Core Viewpoint - JinkoSolar (601778.SH) aims to explore the application models and scenarios that combine new technologies such as renewable energy and IoT blockchain through its wholly-owned subsidiary in Hong Kong [1] Group 1 - The company has established a fund in the form of a Cayman exempted limited partnership [1] - The target fundraising scale for the fund is set at no more than 300 million USD [1] - Hong Kong Crystal Energy will act as a limited partner, committing to invest 30 million USD [1]

Market Overview - The convertible bond market showed positive performance with the Zhongzheng Convertible Bond Index rising by 1.23% to 480.25, with a total trading volume of 76.871 billion [1] - A total of 437 convertible bonds were traded, with 409 increasing in value, 1 remaining flat, and 27 declining [1] Top Performing Convertible Bonds - The top five performing convertible bonds included: - Fushi Convertible Bond (123217) with a rise of 20.0% - Jing 23 Convertible Bond (113669) also up by 20.0% - Jiazhe Convertible Bond (113039) increasing by 17.69% - Chongda Convertible Bond 2 (128131) up by 14.01% - Outong Convertible Bond (not specified) rising by 11.67% [2] Underperforming Convertible Bonds - The five convertible bonds with the largest declines were: - Kaizhong Convertible Bond (113698) down by 3.29% - Yaoshi Convertible Bond (123145) decreasing by 2.92% - Titan Convertible Bond (127096) falling by 2.69% - Huicheng Convertible Bond (not specified) down by 2.04% [2] Corresponding Stock Performance - Among the stocks corresponding to the convertible bonds, 352 stocks rose, 16 remained flat, and 69 declined [1] - The top five performing stocks included: - Si Hui Fushi (300852) with a rise of 19.99% - Jingke Technology (601778) increasing by 10.05% - Chongda Technology (002815) up by 10.01% - Luxshare Precision (not specified) rising by 10.00% - Jingwang Electronics (not specified) also up by 10.00% [4] Declining Stocks - The stocks with the largest declines included: - Titan Shares (not specified) down by 5.64% - Huahai Pharmaceutical (not specified) decreasing by 4.26% - Nenghui Technology (not specified) down by 3.88% - Shouhua Gas (not specified) falling by 2.99% - Shandong Zhanggu (not specified) down by 2.98% [5]

Group 1 - The Zhongzheng Photovoltaic Industry Index (931151) has shown a strong increase of 2.50% as of September 11, 2025, with significant gains in constituent stocks such as Juhe Materials (688503) up by 11.56% and Kehua Data (002335) up by 10.01% [2] - The Photovoltaic ETF Fund (516180) has risen by 1.80%, with the latest price reported at 0.74 yuan, and has accumulated a weekly increase of 4.78% as of September 10, 2025, ranking 3rd among comparable funds [2] - The Zhongzheng Photovoltaic Industry Index selects up to 50 representative listed companies from the photovoltaic industry chain to reflect the overall performance of these securities [2] Group 2 - As of August 29, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index include Yangguang Electric (300274), Longi Green Energy (601012), and TCL Technology (000100), collectively accounting for 56.14% of the index [3] - The weight and performance of the top stocks are as follows: Yangguang Electric at 10.51% with a rise of 4.61%, Longi Green Energy at 9.97% with a slight increase of 0.17%, and TCL Technology at 9.42% with a rise of 1.37% [5]

Core Viewpoint - The collaboration between Hang Seng China and Middle Eastern financial institutions, along with JinkoSolar, aims to facilitate cross-border green syndicated loans to support the international development of Chinese enterprises along the Belt and Road Initiative [1] Group 1: Partnership and Collaboration - Hang Seng China signed a memorandum of cooperation for cross-border green syndicated loans with financial institutions from Qatar and Kuwait, as well as JinkoSolar [1] - This project represents a practical case of Hong Kong becoming a super connector for economies along the Belt and Road, showcasing the close collaboration between Hang Seng China and its parent bank [1] Group 2: Strategic Importance - The initiative aims to leverage Hong Kong's unique advantages as an international financial platform to connect Middle Eastern capital with the domestic market [1] - The partnership is expected to support the internationalization of leading renewable energy companies like JinkoSolar, while also providing a reference for green investment and financing cooperation under the Belt and Road framework [1] Group 3: Industry Confidence - JinkoSolar, as a leading player in the global photovoltaic industry, has a broad presence in Belt and Road markets, indicating strong international confidence in China's renewable energy sector [1] - The cross-border green syndicated loan reflects the strong support from Hang Seng Bank and Hang Seng China for JinkoSolar, highlighting their efficiency and professionalism in international syndicate business [1]

Group 1 - Hang Seng Bank actively supports the Belt and Road Forum, signing a cross-border green syndicated loan cooperation memorandum with Middle Eastern financial institutions and JinkoSolar [1] - The project is recognized as a successful case of commercial cooperation at the Belt and Road Forum, highlighting the innovative nature of cross-border financial collaboration [1] - This cooperation marks the first cross-border green syndicated loan for participating Middle Eastern financial institutions and is one of the first commercial projects following the Hong Kong government's trade delegation visit to Qatar and Kuwait [1] Group 2 - JinkoSolar, as a leading player in the global photovoltaic industry, has a broad presence in Belt and Road markets, showcasing the confidence of international capital in China's renewable energy sector [2] - The green loan reflects the strong support from Hang Seng Bank and Hang Seng China for JinkoSolar, emphasizing their efficiency and professionalism in international syndication business [2]

