Domestic Market Overview - The domestic market experienced a pullback after reaching a high, with the Shanghai Composite Index closing at 3831.66 points, down 1.15%, and the Shenzhen Component Index at 13075.66 points, down 1.06% [1][9] - The total trading volume of the A-share market reached 31666 billion, significantly increasing compared to the previous day [1][9] - Among the 30 sectors tracked, only three sectors saw gains, with non-ferrous metals, comprehensive finance, and non-bank finance experiencing the largest declines, while electronics, consumer services, and telecommunications saw slight increases [1][9] Overseas Market Overview - All three major U.S. stock indices closed higher, with the Dow Jones up 0.27%, the S&P 500 up 0.48%, and the Nasdaq up 0.94% [2] - Notable gains were seen in chip stocks, with Intel rising over 22% and Applied Materials increasing by more than 6% [2] - Chinese concept stocks mostly declined, with Zeekr down over 5% and JinkoSolar nearly 5% [2] News Highlights - China and the U.S. reached a basic framework consensus regarding the TikTok issue, with the Ministry of Commerce emphasizing the importance of not politicizing technology and trade issues [3][11] - China has maintained its position as the world leader in high-level international journal publications and international patent applications for five consecutive years [3][11] - The Shanghai Municipal Economic and Information Commission released a draft for public consultation on measures to promote the rapid development of high-growth enterprises, offering rewards for newly recognized "gazelle" and "unicorn" companies [3][12][13] Driving Factors - The Ministry of Commerce reiterated its stance on the TikTok issue, emphasizing the need for fair negotiations and the importance of not weaponizing tariffs in trade relations with the EU [10] - The A-share market saw 1027 stocks rise and 4350 fall, indicating a technical correction after a period of continuous gains, but the long-term trend remains positive [10]

Core Insights - JinkoSolar's stock declined by 2.55% on September 18, with a trading volume of 842 million yuan, indicating market volatility and investor sentiment [1] - The company reported a significant decrease in revenue and net profit for the first half of 2025, with revenue at 31.83 billion yuan, down 32.63% year-on-year, and a net loss of 2.909 billion yuan, a decrease of 342.38% [2] Financing and Trading Activity - On September 18, JinkoSolar had a net financing purchase of 25.62 million yuan, with a total financing balance of 9.63 billion yuan, representing 1.80% of its market capitalization [1] - The company's financing balance is above the 90th percentile of the past year, indicating a high level of investor engagement [1] - The short selling activity on the same day was low, with only 200 shares sold and a remaining short balance of 328,800 shares, which is below the 10th percentile of the past year [1] Shareholder and Dividend Information - As of June 30, 2025, JinkoSolar had 74,200 shareholders, an increase of 0.89%, with an average of 134,811 circulating shares per shareholder, a decrease of 0.88% [2] - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan paid out in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 57.21 million shares, and other ETFs that have seen varying changes in their shareholdings [3]

Core Viewpoint - The report details the equity changes of JinkoSolar Holding Co., Ltd. (晶科能源) due to a share transfer involving several entities, resulting in a reduction of their combined shareholding from 68.93% to 64.93%, which touches a 5% integer threshold [19][22]. Group 1: Equity Change Details - The equity change involves a total reduction of 400,208,099 shares, representing approximately 4.00% of the company's total share capital [11][22]. - Prior to the equity change, the combined shareholding of the disclosing parties was 6,896,552,000 shares, accounting for 68.97% of the total shares [10][27]. - Following the equity change, the total shares held by the disclosing parties decreased to 6,496,343,901 shares, which is about 64.93% of the total share capital [10][11]. Group 2: Purpose and Method of Equity Change - The purpose of the equity change is to meet the financial needs of the disclosing parties through an inquiry transfer method, rather than through centralized bidding or block trading [9][22]. - The inquiry transfer price was set at 4.90 yuan per share, with the transfer executed on September 18, 2025 [20][30]. - The disclosing parties, including JinkoSolar Investment Co., Ltd. and several limited partnerships, are considered concerted actors, maintaining control over the company [7][23]. Group 3: Compliance and Disclosure - The disclosing parties have ensured that the report and related documents are truthful, accurate, and complete, taking legal responsibility for any misrepresentation [4][16]. - The report complies with relevant laws and regulations, including the Securities Law of the People's Republic of China and the rules governing the disclosure of equity changes [1][4].

