Market Overview - The electricity sector increased by 0.65% compared to the previous trading day, with Jiaze New Energy leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down by 0.65%, while the Shenzhen Component Index closed at 13209.0, down by 1.76% [1] Top Performers - Jiaze New Energy (601619) closed at 5.58, up by 10.06% with a trading volume of 1.7655 million shares and a transaction value of 979 million yuan [1] - Shimao Energy (605028) closed at 31.57, up by 10.00% with a trading volume of 49,800 shares and a transaction value of 153 million yuan [1] - Longyuan Power (001289) closed at 17.40, up by 3.26% with a trading volume of 108,800 shares and a transaction value of 2.6881 million yuan [1] Underperformers - Lianmei Holdings (600167) closed at 9.50, down by 10.04% with a trading volume of 916,900 shares and a transaction value of 889 million yuan [2] - Hengsheng Energy (605580) closed at 27.20, down by 4.33% with a trading volume of 71,100 shares and a transaction value of 29,671 yuan [2] - Guangdong Construction (002060) closed at 3.81, down by 3.54% with a trading volume of 924,400 shares and a transaction value of 357 million yuan [2] Capital Flow - The electricity sector experienced a net outflow of 191 million yuan from institutional investors, while retail investors saw a net inflow of 80.2183 million yuan [2] - Major stocks like Shanghai Electric (600021) had a net inflow of 373 million yuan from institutional investors, but a net outflow of 497 million yuan from retail investors [3] - Shimao Energy (605028) had a net inflow of 40.1514 million yuan from institutional investors, but also saw a net outflow of 27.2485 million yuan from retail investors [3]

Market Overview - The market experienced fluctuations with the ChiNext index dropping over 2% in the afternoon session. AI hardware stocks, such as optical modules, faced declines, while the wind power sector saw significant gains with companies like Weili Transmission and Jixin Technology hitting the daily limit. Overall, more than 3,300 stocks in the Shanghai and Shenzhen markets were in the red, with a total transaction volume of 2.17 trillion yuan [1]. Wind Power Sector - The wind power sector surged today, with companies like Jixin Technology and Jiaze New Energy achieving consecutive daily limits. The sector is catalyzed by China's commitment to reducing greenhouse gas emissions by 7%-10% from peak levels by 2035 and increasing wind and solar power capacity to six times that of 2020, targeting 3.6 billion kilowatts. Morgan Stanley predicts an acceleration in wind power installations during the 14th Five-Year Plan, with annual additions exceeding 110 GW, driven by favorable pricing and demand for offshore wind projects [4][6]. Domestic Chip Sector - The domestic chip sector remained active, with companies like Yangyuan Beverage and Xianglong Electric achieving consecutive daily limits. Changjiang Storage Technology recently completed its shareholding reform, indicating a valuation of 160 billion yuan. JPMorgan has raised its global storage market forecast, predicting a market size of nearly $300 billion by 2027, driven by increasing demand from cloud service providers [7][9]. New Energy Vehicles - The new energy vehicle sector saw significant gains, with companies like Zhejiang Xiantong and Tianqi Mould hitting daily limits. The launch of the new AITO M7 model saw over 10,000 units reserved within five minutes and over 30,000 in one hour. Analysts suggest that the integration of intelligent technologies in vehicles is expected to drive sales growth, supported by favorable policies and increasing market penetration of new energy vehicles [10][12]. Other Active Sectors - Other sectors such as environmental protection and military industry showed notable activity, while pharmaceuticals and PCB sectors experienced the largest declines [12].

（文章来源：每日经济新闻） 消息面上，近日在2025新型电力系统发展（崇礼）论坛上，相关业内人士表示，要把握好"十五五"战略 关键期，以加快构建新型电力系统为主题，以电力行业高质量发展为主线，统筹源网荷储各侧，科学规 划和实施一批重大战略任务、重大工程项目、重大改革举措，推动新型电力系统建设取得新的突破。 湘财证券表示，全国统一电力市场建设加速推进下，我们持续看好电力资产价值重估。推荐关注三条主 线：基本面稳健、长期有望受益统一电力市场建设的水电标的；成本下行情况下业绩有望改善且资产所 在区域供需格局好的火电标的；绿电存量项目盈利平稳过渡推动板块估值修复，在全面入市开启背景下 看好运营能力强的龙头企业和资源区位优质的标的。 9月26日，A股三大指数震荡回调，电力板块逆市上涨，风力发电概念开盘后持续拉升，相关ETF集体逆 市上涨，截至10:14，绿电ETF（562550）涨幅0.64%，公用事业ETF（159301）涨幅0.43%，电网设备 ETF（159326）涨幅0.38%，绿电ETF持仓股嘉泽新能涨停，上海电力、节能风电、龙源电力、甘肃能 源、太阳能等涨幅居前。 ...

