Core Insights - The recent volatility in the prices of upstream raw materials like polysilicon has led listed companies in the new energy sector to increase their participation in the futures market for risk management [1][2] - In October alone, the number of listed companies announcing hedging activities reached 458, a 2.3-fold increase year-on-year, indicating a growing awareness of price risk management [1][5] Group 1: Company Actions - Camel Group announced a maximum trading margin and option premium of 90 million yuan for futures hedging to mitigate risks from raw material price fluctuations [2] - JinkoSolar plans to increase its maximum margin for futures hedging from 660 million yuan to 1.5 billion yuan, with a maximum contract value of 10.3 billion yuan, enhancing its financial stability [2] - EVE Energy adjusted its hedging limits, raising the maximum margin from 350 million yuan to 1 billion yuan, and the maximum contract value from 3.5 billion yuan to 8.5 billion yuan [2] Group 2: Market Trends - Polysilicon prices have experienced significant fluctuations, with a drop of 38.6% from 56,000 yuan/ton to 34,400 yuan/ton in the first half of 2025, leading to losses for many small and medium enterprises [3] - Following a rebound driven by "anti-involution" policies, polysilicon prices rose by 36.9% within a month, reaching 47,100 yuan/ton [3] - The futures market for polysilicon saw a record high of 57,945 yuan/ton on September 5, marking a 91% increase from late June [3] Group 3: Industry Outlook - The polysilicon market is expected to maintain a wide range of high-level fluctuations due to the interplay between policy expectations and market fundamentals [4] - The domestic polysilicon production is projected to be around 382,000 tons in Q4, a slight increase of 3% year-on-year, while the total production for 2025 is expected to decrease by 27.3% to approximately 1.34 million tons [4] - The industry is facing a need for nearly 100 billion yuan in funding to support potential storage initiatives aimed at stabilizing prices amid rapid capacity expansion [5] Group 4: Participation in Hedging - The number of listed companies engaging in hedging activities is expected to exceed 2,000 by the end of the year, reflecting a strong demand for new risk management tools [5] - In the first ten months of the year, 1,737 A-share listed companies issued hedging-related announcements, a year-on-year increase of 15.6% [5] - The electronics, basic chemicals, and power equipment sectors have the highest number of companies participating in hedging, with participation rates exceeding 40% in several industries [6]

Core Insights - The volatility in the prices of upstream raw materials, particularly polysilicon, has led to an increased participation of listed companies in the futures market for risk management [2][3] - In October alone, 458 companies announced hedging activities, a 2.3-fold increase year-on-year, indicating a growing awareness of price risk management among companies [2][8] - The number of companies engaging in hedging activities is expected to exceed 2000 by the end of the year [2][8] Company Actions - Camel Group announced a maximum trading margin and premium limit of 90 million yuan for futures and options hedging to mitigate risks from price fluctuations [3] - JinkoSolar plans to increase its hedging margin from 660 million yuan to 1.5 billion yuan, with a maximum contract value of 10.3 billion yuan, enhancing its financial stability [3] - EVE Energy adjusted its hedging limits, raising the maximum margin from 350 million yuan to 1 billion yuan, and the maximum contract value from 3.5 billion yuan to 8.5 billion yuan [3] Market Dynamics - Polysilicon prices have experienced significant fluctuations, impacting the cost structure and profitability of the entire photovoltaic industry [4] - The price of polysilicon dropped from 56,000 yuan/ton at the beginning of the year to 34,400 yuan/ton by the end of June, a decline of 38.6% [4] - Following a rebound driven by "anti-involution" policies, polysilicon prices rose to 47,100 yuan/ton by the end of July, marking a 36.9% increase within a month [4] Industry Trends - The futures market is becoming a crucial tool for companies to manage risks and stabilize profits amid price volatility [8] - The number of listed companies engaging in hedging activities has increased significantly, with 1,737 companies reporting hedging announcements in the first ten months of the year, a 15.6% year-on-year increase [8] - The electronics, basic chemicals, power equipment, machinery, and automotive sectors have the highest number of companies participating in hedging [8]

Core Viewpoint - JinkoSolar announced the election of Ms. Liu Hua as the employee representative director of the company's second board of directors during the employee representative assembly scheduled for November 17, 2025 [1] Company Summary - JinkoSolar will hold an employee representative assembly on November 17, 2025 [1] - Ms. Liu Hua has been elected as the employee representative director for the second board of directors [1]

