Group 1: Company Filings - 16 companies submitted applications for listing on the Hong Kong Stock Exchange from April 28 to May 4, with 3 companies launching their IPOs [1] - Companies seeking dual listings include Seres Group and JA Solar Technology [1][3] - Seres Group focuses on engines and new energy vehicles, having launched the "Wenjie" brand and achieved a 268% year-on-year increase in total deliveries in 2024 [2] - JA Solar Technology is a leading global supplier of photovoltaic solutions, ranking third in global market share with 12.3% in 2024 [3] - Shenzhen Hongye Geotechnical Technology, a major non-state-owned geotechnical engineering company in South China, also submitted an application [4] Group 2: Upcoming IPOs - Boreton plans to list on May 7, 2025, with a global offering of 13 million H shares priced at 18 HKD each [20] - JunDa Co. and HuShang Ayi are set to list on May 8, 2025, with share prices expected between 20.4 and 28.6 HKD for JunDa and between 95.57 and 113.12 HKD for HuShang Ayi [21] Group 3: Market Trends - 23 A-share listed companies are planning to list or have submitted applications for listing in Hong Kong as of early May [22] - The Hong Kong Securities and Futures Commission is considering increasing the position limits for derivatives based on major stock indices [22]

2024年，光伏行业的日子实在不好过。 在积累产能尚未消化的情况下，"降价潮"愈发汹涌，四大主材主流产品全年价格跌幅均超过29%，再加 之美国关税壁垒对海外市场、东南亚产能的冲击，让企业经营高度承压，A股光伏制造板块近80家上市 公司，近半陷入亏损。昔日"光伏茅"隆基绿能也表示，"这是公司上市以来最困难的一年"。 在此情况下，如何精兵简政、缩减开支也成了各公司不得不考虑的事情。 员工总数变动与经营业绩、主营业务高度相关 根据数字能源DNE的统计，结合各公司年报披露信息来看，多数A股光伏上市公司人员规模有所缩减， 其人员变动情况与经营业绩、主营业务均呈现出一定的正相关关系。比如，裁员比例最高的，是ST聆 达，裁员幅度高达86.67%，从600人缩减至80人，成为面临退市的"小公司"。另一家ST公司——ST泉为 裁员幅度也达到51.99%，截至2024年，公司还剩不到300人。此外，业绩降幅较大的如亿晶光电、京运 通、爱旭股份、东方日升、ST沐邦等，裁员比例都超过40%，上述公司在归母净利润同比降幅、裁员比 例方面都排在前15位。 虽然一体化巨头亏损或业绩下降的绝对值更高，但这并不意味着他们都会进行大规模裁员。具 ...

多晶硅日报 油） 021-60635738 lijie@ccb.ccbfutures.com 期货从业资格号：F3031215 021-60635737 renjunchi@ccb.ccbfutures.com 期货从业资格号：F3037892 硅）028-8663 0631 penghaozhou@ccb.ccbfutures.com 期货从业资格号：F3065843 021-60635740 pengjinglin@ccb.ccbfutures.com 期货从业资格号：F3075681 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：李金（甲醇） 021-60635730 lijin@ccb.ccbfutures.com 期货从业资格号：F3015157 研究员：冯泽仁（玻璃纯碱） 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号：F03134307 行业 日期 2025 年 05 月 07 日 能源化工研究团队 研究员：李捷,CFA（原油燃料 研究员：任俊弛（PTA/MEG） ...

智通财经记者｜马悦然 国内市场"卷"，龙头企业争先出海，其中美洲市场的毛利率表现抢眼。除隆基绿能外，其余三家企业在 美洲市场的毛利率均位于各区域之首。 美洲分为北美洲和南美洲，主要国家包括美国、加拿大、巴西、阿根廷等。上述四家公司中，天合光能 明确分出了"美国"，其他三家使用的是"美洲"。 根据四家企业2024年年报数据，天合光能的美国市场毛利率最高，达到34.16%，同比增加了0.92个百分 点。 不过，美国占天合光能的营收比重在四家企业中不算高，为12.07%。 | | | | 四大光伏组件龙头2024年美洲营收、毛利率情况 | | | | | --- | --- | --- | --- | --- | --- | --- | | 公司 | 美洲营收 单位:亿元 | 美洲营收 增长率 | 美洲占总 营收占比 | 美洲毛利率 | 毛利率同 比增减 | 是否为毛利最 高的区域 | | 天合光能 | 96.88 | -10.58% | 12.07% | 34.16% | 增加0.92 个百分点 | 色是 | | 晶澳科技 | 163.86 | 20.74% | 23.37% | 31.43% | 下滑4.63 ...

