Investment Rating - The report maintains a "Market Perform" rating for the solar industry [1] Core Insights - The solar industry has experienced a significant decline in new installations, with August 2025 showing a 55.3% year-on-year decrease, totaling 7.4 GW. However, cumulative installations from January to August 2025 reached 230.61 GW, reflecting a 64.7% increase year-on-year [3][12] - Solar module exports in August 2025 amounted to 20.4% year-on-year growth, with a total export value of 20.95 billion yuan, and a month-on-month increase of 31.9%. Cumulatively, from January to August 2025, exports totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports also showed a year-on-year increase of 2.2% in August 2025, with a total export value of 6.29 billion yuan, despite a month-on-month decline of 3.4%. Cumulative inverter exports from January to August 2025 reached 43.4 billion yuan, up 8.0% year-on-year [4][22] - Solar power generation in August 2025 increased by 15.9% year-on-year, contributing to 5.75% of the total national power generation, which was 936.3 billion kWh, reflecting a 1.6% year-on-year increase [5][35] Summary by Sections New Installations - In August 2025, new solar installations in China were 7.4 GW, down 55.3% year-on-year and 33.3% month-on-month. Cumulative installations from January to August reached 230.61 GW, up 64.7% year-on-year [3][12] Exports - Solar module exports in August 2025 were valued at 20.95 billion yuan, showing a year-on-year increase of 20.4% and a month-on-month increase of 31.9%. Cumulative exports from January to August totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports in August 2025 were valued at 6.29 billion yuan, with a year-on-year increase of 2.2% and a month-on-month decrease of 3.4%. Cumulative inverter exports from January to August reached 43.4 billion yuan, up 8.0% year-on-year [4][22] Power Generation - Solar power generation in August 2025 was 53.82 billion kWh, reflecting a year-on-year increase of 15.9% and accounting for 5.75% of the total national power generation [5][35] Investment Recommendations - Key recommendations include companies focused on new technologies such as Aikang Co. and Longi Green Energy, supply-side companies like Daqo New Energy and Flat Glass Group, and companies with overseas layouts such as Bowei Alloy and Hengdian East Magnet. Additionally, companies in energy storage like Sungrow Power Supply and Deye Technology are highlighted [40]

Core Viewpoint - The article discusses the rising trend of Real World Assets (RWA) tokenization in the Greater Bay Area, highlighting its potential benefits and challenges for companies seeking to leverage this new financing model [4][5]. Group 1: RWA Tokenization Overview - RWA refers to the tokenization of real-world assets into tradable digital asset certificates using blockchain technology, with over 13 institutions exploring this model in the past two years [4][7]. - Companies are increasingly interested in RWA not just for financing but also for brand exposure and potential stock price enhancement [4][13]. Group 2: Recent Developments and Case Studies - Since 2024, notable companies like Langxin Group and Huaxia Fund have successfully issued RWA projects, with underlying assets including funds, bonds, and real estate [7][8]. - The total market value of global on-chain RWA assets surpassed $25 billion by July 2025, with projections suggesting the market could exceed $10 trillion by 2030 [9]. Group 3: Challenges and Risks - The costs associated with issuing RWA projects in Hong Kong can be high, often exceeding HKD 2.5 million, which may deter some companies from pursuing this route [11][12]. - Not all assets are suitable for RWA; successful tokenization requires stable cash flows, clear legal rights, and verifiable off-chain data [18][19]. Group 4: Regulatory Environment - The regulatory landscape for RWA is still evolving, with a need for clear classification and compliance pathways based on asset characteristics [19][20]. - There are concerns about systemic risks if transparency and custodial measures are not adequately enforced [20][21]. Group 5: Future Prospects - RWA could provide a new avenue for Chinese companies to return to the Hong Kong market, offering a more flexible and faster alternative to traditional secondary listings [24][25]. - The development of RWA is expected to align with economic trends, with potential breakthroughs in cross-border financial products and limited trials for equity assets [25].

