工业和信息化部、市场监督管理总局印发重磅方案，光伏领域迎利好。 光伏领域迎来政策利好 9月4日，工业和信息化部、市场监督管理总局印发《电子信息制造业2025—2026年稳增长行动方案》，其中指出，在破除"内卷式"竞争中实现光伏等领域高 质量发展，依法治理光伏等产品低价竞争。引导地方有序布局光伏、锂电池产业，指导地方梳理产能情况。实施光伏组件、锂电池产品质量管理，深入落实 《光伏制造行业规范条件》等文件，强化与投资、金融、安全等政策联动，推动行业技术进步。加快研究以强制性国家标准为基础的储能电池产品安全推荐 目录。支持协会商会建立行业自律机制，加强重点行业监测预警和风险提示，有序调整产业规模。 华创证券发布研报称，抢装潮带动2025年上半年装机实现翻倍增长，下半年装机增速预计放缓，但整体来看全年有望在高基数下延续增长。目前光伏行业基 本面逐渐筑底，在政策调控及供需改善预期下，市场风险偏好有所回升，建议关注盈利修复、经营稳健的龙头公司。另一方面，建议关注新技术产业化推进 顺利，有望量利齐升的环节。 | | | 季度社保基金持有的光伏概念股名单 | | | | --- | --- | --- | --- | --- ...

（文章来源：证券日报） 证券日报网讯横店东磁9月4日在互动平台回答投资者提问时表示，人工智能与工业互联网的结合可缩短 研发周期、降低研发成本，控制和下降生产成本，提升产品一致性和可靠性，在配方设计、工艺优化、 质量、成本控制等方面形成闭环的正向价值。 ...

（文章来源：证券日报） 证券日报网讯横店东磁9月3日在互动平台回答投资者提问时表示，目前公司印尼工厂生产经营一切正 常。 ...

太阳能板块近一年市场表现 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 688303.SH | 大全能源 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 688472.SH | 阿特斯 | 买入-A | | 605117.SH | 德业股份 | 买入-A | | 300682.SZ | 朗新集团 | 买入-B | | 603688.SH | 石英股份 | 买入-A | 太阳能 202508 光伏行业月度报告 同步大市-A(维持) 7 月光伏新增装机同比下降 47.6%，逆变器出口额同比维持增长 2025 年 9 月 1 日 行业研究/行业月度报告 投资要点： 国内光伏新增装机：根据国家能源局数据，2025 年 7 月国内光伏新增装 机 11.0GW，同比-47.6%，环比-23.1%。国内 1-7 月累积新增光伏装机 ...

Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]

近期，公司为全资子公司 DMEGC Renewable Energy B.V 开具预付款保函和 履约保函而承担连带责任保证，累计提供担保金额约人民币 889.30 万元（按当 日汇率结算），最晚一笔担保期限至 2026 年 3 月 1 日止。公司为全资子公司东阳 东磁光伏发电有限公司开具质量保函而承担连带保证责任，累计提供担保金额约 人民币 60.64 万元，最晚一笔担保期限至 2027 年 8 月 28 日止。 证券代码：002056 证券简称：横店东磁 公告编号：2025-058 横店集团东磁股份有限公司 关于为下属公司提供担保的进展公告 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：截至2025年8月31日，公司为下属公司提供担保总余额为26,690.22 万元，占公司最近一期经审计净资产的2.65%。公司及下属公司不存在为合并报 表范围外单位提供担保，也不存在逾期担保。 一、提供担保进展概述 （一）担保进展 2 1、《银行保函开立申请书》； 2、《开立保函/备用信用证合同》。 （二）担保事项履行的决策程序 公司于 2024 年 12 月 1 ...

Group 1 - A-share companies have announced over 800 mid-term cash dividend plans, setting a historical record, with total cash dividends exceeding 639 billion yuan and a cash dividend ratio of 21.36% of total net profits [1] - The banking sector leads in dividend scale, with an expected mid-term cash dividend of 237.54 billion yuan in 2025, followed by industries such as oil and petrochemicals, telecommunications, non-bank financials, coal, and transportation [1] Group 2 - Major companies like China Mobile and Industrial and Commercial Bank of China have cash dividends exceeding 50 billion yuan, while over 20 companies, including Chang'an Automobile and Hengli Petrochemical, are initiating mid-term dividends for the first time [3] - In terms of cash dividend ratios, companies like Shuoshi Biology and Yisheng Shares have exceptionally high ratios, with Shuoshi Biology proposing a cash dividend of 34 yuan per 10 shares, resulting in a cash dividend ratio of 7142.28% [3] - Institutional investors show a clear preference for high dividend yields, with Dongfang Yuhong leading at a yield of 7.87%, and several other companies also exceeding 5% [3][4] Group 3 - Among stocks with dividend yields over 2%, six companies, including Bingchuan Network and Jinneng Technology, reported net profit growth exceeding 50% in the first half of the year [4] - Bingchuan Network achieved a net profit of 336 million yuan, marking a turnaround, with a mid-term dividend yield of 2.3% [4]

