Core Points - The company, JA Solar Technology Co., Ltd., maintains its credit rating of "AA+" with a stable outlook for both its corporate entity and the "JA Convertible Bonds" [1][2] - The credit rating was reaffirmed by the credit rating agency Dongfang Jincheng International Credit Evaluation Co., Ltd. based on a comprehensive analysis of the company's operational status and the relevant industry [2] Summary by Sections - **Previous Rating**: The previous credit rating for the company was "AA+" with a stable outlook, and the same rating applies to the "JA Convertible Bonds" [1] - **Current Rating**: The current credit rating remains "AA+" for both the company and the convertible bonds, with a stable outlook as of June 26, 2024 [1][2] - **Rating Agency**: The rating was conducted by Dongfang Jincheng, which issued the tracking credit rating report for 2025 [2]

公司前次主体信用等级为"AA+"，评级展望为"稳定"，"晶澳转债"的信 用等级为"AA+"，评级机构为东方金诚，评级日期为 2024 年 6 月 26 日。 晶澳太阳能科技股份有限公司 关于"晶澳转债"跟踪信用评级结果的公告 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。 重要提示： 前次债券评级：公司主体信用等级为"AA+"，评级展望为"稳定"，"晶澳转债"的信 用等级为"AA+"。 本次债券评级：公司主体信用等级为"AA+"，评级展望为"稳定"，"晶澳转债"的信 用等级为"AA+"。 根据中国证券监督管理委员会《公司债券发行与交易管理办法》和深圳证券 交易所《深圳证券交易所公司债券上市规则》的相关规定，晶澳太阳能科技股份 有限公司（以下简称"公司"）委托信用评级机构东方金诚国际信用评估有限公 司（以下简称"东方金诚"）对公司主体及公司向不特定对象发行的可转换公司 债券（以下简称"晶澳转债"）进行了跟踪信用评级。 | | | 评级机构东方金诚在对公司经营状况及相关行业进行综合分析与评估的基 础上，于近期出具了《晶澳太阳能科技股份有限公司主体及"晶澳转债"20 ...

信用等级通知书 东方金诚债跟踪评字【2025】0192 号 晶澳太阳能科技股份有限公司： 东方金诚国际信用评估有限公司根据跟踪评级安排对贵公司及发行 的"晶澳转债"的信用状况进行了跟踪评级，经信用评级委员会评 定，此次跟踪评级维持贵公司主体信用等级为 AA+，评级展望为稳 定，同时维持"晶澳转债"的信用等级为 AA+。 东方金诚国际信用评估有限公司 信评委主任 二〇二五年六月二十日 东方金诚债跟踪评字【2025】0192 号 信用评级报告声明 5.本报告仅为受评对象信用状况的第三方参考意见，并非是对某种决策的结论或建议。东方金 诚不对发行人使用/引用本报告产生的任何后果承担责任，也不对任何投资者的投资行为和投资 损失承担责任。 6.本报告自出具日起生效，在受评债项的存续期内有效。其中主体评级结果有效期自 2025 年 6 月 20 日至 2026 年 6 月 19 日有效，该有效期除终止评级外，不因任何原因调整。在评级结果 有效期内，东方金诚有权作出跟踪评级、变更等级、撤销等级、中止评级、终止评级等决定， 必要时予以公布。 7.本报告的著作权等相关知识产权均归东方金诚所有。除委托评级合同约定外，委托方、受评 ...

Group 1 - The core point of the article is the issuance of convertible bonds by JA Solar Technology Co., Ltd., which aims to raise funds for various projects while providing investors with the option to convert their bonds into shares [1][2][3] Group 2 - The company issued 89,603,077 convertible bonds at a face value of RMB 100 each, raising a total of RMB 8,960,307,700, with net proceeds of RMB 8,935,878,824 after deducting underwriting fees [1][2] - The bonds have a maturity of six years, from July 18, 2023, to July 17, 2029, with an annual interest rate that increases from 0.20% in the first year to 2.00% in the sixth year [1][2][3] - The initial conversion price is set at RMB 38.78 per share, with provisions for adjustments based on various corporate actions [2][3] Group 3 - The funds raised will be used for projects totaling RMB 1,623,421.79 million, with the company planning to cover any shortfall through self-financing [12][17] - The company operates in the solar photovoltaic industry, focusing on the production and sale of solar cells, modules, and energy storage systems, with manufacturing facilities both domestically and internationally [17][18] - In 2024, the company's revenue decreased by 14.02% year-on-year, totaling RMB 7,012,069.70 million, primarily due to intensified market competition and declining product prices [19]

