Core Viewpoint - The photovoltaic industry chain is expected to gradually bottom out and improve by the second half of 2025, aided by anti-involution measures, although financial improvements may slow market clearing, making the continuation of anti-involution essential [1] Group 1: Industry Outlook - The photovoltaic demand is anticipated to recover in the latter half of the 14th Five-Year Plan due to enhanced energy storage capacity and the need for market-oriented adjustments in the domestic electricity market [1] - The global energy transition is driving strong demand for energy storage, with a projected growth rate of nearly 50% for new installations in 2026, fueled by domestic policies and decreasing costs [2] Group 2: Market Dynamics - A decline in domestic installations is expected to lead to profit differentiation among glass glue film companies, with those having overseas clients likely to increase export ratios and profit margins [3] - The high silver prices are promoting the industrialization of silver-copper paste, while auxiliary material companies are actively seeking second growth curves in sectors like semiconductors and storage [3] Group 3: Valuation and Recommendations - Current valuations for major companies in the main industry chain are at historical low levels of 1xP/B to 2.5xP/B, with potential for performance recovery and sector opportunities as demand improves in 2Q26 [4] - Recommended stocks include: 1) Quality large-scale storage and industrial storage companies such as Canadian Solar (688472.SH), Shangneng Electric (300827.SZ), and others [4] 2) High-power module manufacturers like JinkoSolar (688223.SH) and Aiko Solar (600732.SH) [4] 3) Silicon material companies such as GCL-Poly Energy (03800) and Tongwei Co., Ltd. (600438.SH) [4] 4) Optimized players like Xinyi Solar (00968) and Flat Glass Group (601865.SH) [4] 5) Companies with new product launches like Dike Co., Ltd. (300842.SZ) and Juhe Materials (688503.SH) [4]

Group 1 - The A-share market continues to see an upward trend in liquid cooling concept stocks, with notable increases in share prices for several companies [1] - Fangsheng Co., Ltd. experienced a rise of over 12%, while Oulutong and Hongsheng Co., Ltd. saw increases of over 11% and 10% respectively [1] - Other companies such as Minglida, Jingyan Technology, and Yingweike also reported significant gains, with increases ranging from 5% to 9% [1] Group 2 - The table lists various companies along with their stock codes, percentage increases, total market capitalization, and year-to-date performance [2] - Fangsheng Co., Ltd. has a total market value of 29.24 billion and a year-to-date increase of 68.15% [2] - Oulutong has a market capitalization of 27.6 billion and a remarkable year-to-date increase of 137.26% [2] - Hongsheng Co., Ltd. has a market value of 6.167 billion and an impressive year-to-date increase of 256.74% [2] - Other companies listed show varying market capitalizations and year-to-date performance, indicating a strong interest in the liquid cooling sector [2]

Group 1 - The company, Juhe Materials, announced that it will hold its first extraordinary general meeting of shareholders for 2026 on January 7, 2026 [1]

Core Viewpoint - Company Juhe Materials (688503.SH) plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international brand recognition and competitiveness, aligning with its internationalization strategy [3][9]. Group 1: Company Overview - Juhe Materials specializes in the research, production, and sales of new electronic pastes, primarily focusing on conductive pastes for photovoltaic cells [3][9]. - The company was listed on the Shanghai Stock Exchange on December 9, 2022, with a total market capitalization of approximately 14.328 billion CNY as of December 22, 2022 [3][9]. Group 2: Financial Metrics - As of the latest trading session, the stock reached a high of 60.16 CNY and a low of 56.20 CNY, with a closing price of 56.77 CNY [4][10]. - The trading volume was 12.47457 million shares, with a turnover of 729 million CNY, indicating a turnover rate of 6.21% [4][10]. - The company has a dynamic P/E ratio of 44.96 and a TTM P/E ratio of 60.73, with an earnings per share of 0.97 CNY [4][10].

