Group 1 - The core point of the article is that Tianhe Solar (688599) announced a plan for a shareholder to reduce their stake in the company by up to 0.57% of the total share capital, which amounts to 12.4749 million shares [1] Group 2 - The shareholder, Youze Venture Capital, is an action party of the company's controlling shareholder and actual controller, Gao Jifan [1]

重要内容提示： 证券代码：688599 证券简称：天合光能 公告编号：2025-087 转债代码：118031 转债简称：天 23 转债 天合光能股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 ? 股东持股的基本情况 截至本公告披露日，江苏有则创投集团有限公司（以下简称"有则创投"， 曾用名"江苏有则科技集团有限公司"）直接持有天合光能股份有限公司（以下 简称"公司"）首次公开发行前股票 12,474,897 股，占公司总股本的比例为 则创投为公司控股股东、实际控制人高纪凡先生的一致行动人。 | 股东名称 | 江苏有则创投集团有限公司 | | | | | | --- | --- | --- | --- | --- | --- | | 控股股东、实控人及一致行动人 | | | | | √是 □否 | | 股东身份 | | | | | | | 直接持股 | 5%以上股东 | | □是 | √否 | | | 董事、监事和高级管理人员 | | | | | □是 √否 | | 其他：无 ...

| 证券代码：688599 | 证券简称：天合光能 | | 公告编号：2025-087 | | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 | 转债 | | 天合光能股份有限公司 股东减持股份计划公告 上述减持主体存在一致行动人： 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 截至本公告披露日，江苏有则创投集团有限公司（以下简称"有则创投"， 曾用名"江苏有则科技集团有限公司"）直接持有天合光能股份有限公司（以下 简称"公司"）首次公开发行前股票 12,474,897 股，占公司总股本的比例为 0.5724%。上述首次公开发行前持有的股份已于 2023 年 6 月 12 日上市流通。有 则创投为公司控股股东、实际控制人高纪凡先生的一致行动人。 减持计划的主要内容 近日，公司收到股东有则创投出具的《关于股份减持计划的告知函》，有则 创投因自身发展及资金需求，计划自公司公告本次减持计划之日起十五个交易日 后的三个月内，即 ...

Group 1 - The core point of the article is that Tianhe Solar announced a plan for a significant share reduction by a major shareholder due to development and funding needs [1] - The controlling shareholder, Gao Jifan, through an associated entity, plans to reduce holdings by up to 12.47 million shares, which represents approximately 0.5724% of the company's total share capital [1]

天合光能公告，江苏有则创投集团有限公司持有1247.49万股，占0.5724%，拟自2025年9月2日至2025年 12月1日通过集中竞价或大宗交易减持不超过1247.49万股，占公司总股本0.5724%。 ...

Group 1 - The core viewpoint highlights the rapid industrial growth in Dongtai, driven by innovation and technological advancements in sectors like photovoltaic and new materials [1][2][3] - Dongtai's solar cell production capacity has increased from 10GW to 14GW, with record-breaking peak power for 210 large-size battery modules [1] - The city's industrial sales reached 87.4 billion yuan in the first half of the year, a year-on-year increase of 14.5%, with significant growth in both industrial output and manufacturing value [1] Group 2 - Dongtai's main industries, including new energy and information technology, have seen substantial growth rates of 49% and 23.6% respectively, becoming key drivers of industrial expansion [2] - The city has successfully cultivated a tiered enterprise structure, with 99 companies exceeding 100 million yuan in real-time invoicing, and 31 companies exceeding 10 million yuan in tax contributions [2] - The number of newly recognized industrial projects reached 26, and the number of projects that have reached production status was 36, both leading in Yancheng [2] Group 3 - The introduction of innovative products, such as multi-functional drilling machines, has led to significant performance improvements, with sales expected to exceed 350 million yuan this year [3] - Dongtai has added 112 new innovative small and medium-sized enterprises in the first half of the year, with a total of 658 enterprises updated in the specialized and innovative category [3] - The city has seen 55 new technologies and products enter the provincial public listing, showcasing strong industrial innovation capabilities [3] Group 4 - The digital transformation in Dongtai's industrial sector has led to enhanced precision in manufacturing processes, with revenue from the digital economy core industries reaching 19.19 billion yuan, a 20.2% increase [4] - The city has established 27 advanced intelligent factories and is pushing for national-level recognition for several enterprises in smart manufacturing and 5G technology [4] - The coverage rate of basic-level intelligent factory assessments among industrial enterprises in Dongtai has reached 32%, the highest in Yancheng [4]

