Core Viewpoint - The company announced a share buyback program that was initially set to end in June 2025 but has been extended to March 2026, with funding sourced from its own and raised funds [1] Group 1: Buyback Program Details - The buyback program commenced on June 25, 2024, and was originally planned to conclude on June 24, 2025, but has now been postponed to March 24, 2026 [1] - The company aims to repurchase shares worth between 100 million to 120 million yuan for the purpose of converting convertible bonds [1] Group 2: Buyback Progress - As of November 30, 2025, the company has repurchased a total of 37,377,953 shares, which represents 1.60% of the total share capital [1] - The highest transaction price during the buyback was 24.91 yuan per share, while the lowest was 13.64 yuan per share, with total funds paid amounting to 692 million yuan [1]

Core Viewpoint - Trina Solar announced a share repurchase plan starting on June 25, 2024, which has been extended to March 24, 2026, with funding sourced from its own and raised funds [1] Group 1: Share Repurchase Details - The company plans to repurchase shares worth 100 million to 120 million yuan for the purpose of converting convertible bonds [1] - As of November 30, 2025, the company has repurchased a total of 37,377,953 shares, representing 1.60% of the total share capital [1] - The highest transaction price during the repurchase was 24.91 yuan per share, while the lowest was 13.64 yuan per share, with total funds paid amounting to 692 million yuan [1]

Quantitative Models and Construction Methods 1. Model Name: Liquidity Impact Coefficient Model - **Model Construction Idea**: This model measures the liquidity impact of index adjustments on individual stocks by calculating the ratio of net fund flows to the stock's recent average daily trading volume[12][13] - **Model Construction Process**: The liquidity impact coefficient for a stock is calculated as follows: $$ impact_{i} = \sum_{k=1}^{N} \frac{\Delta weight_{k,i} \times AUM_{k}}{amt\_avg_{i,20}} $$ - \( \Delta weight_{k,i} \): Estimated weight change of stock \( i \) in index \( k \) - \( AUM_{k} \): Total assets under management of passive products tracking index \( k \) as of the end of November - \( amt\_avg_{i,20} \): Average daily trading volume of stock \( i \) over the past 20 trading days as of the end of November[12][13] - **Model Evaluation**: The model provides a quantitative framework to estimate short-term liquidity shocks caused by index adjustments, but it is subject to data discrepancies and assumptions, which may lead to deviations from actual results[13] --- Model Backtesting Results Liquidity Impact Coefficient Model - **Top 5 Stocks with Highest Positive Impact Coefficients**: - Zhangjiagang Bank (002839 CH): 11.55[15] - Jiangzhong Pharmaceutical (600750 CH): 11.44[15] - Tower Group (002233 CH): 11.04[15] - Jichuan Pharmaceutical (600566 CH): 10.14[15] - Zhengbang Technology (002157 CH): 9.99[15] - **Top 5 Stocks with Highest Negative Impact Coefficients**: - Shenzhen Expressway (600548 CH): -24.95[16] - Vanward Electric (002543 CH): -20.90[16] - Aviation Materials (688563 CH): -14.06[16] - Huaxi Biology (688363 CH): -10.81[16] - Ninghu Expressway (600377 CH): -10.54[16] --- Quantitative Factors and Construction Methods 1. Factor Name: Net Fund Flow Factor - **Factor Construction Idea**: This factor estimates the net fund inflow or outflow for stocks due to index adjustments, based on changes in index weights and the total AUM of passive products tracking the index[9][10] - **Factor Construction Process**: - Outflow Amount: Total AUM of linked products multiplied by the stock's actual weight in the index as of the end of November - Inflow Amount: Total AUM of linked products multiplied by the estimated weight of the stock in the index post-adjustment - Weight estimation is based on free-float market capitalization and index-specific weighting rules, such as dividend yield weighting or market capitalization weighting[9][10] - **Factor Evaluation**: The factor provides a transparent and systematic approach to estimate fund flows, but it is sensitive to assumptions about future index weights and AUM changes[9][10] --- Factor Backtesting Results Net Fund Flow Factor - **Top 5 Stocks with Highest Net Fund Inflows**: - Victory Precision (300476 CH): 112.61 billion CNY[10] - Dongshan Precision (002384 CH): 99.32 billion CNY[10] - Guangqi Technology (002625 CH): 77.81 billion CNY[10] - Sugon Information (603019 CH): 65.44 billion CNY[10] - Top Group (601689 CH): 53.07 billion CNY[10] - **Top 5 Stocks with Highest Net Fund Outflows**: - China Mobile (600941 CH): -40.02 billion CNY[11] - CRRC Corporation (601766 CH): -36.40 billion CNY[11] - Aluminum Corporation of China (601600 CH): -34.29 billion CNY[11] - TCL Zhonghuan (002129 CH): -30.07 billion CNY[11] - Huagong Tech (000988 CH): -27.44 billion CNY[11]

