Core Insights - Jingao Solar Technology Co., Ltd. (referred to as Jingao Technology) submitted its Hong Kong IPO prospectus on April 28, 2025, which will expire on October 28, 2025, with CITIC Securities and CICC as joint sponsors [1] Company Overview - Jingao Technology's main business includes the research, production, and sales of solar photovoltaic silicon wafers, cells, modules, and energy storage systems, as well as the development, construction, and operation of solar photovoltaic power plants, and the research, production, and sales of photovoltaic materials and equipment [2] - According to the prospectus, Jingao Technology ranked third globally in photovoltaic module shipments in 2024, with a market share of 12.3%, and has been among the top four in global module shipments for ten consecutive years since 2015 [2] - As of December 31, 2024, Jingao Technology's products are sold in 178 countries and regions worldwide, with 16 overseas sales companies established, including seven regional operation centers across various global regions, and over half of the company's sales revenue comes from overseas markets [2]

Core Insights - JinkoSolar Technology Co., Ltd. (referred to as JinkoSolar) submitted its Hong Kong IPO application on April 28, 2025, which will expire on October 28, 2025, with CITIC Securities and CICC as joint sponsors [1] Company Overview - JinkoSolar's main business includes the research, production, and sales of solar photovoltaic silicon wafers, cells, modules, and energy storage systems, as well as the development, construction, and operation of solar photovoltaic power plants, and the research, production, and sales of photovoltaic materials and equipment [2] - According to Frost & Sullivan, JinkoSolar ranked third globally in terms of photovoltaic module shipment volume in 2024, with a market share of 12.3%, and has been among the top four in global module shipments for ten consecutive years since 2015 [2] - As of December 31, 2024, JinkoSolar's products are sold in 178 countries and regions worldwide, with 16 overseas sales companies established, including seven regional operation centers across various global regions, and over half of the company's sales revenue comes from overseas markets [2]

Core Insights - JinkoSolar Technology Co., Ltd. (referred to as JinkoSolar) submitted its Hong Kong IPO application on April 28, 2025, which will expire on October 28, 2025, with CITIC Securities and CICC as joint sponsors [1] Company Overview - JinkoSolar's main business includes the research, production, and sales of solar photovoltaic silicon wafers, cells, modules, and energy storage systems, as well as the development, construction, and operation of solar photovoltaic power plants, and the research, production, and sales of photovoltaic materials and equipment [2] - According to the prospectus, JinkoSolar ranked third globally in photovoltaic module shipments in 2024, with a market share of 12.3%, and has been among the top four in global module shipments for ten consecutive years since 2015 [2] - As of December 31, 2024, JinkoSolar's products are sold in 178 countries and regions worldwide, with 16 overseas sales companies and seven regional operation centers established globally, indicating that over half of the company's sales revenue comes from international markets [2]

Core Viewpoint - JinkoSolar Technology Co., Ltd. has officially initiated its 2025 employee stock ownership plan by signing a trust contract with Yunnan International Trust Co., Ltd. [1][2] Group 1: Employee Stock Ownership Plan Implementation - The company held board and supervisory meetings on August 22, 2025, to approve the draft of the employee stock ownership plan and its management guidelines [1] - A subsequent shareholders' meeting on September 8, 2025, further ratified these proposals, establishing a legal foundation for the plan [1] - On October 23, 2025, the company revised the plan's details, focusing on funding sources, management models, and rights distribution mechanisms to enhance efficiency [2] Group 2: Trust Agreement and Management - The signed trust contract designates the company as the trustor and Yunnan International Trust Co., Ltd. as the trustee, responsible for managing and operating the trust plan [2] - The company will continue to monitor the implementation of the employee stock ownership plan and comply with legal disclosure requirements [2] Group 3: Market Implications - Analysts suggest that the implementation of the employee stock ownership plan will align the interests of the core team, improve corporate governance efficiency, and potentially enhance operational stability in the long run [2]

