Core Viewpoint - 弘元绿能 is positioned as a leader in integrated photovoltaic cost management, benefiting from the trends of "anti-involution" in the photovoltaic sector and the integration of solar and storage solutions, which accelerates growth opportunities [1] Industry Summary - The "anti-involution" policy is crucial for national energy transition and enhancing global competitiveness, with expectations for its rapid implementation to boost industry prices and profitability back to reasonable levels [1] - The price of energy storage cells has decreased by approximately 60% since the beginning of 2023, enhancing the cost-effectiveness of solar plus storage solutions and alleviating market concerns regarding photovoltaic integration into the grid [1] - The industry is moving towards "secondary parity" in solar and storage, stimulating growth in end-user demand [1] Company Summary - 弘元绿能 has demonstrated superior cost control capabilities, achieving better-than-expected performance in Q3 2025 against the backdrop of a bottoming out in silicon material prices [1] - The company’s cost advantages in the photovoltaic sector are validated by its strong quarterly results, indicating significant earnings elasticity if the "anti-involution" policy accelerates [1] - The company maintains a "buy" rating based on its growth potential and market positioning [1]

弘元绿色能源股份有限公司 关于使用闲置募集资金进行现金管理的进展公告 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个别及连带责任。 重要内容提示： 证券代码：603185 证券简称：弘元绿能 公告编号：2025-065 ● 已履行的审议程序：弘元绿色能源股份有限公司（以下简称"公司"） 于 2025 年 5 月 20 日召开 2024 年年度股东大会，审议并通过了《关于使用闲置 募集资金进行现金管理的议案》，同意公司在不影响公司募投项目建设和正常经 营业务的前提下，使用总额不超过人民币 38,000 万元（含）的闲置募集资金进 行现金管理，适当购买安全性高、流动性好、有保本约定的理财产品或存款类产 品，投资产品的期限不超过 12 个月，在上述额度内，资金可循环滚动使用。公 司监事会、保荐机构均发表了同意意见。 ● 特别风险提示：公司本次使用暂时闲置的募集资金进行现金管理，投资 的产品为安全性高、流动性好、有保本约定的理财产品，但金融市场可能受宏观 经济的影响，不排除本次现金管理受到市场波动影响预期收益。 一、前次使用部分闲置募集资金进 ...

Core Viewpoint - 弘元绿能's stock has shown significant growth this year, with a year-to-date increase of 94.15%, indicating strong market performance and investor interest [1][2]. Financial Performance - For the period from January to September 2025, 弘元绿能 achieved a revenue of 5.685 billion yuan, representing a year-on-year growth of 6.54% [2]. - The company's net profit attributable to shareholders reached 235 million yuan, marking a substantial year-on-year increase of 114.44% [2]. Stock Market Activity - As of December 2, 弘元绿能's stock price was 31.55 yuan per share, with a market capitalization of 21.551 billion yuan [1]. - The stock experienced a decline of 2.11% during the trading session on December 2, with a trading volume of 130 million yuan and a turnover rate of 0.60% [1]. - The company has appeared on the龙虎榜 three times this year, with the most recent appearance on November 10 [1]. Shareholder Information - As of September 30, 2025, 弘元绿能 had 55,300 shareholders, a decrease of 4.89% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.14% to 12,287 shares [2]. - The top ten circulating shareholders include significant entities such as 香港中央结算有限公司 and 平安研究睿选混合A, with notable changes in their holdings [3]. Dividend Distribution - Since its A-share listing, 弘元绿能 has distributed a total of 2.125 billion yuan in dividends, with 1.338 billion yuan distributed over the past three years [3]. Business Overview - 弘元绿能, established in 2002 and listed in 2018, primarily engages in the research, production, and sales of precision machine tools and monocrystalline silicon materials, with 94.43% of its revenue coming from the photovoltaic silicon industry chain [1]. - The company operates within the electric equipment sector, specifically in photovoltaic equipment and silicon materials [1].

