Core Insights - The report emphasizes the growth potential in the energy storage sector, driven by the implementation of capacity pricing mechanisms in China and increasing demand for energy storage solutions globally, particularly in the context of AI advancements [7][14][27] - The photovoltaic (PV) industry is expected to see a reversal in profitability due to ongoing technological innovations and regulatory measures aimed at curbing excessive competition [7][14][27] Energy Storage - Large-scale energy storage in China is transitioning towards market-driven models, with the introduction of capacity pricing mechanisms expected to enhance the economic viability of storage projects. The expected installed capacity for energy storage in China is projected to reach 154 GWh in 2025, 254 GWh in 2026, and 337 GWh in 2027, representing year-on-year growth rates of 40.2%, 65.2%, and 32.5% respectively [7][14][27] - The report highlights that the U.S. is experiencing rapid growth in energy storage demand, particularly driven by data center construction, with an anticipated addition of 13 GW of data centers leading to a storage demand of 10.7 to 25 GWh [7][14][27] - In Europe, the demand for flexible resources is increasing, and the development of large-scale storage is accelerating due to improved business models and subsidies. The report forecasts that global energy storage installations will reach approximately 279 GWh in 2025, 423 GWh in 2026, and 563 GWh in 2027, with year-on-year growth rates of 44%, 52%, and 33% respectively [7][14][27] Photovoltaic Industry - The report notes that the PV industry is undergoing a "de-involution" process, with regulatory bodies emphasizing the need to address price violations and excessive competition within the sector. This is expected to lead to improved profitability in the downstream component segment of the PV industry by 2026 [7][14][27] - Global PV installations are projected to reach nearly 580 GW in 2026, reflecting a year-on-year growth of 6%, driven by reasonable capacity limits in various regions [7][14][27] - Technological innovations aimed at reducing costs and increasing efficiency are expected to facilitate a reversal in profitability for the PV sector, with advancements in battery technology playing a crucial role [7][14][27] Investment Recommendations - The report recommends investing in leading companies in the PV sector that are driving N-type technology innovations, such as JinkoSolar, Tongwei Co., Longi Green Energy, and JA Solar. It also suggests focusing on companies benefiting from new technological iterations in auxiliary materials [7][14][27] - In the energy storage sector, it highlights companies with technological leadership and competitive advantages, such as Sungrow Power Supply, Hubei Huadian, Canadian Solar, and Shenghong Technology, while also suggesting attention to firms like Shuneng Electric and Kehua Data [7][14][27]

Group 1 - The company reported stable overseas sales and encourages investors to pay attention to upcoming periodic reports for specific operational data [2] - The company is closely monitoring relevant trade policy trends to enhance its operational performance and provide returns to shareholders [2]

证券日报网讯12月30日，聚和材料在互动平台回答投资者提问时表示，公司光伏银浆的市场占有率一直 较为稳定，银粉为公司产品最主要的原材料，其定价方式主要在银价的基础上加收一定的加工费。由于 银粉为贵金属，采购单价较高，且银浆产品生产周期较短，公司通常的采购模式为"以销定购"，即根据 下游客户订单需求，及时向供应商"背靠背"采购银粉，以降低银价波动风险。公司目前已经开发并量产 用于汽车行业的光电器件相关柔性电极浆料，对于航天器柔性太阳翼所用的柔性电极材料暂时没有，关 于航天器柔性太阳翼有多种解决方案，大部分是需要用到导电浆料。 ...

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 2026 年第一次临时股东会会议资料 2026 年 1 月 常州聚和新材料股份有限公司 2026 年第一次临时股东会会议资料目录 | 年第一次临时股东会会议须知 2026 2 | | --- | | 2026 年第一次临时股东会会议议程 4 | | 2026 年第一次临时股东会会议议案 7 | | 议案一：关于公司首次公开发行 股股票并在香港联合交易所有限公司上市的议案.. H 7 | | 议案二：关于公司首次公开发行 股股票并在香港联合交易所有限公司上市方案的议 H | | 案 9 | | 议案三：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 13 | | 议案四：关于公司首次公开发行 H 股股票并上市决议有效期的议案 14 | | 议案五：关于公司首次公开发行 H 股股票募集资金使用计划的议案 15 | | 议案六：关于公司首次公开发行 H 股股票前滚存利润分配方案的议案 16 | | 议案七：关于制定在本次发行并上市后适用的《公司章程（草案）》及相关议事规则（草 | | 案）的议案 17 | | 议案八：关于调整及制定公司 ...

