Core Viewpoint - JPMorgan Chase & Co. has increased its stake in Fuyao Glass (06865.HK) by acquiring 1.495 million shares at an average price of HKD 12.4457 per share, raising its ownership percentage from 12.81% to 13.15% [1][2]. Summary by Category Shareholding Activity - On October 9, 2025, JPMorgan Chase & Co. purchased 1,495,000 shares of Fuyao Glass, involving a total investment of approximately HKD 18.6063 million [1]. - Following this transaction, JPMorgan's total shareholding in Fuyao Glass increased to 58,089,871 shares [1][2]. Ownership Percentage - The ownership percentage of JPMorgan Chase & Co. in Fuyao Glass rose from 12.81% to 13.15% after the recent share acquisition [1].

Group 1 - Morgan Stanley increased its stake in Fuyao Glass (601865) by purchasing 1.495 million shares at a price of HKD 12.4457 per share, totaling approximately HKD 18.6063 million [1] - After the purchase, Morgan Stanley's total shareholding in Fuyao Glass reached approximately 58.0899 million shares, representing a holding percentage of 13.15% [1]

Core Viewpoint - Morgan Stanley has increased its stake in Fuyao Glass (06865) by purchasing 1.495 million shares at a price of HKD 12.4457 per share, totaling approximately HKD 18.6063 million, raising its total holdings to about 58.0899 million shares, which represents a 13.15% ownership stake [1] Summary by Category - **Investment Activity** - Morgan Stanley acquired 1.495 million shares of Fuyao Glass on October 9 [1] - The purchase price was HKD 12.4457 per share, amounting to a total investment of approximately HKD 18.6063 million [1] - **Ownership Structure** - Following the acquisition, Morgan Stanley's total shareholding in Fuyao Glass increased to approximately 58.0899 million shares [1] - The new ownership percentage stands at 13.15% [1]

资料显示，福莱特玻璃集团股份有限公司位于浙江省嘉兴市秀洲区运河路1999号，成立日期1998年6月 24日，上市日期2019年2月15日，公司主营业务涉及光伏玻璃、浮法玻璃、工程玻璃和家居玻璃的研 发、生产和销售,以及玻璃用石英矿的开采和销售和EPC光伏电站工程建设。主营业务收入构成为：光 伏玻璃89.76%，发电收入3.16%，工程玻璃3.14%，其他(补充)1.98%，家居玻璃1.58%，浮法玻璃 0.36%，采矿产品0.01%。 从基金十大重仓股角度 10月14日，福莱特涨5.16%，截至发稿，报17.74元/股，成交1.29亿元，换手率0.39%，总市值415.63亿 元。 大成盛世精选灵活配置混合A（002945）基金经理为赵蓬。 截至发稿，赵蓬累计任职时间2年73天，现任基金资产总规模12.83亿元，任职期间最佳基金回报 41.13%， 任职期间最差基金回报19%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，大成基金旗下1只 ...

南方财经10月14日电，港股光伏、风电板块震荡走强，金风科技涨超10%，福莱特玻璃涨超7%，新特 能源涨超5%，中广核新能源、龙源电力跟涨。 ...

