Core Viewpoint - Longi Green Energy plans to acquire approximately 61.9998% of voting rights in Jingkong Energy through equity acquisition, capital increase, and voting rights entrustment, allowing Longi to have sole control over Jingkong Energy [1] Group 1: Company Overview - Jingkong Energy, established in 2015, focuses on three main areas: power supply systems, smart energy storage systems, and hydrogen fuel cell systems, and has been recognized as a top-tier energy storage manufacturer by Bloomberg New Energy Finance [1] - Jingkong Energy has developed several innovative products, including the world's first power management system IPCP and a 1500V high-voltage liquid-cooled energy storage system, with a global production capacity of 31 GWh and over 10 GWh of grid-connected capacity [1] Group 2: Financial Performance - Longi Green Energy has faced significant financial challenges, reporting a revenue of 50.915 billion yuan for the first three quarters of the year, a year-on-year decrease of 13.10%, and a net loss of 3.403 billion yuan, although this represents a 31.01% reduction in losses compared to the previous year [3] - In the third quarter, Longi reported a revenue of 18.101 billion yuan, down 9.78% year-on-year, with a net loss of 834 million yuan, reflecting a 4.27% reduction in losses compared to the same period last year [3] Group 3: Market Context - The solar industry is currently experiencing a downturn, with major product prices at low levels, leading to profitability pressures across the sector, and Longi Green Energy is the only top four solar module manufacturer without a storage business [3] - The stock price of Longi Green Energy surged nearly 8% on November 14, driven by positive market sentiment regarding its storage business strategy [2]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the power equipment and new energy sector [5]. Core Insights - The lithium battery industry is showing upward momentum after bottoming out, driven by strong demand from the new energy vehicle market and the rising profitability of energy storage [1][10]. - The photovoltaic industry is experiencing a cyclical recovery, with policies aiding in supply-demand balance and price stabilization [2]. - The wind power sector is expected to maintain high growth, with significant installation demand projected for the upcoming years [3]. Summary by Sections Lithium Battery Industry - The lithium battery sector is witnessing a recovery with strong sales in new energy vehicles, leading to a price increase in lithium materials. For instance, lithium carbonate prices have risen to 80,000 yuan/ton and hexafluorophosphate lithium to 110,000 yuan/ton as of November 2025 [1]. - The global demand for new energy vehicles continues to grow, with domestic sales of new energy passenger vehicles reaching 11.228 million units in the first nine months of 2025, a year-on-year increase of 34.9% [16]. - Solid-state batteries are emerging as a revolutionary technology with advantages in energy density and safety, expected to be commercialized between 2027 and 2030 [1][10]. Photovoltaic Industry - The photovoltaic market is stabilizing after years of rapid growth, with an expected annual installation of over 200 GW until 2030. However, the industry still faces overcapacity issues that need to be addressed through market and policy measures [2]. - The report highlights the importance of policy support in restoring supply-demand balance and price recovery in the photovoltaic sector, with significant investment opportunities arising from new technologies [2][11]. Wind Power Industry - The wind power sector has exceeded its installation targets during the 14th Five-Year Plan, with expectations of an average annual installation of 120 GW during the 15th Five-Year Plan, a 66% increase from the previous period [3]. - Both onshore and offshore wind projects are expected to see robust demand, with offshore wind power development being a key focus area for future growth [3][12].