本信托为【权益类信托计划】。信托公司管理 信托财产应恪尽职守，履行诚实、信用、谨慎、有效 管理的义务。信托公司依据本信托合同约定管理信托 财产所产生的风险，由信托财产承担。信托公司因违 背本信托合同、处理信托事务不当而造成信托财产损 失的，由信托公司以固有财产赔偿；不足赔偿时，由 投资者自担。 云南信托-晶澳科技 2025 年员工持股 集合资金信托计划 信托合同 合同号：云信信 2025-1516-（ ）号 至 云信信 2025-1516-（ ）号 信 托 登 记 系 统 产 品 编 码 ： 【 】 重要提示： 重要提示：本信托计划不保障本金，也不保障任何收益。信托计划收益来源于本信托 计划项下各项投资组合的回报，容易受到市场价格波动、受托人和委托人代表管理能力和 投资能力等因素的影响。在最不利的情况下，本信托计划收益可能为零，同时投资者本金 可能全部损失，由此产生的收益不确定及本金损失的风险由投资者自行承担。投资者需认 真阅读信托文件中关于风险揭示的相关条款，审慎作出投资决策。 委托人作为本合同一方，以电子签名或纸质合同手写签名、盖章方式签署本合同即表 明委托人完全接受本合同项下的全部条款，同时本合同成立。 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-099 | | --- | --- | --- | | 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 关于签订 2025 年员工持股计划信托合同的公告 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。 晶澳太阳能科技股份有限公司（以下简称"公司"）于2025年8月22日召开 了第六届董事会第四十三次会议、第六届监事会第二十四次会议，于2025年9月8 日召开了2025年第四次临时股东会，审议通过了《关于<2025年员工持股计划（草 案）>及其摘要的议案》《关于制定<2025年员工持股计划管理办法>的议案》等 相关议案，同意公司实施2025年员工持股计划并授权董事会办理相关事宜。具体 内容详见公司在巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 公司于2025年10月23日召了开第六届董事会第四十五次会议、第六届监事会 第二十六次会议，审议通过了《关于<2025年员工持股计划（草案修订稿）>及 其摘要的议案》《关于<2025年员工持 ...

Investment Rating - The report recommends investment in the electric power equipment industry, highlighting specific companies for potential investment opportunities [1][3]. Core Insights - Lithium battery material prices continue to rise, with domestic lithium hexafluorophosphate averaging 95,000 yuan/ton, up 20.25% month-on-month, and export prices at 104,000 yuan/ton, up 20.93% [1]. - The average winning bid price for lithium battery energy storage systems increased to 0.4771 yuan/Wh in September 2025, reflecting a 4.33% month-on-month rise [1]. - The report emphasizes the ongoing high demand in the wind power sector, with a target of adding no less than 120GW of new installed capacity annually during the 14th Five-Year Plan period [3]. - The Indian market shows strong demand for photovoltaic installations, with 29.5GW added in the first three quarters of 2025, a 70% year-on-year increase [3]. Summary by Sections Lithium Battery Materials - Domestic lithium hexafluorophosphate prices are at 95,000 yuan/ton, a 20.25% increase month-on-month, while export prices are at 104,000 yuan/ton, up 20.93% [1]. - Recommended companies in the lithium battery sector include Zhuhai Guanyu, Shangtai Technology, and XWANDA [1]. Energy Storage Systems - The average winning bid price for lithium battery energy storage systems reached 0.4771 yuan/Wh in September 2025, marking a 4.33% increase month-on-month [1]. - Recommended companies in the energy storage sector include Yiwei Lithium Energy, Sungrow Power, and CATL [1]. Wind Power - The "Wind Energy Beijing Declaration 2.0" sets a target of at least 120GW of new installed capacity annually during the 14th Five-Year Plan, with a cumulative target of 1,300GW by 2030 [3]. - Recommended companies in the wind power sector include Goldwind Technology and Daikin Heavy Industries [3]. Photovoltaic Market - India added 29.5GW of new photovoltaic capacity in the first three quarters of 2025, a 70% year-on-year increase [3]. - Recommended companies in the photovoltaic sector include Aiko Solar, LONGi Green Energy, and Mibet [3].