Core Viewpoint - Hongyuan Green Energy's stock rose by 5.4% to 30.85 CNY per share, with a trading volume of 602 million CNY and a market capitalization of 21.073 billion CNY, indicating strong market interest in the company [1] Company Overview - Hongyuan Green Energy Co., Ltd. is located in Wuxi, Jiangsu Province, established on September 28, 2002, and listed on December 28, 2018. The company primarily engages in the research, production, and sales of precision machine tools and monocrystalline silicon materials [1] - The revenue composition of the company is as follows: 94.43% from the photovoltaic silicon industry chain, 3.64% from other supplementary businesses, and 1.93% from equipment and other businesses [1] Shareholder Analysis - Among the top ten circulating shareholders of Hongyuan Green Energy, a fund under Huatai-PB ranked first. The Photovoltaic ETF (515790) reduced its holdings by 89,200 shares in the third quarter, now holding 4.6363 million shares, which is 0.68% of the circulating shares. The estimated floating profit today is approximately 7.3253 million CNY [2] - The Photovoltaic ETF (515790) was established on December 7, 2020, with a latest scale of 13.976 billion CNY. Year-to-date returns are 24.75%, ranking 1795 out of 4206 in its category; the one-year return is 13.34%, ranking 2959 out of 4008; and since inception, it has a loss of 5.43% [2] Fund Manager Performance - The fund managers of the Photovoltaic ETF (515790) are Li Qian and Li Mu Yang. As of the report, Li Qian has a cumulative tenure of 6 years and 26 days, managing assets totaling 44.052 billion CNY, with the best fund return during her tenure being 87.73% and the worst being -18.35% [3] - Li Mu Yang has a cumulative tenure of 4 years and 328 days, managing assets totaling 29.768 billion CNY, with the best fund return during his tenure being 130.74% and the worst being -41.8% [3] Top Holdings Analysis - Huatai-PB's fund, Basic Selection A (007306), holds 141,600 shares of Hongyuan Green Energy, accounting for 4.31% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit today is approximately 223,700 CNY [4] - Basic Selection A (007306) was established on June 5, 2019, with a latest scale of 51.0891 million CNY. Year-to-date returns are 16.55%, ranking 4429 out of 8127 in its category; the one-year return is also 16.55%, ranking 4412 out of 8059; and since inception, it has a return of 47.23% [4] Fund Manager of Basic Selection A - The fund manager of Basic Selection A (007306) is Tan Xiao. As of the report, Tan has a cumulative tenure of 2 years and 121 days, managing assets totaling 21.1 million CNY, with the best fund return during his tenure being 28.55% and the worst being 17% [5]

Core Viewpoint - The photovoltaic (PV) sector is expected to enter a sustained capacity clearing cycle by 2026, with improvements in product pricing, mergers and acquisitions, and higher industry entry barriers anticipated to enhance the competitive landscape and performance of existing PV companies [1] Industry Summary - On November 28, 2025, the photovoltaic ETF Huaxia (515370) rose by 0.33%, with notable gains from stocks such as Maiwei Co., which increased over 7%, and Hongyuan Green Energy, which rose over 3% [1] - The Tianjin Municipal Committee released recommendations for the 15th Five-Year Plan, emphasizing the optimization of oil, gas, electricity, and heating networks, and the construction of new energy infrastructure including wind, solar, and hydrogen energy [1] - Central China Securities predicts that the competitive landscape of the PV industry will improve, with existing companies showing a gradual performance improvement due to low public fund allocation in the PV sector and an anticipated shift in supply-demand dynamics [1] Company Summary - The Huaxia photovoltaic ETF (515370) tracks the CSI Photovoltaic Industry Index, encompassing upstream, midstream, and downstream companies in the PV industry, including silicon wafers, polysilicon, solar cells, cables, photovoltaic glass, battery modules, inverters, solar brackets, and solar power stations, providing a comprehensive reflection of the overall performance of the PV industry [1]

Core Viewpoint - Hongyuan Green Energy's stock has experienced a significant decline, dropping 5.02% on November 21, with a total decrease of 14.93% over the past four days, indicating potential concerns regarding the company's performance and market sentiment [1]. Company Overview - Hongyuan Green Energy Co., Ltd. is located in Wuxi, Jiangsu Province, and was established on September 28, 2002. The company went public on December 28, 2018. Its main business involves the research, production, and sales of precision machine tools and monocrystalline silicon materials [1]. - The revenue composition of the company is as follows: 94.43% from the photovoltaic silicon industry chain, 3.64% from other supplementary businesses, and 1.93% from equipment and other operations [1]. Shareholder Analysis - Among the top ten circulating shareholders of Hongyuan Green Energy, a fund under Huatai-PB is notable. The Photovoltaic ETF (515790) reduced its holdings by 89,200 shares in the third quarter, now holding 4.6363 million shares, which represents 0.68% of the circulating shares. The estimated floating loss today is approximately 7.418 million yuan, with a total floating loss of 25.963 million yuan over the four-day decline [2]. - The Photovoltaic ETF (515790) was established on December 7, 2020, with a current scale of 13.976 billion yuan. Year-to-date returns are 29.61%, ranking 1485 out of 4208 in its category, while the one-year return is 15.34%, ranking 2703 out of 3972. Since inception, it has incurred a loss of 1.74% [2]. Fund Performance - The fund manager of the Photovoltaic ETF (515790) is Li Qian, who has been in the position for 6 years and 19 days, managing assets totaling 44.052 billion yuan. During her tenure, the best fund return was 84.41%, while the worst was -18.35% [3]. - Li Mu Yang, another fund manager, has been in his role for 4 years and 321 days, overseeing assets of 29.768 billion yuan. His best fund return during his tenure was 141.63%, with the worst being -37.33% [3]. Top Holdings - The Huatai-PB Fundamental Selection A Fund (007306) holds 141,600 shares of Hongyuan Green Energy, accounting for 4.31% of the fund's net value, making it the ninth-largest holding. The estimated floating loss today is about 22,660 yuan, with a total floating loss of 79,300 yuan over the four-day decline [4]. - The Huatai-PB Fundamental Selection A Fund was established on June 5, 2019, with a current scale of 5.10891 million yuan. Year-to-date returns are 18.98%, ranking 4156 out of 8136, while the one-year return is 17.34%, ranking 4058 out of 8056. Since inception, the fund has achieved a return of 50.3% [4]. Fund Manager Profile - The fund manager of Huatai-PB Fundamental Selection A Fund (007306) is Tan Xiao, who has been in the position for 2 years and 114 days, managing assets totaling 21.1 million yuan. During his tenure, the best fund return was 38.22%, while the worst was 22.77% [5].

