嘉泽新能公告，截至目前，公司绿色化工业务尚处于论证、起步阶段，尚不具备商业化的条件，短期内 对公司的营业收入、利润增长没有实质或重大影响。公司绿色化工业务在实施过程中可能面临政策风 险、市场风险、行业竞争风险、产品价格波动以及各种因素导致效益不达预期的风险。公司将按照法律 法规的相关要求，及时披露后续进展情况，敬请投资者注意投资风险。 ...

Market Overview - On September 26, the A-share market closed with a total of 59 stocks hitting the daily limit, with 48 stocks after excluding 11 ST stocks, and a sealing rate of 68.6% [1] Top Performers - The highest sealing volume was seen in Qidi Environment with 296,800 hands, followed by Wanxiang Qianchao, Jiazhe New Energy, and Yaowang Technology with sealing volumes of 288,700 hands, 279,400 hands, and 276,600 hands respectively [2] - In terms of continuous limit-up days, Bluefeng Biochemical achieved 5 consecutive limits, while Yangyuan Beverage, Jingyi Co., Ltd., *ST Suwu, and *ST Mubang achieved 3 consecutive limits [2] Investment Highlights - Wanxiang Qianchao has established humanoid robotics as its third strategic business segment, focusing on the R&D and industrialization of key components such as precision parts and specialized bearings [3] - The wind power sector saw multiple stocks hitting the limit, including Jixin Technology, Jiazhe New Energy, Weili Transmission, and Mingyang Smart Energy, with Jixin Technology specializing in wind power component manufacturing [4] - Jiazhe New Energy has over 2 GW of wind power projects under construction or planned, indicating potential revenue growth with increased installed capacity [5] Lithium Battery Sector - Stocks such as Tianji Co., Ltd., Donghua Technology, and Fangyuan Co., Ltd. also hit the limit, with Tianji Co., Ltd. focusing on the industrialization of lithium sulfide materials for solid-state battery electrolytes [6][8] - Donghua Technology is the EPC contractor and operator for a lithium carbonate project at the Zabaye Salt Lake [7] Military Industry - Xiangdian Co., Ltd. and Chengfei Integration also saw limit-up, with Xiangdian focusing on military-civilian integration in the electromagnetic energy industry [9] - Chengfei Integration is a subsidiary of AVIC and participates in aircraft component manufacturing [10] Capital Flow - The top net purchases on the Dragon and Tiger list included Wanxiang Qianchao, Chengfei Integration, and Jingyi Co., Ltd., with net purchases of 286 million, 267 million, and 168 million respectively [12]

Group 1 - Institutions ranked 23 stocks today, with net purchases in 12 stocks and net sales in 11 stocks [1] - The top three stocks with the highest net purchases by institutions are: China Electric Xunlong (97.06 million), Huazi Technology (80.89 million), and Beijiete (73.28 million) [1] Group 2 - Huazi Technology saw a net purchase of 80.89 million from five institutions today [2] - The company revealed on September 12 that it has sufficient orders for lithium battery equipment and has delivered multiple semi-solid battery automatic production lines to leading enterprises [2] - Full solid-state battery hot-pressing fixture prototypes are expected to be delivered in the fourth quarter, and the company is deeply involved in the construction of solid-state battery testing lines for leading enterprises [2] Group 3 - In the wind power sector, China announced a new round of national contributions at the UN Climate Change Summit on September 24, aiming for a 7%-10% reduction in greenhouse gas emissions by 2035 [3] - Non-fossil energy consumption is targeted to account for over 30% of total energy consumption, with wind and solar power generation capacity expected to reach six times that of 2020, aiming for 360 million kilowatts [3] - Morgan Stanley predicts that during the 14th Five-Year Plan, wind power installations in China will accelerate, with an average annual increase of over 110 gigawatts, reaching about 120 gigawatts between 2028 and 2030 [3] - Key drivers include wind power's stronger investment appeal compared to solar, accelerated offshore wind installations, and increased demand for land-based turbine replacements [3] Group 4 - In the automotive parts sector, Tesla is set to hold an internal meeting this week to discuss AI/autonomous driving systems, the Optimus robot production plan, and vehicle production and delivery [4] - This meeting may mark an important milestone for the mass production of Tesla's robots and smart driving technologies [4] - The Ministry of Industry and Information Technology has released safety requirements for intelligent connected vehicles' combined driving assistance systems, which is expected to enhance the penetration rate of intelligent features [4]

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].

Core Viewpoint - The A-share market experienced fluctuations on September 26, with the electricity sector rising against the trend, particularly driven by wind power concepts and related ETFs showing gains [1] Group 1: Market Performance - The three major A-share indices showed a downward trend, while the electricity sector saw an increase, with wind power-related ETFs performing well [1] - As of 10:14 AM, the Green Electricity ETF (562550) rose by 0.64%, the Public Utility ETF (159301) increased by 0.43%, and the Power Grid Equipment ETF (159326) gained 0.38% [1] - Key stocks in the Green Electricity ETF, such as Jiaze New Energy, reached the daily limit, while Shanghai Electric, Energy Saving Wind Power, Longyuan Power, Gansu Energy, and Solar Energy also saw significant gains [1] Group 2: Industry Insights - At the 2025 New Power System Development Forum, industry experts emphasized the importance of the "14th Five-Year Plan" period for accelerating the construction of a new power system, focusing on high-quality development in the electricity sector [1] - Xiangcai Securities highlighted the accelerated construction of a national unified electricity market, expressing optimism about the revaluation of electricity assets [1] - The firm recommended focusing on three main lines: hydropower assets with stable fundamentals benefiting from the unified electricity market, thermal power assets with improving performance due to cost reductions and favorable supply-demand dynamics, and leading companies with strong operational capabilities and high-quality resource locations in the green electricity sector [1]

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].