Core Insights - The current structure of green energy consumption in China has inherent contradictions that need to be addressed through the development of energy storage and enhancement of grid safety and flexibility [1] - The focus should be on developing distributed energy, with immediate attention to distribution network upgrades and promoting integrated solar-storage projects [1] - The long-term goal includes building a virtual power plant intelligent system supported by aggregated distributed energy to ensure sustainable development [1] Industry Developments - The promotion of zero-carbon parks, direct green electricity connections, and integrated source-grid-load-storage projects is essential for improving local consumption of renewable energy [1] - Policies should be enhanced to facilitate the direct conversion of green electricity to end products, encouraging a shift towards greener energy consumption in production and daily life [1] Technological Advancements - AI is driving significant changes in the energy sector, with multi-functional AI agents and energy models improving system operation accuracy and reducing energy consumption costs [1] - Under AI empowerment, the accuracy of dispatchable potential assessments in integrated energy systems has improved by over 10% [1] - Revenue from electricity spot market trading has increased by over 12%, while overall operating costs of distributed energy systems have decreased by approximately 3% [1]

Core Viewpoint - RWA (Real World Assets) represents a new paradigm in asset finance, leveraging blockchain, IoT, and AI technologies to address information asymmetry and risk issues in corporate financing, ultimately enhancing the accessibility and stability of asset financing [4][6][19]. Summary by Sections RWA Definition, Status, and Trends - RWA is defined as the conversion of ownership or income rights of real-world assets into digital tokens on the blockchain, enabling automated operations through smart contracts. The global RWA market has grown from $8.5 million in April 2020 to over $21 billion by April 2025, a growth of over 245 times, with projections of $16 trillion in asset tokenization by 2030 [4][5]. Advantages of RWA - RWA is recognized for four main advantages: asset fragmentation for retail investors, high liquidity, automation of transactions, and increased transparency through on-chain data. However, the true value of RWA lies in its ability to transform corporate financing by focusing on the underlying asset cash flows rather than merely facilitating asset fragmentation [5][6]. Traditional Corporate Financing Issues - Corporate financing faces two primary risks: information problems due to limited and often inaccurate disclosures, and risk issues stemming from the uncertainty of corporate earnings, particularly for SMEs lacking sufficient collateral [9][10]. RWA's Technological Support - RWA relies on the synergistic use of blockchain, IoT, and AI to provide real-time data collection, decentralized monitoring, and dynamic risk assessment, thereby addressing the information asymmetry prevalent in traditional financing [16][17]. RWA's Value and Theoretical Foundation - The true value of RWA is in its ability to create scalable combinations of fragmented asset cash flows and modify risk characteristics, applying Markowitz's portfolio theory to real assets. This allows for the standardization and combination of previously non-standardized cash flows, enhancing risk management and financing scalability [22][19]. RWA Asset Types - RWA can be categorized into four types: stable cash flow-generating assets, assets from companies with poor consolidated performance, fragmented cash flows within a single entity, and larger-scale combinations of cash flows from different entities [22][23]. Challenges and Risks of RWA - Despite its potential, RWA faces challenges such as the need for rigorous asset quality assessments, complex regulatory requirements, and potential operational risks related to smart contracts and data integrity [28]. Conclusion and Outlook - RWA signifies a revolutionary shift in asset finance, moving from company credit-driven models to asset credit-driven frameworks, emphasizing the importance of cash flow quality and legal compliance in fostering a sustainable RWA ecosystem [30].

