Suspension and Resumption of Trading - Huafeng Co., Ltd.: The controlling shareholder and actual controller are both proposed to be changed to Chen Yun, and the stock will resume trading [1] - Chaozhuo Aerospace Technology: The actual controller will change to Hubei Provincial State-owned Assets Supervision and Administration Commission, and the stock will resume trading [2] - ST Tianrui: The company's controlling shareholder and actual controller are planning a change in control, and the stock is suspended [2] - Kaizhong Co., Ltd.: Plans to acquire 60% equity of Anhui Tuosheng Automotive Parts Co., Ltd., and the stock will resume trading [2] - Jiarong Technology: Plans to acquire 100% equity of Hangzhou Lanran, and the stock will resume trading. The target company focuses on the research and application of electrodialysis technology, covering a complete industrial chain [2] - Enjie Co., Ltd.: Plans to acquire 100% equity of Zhongke Hualian, and the stock is suspended [2] Mergers and Acquisitions - Dongfang Precision: Plans to sell 100% equity of Fosber Group and two other companies for cash, which is expected to constitute a major asset restructuring [3] Share Buybacks and Increases - China Jushi: Zhenstone Group plans to increase its shareholding in the company by 550 million to 1.1 billion yuan [4] Investment Cooperation and Operational Status - JinkoSolar: Expects global energy storage installation demand to exceed 400 GWh next year, with a target of doubling the shipment of storage systems [5] - Lijun Co., Ltd.: Its wholly-owned subsidiary signed a sales contract with GRANDWAY for high-pressure roller mills and related equipment, with a total contract amount of 57.6077 million USD, accounting for 52.53% of the audited consolidated revenue for 2024 [5] - Saimo Intelligent: The controlling subsidiary established Zhongcai Aviation to engage in the research and development of drone detection and countermeasure solutions [5] - Baili Tianheng: Received a milestone payment of 250 million USD from Bristol-Myers Squibb for the iza-bren project [6] - Jiangxi Copper: Plans to acquire shares of overseas listed company SolGold Plc, currently in the informal offer stage and has been rejected by the target company's board [6] - Jifeng Technology: Plans to invest 50 million yuan to establish a wholly-owned subsidiary, Jifeng Low-altitude Technology (Yancheng) Co., Ltd. [7] - Changan Automobile: Plans to invest 225 million yuan to establish Changan Robotics Company to develop intelligent humanoid robot technology [7] - Aorui De: Plans to sign a 635 million yuan computing power procurement agreement [8] - SMIC: Terminated the sale of its stake in the affiliated company SMIC Ningbo [9] - Huayang Co., Ltd.: The annual production project of 200 tons of high-performance carbon fiber has been put into production [10]

Company Focus - Enjie Co., Ltd. plans to acquire 100% equity of Zhongke Hualian, leading to a stock suspension [2] - Canadian Solar Inc. and its controlling shareholder plan to establish a joint venture to adjust their U.S. market operations [3] - Jiarong Technology intends to acquire 100% of Hangzhou Lanan, with stock resuming trading [3] Equity Changes - ST Tianrui's controlling shareholder is planning a change in control, resulting in stock suspension [4] Shareholding Changes & Buybacks - Shanghai Chuangtou intends to reduce its stake in Zhongwei Company by no more than 1% [5] Operations & Performance - China Shenhua's subsidiary successfully completed a 168-hour trial run of its power generation unit, transitioning to commercial operation [6] - Baillie Tianheng received a milestone payment of $250 million from Bristol-Myers Squibb for the iza-bren project [7] - Jiangxi Copper is in the informal offer stage to acquire shares of SolGold Plc [8] - Aorede plans to sign a 635 million yuan computing power procurement agreement [9] - Maiwei Bio's clinical research for 9MW1911 shows significant reductions in acute exacerbation rates for COPD patients [10] - Huayang Co. has launched a high-performance carbon fiber project with an annual production capacity of 200 tons [10] Financing & Capital Increase - Ganfeng Lithium plans to issue $100 million in exchangeable notes to the China-Africa Development Fund [11] Stock Price Fluctuations - Tongyu Communications confirmed normal operations amid stock price fluctuations [12] - Rongji Software reported normal operations despite stock price declines [13] Other - Xianglou New Materials' application for a specific stock issuance has been accepted by the Shenzhen Stock Exchange [15] - JinkoSolar received a prepayment of 220 million yuan for a fire incident at its battery workshop [15] - Dameng Data's general manager has had his detention lifted [15] - Dongpeng Beverage has received approval from the CSRC for its overseas listing [16]