Investment Rating - The report maintains a standard rating for the non-ferrous metals industry, indicating a positive outlook for investment in this sector [1]. Core Insights - The non-ferrous metals industry has seen a significant increase in performance, with an overall rise of 8.37% in the last two weeks, outperforming the CSI 300 index by 1.41 percentage points, ranking 5th among 31 industries [2][11]. - The small metals and new materials sectors have shown particularly strong performance, with increases of 21.87% and 13.84% respectively in the same period [2][16]. - The report highlights the positive impact of government policies on the rare earth sector, leading to a rapid price recovery for rare earth products [4][72]. Industry Analysis Market Performance - As of August 28, 2025, the non-ferrous metals industry has increased by 16.08% this month and 44.99% year-to-date, ranking 5th and 2nd respectively among 31 industries [11][12]. - The small metals sector has surged by 77.45% year-to-date, while the new materials sector has risen by 55.77% [16]. Price Trends - As of August 28, 2025, key prices include: - LME copper at $9,839.50 per ton - LME aluminum at $2,607 per ton - LME lead at $1,988 per ton - LME zinc at $2,787 per ton - LME nickel at $15,300 per ton - LME tin at $34,825 per ton [22]. - The rare earth price index reached 226.27, up 21.16 from early August, with specific prices for praseodymium-neodymium oxide averaging 604 yuan per kilogram [41][72]. Company Performance - Notable companies in the sector include: - China Rare Earth (000831) and Kingstone Permanent Magnet (300748), which are recommended for attention due to their strong market positions [73]. - In the last two weeks, the top-performing stocks include Zhangyuan Tungsten (57.70%), Kingstone Permanent Magnet (54.48%), and Northern Rare Earth (46.39%) [18][20]. - Year-to-date, the top gainers are Copper Crown Copper Foil (217.60%), Zhongzhou Special Materials (211.00%), and Northern Rare Earth (165.00%) [20].

Core Viewpoint - Hengdian East Magnetic's stock has shown significant growth in 2023, with a year-to-date increase of 49.02%, driven by strong financial performance and market interest [1][2]. Financial Performance - For the first half of 2025, Hengdian East Magnetic reported revenue of 11.936 billion yuan, a year-on-year increase of 24.76%, and a net profit attributable to shareholders of 1.020 billion yuan, up 59.67% [2]. - The company has distributed a total of 3.758 billion yuan in dividends since its A-share listing, with 1.937 billion yuan distributed in the last three years [3]. Stock Market Activity - As of August 27, 2023, Hengdian East Magnetic's stock price was 18.65 yuan per share, with a market capitalization of 30.338 billion yuan [1]. - The stock has seen a net inflow of 13.0501 million yuan from main funds, with significant trading activity reflected in the buying and selling volumes [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 19.51% to 86,900, while the average circulating shares per person decreased by 16.33% to 18,690 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable changes in their holdings [3]. Business Overview - Hengdian East Magnetic, established in 1999, specializes in the production and sales of permanent magnetic ferrite, soft magnetic ferrite, and solar photovoltaic products, with photovoltaic products accounting for 67.47% of its revenue [2]. - The company operates within the electric power equipment sector, specifically in photovoltaic equipment and components [2].

Investment Rating - The report assigns an "Increase" investment rating to the company, indicating a potential relative increase of 5% to 15% compared to the CSI 300 index over the next six months [29]. Core Views - The company has demonstrated a solid recovery in performance during the first half of 2025, with significant improvements in profitability. The revenue reached 11.936 billion yuan, a year-on-year increase of 24.75%, while net profit attributable to shareholders was 1.020 billion yuan, up 58.94% year-on-year [6][9]. - The company's growth is driven by its strong positions in the photovoltaic, magnetic materials, and lithium battery sectors, with notable increases in product shipments and revenue across these segments [9][12]. - The company is well-positioned to benefit from industry trends, including the differentiation strategy in the photovoltaic sector and the expansion into emerging markets for magnetic materials [10][12]. Summary by Sections Financial Performance - For the first half of 2025, the company achieved a net cash flow from operating activities of 1.701 billion yuan, a year-on-year increase of 26.46%. Basic earnings per share were 0.64 yuan, and a cash dividend of 3.80 yuan per 10 shares was declared [6][9]. - The company’s gross margin improved across its business segments, with the photovoltaic segment achieving a gross margin of 16.70%, an increase of 5.29 percentage points year-on-year [9][12]. Business Segments - **Photovoltaic Segment**: The company shipped 13.4 GW of photovoltaic modules, a year-on-year increase of 65.43%, with revenue from this segment reaching 8.054 billion yuan, up 36.58% year-on-year [9][12]. - **Magnetic Materials Segment**: The company shipped 107,300 tons of magnetic materials, a decrease of 8.05% year-on-year, but revenue increased to 1.939 billion yuan, a growth of 4.51% year-on-year, with a gross margin of 27.71% [9][12]. - **Lithium Battery Segment**: The company shipped over 300 million lithium batteries, generating revenue of 1.286 billion yuan, a year-on-year increase of 4.04%, with a gross margin of 12.90% [9][12]. Future Outlook - The company is expected to maintain strong growth, with projected net profits of 1.986 billion yuan, 2.290 billion yuan, and 2.531 billion yuan for 2025, 2026, and 2027, respectively [12]. The corresponding fully diluted EPS is expected to be 1.22 yuan, 1.41 yuan, and 1.56 yuan [12]. - The company’s valuation appears attractive, with a price-to-earnings ratio of 15.29 for 2025, indicating a low valuation level compared to its growth prospects [12].