Core Insights - The SNEC ES+2025 International Energy Storage Technology Conference and Exhibition showcased GCL-Poly Energy Technology's advancements in energy storage and AI solutions, emphasizing its strategic positioning in the energy sector [1][2] Group 1: Energy Storage Developments - GCL-Poly has implemented over 15 grid-side energy storage projects across China, with a total operational capacity exceeding 1000 MW, serving as a stabilizing force for regional grids and supporting peak power regulation [1] - The company is actively expanding its technology portfolio beyond lithium batteries to include sodium-ion and all-vanadium flow batteries, providing tailored energy storage systems for industrial enterprises and parks [1] Group 2: Zero-Carbon Initiatives - GCL-Poly has established over 40 zero-carbon demonstration projects nationwide, including factories, parks, hospitals, and schools, contributing to the development of replicable pathways for a zero-carbon society [2] - The company introduced a comprehensive zero-carbon park solution at the exhibition, integrating a smart platform that encompasses green energy, transportation, buildings, ecological operations, and infrastructure [1] Group 3: Virtual Power Plant and Digital Innovations - The virtual power plant (VPP) initiative is a key focus for GCL-Poly, complementing energy storage systems to address the challenges posed by the integration of renewable energy sources [2] - The AIVP virtual power plant platform has been deployed in nearly 10 provinces, with an adjustable capacity close to 1 million kW, demonstrating its technical maturity and market credibility [2] - GCL-Poly, in collaboration with Ant Group, unveiled the EnergyTS power time series model, designed to enhance predictive and decision-making capabilities in the energy sector through advanced data analysis [2]

协鑫能源科技股份有限公司 收购报告书 上市公司名称：协鑫能源科技股份有限公司 股票上市地点：深圳证券交易所 股票简称：协鑫能科 股票代码：002015 收购人名称：杭州鑫瑀企业管理有限公司 住所/通讯地址：浙江省杭州市滨江区浦沿街道滨文路 426 号岩大房文 苑大厦 20 楼 204279 室 一致行动人：上海其辰企业管理有限公司 住所：上海市崇明区长兴镇江南大道 1333 弄 1 号楼（上海长兴海洋装 备产业基地） 通讯地址：苏州市工业园区新庆路 28 号 一致行动人：上海协鑫创展企业管理有限公司 住所：上海市崇明区长兴镇江南大道 1333 弄 1 号楼（上海长兴海洋装 备产业基地） 签署日期：二零二五年九月 收购人声明 一、本报告书依据《中华人民共和国证券法》《上市公司收购管理办法》《公 开发行证券的公司信息披露内容与格式准则第16号——上市公司收购报告书》及 相关的法律、法规和规范性文件编制。 二、依据《中华人民共和国证券法》《上市公司收购管理办法》的有关规定， 本报告书已全面披露了收购人及其一致行动人在协鑫能源科技股份有限公司拥 有权益的股份情况。截至本报告书签署日，除本报告书披露的持股信息外，收购 ...

国泰海通证券股份有限公司 关于协鑫能源科技股份有限公司 收购报告书 之 财务顾问报告 二〇二五年九月 财务顾问声明和承诺 一、财务顾问声明 根据《公司法》《证券法》《上市公司收购管理办法》《公开发行证券的公 司信息披露内容与格式准则第16号——上市公司收购报告书》及相关法律、法规 的规定，国泰海通证券股份有限公司（以下简称"国泰海通"或"本财务顾问"） 作为杭州鑫瑀企业管理有限公司（以下简称"杭州鑫瑀"或"信息披露义务人"） 受让协鑫能源科技股份有限公司（以下简称"协鑫能科"或"上市公司"）控股 股东上海其辰企业管理有限公司（以下简称"上海其辰"）持有的上市公司股份 事项之财务顾问，就其披露的《收购报告书》的有关内容出具财务顾问报告。 本财务顾问是按照行业公认的业务标准、道德规范和诚实信用、勤勉尽责的 精神，发表独立的财务顾问意见，并在此特作如下声明与承诺： （一）本财务顾问报告所依据的文件、资料及其他相关材料均由收购人提供， 收购人已向本财务顾问保证其提供的材料均真实、准确、完整。 （二）本财务顾问基于诚实信用、勤勉尽责的原则，已按照执业规则规定的 工作程序，旨在就收购报告书相关内容发表意见，发表意见的内容 ...

北京市竞天公诚律师事务所 关于 协鑫能源科技股份有限公司收购报告书 之 法律意见书 北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower3,China Central Place, 77 Jianguo Road, Beijing 100025, China T: (86-10) 5809 1000 F: (86-10) 5809 1100 二○二五年 北京市竞天公诚律师事务所 之 法律意见书 敬启者： 北京市竞天公诚律师事务所（以下简称"本所"）作为杭州鑫瑀企业管理 有限公司（以下简称"杭州鑫瑀"或"收购人"或"受让方"）拟通过协议转 让方式受让上海其辰企业管理有限公司（以下简称"上海其辰"或"转让方"） 持有的协鑫能源科技股份有限公司（以下简称"协鑫能科"或"上市公司"） 335,176,285 股股份（占上市公司总股本的 20.6475%）事项的专项法律顾问，就 其编制的《协鑫能源科技股份有限公司收购报告书》（以下简称"《收购报告 书》"）有关内容，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》 ...