Investment Rating - The report suggests a positive outlook on the wind power, lithium battery, and energy storage sectors, indicating a favorable investment environment due to improving supply-demand dynamics and government support [1][5][15]. Core Insights - The report emphasizes the importance of the "anti-involution" initiative led by the National Development and Reform Commission (NDRC) and the Ministry of Industry and Information Technology (MIIT), which aims to promote healthy competition and stabilize prices in the industry [5][15]. - The lithium battery sector is highlighted as a key area for investment, with expectations of significant growth driven by increasing demand and government support for rational competition [15][16]. - The wind power sector is projected to experience a recovery in profitability, supported by stable bidding prices and a favorable demand outlook for offshore wind projects [1][6][13]. Summary by Relevant Sections Wind Power - The average bidding price for land-based wind turbines remains high, with expectations for continued profitability recovery in the manufacturing sector [1][6]. - Shanghai's government is accelerating the construction of offshore wind power demonstration projects, indicating a strong demand outlook for the "14th Five-Year Plan" period [13][14]. Lithium Batteries - The MIIT held a meeting to discuss the lithium battery industry, emphasizing the need for self-discipline and the rejection of irrational competition [15][16]. - The report maintains a positive view on the midstream material segment of the lithium battery supply chain, anticipating a favorable market environment [15]. Energy Storage - Fluence's Q4 2025 earnings call indicated a positive trend, with AI-driven power shortages translating into substantial energy storage orders [18][19]. - The report highlights the growing demand for energy storage solutions, particularly in data centers, driven by the need for flexible interconnection and backup power solutions [19]. Hydrogen and Fuel Cells - The NDRC has reiterated the importance of hydrogen energy in enhancing power system regulation, with new policies expected to support the development of green hydrogen projects [20][21]. - The report notes that Inner Mongolia's green hydrogen policy has improved project economics, allowing for excess electricity to be sold to the grid, which is crucial for project viability [21][22]. Photovoltaics - In October, new photovoltaic installations increased by 30% month-on-month to 12.6 GW, with expectations for total installations to reach 280-300 GW for the year [23][25]. - The report suggests bottom-fishing opportunities in the photovoltaic sector, particularly in companies involved in high-efficiency modules and innovative technologies [25][24]. Grid and Power Equipment - The report highlights significant bidding activity in the ultra-high voltage (UHV) equipment sector, with a record 16.5 billion yuan in contracts awarded [29][30]. - The report anticipates continued high demand for UHV projects, with several key projects expected to be approved in 2026 [30][31].

Core Viewpoint - JinkoSolar announced a fire incident at its subsidiary, Shanxi Jinko Energy No. 2 Manufacturing Co., which has led to asset damage and the company has accounted for the losses in its 2024 annual report [1] Summary by Relevant Sections - **Incident Details** - A fire occurred on April 26, 2024, at the roof of the battery slicing workshop of Shanxi Jinko, resulting in damage to equipment and assets [1] - **Financial Impact** - The company has recorded corresponding losses in its 2024 annual report due to the incident [1] - Shanxi Jinko has received a prepayment of RMB 200 million from the insurance company, with a total of RMB 220 million received to date [1] - The prepayment is expected to have a positive impact on the company's performance in 2025, subject to final accounting treatment and audit confirmation [1] - **Insurance and Liability** - The prepayment does not confirm the insurance company's acceptance of liability for the incident; the determination of liability will depend on legal regulations, insurance contracts, and official investigation reports [1]

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-085 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 关于火灾事故的进展公告 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、准确性和完整性依法承担法律责任。 一、基本情况 2024年4月26日，晶科能源股份有限公司（以下简称"公司"）全资子公 司山西晶科能源贰号智造有限公司（以下简称"山西晶科"）一期切片电池 车间屋面发生火情引发火灾事故。具体内容详见公司于2024 年4月29日在上海 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全资 子公司发生火灾事故的公告》（公告编号：2024-024）。 二、事故进展情况及对公司的影响 上述事故导致山西晶科等主体部分设备及资产受损，公司已在《2024年 年度报告》中计提相应损失。上述受损资产系已投保资产，山西晶科等主体 已与承保保险公司签订《二次预付赔款协议》，近日山西晶科收到承保保险 公司支付的预付赔款人民币200,000,0 ...