Core Viewpoint - The article discusses the ongoing patent wars in the photovoltaic (PV) industry, emphasizing the shift from an incremental growth phase to a competitive landscape where companies are focusing on retaining advanced production capacity and eliminating outdated capacity. Patents are seen as a crucial tool in this "anti-involution" strategy [1]. Group 1: Patent Litigation Overview - The patent litigation between JinkoSolar and LONGi Green Energy is highlighted as a significant ongoing conflict in the PV sector, with a need to assess the patent situations of the top 10 companies in terms of module shipments [3]. - Since 2019, the patent wars in the PV industry have been continuous, with only two companies, GCL-Poly and Hengdian East Magnetic, not involved in any patent litigation [3]. - Tongwei Co., while rapidly rising in the top 10, has had minimal patent litigation exposure, primarily due to its dual leadership in silicon materials and cells [3]. Group 2: Patent Application Statistics - Trina Solar leads in patent applications with 7,219 patents, followed by JinkoSolar and LONGi Green Energy in second and third places, respectively [7]. - Canadian Solar, despite facing multiple patent infringement lawsuits, has a substantial patent application count of 4,669, placing it among the top tier of PV companies [7]. - GCL-Poly has a relatively low patent application count, while Hengdian East Magnetic has over 3,700 patents, but only 681 are related to PV technology, making it the lowest among the top 10 [7]. Group 3: Patent Validity and Status - LONGi Green Energy holds the highest number of valid patents at 3,900, while Trina Solar has 3,448 valid patents, and JinkoSolar has 2,449 [10]. - The analysis shows that Yida New Energy has the lowest percentage of expired patents at 3%, while GCL-Poly and Canadian Solar have high expiration rates of 40% and 32%, respectively [10]. - The proportion of pending patents indicates that Trina Solar has over 33% pending, while Hengdian East Magnetic and JinkoSolar have around 30% [10]. Group 4: Patent Types and Quality - JinkoSolar and Trina Solar have the highest number of invention patents, with JinkoSolar's invention patents making up 70% of its total applications [12]. - GCL-Poly's patent applications are primarily domestic, with minimal international presence, indicating a focus on the domestic market [17]. - GCL-Poly has a total of 1,138 patent applications, with 519 being valid, but a significant number of low-value patents have been abandoned or rejected [19]. Group 5: Legal Events and Patent Management - GCL-Poly has engaged in various legal events related to its patents, including transfers and acquisitions, indicating active management of its patent portfolio [25]. - Hengdian East Magnetic has also seen significant patent pledges, with over 75 patents pledged for financing, reflecting a strategic approach to leveraging its patent assets [38]. - The company has a relatively high number of invention patents, with 445 out of 681 total patents, indicating a focus on high-quality innovations [35]. Group 6: Strategic Insights and Recommendations - Both GCL-Poly and Hengdian East Magnetic have lower overall patent strengths compared to leading companies like JinkoSolar and LONGi Green Energy, which may impact their competitive positioning [42]. - GCL-Poly's strategy of acquiring external patents could enhance its litigation capabilities, while Hengdian East Magnetic's effective maintenance of patent validity is crucial for future legal defenses [42]. - The article suggests that PV companies should enhance innovation and proactively manage patent risks to minimize litigation exposure [45].

