福莱特玻璃集团股份有限公司 关于开展期货和衍生品套期保值业务的 可行性分析报告 一、交易目的的概述 为有效地防范原材料价格波动带来的市场风险，并提高福莱特玻璃集团股份 有限公司（以下简称"公司"）及控股子公司应对外汇波动风险的能力，增强财 务稳健性，公司及控股子公司拟利用期货和衍生品的套期保值功能，开展期货和 衍生品套期保值交易业务。公司及控股子公司开展期货和衍生品交易业务与日常 经营紧密相关，以套期保值为原则，不存在投机性操作，符合公司经营发展的需 要。 公司及控股子公司以期货、期权、远期等作为套期工具。公司的原材料和外 汇业务与期货和衍生品套期保值业务之间存在高度相关性，公司的业务与套期工 具之间存在明确的风险相互对冲关系。原材料价格的波动以及汇率的变化给公司 的经营带来较大的不确定性，而通过套期保值操作，可以在一定程度上锁定价格 和汇率，降低风险敞口。通过开展期货和衍生品套期保值业务，可以有效应对风 险，稳定公司的经营业绩，保障公司的持续发展。 二、交易的基本情况 （一）交易金额 期货和衍生品套期保值业务最高持仓合约金额不超过人民币 20 亿元（含外 币折算人民币汇总），即授权期限内任一时点的持仓合约金 ...

| 证券代码：601865 | 证券简称：福莱特 | 公告编号：2025-054 | | --- | --- | --- | | 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 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。 福莱特玻璃集团股份有限公司(以下简称"公司"或"本公司")董事会根据中国 证券监督管理委员会《上市公司募集资金监管规则》及《上海证券交易所上市公 司自律监管指引第 1 号—规范运作》的规定，编制了截至 2025 年 6 月 30 日止募 集资金存放与实际使用情况的专项报告(以下简称"募集资金存放与实际使用情 况报告")。现将截至 2025 年 6 月 30 日止募集资金存放与实际使用情况专项说明 如下： 一、募集资金基本情况 （一）2022 年 5 月公开发行 A 股可转换公司债券募集资金情况 经中国证券监督管理委员会证监许可[2022]664 号文《关于核准福莱特玻璃 集团股份有限公司公开发行可转换公司债券的批复》核准，本公司向社会公众公 开发行面值总额人民币 400 ...

| 证券代码：601865 | 股票简称：福莱特 | 公告编号：2025-055 | | --- | --- | --- | | 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 关于开展期货和衍生品套期保值业务的公告 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： 交易目的：为有效地防范原材料价格波动带来的市场风险，并提高公司 应对外汇波动风险的能力，增强财务稳健性，福莱特玻璃集团股份有限公司（简 称"公司"）及控股子公司拟利用期货和衍生品的套期保值功能，开展套期保值业 务。公司及控股子公司开展期货和衍生品交易业务与日常经营紧密相关，以套期 保值为原则，不存在投机性操作，符合公司经营发展的需要。 交易品种：公司及控股子公司开展期货套期保值业务的品种仅限于与公 司生产经营相关的原材料。公司及控股子公司开展衍生品套期保值业务的品种仅 限于与公司经营相关的外汇汇率及利率。 交易工具：包括但不限于期货、期权、远期、掉期等金融工具。 交易场所：包括但不限于郑州商品交易所、上海期货交易所 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - The report highlights that the electric equipment and new energy industry has shown stable market performance over the past year, with key developments including the establishment of national technical standards for humanoid robots led by UBTECH and the ongoing discussions to prevent price wars in the photovoltaic sector [1][3][4]. Summary by Sections Preferred Stocks - The report lists several preferred stocks with their 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 - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deyang Co., Ltd. (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2]. Industry Developments - UBTECH has led the approval of two national standards for humanoid robots, focusing on positioning navigation and human-machine interaction [3]. - A meeting held by the Ministry of Industry and Information Technology emphasized the importance of maintaining fair competition in the photovoltaic industry and called for the orderly exit of outdated production capacity [5]. - The China Photovoltaic Industry Association has proposed initiatives to strengthen industry self-discipline and maintain a fair market order [4]. Price Tracking - The report provides price tracking for various components in the photovoltaic supply chain: - Polysilicon prices remain stable at 44.0 CNY/kg [6]. - Silicon wafer prices are stable, with N-type wafers priced at 1.20 CNY/piece [7]. - Battery cell prices are also stable, with N-type cells priced at 0.290 CNY/W [8]. - Module prices for TOPCon dual-glass components are stable at 0.685 CNY/W [8]. - Glass prices for photovoltaic applications remain unchanged [8]. Investment Recommendations - The report recommends focusing on companies in various strategic directions: - BC new technology: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement: Daqian Energy, Fulete - Overseas layout: Hengdian East Magnet, Sungrow Power Supply, Canadian Solar, Deyang Co., Ltd. - Market-oriented electricity: Langxin Group - Domestic substitution: Quartz Co., Ltd. [9].