Core Viewpoint - In 2024, the photovoltaic industry faced a significant downturn, leading to a widespread reduction in executive compensation across A-share photovoltaic companies, with over 60% of management teams experiencing salary cuts compared to 2023 [1][3][5]. Summary by Category Executive Compensation Trends - In 2024, 43 out of 67 photovoltaic stocks reported a decline in total annual executive compensation, representing approximately 64.18% of the companies [3]. - Longi Green Energy's management saw the largest reduction, with total compensation dropping from 41.55 million yuan in 2023 to approximately 15.85 million yuan in 2024, a decrease of 25.70 million yuan [3][4]. - Tongwei Co. followed closely, with a total compensation of 42.09 million yuan in 2024, down from 66.14 million yuan in 2023, a reduction of 24.04 million yuan [3]. Notable Executive Salary Cuts - Longi Green Energy's Chairman, Zhong Baoshan, experienced a drastic salary cut from 11.54 million yuan in 2023 to 895,500 yuan in 2024, a decline of over 90% [5][6]. - Tongwei's executive Li Bin's salary fell from 26.28 million yuan in 2023 to 6.43 million yuan in 2024, a decrease of approximately 75.52% [7]. - Trina Solar's Chairman, Gao Jifan, saw his salary drop from 6.47 million yuan to 4.01 million yuan, a reduction of 245,560 yuan [7]. Salary Increases in a Downturn - Despite the overall trend, some executives saw salary increases, such as JinkoSolar's Vice President Jin Hao, whose salary rose from 4.88 million yuan to 5.99 million yuan [8]. - Yangguang Power's Chairman, Cao Renxian, received a salary increase from 3.51 million yuan to 3.88 million yuan, while other executives also reported salary growth [10]. Industry Performance Context - The photovoltaic industry is currently facing challenges, with JinkoSolar reporting a revenue decline of 22.08% year-on-year, and a net profit drop of 98.67% [9]. - Yangguang Power, however, reported a revenue increase of 7.76% and a net profit increase of 16.92% in 2024, correlating with the salary increases for its executives [10][11].

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-043 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 关于"晶澳转债"预计触发转股价格修正条件的提示性公告 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。 重要内容提示： 自 2025 年 4 月 17 日至 2025 年 4 月 30 日，晶澳太阳能科技股份有限公 司（以下简称"公司"）股票已有十个交易日收盘价低于"晶澳转债"当期转股 价格的 85%，若未来二十个交易日内有五个交易日公司股票收盘价格继续低于 当期转股价格的 85%，将可能触发"晶澳转债"的转股价格修正条件。若触发转 股价格修正条件，公司将按照《晶澳太阳能科技股份有限公司向不特定对象发行 可转换公司债券募集说明书》（以下简称《募集说明书》）的约定及时履行审议程 序和信息披露义务。敬请广大投资者注意投资风险。 一、可转换公司债券基本情况 经中国证券监督管理委员会《关于同意晶澳太阳能科技股份有限公司向不特 定对象发行可转换公司债券注册的批 ...

Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

作 者丨曹恩惠 费心懿 延续这一影响因素，2 0 2 5年第一季度，上述2 3家A股风电公司合计取得4 7 5 . 7 5亿元的营收和 4 2 . 2 1 亿 元 的 归 母 净 利 润 。 与 2 0 2 4 年 一 季 度 相 比 ， 其 营 收 和 净 利 润 整 体 数 据 都 呈 现 增 长 的 局 面。这其中，部分头部整机厂商净利润增速强劲。 编 辑丨张星 大热的风电、光伏、储能等新能源行业，近些年来遭遇产业周期性波动影响，各条赛道呈现 出不同的业绩冷热现象。 2 0 2 4年，A股风电、储能公司整体维持着盈利状态，光伏公司就陷入了困境。而在2 0 2 5年第 一季度，风电、储能公司业绩"回春"，光伏公司则分化加剧。 整体来看，风电、光伏以及储能行业需求前景依然被业内看好，但产业链价格波动、海外市 场需求等因素，正在影响风电、光伏以及储能公司业绩的走势。 风机价格回升厂商整体业绩回暖 从2 0 2 4年第四季度到2 0 2 5年第一季度，国内风电行业整体表现回暖，部分厂商的业绩甚至超 出预期。 根据2 1世纪经济报道记者统计，2 0 2 4年，2 3家A股风电公司合计实现营业收入和归属于母公 司股 ...