Company Movements - Nvidia will invest $5 billion in Intel at a price of $23.28 per share, establishing a partnership where Intel will customize x86 CPUs for Nvidia's AI infrastructure platform [5] - Huawei announced new product plans at the Huawei Connect 2025 event, including the Ascend 950PR chip expected in Q1 2026 and the Kunpeng 950 chip anticipated in Q4 2026 [6] - DeepSeek issued a statement warning against fraudsters impersonating the company for "computing power leasing" and "equity financing," emphasizing that all payments should be made through official channels [6] - Fulin Precision signed a prepayment agreement worth 1.5 billion yuan with CATL to secure lithium iron phosphate supply [6] - Shenzhen Huaqiang stated on an interactive platform that it provides electronic components to Yushu Technology [6] Investment News - On September 18, A-shares experienced volatility with the Shanghai Composite Index closing down 1.15% at 3,831.66 points, with a total market turnover of 3.17 trillion yuan [3] - The Hong Kong Hang Seng Index fell 1.35% to 26,544.85 points, with significant declines in cyclical stocks and financial sectors, while semiconductor and robotics sectors showed resilience [3] - The Shanghai Stock Exchange reported unusual trading activities in Tianpu Co., leading to regulatory measures against certain investors [3] - Goldman Sachs maintained an "overweight" rating on A-shares and H-shares, predicting an 8% and 3% upside respectively over the next 12 months [4] - As of September 17, the total scale of bond issuance by securities firms reached 1.14 trillion yuan, significantly higher than the 693.7 billion yuan in the same period last year [4]

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 股东询价转让结果报告书暨持股 5%以上股东权益变动 触及 5%整数倍的提示性公告 晶科能源投资有限公司（以下简称"晶科能源投资"）、上饶市润嘉企业管理 发展中心（有限合伙）（以下简称"上饶润嘉"）、上饶市卓群企业发展中心（有 限合伙）（以下简称"上饶卓群"）、上饶市卓领贰号企业发展中心（有限合伙） （以下简称"上饶卓领贰号"）、上饶市卓领企业发展中心（有限合伙）（以下简 称"上饶卓领"）、上饶市凯泰贰号企业发展中心（有限合伙）（以下简称"上饶 凯泰贰号"）、上饶市凯泰企业管理发展中心（有限合伙）（以下简称"上饶凯 泰"）（晶科能源投资、上饶润嘉、上饶卓领贰号、上饶凯泰贰号以下合称"转让 方"）保证向晶科能源股份有限公司（以下简称"晶科能源"或"公司"）提供的 信息内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性 和完整性依法承担法律责任。本公司及董事会全体成员保证公告内容与信息披露义 ...

晶科能源股份有限公司 简式权益变动报告书 上市公司名称：晶科能源股份有限公司 股票上市地点：上海证券交易所科创板 股票简称：晶科能源 股票代码：688223 信息披露义务人 1：晶科能源投资有限公司 住所及通讯地址：RM 803, 8/F., Yue Xiu Building, 160-174 Lockhart Road, Wan Chai, Hong Kong 信息披露义务人 2：上饶市润嘉企业管理发展中心（有限合伙） 住所及通讯地址：江西省上饶经济技术开发区金融产业园 A 区 5 号楼 7 楼 信息披露义务人 3：上饶市卓群企业发展中心（有限合伙） 住所及通讯地址：江西省上饶经济技术开发区金融产业园 A 区 5 号楼 7 楼 信息披露义务人 4：上饶市卓领贰号企业发展中心（有限合伙） 住所及通讯地址：江西省上饶经济技术开发区金融产业园 A 区 5 号楼 7 楼 信息披露义务人 5：上饶市卓领企业发展中心（有限合伙） 住所及通讯地址：江西省上饶经济技术开发区金融产业园 A 区 5 号楼 7 楼 1 信息披露义务人 6：上饶市凯泰贰号企业发展中心（有限合伙） 住所及通讯地址：江西省上饶经济技术开发区金融产业园 ...

中信证券股份有限公司 关于晶科能源股份有限公司 经核查，中信证券就本次询价转让的股东、受让方是否符合《上海证券交易所科创 板上市公司自律监管指引第 4 号——询价转让和配售（2025 年 3 月修订）》（以下简 称"《询价转让和配售指引》"）要求，本次询价转让的询价、转让过程与结果是否公 平、公正，是否符合《询价转让和配售指引》的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让转让方 截至 2025 年 9 月 12 日，转让方所持公司首发前股份的数量及占公司总股本比例情 况如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 晶科能源投资有限公司 | 5,862,072,000 | 58.59% | | 2 | 上饶市润嘉企业管理发展中心（有限合伙） | 316,480,000 | 3.16% | | 3 | 上饶市卓领贰号企业发展中心（有限合伙） | 217,080,000 | 2.17% | | 4 | 上饶市凯泰贰号企业发展中心（有限合伙） | 87,128,000 | 0.87% | （二）本次询价转让数 ...

