Group 1 - The core point of the news is that Juhe Materials has seen a stock price increase of 5.34%, reaching 63.18 CNY per share, with a trading volume of 540 million CNY and a turnover rate of 4.84%, resulting in a total market capitalization of 15.292 billion CNY [1] - Juhe Materials, established on August 24, 2015, and listed on December 9, 2022, specializes in the research, production, and sales of new electronic pastes, with 99.83% of its revenue coming from photovoltaic conductive silver paste and other products [1] Group 2 - Guotai Fund's Guotai Valuation Advantage Mixed Fund (LOF) A (160212) has increased its holdings in Juhe Materials by 911,800 shares in the second quarter, now holding 3.9429 million shares, which accounts for 2.18% of the circulating shares, resulting in an estimated floating profit of approximately 12.6172 million CNY [2][4] - The Guotai Valuation Advantage Mixed Fund (LOF) A (160212) was established on February 10, 2010, with a latest scale of 1.083 billion CNY, achieving a year-to-date return of 53.25% and a one-year return of 50% [2] Group 3 - The fund manager of Guotai Valuation Advantage Mixed Fund (LOF) A (160212) is Wang Zhaoxiang, who has been in the position for 3 years and 127 days, managing a total fund asset size of 2.123 billion CNY, with the best fund return during his tenure being 27.77% [3]

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The price of large storage battery cells continues to rise, indicating strong demand in the energy storage sector. The domestic independent energy storage market is expected to grow due to supportive policies [5][30]. - The domestic offshore wind power sector remains in a high-growth phase, with significant projects such as the 500MW offshore wind project in Hainan officially starting construction [4][21]. - The photovoltaic industry shows stable pricing across the supply chain, with strong overseas demand supporting battery prices [3][14]. Summary by Sections Photovoltaics - The price of silicon wafers and battery cells continues to rise, while module prices remain stable. Strong overseas market demand is a key driver for the price trends [3][14]. - The Qinghai 136 document has initiated bidding for renewable energy projects, with a total mechanism electricity scale of 22.41 billion kWh [14][15]. - GCL-Poly's third-quarter profit reached 960 million yuan, showcasing resilience in a competitive environment [16]. Wind Power - The domestic offshore wind power sector is experiencing high growth, with significant projects like the 500MW offshore wind project in Yangjiang receiving preliminary approval [4][20]. - The Zhejiang offshore wind project has awarded contracts for ±500kV DC submarine and land cables, indicating ongoing investment in infrastructure [20]. Energy Storage - The average price of large storage battery cells has risen to 0.308 yuan/Wh, reflecting strong demand and supply dynamics [25][30]. - In September, the domestic energy storage market saw a significant increase in new installations, with a total of 3.08GW/9.17GWh added, marking a year-on-year growth of 205% in power and 171% in capacity [26]. - The PJM region in the U.S. faces urgent energy storage needs, requiring the deployment of 16-23GW of storage systems over the next 7 to 15 years to meet increasing load demands [27][29]. Hydrogen Energy - The green methanol project is set to receive national subsidies, with companies like Fuan Energy investing in significant production capacity [31][39]. - The hydrogen energy sector is experiencing favorable development trends, with national support for new technologies and financing becoming more accessible [39]. Electric Grid Equipment - NVIDIA's release of the 800V DC white paper highlights the need for high-voltage direct current solutions in data centers, driven by increased power density and load variability [40]. - Investment opportunities in the electric grid sector include companies involved in high-voltage direct current technology and related equipment [41]. Electric Vehicles - The government has launched a three-year plan to double charging facilities, aiming for 28 million nationwide by the end of 2027 [42][45]. - The heavy-duty truck market has seen a nearly 80% year-on-year increase in sales, indicating strong demand and market recovery [45]. Humanoid Robots - A strategic partnership between Zhaofeng and German company Neura has been established, focusing on humanoid robot technology and significant order potential [47][49]. - The humanoid robot sector is entering a phase of small-batch production, with investment opportunities in companies with new technologies and strong order visibility [50].

Core Viewpoint - The stock of Juhe Materials has shown volatility with a recent increase of 2.10%, but has experienced a significant decline over the past five trading days, indicating potential market fluctuations and investor sentiment shifts [1]. Financial Performance - For the first half of 2025, Juhe Materials reported a revenue of 6.435 billion yuan, a year-on-year decrease of 4.87%, and a net profit attributable to shareholders of 181 million yuan, down 39.58% compared to the previous year [2]. - Since its A-share listing, Juhe Materials has distributed a total of 340 million yuan in dividends [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Juhe Materials increased to 11,500, reflecting a rise of 11.15%, while the average circulating shares per person decreased by 10.03% to 15,751 shares [2]. - The stock's trading activity shows a net inflow of 782,000 yuan from main funds, with significant buying and selling activity from large orders [1]. Company Overview - Juhe Materials, established on August 24, 2015, and listed on December 9, 2022, specializes in the research, production, and sales of new electronic pastes, primarily focusing on photovoltaic conductive silver paste, which constitutes 99.83% of its revenue [1]. - The company operates within the power equipment sector, specifically in photovoltaic equipment and auxiliary materials, and is associated with concepts such as renewable energy and solar power [1].

