Core Viewpoint - The company clarifies that recent rumors circulating online about its operations are false and misleading, which could harm its reputation and that of the industry [1] Group 1 - The company states that its board secretary has not made any statements in internal or external meetings that align with the circulated rumors [1] - The company reserves the right to pursue legal action against those spreading false information [1] - The company urges investors, partners, and the public to rely on official channels for accurate information and to avoid spreading rumors [1] Group 2 - The company emphasizes its commitment to comply with legal and regulatory requirements regarding information disclosure [1] - The company advises investors to make rational investment decisions and be aware of investment risks [1]

Group 1 - The core viewpoint of the articles revolves around the response of companies in the photovoltaic industry to market rumors and their commitment to support the "anti-involution" initiative, which aims to restore fair competition in the market [2][3] - JinkoSolar expressed confidence in the implementation of related policies and the establishment of a storage platform to promote healthy industry development, acknowledging the need for collaboration to overcome challenges [2] - The China Photovoltaic Industry Association emphasized the importance of industry self-discipline and warned against malicious rumors that aim to undermine the industry [3] Group 2 - Since July, the photovoltaic industry has been undergoing an "anti-involution" phase, leading to an increase in silicon material prices, with a significant price rise observed from July to September 2025 [3] - The average price of N-type recycled silicon material increased from 34,700 yuan per ton on July 2 to 53,200 yuan per ton on September 24, marking a price increase of approximately 53% [3] - On the cost side, the production costs of silicon materials have shown a stable downward trend, with unit losses significantly narrowing due to price increases driven by the "anti-involution" initiative [4]

Core Viewpoint - The article discusses the recent turmoil in the photovoltaic (PV) industry due to rumors about the failure of anti-involution policies, which led to significant stock declines. However, the industry association's clarification has stabilized the market, highlighting the determination to combat unhealthy competition and restore value in the sector [3][4][17]. Group 1: Industry Context - The term "involution" has become synonymous with the PV industry in 2023, characterized by homogenized expansion, price wars, and inefficient competition amid slowing installation demand [7]. - The capital market's reaction is evident, with the PV ETF experiencing a dramatic decline of 68.39%, reflecting the industry's struggles and the negative sentiment surrounding it [8]. - The anti-involution initiative began planning in May 2024, officially launching in October 2024, with policies aimed at curbing unhealthy competition and restoring market balance [9][10]. Group 2: Policy Measures - Current policies focus on "price protection" and "volume control," aiming to eliminate below-cost sales and facilitate the exit of outdated production capacities [10]. - Initial results of the price protection measures show significant price increases in key materials: silicon materials up 33.33%, silicon wafers up 17.39%, batteries up 8.92%, and modules up 2.45% [11]. - The silicon material segment is crucial for reversing the industry's overcapacity, as it has the least production elasticity and is capital-intensive, making it difficult to restart production once halted [12][13]. Group 3: Market Recovery - The anti-involution actions have led to expectations of rapid capacity reduction in the silicon material sector, which is essential for improving the overall PV industry landscape [17]. - The establishment of a joint storage platform for silicon material by multiple companies is anticipated to facilitate the exit of smaller players and further stabilize the market [16]. Group 4: Asset Revaluation - The article posits that the anti-involution policies will drive a revaluation of PV assets, transitioning the industry from scale expansion to quality competition [20]. - Companies like Tongwei, TCL Zhonghuan, and Longi Green Energy are showing signs of recovery, with some reporting improved quarterly performance despite still being in the red [22]. - The focus on technological advancements, such as perovskite solar cells, is seen as a pathway for companies to differentiate themselves and enhance their market value [24][25].

Core Viewpoint - The recent rumors regarding the failure of the "anti-involution" policy in the photovoltaic industry led to significant stock declines, but subsequent clarifications from industry associations helped stabilize the market, indicating a strong commitment to reversing negative competition in the sector [1][5][18]. Group 1: Market Reaction - Following the spread of rumors, the photovoltaic sector experienced a sharp decline, with companies like Jingao Technology and Tongwei Co. seeing drops of 6.84% and 6.06% respectively [5]. - The China Photovoltaic Industry Association issued a statement to refute the rumors, emphasizing the importance of maintaining industry integrity and combating malicious market manipulation [1][5]. Group 2: Anti-Involution Policy - The term "involution" has become synonymous with the photovoltaic industry since 2023, characterized by homogenized expansion and price wars amid slowing installation demand [7]. - The core of the current policy focuses on "price protection" and "volume control," aiming to eliminate below-cost sales and facilitate the exit of outdated production capacities to restore market balance [9][10]. Group 3: Price Recovery - Initial results from the price protection measures show positive trends, with significant price increases in key materials: silicon materials up 33.33%, silicon wafers up 17.39%, and battery cells up 8.92% [10]. - The recovery of prices is expected to improve profitability for companies, laying a solid foundation for valuation increases [20]. Group 4: Capacity Control - The silicon material segment is crucial for addressing overcapacity issues, as it has the least production flexibility and is capital-intensive [11][12]. - Companies are beginning to implement production and sales controls, with expectations to limit annual output to 1.4 million tons, aligning with earlier targets [14]. Group 5: Asset Revaluation - The anti-involution policies are transitioning from expectation to substantial implementation, driving the revaluation of assets in the photovoltaic sector [18][19]. - Companies like Tongwei Co., GCL-Poly Energy, and Daqo New Energy are expected to attract market attention as they benefit from reduced silicon material production and subsequent price increases [22]. Group 6: Technological Advancements - The Ministry of Industry and Information Technology has initiated efforts to accelerate the development of advanced photovoltaic technologies, such as perovskite solar cells, which have the potential for higher efficiency compared to traditional silicon cells [23]. - Recent announcements from companies like GCL-Poly regarding the commercialization of perovskite technology indicate a shift towards innovative production methods, which could lead to significant market opportunities [24].

