Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1]. Core Viewpoints - The report highlights the stable pricing in the photovoltaic industry chain and the recent developments in robotics, indicating a positive outlook for the sector [1][3]. - The National Energy Administration reported 8,658 new renewable energy projects in August 2025, with a significant focus on photovoltaic projects [4]. - The National Development and Reform Commission is addressing price disorder in the market, which may impact pricing strategies in the industry [5]. Summary by Relevant Sections Preferred Stocks - The report lists several preferred stocks with ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy-B - Longi Green Energy (601012.SH) - Buy-B - Daqian Energy (688303.SH) - Buy-B - Fulete (601865.SH) - Buy-A - Hengdian East Magnet (002056.SZ) - Buy-A - Sunshine Power (300274.SZ) - Buy-A - Deye Co., Ltd. (605117.SH) - Buy-A - Langxin Group (300682.SZ) - Buy-B - Quartz Co., Ltd. (603688.SH) - Buy-A - Bowei Alloy (601137.SH) - Buy-A [2]. Price Tracking - The report provides insights into the pricing trends of various components in the photovoltaic supply chain: - The average price of dense polysilicon is 51.0 CNY/kg, remaining stable [6]. - The average price of 182-183.75mm N-type silicon wafers is 1.35 CNY/piece, also stable [7]. - The average price of 182-183.75mm N-type battery cells is 0.32 CNY/W, maintaining stability [7]. - The average price of 182*182-210mm TOPCon double-glass modules is 0.693 CNY/W, remaining unchanged [8]. Investment Recommendations - The report recommends focusing on companies in various segments: - BC new technology direction: Aishuo Co., Ltd., Longi Green Energy - Supply-side direction: Daqian Energy, Fulete - Overseas layout direction: Bowei Alloy, Hengdian East Magnet - Light storage direction: Sunshine Power, Deye Co., Ltd. - Power marketization direction: Langxin Group - Domestic substitution direction: Quartz Co., Ltd. [9].

Market Overview - The photovoltaic equipment sector experienced a slight decline of 0.01% on October 20, with Longi Green Energy leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - Notable gainers in the photovoltaic equipment sector included: - Yicheng New Energy (300080) with a closing price of 5.14, up 5.54% and a trading volume of 563,800 shares [1] - Haiyou New Materials (688680) closed at 43.82, up 4.96% with a trading volume of 33,700 shares [1] - Gaomei Co. (688556) closed at 11.69, up 4.66% with a trading volume of 394,600 shares [1] - Conversely, Longi Green Energy (601012) saw a decline of 3.25%, closing at 19.06 with a trading volume of 2,182,700 shares [2] Capital Flow - The photovoltaic equipment sector saw a net outflow of 1.195 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.066 billion yuan [2] - The capital flow for key stocks included: - Sunshine Power (300274) with a net inflow of 120 million yuan from institutional investors [3] - Tongwei Co. (600438) had a net inflow of 29.49 million yuan from institutional investors [3] - Yicheng New Energy (300080) experienced a net outflow of 24.30 million yuan from retail investors [3]

Core Viewpoint - The stock price of Fuyao Glass has experienced a decline of 15.74% year-to-date, with significant drops in recent trading days, indicating potential challenges for the company in the current market environment [2]. Company Overview - Fuyao Glass Group Co., Ltd. is located in Jiaxing, Zhejiang Province, and was established on June 24, 1998. It was listed on February 15, 2019. The company specializes in the research, production, and sales of photovoltaic glass, float glass, engineering glass, and household glass, as well as the mining and sales of quartz for glass and EPC photovoltaic power station construction [2]. - The revenue composition of Fuyao Glass is as follows: photovoltaic glass accounts for 89.76%, power generation income 3.16%, engineering glass 3.14%, other (supplement) 1.98%, household glass 1.58%, float glass 0.36%, and mining products 0.01% [2]. Financial Performance - As of June 30, 2025, Fuyao Glass reported a revenue of 7.737 billion yuan, a year-on-year decrease of 27.66%. The net profit attributable to shareholders was 261 million yuan, down 82.58% year-on-year [2]. - The company has distributed a total of 2.833 billion yuan in dividends since its A-share listing, with 2.244 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders of Fuyao Glass was 71,100, an increase of 9.78% from the previous period. The average circulating shares per person remained at 0 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the eighth largest, holding 28.8729 million shares, an increase of 778,000 shares from the previous period [3].

| 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的目期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 息内 | 股份數目 | | 酒参国上班 ** | | 有投票權股 (日 / 月 / 年) | | | | | | | | | 份自分同 | | | | | | | | | 196 | | CS20251015E00373 | 1.419.000(L) JPMorgan Chase & Co. | 1201(L) | | | HKD 11.7564 | 56.670.871(L) | 12.82(L) 10/10/2025 | | | | 15015(S) | | 1,616,000(S) | | 8.470.408(S) | 1.91(S) | | | | | | | | 4.735.066(P) | 1.07(P) | 格隆汇10月16日丨根据联交所最新权益披露资料显示，2025年10月10日，福莱特玻璃(06865.HK)遭 ...