Investment Rating - The report maintains an "Increase" rating for the industry [5] Core Insights - The report highlights the resilience of the photovoltaic market amid supply-demand balance, with stable prices across major segments. The average transaction price for N-type raw materials is 53,200 RMB/ton, and for N-type granular silicon is 50,500 RMB/ton, both remaining stable month-on-month. The expected production of polysilicon in October is projected to reach an annual peak, with a total output of 382,000 tons in Q4, reflecting a slight year-on-year increase of 3.0% [14][15] - The wind energy sector is set to see significant growth, with the "Wind Energy Beijing Declaration 2.0" proposing an annual new installed capacity of no less than 120GW during the 14th Five-Year Plan, with offshore wind power contributing at least 15GW annually. This represents a 140% increase in the target for new installations by 2030 compared to the previous declaration [15][16] - The hydrogen energy sector is witnessing advancements, with Dongfeng and Honda launching hydrogen fuel cell commercial vehicles, aiming to contribute to carbon neutrality. The report suggests focusing on leading equipment manufacturers in this field [18][19] Summary by Sections 1. New Energy Generation - **Photovoltaics**: The market shows resilience with stable prices. The average price for N-type silicon wafers is 1.70 RMB per piece, and the delivery price for 210N components has seen a noticeable increase, with some companies quoting between 0.72-0.75 RMB per watt. Domestic component inventory is expected to decrease to around 30GW in October, indicating an improving supply-demand relationship [14][15] - **Wind Power & Grid**: The wind energy sector is expected to grow significantly, with a focus on high-quality development and price stability. The report emphasizes the importance of technological innovation and reliability in wind turbine manufacturing [15][17] - **Hydrogen & Energy Storage**: The report notes the launch of hydrogen fuel cell vehicles and suggests focusing on companies with strong brand and channel advantages in the hydrogen sector. For energy storage, it highlights the bidding and winning of projects, with a focus on companies with high growth certainty in large-scale storage [18][19][27] 2. New Energy Vehicles - The report discusses Rongqi Technology's acquisition of a 19.81% stake in Sichuan Lieneng, which specializes in isostatic pressing equipment crucial for solid-state battery production. This move is expected to enhance the production capabilities of solid-state batteries, addressing key challenges in mass production [29][30] 3. Price Dynamics in the Photovoltaic Industry Chain - The report provides insights into the price dynamics of the photovoltaic industry, indicating stable prices across various segments, with specific price points for polysilicon and silicon wafers [31][32] 4. Important News of the Week - The report summarizes significant developments in the new energy vehicle sector, including major investments in battery technology and projects aimed at enhancing production capabilities in solid-state batteries [33][34]

晶澳太阳能科技股份有限公司 2025 年员工持股计划管理办法（修订稿） 第一章 总则 第一条 为规范晶澳太阳能科技股份有限公司（以下简称"晶澳科技"或"公 司"）2025 年员工持股计划（以下简称"员工持股计划"或"本计划"或"员 工持股计划"）的实施，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》"）、中国证监会《关于上 市公司实施员工持股计划试点的指导意见》（以下简称"《指导意见》"）、《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下 简称"《自律监管指引第 1 号》"）等相关法律、行政法规、规章、规范性文件 和《晶澳太阳能科技股份有限公司章程》（以下简称《公司章程》）《晶澳太阳 能科技股份有限公司 2025 年员工持股计划（草案）》（以下简称"员工持股计 划"）之规定，特制定《晶澳太阳能科技股份有限公司 2025 年员工持股计划管 理办法》（以下简称"本办法"或"《员工持股计划管理办法》"）。 第二章 员工持股计划的制定 第二条 员工持股计划的基本原则 （一）依法合规原则 公司实施员工持股计划，严格按照法律、法规的规 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-098 | | --- | --- | --- | | 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 关于调整 2025 年员工持股计划相关事项的公告 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。 | 益分配 | | 计划运作情况决定是否进行收益分 | 情况决定是否进行收益分配，如聘请资产 | | --- | --- | --- | --- | | | | 配。本计划所持标的股票交易出售取 | 管理机构管理，需经资产管理机构同意。 | | | | 得现金或有取得其他可分配的收益 | 本计划所持标的股票交易出售取得现金 | | | | 时，本计划每个会计年度均可进行分 | 或有取得其他可分配的收益时，本计划每 | | | | 配，管理委员会在依法扣除相关税费 | 个会计年度均可进行分配，管理委员会在 | | | | 及计划应付款项后按照持有人所持 | 依法扣除相关税费及计划应付款项后按 | | | | 本计划份额的比例进行分配，或经管 | 照持有人 ...