关于归还临时补充流动资金的募集资金的公告 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、准确性和完整性承担法律责任。 重要内容提示： 截至 2025 年 12 月 1 日，天合光能股份有限公司（以下简称"公司"） 已累计归还临时补充流动资金的闲置募集资金人民币 190,000 万元。 一、募集资金临时补充流动资金情况 | 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-115 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 天合光能股份有限公司 | 发行名称 | 2023 | | | 年向不特定对象发行可转换公司债券 | | --- | --- | --- | --- | --- | | 募集资金到账时间 | 2023 | 年 2 | 月 17 | 日 | | 临时补流募集资金金额（万元） | 190,000 | | | | 补流期限 2025-01-08 至 2026-01-07 二、归还募集资金的相关情况 截至本公告披露日，公司已将上述暂时补充流动资金的人民币 19 ...

Core Viewpoint - The solar power generation industry in China is experiencing significant growth, with a notable increase in production and capacity in recent years, as highlighted by the data from the National Bureau of Statistics and the report from Zhiyan Consulting [1]. Industry Summary - In September 2025, China's solar power generation reached 46.5 billion kilowatt-hours, marking a year-on-year increase of 21.1% [1]. - From January to September 2025, the cumulative solar power generation in China was 436.28 billion kilowatt-hours, reflecting a cumulative growth of 24.2% [1]. - The report by Zhiyan Consulting provides insights into the market trends and investment prospects for the solar power station industry in China from 2025 to 2031 [1]. Company Summary - Key listed companies in the solar power sector include Longi Green Energy, Tongwei Co., Sunshine Power, JA Solar Technology, Trina Solar, TBEA, Chint Electric, TCL Zhonghuan, Linyang Energy, and Sungrow Power Supply [1].

12月1日，天合光能盘中下跌2.10%，截至10:18，报17.71元/股，成交3.94亿元，换手率0.93%，总市值 414.87亿元。 分红方面，天合光能A股上市后累计派现34.87亿元。近三年，累计派现24.10亿元。 机构持仓方面，截止2025年9月30日，天合光能十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1.30亿股，相比上期减少2028.92万股。易方达上证科创板50ETF（588080）位居第七大流 通股东，持股4726.24万股，相比上期减少688.77万股。华夏上证科创板50成份ETF（588000）位居第八 大流通股东，持股4611.78万股，相比上期减少2420.14万股。 责任编辑：小浪快报 资料显示，天合光能股份有限公司位于江苏省常州市新北区天合光伏产业园天合路2号，成立日期1997 年12月26日，上市日期2020年6月10日，公司主营业务涉及光伏产品、光伏系统、智慧能源三大板块。 光伏产品包括单、多晶的硅基光伏组件的研发、生产和销售;光伏系统包括电站业务及系统产品业务;智 慧能源包括光伏发电及运维服务、智能微网及多能系统的开发和销售以及能源云平台运营等业务。主 ...

Core Viewpoint - The regular adjustment of index samples for various indices including CSI 300, CSI 500, CSI 1000, CSI A50, CSI A100, and CSI A500 will take effect after the market closes on December 12, as announced by China Securities Index Co., Ltd. on November 28 [1]. Group 1: CSI 300 Index Adjustments - The CSI 300 index will replace 11 samples, with new additions including Guolian Minsheng, Guangqi Technology, Ningbo Port, Huadian New Energy, Dongshan Precision, Zhongtian Technology, Zhinanceng, and Light Media. The removed samples include FAW Liberation, Oppein Home, Flat Glass, Longyuan Power, and Trina Solar [2][3]. - The number of samples in the information technology and communication services sectors will increase by 4 and 2 respectively, with weightings rising by 1.46% and 0.75% [5]. Group 2: CSI 500 Index Adjustments - The CSI 500 index will replace 50 samples, with new additions such as Dongfang Yuhong, Heertai, Huahong Company, Yantian Port, Dazhu CNC, Oppein Home, Zhongce Rubber, and Supor. Removed samples include China Great Wall, Semir Apparel, Zhongwen Media, and Wangfujing [5]. - The industrial sector will see an increase of 11 samples, with a weighting rise of 2.48% [6]. Group 3: CSI 1000 Index Adjustments - The CSI 1000 index will replace 100 samples, with new additions including Fenghua Hi-Tech, Shijia Photon, Guoji Precision, Yongding Co., Fuling Pickled Cabbage, Galaxy Magnet, and Hanyu Pharmaceutical [6]. - The number of samples in the communication services and industrial sectors will increase by 6 and 2 respectively, with weightings rising by 0.44% and 0.37% [6]. Group 4: Other Indices Adjustments - The CSI A50 index will replace 4 samples, with new additions including Zhongji Xuchuang, Huagong Technology, Guangqi Technology, and Shenghong Technology, while removing ZTE, Sanhuan Group, Shanghai Airport, and Hualu Hengsheng [7]. - The CSI A100 index will replace 6 samples, with new additions such as Dongfang Fortune, Guangqi Technology, and Zhongke Shuguang, while removing Shanghai Airport, Unisplendour, and CITIC Securities [8]. - The CSI A500 index will replace 20 samples, with new additions including Zhongtian Technology, Genesis, Borui Pharmaceutical, Guotai Haitong, and Chip Origin [9].

