证券代码：603396 证券简称：金辰股份 公告编号：2026-016 营口金辰机械股份有限公司 关于开立理财专用结算账户的公告 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。 营口金辰机械股份有限公司（以下简称"公司"）于2026年1月19日分别召 开了董事会审计委员会2026年第一次会议和第五届董事会第十九次会议，分别审 议通过了《关于使用部分闲置募集资金进行现金管理及募集资金余额以协定存款 方式存放的议案》，同意公司及子公司使用总额不超过人民币50,000万元的闲置 募集资金进行现金管理。上述额度自公司第五届董事会第十九次会议审议通过之 日起十二个月内有效。单笔投资期限不得超过十二个月，在上述额度及期限范围 内可循环滚动使用。公司董事会授权董事长在上述额度和期限范围内行使该项投 资决策权并签署相关合同文件。保荐机构对上述事项出具了同意的核查意见，具 体内容详见公司于2026年1月20日在上海证券交易所网站（www.sse.com.cn）披 露的《关于使用部分闲置募集资金进行现金管理及募集资金余额以协定存款方式 存放的公告 ...

关于使用部分闲置募集资金购买理财产品到期赎回的公告 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。 营口金辰机械股份有限公司（以下简称"公司"）于2026年1月19日分别召 开了董事会审计委员会2026年第一次会议和第五届董事会第十九次会议，分别审 议通过了《关于使用部分闲置募集资金进行现金管理及募集资金余额以协定存款 方式存放的议案》，同意公司及子公司使用总额不超过人民币50,000万元的闲置 募集资金进行现金管理。上述额度自公司第五届董事会第十九次会议审议通过之 日起十二个月内有效。单笔投资期限不得超过十二个月，在上述额度及期限范围 内可循环滚动使用。公司董事会授权董事长在上述额度和期限范围内行使该项投 资决策权并签署相关合同文件。保荐机构对上述事项出具了同意的核查意见，具 体内容详见公司于2026年1月20日在上海证券交易所网站（www.sse.com.cn）披 露的《关于使用部分闲置募集资金进行现金管理及募集资金余额以协定存款方式 存放的公告》（公告编号：2026-001）。 一、理财产品到期赎回情况 营口金辰机械股份 ...

证券代码：603396 证券简称：金辰股份 公告编号：2026-013 营口金辰机械股份有限公司 关于使用部分闲置募集资金购买理财产品到期赎回的公告 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。 营口金辰机械股份有限公司（以下简称"公司"）于2026年1月19日分别召 开了董事会审计委员会2026年第一次会议和第五届董事会第十九次会议，分别审 议通过了《关于使用部分闲置募集资金进行现金管理及募集资金余额以协定存款 方式存放的议案》，同意公司及子公司使用总额不超过人民币50,000万元的闲置 募集资金进行现金管理。上述额度自公司第五届董事会第十九次会议审议通过之 日起十二个月内有效。单笔投资期限不得超过十二个月，在上述额度及期限范围 内可循环滚动使用。公司董事会授权董事长在上述额度和期限范围内行使该项投 资决策权并签署相关合同文件。保荐机构对上述事项出具了同意的核查意见，具 体内容详见公司于2026年1月20日在上海证券交易所网站（www.sse.com.cn）披 露的《关于使用部分闲置募集资金进行现金管理及募集资金余额以协定 ...

证券代码：603396 证券简称：金辰股份 公告编号：2026-014 营口金辰机械股份有限公司 关于参股公司苏州辰锦智能科技有限公司 申请破产清算的进展公告 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法律责任。 本裁定作出后立即生效。 二、对上市公司的影响 重要提示： 营口金辰机械股份有限公司（以下简称"公司"）于 2024 年 3 月 13 日召 开了第五届董事会第四次会议，审议通过了《关于参股公司苏州辰锦智能科技有 限公司申请破产清算的议案》，公司同意苏州辰锦智能科技有限公司（简称"辰锦 智能""辰锦公司"）申请破产清算，具体内容详见公司于 2024 年 3 月 14 日在上 海证券交易所网站（www.sse.com.cn）披露的《营口金辰机械股份有限公司关于 参股公司苏州辰锦智能科技有限公司申请破产清算的公告》（公告编号： 2024-036）； 辰锦智能的破产清算不会影响公司现有主营业务的生产经营，公司对辰 锦智能的债权预计无法全部收回，但扣除前期已计提的坏账准备，本次破产清算 对本年损益不产生重大影响，最终实际影响以破产清 ...