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector, indicating a positive outlook for the industry [7]. Core Insights - The report highlights significant improvements in the performance of the renewable energy sector, particularly in the photovoltaic (PV) and wind power segments, driven by national strategic initiatives aimed at reducing competition and enhancing industry stability [4][5]. - The photovoltaic industry is currently at the bottom of its cycle, with future policy measures expected to be critical in shaping the industry's trajectory towards high-quality development [4]. - The wind power sector is experiencing a favorable supply-demand structure, with increasing profitability among companies, particularly in offshore wind projects [4]. Weekly Market Review - From August 18 to August 22, 2025, the Shanghai Composite Index rose by 3.49%, while the Shenzhen Component Index and the ChiNext Index increased by 4.57% and 5.85%, respectively. The Shenwan Electric Power Equipment Index rose by 2.28%, underperforming the CSI 300 by 1.90 percentage points [2][13]. - Within sub-sectors, photovoltaic equipment saw a rise of 3.47%, while wind power equipment decreased by 0.90% [2][13]. Key Sector Tracking - Longi Green Energy reported a revenue of 32.8 billion yuan for the first half of 2025, a decline of 14.83% year-on-year, with a net loss of 2.569 billion yuan, significantly reduced from a loss of 5.23 billion yuan in the same period last year [3][34]. - The report emphasizes the importance of government subsidies and the impact of market pricing on operational losses within the photovoltaic sector [3][34]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on companies with clear alpha potential in the silicon material, glass, and battery segments, as well as new technologies and leading manufacturers [4]. - In the wind power sector, the report recommends attention to companies with strong performance in offshore wind projects and related supply chains, such as Goldwind Technology and Orient Cable [4]. Industry Performance Data - The report notes that the cumulative installed capacity of new energy storage in China reached 101.3 GW by mid-2025, marking a year-on-year growth of 110% [22]. - The average utilization hours of power generation equipment decreased by 188 hours compared to the previous year, indicating challenges in the overall energy market [26]. Company Announcements - EVE Energy reported a revenue increase of 30.06% year-on-year for the first half of 2025, driven by strong performance in both power and energy storage battery segments [24]. - JA Solar's net loss narrowed significantly, reflecting improved operational efficiency and market conditions [24]. Price Trends - The report provides insights into the price trends of key materials in the industry, including polysilicon and battery cells, indicating a general upward trend in prices due to supply constraints and increased demand [22][23].

福莱特最新一期业绩显示，截至2025一季报，公司营业总收入40.79亿元、同比减少28.76%，归属净利 润1.06亿元，同比减少86.03%，扣非净利润1.02亿元，同比减少86.56%，流动比率1.604、速动比率 1.430、资产负债率49.38%。 金融界消息 截至2025年8月25日收盘，福莱特（601865）报收于17.05元，上涨1.25%，换手率1.69%， 成交量32.18万手，成交金额5.48亿元。 资金流向方面，今日主力资金净流出1152.74万元，占比成交额2.1%。其中，超大单净流入976.48万 元、占成交额1.78%，大单净流出2129.23万元、占成交额3.88%，中单净流出流出3154.70万元、占成交 额5.75%，小单净流入4307.44万元、占成交额7.86%。 天眼查商业履历信息显示，福莱特玻璃集团股份有限公司，成立于1998年，位于嘉兴市，是一家以从事 非金属矿物制品业为主的企业。企业注册资本58572.982025万人民币，实缴资本58450.989125万人民 币。公司法定代表人为阮洪良。 通过天眼查大数据分析，福莱特玻璃集团股份有限公司共对外投资了24家企业， ...

Group 1 - The core viewpoint of the article highlights a positive trend in the photovoltaic sector, with several companies like Aiko Solar and Hongyuan Green Energy showing improved performance in the first half of the year, either reducing losses or turning profitable [1] - Companies such as GCL-Poly Energy (03800), Xinyi Solar (00968), and Flat Glass (06865) have seen their stock prices increase, indicating a bullish sentiment in the market [1] - The report from Everbright Securities indicates that recent bidding prices for components have risen significantly, which is expected to alleviate losses for manufacturing companies [1] Group 2 - The photovoltaic industry is undergoing a "de-involution" process, with adjustments in polysilicon prices being gradually accepted by the downstream market, suggesting that component prices may soon return to cost levels [1] - The industry is likely to maintain low production loads and low profit margins as a new norm, emphasizing the importance of both manufacturing and asset management in the sector [1] - There is a cautionary note regarding the potential impact of policy changes on the profitability of power station companies, particularly in relation to Document No. 136 and the manufacturing sector [1]