香港联交所最新资料显示，10月10日，摩根大通减持福莱特（601865）玻璃(06865)141.9万股，每股作 价11.7564港元，总金额约为1668.23万港元。减持后最新持股数目约为5667.09万股，最新持股比例为 12.82%。 ...

智通财经APP获悉，香港联交所最新资料显示，10月10日，摩根大通减持福莱特玻璃(06865)141.9万 股，每股作价11.7564港元，总金额约为1668.23万港元。减持后最新持股数目约为5667.09万股，最新持 股比例为12.82%。 ...

香港交易及結算有限公司和香港證券交易有限公司不對本公告的內容負責，不對本公告的準確性 或完整性做任何聲明，也明確不對依賴本公告全部或任何部分內容而產生任何損失負擔任何責 任。 福萊特玻璃集團股份有限公司 阮洪良 董事長 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） 董事會會議日期 福萊特玻璃集團股份有限公司（簡稱「公司」）董事會（簡稱「董事會」），特此宣佈董事會會議將在二零 二五年十月二十七日（星期一）舉行，藉以（其中包括）考慮並商討批准公司及其下屬公司截至二零二 五年九月三十日止九個月的未經審計的第三季度業績。 承董事會命 中國浙江省嘉興市 二零二五年十月十五日 在此公告之日起，公司的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，公司的獨立非執行董事為徐攀女士、杜健女士和吳幼娟女士。 ...

Core Viewpoint - Fuyao Glass Industry Group Co., Ltd. (06865.HK) announced that its board meeting will be held on October 27, 2025, to consider and discuss the approval of the unaudited third-quarter results for the nine months ending September 30, 2025 [1] Summary by Category - **Company Announcement** - The board meeting is scheduled for October 27, 2025 [1] - The meeting will focus on the approval of the unaudited third-quarter performance for the nine months ending September 30, 2025 [1]

董事會會議日期 福萊特玻璃集團股份有限公司（簡稱「公司」）董事會（簡稱「董事會」），特此宣佈董事會會議將在二零 二五年十月二十七日（星期一）舉行，藉以（其中包括）考慮並商討批准公司及其下屬公司截至二零二 五年九月三十日止九個月的未經審計的第三季度業績。 承董事會命 香港交易及結算有限公司和香港證券交易有限公司不對本公告的內容負責，不對本公告的準確性 或完整性做任何聲明，也明確不對依賴本公告全部或任何部分內容而產生任何損失負擔任何責 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） 在此公告之日起，公司的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，公司的獨立非執行董事為徐攀女士、杜健女士和吳幼娟女士。 福萊特玻璃集團股份有限公司 阮洪良 董事長 中國浙江省嘉興市 二零二五年十月十五日 ...

Group 1 - The core viewpoint of the news is the performance and market position of Fuyao Glass, which saw a stock price increase of 5.06% to 18.08 CNY per share, with a total market capitalization of 42.36 billion CNY [1] - Fuyao Glass Group Co., Ltd. specializes in the research, production, and sales of photovoltaic glass, float glass, engineering glass, and household glass, with photovoltaic glass accounting for 89.76% of its main business revenue [1] - The company is located in Jiaxing, Zhejiang Province, and was established on June 24, 1998, with its listing date on February 15, 2019 [1] Group 2 - From the perspective of major fund holdings, Dachen Fund has a significant position in Fuyao Glass, with its Dachen Shengshi Selected Flexible Allocation Mixed A Fund holding 361,800 shares, representing 5.43% of the fund's net value [2] - The Dachen Shengshi Selected Flexible Allocation Mixed A Fund has achieved a year-to-date return of 21.76% and a one-year return of 20.44%, ranking 3846 out of 8161 and 3787 out of 8015 in its category, respectively [2] - The fund manager, Zhao Peng, has been in charge for 2 years and 74 days, with the best fund return during his tenure being 39.75% [3]