Group 1 - The core point of the article is that Jinko Energy (Haining) Co., Ltd. has obtained a patent for a "back-contact battery, back-contact stacked battery, and photovoltaic module" with the authorization announcement number CN120529697B, applied on July 2025 [1] - Jinko Energy (Haining) Co., Ltd. was established in 2017 and is located in Jiaxing City, primarily engaged in the production and supply of electricity and heat [1] - The registered capital of Jinko Energy (Haining) Co., Ltd. is 357 million RMB [1] Group 2 - The company has participated in 56 bidding projects and holds 823 pieces of patent information, along with 72 administrative licenses according to data analysis from Tianyancha [1]

Group 1: Industry Developments - The Ministry of Industry and Information Technology (MIIT) is accelerating the introduction of targeted policies to regulate irrational competition in the power and energy storage battery industry, emphasizing the need for high-quality development [1] - Research institutions predict that storage chip prices are expected to rise by approximately 50% due to increasing demand driven by artificial intelligence infrastructure [4] - A report indicates that the global computing power is projected to increase by over 70 times in the next decade, with space data centers expected to form a new industrial chain [5][6] Group 2: Company Announcements - Anxi China has requested Anxi Netherlands to engage in sincere negotiations regarding control issues and to halt overseas capacity expansion while restoring normal supply [2] - Lingkong Tianxing announced that its hypersonic missile "Yukongji-1000" has entered mass production, with an intelligent version currently under development [3] - Jinko Energy expects a doubling of its energy storage system shipment target for next year, with global energy storage demand projected to exceed 400 GWh [11]

Key Points - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors and plans to repurchase shares between RMB 1.5 billion and RMB 3 billion [1] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [1] Share Buybacks - Demai Technology raised the upper limit for share repurchase to RMB 45 per share [5] - Jianbang Technology plans to repurchase shares worth between RMB 15 million and RMB 30 million [5] - Huayuan Holdings intends to repurchase shares worth between RMB 30 million and RMB 60 million [5] Major Investments - Jinling Pharmaceutical plans to invest RMB 893 million in hospital expansion projects [7] - Dongfang Mingzhu intends to invest approximately RMB 500 million to establish a partnership and acquire part of the equity of New H3C [7] - Chang'an Automobile aims to establish a robotics company to develop innovative products and solutions [7] Mergers and Acquisitions - Kaizhong Co. plans to acquire 60% of Anhui Tuosheng's equity, with stock resuming trading on December 1 [7] - Youa Co. has resumed the review process for issuing shares and cash to purchase assets [7] - Jiasheng Technology intends to acquire controlling interest in Shudun Information Technology Co., with stock continuing to be suspended [7] Financing Activities - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding RMB 20 billion [7] - Huakong Saige has terminated its specific object stock issuance [7]

Core Points - Jinko Energy (Shangrao) Co., Ltd. and Jinko Solar Co., Ltd. have obtained a patent titled "Laminator and Laminating Method of Laminator," with authorization announcement number CN117507556B, applied on November 2023 [1] Company Overview - Jinko Energy (Shangrao) Co., Ltd. was established in 2020, located in Shangrao City, primarily engaged in electricity and heat production and supply, with a registered capital of 397.25 million RMB [1] - The company has made investments in one enterprise, participated in 32 bidding projects, holds 258 patent records, and possesses 12 administrative licenses [1] - Jinko Solar Co., Ltd. was founded in 2006, also located in Shangrao City, primarily involved in the manufacturing of electrical machinery and equipment, with a registered capital of 1,000.52 million RMB [1] - The company has invested in 53 enterprises, participated in 1,631 bidding projects, has 748 trademark records, 2,855 patent records, and holds 70 administrative licenses [1]

Group 1 - The core viewpoint of the article is that JinkoSolar anticipates significant growth in global energy storage demand, projecting it to exceed 400 GWh next year with a compound annual growth rate (CAGR) of over 30% until 2030 [1] - The company has set a target of 6 GWh for energy storage system shipments this year, with over 80% expected to come from overseas markets [1] - JinkoSolar aims to double its energy storage system shipment target for next year [1]