Core Points - YUE QI CAPITAL LIMITED has completed its share reduction plan, selling a total of 10.7822 million shares from July 4, 2025, to September 30, 2025, at an average price of 21.83, which represents 1.00% of the company's total share capital [1] - After the reduction, YUE QI CAPITAL LIMITED holds 53.4523 million shares, accounting for 4.96% of the total shares outstanding [1]

朗新科技集团股份有限公司 证券代码：300682 证券简称：朗新集团 公告编号：2025-059 朗新科技集团股份有限公司 关于股东减持计划届满实施情况的公告 股东 YUE QI CAPITAL LIMITED 保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 | 信息披露义务人 | YUE QI | CAPITAL | LIMITED | | --- | --- | --- | --- | | 住所 | | | 香港皇后大道中99号中环中心55楼5505室 | 2、股东减持股份情况 | YUE | 集中竞价 | 2025/7/4- | 21.83 | 10,782,162 | 1.00 | | --- | --- | --- | --- | --- | --- | | 股东 名称 QI | 减持方式 | 减持期间 2025/9/30 | 减持均价 | 减持股数（股） | 减持比例（%） | 朗新科技集团股份有限公司 | 股东 | 股份性质 | 本次减持前持有股份 股数 | 本次减持后持有股份 | | | --- | --- | --- | --- | --- | | 名称 ...

Core Insights - Longxin Group has developed the Longxin Nine Function AI Energy Model, integrating "time series prediction" and "AI agent" technologies to address key pain points in the energy sector [1] - The company leverages AI technology to enhance various scenarios including electric vehicle charging aggregation, market-based electricity trading, virtual power plants, photovoltaic cloud, and microgrids, promoting supply-demand interaction and resource optimization [1] Company Developments - The Longxin aggregation charging platform, New Electric Path, serves over 24 million new energy vehicle owners across 440 cities in China [1] - AI-driven market-based electricity trading has achieved a 100% contract fulfillment rate, helping energy-consuming enterprises reduce electricity costs [1] - The Longxin photovoltaic cloud platform has connected over 800,000 photovoltaic power stations with a total installed capacity exceeding 50 GW, generating over 70 billion kWh of green electricity [1] International Expansion - As one of the earliest companies to expand into the overseas electricity sector, Longxin has supported the digital transformation of power sectors in countries like Nepal, Zimbabwe, and Nigeria, benefiting 12 million users [1] - In the public utility platform operation sector, Longxin has partnered with Ant International to replicate its domestic experience overseas, creating the UBP payment platform in Bangladesh, which serves over 30% of the local population [1]

Core Viewpoint - High-tech enterprises play an irreplaceable role in fostering and expanding new productive forces, with over 60% of A-share market comprised of such companies [1]. Group 1: High-tech Enterprises Overview - A total of 130 high-tech companies identified as "technology-leading companies" based on research reports from 62 brokerage firms, focusing on technology strength and secondary market performance [1]. - Among these, several companies are expected to break monopolies or focus on key industries, including Yirui Technology, Lite-On Optoelectronics, and Changyang Technology [1]. Group 2: Shareholder Changes and Profit Forecasts - Out of the 130 companies, 11 have seen a decrease in shareholder numbers compared to the end of Q2, with 4 companies experiencing a decline of over 10% [1]. - Among the companies with concentrated shareholding, only 5 are predicted to have a net profit growth exceeding 10% in 2025 and 2026 [2]. Group 3: Performance Metrics of Leading Companies - Notable companies and their performance include: - Shengyi Technology: 131.34% increase, leading in high-end products [3]. - Rilian Technology: 105.74% increase, benefiting from domestic substitution and structural growth [3]. - Jizhi Technology: 82.65% increase, breaking foreign monopolies in high-end fields [3]. - Yirui Technology: 70.95% increase, a one-stop supplier for X-ray imaging equipment [3]. - Changyang Technology: 58.23% increase, leading in domestic CPI film and global reflective film [3]. - Guokai Micro: 45.29% increase, aiming to break overseas filter monopolies [3]. - Dike Digital: 22.03% increase, set to become Huawei's top partner in the government sector [3]. - United Imaging Healthcare: 20.09% increase, breaking the medical imaging monopoly [3]. - Caite Optoelectronics: 10.18% increase, leading in domestic OLED materials [3]. - Zhongke Technology: 6.87% increase, breaking foreign monopolies in core equipment [3]. Group 4: Shareholder Metrics and Profit Growth - Companies with significant shareholder changes and their performance include: - Yisuo Technology: 12.15% decrease in shareholder numbers, 189.44% increase in stock price [6]. - Dike Digital: 11.78% decrease, 22.03% increase in stock price [6]. - Beida Pharmaceutical: 9.04% decrease, 24.29% increase in stock price [6]. - Northern Navigation: 5.15% decrease, 53.13% increase in stock price [6]. - Langxin Group: 40.28% increase in shareholder numbers, 61.89% increase in stock price [6].

