Group 1 - The company Jing Shan Light Machine announced a share buyback plan, intending to repurchase approximately 1.98 million shares, which represents 0.32% of its total share capital [1] - The buyback will be conducted through a special securities account via centralized bidding, with a maximum transaction price of 13.64 yuan per share and a minimum price of 12.22 yuan per share [1] - The total amount to be paid for the buyback is approximately 25.29 million yuan [1] Group 2 - The i-Moutai App saw a surge in popularity, reaching the top of the Apple shopping chart, with 100,000 users placing orders for the product [1] - The limited stock of 1,000 boxes of Moutai was quickly sold out, indicating strong demand in the market [1]

格隆汇1月5日丨京山轻机(000821.SZ)公布，截至2025年12月31日，公司通过回购专用证券账户以集中 竞价交易方式实施回购股份，回购股份数量为1,977,500股，占公司目前总股本比例为0.32%，最高成交 价为13.64元/股，最低成交价为12.22元/股，合计支付的总金额为25,292,006.00元（不含交易费用）。回 购价格未超过回购股份方案中规定的回购价格上限，本次回购股份符合公司回购方案要求。 ...

湖北京山轻工机械股份有限公司 J.S. Corrugating Machinery Co., Ltd. Stock Code : 000821 证券代码：000821 证券简称：京山轻机 公告编号：2026-01 湖北京山轻工机械股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 湖北京山轻工机械股份有限公司（以下简称"公司"）于 2025 年 10 月 23 日召开十一届董事会第十二次会议、十一届监事会第十二次会议，审议通过了《关 于回购股份方案暨取得回购专项贷款承诺函的议案》，同意公司用不低于人民币 6,850 万元（含），且不超过人民币 13,700 万元（含）的自有资金及股票回购 专项贷款回购公司已发行的境内上市人民币普通股（A 股），回购的股份将全部 用于股权激励或员工持股计划,回购股份价格不超过人民币 19.00 元/股（含）, 自董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详见公司于 2025 年 10 月 25 日在《证券时报》《中国证券报》《上海证券报》《证券日报》 和巨潮资讯网（www ...

Core Viewpoint - Elon Musk has proposed a plan to deploy 100GW of solar AI satellites annually, driven by low Earth orbit (LEO) satellites and space computing, which will boost the demand for space photovoltaics [1][2] Group 1: Market Demand and Trends - The global market is entering a "dense launch-networking" phase, with a rapid expansion of LEO constellations, directly increasing the demand for solar wings, battery cells, deployable array structures, energy storage, and power management systems [2] - Space photovoltaics can directly utilize solar energy, offering long generation times and high stability and availability of energy acquisition [1] Group 2: Technological Developments - Currently, the main technology in space photovoltaics is gallium arsenide, but P-type HJT and perovskite tandem cells are expected to become incremental technology routes [3] - Short-term, silicon-based P-type HJT has production and delivery experience, leveraging low-temperature symmetrical processes and ultra-thin silicon wafers for lightweight potential, and is advancing in radiation resistance solutions [3] - Long-term, perovskite tandem cells possess high efficiency and flexible film advantages, with potential for radiation and environmental adaptability, and could become a mainstream technology if breakthroughs in packaging lifespan and large-area consistency are achieved [3] Group 3: Industry Collaborations - The commercialization of the space photovoltaic industry is accelerating, with companies actively exploring the space economy sector; for instance, JunDa Co. signed a strategic cooperation agreement with Shangyi Optoelectronics to invest in perovskite battery technology applications in space energy [4] Group 4: Investment Opportunities - Recommended stocks benefiting from this trend include Maiwei Co. (300751.SZ), Jiejia Weichuang (300724.SZ), Jing Shan Light Machine (000821.SZ), and Laplace (688726.SH), with additional beneficiaries being Dier Laser (300776.SZ) [5]

每经AI快讯，京山轻机（000821.SZ）12月31日在投资者互动平台表示，在钙钛矿领域，公司目前主要 为客户提供钙钛矿设备及解决方案，并不直接生产柔性钙钛矿材料。钙钛矿钙材料的应用范围较为广 泛，包括您所提及的前沿应用，公司对此类新兴应用方向始终保持着高度的关注和重视。 我们也注意 到，当前国内已有部分企业和研究机构正在积极探索钙钛矿技术在相关领域的布局。作为产业链的设备 供应商，公司未来的业务发展与技术演进，将在很大程度上依托于下游客户及终端市场的具体需求与技 术路线选择。我们将持续跟进钙钛矿技术的多元化发展路径，不断提升设备工艺水平，以支持下游客户 在各个潜力方向上的探索与创新。 （文章来源：每日经济新闻） ...

Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 17.73 CNY [4][11]. Core Insights - The company is a pioneer in the perovskite photovoltaic equipment sector in China, having established a comprehensive solution from research and development to GW-level mass production, successfully delivering core equipment in bulk [2][11]. - The company has a first-mover advantage in the perovskite field, with a complete equipment solution covering the entire production process, including core processes such as glass cleaning, PVD coating, and packaging integration [11][17]. - Financial forecasts indicate that the company's earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.47 CNY, 0.63 CNY, and 0.76 CNY respectively, with a projected price-to-earnings (PE) ratio of 28 times for 2026 [11][17]. Financial Summary - The total revenue for 2023 is projected at 7,214 million CNY, with a year-on-year growth of 48.2%. The revenue is expected to decrease to 7,174 million CNY in 2025, followed by a recovery to 8,077 million CNY in 2026 and 9,028 million CNY in 2027 [11][12]. - The net profit attributable to the parent company is forecasted to be 337 million CNY in 2023, increasing to 429 million CNY in 2024, but dropping to 292 million CNY in 2025 before rising again to 392 million CNY in 2026 and 476 million CNY in 2027 [11][12]. - The company’s net asset return (ROE) is expected to be 9.2% in 2023, increasing to 10.6% in 2024, but decreasing to 6.8% in 2025 before recovering to 8.5% in 2026 and 9.4% in 2027 [11][12]. Market Position - The company has a total market capitalization of 8,403 million CNY, with a share price range of 10.47 CNY to 14.39 CNY over the past 52 weeks [5][11]. - The company has a net debt ratio of -21.54%, indicating a strong financial position with more cash than debt [6][11].

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].

每经AI快讯，12月26日，光伏概念表现活跃，协鑫集成（002506）涨停，东方日升（300118）涨超 10%，中来股份（300393）、京山轻机（000821）、天合光能跟涨。 ...

12月24日，京山轻机盘中上涨2.00%，截至13:25，报12.72元/股，成交1.33亿元，换手率1.75%，总市值 79.23亿元。 资金流向方面，主力资金净流出260.46万元，特大单买入235.14万元，占比1.77%，卖出442.91万元，占 比3.33%；大单买入2406.63万元，占比18.09%，卖出2459.32万元，占比18.48%。 京山轻机今年以来股价涨2.75%，近5个交易日跌1.47%，近20日涨1.19%，近60日涨2.42%。 资料显示，湖北京山轻工机械股份有限公司位于湖北省京山市经济开发区轻机工业园，成立日期1993年 3月30日，上市日期1998年6月26日，公司主营业务涉及光伏智能装备业务、包装智能装备业务。主营业 务收入构成为：光伏自动化生产线68.96%，其他19.59%，包装自动化生产线11.45%。 截至9月30日，京山轻机股东户数9.72万，较上期增加2.17%；人均流通股6218股，较上期减少2.13%。 2025年1月-9月，京山轻机实现营业收入54.42亿元，同比减少18.29%；归母净利润2.85亿元，同比减少 34.23%。 分红方面，京山轻机A股上 ...

Core Viewpoint - The company has completed the sale of its fourth employee stock ownership plan, which involved the transfer and subsequent sale of 1,870,000 shares, representing 0.30% of the total share capital, in compliance with regulatory guidelines [1][2][4]. Group 1: Employee Stock Ownership Plan Overview - The fourth employee stock ownership plan was approved by the company's board and shareholders in 2024, with shares sourced from the company's repurchase account [1]. - The plan had a duration of 36 months, with a lock-up period of 12 months for the shares acquired [3]. Group 2: Sale and Termination of the Plan - As of December 19, 2025, the company sold all 1,870,000 shares through centralized bidding, marking the completion of the employee stock ownership plan [3][4]. - The plan's termination will lead to subsequent asset liquidation and distribution, with no connections to major shareholders or actual controllers during the sale [4].