有机构表示，光伏产业处于周期底部，或需供给侧加速出清。工信部针对新增产能的能耗水耗规定明显趋严，后续或以能耗控制为抓手进 一步遏制存量产出，政策或将逐步落地。行业各环节达成初步自律，逐步减产至近两年低位，随行业供给侧逐步出清，预计盈利或将有所 修复。 （文章来源：每日经济新闻） 光伏概念股走强，捷佳伟创大涨20%，阳光电源涨超4%，晶盛机电涨超2%。 受盘面影响，光伏相关ETF涨约2%。 | 代码 | 类型 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 560980 | 主 光伏ETF龙头 | 0.486 | 0.011 | 2.32% | | 159618 | 主 光伏ETF指数基金 | 0.581 | 0.013 | 2.29% | | 159864 | 主 光伏50ETF | 0.472 | 0.009 | 1.94% | | 515790 | 主 光伏ETF | 0.730 | 0.014 | 1.96% | | 159857 | 主 光伏ETF | 0.618 | 0.011 | 1.81% | | 516290 | 主 光伏龙头ETF ...

Core Viewpoint - Fund manager Wu Hao oversees two funds, with the best-performing fund being Huaxia High-end Manufacturing Mixed A (002345), which achieved a quarterly net value increase of 1.01% by the end of Q2 2025 [1]. Fund Performance Summary - Huaxia High-end Manufacturing Mixed A has a total scale of 9.11 billion, with an annualized return of 2.04% and a quarterly increase of 1.01%. The top holding is Guoguang Electric, accounting for 8.47% of the net value [2]. - Huaxia High-end Manufacturing Mixed C has a scale of 0.21 billion, with a negative annualized return of -9.01% and a quarterly increase of 0.86%, also holding Guoguang Electric at 8.47% [2]. - Wu Hao's management of Huaxia High-end Manufacturing Mixed A has yielded a cumulative return of 35.89% and an average annualized return of 6.19%. The fund has made 89 adjustments to its heavy holdings, with a success rate of 66.29% [2]. Stock Adjustment Cases - Notable stock adjustments include: - Trina Solar (天合光能) was bought in Q2 2021 and sold in Q3 2021, yielding an estimated return of 141.89% with a company revenue growth of 51.20% during the holding period [3][5]. - Tongwei Co., Ltd. (通威股份) was held from Q2 2020 to Q4 2020, achieving a return of 120.32% with a company performance increase of 36.95% [3]. - Tanfeng Communication (天孚通信) was held from Q2 2023 to Q2 2024, resulting in a return of 96.16% with a net profit growth of 84.07% [6]. Underperforming Stock Cases - Underperforming stocks include: - Green Harmony (绿的谐波) was held from Q4 2023 to Q3 2024, resulting in a return of -48.55% despite a revenue growth of 8.77% [4][6]. - Huayi Technology (华依科技) was held from Q4 2023 to Q2 2024, with a return of -44.46% and a performance increase of 20.36% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has laid the foundation for a new production base with an annual capacity of 600,000 pieces of 8-inch silicon carbide substrates, which is expected to accelerate the release of silicon carbide substrates [7] - The company is strategically expanding its domestic and international substrate production capacity, aiming for a total of 900,000 pieces, with 650,000 pieces being 8-inch capacity, which will enhance its competitive edge through economies of scale [7] - The transition to 8-inch silicon carbide substrates is expected to significantly reduce costs, with a 35% decrease in single-chip costs and an increase in effective chip quantity by 1.8 to 1.9 times compared to 6-inch substrates [7] - The company is developing a full-chain layout for silicon carbide materials and equipment, including various types of silicon carbide crystal growth and processing equipment [7] - The company maintains a profit forecast for 2025-2027 with net profits of 2 billion, 2.2 billion, and 2.7 billion yuan, corresponding to a price-to-earnings ratio of 17, 16, and 13 times respectively [7] Financial Summary - Total revenue for 2023 is projected at 17,983 million yuan, with a year-on-year growth of 69.04% [1] - The net profit attributable to the parent company for 2023 is expected to be 4,558 million yuan, reflecting a year-on-year increase of 55.85% [1] - The earnings per share (EPS) for 2023 is estimated at 3.48 yuan, with a price-to-earnings (P/E) ratio of 7.63 times [1] - The company’s total assets are projected to reach 31,550 million yuan in 2024, with a debt-to-asset ratio of 43.16% [8]

国浩律师（杭州）事务所 关 于 国浩律师（杭州）事务所 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二〇二五年七月 浙江晶盛机电股份有限公司 2025 年第二次临时股东大会 之 法律意见书 国浩律师（杭州）事务所 法律意见书 国浩律师（杭州）事务所 关 于 浙江晶盛机电股份有限公司 2025 年第二次临时股东大会 之 法律意见书 致：浙江晶盛机电股份有限公司 国浩律师（杭州）事务所（以下简称"本所"）接受浙江晶盛机电股份有限 公司（以下简称"公司"）的委托，指派律师出席贵公司 2025 年 ...

