Core Viewpoint - JinkoSolar Technology Co., Ltd. has experienced a decline in stock price and significant financial losses in recent months, indicating potential challenges in the solar energy sector [1][2]. Financial Performance - As of September 30, 2025, JinkoSolar reported a revenue of 36.809 billion yuan, a year-on-year decrease of 32.27% [2]. - The company recorded a net profit attributable to shareholders of -3.553 billion yuan, representing a year-on-year decrease of 633.54% [2]. - The stock price has dropped 13.67% year-to-date, with a 2.63% decline over the last five trading days and a 14.97% drop over the last 20 days [1]. Stock Market Activity - On December 2, 2023, JinkoSolar's stock price fell by 2.06%, trading at 11.87 yuan per share with a total market capitalization of 39.286 billion yuan [1]. - The company has seen net outflows of 4.419 million yuan in principal funds, with significant selling pressure from large orders [1]. - JinkoSolar has appeared on the "龙虎榜" (a trading board for stocks with significant trading activity) twice this year, with the latest instance on October 29, where it recorded a net buy of 156 million yuan [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 17.24% to 147,800, while the average circulating shares per person increased by 20.84% to 22,370 shares [2]. - The company has distributed a total of 3.055 billion yuan in dividends since its A-share listing, with 2.415 billion yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 214 million shares, a decrease of 7.3649 million shares from the previous period [3]. - Other notable institutional shareholders include GF High-end Manufacturing Stock A and Huatai-PineBridge CSI 300 ETF, with varying changes in their holdings [3].

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-115 | | --- | --- | --- | | 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 关于回购公司股份进展的公告 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。 重要内容提示： 截至 2025 年 11 月 30 日，晶澳太阳能科技股份有限公司通过深圳证券交易 所交易系统以集中竞价交易方式回购公司股份 15,404,377 股，占目前公司总股本 的比例为 0.47%，最高成交价为 14.236 元/股，最低成交价为 13.33 元/股，成交 总金额为 217,199,530.71 元（不含印花税、交易佣金等交易费用）。 一、回购股份基本情况 晶澳太阳能科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 22 日 召开第六届董事会第四十三次会议，审议通过了《关于回购公司股份方案的议案》， 公司拟使用不低于人民币 2 亿元（含）且不超过人民币 4 亿元（含）的自有资金 及回购专项贷款以集中竞价交易方式回购部分公司发行的人民币 ...

晶澳科技为当地一家现代化水产养殖基地打造的"光伏+储能"一体化项目成功并网 ，已成 为该地区工商业储能领域备受关注的示范项目。该项目不仅是晶澳储能技术实力的集中展 现，更是"光储+X"模式在全球市场成功落地的生动实践，标志着中国储能系统解决方案正 以场景化创新，积极助力全球能源转型。 「光储+渔业」项目全景：生于需求，成于智慧 无数海岛企业面临共同困境：电网扩容成本高企，传统能源价格持续攀升，而丰富的太阳能 资源却因缺乏储能设施而无法高效利用。 晶澳的这一项目并非简单的设备出口，而是基于客户实际痛点的定制化能源解决方案。针对 客户需求，晶澳构建了以"最大化光伏自消纳"为核心，兼具"应急备份"和"电费管理"功能 的智慧微能源网。 这不仅是一套储能系统，更是一个能够自我调节、智能响应的微电网生 态系统。 海岛能源新范式：智能协同，高效可靠 该项目集成了3 .2MW已并网光伏与2MW新建光伏，搭配2.61MWh储能系统，形成了动态 可扩展的能源架构。 作为典型的工商业储能应用，系统通过智能协调"光-储-荷"运行，最大化提升光伏自消纳能 力，有效缓解海岛地区电网容量限制问题。即使在电网异常时，系统也能快速切换为应急备 ...

Core Viewpoint - The solar power generation industry in China is experiencing significant growth, with a notable increase in production and capacity in recent years, as highlighted by the data from the National Bureau of Statistics and the report from Zhiyan Consulting [1]. Industry Summary - In September 2025, China's solar power generation reached 46.5 billion kilowatt-hours, marking a year-on-year increase of 21.1% [1]. - From January to September 2025, the cumulative solar power generation in China was 436.28 billion kilowatt-hours, reflecting a cumulative growth of 24.2% [1]. - The report by Zhiyan Consulting provides insights into the market trends and investment prospects for the solar power station industry in China from 2025 to 2031 [1]. Company Summary - Key listed companies in the solar power sector include Longi Green Energy, Tongwei Co., Sunshine Power, JA Solar Technology, Trina Solar, TBEA, Chint Electric, TCL Zhonghuan, Linyang Energy, and Sungrow Power Supply [1].

