Market Overview - The A-share and Hong Kong stock markets experienced a rebound in the first week of June, with the Every Day Brand 100 Index rising by 1.3% to close at 1077 points, aiming for the 1100-point mark [1][2] - The three major A-share indices all saw weekly gains of over 1%, with 60 out of 99 constituent stocks rising, indicating a broad-based rally [2] Key Stock Performances - Notable performers included CITIC Bank and Trina Solar, both of which saw weekly gains exceeding 5%, while other companies like Jiangxi Copper, China Life, NetEase, Pinduoduo, Xiaomi Group, and Industrial Bank also recorded gains above 4% [2][3] - Tencent Holdings led the market with a market value increase of 154.46 billion yuan, being the only stock in the Every Day Brand 100 Index to surpass a 100 billion yuan increase in market value for the week [4] Economic Indicators - China's Caixin Services PMI for May was reported at 51.1%, a 0.4 percentage point increase from April, while the composite PMI fell to 49.6%, indicating a contraction for the first time in 2023 [4] - The U.S. job growth slowed in May but was better than expected, alleviating concerns about a U.S. economic slowdown and boosting investor sentiment [4] Company-Specific Developments - CITIC Bank announced the approval to establish a financial asset investment company with a registered capital of 10 billion yuan, which will allow it to invest in early-stage technology companies [5][6] - Trina Solar hosted a research meeting with 58 institutions, projecting that global demand for photovoltaic modules will exceed 660 GW by 2025, driven by energy transition and technological advancements [7] Investment Opportunities - The Hong Kong stock market has outperformed the A-share market this year, making it an attractive option for investors, especially with the potential return of Chinese concept stocks to Hong Kong [8] - The China Overseas Internet 50 Index, which tracks 50 Chinese internet companies listed overseas, reflects the investment opportunities in this sector, with major stocks like Tencent, Alibaba, and Xiaomi being significant components [11][12]

近日，天合光能(688599)披露的投资者关系活动记录表显示，今年5月，公司参与了路演活动、现场调 研、线上电话会议，嘉实基金、泰康基金、景顺长城等机构参加调研，公司董事会秘书吴群及投资者关 系团队接待投资者并回答相关提问。 天合光能表示，公司2024年全年组件出货超过70GW，2025年目标为70—75GW，今年整体销售策略是 在各主要市场都保持头部位置，但不刻意追求市占率绝对领先，在量和盈亏之间做好平衡，并在利润相 对好的市场，如欧洲、澳洲等区域保持更大的市占率。 公司称，在当前光伏产业链供过于求、竞争激烈的环境下，更加看重发展质量和盈利能力，同时加速推 进解决方案转型升级的传略，从客户需求出发，打造公司的产品服务差异化竞争优势，为股东创造更多 价值。 值得注意的是，今年一季度，天合光能毛利率高于其他头部同行，谈及原因，公司称，光伏组件行业的 发展趋势是价值点从产业链上游的生产制造向下游品牌服务转移，企业的发展战略需要与行业的趋势相 匹配，需要前瞻性的思考和布局。 至于今年全球组件市场需求，天合光能判断，随着全球能源转型的持续深化，以及光伏技术进步和成本 下降对光伏组件竞争力的进一步推动，光伏组件市场仍具 ...

| 证券代码：688599 | 证券简称：天合光能 | | 公告编号：2025-060 | | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 | 转债 | | 天合光能股份有限公司 2025 年 5 月 22 日，公司召开第三届董事会第二十七次会议，审议通过了《关 于调整回购股份方案的议案》，同意将回购股份实施期限延长 9 个月，由原来的 2025 年 6 月 24 日止延期至 2026 年 3 月 24 日止，并同意将回购股份资金来源由"自 有资金"调整为"自有资金和自筹资金"。除上述调整外，回购股份方案的其他 内容不变。具体内容详见公司于 2025 年 5 月 24 日在上海证券交易所网站 （www.sse.com.cn）披露的《天合光能股份有限公司关于调整回购股份方案的公 告》（公告编号：2025-055）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购期间，应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况。现将公司回购股份的进展情况公告如下： 2 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-061 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 天合光能股份有限公司 关于公司提供担保的进展公告 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： 担保发生时间：2025 年 5 月 1 日至 2025 年 5 月 31 日 被担保人名称：天合光能股份有限公司（以下简称"公司"）及其合并 报表范围内下属子公司 本期担保发生额：人民币 31.48 亿元（包含公司合并报表范围内下属子 公司对公司的担保） 本次担保是否有反担保：是 被担保人中无公司关联方。 对外担保逾期的累计数量：公司无逾期对外担保情况 截至本公告披露日，公司及合并报表范围内下属子公司对外担保余额为 604.56 亿元，占公司最近一期经审计净资产的 229.19%，其中公司对合并报表范 围内下属子公司提供的担保余额为 582.07 亿元。 一、担保情况概述 （一）本期新增担保情况 为满足公司生产经营和流动 ...