每经AI快讯，朗新集团（SZ 300682，收盘价：19.36元）9月29日晚间发布公告称，公司于近日接到公 司控股股东无锡朴华股权投资合伙企业（有限合伙）（以下简称"无锡朴华"）所持本公司部分股份质 押、解除质押的通知，本次质押数1013万股，本次解除质1800万股。截至本公告披露日，控股股东无锡 朴华累计质押5402.25万股。控股股东、实际控制人及其一致行动人共计持有公司股份约2.98亿股，占公 司股份总数的27.62%，累计质押股份数占控股股东、实际控制人及其一致行动人所持公司股份总数的 34.09%。 2025年1至6月份，朗新集团的营业收入构成为：公共服务占比55.98%，智慧能源及创新业务占比 30.6%，互联网行业占比13.42%。 截至发稿，朗新集团市值为209亿元。 每经头条（nbdtoutiao）——重磅解读！中国将不寻求WTO新的特殊和差别待遇，意味着什么？ （记者 王晓波） ...

朗新科技集团股份有限公司 证券代码：300682 证券简称：朗新集团 公告编号：2025-058 朗新科技集团股份有限公司 | 1、股东股份质押情况 | | --- | | | 是否为控股 | | 占其 | 占公 | | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | 本次质 | 所持 | 司总 | 是否 | 为补 | 质押 | 质押 | | 质押 | | | | 押数量 | 股份 | 股本 | 为限 | | | | 质权人 | | | 名称 | 大股东及其 | | | | | 充质 | 起始日 | 到期日 | | 用途 | | | 一致行动人 | （万股） | 比例 | 比例 | 售股 | 押 | | | | | | | | | （%） | （%） | | | | | | | | 无锡 | 是 | 1,013 | 8.01 | 0.94 | 否 | 否 | 2025/9/ | 2027/9/ | 中国银河证券 | 融资 | | 朴华 | | | | | | | 26 ...

本轮申请延续了香港金融监管"高标准、严合规"的一贯特征。监管不仅要求申请人具备雄厚资本和完善的风险管理体系，更强调要有清晰的应用场景和可落 地的业务路径。可以说，监管机构正借此构建兼顾安全与创新的制度范式，为香港在全球稳定币格局中确立地位夯实基础。 过去十多年，加密货币市场剧烈波动，始终困扰行业的健康发展。比特币等主流代币因高波动性，难以在支付、交易和投资场景中大规模应用。为应对原生 加密资产的高波动性，稳定币应运而生。 稳定币是以区块链技术为底层架构，锚定法币实现价格稳定的数字资产。以2014年香港注册的泰达系公司（Tether）推出的USDT为例，其核心机制是与资 产储备"1比1挂钩"，从而确保在加密市场中的交易媒介功能。与比特币相比，稳定币更适合日常交易、跨境结算等金融场景。 稳定币"以数字资产承载法币信用"的设计，使其迅速普及，并为全球加密市场带来新变化。它不仅成为加密交易的基础工具，还在支付、去中心化金融 （DeFi）以及现实世界资产通证化（RWA）投资等场景中展现出巨大潜力。 谢祖墀 孙志鹏 吴克晔／文 自2025年5月21日《香港稳定币条例》通过后，市场发展进入快速落地期。随着2025年9月30 ...

证券日报网讯朗新集团（300682）9月26日在互动平台回答投资者提问时表示，截至9月19日，公司股东 人数为33，491户。 ...