证券代码：300316 证券简称：晶盛机电 编号：2025-024 浙江晶盛机电股份有限公司 2025 年第二次临时股东大会决议公告 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 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过决议的情形。 一、会议召开情况 5、会议主持人：公司董事长曹建伟先生。 会议的召集、召开及表决程序符合《公司法》《上市公司股东大会规则》等 法律、法规和规范性法律文件以及《公司章程》的有关规定。 二、会议的出席情况 1、会议召开时间： （1）现场会议召开时间：2025年7月15日（星期二）下午2：30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 7 月 15 日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00；通过深圳证券 交易所互联网系统投票的具体时间为 2025 年 7 月 15 日 9:15-15:00 的任意时间。 2、现场会议召开地点：浙江省杭州市临平区顺达路500号公司2楼会议室。 3、会议召集人：公司董事会。 ...

Investment Rating - The industry investment rating is maintained as "Buy" [2] Core Views - The June PMI for the machinery industry has rebounded to 49.7%, indicating a recovery in general equipment and engineering machinery sectors [4][6] - Despite a decline in domestic engineering machinery operations, exports are experiencing rapid growth, with a year-on-year increase of 8.8% in May [5][6] - The overall demand for machinery equipment is expected to improve in the second half of the year due to easing US-China trade tensions and supportive fiscal and monetary policies [6] Summary by Sections Industry Performance - Over the past 12 months, the machinery industry has shown a relative return of 19.5% and an absolute return of 35.6% [3] General Equipment - The production index and new orders index have increased to 51.0% and 50.2%, respectively, indicating expansion [4] - The overall manufacturing sector is showing resilience, with a continuous recovery in PMI for May and June [4] Engineering Machinery - The average working hours for major engineering machinery products in June were 77.2 hours, down 9.1% year-on-year [5] - The average operating rate for engineering machinery was 56.9%, a decline of 7.55 percentage points year-on-year [5] Investment Recommendations - The report suggests focusing on the engineering machinery sector, which is expected to benefit from domestic demand recovery and strong export growth [6] - Specific companies to watch include Anhui Heli, Hangcha Group, Sany Heavy Industry, XCMG, Zoomlion, and Hengli Hydraulic [6] Key Company Forecasts - The report includes earnings forecasts and ratings for key companies, with several companies rated as "Buy" [20]

Core Viewpoint - The company announced adjustments to certain fundraising projects, including the termination of the "annual production of 80 sets of semiconductor material polishing and thinning equipment" project and the postponement of the "12-inch integrated circuit large silicon wafer equipment testing experimental line project" to June 30, 2027 [2][3][6] Project Adjustment Background - The adjustments were made based on the industry's development trends and the company's actual business situation, responding to the surge in domestic equipment demand in the semiconductor industry [3] - The company shifted its strategy to procure components from the supply market and enhance automation and intelligent production management, leading to significant savings in funds originally planned for importing equipment [3] - The wholly-owned subsidiary, Jinghong Precision, has developed core manufacturing capabilities to meet the demand for key components of polishing and thinning equipment, avoiding redundant construction and improving fund utilization efficiency [3] Remaining Fund Arrangement - As of May 31, 2025, the remaining balance of funds from the terminated project is 430.31 million yuan (including interest income and net of bank fees) [4] - These funds will continue to be managed in the original fundraising account, and the company will actively plan and evaluate new investment projects to ensure efficient use of the funds [4] Fundraising Project Postponement - The postponement of the "12-inch integrated circuit large silicon wafer equipment testing experimental line project" is due to the need for extended testing and validation cycles for the equipment, driven by ongoing technological and process innovations [6] - The postponement does not involve changes to the project's implementation entity, investment purpose, or scale, and will not adversely affect the project's execution [6] Project Re-evaluation - The necessity of the project is highlighted by the need to improve testing conditions, enhance R&D and testing capabilities, cultivate talent, and support domestic substitution in the semiconductor industry [7] - The project will help meet high standards in laboratory testing, accelerate the industrialization process, and attract high-quality R&D talent [7] Feasibility of the Project - The feasibility is supported by the company's experienced R&D team, technical reserves, and national policies encouraging technological innovation [8] - The company possesses core technologies and a strong capacity for continuous innovation, backed by supportive national policies [8] Impact on the Company - The termination of certain fundraising projects and the postponement are reasonable adjustments based on the company's actual situation and will not significantly impact normal operations [9] - These changes will enhance the efficiency of fund utilization and optimize resource allocation, aligning with the company's future strategic requirements [9]

