二、股东股份累计被质押的情况 截至公告披露之日，上述股东及其一致行动人所持质押股份情况如下： | | | | 本次解 | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 除质押 | 占其 | 占公 | 情况 | | 情况 | | | 股东 | 持股数量 | 持股 | 后质押 | 所持 | 司总 | 已质押股 | 占已质 | 未质押股 | 占未质 | | 名称 | （万股） | 比例 | 股份数 | 股份 | 股本 | 份限售和 | | 份限售和 | | | | | | | | | | 押股份 | | 押股份 | | | | | 量（万 | 比例 | 比例 | 冻结数量 | 比例 | 冻结数量 | 比例 | | | | | 股） | | | （万股） | | （万股） | | | 曹仁贤 | 63,141.12 | 30.46% | 2,629.00 | 4.16% | 1.27% | 2,183.10 | 83.04% | 45,172.74 | 74.65% | | 苏 ...

Group 1 - The photovoltaic ETF fund (159863.SZ) has increased by 5.08%, with major components such as Sungrow Power (up 8.98%), Longi Green Energy (up 6.08%), Tongwei Co. (up 10.00%), Daqo New Energy (up 14.84%), and TBEA Co. (up 3.02%) [1] - There are rumors that silicon material does not have a guiding price and cannot be sold below their full cost, with policies reiterating "supply-side expectations rising" [1] - The photovoltaic industry is currently undergoing a clearing process that can be categorized into financial, policy, and technical clearings, with expectations of challenges in domestic demand in Q3 and an anticipated increase in polysilicon production in July [1] Group 2 - Zhongyi Securities' strategy team notes that the current market environment is similar to the end of 2014, with investors having accumulated profit effects in the industry, and policy expectations stabilizing [1] - China Post Securities highlights that the photovoltaic industry has been officially named for "involution-style" competition, with leading photovoltaic glass companies planning to collectively reduce production by 30% starting in July [2] - The Ministry of Industry and Information Technology has signaled stronger regulatory measures, requiring companies to report cost prices and planning to impose heavy penalties on low-price sales, indicating an escalation in industry governance [2]

Group 1 - The ChiNext 50 Index (399673) has shown a strong increase of 2.35% as of July 8, 2025, with notable gains in constituent stocks such as Sungrow Power (300274) up 9.58%, Tianfu Communication (300394) up 9.14%, and Jinlang Technology (300763) up 8.85% [1] - The ChiNext 50 ETF (159681) rose by 2.13%, with a latest price of 0.96 yuan, reflecting the overall positive market sentiment [1] - The "anti-involution" trend has positively impacted the photovoltaic sector, with Guangfa Securities indicating that the market is currently in a wait-and-see phase regarding the form and intensity of this trend [1] Group 2 - The ChiNext 50 ETF closely tracks the ChiNext 50 Index, which consists of the 50 stocks with the highest average daily trading volume in the ChiNext market, representing well-known, large-cap, and liquid companies [2] - As of June 30, 2025, the top ten weighted stocks in the ChiNext 50 Index include CATL (300750), Dongfang Wealth (300059), and Mindray Medical (300760), with these ten stocks accounting for 64.62% of the index [2]

Market Performance - As of midday, the Shanghai Composite Index rose by 0.58%, the Shenzhen Component Index increased by 1.27%, and the ChiNext Index climbed by 2.25%, with over 3,900 stocks in the market experiencing gains [1]. Sector Performance - The photovoltaic equipment, BC battery, PCB, and energy metal sectors showed the highest gains, while the insurance and agriculture sectors weakened [2]. Capital Flow - Major funds saw a net inflow into the electronics, power equipment, and computer sectors, while there was a net outflow from the banking, public utilities, and transportation sectors [3]. Individual Stock Performance - Specific stocks such as Industrial Fulian, Sungrow Power Supply, and Shenghong Technology experienced net inflows of 2.785 billion, 1.495 billion, and 1.036 billion respectively [4]. - Conversely, stocks like Changjiang Electric Power, Hanyu Pharmaceutical, and Jingbeifang faced net outflows of 393 million, 228 million, and 223 million respectively [5]. Institutional Insights - According to Jin Jun, Investment Director at Qianhai Bourbon Fund, the market has shown resilience since the rally began on June 23, with expectations for the index to challenge 3,674 points in the second half of the year despite facing resistance at the previous high of 3,496 [7]. - Dong Tian from Zhongtai Securities noted that the index is facing significant pressure and suggested focusing on industries with longer cycles and those that have released earnings forecasts to gauge overall industry conditions [7].