常州聚和新材料股份有限公司 关于召开2025年第三季度业绩说明会的公告 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。 重要内容提示： 投资者可于2025年10月27日（星期一）17:00前将相关问题通过电子邮件 的形式发送至常州聚和新材料股份有限公司（以下简称"公司"）投资者关系邮 箱：ir@fusion-materials.com，也可访问网址：https://s.comein.cn/xarpz38q或者使 用微信扫描二维码在报名后进行会前提问，公司将通过本次业绩说明会，在信息 披露允许范围内就投资者普遍关注的问题进行回答。 证券代码：688503 证券简称：聚和材料 公告编号：2025-045 一、说明会类型 为加强上市公司投资者关系管理，同时便于广大投资者更全面深入地了解公 司2025年第三季度业绩和经营情况，公司将于2025年10月27日（星期一）下午 20:00-21:00举办2025年第三季度业绩说明会，现将有关事项公告如下： 本次业绩说明会以线上电话会议形式召开，公司将针对2025年第三季度经营 1 会议召 ...

Investment Rating - The industry investment rating is "Overweight" [2][45] Core Viewpoints - As of October 16, 2025, the power equipment industry has seen a decline of 2.84% over the past two weeks, underperforming the CSI 300 index by 2.36 percentage points, ranking 26th among 31 industries [4][11] - The cumulative installed capacity of new energy storage in China is expected to reach over 180GW by 2027 and 300GW by 2030, with the industry chain and supply chain output value projected to reach 2-3 trillion yuan by 2030 [34][39] - The global energy storage market is anticipated to maintain strong growth, with a cumulative installed capacity of approximately 730GW/1950GWh by the end of 2030 [34][39] Summary by Sections Market Review - The power equipment sector has increased by 39.62% year-to-date, outperforming the CSI 300 index by 22.25 percentage points, ranking 4th among 31 industries [4][11] - The wind power equipment sector increased by 0.07%, the photovoltaic equipment sector by 1.14%, and the grid equipment sector by 5.76% in the last two weeks [16][17] Valuation and Industry Data - As of October 16, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 34.67 times, with sub-sectors showing varying PE ratios: electric motors at 62.87 times, photovoltaic equipment at 26.89 times, and battery sector at 35.51 times [22][23] Industry News - In the first nine months of 2025, China's new energy storage overseas orders totaled 214.7GWh, a year-on-year increase of 131.75%, with over 30GWh in September alone [34][39] - The National Energy Administration has emphasized the importance of user-side network security management to prevent power outages caused by user-side issues [34][35] Company Announcements - Several companies reported significant changes in net profit for the first three quarters of 2025, with notable increases for companies like Jinko Technology and Tongda Co., while others like Shida Shenghua reported substantial losses [36][37] Weekly Perspective on Power Equipment Sector - The report suggests focusing on leading storage companies benefiting from the booming storage industry, emphasizing technological and scale advantages [39][40]

Group 1 - The core point of the news is that Juhe Materials experienced a 5.12% decline in stock price, reaching 61.12 yuan per share, with a trading volume of 238 million yuan and a turnover rate of 2.11%, resulting in a total market capitalization of 14.793 billion yuan [1] - Juhe Materials, established on August 24, 2015, and listed on December 9, 2022, is located in Changzhou, Jiangsu Province, and specializes in the research, production, and sales of new electronic pastes, with 99.83% of its main business revenue coming from photovoltaic conductive silver paste and other sales [1] Group 2 - From the perspective of fund holdings, one fund under Nuoan Fund has a significant position in Juhe Materials, with Nuoan Hengxin Mixed Fund (006429) holding 69,600 shares, accounting for 4.97% of the fund's net value, making it the fourth-largest holding [2] - The Nuoan Hengxin Mixed Fund (006429), established on April 30, 2019, has a latest scale of 57.945 million yuan, with a year-to-date return of 49.69% and a one-year return of 47.07%, ranking 845th out of 8160 in its category [2] - The fund manager, Liu Xiaofei, has been in position for 2 years and 341 days, with a total asset scale of 715 million yuan, achieving a best fund return of 35.01% and a worst fund return of 22.23% during his tenure [2]

证券日报网讯聚和材料10月15日在互动平台回答投资者提问时表示，新凯来推出的MBI莫干山设备为全 场景空白掩模缺陷检测设备，可用于掩模基板厂和光罩厂工艺过程控制、出货检、来料检和设备颗粒控 制等，支持掩模基板、掩模背面、镀膜层和光刻胶全场景检测，因此双方未来有合作机会。目前收购项 目正按计划进行，后续项目业务合作情况，如达到相关披露标准，公司会及时履行信息披露义务。 ...

Group 1 - The company has sufficient self-owned funds, with total assets amounting to 9.462 billion yuan as of the end of the first half of 2025 [1] - The company's debt-to-asset ratio stands at 50% [1] - The company holds over 2 billion yuan in cash and trading financial assets, with inventory including silver powder and silver paste valued at approximately 970 million yuan, indicating a relatively ample financial reserve [1]

Core Viewpoint - The company maintains a stable market share in photovoltaic silver paste and is currently in the small-scale verification phase for its copper paste technology, which aims to replace silver in photovoltaic applications [1] Group 1: Market Position - The company's photovoltaic silver paste market share has remained relatively stable [1] - The company is exploring the potential of its copper paste technology as a substitute for silver in the photovoltaic industry [1] Group 2: Technology Development - The copper paste technology is still undergoing small-scale verification [1] - The company will disclose further information regarding the progress of its copper paste technology once it meets relevant disclosure standards [1]

聚和材料（688503.SH）10月15日在投资者互动平台表示，本次收购事宜一切按计划进行，韩国SKE正 在着手成立Lumina Mask株式会社，目前处于公示阶段，目标于2025年12月1日作为分立基准日设立法 人。公司并未向个别投资人非公开释放收购进度的相关信息。后续如有相关重大进展，公司会及时履行 信息披露义务，敬请您关注公司后续披露的公告。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：最近的下跌是否与公司收购遇到障碍有关？公司有没 有向个别投资人非公开释放收购进度的相关信息。 ...