Core Viewpoint - The company Jing Sheng Mechanical and Electrical (SZ300316) has announced significant changes to its investment projects in the semiconductor sector, including the termination of a semiconductor equipment project and a two-year delay for the 12-inch silicon wafer project. Group 1: Project Adjustments - The semiconductor equipment project, originally planned with an investment of 500 million yuan, has been terminated due to long procurement cycles for imported equipment, which did not meet the company's market response needs [6][5] - The remaining funds from the terminated project will continue to be managed in a dedicated account as per legal requirements [6][4] Group 2: Financial Overview - In 2022, the company raised 1.42 billion yuan through a private placement, allocating funds to three projects: the 12-inch silicon wafer project, the semiconductor equipment project, and working capital [2][4] - The semiconductor equipment project was expected to generate an annual sales revenue of approximately 623 million yuan and an average annual profit of about 165 million yuan upon completion [5] Group 3: 12-Inch Silicon Wafer Project - The 12-inch silicon wafer project has been postponed by two years, with a new expected completion date set for June 2027 [10][11] - The project aims to establish a comprehensive experimental line for various processes, including crystal growth, cutting, grinding, polishing, cleaning, and testing [8][10] - The company continues to affirm the necessity and feasibility of the 12-inch silicon wafer project despite the delay [11]

兴业证券股份有限公司 关于浙江晶盛机电股份有限公司 终止部分募投项目并将剩余募集资金继续存放募集资金专 户管理以及部分募投项目延期的核查意见 兴业证券股份有限公司（以下简称"保荐机构"、"兴业证券"）作为浙江晶盛机 电股份有限公司（以下简称"晶盛机电"、"公司"）的保荐机构，根据《证券发行上 市保荐业务管理办法》《上市公司募集资金监管规则》《深圳证券交易所创业板股票 上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》等相关规定，对晶盛机电部分募集资金投资项目延期的相关情况进行了核 查，具体如下： 一、募集资金基本情况 根据中国证券监督管理委员会《关于同意浙江晶盛机电股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2022〕947 号），并经深圳证券交易所同意， 公司由主承销商兴业证券股份有限公司采用向特定对象发行的方式，向特定对象发 行人民币普通股（A 股）股票 21,353,383 股，发行价为每股人民币 66.50 元，共计 募集资金 142,000.00 万元，已由主承销商兴业证券股份有限公司于 2022 年 7 月 15 日汇入公司募集资金监管账户。另减除承 ...

证券代码：300316 证券简称：晶盛机电 编号：2025-022 浙江晶盛机电股份有限公司 关于终止部分募投项目并将剩余募集资金继续存放募 集资金专户管理以及部分募投项目延期的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 浙江晶盛机电股份有限公司（以下简称"公司"）第五届董事会第二十次会议 和第五届监事会第二十次会议审议通过了《关于终止部分募投项目并将剩余募集 资金继续存放募集资金专户管理的议案》及《关于部分募集资金投资项目延期的 议案》，董事会同意公司根据实际情况终止向特定对象发行股票募集资金投资项 目"年产 80 台套半导体材料抛光及减薄设备生产制造项目"，并将剩余募集资金 继续存放公司募集资金专用账户管理，将"12 英寸集成电路大硅片设备测试实验 线项目"达到预定可使用状态日期由 2025 年 6 月 30 日延期至 2027 年 6 月 30 日。 公司募投项目终止事项尚需提交公司股东大会审议。现将具体事项公告如下： 一、募集资金的基本情况 根据中国证券监督管理委员会《关于同意浙江晶盛机电股份有限公司向特定 对象发行股票注册的批复》(证监许可 ...