储能赛道发展提速。国家能源局公布的数据显示，截至今年三季度末，我国新型储能装机规模超过1亿 千瓦，与"十三五"末相比增长超30倍，装机规模占全球总装机比例超过40%，跃居世界第一。 储能作为光伏、风力等新能源发电的重要消纳方式，已经成为光伏龙头企业重点布局的赛道。 近日，陕西省市场监督管理局网站发布的信息显示，隆基绿能科技股份有限公司（以下简称"隆基绿 能"）拟通过股权收购、增资入股及表决权委托等多重方式，取得苏州精控能源科技股份有限公司约 61.9998%的表决权，实现对这家储能"独角兽"企业的单独控制。 至此，去年光伏组件全球出货量排名前五的光伏龙头企业已经全部入局储能赛道。 而晶科能源股份有限公司（以下简称"晶科能源"）、晶澳太阳能科技股份有限公司（以下简称"晶澳科 技"）、天合光能股份有限公司（以下简称"天合光能"）等龙头亦早已入局储能赛道。Infolink数据显 示，晶科能源位列2024年全球光伏组件出货榜榜首，晶澳科技和隆基绿能并列第二，天合光能位列第 四，通威股份位列第五。 "光储融合已成为能源转型的必然趋势，也是构建新型电力系统的关键路径。"万联证券投资顾问屈放在 接受《证券日报》记者采访时表 ...

Core Insights - The development of the energy storage sector is accelerating, with China's new energy storage installed capacity exceeding 100 million kilowatts, representing a growth of over 30 times compared to the end of the 13th Five-Year Plan, and accounting for over 40% of the global total installed capacity, making China the world leader in this area [1] - Major photovoltaic companies are increasingly focusing on energy storage as a critical component of their business strategies, with Longi Green Energy planning to acquire approximately 61.9998% of Suzhou Jingkong Energy Technology Co., Ltd., a unicorn in the energy storage sector [1][2] - The integration of photovoltaic and energy storage systems is becoming essential for addressing the challenges of energy consumption and stability in the context of rising photovoltaic installation scales [2][3] Industry Trends - The mismatch between the distribution of wind and solar energy resources and electricity demand, along with the instability of renewable energy generation, has led to increased curtailment rates for solar power, highlighting the need for energy storage solutions [2] - The "photovoltaic + energy storage" model is becoming standard among leading photovoltaic companies, with Tongwei Co., Ltd. also entering the energy storage market [2] - The energy storage market is projected to grow significantly, with estimates suggesting that the integrated photovoltaic and energy storage market could reach approximately 500 billion yuan by 2025 and exceed 2 trillion yuan by 2030, with a compound annual growth rate of over 30% [4]

Core Viewpoint - The photovoltaic (PV) industry is experiencing a significant turnaround after a prolonged downturn, with the PV index rising over 30% from July 1 to November 14 this year, indicating renewed investor interest and potential recovery in the sector [1][2]. Group 1: Industry Performance - The PV sector was previously a high-performing area for many fund managers, particularly between 2020 and 2022, driven by favorable conditions such as tight silicon supply, high installation growth, and strong policy support [1]. - In 2023, a price war emerged, leading to a decline in the performance of leading companies and a significant drop in the stock prices of many star PV stocks [2]. - As of the third quarter of 2025, major companies like Sungrow Power and JA Solar have consistently remained in the top holdings of various funds, indicating a continued belief in the sector despite recent challenges [2]. Group 2: Fund Manager Strategies - Some fund managers, like Zheng Chengran from GF Fund, have maintained their positions in the PV sector, believing that the industry is on the verge of a new upward cycle, with expectations for recovery starting in early 2024 [2][3]. - Other managers, such as Lu Bin from HSBC Jintrust, have also shown confidence in the sector, reporting over 40% cumulative returns in their funds due to strategic investments in leading PV stocks [3]. - Conversely, some fund managers have exited the PV sector after significant losses, missing the recent rebound that began in July [4][5]. Group 3: Market Dynamics - The industry is witnessing a fundamental improvement in supply-demand dynamics, with a report indicating that the PV industry is moving towards price recovery and reduced losses for companies [6][7]. - The price of polysilicon has rebounded from a low of 35,000 yuan/ton to over 50,000 yuan/ton, reflecting the impact of policy interventions and industry self-discipline [7]. - The overall market sentiment is shifting positively, with public funds increasing their allocation to the PV sector as valuations remain attractive [7].

