| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-099 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 天合光能股份有限公司 关于召开2025年第五次临时股东会的通知 本公司董事会及全体董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。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第五次临时股东会 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 10 月 13 日 14 点 00 分 召开地点：常州市新北区天合路 2 号天合光能股份有限公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 10 月 13 日 至2025 年 10 月 13 日 股东会召开日期：2025年10月13日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决 ...

Market Overview - On September 26, the photovoltaic equipment sector declined by 0.49%, with Shangneng Electric leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the photovoltaic equipment sector included: - Yicheng New Energy (300080) with a closing price of 4.90, up 20.10% [1] - Jingsheng Mechanical & Electrical (300316) at 44.95, up 12.80% [1] - Jinghe Materials (688503) at 80.18, up 7.12% [1] - Conversely, significant decliners included: - Shangneng Electric (300827) at 32.43, down 4.42% [2] - Jinlang Technology (300763) at 83.93, down 4.06% [2] - Lianshan Xinke (003022) at 20.29, down 3.93% [2] Trading Volume and Capital Flow - The photovoltaic equipment sector experienced a net outflow of 1.581 billion yuan from institutional investors, while retail investors saw a net inflow of 1.195 billion yuan [2] - The trading volume for key stocks included: - Yicheng New Energy with a volume of 327,000 shares and a transaction value of 160 million yuan [1] - Jingsheng Mechanical & Electrical with a volume of 725,300 shares and a transaction value of 3.082 billion yuan [1] Individual Stock Capital Flow - Key capital flows for selected stocks: - Yicheng New Energy had a net inflow of 56.43 million yuan from institutional investors, accounting for 35.28% of its trading [3] - Jingsheng Mechanical & Electrical saw a net outflow of 155 million yuan from retail investors, representing a -5.02% change [3] - Horizontal East Magnet (002056) had a net inflow of 22 million yuan from institutional investors, with a 18.49% share of its trading [3]

Core Insights - The Zhongzheng Photovoltaic Industry Index (931151) has shown a strong increase of 1.69% as of September 25, 2025, with notable gains in constituent stocks such as TCL Zhonghuan (10.06%) and Jingsheng Mechanical Electrical (5.20%) [1] - The Photovoltaic ETF Fund (516180) has also risen by 1.86%, with a latest price of 0.77 yuan, reflecting a 0.27% increase over the past week [1] - The index comprises up to 50 representative listed companies involved in the photovoltaic industry chain, aiming to reflect the overall performance of these securities [1] Company Performance - The top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index as of August 29, 2025, include Yangguang Electric (10.51%), Longi Green Energy (9.97%), and TCL Technology (9.42%), collectively accounting for 56.14% of the index [2] - The performance of individual stocks shows varied results, with TCL Zhonghuan leading with a 10.06% increase, while TBEA (−0.43%) and Zhengtai Electric (−0.46%) experienced declines [4]

Core Insights - The photovoltaic industry is transitioning from a solitary approach to a collaborative model, emphasizing the integration of energy storage systems with solar power to meet overseas customer demands [1][3] - Companies are increasingly focusing on establishing complete supply chain systems abroad, which enhances stability in raw material supply and accelerates the release of synergistic effects from solar and storage integration [2][4] Group 1: Industry Trends - The shift from "single factory" operations to a comprehensive industry chain presence abroad is evident, with companies like JinkoSolar leading the way in establishing global manufacturing models [2] - The collaboration between Chinese photovoltaic companies and local suppliers is crucial for overcoming challenges related to raw material imports and local support [2][3] - The integration of energy storage with solar power is becoming essential, especially in markets with high solar penetration, as it addresses the intermittent nature of solar energy [3][4] Group 2: Company Strategies - Trina Solar has established a global engineering technology center, with energy storage systems having shipped nearly 12 GWh globally by mid-2023, including over 2 GWh in Europe [5] - JinkoSolar aims to increase its energy storage system shipments to 6 GWh this year, a fivefold increase from the previous year, with a significant portion coming from overseas markets [5] - Canadian Solar is leveraging its localized teams in various regions to provide immediate response services, enhancing the efficiency of green energy utilization and optimizing project returns [5] Group 3: Market Opportunities - The global renewable energy projects are projected to reach hundreds of gigawatts, with storage needs expected to enter the terawatt-hour level in the next decade, representing a vast new market [5] - The Middle East is viewed as a high-potential market for solar and storage, driven by abundant natural resources and strategic investments in green technologies [6] - The demand for energy storage is anticipated to grow significantly due to the surge in AI computing power and energy consumption, positioning storage as a new growth driver in the industry [7]

Core Viewpoint - Trina Solar's stock has experienced fluctuations, with a year-to-date decline of 15.85% and a recent 5-day drop of 6.77%, indicating potential volatility in the market [1][2]. Company Overview - Trina Solar, established on December 26, 1997, and listed on June 10, 2020, is located in Changzhou, Jiangsu Province. The company operates in three main business segments: photovoltaic products, photovoltaic systems, and smart energy [1]. - The revenue composition of Trina Solar includes photovoltaic products (64.66%), system solutions (21.23%), other services (5.54%), digital energy services (4.42%), and energy storage (4.14%) [1]. Financial Performance - For the first half of 2025, Trina Solar reported a revenue of 31.056 billion yuan, a year-on-year decrease of 27.72%, and a net profit attributable to shareholders of -2.918 billion yuan, reflecting a significant decline of 654.47% [2]. - Since its A-share listing, Trina Solar has distributed a total of 3.487 billion yuan in dividends, with 2.410 billion yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, Trina Solar had 45,600 shareholders, an increase of 2.82% from the previous period, with an average of 47,781 circulating shares per shareholder, a decrease of 2.74% [2]. - Major shareholders include Hong Kong Central Clearing Limited, holding 151 million shares (a decrease of 13.0048 million shares), and various ETFs such as Huaxia and E Fund, which have increased their holdings [3].