Core Viewpoint - Longi Green Energy plans to acquire approximately 62% of voting rights in Jingkong Energy through a series of arrangements including equity acquisition, capital increase, and voting rights entrustment, aiming for sole control over the latter [1] Company Summary - Longi Green Energy is pursuing a strategic acquisition to enhance its control over Jingkong Energy, which specializes in lithium-ion battery energy storage systems [1]

Core Insights - Longi Green Energy has signed an agreement to acquire approximately 61.9998% voting rights in Suzhou Jingkong Energy Technology Co., Ltd, marking its official entry into the energy storage sector [2] - Following the announcement, Longi Green Energy's stock price increased by 5.77%, bringing its total market capitalization to 170.7 billion yuan [2] - The acquisition is seen as a strategic move to extend Longi Green Energy's business from photovoltaic to energy storage, with the potential for significant technological synergies [2] Company Overview - Suzhou Jingkong Energy, established in 2015 and headquartered in Suzhou, Jiangsu, is a national high-tech enterprise with nearly 350 technology patents and a production capacity of 31 GWh [2] - The company has developed innovative products including the world's first power management system IPCP and a 1500V high-voltage liquid cooling energy storage system [2] Industry Context - The integration of photovoltaic and energy storage solutions is viewed as a critical strategy to address the intermittent nature of solar energy, with Longi Green Energy actively evaluating market opportunities in this area [3] - The company's CTO has emphasized that the combination of solar and energy storage represents the ultimate solution for future energy needs and is expected to be the most economical power source globally within the next decade [3]

Core Viewpoint - Longi Green Energy is officially entering the energy storage sector through the acquisition of approximately 61.9998% voting rights in Suzhou Jingkong Energy Technology Co., Ltd. [4][5] Group 1: Acquisition Details - Longi Green Energy plans to acquire voting rights through equity purchase, capital increase, and voting rights entrustment [4] - The acquisition is expected to enable Longi Green Energy to quickly extend its business from photovoltaic to energy storage [5] Group 2: Company Background - Suzhou Jingkong Energy, established in 2015, is a national high-tech enterprise with nearly 350 technology patents and a production capacity of 31 GWh [5] - The company has developed innovative products such as the IPCP power management system and high-voltage liquid cooling energy storage systems [5] Group 3: Market Context - The integration of photovoltaic and energy storage is seen as a solution to the intermittent nature of solar energy, addressing key issues in domestic grid consumption [6] - Longi Green Energy's CTO has stated that the combination of photovoltaic and energy storage represents the ultimate solution for future energy needs [6]

Core Viewpoint - Longi Green Energy is officially entering the energy storage sector through an agreement to acquire approximately 61.9998% voting rights in Suzhou Jingkong Energy Technology Co., Ltd. [2][3] Group 1: Company Actions - Longi Green Energy plans to acquire voting rights in Jingkong Energy through equity purchase, capital increase, and voting rights entrustment [2] - Following the announcement, Longi Green Energy's stock price increased by 5.77%, bringing its total market capitalization to 170.7 billion [3] Group 2: Industry Context - The announcement signifies Longi Green Energy's strategic move into the energy storage market, which has been under consideration for some time [3] - The company has evaluated multiple potential acquisition targets in the energy storage sector, focusing on acquisition models, target selection, and financial thresholds [3] - Longi Green Energy's chairman highlighted the importance of integrating photovoltaic and energy storage solutions to address domestic grid consumption issues [4] Group 3: Company Profile of Jingkong Energy - Jingkong Energy, established in 2015 and headquartered in Suzhou, is a national high-tech enterprise with nearly 350 technology patents and a production capacity of 31 GWh [3]

Group 1 - The core point of the news is that Longi Green Energy has signed an agreement to acquire approximately 61.9998% of the voting rights in Suzhou Jingkong Energy Technology Co., Ltd., marking its official entry into the energy storage sector [1][2] - Following the announcement, Longi Green Energy's stock price increased by 5.77%, bringing its total market capitalization to 170.7 billion yuan [2] - Longi Green Energy has been in discussions to enter the energy storage business and has evaluated multiple acquisition targets, but has not previously announced any due to various uncertainties [2] Group 2 - Suzhou Jingkong Energy, established in 2015, is a national high-tech enterprise with significant innovations in energy management systems and has applied for nearly 350 technology patents with a production capacity of 31 GWh [2] - The chairman of Longi Green Energy, Zhong Baoshan, mentioned the importance of integrating photovoltaic and energy storage solutions to address the intermittent nature of solar energy [3] - Longi Green Energy's CTO, Li Zhenguo, stated that the combination of photovoltaic and energy storage is the ultimate solution for future energy needs and will be the most economical power source globally within the next decade [3]

