Group 1 - The company has approved a share repurchase plan using its own funds and a special loan for stock repurchase, with a maximum repurchase price of RMB 53 per share and a total repurchase amount between RMB 1 billion and RMB 1.5 billion, within a 12-month period [1] - As of July 31, 2025, the company has repurchased 882,246 shares, accounting for 0.36% of the total share capital, with a total transaction amount of RMB 36,354,932.57, at a maximum price of RMB 42.00 per share and a minimum price of RMB 40.49 per share [2] - The share repurchase is in compliance with relevant laws and regulations [3] Group 2 - The company will make repurchase decisions based on market conditions and will fulfill its information disclosure obligations in a timely manner [4]

Group 1 - The company, Goodway, announced a share buyback of 882,246 shares, which represents 0.36% of its total share capital of 242,586,404 shares [2]

Group 1 - The company GuDeWei (688390.SH) announced a share buyback of 882,246 shares, representing 0.36% of its total share capital of 242,586,404 shares [1] - The buyback was conducted through the Shanghai Stock Exchange's centralized bidding trading system [1] - The total amount spent on the buyback was 36,354,932.57 yuan, excluding transaction fees such as stamp duty and commission [1] Group 2 - The highest price for the shares during the buyback was 42.00 yuan per share, while the lowest price was 40.49 yuan per share [1]

Group 1 - The company GuoDeWei (688390.SH) announced a share buyback of 882,246 shares, representing 0.36% of its total share capital of 242,586,404 shares [1] - The buyback was conducted through the Shanghai Stock Exchange trading system via centralized bidding [1] - The total amount spent on the buyback was 36,354,932.57 yuan, excluding transaction fees such as stamp duty and commission [1] Group 2 - The highest price for the shares during the buyback was 42.00 yuan per share, while the lowest price was 40.49 yuan per share [1]

证券代码：688390 证券简称：固德威 公告编号：2025-030 内披露截至上月末的回购进展情况。现将公司回购股份情况公告如下： 截至 2025 年 7 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式回购公司股份 882,246 股，占公司总股本 242,586,404 股的比例为 0.36%，回 购成交的最高价为 42.00 元/股，最低价为 40.49 元/股，成交总金额为 36,354,932.57 元（不含印花税、交易佣金等交易费用）。 重要内容提示： | 回购方案首次披露日 | 2025/6/4 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2025 年 月 4 6 月 3 | 6 | 日~2026 | 年 | 日 | | 预计回购金额 | 1亿元~1.5亿元 | | | | | | 回购用途 | √减少注册资本 √用于员工持股计划或股权激励 | | | | | | | □用于转换公司可转债 □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 88.22万股 | | | | | | ...

Core Points - The Shanghai Composite Index is at 3575.51 points, above the six-month moving average, with a slight increase of 0.06% [1] - A total trading volume of A-shares reached 732.456 billion yuan today [1] - 132 A-shares have surpassed the six-month moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Notable stocks with high deviation rates include: - JieJia WeiChuang (300724) with a deviation rate of 16.22% and a daily increase of 20.00% [1] - *ST Guangdao (839680) with a deviation rate of 7.23% and a daily increase of 14.87% [1] - GuDeWei (688390) with a deviation rate of 4.86% and a daily increase of 5.36% [1] Trading Activity - The trading turnover rate for JieJia WeiChuang was 16.10%, while *ST Guangdao had a turnover rate of 25.42% [1] - Other stocks with notable trading activity include: - LiFang Holdings (833030) with a turnover rate of 11.02% [1] - BoSi Software (300525) with a turnover rate of 6.66% [1] Market Trends - The overall market shows a positive trend with many stocks breaking above the six-month moving average, indicating potential bullish sentiment [1] - Stocks with smaller deviation rates that have just crossed the six-month line include WeiWei Co., BoYa Bio, and TongWei Co. [1]