Group 1 - The core point of the article is that Fuyao Glass Group Co., Ltd. has applied for a patent for a thin-film solar cell and its manufacturing method, which aims to improve efficiency and reduce manufacturing difficulties [1] - The patent application was published under CN120529652A, with an application date of May 2025 [1] - The thin-film solar cell design includes a glass substrate with multiple layers, and features grooves that penetrate the back electrode layer, which helps prevent short circuits and improves the overall conversion efficiency [1] Group 2 - Fuyao Glass Group Co., Ltd. was established in 1998 and is located in Jiaxing City, primarily engaged in the non-metallic mineral products industry [2] - The company has a registered capital of approximately 5.86 billion RMB [2] - Fuyao Glass has invested in 24 companies, participated in 56 bidding projects, and holds 187 patents along with 57 trademark registrations [2]

Core Viewpoint - The successful approval of the Fulete Group's gas supply pipeline project in Jiaxing is expected to enhance energy supply and economic development in the region [1] Group 1: Project Overview - The project includes one pipeline divided into three sections and involves two key stations: the 1 gas receiving station and the 3 Yunhe Road factory gate station, along with one 2 valve room [1] - The total investment for the project is 225 million yuan, covering a significant land area [1] Group 2: Economic Impact - The project introduces a direct gas supply model for large industrial users, which is a first in the province [1] - It is anticipated that the project will reduce gas costs for the company by up to 200 million yuan annually, significantly alleviating the financial burden and enhancing market competitiveness [1] - The Fulete Glass Group has been granted the qualification for the direct gas supply pilot project from the State Grid Zhejiang Natural Gas Pipeline Company, with current gas delivery at approximately 460 million cubic meters per year, and a long-term plan to reach 600 million cubic meters [1]

Group 1: Photovoltaic Industry - The Ministry of Industry and Information Technology (MIIT) is actively coordinating between power generation companies and local industries to enhance price transmission from manufacturing to power stations, emphasizing a market-oriented and legal approach to eliminate outdated production capacity [1] - The average bidding price for components from China Resources and China Huadian has increased by 5-8% month-on-month, while silicon material companies have proactively limited production, leading to a 10% decrease in silicon wafer inventory over two weeks [1] - The investment sequence indicates a tight supply of silicon materials in Q3, a premium for BC battery technology in Q4, and a simultaneous increase in both volume and price of auxiliary materials such as glass and adhesive films [1][2] Group 2: Solid-State Battery Technology - A breakthrough in solid-state battery technology has been achieved with the introduction of 5μm vapor-deposited lithium anodes, significantly reducing dendrite risk and achieving over 500 cycles with a capacity retention rate above 90% [3] - The cost of 5μm vapor-deposited lithium is projected to drop to 2 million yuan per GWh, compared to 4 million yuan for 20μm rolled lithium foil, indicating a substantial cost reduction in the industry [3] - The solid-state battery market could reach 50-100 billion yuan by 2030, driven by the demand for 100GWh of global solid-state battery production [3] Group 3: Robotics Industry - The T-Link Gen3 technology is reshaping the supply chain with a focus on lightweight materials, energy efficiency, and sensor integration, leading to a re-tendering of motors, reducers, and lead screws [4] - The use of PEEK materials has reduced costs by 30% compared to imports, and the new harmonic magnetic field motors have achieved a 50% reduction in size while doubling power density [5] - The 3D vision solution from Orbbec has a single machine value of 200 USD, and the company has passed factory audits [6] Group 4: Semiconductor and AI Models - The DeepSeek model has been upgraded to V3.1, expanding the context length from 64K to 128K, which is expected to increase demand for GPU memory and HBM [7] - The need for larger training clusters is anticipated to rise by 30%, benefiting semiconductor and storage manufacturers such as Cambricon, Haiguang, and Lanke [7] Group 5: Pharmaceutical Industry - Rongchang Biotech has licensed its ophthalmic drug RC28-E to Japan's Santen Pharmaceutical, marking a shift in domestic innovative drug licensing from popular fields like oncology to specialized areas with differentiated advantages [8] - This collaboration model provides a clear path for value realization in less popular biotech sectors through upfront payments, milestones, and sales sharing, enhancing cash flow and leveraging established commercialization channels [8] Group 6: High-Speed Rail Industry - The China National Railway Group has initiated its second batch of high-speed train tenders for the year, with 210 sets, marking a recent high and exceeding market expectations [9] - This move reinforces the trend of sustained railway investment recovery, with new construction and maintenance peaks positively impacting the performance certainty of core companies in the industry [9]