Core Viewpoint - The photovoltaic stocks have collectively declined, with significant drops in share prices for companies such as 福莱特 (Flat Glass), 信义光能 (Xinyi Solar), and 新特能源 (Xinte Energy) due to a slowdown in installation rates following an initial surge earlier in the year [1] Group 1: Stock Performance - 福莱特 (601865) glass shares fell by 7.24%, trading at 10.76 HKD [1] - 信义光能 (00968) shares decreased by 6.13%, trading at 3.37 HKD [1] - 信义玻璃 (00868) shares dropped by 5.38%, trading at 8.61 HKD [1] - 新特能源 (01799) shares declined by 4.18%, trading at 7.8 HKD [1] Group 2: Industry Trends - The "136 document" issued at the beginning of the year led to a "rush to install" photovoltaic systems, resulting in a year-on-year doubling of new installations [1] - However, this installation rush ended by the end of May, with June, July, and August seeing continuously low installation rates and increasing month-on-month declines [1] - 国信证券 (Guosen Securities) indicated that the future profitability of photovoltaic companies will largely depend on the pace of capacity clearance and the market-driven pricing of on-grid electricity [1] Group 3: Market Outlook - 南华期货 (Nanhua Futures) noted that the market has already priced in the lack of a photovoltaic storage platform as of September, but rumors suggest that such a platform may be established by mid-October [1] - Attention is required on upcoming photovoltaic conferences and market conditions [1] - As November approaches, the market will enter a concentrated cancellation period for polysilicon warehouse receipts, which may lead to significant pressure on the PS2511 contract if there is a lack of buying interest from bulls [1]

Investment Rating - The report maintains a "Market Perform" rating for the solar industry [1] Core Insights - The solar industry has experienced a significant decline in new installations, with August 2025 showing a 55.3% year-on-year decrease, totaling 7.4 GW. However, cumulative installations from January to August 2025 reached 230.61 GW, reflecting a 64.7% increase year-on-year [3][12] - Solar module exports in August 2025 amounted to 20.4% year-on-year growth, with a total export value of 20.95 billion yuan, and a month-on-month increase of 31.9%. Cumulatively, from January to August 2025, exports totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports also showed a year-on-year increase of 2.2% in August 2025, with a total export value of 6.29 billion yuan, despite a month-on-month decline of 3.4%. Cumulative inverter exports from January to August 2025 reached 43.4 billion yuan, up 8.0% year-on-year [4][22] - Solar power generation in August 2025 increased by 15.9% year-on-year, contributing to 5.75% of the total national power generation, which was 936.3 billion kWh, reflecting a 1.6% year-on-year increase [5][35] Summary by Sections New Installations - In August 2025, new solar installations in China were 7.4 GW, down 55.3% year-on-year and 33.3% month-on-month. Cumulative installations from January to August reached 230.61 GW, up 64.7% year-on-year [3][12] Exports - Solar module exports in August 2025 were valued at 20.95 billion yuan, showing a year-on-year increase of 20.4% and a month-on-month increase of 31.9%. Cumulative exports from January to August totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports in August 2025 were valued at 6.29 billion yuan, with a year-on-year increase of 2.2% and a month-on-month decrease of 3.4%. Cumulative inverter exports from January to August reached 43.4 billion yuan, up 8.0% year-on-year [4][22] Power Generation - Solar power generation in August 2025 was 53.82 billion kWh, reflecting a year-on-year increase of 15.9% and accounting for 5.75% of the total national power generation [5][35] Investment Recommendations - Key recommendations include companies focused on new technologies such as Aikang Co. and Longi Green Energy, supply-side companies like Daqo New Energy and Flat Glass Group, and companies with overseas layouts such as Bowei Alloy and Hengdian East Magnet. Additionally, companies in energy storage like Sungrow Power Supply and Deye Technology are highlighted [40]