Core Viewpoint - The event focused on the development path of user-side energy storage under the new power system construction, providing solutions for energy transition in load center areas through research results and multi-scenario applications [1][2]. Group 1: Research Reports - Four research reports were released, analyzing low-carbon supply and flexibility resource potential in eastern and southern regions, emphasizing the value and development path of new energy storage [2][4]. - The reports suggest optimizing regional resource allocation and supporting mechanisms to enhance energy structure optimization and green transition [2]. Group 2: Market and Policy Analysis - As of June 2025, user-side energy storage installations reached 7.24 GW/19.27 GWh, with a year-on-year growth of 74%/63%, primarily in Jiangsu, Guangdong, and Zhejiang [4]. - The commercial model for user-side energy storage is evolving from simple peak-valley arbitrage to integrated solutions like virtual power plants, although policy fluctuations are compressing profit margins [4]. Group 3: Market Mechanism Design - The entry of renewable energy into the market will accelerate the multi-entity market process, necessitating the integration of user-side energy storage into competitive mechanisms [6]. - Current market pricing faces challenges such as renewable energy revenue risks and the need for optimized trading mechanisms [6]. Group 4: User-side Energy Storage Solutions - The company has launched three user-side energy storage solutions: home green power systems, commercial storage solutions, and large-scale storage using string inverter technology [8]. - These solutions aim to create an integrated energy ecosystem covering a power range from 5 kW to 5 MW [8]. Group 5: Investment and Financing - The company focuses on innovative financing models to support user-side energy storage projects, particularly in unique scenarios like virtual power plants and zero-carbon parks [10]. - Investment opportunities are identified in innovative scenarios and standardized commercial storage projects with a 3-5 year payback period [10]. Group 6: Zero-Carbon Park Development - The development of zero-carbon parks in Suzhou presents significant market potential, although challenges such as fluctuating enterprise numbers and high adaptation costs remain [12]. - The integration of energy storage in these parks is currently low, and there is a need for diversified profit models to mitigate risks [12]. Group 7: Key Trends and Recommendations - The event identified three key trends: the shift from single-price arbitrage to diversified models, the restructuring of storage value assessment systems, and the importance of technological innovation [12]. - Recommendations include short-term responses to policy adjustments and long-term market mechanism planning to facilitate the transition from policy-driven to market-driven development [12].

Core Viewpoint - The event focused on the development path of user-side energy storage under the new power system construction, providing solutions for energy transition in load center areas through the release of research results and discussions on multi-scenario applications [1][6][30]. Group 1: Event Overview - The "User-side Energy Storage Application Salon" was held in Suzhou, Jiangsu, organized by the Zhongguancun Energy Storage Industry Technology Alliance and supported by Goodwe Technology Co., Ltd [1]. - The event included a research results release session, highlighting the collaboration between the Zhongguancun Energy Storage Industry Technology Alliance and the Natural Resources Defense Council [7][4]. Group 2: Research Findings - Four research reports were released, focusing on low-carbon supply assurance and flexibility resource potential in the eastern and southern regions of China [7][10]. - The reports analyzed the potential of new energy storage, demand-side resources, and inter-provincial cooperation in optimizing resource allocation for power supply and green transition [9][10]. Group 3: Regional Insights - In the eastern region, the potential for three types of resources to ensure supply could reach approximately 30% of the maximum electricity load by 2026-2027, with specific targets for new energy storage and demand-side adjustment capabilities [9][8]. - The southern region is expected to achieve a similar potential, with projections for new energy storage capacity and demand-side resources by 2030 [10][11]. Group 4: Market Dynamics - The new market environment requires energy storage companies to enhance technical performance, intelligent operation, and safety, with a focus on user needs and high-value solutions [4][6]. - The transition from single price difference arbitrage to diversified investment models is driven by policy changes, with a need for market mechanisms to reshape the value assessment of energy storage [29][30]. Group 5: Expert Discussions - Experts discussed the increasing demand for flexibility in the power system due to high proportions of renewable energy, emphasizing the need for reliable and economically viable energy storage solutions [19][21]. - The role of virtual power plants in aggregating distributed resources for system regulation was highlighted, along with the importance of establishing industry standards and optimizing communication technologies [27][29].

Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Insights - The report highlights the ongoing price increases in the photovoltaic industry chain, with significant price adjustments for silicon wafers and battery cells, indicating a recovery in market sentiment for solid-state batteries [9][15] - The report emphasizes the importance of monitoring price changes in the industry chain, as well as the progress of mergers and acquisitions in the silicon material sector [15][36] Summary by Sections Photovoltaic - The prices of silicon materials have risen to approximately 47-49 CNY/kg, with silicon wafer prices for 183N, 210RN, and 210N reaching 1.45, 1.65, and 1.93 CNY per piece respectively [21][24] - The report notes that the photovoltaic industry is experiencing a reduction in low-price competition, with a focus on orderly exit of backward production capacity [16][36] - Key recommendations include investing in companies benefiting from this trend, such as Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and Aiko Solar [36] Energy Storage - The introduction of capacity pricing for energy storage in Gansu province strengthens the logic for independent energy storage in China, with a capacity price set at 330 CNY/KW per year for the first two years [41][42] - The report indicates that the domestic energy storage market is expected to see continued growth, driven by favorable policies and increasing demand [39][50] - Recommended companies in this sector include Sungrow Power Supply and Deye Technology, with a focus on large-scale energy storage projects [36] Lithium Battery - The report notes a stable upward trend in the lithium battery sector, with a focus on companies with strong profitability and stable market positions, such as CATL and other quality second-tier companies [16][36] - The sentiment around solid-state batteries is improving, with significant advancements expected in materials and technology [16][39] Wind Power - The report highlights the acceleration of offshore wind projects in China, with expectations for increased profitability in the second half of the year as project deliveries ramp up [16][36] - Recommended companies include Mingyang Smart Energy and Zhongji Innolight, which are well-positioned to benefit from this trend [36] Power Equipment - The report emphasizes the importance of high-voltage direct current (HVDC) projects and the expected approval of new projects in the second half of the year [16][36] - Recommended companies in this sector include Sifang Co. and State Grid Information & Communication, which are expected to benefit from these developments [36] New Directions - The report discusses the potential of humanoid robots and advancements in solid-state battery technology, indicating a positive outlook for companies involved in these areas [16][36]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The report highlights the acceleration of humanoid robot production due to advancements in AI technology and domestic companies' efforts to replace core components, indicating a broad market opportunity [1][15] - The electric vehicle (EV) sector is entering a deep penetration phase, with new high-cost performance models expected to drive sales growth and stabilize the industry in the medium to long term [2][18] - The renewable energy sector is facing rising upstream raw material prices, which are expected to be passed down the supply chain, potentially leading to price rebounds for solar components [3][24] - The UK government's decision to relax AR7 offshore wind auction entry requirements is anticipated to boost investment enthusiasm and accelerate project implementation in the offshore wind sector [4][27] Summary by Sections Humanoid Robots - The launch of the new industrial humanoid robot Walker S2 by UBTECH enables 24/7 operation with a rapid battery swap system, indicating a significant technological breakthrough [1][15] - The report emphasizes the strong domestic demand for core components and the potential for domestic companies to benefit from this trend [1][15] - Key players in the humanoid robot supply chain are expected to see substantial opportunities as the industry matures [1][17] New Energy Vehicles - The report notes that the introduction of multiple new EV models is likely to enhance user experience and drive sales growth [2][18] - The EV industry is characterized by rapid growth, with new technologies and materials expected to improve performance and reduce costs [2][19] - The report identifies several investment opportunities within the EV supply chain, particularly in battery technology and related components [2][23] Renewable Energy - The report discusses the impact of rising prices for upstream materials like silicon, which are expected to lead to price increases for solar components [3][24] - It highlights the ongoing optimization of battery efficiency and the potential for companies with differentiated high-efficiency products to enhance profitability [3][26] - The report also notes the expected reduction in production from glass manufacturers, which could alleviate inventory and pricing pressures in the solar market [3][26] Offshore Wind Energy - The UK government's relaxation of AR7 offshore wind auction rules is seen as a positive signal for the global offshore wind industry, potentially increasing project participation [4][27] - The report anticipates that the extension of contract terms for difference agreements will further stimulate investment in offshore wind projects [4][28] - Key beneficiaries of this trend are expected to include leading domestic companies involved in offshore wind energy [4][28] Energy Storage - The introduction of capacity pricing policies for energy storage in Gansu province is expected to enhance the profitability of long-duration storage projects [8][31] - The report emphasizes the importance of energy storage in balancing renewable energy output and improving utilization rates [8][31] - Companies with technological advantages in energy storage are likely to be the first to benefit from these new policies [8][31]