Group 1 - The photovoltaic sector experienced a significant short-term rally on November 14, with Longi Green Energy rising over 8%, and other companies like Zhongxin Bo and Shangneng Electric increasing by over 12% and 8% respectively [1][2] - The Photovoltaic Selected Index rose by 3.28%, reaching a value of 5396.57 [2] - Longi Green Energy is set to acquire approximately 61.9998% of the voting rights in Suzhou Jingkong Energy Technology Co., Ltd. through equity acquisition, capital increase, and voting rights entrustment, marking its entry into the energy storage business [2]

Core Viewpoint - The photovoltaic sector experienced a significant short-term rally, with notable stock price increases among key companies, indicating positive market sentiment and potential investment opportunities in the sector [1][2]. Group 1: Market Performance - On November 14, the photovoltaic sector saw a midday surge, with Longi Green Energy rising over 8%, and other companies like Zhongxin Bo and Shangneng Electric increasing by over 12% and 8% respectively [1]. - The Photovoltaic Selected Index recorded a rise of 3.28%, reaching 5396.57 points [2]. Group 2: Company Developments - Longi Green Energy plans to acquire approximately 61.9998% of the voting rights in Suzhou Jingkong Energy Technology Co., Ltd. through equity acquisition and capital increase, which will allow Longi to control Jingkong Energy, a company focused on lithium-ion battery storage systems [2][3]. - Longi Green Energy is the only company among the top four in photovoltaic module shipments that has not previously engaged in the energy storage business, highlighting a strategic shift in its business model [3].

Core Insights - The solar energy sector in the A-share market is experiencing significant growth, with multiple stocks reaching their daily limit up [1] - China is a major contributor to global electricity growth, with approximately three-quarters of new electricity supply coming from solar energy [1] - Elon Musk has highlighted solar power as potentially the largest energy source for human civilization to date [1] Company Performance - Top performing solar stocks include: - **拓日新能 (TuoRi New Energy)**: Increased by 10.05%, market cap of 6.811 billion [2] - **日出东方 (Rising Sun Oriental)**: Increased by 10.04%, market cap of 9 billion [2] - **锡装股份 (XiZhuang Co.)**: Increased by 10.01%, market cap of 6.583 billion [2] - **捷荣技术 (JieRong Technology)**: Increased by 10.00%, market cap of 4.798 billion [2] - **建业股份 (JianYe Co.)**: Increased by 10.00%, market cap of 5.525 billion [2] - **清源股份 (QingYuan Co.)**: Increased by 9.99%, market cap of 4.299 billion [2] - **国晟科技 (GuoSheng Technology)**: Increased by 9.96%, market cap of 5.581 billion [2] - **电投产融 (DianTou ChanRong)**: Increased by 9.94%, market cap of 39.3 billion [2] - **永泰能源 (YongTai Energy)**: Increased by 9.82%, market cap of 39.1 billion [2] - **弘元绿能 (HongYuan Green Energy)**: Increased by 9.23%, market cap of 26.1 billion [2] - **昱能科技 (YuNeng Technology)**: Increased by 9.08%, market cap of 10.5 billion [2] - **上能电气 (ShangNeng Electric)**: Increased by 9.05%, market cap of 24.5 billion [2] - **TCL中环 (TCL ZhongHuan)**: Increased by 7.88%, market cap of 45.9 billion [2] - **隆基绿能 (Longi Green Energy)**: Increased by 7.89%, market cap of 174.1 billion [2] - **时创能源 (ShiChuang Energy)**: Increased by 7.63%, market cap of 7.108 billion [2] Electricity Generation Trends - Data indicates a significant increase in electricity generation, with solar energy being a key driver in China compared to other sources [3]