Investment Rating - The report maintains a "Buy" rating for several companies in the solar sector, with specific ratings as follows: - Aishuo Co., Ltd. (600732.SH) - Buy-B - Longi Green Energy (601012.SH) - Buy-B - Daqian Energy (688303.SH) - Buy-B - Flat Glass Group (601865.SH) - Buy-A - Hengdian East Magnetic (002056.SZ) - Buy-A - Sungrow Power Supply (300274.SZ) - Buy-A - Canadian Solar (688472.SH) - Buy-A - Deye Technology (605117.SH) - Buy-A - Langxin Group (300682.SZ) - Buy-B - Quartz Co., Ltd. (603688.SH) - Buy-A [1] Core Insights - In July 2025, the domestic photovoltaic (PV) new installed capacity was 11.0 GW, a year-on-year decrease of 47.6% and a month-on-month decrease of 23.1%. Cumulatively, from January to July, the new installed capacity reached 223.25 GW, representing an increase of 80.7% year-on-year [2][12]. - The export value of PV components in July was 15.89 billion yuan, down 13.7% year-on-year but up 0.5% month-on-month. The cumulative export value from January to July was 111.25 billion yuan, down 22.6% year-on-year [2][14]. - In contrast, the inverter export value in July was 6.51 billion yuan, showing a year-on-year increase of 16.3% but a slight month-on-month decline of 1.2%. The cumulative export value from January to July was 37.11 billion yuan, up 9.0% year-on-year [3][29]. - Solar power generation in July increased by 28.7% year-on-year, with a total generation of 74.43 billion kWh, accounting for 8.03% of the total industrial power generation in the country [4][42]. Summary by Sections 1. Installed Capacity - In July 2025, the domestic PV new installed capacity was 11.0 GW, reflecting a year-on-year decline of 47.6% and a month-on-month decline of 23.1%. The cumulative installed capacity from January to July reached 223.25 GW, marking an 80.7% increase year-on-year [12]. 2. Exports - **Components**: The export value of PV components in July was 15.89 billion yuan, down 13.7% year-on-year but up 0.5% month-on-month. The cumulative export value from January to July was 111.25 billion yuan, down 22.6% year-on-year [14]. - **Inverters**: The inverter export value in July was 6.51 billion yuan, with a year-on-year increase of 16.3% and a month-on-month decrease of 1.2%. The cumulative export value from January to July was 37.11 billion yuan, up 9.0% year-on-year [29]. 3. Solar Power Generation - In July, solar power generation increased by 28.7% year-on-year, totaling 74.43 billion kWh, which accounted for 8.03% of the total industrial power generation in the country [42]. 4. Investment Recommendations - The report recommends focusing on companies based on various strategic directions: - New technology: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement: Daqian Energy, Flat Glass Group - Overseas expansion: Hengdian East Magnetic, Sungrow Power Supply, Canadian Solar, Deye Technology - Market-oriented power: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Additional companies to watch include Xinyi Solar, GCL-Poly Energy, Tongwei Co., Ltd., TCL Zhonghuan, New Special Energy, Dier Laser, Foster, Haiyou New Materials, JA Solar, Trina Solar, JinkoSolar, CITIC Bo, Maiwei, Jinglong Technology, Shanghai Ailu, and Guangxin Materials [47].

8月28日，朗新集团（300682）（300682.SZ）在江苏无锡举行"链上金融资源，共创能源资产新未来"行 业交流会。会上发布了规模约10亿元的"金融赋能新能源资产行动"。旨在拓展新能源资产融资渠道、提 升资产运营效率，为能源体系低碳转型提供坚实的实体支持。民生银行、建设银行、浦发银行、江苏银 行（600919）、海通恒信等百余家金融机构以及新能源企业代表共同出席了本次会议。 业内人士看来，"十四五"以来能源投资稳步增长，新能源建设加快推进。金融与产业的结合不仅能够拓 宽新能源资产的融资空间，也有助于提升资产管理和运营效率。随着各类创新金融工具逐步落地，新能 源资产价值释放路径正在被拓宽，金融与能源的协同有望成为推动能源转型的重要力量。（齐和宁） 朗新集团副总裁王卫红在会上表示，新能源产业进入规模化发展的新阶段，朗新希望通过链接和服务更 多风、光、储、桩等优质资产，推动其获得匹配的金融资源，进一步释放资产价值。 朗新集团能源投资副总经理张俊介绍，公司将建设能源资产管理平台和评估管理体系，覆盖"资产筛选 —专业评估—价值增值—高效处置"的全链条服务，帮助新能源资产获得更多资金通路，推动行业提质 增效。 近年 ...

