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.

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 可转债转股结果暨股份变动公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 累计转股情况：截至2025年9月30日，"晶能转债"累计有人民币119,000 元已转换为晶科能源股份有限公司（以下简称"公司"）股票，累计转股数量为 8,695股，占"晶能转债"转股前公司已发行股份总额的0.000087%。 未转股可转债情况：截至2025年9月30日，"晶能转债"尚未转股的可转 债金额为人民币9,999,881,000元，占"晶能转债"发行总量的99.9988%。 本季度转股情况：自2025年7月1日至2025年9月30日期间，"晶能转债" 共有人民币5,000元已转换为公司股票，转股数量为370股，占"晶能转债"转股 前公司已发行股份总额的0.000004%。 一、可转债发行上市概况 根据中国证券监督管 ...

从基金十大重仓股角度 10月9日，晶科能源涨5.04%，截至发稿，报5.84元/股，成交6.26亿元，换手率1.09%，总市值584.30亿 元。 资料显示，晶科能源股份有限公司位于上海市闵行区申长路1466弄1号晶科中心，成立日期2006年12月 13日，上市日期2022年1月26日，公司主营业务涉及太阳能光伏组件、电池片、硅片的研发、生产和销 售以及光伏技术的应用和产业化,并以此为基础向全球客户提供高效、高质量的太阳能光伏产品。主营 业务收入构成为：产品销售100.00%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，富国基金旗下1只基金重仓晶科能源。富国上证科创板新能源ETF（588960）二季度持有股 数88.09万股，占基金净值比例为7.82%，位居第一大重仓股。根据测算，今日浮盈赚取约24.67万元。 富国上证科创板新能源ETF（588960）基金经理为苏华清。 截至发稿，苏华清累计任职时间1年357天，现任基金资产总规模19 ...

全球最大光伏组件供应商晶科能源（688223.SH）在近日举行的路演中对投资机构表示，由于上半年政 策窗口期抢装需求，下半年国内整体装机预期较上半年下降明显，终端收益率不确定导致部分项目推 迟。各省机制电价竞标结果公布后，可能刺激年终需求。 新能源电价机制改革落地过程中的收益率"迷雾"，是数月以来抑制下游电站开发商投资潮减退的主因。 智通财经注意到，受抢装潮影响，今年4月、5月国内光伏新增装机量直线飙升。但在5月份创下 92.92GW、同比暴增388.03%的史上最高纪录之后，光伏新增装机出现连续骤降：6月份新增装机 14.36GW，同比下降38.45%，环比下降84.55%；7月份新增装机约11GW，同比降低 47.7%，创2025年 以来新低；8月份新增装机7.36GW，同比下降55.29%，环比下降33.33%。各地的机制电价竞价细则出 台之前，新能源投资在低谷徘徊。 正泰新能源董事长陆川此前曾对智通财经坦言，对于投资方而言，收益率的可预见性比产业链价格涨跌 更关键，"仅靠产能出清难以扭转光伏行业困局，现在需要更清晰的电价政策。"他向智通财经表示，如 果机制电价明确，哪怕很低，可以倒推出系统投资和可以接 ...

Core Viewpoint - The integration of solar and energy storage (光储融合) is becoming a standard in the photovoltaic industry, with companies like 阳光电源 achieving significant profitability and market capitalization growth due to their strategic positioning in this sector [2][14]. Group 1: Industry Trends - The photovoltaic industry is witnessing a shift towards solar-storage integration, with major players like 隆基绿能 and 阿特斯 actively pursuing energy storage business opportunities [4][6]. - The demand for energy storage is driven by the need to stabilize the grid and enhance the efficiency of renewable energy consumption, particularly in the context of fluctuating electricity prices [10][11]. - Recent policy changes, such as the relaxation of market price limits, are expected to further enhance the economic viability of solar-storage models [10][12]. Group 2: Company Performance - 阳光电源 reported a revenue of 435 billion yuan in the first half of the year, a 40% year-on-year increase, with a net profit of 77 billion yuan, up 56% [2][14]. - 阿特斯 achieved a significant increase in energy storage system deliveries, reaching 3.1 GWh in the first half of the year, with a 140% quarter-on-quarter growth in the second quarter [14]. - Companies that have strategically integrated energy storage into their operations are experiencing improved profitability, while those without adequate preparation may struggle in the competitive landscape [16]. Group 3: Market Opportunities - The global energy storage market is projected to grow at a compound annual growth rate of 20% to 30% in the coming years, with strong demand anticipated in regions like Europe, the United States, and Australia [16]. - The integration of solar and energy storage is seen as a critical pathway for companies to navigate through industry cycles and achieve sustainable development [16][18]. - The upcoming ESIE 2026 event is expected to serve as a platform for showcasing technological advancements and fostering collaboration within the energy storage sector [17][18].