Summary of Key Points from Conference Call Records Industry Overview Energy Storage Industry - **Price Increase**: In September, the price of energy storage cells rose significantly, with the last week of September seeing prices reach 0.26-0.295 RMB per watt-hour, a 4% increase from the lowest price in the third week [1][3][6]. - **Market Growth Forecast**: The global energy storage market is expected to grow at a compound annual growth rate (CAGR) of 30%-40% over the next 3 to 5 years, driven by domestic policies and easing trade tensions between China and the U.S. [1][7][8]. - **Key Projects**: Companies like Aters signed a 2.1 GWh energy storage project expected to start in Q1 2026 and go live in H1 2027. Sungrow Power has submitted a Hong Kong IPO application, which is anticipated to attract funding and foreign investment [1][3][6]. - **Lithium Battery Market**: The lithium battery market is benefiting from unexpected growth in storage demand and commercial vehicle sales, with industry companies raising their production and sales forecasts for 2026, expecting a 40% growth across the entire supply chain and over 50% for storage [1][14]. Photovoltaic Industry - **Policy-Driven Growth**: The photovoltaic industry is entering a period of intensive policy announcements in Q4, with expectations of component price increases [5][11]. - **Challenges**: The industry faces challenges such as the "anti-involution" issue, with ongoing discussions about silicon material mergers and energy consumption standards [11]. - **Investment Recommendations**: Recommended companies include Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and JA Solar, particularly those with undervalued positions due to rising component prices [12]. Wind Power Industry - **High Growth Phase**: The traditional power grid export sector remains robust, with liquid transformer exports increasing by approximately 50% year-on-year from January to August [2][24]. - **Future Outlook**: The offshore wind power sector in Brazil is expected to grow, with significant increases in installed capacity anticipated in both onshore and offshore segments [20][22][23]. Key Companies and Their Performance - **Ningde Times**: Received a 1.5 billion RMB advance payment and is expanding production capacity, indicating strong industry demand [1][15]. - **Sungrow Power**: Expected to achieve Q3 revenue between 4 billion to 4.3 billion RMB, showing slight growth [10]. - **Aters and Tongwei**: Both companies are highlighted for their strong performance and potential for future growth [10][12]. Investment Recommendations - **Direct Beneficiaries**: Companies such as Ningde Times and Yiwei Lithium Energy are recommended for their direct benefits from price increases in energy storage cells [9]. - **Secondary Targets**: Companies like Xinwangda, Penghui Energy, and Zhongchuang Innovation are also suggested as potential investment opportunities [4][9]. Additional Insights - **Market Dynamics**: The energy storage sector is expected to see a clear upward trend in demand and pricing, particularly in Q4, supported by favorable policies and market conditions [8][9]. - **Price Trends**: The prices of key materials like lithium hexafluorophosphate are expected to rise significantly if demand exceeds 35%, with potential price increases of 5,000-10,000 RMB per ton [16]. This summary encapsulates the critical insights and projections from the conference call records, focusing on the energy storage, photovoltaic, and wind power industries, along with key company performances and investment recommendations.

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 福萊特玻璃集團股份有限公司 Flat Glass Group Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：6865） 以下為本公司於上海證券交易所網站刊登之《福萊特玻璃集團股份有限公司可轉債轉股結果暨股份 變動的公告》，僅供參閱。 承董事會命 福萊特玻璃集團股份有限公司 董事長 阮洪良 中國浙江省嘉興市，二零二五年十月九日 在本公告之日，執行董事為阮洪良先生、姜瑾華女士、阮澤雲女士、魏葉忠先生和沈其甫先生， 獨立非執行董事為徐攀女士、杜健女士和吳幼娟女士。 | 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-063 | | --- | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | | 福莱特玻璃集团股份有限公司 可转债转股结果暨股份变动的公告 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 ...

未转股可转债情况：截至 2025 年 9 月 30 日，尚未转股的"福莱转债" 金额为人民币 3,999,887,000 元，占"福莱转债"发行总额的 99.9972%。 本季度转股情况：自 2025 年 7 月 1 日至 2025 年 9 月 30 日，共有人民币 1,000 元"福莱转债"转为本公司 A 股普通股，转股股数为 23 股。 一、可转债发行上市概况 （一）"福莱转债"基本情况 | 证券代码：601865 | 股票简称：福莱特 公告编号：2025-063 | | --- | --- | | 转债代码：113059 | 转债简称：福莱转债 | 福莱特玻璃集团股份有限公司 可转债转股结果暨股份变动的公告 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： 累计转股情况：截至 2025 年 9 月 30 日，累计已有人民币 113,000 元"福 莱转债"转为本公司 A 股普通股，累计转股股数为 2,607 股，占"福莱转债"转 股前本公司已发行股票股份总数的 0.0001%。 经中国证券监督管理委员会证监 ...