Core Points - JinkoSolar announced a downward adjustment of the conversion price for its "Jingneng Convertible Bonds" from 13.48 CNY per share to 6.35 CNY per share [1] Summary by Category Company Announcement - The company will hold its 23rd meeting of the second board on November 17, 2025, to review the proposal for the adjustment of the conversion price [1]

人民财讯11月17日电，近日，晶科能源宣布与日本企业DMM株式会社正式签署300MW的飞虎3(Tiger Neo3.0)高效组件供货协议。根据协议，这些产品将用于日本境内多个太阳能电站项目。 ...

Core Viewpoint - JinkoSolar (688223.SH) announced the resignation of non-independent director Shu Yi due to personal reasons, and the company has elected Liu Hua as the employee representative director following a vote at the employee representative assembly [1] Group 1 - Shu Yi submitted a written resignation report, resigning from her positions as a director and a member of the Strategy and Sustainable Development Committee [1] - After Shu Yi's resignation, she will no longer hold any position within the company [1] - The employee representative assembly was held on November 17, 2025, where Liu Hua was elected as the employee representative director for the second board term [1]

Core Viewpoint - JinkoSolar (688223.SH) announced the resignation of non-independent director Ms. Shu Yi due to personal reasons, effective immediately, and she will not hold any position in the company thereafter [1] Group 1 - The company's board received a written resignation report from Ms. Shu Yi, who applied to resign from her positions as a director and a member of the Strategy and Sustainable Development Committee [1] - Following Ms. Shu Yi's resignation, the company held a staff representative meeting on November 17, 2025, where Ms. Liu Hua was elected as the employee representative director for the second board, with her term lasting until the end of the second board's term [1]

| 证券代码：688223 | 证券简称：晶科能源 公告编号：2025-083 | | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | 晶科能源股份有限公司 (二) 离任对公司的影响 根据《中华人民共和国公司法》（以下简称"《公司法》"）及《晶科能源股份 有限公司章程》（以下简称"《公司章程"）等有关规定，舒懿女士本次辞任董事 职务不会导致公司董事会成员低于法定最低人数，不会影响公司董事会正常运作， 其辞职报告自送达公司董事会时生效，舒懿女士辞职后将不在公司担任任何职务。 截至本公告披露日，舒懿女士未持有公司股份，不存在应当履行而未履行的 承诺事项。公司及公司董事会对舒懿女士在任职期间为公司发展作出的贡献表示 衷心感谢！ 二、关于选举职工代表董事情况 关于公司董事离任暨选举职工代表董事的公告 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： 晶科能源股份有限公司（以下简称"晶科能源"或"公司"）董事会于近日 收到非独立董事舒懿女士提交的书面辞职报告，舒懿女士因个人原因申请辞去公 司 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-080 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 关于提供担保的进展公告 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。 重要内容提示： 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 40.4 亿元，其中公司为子公司提供担保的额度为 32.4 亿元，子公司为公司提供担保 额度为 8 亿元，具体如下： 1、晶科能源（海宁）有限公司（以下简称"海宁晶科"）向中信银行股份 有限公司嘉兴海宁支行申请综合授信敞口额度不超过人民币 4 亿元，授信期限不 超过一年，公司为上述敞口授信额度提供连带责任保证担保，担保金额为人民币 4 亿元，具体以签订的担保协议为准。 2、山西晶科能源智造有限公司（以下简称"山西晶科智造"）向中信银行 股份有限公司太原分行申请综合授信敞口额度不超 ...

| 证券代码：688223 | 证券简称：晶科能源 公告编号：2025-082 | | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | 晶科能源股份有限公司 关于向下修正"晶能转债"转股价格暨转股停牌的 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： 证券停复牌情况：适用 因"晶能转债"实施转股价格修正条款,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | 日 | 期间 | | | | 118034 | 晶能转债 | 可转债转股停牌 | 2025/11/18 | 全天 | 2025/11/18 | 2025/11/19 | 一、可转换公司债券基本情况 （一）发行上市概况 根据中国证券监督管理委员会《关于同意晶科能源股份有限公司向不特定对 象发行可转换公司债券注册的批复》（证监许可〔2023 ...