债券简称：晶澳转债 债券代码：127089.SZ 股票简称：晶澳科技 股票代码：002459.SZ 债券受托管理人 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 （2024年度） 中信证券股份有限公司 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二五年六月 受托管理事务报告 1 声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息均来源 于晶澳太阳能科技股份有限公司（以下简称"晶澳科技""发行人"或"公司"）对外公 布的《晶澳太阳能科技股份有限公司 2024 年年度报告》等相关公开信息披露文件、晶 澳科技提供的证明文件以及第三方中介机构出具的专业意见。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜做 出独立判断，而不应将本报告中的任何内容据以作为中信证券所作的承诺或声明。 本报告中所称"报告期"为 2024 年度。 2 | 声明 | | 2 | | --- | --- | --- | | 目录 | | 3 | | 第一节 | 可转换公司债券概况 | 4 | | 第二节 | 公司债券受托管理人履职情况 | 17 | | 第三节 ...

Group 1 - A-shares opened mixed on June 20, with the A500 ETF gaining 0.31% and trading volume exceeding 700 million yuan, driven by strong performances in the photovoltaic and lithium battery sectors, particularly with Jingao Technology rising over 5% and several others increasing by more than 3% [1] - The China Photovoltaic Industry Association held a meeting focusing on "production limits to maintain prices," with expectations of a significant production cut in the third quarter, projecting a reduction in operating rates by approximately 10%-15% compared to the previous quarter [1] - The A500 ETF closely tracks the new benchmark index, the CSI A500 Index, which selects 500 stocks representing strong market capitalization across various industries, balancing large-cap stocks while covering core leading assets in A-shares [1] Group 2 - According to Wind data, the sector weightings of the CSI A500 Index include Electronics (10.7%), Banking (9.3%), Electric Equipment (8.5%), Pharmaceutical Biology (7.4%), and Food & Beverage (7.3%), indicating a diversified sector representation [1] - Southwest Securities noted that the CSI A500 Index is overweight in sectors such as Electronics, Electric Equipment, Pharmaceutical Biology, and National Defense, focusing more on new productive forces compared to the CSI 300 Index [1] - Bank of China International believes that the A-share market will continue to exhibit a short-term consolidation pattern, with market sentiment indicators at relatively high levels for the year, suggesting a need for patience as policies are implemented and macroeconomic support continues [2]

从中证京津冀协同发展主题指数持仓的市场板块来看，深圳证券交易所占比52.04%、上海证券交易所 占比47.96%。 从中证京津冀协同发展主题指数持仓样本的行业来看，信息技术占比30.22%、工业占比27.61%、医药 卫生占比21.13%、原材料占比10.66%、房地产占比10.38%。 资料显示，指数样本每季度调整一次，样本调整实施时间分别为每年3月、6月、9月和12月的第二个星 期五的下一交易日。每次调整的样本比例一般不超过20%。权重因子随样本定期调整而调整，调整时间 与指数样本定期调整实施时间相同。在下一个定期调整日前，权重因子一般固定不变。特殊情况下将对 指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 金融界6月19日消息，上证指数低开低走，中证京津冀协同发展主题指数 (CS京津冀，930701)下跌 1.67%，报1329.79点，成交额199.68亿元。 数据统计显示，中证京津冀协同发展主题指数近一个月下跌2.12%，近三个月下跌8.87%，年至今下跌 2.63%。 据了解，中证京津冀协同发展主题指数结合各地特色经济、国 ...