Investment Rating - The report maintains a positive outlook on the photovoltaic equipment industry, indicating a recovery and growth trajectory for 2026, driven by space computing applications and increasing overseas ground demand. Core Insights - The photovoltaic equipment sector is characterized by both growth and cyclical attributes, with supply, demand, and technological factors resonating together [2]. - The industry is expected to enter a recovery phase in 2026, following a significant adjustment in 2025, where leading equipment manufacturers have strengthened cash flow management and reduced operational risks [5]. - The emergence of space computing applications is anticipated to expand the long-term growth potential of the photovoltaic sector, transitioning from ground energy to orbital energy systems [5]. - Overseas demand, particularly from the U.S. and the Middle East, is projected to be a significant source of incremental growth in 2026, with U.S. solar installations remaining robust and local manufacturing policies enhancing supply chain security [5]. - A new round of technological iterations is seen as a key variable for capacity reset amid supply-demand imbalances, with advancements in HJT technology expected to drive structural expansion [5]. Summary by Sections Section 1: 2025 Industry Fundamentals and 2026 Outlook - The fundamentals of leading photovoltaic equipment manufacturers are expected to bottom out in 2025, with a positive outlook for 2026 driven by recovery in equipment orders [5]. - The report highlights the importance of cash flow management and risk control among leading manufacturers, with adjustments in payment models to mitigate risks during industry downturns [9][10]. Section 2: Space Computing Applications - The report discusses the significant reduction in launch costs due to advancements in reusable rocket technology, which is expected to facilitate the deployment of space data centers powered by photovoltaic energy [38]. - The U.S. and China are leading in the planning and deployment of space computing capabilities, with ambitious goals for satellite constellations and data centers [41][42]. Section 3: Overseas Ground Demand - The U.S. market is highlighted as a key area for growth, with local manufacturing policies and high installation rates driving demand for photovoltaic equipment [5]. - The report notes that Middle Eastern countries are also increasing their solar installation plans, providing further opportunities for growth [5]. Section 4: Domestic Policy Changes and Technological Iteration - The report emphasizes the need to monitor domestic policy changes and the ongoing technological advancements within the industry, which are crucial for maintaining competitiveness [5]. Section 5: Investment Recommendations - The report recommends focusing on leading companies in the HJT technology space, such as Maiwei Co., Jinsheng Electric, and Aotwei, as well as those specializing in automation and thin silicon wafer cutting equipment [5].

Group 1 - The core view of the report indicates that the photovoltaic equipment sector is expected to recover in 2026, driven by the application of space computing power and growth in overseas ground demand [5][8] - The report highlights that the supply and demand dynamics, along with technological factors, give photovoltaic equipment both growth and cyclical attributes [2] - The report emphasizes that the leading equipment manufacturers have strengthened cash flow management through adjusted payment models, which enhances their risk control capabilities [9][10] Group 2 - The application of space computing power is accelerating, transitioning photovoltaic energy from terrestrial to orbital energy systems, thus opening up long-term growth potential [5][38] - The report notes that overseas ground demand, particularly in the U.S. and the Middle East, is expected to be a significant source of incremental growth in 2026 [5][41] - The report discusses the importance of domestic policy changes and the continuous iteration of new technologies in the photovoltaic equipment industry [5][34] Group 3 - The report suggests that the photovoltaic equipment sector is entering a new structural expansion window driven by technological upgrades, as the industry faces a supply-demand imbalance [5][56] - Investment recommendations include focusing on leading companies in HJT technology, low-oxygen monocrystalline furnaces, and automation equipment [5][34]

Core Insights - The Chinese photovoltaic equipment industry has evolved from reliance on imports to self-innovation and now leads globally, undergoing several stages including technological exploration, domestic breakthroughs, and high-quality leadership [7]. Industry Overview - The photovoltaic equipment industry includes various types of equipment used in the production of raw materials, batteries, and components, categorized into five main types: silicon rod/ingot manufacturing equipment, wafer manufacturing equipment, cell manufacturing equipment, crystalline silicon module manufacturing equipment, and thin-film module manufacturing equipment [1][12]. Company Landscape - Key companies in the silicon rod/ingot manufacturing segment include Jingcheng Machinery (晶盛机电), Liancheng CNC (连城数控), Robotech (罗博特科), and Shuangliang Energy (双良节能) [3][6]. - In the wafer manufacturing segment, notable companies are Jingcheng Machinery, Jincheng Co. (金辰股份), and Dier Laser (帝尔激光) [4][6]. - For cell manufacturing, leading firms include Jiejia Weichuang (捷佳伟创), Jingcheng Machinery, and Liancheng CNC [4][6]. - In the module manufacturing segment, key players are Jingcheng Machinery, Jincheng Co., and Xian Dao Intelligent (先导智能) [4][6]. Industry Development - The industry has achieved a complete supply capability, covering the entire photovoltaic production chain from silicon material production to module manufacturing, including water purification, environmental treatment, and related testing equipment [9][11]. - High domestic substitution rates have been observed in products such as cleaning equipment, texturing machines, diffusion furnaces, and various automation devices, with some products already exported [11]. Market Size - Since 2018, the scale of the Chinese photovoltaic equipment industry has been on a continuous rise, projected to exceed 130 billion yuan in 2024, reflecting an 18.2% year-on-year growth [12].

