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]

Summary of Key Points Core Viewpoint - The announcement details the share pledge status of the major shareholder, Chen Yaomin, of Changzhou Juhe New Materials Co., Ltd., including the recent release of pledged shares and the overall shareholding structure [1]. Group 1: Shareholder Information - As of the announcement date, Chen Yaomin directly holds 18,574,365 shares, accounting for 7.67% of the total share capital of the company [1]. - Chen Yaomin has released 3,900,000 shares from pledge, which represents 21.00% of his total pledged shares [1]. - The total number of shares pledged by Chen Yaomin is 7,800,000, which constitutes 41.99% of his holdings and 3.22% of the company's total share capital [1]. Group 2: Pledge Release Details - The release of the pledged shares occurred on July 18, 2025, as confirmed by the China Securities Depository and Clearing Corporation [1]. - Following the release, Chen Yaomin's remaining pledged shares amount to 7,800,000, which still represents 41.99% of his total holdings [1]. - The total number of shares held by Chen Yaomin after the release remains at 18,574,365, with no changes to his overall ownership percentage [1].

常州聚和新材料股份有限公司 关于持股5%以上股东部分股份解除质押的公告 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、准确性和完整性依法承担法律责任。 证券代码：688503 证券简称：聚和材料 公告编号：2025-035 1 | 持股比例 | 7.67% | | --- | --- | | 剩余被质押股份数量 | 7,800,000 | | 剩余被质押股份占其所持股份比例 | 41.99% | | 剩余被质押股份占公司总股本比例 | 3.22% | 注：1.上述数据比例为截至本公告披露日股东持股数计算所得。 重要内容提示： 截止本公告披露日，常州聚和新材料股份有限公司（以下简称"公司"） 股东陈耀民直接持有公司股份18,574,365股，占公司总股本比例为7.67%。 陈耀民本次解除质押股份数量为3,900,000股，占其所持股份的比例为 21.00%，占公司总股本的比例为1.61%。本次解除质押后，公司股东陈耀民累计 质押公司股份7,800,000股，占其持股总比例为41.99%，占公司总股本的3.22%。 公司于近日接到股东陈耀民先生的通知，获悉其 ...

Core Viewpoint - The company is preparing for its second extraordinary general meeting of shareholders in 2025, focusing on maintaining order and efficiency during the meeting while ensuring the rights of all shareholders are protected [1][2][4]. Meeting Procedures - The meeting will follow a specific agenda, allowing shareholders and their representatives to exercise their rights to speak, inquire, and vote [2][3]. - Shareholders must register to speak one day prior to the meeting, and speaking time is limited to five minutes per shareholder [2][3]. - Voting will be conducted through both on-site and online methods, with results announced by the meeting host [10][11]. Financial Derivatives Trading Proposal - The company plans to use its own funds to engage in financial derivatives trading, specifically silver futures and options, to hedge against price volatility of silver, which is a key raw material [7][9]. - The maximum trading margin and premium for this activity is capped at 400 million RMB, with a maximum contract value of 2.5 billion RMB on any trading day [7][9]. - The trading activities are intended to stabilize operational performance and enhance financial resilience [11][12]. Risk Management - The company has outlined potential risks associated with financial derivatives trading, including market volatility and operational risks, and has established strict risk control measures [9][10]. - The company will not engage in speculative trading and will ensure that trading activities align with its actual business needs [10]. - Internal audits and oversight mechanisms are in place to monitor compliance and risk management related to derivatives trading [10]. Impact on Company - Engaging in financial derivatives trading is deemed necessary for the company to mitigate risks associated with raw material price fluctuations, thereby enhancing its competitive edge [11][12]. - The company has developed specific operational procedures and internal controls to ensure compliance with relevant regulations and effective risk management [11][12].

2025 年 07 月 常州聚和新材料股份有限公司 2025 年第二次临时股东会会议资料目录 | 2025 | 年第二次临时股东会会议须知 | 2 | | --- | --- | --- | | 2025 | 年第二次临时股东会会议议程 | 4 | | 2025 | 年第二次临时股东会会议议案 | 6 | | | 议案一：关于开展金融衍生品交易业务的议案 | 6 | 证券代码：688503 证券简称：聚和材料 常州聚和新材料股份有限公司 2025 年第二次临时股东会会议资料 1 常州聚和新材料股份有限公司 2025 年第二次临时股东会会议须知 为了维护全体股东的合法权益，确保常州聚和新材料股份有限公司（以下简 称"公司"）股东会的正常秩序和议事效率，保证股东会的顺利进行，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》以及《常州聚和新材料股 份有限公司章程》（以下简称"《公司章程》"）《常州聚和新材料股份有限公 司股东会议事规则》等相关规定，特制定 2025 年第二次临时股东会参会须知： 一、为确认出席会议的股东或其代理人或其他 ...

