Core Insights - The photovoltaic industry is experiencing a decline, with the China Securities Photovoltaic Industry Index down 4.33% as of October 17, 2025, and significant drops in major stocks such as Sungrow Power (down 8.10%) and LONGi Green Energy (down 7.84%) [1][2] - The industry may enter a "de-involution" phase, with key events such as the Fourth Plenary Session of the 20th Central Committee scheduled for October 20-23, which is expected to discuss the "14th Five-Year Plan" and potential policy implications [1] - The upcoming third-quarter earnings reports for listed companies are anticipated to show significant improvements, particularly in the silicon material segment, following price increases since July [1] Industry Overview - The photovoltaic sector is currently characterized by low valuations, which may present investment opportunities in a volatile market environment [2] - The China Securities Photovoltaic Industry Index includes a maximum of 50 representative companies from the photovoltaic industry chain, reflecting the overall performance of listed companies in this sector [2] - As of September 30, 2025, the top ten weighted stocks in the index accounted for 58.02% of the total index, with major players including Sungrow Power, LONGi Green Energy, and TBEA [2]

Core Viewpoint - Jiejia Weichuang's stock price has experienced a decline of 11.29% over the past three days, closing at 91.58 yuan per share on October 15, with a market capitalization of 31.844 billion yuan [1] Group 1: Company Overview - Jiejia Weichuang, established on June 18, 2007, and listed on August 10, 2018, is located in Shenzhen, Guangdong Province. The company specializes in the research, production, and sales of crystalline silicon solar cell equipment [1] - The main revenue composition of Jiejia Weichuang includes process equipment (83.34%), automation supporting equipment (12.05%), and components (4.62%) [1] Group 2: Shareholder Information - E Fund's Chuangye ETF (159915) is among the top ten circulating shareholders of Jiejia Weichuang, having reduced its holdings by 164,700 shares in the second quarter, now holding 6.5343 million shares, which accounts for 2.28% of the circulating shares [2] - The estimated floating loss for E Fund's Chuangye ETF today is approximately 32.0835 million yuan, with a total floating loss of 80.2414 million yuan during the three-day decline [2] Group 3: Fund Manager Performance - The fund managers of E Fund's Chuangye ETF are Cheng Xi and Liu Shurong, with Cheng having a tenure of 9 years and 164 days and a total fund size of 195.312 billion yuan, achieving a best return of 131.04% during his tenure [3] - Liu Shurong has a tenure of 8 years and 92 days, managing a fund size of 112.299 billion yuan, with a best return of 194.12% during his tenure [3]

Core Points - The company, Jiejia Weichuang, announced the results of the second vesting period of its 2023 restricted stock incentive plan, revealing that 344 individuals are eligible for the incentive [1] - A total of 578,420 shares will be vested, which accounts for 0.1663% of the company's total share capital prior to this vesting [1] - The shares are sourced from the company's directed issuance of A-share common stock to the incentive recipients, with the listing and circulation date set for October 16, 2025 [1]

证券代码：300724 证券简称：捷佳伟创 公告编号：2025-072 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。 特别提示： 1、本次归属股票上市流通日：2025年10月16日 深圳市捷佳伟创新能源装备股份有限公司（以下简称"公司"）于2025年9 月19日召开第五届董事会第十六次会议及第五届监事会第十三次会议，审议通 过了《关于公司2023年限制性股票激励计划第二个归属期归属条件成就的议 案》。近日，公司已在中国证券登记结算有限责任公司深圳分公司办理完成 2023年限制性股票激励计划（以下简称"激励计划"或"本激励计划"）第二 个归属期限制性股票的归属登记工作，现就相关事项公告如下： 一、股权激励计划实施情况概要 （一）股权激励计划简介 公司于2023年4月26日召开第四届董事会第十五次会议和第四届监事会第十 三次会议，于2023年5月23日召开2022年年度股东大会，审议通过了《<深圳市 捷佳伟创新能源装备股份有限公司2023年限制性股票激励计划（草案）>及其摘 要的议案》等议案，公司2023年限制性股票激励计划的主要内容如下： 2、本次归属股票数量 ...

Core Viewpoint - The company, Jiejia Weichuang, is actively engaged in the development of perovskite solar cell technology while maintaining its focus on TOPCon technology, indicating a commitment to innovation and meeting customer demands in the photovoltaic sector [2]. Company Developments - Jiejia Weichuang has successfully delivered perovskite solar cell production line equipment to customers, showcasing its capability in providing comprehensive solutions in this emerging technology [2]. - The company is continuously innovating and breaking through in the perovskite equipment field, aligning with technological advancements and customer needs [2]. Industry Trends - The photovoltaic industry is witnessing ongoing developments in various technologies, including TOPCon, XBC, and perovskite, highlighting a dynamic and evolving market landscape [2].