Market Overview - The electricity sector experienced a decline of 0.31% compared to the previous trading day, with Guangdong Construction leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Top Performers in the Electricity Sector - Leading gainers included: - Lianmei Holdings (600167) with a closing price of 10.56, up 10.00% and a trading volume of 1.4195 million shares, totaling 1.436 billion yuan [1] - Jiazhe New Energy (619109) at 5.07, up 9.98% with a volume of 2.6187 million shares, totaling 1.310 billion yuan [1] - Hengtong Optic-Electric (600226) at 4.50, up 4.65% with a volume of 1.9133 million shares, totaling 0.853 billion yuan [1] Underperformers in the Electricity Sector - Notable decliners included: - Guangdong Construction (002060) at 3.95, down 7.93% with a trading volume of 1.7297 million shares, totaling 0.696 billion yuan [2] - Huitian Thermal Power (000692) at 3.42, down 3.93% with a volume of 0.1434 million shares, totaling 49.9944 million yuan [2] - Luxiao Technology (002617) at 9.61, down 3.71% with a volume of 2.0634 million shares, totaling 2.008 billion yuan [2] Capital Flow Analysis - The electricity sector saw a net outflow of 680 million yuan from main funds, while retail investors contributed a net inflow of 619 million yuan [2] - Key stocks with significant capital flow included: - Jiazhe New Energy (601619) with a main fund net inflow of 2.15 billion yuan, but a net outflow from retail investors of 896.749 million yuan [3] - Shanghai Electric (600021) with a main fund inflow of 1.83 billion yuan and a retail outflow of 230 million yuan [3] - Zhaoxin Shares (002256) with a main fund inflow of 66.1278 million yuan and a retail outflow of 42.5452 million yuan [3]

Core Points - The Shanghai Composite Index closed at 3859.62 points, above the five-day moving average, with a slight increase of 0.16% [1] - A total trading volume of A-shares reached 1,555.781 billion yuan, with 655 A-shares breaking through the five-day moving average [1] Summary by Category Stock Performance - The top three stocks with the highest deviation rates from the five-day moving average are: - Ha Huanhua (301137) with a deviation rate of 15.31% and a price increase of 19.99% [2] - Naipu Mining (300818) with a deviation rate of 15.09% and a price increase of 19.99% [2] - Yi Wang Yi Chuang (300792) with a deviation rate of 13.35% and a price increase of 19.99% [2] Trading Metrics - The trading turnover rates for the top three stocks with the highest deviation rates are: - Ha Huanhua (301137) at 11.45% [2] - Naipu Mining (300818) at 11.58% [2] - Yi Wang Yi Chuang (300792) at 16.97% [2] Additional Stocks - Other notable stocks with significant performance include: - Heng Er Da (300946) with a deviation rate of 13.19% and a price increase of 17.77% [2] - Ningbo Construction (601789) with a deviation rate of 8.35% and a price increase of 9.96% [2] - Jiaze New Energy (601619) with a deviation rate of 7.69% and a price increase of 9.98% [2]

Market Overview - The Shanghai Composite Index is at 3854.14 points, slightly above the five-day moving average, with a change of 0.01% [1] - The total trading volume of A-shares is 1,140.591 billion yuan [1] Stocks Performance - A total of 796 A-shares have surpassed the five-day moving average today [1] - Stocks with significant deviation rates include: - HaHuanHuaTong (15.31% deviation) with a price increase of 19.99% and a turnover rate of 11.08% [1] - NaiPuMiner (15.09% deviation) with a price increase of 19.99% and a turnover rate of 11.23% [1] - YiWangYiChuang (12.15% deviation) with a price increase of 18.36% and a turnover rate of 14.41% [1] Additional Notable Stocks - HengErDa shows a 9.05% deviation with a price increase of 12.27% [1] - NingBoJianGong has a deviation of 8.35% with a price increase of 9.96% [1] - Other stocks with notable performance include JiaZeXinNeng (7.69% deviation) and GuangDianDianQi (7.67% deviation) [1]