Group 1: Solar Industry - The solar industry is experiencing a dual bottom in fundamentals and market sentiment, with expectations for supply-side reforms strengthening [9][11]. - In Q2, domestic solar installations are expected to increase significantly, driven by a surge in demand, with a total of 197.9 GW added in the first five months of 2025, representing a 150% year-on-year growth [15][19]. - The profitability across different segments of the solar supply chain is expected to diverge, with silicon material prices under pressure while silicon wafers, cells, and modules benefit from price increases due to demand [13][14]. Group 2: Energy Storage - The energy storage sector is seeing a significant increase in shipments, with domestic large-scale storage demand recovering, and overall profitability remaining stable [39][44]. - In the first five months of 2025, global energy storage battery shipments reached 196.5 GWh, a year-on-year increase of 118%, driven by domestic demand and favorable tariff conditions [54][60]. - The domestic energy storage market is expected to maintain high growth, with cumulative installations reaching 13.4 GW/32.1 GWh in the first five months of 2025, reflecting a 57% year-on-year increase [54][55]. Group 3: Policy and Market Dynamics - Recent government policies are focused on addressing "involution" in competition, with measures aimed at balancing supply and demand and promoting industry self-discipline [32][34]. - The solar and energy storage sectors are expected to benefit from ongoing policy support, which is anticipated to enhance market stability and encourage technological advancements [38][36]. - The report highlights the importance of monitoring industry price trends, component production rates, and the timing of supply-side policy announcements as key indicators for investment opportunities [38].

Meeting Information - The shareholder meeting is scheduled for July 29, 2025, at 14:30 [1] - The meeting will be held at the company's conference room located at 66 Liuyanghe Road, Xinbei District, Changzhou [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's network voting system [1][2] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange network voting system, with voting times from 9:15 to 15:00 on the day of the meeting [1][3] - The voting process includes both a trading system platform and an internet voting platform [3] - Duplicate votes through different methods will be counted based on the first submission [3] Attendance Requirements - Shareholders registered by the close of trading on July 23, 2025, are eligible to attend the meeting [5] - Both individual and corporate shareholders must present identification and relevant documents for registration [5][6] - Proxy representatives can attend the meeting but must provide authorization documents [5][6] Registration Details - Registration for the meeting will take place on July 28, 2025, from 9:00 to 17:00 [6] - Shareholders can also register via mail or email, ensuring all required documents are submitted by the deadline [6] Additional Information - Attendees are responsible for their own travel and accommodation expenses [6] - Contact information for the company is provided for any inquiries related to the meeting [6]

Summary of Key Points Core Viewpoint - Changzhou Juhe New Materials Co., Ltd. announced that shareholder Chen Yaomin has pledged part of his shares, which raises concerns about the company's financial stability and shareholder confidence [1]. Group 1: Share Pledge Details - Chen Yaomin directly holds 18,574,365 shares, accounting for 7.67% of the total share capital of the company [1]. - After the pledge, Chen Yaomin has pledged a total of 11,700,000 shares, which represents 62.99% of his holdings and 3.22% of the company's total share capital [1]. - The pledged shares are not used as collateral for major asset restructuring performance compensation, and there are no potential performance compensation obligations associated with the pledged shares [1]. Group 2: Pledge Financing Information - The pledge involves 7,800,000 shares, with the pledge starting on July 9, 2025, and the purpose being to supplement personal capital needs [1]. - The financing is not related to any major asset restructuring or performance compensation obligations [1]. - The company will fulfill its information disclosure obligations in case of any significant changes regarding the pledge [1].

Core Viewpoint - The company intends to engage in silver futures and options trading to hedge against significant price fluctuations of silver, which is a key raw material for its operations [1][2][4]. Group 1: Trading Purpose - The primary purpose of the trading is to mitigate the adverse effects of silver price volatility on the company's operations, ensuring stable performance and enhancing financial robustness [2][4]. - The trading will be based on actual operational needs, focusing on hedging rather than speculative activities [2][4]. Group 2: Trading Amount and Duration - The company plans to utilize its own funds for the trading activities, with a maximum trading margin and premium cap of 400 million RMB, and a maximum contract value of 2.5 billion RMB on any trading day [1][3]. - The approved trading limits will be valid for twelve months from the date of shareholder approval and can be used in a rolling manner [1][3]. Group 3: Trading Types and Funding Sources - The trading types will primarily include silver futures and options contracts [3]. - The funding for these trading activities will come solely from the company's own funds, with no involvement of raised funds [3]. Group 4: Approval Process - The proposal for engaging in financial derivatives trading was approved during the fourth board meeting held on July 9, 2025, and is subject to further approval by the shareholders [3][5]. Group 5: Risk Analysis and Control Measures - The company acknowledges potential risks associated with the trading, including market, operational, and default risks, and emphasizes that all trading will adhere to legal, prudent, and effective principles [2][4]. - Risk control measures include strict adherence to trading limits, internal audits, and a clear management structure to prevent unauthorized trading activities [4][5]. Group 6: Impact on the Company - The trading activities are expected to stabilize the company's operational performance by locking in costs and reducing risks associated with raw material price fluctuations [4][6]. - The company has established a specific operational process for financial derivatives trading, ensuring compliance with relevant regulations [6][7].

证券代码：688503 证券简称：聚和材料 公告编号：2025-032 常州聚和新材料股份有限公司 第四届董事会第七次会议决议公告 属期的个人层面归属比例为50%，因此，同意作废其已获授但尚未归属的限制性 股票合计0.21万股。综上，本次作废2024年限制性股票激励计划限制性股票共计 3.91万股。 根据公司2024年第二次临时股东大会的授权，本次作废部分已授予但尚未归 属的限制性股票事项无需提交股东会审议。 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、董事会会议召开情况 常州聚和新材料股份有限公司（以下简称"公司"）第四届董事会第七次会 议（以下简称"本次会议"）于2025年07月09日在公司会议室以现场与通讯相结 合的方式召开。本次会议通知于2025年07月04日以邮件方式发出。本次会议由董 事长刘海东先生召集并主持，会议应出席本次会议的董事9人，实际出席的董事9 人，公司全体高级管理人员列席了本次会议。本次会议的召集、召开程序均符合 《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》 ...