有时甚至会出现"泛半导体全线抬头"的局面，而这些公司的产品表面看起来并不相似。 市场仿佛在借着某一次IPO，对一整条"技术路线"重新定价。我们这项研究做的事情，就是把这个直觉 量化了：没有从"你们是不是同行"入手，而是把目光投向商业逻辑更底层的那一层——专利和技术。 当你的同行——特别是那些在技术底层与你高度相似的同行——成功IPO时，市场给你带来的不仅仅是 压力，可能是一份意想不到的"大礼包"。这就好比你邻居家装修得金碧辉煌，不仅没遮挡你的采光，反 而让你家房子的估值也跟着涨了。 科创板专利大比拼 曾经被问到过："教授，我的死对头公司马上要上市了，融资几个亿，我们公司要被'卷'死了吗？"在传 统的商业逻辑里，这确实是个坏消息。在那个"零和博弈"的旧世界，竞争对手的IPO往往意味着他们有 了更多的弹药来打价格战、抢夺市场份额，你的生存空间会被挤压，股价自然承压，这就是我们在教科 书里讲了几十年的"竞争效应"或"替代效应"。理由很简单：同一个行业里多了一只新股，资金要重新分 配，竞争要重新定价，投资者往往会给老股一点折价。不少实证研究也验证了这一点——只要你和新股 属于同一行业、产品高度相似，股价在对方上市前后 ...

Group 1 - Institutional reports today issued 21 buy ratings involving 20 stocks, with Huafeng Aluminum receiving the highest attention with 2 buy ratings [1] - Among the stocks rated, 10 provided future target prices, with 7 stocks showing an upside potential exceeding 20%. China Pacific Insurance has the highest upside potential at 36.86% with a target price of 47.97 yuan [1] - The average increase for stocks with buy ratings today was 0.59%, outperforming the Shanghai Composite Index, with notable gainers including Spring Autumn Electronics and Aladdin [1] Group 2 - The power equipment industry is the most favored, with stocks like Putailai and Zhenyu Technology making the buy rating list. The pharmaceutical and electronics sectors also received attention with 4 and 3 stocks respectively [2] - A detailed list of stocks with institutional buy ratings includes China Pacific Insurance, Huafeng Aluminum, and others, with various target prices and latest closing prices provided [2]

格隆汇11月27日｜长城证券研报指出，天合光能前三季度实现归属上市公司股东净利润-42.0亿元；Q3 实现归母净利润-12.83亿元，亏损程度环比Q2小幅减亏，业绩逐步修复。光伏组件修复，储能放量在 即。2025Q3公司组件销售市场进一步聚焦海外，海外出货比例提升至约6 成，叠加产业链反内卷初见成 效，光伏产品价格出现回暖，支撑公司组价整体ASP环比提升，带动组件业务实现减亏。后续随公司资 产销售规模继续增长，运维业务有望呈倍数级增长，为公司长期稳定业绩增长做出贡献。除此之外，公 司目前已实现储能电芯100%自供生产，作为具备自研电芯能力的储能系统集成商，能够为客户提供更 适配、高性能的整套解决方案，交付能力和项目执行效率不断提升，市场竞争力更上一层楼，截至目前 公司已签单的海外储能订单超10GWh，为明年出货量在今年的基础上翻番的目标提供一定支撑，规模 的持续扩大也将提升储能板块盈利质量，成为公司另一支柱业务。维持"增持"评级。 ...