Company Overview - JinkoSolar is based in Shanghai and was established on December 13, 2006, with its listing date on January 26, 2022. The company specializes in the research, production, and sales of solar photovoltaic modules, cells, and wafers, providing high-quality solar products globally [1]. Financial Performance - As of June 30, 2025, JinkoSolar reported a revenue of 31.83 billion yuan, a year-on-year decrease of 32.63%. The net profit attributable to shareholders was -2.91 billion yuan, reflecting a significant decline of 342.38% compared to the previous period [2]. - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed over the past three years [3]. Stock Performance - On September 30, JinkoSolar's stock price increased by 2.03% to 5.53 yuan per share, with a trading volume of 113 million yuan and a turnover rate of 0.21%. The total market capitalization reached 55.329 billion yuan [1]. - Year-to-date, the stock has declined by 22.22%, but it has seen an increase of 8.43% over the last five trading days. In the last 20 days, the stock decreased by 0.36%, and over the last 60 days, it fell by 0.18% [1]. Shareholder Information - As of June 30, 2025, JinkoSolar had 74,200 shareholders, an increase of 0.89% from the previous period. The average number of circulating shares per shareholder was 134,811, a decrease of 0.88% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 438 million shares, an increase of 57.21 million shares from the previous period. Other notable shareholders include Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF, with varying changes in their holdings [3]. Industry Classification - JinkoSolar is classified under the power equipment sector, specifically in photovoltaic equipment and photovoltaic cell modules. The company is associated with concepts such as photovoltaic recycling, BIPV, BC batteries, low pricing, and HJT batteries [1].

Group 1 - JinkoSolar's stock increased by 1.12% on September 29, with a trading volume of 439 million yuan [1] - The financing data shows a net financing outflow of 3.325 million yuan on the same day, with a total financing and securities balance of 946 million yuan [1] - The current financing balance of JinkoSolar is 943 million yuan, accounting for 1.74% of its market capitalization, indicating a high level compared to the past year [1] Group 2 - As of June 30, JinkoSolar had 74,200 shareholders, an increase of 0.89%, while the average circulating shares per person decreased by 0.88% [2] - For the first half of 2025, JinkoSolar reported a revenue of 31.831 billion yuan, a year-on-year decrease of 32.63%, and a net profit attributable to shareholders of -2.909 billion yuan, a decrease of 342.38% [2] Group 3 - JinkoSolar has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed in the last three years [3] - As of June 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 438 million shares, an increase of 57.206 million shares from the previous period [3] - The fourth-largest circulating shareholder is Huaxia SSE STAR 50 ETF, holding 220 million shares, a decrease of 5.7367 million shares from the previous period [3]

证券日报网讯 9月29日晚间，晶科能源发布公告称，公司无逾期对外担保情况。 （文章来源：证券日报） ...

晶科能源股份有限公司 关于出售子公司股权进展情况的公告 本公司董事会、全体董事及相关股东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。 一、交易概述 | 证券代码：688223 | 证券简称：晶科能源 公告编号：2025-059 | | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | 2025 年 9 月 30 日 根据各方签署的《股权收购协议》约定，帝科股份应于协议签署后的五（5） 个工作日内以现金方式向浙江晶科支付交易对价的 20%即人民币 1,600 万元作为 第一期交易对价。浙江晶科已收到交易对手方帝科股份支付的第一期交易对价款 人民币 1,600 万元。具体内容详见公司 2025 年 9 月 13 日于上海证券交易所网站 （www.sse.com.cn）披露的《晶科能源股份有限公司关于出售子公司股权进展情 况的公告》（公告编号：2025-054）。 公司于 2025 年 9 月 25 日召开 2025 年第一次临时股东大会审议通过了《关 于出售子公司股权的议案》，具体详见公司于 2025 年 9 月 26 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 一、担保情况概述 为满足公司及相关子公司经营发展需要，公司为子公司以及子公司为公司向 金融机构申请融资提供连带责任保证担保，本次公告担保金额合计为人民币 77.2 亿元，其中公司为子公司提供担保的额度为人民币 18.2 亿元，子公司为公司提 供担保额度为人民币 59 亿元，具体如下： 1、公司向交通银行股份有限公司上饶分行申请授信敞口不超过人民币 13 亿元（或等值外币），具体以签订的授信合同为准，公司为上述敞口授信额度提 供自有土地及厂房抵押担保，并追加晶科能源（楚雄）有限公司、青海晶科能源 有限公司、海宁晶科能源智造有限公司为上述贷款额度提供最高额连带责任保证 担保，担保金额为人民币 13 亿元（或等值外币），具体以签订的担保协议为准。 2、公司向北京银行股份有限公司南昌红谷滩支行申请综合授信额度不超过 人民币 10 亿元（或等值外币），具体以签订的授信合同为准，由浙江晶科能源 有限公司为该笔综合授信额度提供最高额连带责 ...