Group 1 - The core viewpoint of the news highlights the strong performance of the photovoltaic ETF (159857), which saw a 5.19% increase and significant trading volume, indicating robust investor interest in the sector [3] - The underlying index, the CSI Photovoltaic Industry Index (931151), also experienced a strong rise of 5.08%, with notable gains from constituent stocks such as Daqo New Energy (688303) up 15.30%, Sungrow Power Supply (300274) up 10.49%, and Tongwei Co., Ltd. (600438) up 10.00% [3] - Over the past week, the photovoltaic ETF has seen a substantial increase in scale by 64.87 million yuan and a growth of 19 million shares over the past two weeks, leading the market in similar products [3] Group 2 - The Ministry of Industry and Information Technology of China held a meeting on July 3, focusing on accelerating the high-quality development of the photovoltaic industry, emphasizing the need to eliminate low-price competition and enhance product quality [4] - The government aims to guide healthy competition and support the exit of outdated production capacity, positioning China as a global leader in photovoltaic technology and a key player in the low-carbon energy transition [4] - The CSI Photovoltaic Industry Index is currently valued at a historical low with a price-to-book ratio (PB) of 1.78, which is below 82.54% of the time over the past three years, indicating a favorable valuation for investors [4] Group 3 - The photovoltaic ETF closely tracks the CSI Photovoltaic Industry Index, which includes up to 50 representative companies involved in the photovoltaic industry chain, reflecting the overall performance of listed companies in this sector [5]

Group 1 - The ChiNext Index (399006) has seen a strong increase of 2.07% as of July 8, 2025, with notable gains in constituent stocks such as Sungrow Power (300274) up 9.32%, Ruijie Networks (301165) up 9.31%, and Guocera Materials (300285) up 8.76% [1] - Since June 24, the ChiNext Index and technology leaders have performed well, driven by trends such as "anti-involution" and the AI industry, with sectors like steel, new energy, building materials, media, communication, and electronics leading the gains [1] - The mid-term outlook suggests that "anti-involution" is a key driver for the index's bullish trend, as it encourages listed companies to reduce capital expenditures and eliminate excess capacity, improving the economic supply-demand relationship and enhancing corporate profitability [1] Group 2 - AI is identified as a crucial force driving the current technological revolution, with investment opportunities emerging from infrastructure development and applications related to AI, impacting multiple industries and themes within the A-share market [1] - The ChiNext ETF (159956) closely tracks the ChiNext Index, which consists of 100 stocks with large market capitalization and good liquidity, reflecting the performance of the ChiNext market [2]

Core Viewpoint - The photovoltaic sector is experiencing a significant rebound, with the leading photovoltaic ETF (516290) surging over 4% in trading volume, indicating a potential bottom reversal in the market [1] Group 1: Market Performance - The photovoltaic leading ETF (516290) saw a price increase of 4.47%, reaching 0.444, with a trading volume of 3,842 million [1] - Major component stocks of the ETF, such as Daqo New Energy, Tongwei Co., and Sungrow Power Supply, reported substantial gains, with Daqo New Energy rising over 14% and Tongwei Co. hitting the daily limit [1] Group 2: Industry Insights - In May, the newly installed capacity for photovoltaic systems reached 93 GW, marking a year-on-year increase of 388%, with a historical high of nearly 100 GW in new installations driven by a rush to install [2] - The photovoltaic industry is addressing supply-side excess, with expectations for specific measures to be implemented, which could benefit segments like silicon materials and BC battery efficiency improvements [3] Group 3: Future Outlook - The photovoltaic sector is anticipated to undergo a fundamental recovery, with positive sentiment expected to shift as new technologies and government initiatives promote market clearing [4] - The photovoltaic leading ETF (516290) is highlighted as a low-fee option in the market, with management and custody fees significantly lower than the industry average [4]