Core Viewpoint - The company reported its 2025 semi-annual results, showing a slight decline in revenue and net profit, but significant growth in non-recurring net profit, indicating stable core business performance and progress in AI applications [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.542 billion yuan, a decrease of 0.39%, and a net profit of 29 million yuan, down 23.02%. The non-recurring net profit was 14 million yuan, up 199.94% [1]. - For Q2 2025, revenue was 876 million yuan, down 0.60%, with a net profit of 25 million yuan, down 55.22%, and a non-recurring net profit of 18 million yuan, down 64.63% [1]. - The overall gross margin for the first half of 2025 was 46.05%, an increase of 2.23 percentage points, while the expense ratio decreased to 45.83%, down 1.50 percentage points [2]. Business Segments - The energy digitalization business generated revenue of 472 million yuan, a year-on-year increase of 0.73%. The energy internet business revenue was 864 million yuan, up 10.46%, while the internet TV business revenue fell to 207 million yuan, down 30.62% [1]. - The energy internet business's gross margin improved to 54.44%, an increase of 3.32 percentage points, with a transaction volume growth of over 8% in the life payment platform [3]. AI and Technological Advancements - The company has implemented multiple AI pilot projects, achieving positive progress in areas such as load control, new energy management, and electricity marketization [1]. - In July 2025, the company launched its self-developed "Langxin Jiugong AI Energy Model," which received global recognition for execution accuracy and query efficiency [4]. Market Expansion and Future Outlook - The company is actively engaged in electricity market transactions across multiple provinces, with a total trading volume of nearly 2 billion kWh, a year-on-year increase of approximately 2.5 times [4]. - The green electricity direct connection policy is expected to significantly boost electricity trading demand, leading to revised revenue forecasts for 2025-2027 [4].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - The report highlights that the electric equipment and new energy industry has shown stable market performance over the past year, with key developments including the establishment of national technical standards for humanoid robots led by UBTECH and the ongoing discussions to prevent price wars in the photovoltaic sector [1][3][4]. Summary by Sections Preferred Stocks - The report lists several preferred stocks with their ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deyang Co., Ltd. (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2]. Industry Developments - UBTECH has led the approval of two national standards for humanoid robots, focusing on positioning navigation and human-machine interaction [3]. - A meeting held by the Ministry of Industry and Information Technology emphasized the importance of maintaining fair competition in the photovoltaic industry and called for the orderly exit of outdated production capacity [5]. - The China Photovoltaic Industry Association has proposed initiatives to strengthen industry self-discipline and maintain a fair market order [4]. Price Tracking - The report provides price tracking for various components in the photovoltaic supply chain: - Polysilicon prices remain stable at 44.0 CNY/kg [6]. - Silicon wafer prices are stable, with N-type wafers priced at 1.20 CNY/piece [7]. - Battery cell prices are also stable, with N-type cells priced at 0.290 CNY/W [8]. - Module prices for TOPCon dual-glass components are stable at 0.685 CNY/W [8]. - Glass prices for photovoltaic applications remain unchanged [8]. Investment Recommendations - The report recommends focusing on companies in various strategic directions: - BC new technology: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement: Daqian Energy, Fulete - Overseas layout: Hengdian East Magnet, Sungrow Power Supply, Canadian Solar, Deyang Co., Ltd. - Market-oriented electricity: Langxin Group - Domestic substitution: Quartz Co., Ltd. [9].