Core Viewpoint - The photovoltaic industry is transitioning from a focus on "single-point cost" to "system efficiency" and "full lifecycle operation capability" under the "dual carbon" vision, with functional coatings being a key innovation to enhance the lifecycle value of solar modules [1][4]. Group 1: Strategic Collaboration - JA Solar Technology Co., Ltd. and Hesenmeike have signed a joint development agreement for self-cleaning and anti-reflective coatings for photovoltaic modules, marking a significant step towards large-scale application of high-performance functional coatings [1][4]. - The collaboration aims to create a new standard for surface technology in photovoltaic modules, driven by advancements in material science [4][6]. Group 2: Technical Innovations - The joint research will focus on three main areas: enhancing optical transmittance through multi-layer anti-reflective structures, creating low-adhesion self-cleaning surfaces using a "super-hydrophilic + anti-static" nano-structure, and improving environmental durability against harsh conditions [4][5]. - The self-cleaning technology has achieved a 5% reduction in reflectance loss compared to conventional double-coated modules under international dust conditions, indicating its effectiveness in various environments [5][6]. Group 3: Comprehensive Development - The partnership will establish a closed-loop technology chain from material design to large-scale verification and on-site application, leveraging JA Solar's experience in module integration and Hesenmeike's expertise in nano-coating materials [6][7]. - The developed nano-coating system has been tested for long-term reliability and practical application value under various environmental conditions, ensuring its effectiveness in enhancing photovoltaic module efficiency [6][7]. Group 4: Future Applications - The coating solution is compatible with both new module manufacturing and upgrading existing modules, making it suitable for diverse applications including ground power stations and distributed rooftop systems [7]. - Hesenmeike aims to accelerate scene validation and system integration to promote the evolution of photovoltaic modules towards higher efficiency, lower maintenance, and greater reliability [7].

Core Viewpoint - The Chinese photovoltaic (PV) industry is facing a critical supply-side reform, with expectations of production cuts and stricter policies to curb below-cost sales, aiming to improve industry profitability and stability [3][4][5]. Industry Summary - A significant decline was observed in the A-share market on June 19, with a total trading volume of 1.28 trillion yuan and over 4,600 stocks falling [1]. - The photovoltaic sector, particularly low-fee ETFs, experienced a downturn, with the leading ETF (516290) dropping by 1.49% [1][6]. - Major companies in the PV sector, such as 阳光电源 (Sungrow Power), 德业股份 (Deye), and 晶澳科技 (JA Solar), reported declines exceeding 3% in their stock prices [6]. Production and Policy Changes - The China Photovoltaic Industry Association held a meeting focusing on "production limits to maintain prices," indicating a projected reduction in operating rates by 10%-15% in Q3 [2][3]. - A third-party audit group will conduct comprehensive audits to identify evidence of below-cost sales, with various measures planned against non-compliant companies [2][3]. Technological Advancements - The industry is witnessing a push for supply-side reform, with leading companies advocating for market-driven consolidation and technological upgrades to phase out outdated capacities [4][5]. - New technologies, such as TOPCon and perovskite, are gaining attention, with several companies showcasing advancements in efficiency and production capabilities at the SNEC conference [5]. Market Outlook - The PV sector is expected to experience a fundamental recovery, with signs of a potential turning point in market sentiment as production cuts and technological advancements take effect [7]. - The low-fee photovoltaic ETF (516290) is highlighted as a favorable investment option, with management fees significantly lower than the market average [7].

Core Viewpoint - The Chinese photovoltaic industry is facing significant challenges, including overcapacity, price fluctuations, and losses, leading to a clearer path towards "production reduction to maintain prices" [1][2]. Group 1: Industry Challenges - The photovoltaic industry is experiencing a supply-demand imbalance, with many companies facing financial losses. In the first quarter, 18 out of 21 listed companies reported net profit losses, with major manufacturers like Tongwei Co., Ltd. losing 2.61 billion yuan [1]. - The industry is under pressure to reduce production, with a projected decrease in operating rates by 10%-15% in the third quarter [1][2]. - The price of polysilicon has been declining due to weak downstream demand and significant price drops in silicon wafer products, leading to a challenging market environment [3]. Group 2: Regulatory Measures - The China Photovoltaic Industry Association is implementing measures to combat below-cost sales and promote self-discipline within the industry, including setting minimum price standards and enhancing technical standards [2]. - A third-party audit group will conduct comprehensive audits to identify and address low-price sales practices among companies [1][2]. Group 3: Market Dynamics - Recent data indicates that prices for 183N silicon wafers have fallen to around 0.9 to 0.91 yuan, with some quotes dropping below 0.9 yuan [2]. - The average prices for 183N and 210N battery cells have also decreased to 0.24 yuan and 0.255 yuan per watt, respectively [2]. - The number of polysilicon producers remains at 11, all operating at reduced capacity, but the market anticipates an increase in production due to capacity replacement [3].