（编辑 丛可心） 证券日报网讯 12月22日晚间，聚和材料发布公告称，公司第四届董事会第十一次会议审议通过《关于 公司首次公开发行H股股票并在香港联合交易所有限公司上市的议案》《关于公司首次公开发行H股股 票并在香港联合交易所有限公司上市方案的议案》《关于公司申请转为境外募集股份并上市的股份有限 公司的议案》等多项议案。 ...

公告显示，聚和材料本次发行H股并上市尚需提交公司股东会审议，在符合中国境内相关法律、法规和 规范性文件、中国香港法律的要求和条件下进行，并需取得中国证券监督管理委员会、香港证券及期货 事务监察委员会和香港联交所等相关政府机构、监管机构备案、批准和/或核准。截至目前，公司正与 相关中介机构就本次发行H股并上市的相关工作进行商讨，除本次董事会审议通过的相关议案外，其他 关于本次发行H股并上市的具体细节尚未最终确定。 资料显示，聚和材料创立于2015年，2022年12月9日登陆A股科创板。目前，聚和材料已成为全球领先 的光伏导电浆料科技企业。此外，在半导体、新能源汽车和电子浆料等非光伏领域，聚和材料也通过创 新的研发理念和高效快速的协作研发，持续不断为市场和客户提供定制化的技术和解决方案。2025年上 半年，聚和材料实现营业收入64.35亿元，同比下滑5%，净利润1.81亿元，同比下滑40%；其中，2025 年单二季度实现营业收入10.42亿元，环比增长4%，净利润9100万元，环比增长2%，业绩主要由光伏导 电浆料板块贡献。 12月22日晚，聚和材料(688503)公告，公司于2025年12月19日召开第四届董事 ...

格隆汇12月22日丨聚和材料(688503.SH)公布，根据募集资金投资项目的资金使用计划及项目的建设进 度，公司在确保不影响募集资金投资项目建设进度的前提下，为了提高募集资金使用效率，降低公司财 务成本，公司拟使用不超过人民币25,000万元闲置募集资金暂时补充流动资金，使用期限自公司董事会 审议通过之日起不超过12个月。在使用期限内，公司可根据募投项目的进展及需求情况提前归还至募集 资金专用账户。 ...

Group 1 - The company, 聚和材料, announced plans to issue H-shares and list on the Hong Kong Stock Exchange to support its international strategy and overseas business expansion [1] - The objective of this move is to enhance the company's international brand recognition and strengthen its overall competitiveness [1]

聚和材料（证券代码：688503）于2025年12月23日发布提示性公告，宣布公司正筹划首次公开发行H股 股票并在香港联合交易所有限公司主板上市。公告显示，公司已于2025年12月19日召开第四届董事会第 十一次会议，审议通过了《关于公司首次公开发行H股股票并在香港联合交易所有限公司上市的议案》 《关于公司首次公开发行H股股票并在香港联合交易所有限公司上市方案的议案》等相关议案，本次发 行H股并上市事项尚需提交公司股东会审议，且公司将在股东会审议通过之日起24个月内选择适当的时 机和发行窗口完成本次发行；本次筹划香港上市主要目的为满足公司国际化战略及海外业务布局需要， 提升公司国际品牌知名度，增强公司综合竞争力；截至目前，公司正与相关中介机构就本次发行H股并 上市的相关工作进行商讨，但拟发行股份比例等具体细节尚未最终确定。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，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。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨 ...

Company Overview - Juhe Materials (SH 688503) announced its fourth board meeting on December 19, 2025, discussing the proposal to determine the roles of the board members [1] - As of the report, Juhe Materials has a market capitalization of 14.3 billion yuan [1] Financial Performance - For the year 2024, Juhe Materials' revenue composition is as follows: electronic specialty materials account for 99.22%, while other businesses make up 0.78% [1] Industry Insights - The new energy heavy truck sector has seen a significant surge, with November sales increasing by 178% year-on-year, indicating a strong demand that has led to supply shortages [1]