在获得高层关注前，光伏行业已经逐渐凝聚起"反内卷"共识，包括硅料、光伏玻璃等多个环节都在探索 市场化产能出清的路径，业内也亟盼标志性案例出现，引领行业破局"内卷"竞争。 除市场化手段以外，多位受访人士认为，现阶段，政策手段应发挥关键作用。不过，也有企业负责人反 馈，当前产能出清进程仍较为复杂，特别是企业在选择关停产能时涉及不同地方之间的利益平衡，往往 难以抉择。业内也建议，要避免不合理的地方保护行为，防止"边清边增"。 （责任编辑：宋政 HN002） 格隆汇7月8日｜A股市场光伏股集体走强，其中，大全能源涨超15%，亿晶光电、拓日新能、亚玛顿、 通威股份10CM涨停，阳光电源涨近10%，钧达股份涨8%，三超新材、天合光能涨超7%，东方日升、 爱旭股份涨超6%，福莱特、弘元绿能、德业股份、品科能源涨超5%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 688303 | 大全能源 * | | 15.43 | 587亿 | 13.42 | | 600537 | 区間米甲 t | | 10.06 | 42. ...

暗盘资金正涌入这些股票，点击速看>>> 光伏设备板块持续拉升，亿晶光电（600537）、欧晶科技（001269）直线涨停，首航新能（301658）大 涨15%，大全能源涨超10%，通威股份（600438）、阳光电源（300274）涨超7%。 ...

Core Viewpoint - A new round of anti-"involution" competition has been initiated, affecting both traditional industries like steel and cement, as well as emerging sectors such as photovoltaics, new energy vehicles, and lithium batteries. The central government has signaled a commitment to address low-price disorderly competition and promote the orderly exit of backward production capacity [1][4][6]. Group 1: Government Initiatives - The Central Economic Committee's recent meeting emphasized the need to govern low-price disorderly competition legally and systematically, aiming to enhance product quality and facilitate the exit of outdated production capacity [1][6]. - The Ministry of Industry and Information Technology (MIIT) has held discussions with photovoltaic industry leaders to address the challenges posed by low-price competition and to promote high-quality development within the sector [11][12]. - The revised Anti-Unfair Competition Law, effective from October 15, 2025, aims to provide legal tools to combat "involution" competition, particularly targeting platform operators who enforce below-cost pricing [9][10]. Group 2: Industry Responses - Various industry associations, including those in steel, cement, and battery sectors, have called for a collective response against "involution" competition, advocating for quality over price in market competition [3][16][19]. - The photovoltaic industry is experiencing significant pressure, with upstream silicon material prices plummeting, leading to a collective financial strain across the entire supply chain [12][14]. - Industry leaders have highlighted the necessity for consolidation and stricter control of production capacity to overcome the challenges posed by "involution" competition, suggesting that cooperation is essential for long-term sustainability [14][19]. Group 3: Economic Context - The current "involution" phenomenon is attributed to two main factors: a cyclical economic adjustment leading to heightened price sensitivity among consumers, and external pressures from a de-globalizing environment that compel companies to compete primarily on price [7][8]. - The imbalance between supply and demand in various sectors, particularly in the steel industry, has resulted in increased production despite declining consumption, exacerbating the "involution" issue [18][19].