Overview - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting that the demand for offshore wind power in China and Europe is increasing, leading to a rise in foundation demand and profit recovery for wind turbines. The "anti-involution" policy is expected to continue driving the photovoltaic sector, particularly with the expansion of perovskite technology. Overall, while short-term installation demand for renewable energy globally may be weak, there are structural opportunities in the market [1]. Key Points Supporting the Rating - The "anti-involution" trend is stabilizing wind turbine prices, enhancing profitability for manufacturers. China's offshore wind projects are becoming economically viable, contributing significantly to installed capacity. The demand for offshore wind in Europe and emerging markets is also on the rise [3]. - In the photovoltaic sector, the "anti-involution" policy remains the main theme, with a focus on the potential for capacity exits in battery and module production, as well as the industrialization potential of perovskite technology. Investment should prioritize growth-oriented new technology directions and the main industry chain benefiting from the "anti-involution" trend [3]. Investment Recommendations - For wind power, the report suggests prioritizing investments in the turbine segment, which is expected to recover profitability, and in the foundation segment that is progressing quickly in Europe. The offshore wind market is projected to grow significantly, with a focus on deep-sea projects [3]. - In the photovoltaic sector, the report emphasizes the importance of monitoring the "anti-involution" policy's impact on the industry, particularly regarding the exit of inefficient capacity and the enhancement of efficiency in battery and module production [3]. Long-term Outlook for Renewable Energy Demand - The report indicates that China's renewable energy demand is expected to remain robust in the long term, with an average annual installation capacity of over 400GW projected from 2025 to 2035. This is driven by the country's energy security needs and the ongoing transition to a low-carbon economy [13][16]. - The "136 Document" is noted for guiding the development of renewable energy projects towards market-oriented pricing, which is expected to stabilize project returns and promote high-quality development in the sector [31]. Photovoltaic Sector Insights - The report anticipates a moderate decline in photovoltaic installations in 2026 due to a phase of pre-installation in 2025, with projected installations of 290GW in 2025 and 180GW in 2026, reflecting a year-on-year decrease of 38% [33]. - The report highlights that the European photovoltaic market is facing growth challenges, with a forecasted installation of 64.2GW in 2025, indicating a slight decline. The U.S. market is also expected to experience pressure on growth due to policy adjustments [34][37]. Perovskite Technology Potential - Perovskite technology is identified as a key area for enhancing competitiveness in the photovoltaic manufacturing sector, with expectations for significant breakthroughs in industrialization by leading manufacturers in 2026 [33][44].

Group 1 - The BC battery concept rose by 2.99%, ranking 10th among concept sectors, with 43 stocks increasing, including Youyan Powder Materials which hit a 20% limit up, and JunDa Co., Ltd. and *ST Yunwang also reached their limit up [1] - The leading gainers in the BC battery sector included Aotwei, Dongcai Technology, and Juhe Materials, which rose by 14.79%, 9.01%, and 7.34% respectively [1] - The sector experienced a net outflow of 0.21 billion yuan in main funds, with 22 stocks seeing net inflows, and 5 stocks receiving over 50 million yuan in net inflows, led by JunDa Co., Ltd. with a net inflow of 2.15 billion yuan [2] Group 2 - The main fund inflow ratios were highest for *ST Yunwang, Saiwu Technology, and JunDa Co., Ltd., with net inflow rates of 27.64%, 13.82%, and 12.69% respectively [3] - JunDa Co., Ltd. had a daily increase of 10.01% with a turnover rate of 16.47%, while Saiwu Technology increased by 7.14% with a turnover rate of 14.87% [3] - Stocks like Aotwei and Dongcai Technology also showed significant movements, with Aotwei increasing by 14.79% and Dongcai Technology by 9.01% [5]

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].