Group 1 - Jinchen Co., Ltd. experienced a stock price decline of 2.27% on February 11, closing at 43.88 yuan per share, with a trading volume of 439 million yuan and a turnover rate of 7.13%. The total market capitalization is 6.079 billion yuan. The stock has fallen for five consecutive days, with a cumulative decline of 17.98% during this period [1] - Jinchen Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on August 30, 2004. The company was listed on October 18, 2017, and its main business involves the research, design, manufacturing, and sales of high-end intelligent equipment. The revenue composition is as follows: photovoltaic module equipment 98.13%, other functional equipment and accessories 1.22%, others 0.48%, and photovoltaic cell equipment 0.17% [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Great Wall Fund holds a significant position in Jinchen Co., Ltd. The Great Wall China Intelligent Manufacturing Mixed A Fund (001880) reduced its holdings by 86,500 shares in the fourth quarter, retaining 132,600 shares, which accounts for 3.74% of the fund's net value, ranking as the seventh largest heavy stock. The estimated floating loss today is approximately 135,300 yuan, with a total floating loss of 1.2756 million yuan during the five-day decline [2] - The Great Wall China Intelligent Manufacturing Mixed A Fund (001880) was established on March 15, 2017, with a current scale of 107 million yuan. Year-to-date returns are 2.18%, ranking 6,596 out of 8,884 in its category; the one-year return is 35.24%, ranking 2,967 out of 8,127; and the return since inception is 58.05% [2] Group 3 - The fund manager of the Great Wall China Intelligent Manufacturing Mixed A Fund (001880) is Lei Jun, who has a cumulative tenure of 11 years and 54 days. The total asset scale of the fund is 4.704 billion yuan, with the best fund return during his tenure being 201.64% and the worst being -89.53% [3]

Core Viewpoint - Elon Musk's recent statements and activities have significantly influenced the A-share photovoltaic sector, leading to a surge in stock prices for various companies in this industry [2][3][5]. Group 1: Market Reaction - On January 23, 2026, 24 photovoltaic stocks reached their daily limit up, with the photovoltaic index rising by 7.46%, outperforming the overall market [2]. - Following Musk's remarks about the potential of solar energy in China, several companies, including JinkoSolar and TCL Zhonghuan, saw their stock prices rapidly increase [3][6]. - The A-share photovoltaic sector experienced a collective surge, with stocks like Aotaiwei and Maiwei doubling in price over a two-month period [6]. Group 2: Industry Fundamentals - Despite the recent stock price increases, many photovoltaic companies are still facing financial difficulties, with nearly 70% of 75 companies reporting losses for 2025 [4]. - The photovoltaic industry is currently at a low point, and while some companies are seeing a narrowing of losses, this has not translated into positive market sentiment [4][12]. - The concept of "space photovoltaics" has emerged as a potential new growth area for the industry, driven by the need for new market opportunities amid intense competition in ground-based solar energy [10][13]. Group 3: Future Prospects - Analysts predict that the space photovoltaic market could reach significant sizes, with estimates suggesting a potential market space of 200 billion yuan if 10,000 satellites are launched annually [10]. - Musk's exploration of Chinese photovoltaic companies signals a demand for support from the Chinese supply chain for his space energy ambitions [10][12]. - The push for space photovoltaics may compel companies to focus on new technologies and product quality, potentially leading to a return to value development in the industry [14].

Core Viewpoint - The Chinese photovoltaic industry is currently undergoing a deep adjustment period, with significant challenges in supply and demand dynamics, while also achieving remarkable growth during the "14th Five-Year Plan" period [2][12][13]. Industry Overview - The photovoltaic industry has seen milestone achievements during the "14th Five-Year Plan," including an annual output value exceeding 1 trillion yuan, total exports surpassing 180 billion USD, cumulative installed capacity exceeding 1200 GW, and annual new installations exceeding 300 GW [12][13]. - The cumulative new installed capacity during the "14th Five-Year Plan" is 4.5 times that of the "13th Five-Year Plan," and the cumulative new power generation is 3.6 times higher [5][12]. Current Challenges - The industry is facing a new round of deep adjustments, with the potential for more severe corrections and faster market clearing [4][12]. - The cancellation of the VAT export rebate for photovoltaic products starting April 1, 2026, may further exacerbate supply and demand issues, leading to significant market reshuffling in the second half of the year [4][12]. Regulatory Focus - The Ministry of Industry and Information Technology emphasizes that combating "involution" is a key focus for the industry in 2026, with efforts to balance supply and demand through various regulatory measures [6][16]. - Key strategies include enhancing standards and quality supervision, promoting innovation, and deepening international cooperation to support the industry's global competitiveness [6][17]. Future Directions - The industry is encouraged to shift from scale and price competition to value competition, focusing on technological advancements and collaborative development [7][17]. - The manufacturing sector should prioritize intelligent, green, and integrated development, including smart manufacturing and energy-efficient technologies [8][17].