Core Viewpoint - The article discusses the transformation of the commercial energy storage industry in China, emphasizing the shift from policy-driven growth to market-driven value creation, particularly following the implementation of new pricing policies in June 2023 [2][3][17]. Group 1: Market Changes and New Policies - The new pricing policy in Jiangsu, effective June 1, 2023, has narrowed the peak-valley price difference, impacting traditional arbitrage strategies in commercial energy storage [2][9]. - The cancellation of mandatory energy storage requirements marks a transition to a market-driven approach, where investment focus shifts to long-term returns rather than short-term subsidies [3][9]. - The new policies are expected to trigger a wave of reforms in commercial time-of-use pricing across the country, leading to a more competitive landscape [2][9]. Group 2: Strategic Shifts in the Industry - Companies are now competing on solutions, services, and operational capabilities rather than just hardware, as the market becomes saturated with similar products [2][7]. - Trina Solar has adopted a "software value-added strategy" to escape the price war, enhancing project investment returns and risk resilience through its integrated solutions [8][20]. - The company plans to launch the "Light Storage Cloud" platform, which utilizes AI algorithms to optimize energy usage and improve investment returns by 5%-8% [8][14]. Group 3: Financial Implications and Market Reactions - The new pricing policy in Jiangsu has led to a significant drop in investment returns for energy storage projects, with returns falling below investment thresholds [9][14]. - The article highlights that the integration of light storage can significantly enhance the economic benefits of distributed photovoltaic projects, with returns improving from 10.97% to 13.55% [14]. - The shift to a four-hour long-duration storage system is anticipated as the market adapts to the new pricing environment, indicating a move towards more flexible energy storage solutions [9][14]. Group 4: Future Outlook and Competitive Landscape - The article suggests that companies with comprehensive lifecycle service capabilities will likely dominate the market, as system costs stabilize around 1 yuan/Wh while software and service premiums exceed 20% [8][20]. - The competitive landscape is evolving, with a focus on operational excellence and the ability to respond quickly to market changes becoming critical for success [17][18]. - The transition to a market-driven model is expected to reshape the competitive dynamics of the energy storage industry, emphasizing the importance of strategic adaptability [17][18].

无需50万，A股账户就能直接买科创板>> 天合光能涨幅扩大至5.22%，科创新能源ETF(588830)持有该股票7.28%，当前涨幅为0.00%，成交额 541.56万元，较昨日此时放量31.00%，近1月份额增加1400万份。 ...

Core Viewpoint - The company plans to acquire equity from its employee stock ownership platforms associated with its subsidiary, Tianhe Fuhua Energy Co., Ltd, through a cash transaction totaling approximately 262 million yuan [2][3][4]. Summary by Sections Transaction Overview - The company intends to use its own or raised funds to purchase equity from the employee stock ownership platforms: Shanghai Changxin Fuhua, Shanghai Zhongxiang Jingshe, Shanghai Fuqin Hui, Shanghai Fuhui Sheng, Shanghai Fuzhao Xu, and Shanghai Fujia Sheng [2][3]. - The total acquisition amounts for each platform are as follows: - Shanghai Changxin Fuhua: 73,777,130 yuan - Shanghai Zhongxiang Jingshe: 82,580,696.67 yuan - Shanghai Fuqin Hui: 34,633,663.34 yuan - Shanghai Fuhui Sheng: 26,989,978.92 yuan - Shanghai Fuzhao Xu: 26,641,263.75 yuan - Shanghai Fujia Sheng: 17,433,878.02 yuan - Total: 262,056,610.70 yuan [2][3]. Related Party Relationships - The company’s co-chairwoman, Ms. Gao Haichun, is the executive partner of several of the platforms involved in the transaction, establishing a related party relationship [3][4]. - The transaction is classified as a related party transaction but does not constitute a major asset restructuring as defined by regulations [3][4]. Decision and Review Process - The transaction has been approved by the company's board of directors and supervisory board, and it does not require shareholder approval [4][12]. - Independent directors have also reviewed and approved the transaction, confirming it does not harm the interests of the company or its shareholders [12][13]. Basic Information of Related Parties - The related parties involved in the transaction are primarily engaged in management consulting, marketing planning, and technology services, among other activities [5][6]. Basic Information of the Transaction Target - The target of the acquisition, Tianhe Fuhua Energy Co., Ltd, has a registered capital of 2 billion yuan and is primarily involved in solar energy systems and related services [6][8]. - Recent financial data indicates total assets of approximately 2.33 billion yuan and net profit of about 140 million yuan for the year ending December 31, 2024 [8][9]. Pricing Policy and Basis - The acquisition price is based on the actual paid-in capital plus an annualized investment return of 6%, calculated over the actual investment period [9]. Necessity and Impact of the Transaction - The acquisition aims to enhance the company's control over its subsidiary and improve operational stability, which is expected to benefit the company's overall performance and shareholder interests [10][12]. Review Procedures - The independent board and supervisory board have confirmed that the transaction adheres to fair and reasonable principles, ensuring no detriment to the interests of minority shareholders [12][13].