针对市场关注的"晶澳科技高管在光伏月度例会表态"相关消息，晶澳科技有关负责人回应称，将发公告 澄清一切。晶澳科技于12日盘后对记者表示，公司始终坚定看好并充分相信，光伏行业"反内卷"的相关 政策必将落地实施，并将积极支持和配合各项工作。公司真诚期待并支持收储平台顺利建立并发挥作 用。同时，公司也认识到，平台的具体落地实施需要各方协同，克服一系列现实挑战，推动行业健康发 展。（中证金牛座） ...

Core Viewpoint - The response from JinkoSolar regarding the recent concerns about executive statements at a photovoltaic monthly meeting indicates a commitment to transparency and support for industry policies aimed at healthy development [2]. Group 1: Company Response - JinkoSolar plans to issue an announcement to clarify the recent rumors circulating in the market [2]. - The company expresses strong confidence in the implementation of policies aimed at reducing competition within the photovoltaic industry [2]. - JinkoSolar acknowledges the need for collaboration among various parties to overcome challenges in the establishment of a storage platform [2]. Group 2: Industry Context - The photovoltaic sector in A-shares experienced a notable decline on November 12, reflecting market reactions to the circulating rumors [2]. - The China Photovoltaic Industry Association issued a statement denouncing the false information and emphasized the importance of discerning accurate information [2]. - The association reaffirmed its commitment to protecting national and industry interests against malicious actions aimed at undermining the photovoltaic sector [2].

Core Viewpoint - The photovoltaic industry is experiencing market disturbances due to rumors regarding a "polysilicon storage platform," leading to significant declines in stock prices and futures contracts [1][2]. Group 1: Market Reactions - Over 40 A-share listed companies in the photovoltaic sector, including Longi Green Energy, JA Solar, and Tongwei Co., saw stock prices drop by over 5% [1]. - The polysilicon futures contract experienced a drop of 3.9% before recovering to a gain of 0.43%, with an intraday volatility of 4.62% [1]. - Following the industry association's statement refuting the rumors, the main polysilicon futures contract rebounded and turned positive [2]. Group 2: Industry Statements - JA Solar denied the authenticity of the statements attributed to its executives regarding the storage platform, labeling them as rumors and expressing support for the platform's establishment [1]. - The Executive Secretary of the China Photovoltaic Industry Association emphasized the industry's coordinated efforts to promote the orderly exit of outdated production capacity, supported by central government guidance [1]. - The association released a statement urging caution against false information and reaffirming its commitment to protecting national and industry interests [1]. Group 3: Market Conditions - The photovoltaic sector has seen a continuous rise in stock prices this year, with polysilicon futures experiencing significant increases since late June, followed by a period of high-level consolidation [3]. - Market sentiment is becoming desensitized to the storage platform news, with ongoing weak demand and high inventory risks putting pressure on polysilicon prices [3]. - The industry is increasingly sensitive to both fundamental and news-driven market dynamics, making it more susceptible to disturbances from rumors [3].

Group 1 - The solar industry is experiencing volatility regarding the silicon material storage initiative, with rumors suggesting that the initiative may have failed [1] - JinkoSolar remains optimistic about the implementation of policies aimed at reversing "involution" in the solar industry and supports the establishment of a storage platform [1] - The China Photovoltaic Industry Association emphasizes its commitment to promoting industry self-discipline and the "anti-involution" initiative, stating that false information circulating online should be carefully identified [1] Group 2 - A leading silicon material company asserts that reversing involution is a strategic goal set by the highest levels of the government, as highlighted in the Fourth Plenary Session [2] - Major silicon material enterprises in the photovoltaic sector have reached a consensus to actively participate in and support the national storage initiative [2]

Core Viewpoint - The Chinese Photovoltaic Industry Association has issued a statement addressing false information circulating online, emphasizing its commitment to industry self-discipline and combating negative narratives about the photovoltaic sector [1] Market Performance - On November 12, the photovoltaic sector experienced a decline, with notable drops in stock prices: - Canadian Solar (阿特斯) fell over 17% - Photovoltaic ETF dropped over 4% - Longi Green Energy (隆基绿能) decreased over 7% - Tongwei Co. (通威股份) and JA Solar (晶澳科技) both fell over 6% [3] Stock Performance - The photovoltaic equipment index was reported at 8277.90, down 3.51% - Specific stock performances included: - Canadian Solar: 20.56, down 14.33% over five days - Aiko Solar (艾罗能源): 68.65, down 10.16% over five days - Yuhuan Energy (亿晶光电): 4.72, down 7.81% over five days - Longi Green Energy: 38.75, down 7.23% over five days - JA Solar: 14.03, down 6.84% over five days [4]

| | | 公司于 2025 年 10 月 23 日召开了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 年员工持股计划管理办法（修订稿）>的议案》，为了更好地 实施本次员工持股计划，经综合评估、慎重考虑，公司对员工持股计划资金来源、 管理模式、权益分配、资产管理机构等相关事项进行调整。具体内容详见公司于巨 潮资讯网（www.cninfo.com.cn）披露的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》及《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》的相关规定，现将公司 2025 年员工持股计划实施进展情况公告如下： 一、员工持股计划的股票来源及数量 本次员工持股计划股票来源为公司回购专用证券账户回购的公司 A 股股票。上 述回购专用证券账户回购的公司 A股股票包括根据2024年10月31日公司披露的《关 于回购期限届满暨股份回购实施结果的公告》中累计完成回购的 26,945,700 股股份， 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 ...