晶科能源 2025 年第一次临时股东大会 晶科能源股份有限公司 2025年第一次临时股东大会会议资料 二〇二五年九月 | 年第一次临时股东大会参会须知 | 2025 | 2 | | --- | --- | --- | | 年第一次临时股东大会会议议程 | 2025 | 4 | | 议案一、关于出售子公司股权的议案 | 6 | | 晶科能源 2025 年第一次临时股东大会 晶科能源股份有限公司 2025 年第一次临时股东大会参会须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证大会的顺 利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股东会规则（2025 年修订）》以及《晶科能源股份有 限公司章程》（以下简称"《公司章程》"）、《晶科能源股份有限公司股东大会议事规则》等相 关规定，晶科能源股份有限公司（以下简称"公司"）特制定 2025 年第一次临时股东大会 参会须知。 一、为保证股东大会的严肃性和正常秩序，切实维护与会股东（或股东代表）的合法权 益，除出席会议的股东（或股东代表）、公司董事、监事、高级管理人员 ...

Core Viewpoint - JinkoSolar, a leading company in the photovoltaic industry, is undergoing significant asset sales and share transfers amid a challenging market environment, aiming to improve operational efficiency and secure funding for future growth [1][3]. Group 1: Asset Sales and Share Transfers - JinkoSolar announced the sale of 80% of its subsidiary Jinko New Materials to Dike Co., with a transaction price of 80 million yuan, reflecting a premium of 299.08% [2][3]. - The company’s major shareholder plans to transfer approximately 400 million shares at an initial price of 4.90 yuan per share, potentially raising around 1.96 billion yuan [1][4]. - The first payment of 16 million yuan for the sale of Jinko New Materials has been received [2]. Group 2: Financial Performance - In the first half of 2025, JinkoSolar reported a net loss of approximately 2.91 billion yuan, a significant decline of 342.38% year-on-year, with total revenue dropping by 32.63% to 31.83 billion yuan [5]. - The company’s asset-liability ratio reached 74.07%, indicating a relatively high level of debt compared to peers [4]. Group 3: Industry Context - The photovoltaic industry is experiencing a downturn, with increased competition and declining prices across the supply chain, prompting companies to adopt measures such as asset sales and cost-cutting [3][5]. - JinkoSolar aims to achieve profitability by 2026, focusing on technological upgrades and market expansion, particularly in overseas markets [5][6]. Group 4: Strategic Initiatives - JinkoSolar is investing in next-generation technologies and expanding its global footprint, with significant sales revenue from international markets, accounting for over 60% of total sales in the first half of 2025 [6]. - The company is also developing its energy storage business, with a target of 6 GWh in shipments for the year, although it is not yet a major contributor to overall performance [8]. Group 5: Market Challenges - Trade protection policies, particularly from the U.S., are impacting JinkoSolar's international operations, but the company is adapting its supply chain to mitigate these effects [7].

Core Viewpoint - The price of silicon wafers continues to rise, driven by increasing polysilicon prices and strong demand from overseas markets, particularly in light of favorable policies and stable production rates in the industry [1][2]. Group 1: Silicon Wafer Prices - The average transaction price for N-type G10L monocrystalline silicon wafers (182*183.75mm/130μm) is 1.32 yuan per piece, up 3.13% week-on-week [1]. - The average transaction price for N-type G12R monocrystalline silicon wafers (182*210mm/130μm) is 1.40 yuan per piece, up 1.45% week-on-week [1]. - The average transaction price for N-type G12 monocrystalline silicon wafers (210*210mm/130μm) is 1.68 yuan per piece, up 5.00% week-on-week [1]. Group 2: Market Dynamics - The increase in silicon wafer prices is attributed to rising polysilicon prices, which have boosted market sentiment [1]. - On the supply side, the continuous rise in polysilicon prices has led silicon wafer manufacturers to be optimistic about future market conditions [1]. - On the demand side, the impact of U.S. anti-dumping measures and corresponding tariffs, along with expectations of domestic export tax rebate policies, has resulted in strong overseas demand and increased orders for battery cells [1]. Group 3: Production Rates - The overall operating rate in the industry remains stable, with two leading companies operating at rates of 52% and 50%, while integrated companies operate between 54% and 80% [1]. - Other companies have operating rates ranging from 50% to 80% [1]. Group 4: Battery and Module Prices - The mainstream price for battery cells is 0.29-0.30 yuan/W, reflecting a week-on-week increase of 0.01 yuan/W [2]. - The mainstream price for modules remains stable at 0.66-0.68 yuan/W, unchanged from the previous week [2]. - In the short term, the increase in polysilicon prices is expected to raise silicon wafer production costs, while sustained overseas demand supports current silicon wafer prices [2].