Core Viewpoint - The photovoltaic (PV) industry is experiencing a significant rebound after a prolonged downturn, with the PV index rising over 30% from July 1 to November 14 this year, indicating renewed investor interest and potential for recovery [1][2]. Group 1: Market Performance - The PV index has increased by more than 30% from July 1 to November 14, with leading companies like Sungrow Power, Canadian Solar, and others showing strong performance [1]. - Notable funds, such as those managed by Guangfa Fund and HSBC Jintrust, have maintained significant positions in leading PV companies despite market fluctuations [2][3]. Group 2: Fund Manager Strategies - Some fund managers, like Zheng Chengran, have remained committed to the PV sector, anticipating a new upward cycle starting in early 2024, while others have reduced their exposure significantly [2][3]. - Fund managers are observing signs of improvement in the industry, with expectations of a recovery in profitability and valuation expansion across various segments, including PV, lithium batteries, and wind power [3]. Group 3: Industry Dynamics - The PV industry is undergoing a transformation with the "anti-involution" policy aimed at optimizing supply and guiding price recovery, which is expected to lead to a reduction in excess capacity and improved company performance [5][6]. - The price of polysilicon has rebounded from a low of 35,000 yuan/ton to over 50,000 yuan/ton, indicating a shift away from the previous cycle of losses [6][7]. Group 4: Future Outlook - The market is anticipated to enter a new growth cycle, driven by improvements in supply-demand dynamics and the potential for significant growth in global energy storage demand during the 14th Five-Year Plan [6][7]. - Fund managers are focusing on companies with competitive advantages that are likely to survive and thrive in the evolving market landscape, with an emphasis on the importance of stable pricing and actual improvements in profitability [7].

Investment Rating - Maintain "Buy" rating for the industry [5] Core Insights - The report emphasizes the robust development of the photovoltaic industry, with a focus on the "10 million kilowatt photovoltaic" project over the next five years, which is expected to enhance confidence in high-quality growth [17][19] - The wind power sector is highlighted by significant contracts, such as the 1.34 billion yuan order for the European offshore wind project by Daikin Heavy Industries, indicating strong market demand [2][20] - The hydrogen energy sector is witnessing advancements with the launch of a 1000 kg commercial ammonia hydrogen production and refueling station, showcasing innovative technology [3][24] - The energy storage market is projected to grow, with recent bidding data indicating a competitive landscape and price ranges for storage systems [30][33] Summary by Sections 1. New Energy Generation - **Photovoltaics**: The government aims to advance the "10 million kilowatt photovoltaic" project, which is expected to boost the industry's confidence. Key companies to watch include Longi Green Energy, JA Solar, JinkoSolar, and Trina Solar [17][19] - **Wind Power & Grid**: Daikin Heavy Industries signed a 1.34 billion yuan contract for the Gennaker offshore wind project in Germany, with a planned capacity of 976.5 MW. The report suggests focusing on companies like Goldwind Technology and Mingyang Smart Energy [2][20][22] - **Hydrogen & Energy Storage**: The first commercial ammonia hydrogen production station was launched, utilizing advanced low-temperature ammonia decomposition technology. The energy storage sector is also highlighted with competitive bidding data showing significant project sizes [3][24][30] 2. New Energy Vehicles - **Solid-State Batteries**: Yinglian Co. signed a strategic procurement contract worth 300-400 million yuan for composite aluminum foil for solid-state batteries, indicating strong demand in the electric vehicle sector. Companies like Ningde Times and Yiwei Lithium Energy are recommended for investment [4][34][36]

Core Viewpoint - The global energy storage market is experiencing explosive growth, driven by increasing demand for renewable energy and the need for stability in power systems. The storage business has become a significant revenue driver for companies in the sector, with expectations of nearly 50% growth in the global storage market by 2026 [1][8]. Group 1: Market Demand and Growth - The energy storage sector is recognized as a core stabilizer and regulator in the power system, leading to a surge in market demand [1]. - Companies like Sungrow Power Supply Co. and Haibo Technology have reported significant revenue growth, with Haibo achieving a 124.42% year-on-year increase in Q3 2025 [3][4]. - The global energy storage market is projected to maintain a growth rate of 40%-50% in 2026, driven by increasing renewable energy integration and urgent storage needs in various regions [9][10]. Group 2: Company Performance - Haibo Technology reported Q3 2025 revenue of 3.39 billion yuan, with a net profit increase of 872.24% [3]. - Sungrow Power Supply Co. achieved revenue of 66.4 billion yuan in the first three quarters of 2025, a 33% increase year-on-year, with a 70% increase in storage shipments [4]. - EVE Energy Co. reported a revenue of 45 billion yuan, with a net profit growth of 32.17% [4][5]. Group 3: Market Trends and Future Outlook - The demand structure in the energy storage market is expected to change, with a shift towards longer-duration storage solutions and increased deployment in AI data centers [8][9]. - The overseas market for energy storage is booming, with Chinese companies securing 308 new overseas storage orders totaling 214.7 GWh, a 131.75% increase year-on-year [6]. - Companies in the photovoltaic sector are increasingly investing in energy storage to enhance profitability, with Trina Solar aiming for a significant increase in storage shipments by 2026 [10][11].