Market Overview - The electricity sector experienced a decline of 0.38% on the previous trading day, with Shanghai Electric leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the electricity sector included: - Yunnan Energy Investment (002053) with a closing price of 14.74, up 10.00% and a trading volume of 303,200 shares, totaling 430 million yuan [1] - Shimao Energy (605028) with a closing price of 25.55, up 9.99% and a trading volume of 121,700 shares, totaling 299 million yuan [1] - Major decliners included: - Shanghai Electric (600021) with a closing price of 20.79, down 10.00% and a trading volume of 836,600 shares, totaling 1.752 billion yuan [2] - Jinko Technology (601778) with a closing price of 4.28, down 3.82% and a trading volume of 1,939,100 shares, totaling 83.6 million yuan [2] Capital Flow - The electricity sector saw a net outflow of 518 million yuan from institutional investors, while retail investors contributed a net inflow of 904 million yuan [2] - Key stocks with significant capital flow included: - Yunnan Energy Investment (002053) with a net inflow of 85.63 million yuan from institutional investors [3] - Shimao Energy (605028) with a net inflow of 79.18 million yuan from institutional investors [3]

Investment Rating - The report assigns a rating of "Accumulate" to the company, indicating a downward adjustment in expectations [6]. Core Views - The company has shown continuous improvement in operating cash flow, with a significant increase in revenue and net profit in the first half of 2025. Revenue reached 2.12 billion yuan, up 10.5% year-on-year, while net profit was 120 million yuan, up 39.8% year-on-year [3]. - The acceleration of renewable energy subsidy disbursement is noted, with the company receiving 646 million yuan in subsidies in August 2025, a 248% increase year-on-year for the first eight months of 2025 [3]. - The company is advancing its light-asset operation strategy and refining its operations, with a focus on overseas power station development [4]. Summary by Sections Company Overview - The latest closing price is 4.60 yuan, with a total market capitalization of 16.4 billion yuan and a total share capital of 3.571 billion shares [2]. Financial Performance - In the first half of 2025, the company reported a net cash flow from operating activities of 1.99 billion yuan, a significant improvement from a negative 730 million yuan in the same period last year [3]. - The company’s revenue and net profit forecasts for 2025-2027 are 5.49 billion yuan, 5.53 billion yuan, and 5.41 billion yuan respectively, with corresponding net profits of 510 million yuan, 530 million yuan, and 560 million yuan [6]. Business Development - The company has reduced its owned power station capacity to 5,953 MW as of the end of the first half of 2025, with a net decrease of 495 MW from the end of 2024. It has also developed 900 MW of new photovoltaic and energy storage projects [4]. - The energy storage business is expanding, with an independent energy storage station capacity of 325.7 MW and new projects totaling 3.9 GWh developed in the first half of 2025 [4]. Market Position - The company has signed contracts for 1.6 billion kWh of electricity in the first half of 2025, with a trading volume of 7.5 billion kWh. It has established a presence in five provinces for virtual power plant operations [5].

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of JinkoSolar Technology Co., Ltd, indicating a significant increase in stock price and positive revenue growth [1][2]. - As of September 9, JinkoSolar's stock price rose by 2.18% to 4.68 CNY per share, with a total market capitalization of 16.712 billion CNY [1]. - The company has seen a year-to-date stock price increase of 67.56%, with a 43.56% rise over the past 20 days and a 73.14% increase over the past 60 days [1]. Group 2 - For the first half of 2025, JinkoSolar reported a revenue of 2.124 billion CNY, reflecting a year-on-year growth of 10.47%, and a net profit attributable to shareholders of 123 million CNY, which is a 39.76% increase compared to the previous year [2]. - The company has distributed a total of 319 million CNY in dividends since its A-share listing, with 161 million CNY distributed over the last three years [3]. - As of June 30, 2025, the number of shareholders decreased by 3.87% to 119,100, while the average number of circulating shares per person increased by 4.02% to 29,980 shares [2][3].

Core Viewpoint - The 2025 Bund Conference, a significant fintech event, will take place from September 10 to 13 in Shanghai, focusing on global dialogue in technology, finance, and industry, with digital assets as a key topic [1] Group 1: Company Developments - Jinko Power Technology Co., Ltd. (referred to as "Jinko Technology") has received an invitation to participate in the 2025 Bund Conference [1] - The company is actively exploring how the photovoltaic industry can break traditional financing boundaries, seeking to enhance asset issuance efficiency and adaptability through smart contract technology [1] - Jinko Technology has been implementing a "light and heavy asset combination" operational strategy, focusing on product strength in power stations and a high turnover model [1] Group 2: Industry Trends - Photovoltaic power generation is highlighted as a clean and sustainable energy utilization method, showing broad prospects against the backdrop of global climate change and energy transition [1] - The company is paying attention to the development space and potential opportunities in the integration of energy storage and new financial models [1] - A recent internal training session on "RWA Tokenization: Key Principles, Global Trends, and Hong Kong Practices" was held to focus on forward-looking trends and investment opportunities in RWA [1]

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]