Core Viewpoint - The silicon energy sector experienced a decline of 2.66% as of the market close on November 20, with several companies within the sector facing significant losses, while a few showed gains [1]. Group 1: Sector Performance - The silicon energy concept ranked among the top decliners in the market, with companies like Guosheng Technology and Duofluoride hitting their daily limit down [1]. - Notable declines were observed in Dongyue Silicon Material and Furui Shares, while a total of six stocks within the sector saw price increases, with Dawi Shares leading at a 10.00% rise [1]. Group 2: Capital Flow - The silicon energy sector saw a net outflow of 3.952 billion yuan in principal funds, with 43 stocks experiencing net outflows, and 12 stocks seeing outflows exceeding 100 million yuan [2]. - Duofluoride led the outflow with 1.214 billion yuan, followed by Longi Green Energy and Dongyue Silicon Material with outflows of 559 million yuan and 206 million yuan, respectively [2]. Group 3: Individual Stock Performance - The top decliners in the silicon energy sector included Duofluoride (-9.99%), Longi Green Energy (-5.19%), and Dongyue Silicon Material (-9.55%) [3]. - Conversely, the stocks with the highest net inflows included Dawi Shares (36.9686 million yuan), Hebang Bio (16.0748 million yuan), and Yuanxiang New Materials (10.3564 million yuan) [4].

Group 1 - The core point of the news is that Hongyuan Green Energy's stock has experienced a decline of 5.07%, with a current price of 33.70 yuan per share and a total market capitalization of 230.20 billion yuan [1] - Hongyuan Green Energy, established on September 28, 2002, and listed on December 28, 2018, primarily engages in the research, production, and sales of precision machine tools and monocrystalline silicon materials [1] - The company's main business revenue composition is as follows: 94.43% from the photovoltaic silicon industry chain, 3.64% from other supplementary businesses, and 1.93% from equipment and other businesses [1] Group 2 - From the perspective of fund holdings, Jin Yuan Shun An Fund has one fund heavily invested in Hongyuan Green Energy, specifically the Jin Yuan Shun An Growth Power Flexible Allocation Mixed Fund (620002), which holds 37,600 shares, accounting for 2.92% of the fund's net value [2] - The Jin Yuan Shun An Growth Power Flexible Allocation Mixed Fund (620002) has a total scale of 28.17 million yuan and has achieved a year-to-date return of 23.13%, ranking 3743 out of 8140 in its category [2] - The fund manager, Kong Xiangpeng, has been in position for 8 years and 146 days, with a total asset scale of 14.3 million yuan, while the other manager, Han Chenyang, has been in position for 2 years and 264 days, managing 830 million yuan [3]

Core Points - Hongyuan Green Energy announced the completion of the transfer of 2,200,689 shares to the "Hongyuan Green Energy Co., Ltd. - 2025 Employee Stock Ownership Plan" account at a price of 11.61 yuan per share [2] - The shares transferred represent approximately 0.32% of the company's total share capital [2]

2025 年员工持股计划第一次持有人会议决议公告 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个别及连带责任。 一、持有人会议召开情况 弘元绿色能源股份有限公司（以下简称 "公司"）2025 年员工持股计划第 一次持有人会议于 2025 年 11 月 17 日在公司会议室以现场加通讯方式召开。本 次会议由公司副总经理、董事会秘书庄柯杰先生主持，本次会议应出席持有人 68 人，实际出席持有人 68 人，代表本员工持股计划份额为 2,555 万份，占本员 工持股计划已认购总份额（不含预留部分）的 100%。会议的召集和召开符合《弘 元绿色能源股份有限公司 2025 年员工持股计划（草案修订稿）》（以下简称"《员 工持股计划》"）和《弘元绿色能源股份有限公司 2025 年员工持股计划管理办 法》（以下简称"《持股计划管理办法》"）的有关规定，会议合法有效。 二、持有人会议审议情况 （一）审议通过《关于设立公司 2025 年员工持股计划管理委员会的议案》 根据《弘元绿色能源股份有限公司 2025 年员工持股计划（草案修订稿）》 和《弘元绿色能 ...