华泰联合证券有限责任公司 关于天合光能股份有限公司 收购控股子公司员工持股平台股权暨关联交易的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"、"保荐人"）作为 天合光能股份有限公司（以下简称"天合光能"、"公司"）持续督导的保荐人， 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》《上海证券交易所科创板股票上市规则》等有关规定， 对公司收购控股子公司员工持股平台股权暨关联交易的事项进行了认真、审慎的 核查，并发表意见如下： 一、关联交易概述 （一）交易概述 公司以自有资金或自筹资金出资收购其控股子公司天合富家的员工持股平 台长欣赋嘉、众襄景策、富勤汇、富晖晟、富兆旭、富佳昇所持有的天合富家 2.07% 股权，合计收购金额为 262,056,610.70 元。具体情况如下： | 持股平台 | 收购金额（元） | | --- | --- | | 上海长欣赋嘉企业管理咨询合伙企业（有限合伙） | 73,777,130.00 | | 上海众襄景策企业管理咨询合伙企业（有限合伙） | 82,580,696.67 | | 上海富勤汇企业管理合伙企业（有限合伙 ...

天合光能股份有限公司 关于收购控股子公司员工持股平台股权 暨关联交易的公告 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： 1 本次交易简要内容及交易金额：天合光能股份有限公司（以下简称"公司"） 拟以现金收购其控股子公司天合富家能源股份有限公司（以下简称"天合富 家"）的员工持股平台上海长欣赋嘉企业管理咨询合伙企业（有限合伙）（以 下简称"长欣赋嘉"）、上海众襄景策企业管理咨询合伙企业（有限合伙）（以 下简称"众襄景策"）、上海富勤汇企业管理合伙企业（有限合伙）（以下简 称"富勤汇"）、上海富晖晟企业管理合伙企业（有限合伙）（以下简称"富 晖晟"）、上海富兆旭企业管理合伙企业（有限合伙）（以下简称"富兆旭"）、 上海富佳昇企业管理合伙企业（有限合伙）（以下简称"富佳昇"）所持有的 天合富家 2.07%的股权（以下简称"交易标的"），合计收购金额为 262,056,610.70 元（以下简称"本次交易"）。 公司联席董事长高海纯女士为富勤汇、富晖晟、富兆旭、富佳昇的执行事务 合伙人，上述主体均为公司的关联方 ...

| | | 天合光能股份有限公司 第三届监事会第十四次会议决议公告 本公司监事会及全体监事保证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、监事会会议召开情况 天合光能股份有限公司（以下称"公司"）第三届监事会第十四次会议于 2025 年 5 月 30 日以通讯方式召开，本次会议由公司监事会主席张银华先生召集， 会议应参加表决监事 3 人，实际参加表决监事 3 人，本次会议的召集、召开符合 《公司法》等法律法规和《公司章程》的有关规定。 二、监事会会议审议情况 经与会监事投票表决，审议通过了如下决议： （一）审议通过《关于收购控股子公司员工持股平台股权暨关联交易的议案》 监事会认为：本次关联交易遵循了公平、合理的原则，不存在损害公司及其 股东、特别是中小股东利益的行为，本次关联交易的审议程序符合法律、法规及 《公司章程》的有关规定。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《天 合光能股份有限公司关于收购控股子公司员工持股平台股权暨关联交易的的公 告》。 表决结果：3 票同意，0 票反对，0 票弃权。 特此 ...