Core Viewpoint - The company reported mixed financial results for 1H25, with a slight decline in revenue and a significant drop in net profit, but overall performance met market expectations [1] Financial Performance - In 1H25, the company achieved revenue of 1.54 billion yuan, a year-on-year decrease of 0.39% - The net profit attributable to shareholders was 28.64 million yuan, down 23.0% year-on-year - For 2Q25, revenue was 876 million yuan, a decline of 0.6% year-on-year, while net profit was 25.27 million yuan, down 55.2% year-on-year [1] Development Trends - The energy digitalization business showed steady growth, with revenue of 472 million yuan in 1H25, an increase of 0.73% year-on-year - The company is enhancing AI technology applications in the power grid, focusing on new power system construction and renewable energy integration, leading to positive progress in various AI pilot projects [2] AI and Energy Internet Growth - The energy internet business generated revenue of 864 million yuan in 1H25, reflecting a year-on-year increase of 10.46%, with a gross margin improvement of 3.32 percentage points to 54.44% - The company’s new electric platform recorded nearly 3 billion kWh of charging volume in 1H25, indicating a positive adjustment in business structure and service ecosystem - In the virtual power plant sector, the company connected nearly 50 GW of distributed photovoltaics and engaged in power market transactions across over 10 provinces, with a total trading volume of nearly 2 billion kWh, a year-on-year increase of approximately 2.5 times [3] RWA Development Opportunities - The company partnered with Ant Group to complete the first nationwide RWA based on renewable energy assets in Hong Kong, using charging stations as anchor assets - This innovative financing method is expected to benefit numerous quality renewable energy assets and facilitate a positive cycle of financing, operation, and revenue for small and medium operators [4] Profit Forecast and Valuation - Due to the accelerated construction of the electricity market, the company raised its profit forecasts for 2025 and 2026 by 26.1% and 30.9% to 427 million yuan and 576 million yuan, respectively - The current stock price corresponds to a P/E ratio of 58.2x for 2025 and 43.1x for 2026 - The target price was increased by 70.5% to 24.9 yuan, implying an upward potential of 8.4% based on a 46.7x P/E for 2026 [5]

Core Viewpoint - The article discusses the development of Real World Assets (RWA) in the context of the blockchain industry, highlighting the increasing interest and participation of listed companies in this area due to supportive government policies in Hong Kong [5][7][12]. Group 1: Event Overview - The Global Cultural and Tourism RWA Development Summit was held at the Ritz-Carlton Hotel in Hong Kong on August 17, 2025, organized by the Hong Kong Blockchain Technology Application Association and other companies [2]. - Tan Shuilian, a director at a subsidiary of the China Supply Chain Industry Group and former head of blockchain data at Tencent, delivered a speech on how listed companies can layout RWA [2][5]. Group 2: Company Background - The listed company discussed was established in 2014 and is regulated by the Hong Kong Stock Exchange, focusing on building maintenance and renovation services, with current revenue of 500 million HKD and cash reserves exceeding 1.4 billion HKD [6][12]. Group 3: Policy Background - The Hong Kong government has been developing policies and regulations related to virtual assets from 2018 to 2025, which has encouraged listed companies to engage in RWA [7]. - Various policy declarations have been issued, including the recognition of tokenization and the introduction of a sandbox plan for virtual assets [7][8]. Group 4: RWA Layout Strategies - The company is exploring several strategies for RWA layout, including establishing dedicated departments, forming strategic partnerships, and raising funds through share placements [9][11]. - Examples of successful RWA initiatives include Coolpad's establishment of an RWA division, which led to a 39.66% increase in stock price [9]. Group 5: Market Potential - The blockchain market has seen significant growth, with daily trading volumes on major exchanges exceeding 100 billion USD, indicating a robust investment environment [8][10]. - The market capitalization of blockchain has grown substantially from 2014 to 2025, highlighting the potential for listed companies to tap into this lucrative sector [8][10]. Group 6: Future Outlook - The company aims to leverage its assets, such as real estate and renewable energy, to implement RWA solutions, thereby expanding its market reach [10][12]. - Strategic investments and mergers are also being considered to enhance the company's position in the blockchain market [11].

