to reduce its holdings by up to 0.5% of the total share capital, which amounts to a maximum of 37.8902 million shares, within three months following a 15-day notice period [5] - Senior management of Limin Co., Ltd. plans to reduce their holdings, with individual reductions of up to 150,000 shares, 20,000 shares, and 26,000 shares, representing approximately 0.43%, 0.05%, and 0.07% of the total share capital respectively [6] Risk Matters - *ST Tianyu and its actual controller Yan Chunyu are under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, with the company committed to cooperating with the investigation [7] - Gongchuang Turf highlights uncertainty regarding U.S. tariff policies, which could impact its export-driven revenue, as 88.62% of its income is derived from overseas sales [8][9] - Zhongyida warns of a long-term risk of being unable to distribute cash dividends due to accumulated undistributed profits of -2.098 billion yuan, which must first be used to offset previous losses before any dividends can be paid [10]

证券代码：601012 证券简称：隆基绿能 公告编号：2025-052 号 债券代码：113053 债券简称：隆 22 转债 隆基绿能科技股份有限公司 本公司董事会、全体董事及相关股东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： 持股数量 416,460,085股 持股比例 5.50% ? 股东持股的基本情况：截至本公告披露日，HHLR 管理有限公司（HHLR Management Pte. Ltd.，使用"HHLR 管理有限公司-中国价值基金（交易所）" 账户，以下简称"HHLR"）持有隆基绿能科技股份有限公司（以下简称"公司"） 股份 416,460,085 股，占公司总股本的 5.50%。 ? 减持计划的主要内容：HHLR 拟自本公告披露之日起 15 个交易日后的 3 个月内，通过集中竞价交易方式减持其持有的公司股份不超过 37,890,248 股（即 不超过公司总股本的 0.50%），减持期间，如公司发生送红股、转增股本、增发 新股、配股或注销回购股份等导致总股本变动的事项的，股东拟减持的比例不变， 减持数量将根据公司总股 ...

| 证券代码：601012 | 证券简称：隆基绿能 | 公告编号：2025-052 号 | | --- | --- | --- | | 债券代码：113053 | 债券简称：隆 22 转债 | | 隆基绿能科技股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况：截至本公告披露日，HHLR 管理有限公司（HHLR Management Pte. Ltd.，使用"HHLR 管理有限公司-中国价值基金（交易所）" 账户，以下简称"HHLR"）持有隆基绿能科技股份有限公司（以下简称"公司"） 股份 416,460,085 股，占公司总股本的 5.50%。 减持计划的主要内容：HHLR 拟自本公告披露之日起 15 个交易日后的 3 个月内，通过集中竞价交易方式减持其持有的公司股份不超过 37,890,248 股（即 不超过公司总股本的 0.50%），减持期间，如公司发生送红股、转增股本、增发 新股、配股或注销回购股份等导致总股本变动的事项的，股东拟减持的比例不 ...

| 股票代码:601012 | 股票简称:隆基绿能 | 公告编号:临 | 2025-051 号 | | --- | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 22 转债 | | | 隆基绿能科技股份有限公司 3、因公司实施2022年年度利润分配方案，"隆22转债"转股价格由58.84 元/股调整为58.44元/股，转股价格调整实施日期为2023年6月19日（具体情况请 详见公司2023年6月13日披露的相关公告）。 关于"隆 22 转债"预计满足转股价格向下修正条件的 提示性公告 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。 一、可转债发行上市概况 经中国证券监督管理委员会"证监许可[2021]3561号"文核准，公司于2022 年1月5日公开发行了7,000万张可转债，每张面值100元，发行总额700,000.00 万元，期限6年。票面利率第一年为0.20%、第二年为0.40%、第三年为0.80%、第 四年为1.20%、第五年为1.60%、第六年为2.00%。经上海证券交易所自律监管 ...

隆基绿能（601012）公告，截至本公告披露日，HHLR管理有限公司持有隆基绿能科技股份有限公司股 份4.16亿股，占公司总股本的5.50%。HHLR拟自公告披露之日起15个交易日后的3个月内，通过集中竞 价交易方式减持不超过3789.02万股，即不超过公司总股本的0.50%。减持期间，如公司总股本发生变 动，减持数量将相应调整。减持原因为基金投资运作需求。 ...

Core Viewpoint - Longi Green Energy has maintained a market value that surpasses the combined total of its three main competitors, Jinko, Trina, and JA Solar, despite the downturn in the photovoltaic industry, largely due to its substantial cash reserves of 50 billion and advancements in BC technology [1][2]. Group 1: Company Performance and Strategy - Longi Green Energy has initiated significant organizational reforms, including a drastic reduction in workforce from 75,000 to 37,853, marking a 50% decrease, which is unprecedented in the photovoltaic industry [6][7]. - The company has acknowledged past failures, particularly the HPBC generation, and is now focusing on cost control and efficiency improvements to regain its competitive edge [9][10]. - Longi's marketing strategy for BC technology has involved a substantial investment of 7.82 billion in promotional expenses, which is 80% higher than the previous year and significantly more than its competitors [30][20]. Group 2: Market Position and Competitiveness - Longi's market share has been eroded due to aggressive competition and strategic missteps, leading to a decline in its dominance in the silicon wafer market [19][20]. - The company has faced challenges in maintaining its leadership position, with its technology lagging behind competitors in certain areas, particularly in BC and TOPCon technologies [38][39]. - Despite setbacks, Longi's financial stability, bolstered by its cash reserves, positions it to endure market fluctuations and invest in future technologies [20][40]. Group 3: Future Outlook - Longi is at a crossroads, needing to balance aggressive technological advancements with prudent financial management to avoid repeating past mistakes [40][41]. - The company is encouraged to explore new avenues such as energy storage and innovative power systems while leveraging its historical cost advantages in the solar supply chain [40].

| 股票代码:601012 | 股票简称:隆基绿能 | | 公告编号:临 2025-050 | 号 | | --- | --- | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 22 | 转债 | | | 隆基绿能科技股份有限公司 关于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： 被担保人：隆基绿能科技股份有限公司（以下简称"公司"）的全资及 控股子公司。 提供担保金额：近期公司及全资、控股子公司间发生新增担保金额合计 人民币44,491.61万元（外币担保金额根据2025年5月末汇率折算为人民币，如无 特别说明，本公告中金额币种均为人民币）。 截至2025年5月31日，公司及子公司已提供的担保金额累计为238.55亿元， 占公司最近一期经审计归母净资产39.17%。其中：公司及合并报表范围内子公司 之间的担保金额为235.04亿元，公司及子公司对外提供担保金额为3.51亿元。 是否有反担保：本次新增担保事项无反担保。 对外担保逾期的累计数量：0 风险提 ...