北京市竞天公诚律师事务所 关于 杭州鑫瑀企业管理有限公司免于以要约方式增持股份 之 法律意见书 北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower3,China Central Place, 77 Jianguo Road, Beijing 100025, China T: (86-10) 5809 1000 F: (86-10) 5809 1100 二○二五年 北京市竞天公诚律师事务所 关于 杭州鑫瑀企业管理有限公司免于以要约方式增持股份 之 法律意见书 敬启者： 北京市竞天公诚律师事务所（以下简称"本所"）就杭州鑫瑀企业管理有 限公司（以下简称"杭州鑫瑀"或"收购人"或"受让方"）拟通过协议转让 方式受让上海其辰企业管理有限公司（以下简称"上海其辰"或"转让方"） 持有的协鑫能源科技股份有限公司（以下简称"协鑫能科"或"上市公司"） 335,176,285 股股份（占上市公司总股本的 20.6475%）事项涉及的免于以要约方 式增持股份事宜，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《 ...

协鑫能科公告，杭州鑫瑀企业管理有限公司受让公司20.65%股份。 ...

Core Viewpoint - The article discusses the rising trend of Real World Assets (RWA) tokenization in the Greater Bay Area, highlighting its potential benefits and challenges for companies seeking to leverage this new financing model [4][5]. Group 1: RWA Tokenization Overview - RWA refers to the tokenization of real-world assets into tradable digital asset certificates using blockchain technology, with over 13 institutions exploring this model in the past two years [4][7]. - Companies are increasingly interested in RWA not just for financing but also for brand exposure and potential stock price enhancement [4][13]. Group 2: Recent Developments and Case Studies - Since 2024, notable companies like Langxin Group and Huaxia Fund have successfully issued RWA projects, with underlying assets including funds, bonds, and real estate [7][8]. - The total market value of global on-chain RWA assets surpassed $25 billion by July 2025, with projections suggesting the market could exceed $10 trillion by 2030 [9]. Group 3: Challenges and Risks - The costs associated with issuing RWA projects in Hong Kong can be high, often exceeding HKD 2.5 million, which may deter some companies from pursuing this route [11][12]. - Not all assets are suitable for RWA; successful tokenization requires stable cash flows, clear legal rights, and verifiable off-chain data [18][19]. Group 4: Regulatory Environment - The regulatory landscape for RWA is still evolving, with a need for clear classification and compliance pathways based on asset characteristics [19][20]. - There are concerns about systemic risks if transparency and custodial measures are not adequately enforced [20][21]. Group 5: Future Prospects - RWA could provide a new avenue for Chinese companies to return to the Hong Kong market, offering a more flexible and faster alternative to traditional secondary listings [24][25]. - The development of RWA is expected to align with economic trends, with potential breakthroughs in cross-border financial products and limited trials for equity assets [25].

证券代码：002015 证券简称：协鑫能科 公告编号：2025-086 协鑫能源科技股份有限公司 关于控股股东部分股份解除质押暨再质押的公告 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、误导性陈述或重大遗漏。 特别提示： 1、公司控股股东及其一致行动人质押股份数量（含本次）占其所持公司股 份数量比例超过 80%，请投资者注意相关风险。 2、本次股份质押融资与上市公司生产经营需求无关。 3、本次股份质押事项不会对上市公司生产经营、公司治理等产生实质性影 响，也不涉及业绩补偿义务履行。 协鑫能源科技股份有限公司（以下简称"公司"、"上市公司"）近日接到 公司控股股东上海其辰企业管理有限公司（以下简称"上海其辰"）通知，获悉 上海其辰将其所持有公司的部分股份办理了解除质押同时进行了再质押，具体事 项如下： 一、控股股东股份解除质押暨再质押基本情况 （一）本次股份解除质押暨再质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次解除 | 占其所 | 占公司 | | 解除日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- ...