Investment Rating - The report suggests a positive outlook for the photovoltaic industry, particularly focusing on the benefits from the anti-involution policies and the expected price increases across the supply chain [3][19][22]. Core Insights - The current round of anti-involution is fundamentally different from previous self-regulatory efforts, with significant policy and regulatory measures being implemented since the sixth Central Financial Committee meeting [3][18]. - The anti-involution has catalyzed positive changes in the industry, leading to substantial price increases in the photovoltaic supply chain, particularly in polysilicon, which has seen prices rise above 40,000 yuan per ton [3][14]. - The feasibility of price transmission from polysilicon to downstream components is supported by the involvement of state-owned energy enterprises, which are expected to resist low-price competition [3][38]. - Polysilicon is identified as the key focus for the anti-involution efforts, with policies aimed at eliminating outdated production capacity and promoting industry consolidation [3][23]. - The supply side has initiated changes, while the demand side is seen as the critical area for breakthroughs, with new policies expected to stimulate demand in the photovoltaic market [3][45]. Summary by Sections 1. Review of Anti-Involution Market - The report reviews the developments in the photovoltaic market since the implementation of anti-involution policies, highlighting the significant price increases in polysilicon and other components [3][12][14]. 2. Positive Changes from Anti-Involution Expectations - The report notes that the anti-involution expectations have led to a positive market response, with polysilicon futures prices rising significantly and aligning closely with the prices of photovoltaic materials [11][12]. 3. Policy Implementation Phase with Focus on Polysilicon - The report emphasizes that the implementation of policies targeting polysilicon production is crucial for the success of the anti-involution strategy, with a focus on reducing outdated capacity and enhancing industry standards [3][22][29]. 4. Indicators of Anti-Involution Effects: Component Prices - The report identifies the rising prices of photovoltaic components as a key indicator of the success of the anti-involution measures, with expectations for further price increases as the supply chain adjusts [3][14][38]. 5. Supply-Side Anti-Involution and Demand-Side Efforts - The report discusses the need for coordinated efforts between supply-side adjustments and demand-side stimulation to ensure the sustainability of the photovoltaic market, particularly in light of new regulatory frameworks [3][45][42].

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1] - Among the listed companies in the photovoltaic equipment industry, the total salary for secretaries amounted to 63.1969 million yuan, with an average annual salary of 929,400 yuan [1] - The highest-paid secretary in the industry is Xia Rongbing from Laplace, earning 3.1671 million yuan, with a salary increase of 1.667 million yuan, representing a growth rate of 111.13% [1][2] Industry Salary Overview - The photovoltaic equipment sector includes 68 listed companies, with a total secretary salary of 63.1969 million yuan [1] - The average salary for secretaries in this sector is 929,400 yuan, which is higher than the overall average for A-share listed companies [1] - Notable salary changes include: - Xia Rongbing (Laplace): 3.1671 million yuan, up 1.667 million yuan (111.13%) - Lu Yang (Sungrow): 3.02 million yuan, up 510,000 yuan (20.32%) - Cai Wenquan (Lianqiang Xinke): 2.7763 million yuan, down 284,700 yuan (-9.30%) [2]

Group 1 - The core viewpoint is that the photovoltaic industry is experiencing a strong upward trend, with the Zhongzheng Photovoltaic Industry Index rising by 2.27% and key stocks like Sunshine Power increasing by 13.51% [1] - The largest photovoltaic power station in the Taklamakan Desert, the Tayuqi Mo Photovoltaic Power Station, has generated over 300 million kilowatt-hours of green electricity [1] - Huazhong Securities indicates that prices across the photovoltaic industry chain are rising, with stable increases in silicon material prices and a narrowing rise in N-type silicon material prices [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index account for 56.16% of the index, including Sunshine Power, Longi Green Energy, and TCL Technology [2] - The photovoltaic ETF fund closely tracks the Zhongzheng Photovoltaic Industry Index, which selects up to 50 representative listed companies involved in the photovoltaic industry chain [1]