Core Viewpoint - Langxin Group reported a slight decline in total revenue and a significant drop in net profit for the first half of 2025, while showing improvements in profitability metrics such as gross margin and net margin [1] Financial Performance - Total revenue for the first half of 2025 was 1.542 billion yuan, a decrease of 0.39% year-on-year [1] - Net profit attributable to shareholders was 28.638 million yuan, down 23.02% year-on-year [1] - In Q2 2025, total revenue was 876 million yuan, a decline of 0.6% year-on-year, with net profit at 25.267 million yuan, down 55.22% year-on-year [1] - Gross margin improved to 46.05%, an increase of 5.09% year-on-year, while net margin rose to 0.57%, a significant increase of 1869.97% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 463 million yuan, accounting for 30.04% of revenue, a decrease of 6.23% year-on-year [1] - Earnings per share remained at 0.03 yuan, reflecting a decrease of 24.06% year-on-year [1] - Operating cash flow per share was -0.22 yuan, a decline of 195.17% year-on-year [1] Asset and Liabilities - Cash and cash equivalents increased to 1.275 billion yuan, up 29.95% year-on-year [1] - Accounts receivable decreased to 1.736 billion yuan, down 8.03% year-on-year [1] - Interest-bearing liabilities rose to 777.1 million yuan, an increase of 63.58% year-on-year [1] Business Development - The energy digitalization business generated approximately 470 million yuan in revenue, showing slight growth year-on-year [7] - The company is focusing on enhancing its market presence and R&D investments in AI technology, capitalizing on opportunities in the new energy sector and smart power systems [7] Fund Holdings - The largest fund holding Langxin Group shares is the Golden Eagle Technology Innovation Stock A, with 6.98 million shares newly entering the top ten holdings [6] - The fund has shown significant performance, with a net value increase of 85.8% over the past year [6]

Core Viewpoint - The report highlights the strong growth potential of Langxin Group, driven by the "dual carbon" policy and advancements in AI technology, maintaining a "buy" rating for the company [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.542 billion yuan, a slight decrease of 0.39% year-on-year; however, the net profit attributable to shareholders was 28.638 million yuan, down 23.02% year-on-year, while the non-recurring net profit increased by 200% to 13.6385 million yuan [2] - The updated profit forecasts for 2025-2027 are 455 million yuan, 575 million yuan, and 722 million yuan respectively, with EPS projected at 0.42 yuan, 0.53 yuan, and 0.67 yuan [1][5] Business Segments - The energy digitalization business generated revenue of 472 million yuan, growing approximately 1% year-on-year, while the energy internet business saw revenue of 864 million yuan, up about 10% year-on-year; the internet TV business revenue fell by 31% to 207 million yuan due to the divestment of the set-top box business [3] - The company is actively implementing multiple AI pilot projects in energy digitalization, achieving significant progress in areas such as load control, renewable energy management, and electricity marketization [3] Strategic Partnerships - In August 2024, the company partnered with Ant Financial to complete the first domestic RWA project based on renewable energy assets in Hong Kong, securing financing for 9,000 charging piles operated under its new energy platform [4] - The company aims to deepen its collaboration with Ant Financial in RWA services, leveraging its extensive network of charging piles, photovoltaics, and energy storage assets to unlock growth potential [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][17]. Core Views - The report highlights that the company has experienced significant growth in non-recurring profits, with a projected increase in net profit for 2025-2027, despite a downward adjustment in previous profit forecasts due to the divestment of its set-top box business and increased investment in AI [5][6]. - The company is positioned to benefit from the dual carbon policy and the AI era, with its RWA (Renewable Wealth Asset) initiatives expected to unlock substantial growth potential [5][8]. Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 1.542 billion yuan, a year-on-year decrease of 0.39%. However, the non-recurring net profit reached 13.6385 million yuan, marking a year-on-year increase of 200% [6]. - The energy digitalization business generated revenue of 472 million yuan, a growth of approximately 1%, while the energy internet business saw revenue of 864 million yuan, up about 10%. The internet television business revenue declined by approximately 31% due to the divestment of the set-top box business [7]. - The company has partnered with Ant Group to complete the first domestic RWA project based on renewable energy assets, which is expected to enhance its financing capabilities and growth prospects [8]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 455 million yuan, 575 million yuan, and 722 million yuan, respectively, with corresponding EPS of 0.42 yuan, 0.53 yuan, and 0.67 yuan [5][10]. - The company's P/E ratios for 2025, 2026, and 2027 are estimated to be 54.5, 43.2, and 34.4 times, respectively [5][10].

格隆汇8月22日丨朗新集团(300682.SZ)于近期投资者关系活动表示，2025年上半年，公司能源互联网业 务实现收入超过8.6亿，同比增长约10%。公司持续深化AI技术在场景服务和电力交易中的应用，能源 服务场景和电力市场交易的业务规模均取得快速增长。 ...