Core Viewpoint - The company has decided not to exercise the early redemption rights for the "Jiaze Convertible Bonds" despite triggering the redemption clause due to stock price conditions [2][8]. Group 1: Convertible Bond Issuance Overview - The company issued 13,000,000 convertible bonds with a total value of 130 million yuan, approved by the China Securities Regulatory Commission on August 24, 2020 [3]. - The bonds were listed on the Shanghai Stock Exchange on September 17, 2020, with an initial conversion price of 3.57 yuan per share, which has been adjusted to 3.06 yuan per share [3]. Group 2: Redemption Clause and Trigger Conditions - The redemption clause allows the company to redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 out of 30 consecutive trading days [4][7]. - From August 26 to September 24, 2025, the stock price met the condition, triggering the redemption clause [2][7]. Group 3: Decision on Early Redemption - On September 24, 2025, the board of directors decided not to redeem the bonds early, considering the current market conditions and the company's financial commitments [8]. - The company will not exercise redemption rights for the next six months, even if the redemption conditions are met again [2][8]. Group 4: Shareholder Trading Activity - The actual controller, major shareholders, and board members have not traded the "Jiaze Convertible Bonds" in the six months prior to the redemption conditions being met [9].

Core Points - The company announced that its stock has triggered the redemption clause for "Jiaze Convertible Bonds" from August 26, 2025, to September 24, 2025 [2] - The company has decided not to exercise its early redemption rights for the "Jiaze Convertible Bonds" and will not redeem them early [2] - For the next six months (from September 25, 2025, to March 25, 2026), if the "Jiaze Convertible Bonds" trigger the redemption clause, the company will also not exercise its redemption rights [2] - The first trading day for recalculating the redemption clause will be March 26, 2026, and if the bonds trigger the clause again, the board will convene to decide on early redemption [2]

证券代码：601619 证券简称：嘉泽新能 公告编号：2025-081 债券代码：113039 债券简称：嘉泽转债 嘉泽新能源股份有限公司 关于不提前赎回"嘉泽转债"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 ●公司股票自2025年8月26日至2025年9月24日期间已触发"嘉 泽转债"的赎回条款。公司决定本次不行使"嘉泽转债"的提前赎回 权利，不提前赎回"嘉泽转债"。 ●未来六个月内（即2025年9月25日至2026年3月25日），若"嘉 泽转债"触发赎回条款，公司均不行使赎回权利。以2026年3月26日 为首个交易日重新计算，若"嘉泽转债"再次触发赎回条款，届时公 司董事会将再次召开会议决定是否行使提前赎回权利。 自 2025 年 8 月 26 日至 2025 年 9 月 24 日，公司股票连续三十个 交易日中至少有十五个交易日的收盘价不低于当期转股价格 3.06 元 /股的 130%，即 3.978 元/股，已触发"嘉泽转债"的有条件赎回条 款。 一、可转债发行上市概况 （一）经中国证券监督管理 ...

Group 1 - The core point of the news is that Jiaze New Energy's stock price has dropped by 5.01% to 4.36 CNY per share, with a trading volume of 153 million CNY and a turnover rate of 1.42%, resulting in a total market capitalization of 10.614 billion CNY [1] - Jiaze New Energy Co., Ltd. is located in Yinchuan, Ningxia Hui Autonomous Region, and was established on April 16, 2010, with its listing date on July 20, 2017. The company's main business includes renewable energy generation, development, construction, sale of renewable energy power stations, asset management, and renewable energy industry fund business [1] - The revenue composition of Jiaze New Energy is as follows: 93.64% from renewable energy power station development, construction, operation, and sale; 3.27% from rooftop distributed photovoltaic; 2.57% from renewable energy power station operation and maintenance management services; 0.52% from other sources; and 0.00% from renewable energy industry funds [1] Group 2 - From the perspective of fund holdings, one fund under Xinyuan Fund has heavily invested in Jiaze New Energy. The Xinyuan Zhi Yuan Quantitative Stock Mixed A Fund (022115) held 159,400 shares in the second quarter, accounting for 0.99% of the fund's net value, making it the fifth-largest holding [2] - The estimated floating loss for the Xinyuan Zhi Yuan Quantitative Stock Mixed A Fund today is approximately 36,700 CNY [2] - The fund manager of Xinyuan Zhi Yuan Quantitative Stock Mixed A Fund is Liu Yutao, who has been in the position for 3 years and 5 days, with a total asset scale of 554 million CNY. The best fund return during his tenure is 35.05%, while the worst return is -0.19% [3]