Company Developments - Bawang Chaji opened its first store in the United States in Los Angeles, with former McDonald's CMO Eugene Lee joining as the Vice President and Chief Marketing Officer for the Asia-Pacific region [3] - Stone Technology reported a revenue of 3.428 billion yuan in Q1 2025, a year-on-year increase of 86.22%, driven by an expanded product matrix and optimized sales structure [4] - Midea Group's overseas OBM business grew by 40% year-on-year, with e-commerce sales increasing by over 50% in Q1 2025 [5] - Didi launched its overseas car rental service in 11 countries and 26 cities to cater to domestic users traveling abroad [6] - Tianlala plans to open over 200 new stores globally by 2025, focusing on Southeast Asia, Europe, North America, and the Middle East [7] - Anker Innovations reported a revenue of 24.71 billion yuan for 2024, a 41.14% increase year-on-year, with Q1 2025 revenue reaching 5.993 billion yuan, up 36.91% [8] - Uber partnered with Momenta to deploy autonomous taxis in Europe by early 2026 [8] - COSCO Shipping established a new company in Saudi Arabia to enhance its operations in the region [8] - Yizhibo plans to expand its consumer content and marketing services overseas, aiming to establish a presence in five countries by the end of the year [8] - JA Solar expects to rapidly increase production capacity after launching a project in Oman [8] - Zeekr Technology Group has entered over 60 international markets, with more than 1,200 global stores [8] - Deep Blue aims for overseas sales to account for 20% of its total sales by 2025 [8] - Cainiao's order volume in the North American market increased by over 30% [11] Macro Policies & Industry Data - The U.S. officially terminated its tax exemption policy for small packages from China, leading to increased logistics costs and delays for e-commerce platforms [12] - The trade volume between China and Arab countries exceeded $400 billion in 2024, marking a tenfold increase since 2004 [12] - In Q1 2025, China's software business exports reached $13.1 billion, a year-on-year increase of 2.4% [13] - The Export-Import Bank of China issued over 300 billion yuan in loans to support foreign trade in Q1 2025 [14] - Mexico is expanding its largest port to strengthen trade ties with China [14] Investment & Financing - In Time Robotics completed nearly 100 million yuan in B3 round financing to accelerate global market expansion [15] - IndustrialNext raised several million dollars in Series A funding to enhance team size and R&D efforts [15] - Aihua New Materials secured several million yuan in A round financing to focus on product development and overseas market expansion [15] - Guopei Chuang (Suzhou) Education Technology completed a million yuan Pre-A round financing to support AI technology development and overseas market expansion [16] - Clickmate, a live-streaming e-commerce platform in South Korea, announced seed round financing, with a monthly transaction volume of 9 billion KRW [17]

据报道，特朗普政府对东南亚四国太阳能产品祭出高额关税，柬埔寨产品关税高达3521%，震动国际市场。 这场关税风暴的源头，早在去年就已埋下。韩国韩华Qcells、美国First Solar等七家在美经营的太阳能制造商提交请愿书，声称中国 公司借东南亚向美国市场输送"不公平"廉价商品。美国太阳能制造贸易委员会更是污蔑在东南亚设厂的中企"倾销"并接受"补贴"， 为关税大棒的挥出找借口。 太阳能（资料图） 细看这次关税政策，针对性极强。越南太阳能产品面临395.5%的关税，泰国为375.2%，马来西亚是34.4%，而柬埔寨因所谓"不配合 调查"被课以重税。晶科能源、天合光能、晶澳太阳能等中资背景企业，也都被单独列出征收特定关税。按流程，6月美国国际贸易 委员会将对这一决定投票，但无论结果如何，伤害已然造成。 表面上看，特朗普政府宣称此举是保护美国太阳能行业。可现实却狠狠打了脸。美国从东南亚进口太阳能产品，是实实在在的刚性 需求。美国百姓想要廉价的太阳能产品，企业需要物美价廉的原料和零部件。拜登政府时期曾推出太阳能补贴政策，要求企业在美 国国内生产电池板，可美国自身产能跟不上，依赖东南亚进口的现状难以改变。如今切断进口 ...