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 ...

智通财经APP讯，福莱特玻璃(06865)公布，近日，公司收到控股股东及董事、监事、高级管理人员姜瑾 华女士、魏叶忠先生、沈其甫先生、郑文荣先生、沈福泉先生、祝全明先生、韦志明先生、赵长海先生 以及公司特定股东潘荣观先生出具的《关于减持股份进展的告知函》。截至 2025 年 9 月 30 日，上述股 东通过集中竞价及/或大宗交易方式合计减持公司股份2998.03万股，占公司总股本的 1.2796%(四舍五入 后)。姜瑾华女士、魏叶忠先生、沈其甫先生、郑文荣先生、沈福泉先生、祝全明先生、韦志明先生、 赵长海先生以及潘荣观先生本次减持计划已实施完毕。 ...

福莱特（601865）玻璃(06865)公布，近日，公司收到控股股东及董事、监事、高级管理人员姜瑾华女 士、魏叶忠先生、沈其甫先生、郑文荣先生、沈福泉先生、祝全明先生、韦志明先生、赵长海先生以及 公司特定股东潘荣观先生出具的《关于减持股份进展的告知函》。截至2025年9月30日，上述股东通过 集中竞价及/或大宗交易方式合计减持公司股份2998.03万股，占公司总股本的1.2796%(四舍五入后)。姜 瑾华女士、魏叶忠先生、沈其甫先生、郑文荣先生、沈福泉先生、祝全明先生、韦志明先生、赵长海先 生以及潘荣观先生本次减持计划已实施完毕。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 福萊特玻璃集團股份有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06865 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 441,715,000 | RMB | | 0.25 | RMB | | 110,428,750 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 441,715,000 | RMB | | 0.25 | RMB | | 110,428,750 | | 2 ...

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） 海外監管公告 本公告乃由福萊特玻璃集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條作出。 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關於部分股東及董監高 股份減持計劃實施完成暨減持結果公告》，僅供參閱。 承董事會命 本次减持计划实施前，福莱特玻璃集团股份有限公司（以下简称"公司"） 公司控股股东、实际控制人、董事姜瑾华女士持有公司股份 324,192,600 股（其 中 324,081,600 股 A 股，111,000 股 H 股），占公司当前总股本的比例为 13.8371%； 公司董事、副总裁魏叶忠先生持有公司股份 15,600,600 股，占公司当前总股本的 比例为 0.6659%；公司董 ...

Group 1 - The Hang Seng Index rose by 0.04%, gaining 11 points to close at 26,840 points, while the Hang Seng Tech Index increased by 0.63% [1] - Shanghai Electric (601727) surged by 15.72%, hitting the upper limit in A-shares, driven by recent positive developments in the controllable nuclear fusion sector [1] - Hua Hong Semiconductor (01347) climbed 6.75%, reaching a new high as local supply chain integration accelerates, with domestic foundry demand expected to expand rapidly [1] - Jiangxi Copper (600362) shares rose by 11%, as the company is a leading copper smelter in China, with First Quantum's copper mine expected to resume production [1] - Luoyang Molybdenum (603993) increased by 8%, following a significant rise in cobalt prices, which surged over 11% in the previous two days due to strict export controls from the Congo [1] Group 2 - Hang Seng Bank (00011) saw a 26% increase, following HSBC's recommendation for its privatization [2] - Solar energy stocks experienced gains, with upstream prices rising more than downstream prices in September; New Special Energy (01799) rose 4.52%, Flat Glass (601865) increased by 7.67%, and GCL-Poly Energy (03800) gained 3.73% [2] - High-speed rail infrastructure stocks led the gains, with record railway investment progress; China Railway (601390) rose 9%, China Metallurgical Group (601618) increased by 6%, and CRRC Corporation (601766) gained 4.17% [2] - ZTE Corporation (00763) saw both A and H shares rise, with the launch of Co-Sight super intelligent system indicating positive growth potential in the enterprise AI market; H shares increased by 10.73% [2] Group 3 - Mixue Group (02097) rose 8.96% despite market trends, as it made a forward-looking investment in fresh beer brand Fulu, expanding its "tea + coffee + fresh beer" portfolio [3] - The Hang Seng Biotechnology Index fell by 3.52%, with notable declines in stocks such as Innovent Biologics (09969) down over 9%, I-Mab (01801) down over 6%, and China Biologic Products (01177) down over 6% [3] Group 4 - Smoore International (06969) dropped over 9%, having fallen more than 30% from its year-to-date high, with UBS projecting lower earnings than market consensus [4]