Core Insights - The article highlights the necessity for solar photovoltaic (PV) companies to integrate energy storage solutions to meet the demands of overseas customers, indicating a shift from standalone solar projects to combined solar and storage systems [1] Group 1: Industry Trends - The collaboration between solar and storage technologies is becoming essential for market success, as indicated by the statement from Trina Solar's technical team [1] - The integration of supply chains for solar and storage can enhance the stability of raw material supplies, which is crucial for international operations [1] Group 2: Business Opportunities - The synergy between solar and storage systems is expected to accelerate the release of a "multiplier effect" in overseas solar deployment scenarios, potentially opening new growth avenues for companies [1]

Core Insights - The photovoltaic industry is transitioning from a "single-player" approach to a collaborative model, emphasizing the importance of integrated supply chains for overseas expansion [3][4][5] - Companies like JinkoSolar and Trina Solar are actively establishing overseas supply chain systems to enhance stability and competitiveness in raw material supply [4][5] - The integration of energy storage with photovoltaic systems is becoming essential, as it addresses the intermittent nature of solar power and meets increasing market demands [6][7] Group 1: Industry Trends - The shift towards "full industry chain collaboration" is seen as crucial for the success of photovoltaic and energy storage companies in international markets [4][5] - JinkoSolar's new factory in Saudi Arabia represents a new global manufacturing model, focusing on joint ventures and local partnerships to secure supply chains [4] - The demand for energy storage solutions is rapidly increasing, with JinkoSolar setting a target of 6GWh for energy storage system shipments this year, a fivefold increase from last year [7] Group 2: Market Opportunities - The global renewable energy project pipeline is extensive, with planned projects reaching hundreds of gigawatts, indicating a significant future demand for energy storage solutions [7] - The Middle East is identified as a high-potential market for photovoltaic and energy storage, driven by abundant natural resources and capital [8] - Companies are leveraging local teams in various regions to provide immediate response services and enhance customer engagement [7][8] Group 3: Strategic Approaches - Companies are focusing on risk assessment and local financial partnerships to navigate challenges in overseas markets [9] - Trina Solar aims to balance scale and profitability while reinforcing its market share in Europe and Australia through continuous R&D [9] - The emphasis on collaborative strategies is seen as a core logic for Chinese companies expanding internationally, allowing for shared risk and resource optimization [5][9]

Core Viewpoint - The article discusses the performance of the Science and Technology Innovation Enhanced ETF (588520), highlighting its recent market activity and key holdings [1]. Group 1: ETF Performance - The Science and Technology Innovation Enhanced ETF (588520) opened with a gain of 0.31%, priced at 1.310 yuan [1]. - Since its inception on June 27, 2025, the fund has achieved a return of 30.89%, with a one-month return of 6.09% [1]. Group 2: Key Holdings - Major holdings in the ETF include: - Semiconductor Manufacturing International Corporation (down 0.99%) - Cambricon Technologies (up 0.14%) - Jianyuan Technology (up 6.32%) - Transsion Holdings (up 2.38%) - Zhuhai CosMX Battery Co., Ltd. (up 1.21%) - Western Superconducting Technologies (up 0.17%) - Xiangsheng Medical (up 0.81%) - Trina Solar (down 0.31%) - China Railway Signal & Communication Corp (unchanged) - Saintshine Medical (up 0.70%) [1].

Core Viewpoint - The recent recovery trend in product prices across different segments of the photovoltaic industry chain is noted, with confidence in the return of component prices to reasonable levels [1] Industry Summary - The photovoltaic cell segment within the main industry chain is expected to see significant efficiency improvements, creating more space for product differentiation and aiding in the elimination of outdated production capacity, which will enhance medium to long-term supply and demand [1] - The company is actively promoting the efficiency enhancement of TOPCon products and is also engaged in the research and patent layout of perovskite tandem cell technology, indicating a forward-looking approach to innovation [1] - A strategic transformation towards solution-oriented offerings is being pursued to build differentiated advantages and a competitive moat, aiming for higher quality and more sustainable development models in the future [1]

Group 1 - The core viewpoint of the article highlights the approval of a 500MW/200MWh battery storage solution project by Trina Solar, which is expected to provide cleaner and more economical energy for Victoria, Australia, upon completion by the end of 2027 [3][5]. - The project has a total scale of 453 million AUD (approximately 2.18 billion RMB) and is strategically located near a high-voltage substation in northeastern Victoria [3][5]. - The battery storage system will store low-cost renewable energy during the day and supply electricity back to the grid during peak demand periods, potentially meeting the energy needs of 172,000 households annually and creating around 86 jobs [5]. Group 2 - The article mentions significant growth in the energy storage industry, with new energy storage installations reaching 2.9GW/7.97GWh in August, marking a year-on-year increase of 285% and 354% respectively [7]. - It also references the release of a new action plan by two ministries aimed at scaling up new energy storage construction, projecting an installation target of 180GW by 2027 [7].