Group 1 - The core viewpoint is that the photovoltaic industry chain has reached a price and profit bottom, with significant effects from the "anti-involution" initiative, leading to an expansion of participants and recovery in product prices [1] - The photovoltaic industry is expected to achieve supply-side improvements through a combination of top-level support, market-driven elimination, and technological iteration, with policies related to capacity and product quality expected to be implemented [1] - As of October 13, 2025, the CSI Photovoltaic Industry Index (931151) has decreased by 2.17%, with mixed performance among constituent stocks [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include Yangguang Electric (300274), Longi Green Energy (601012), and TBEA (600089), collectively accounting for 58.02% of the index [2]

Summary of Conference Call Notes Industry Overview - **Industry**: China Industrials, specifically focusing on New Energy Equipment - **Key Focus**: Lithium-ion battery (LiB) equipment and solar equipment orders Core Insights - **LiB Equipment Orders**: - Expected to show positive quarter-over-quarter (QoQ) growth in 3Q25 due to strong demand for energy storage systems (ESS) and recovery in industry utilization [6][8] - Wuxi Lead Intelligent anticipates new orders to rise over 40% year-over-year (YoY) in 3Q25, aiming for a full-year growth target of over 30% in 2025 [8] - Zhejiang Hangke Technology also expects QoQ improvement in new orders, maintaining a 30% growth target for 2025 [8] - **Solar Equipment Orders**: - New orders for solar equipment were either zero or very limited for most players in 3Q25, indicating a significant downturn [6][8] - DR Laser is an exception, expecting intact orders for BC cells to offset weak demand for TOPCon equipment [6][8] - **Gross Profit Margin (GPM)**: - GPM is under pressure due to legacy low-margin orders and a low overseas order mix, but is expected to recover alongside revenue recognition [6][8] Company-Specific Insights - **Wuxi Lead Intelligent (300450.SZ)**: - New orders expected to rise >40% YoY in 3Q25, with modest sales recovery but ongoing GPM pressure [8] - **Zhejiang Hangke Technology (688006.SS)**: - Similar expectations for new orders and GPM pressure as Wuxi Lead [8] - **DR Laser (300776.SZ)**: - Anticipates stable GPM with a higher mix of BC equipment despite slowing sales growth [8] - **Wuxi Autowell Technology Co Ltd (688516.SS)** and **Shenzhen SC New Energy Technology Corp (300724.SZ)**: - Both companies are facing muted solar equipment orders and ongoing sales/NP pressure due to global overcapacity [8] - **Suzhou Maxwell Technologies Co Ltd (300751.SZ)**: - Semi equipment orders are in line with targets, but limited HJT orders are expected due to overcapacity [8] - **Jingsheng Mechanical & Electrical Co (300316.SZ)**: - Likely downside surprise in SiC substrate orders due to high costs and complexity [8] Additional Considerations - **Market Sentiment**: - The market has largely priced in the muted solar equipment orders, reflecting cautious downstream capital expenditure during the downcycle [8] - **Future Outlook**: - Further shortfalls in solar equipment orders are expected into 3Q25, with intensified overcapacity in the solar wafer process, indicating downside risks to fundamentals into 2H26 [8] Conclusion - The conference call highlighted a mixed outlook for the China Industrials sector, with LiB equipment players showing signs of recovery while solar equipment orders face significant challenges. The focus remains on the recovery of GPM and the impact of global market conditions on future orders.

Group 1 - The A-share market indices opened higher and experienced upward fluctuations, with the Guozheng Free Cash Flow Index rising approximately 1.6% [1] - Key stocks such as Hailu Heavy Industry, Baiyin Nonferrous Metals, Shanghai Electric, and Taiji Industry reached their daily limit, while Western Mining, Luoyang Molybdenum, and Jiejia Weichuang also saw gains [1] - The largest free cash flow ETF (159201) followed the index's upward trend, with trading volume exceeding 200 million yuan, indicating active trading [1] Group 2 - According to招商证券, the market is expected to continue the upward trend observed in September, maintaining a low-slope trajectory in October [1] - The assessment of the market being in the second phase of a bull market remains unchanged, with a continuous inflow of incremental funds [1] - The free cash flow ETF (159201) closely tracks the Guozheng Free Cash Flow Index and has shown strong long-term performance, with its stock selection strategy providing significant value compared to traditional dividend strategies [1]

Group 1 - The core point of the news is that Jiejia Weichuang's stock price increased by 5.2% to 105.96 CNY per share, with a trading volume of 1.397 billion CNY and a market capitalization of 36.844 billion CNY as of October 9 [1] - Jiejia Weichuang, established on June 18, 2007, and listed on August 10, 2018, specializes in the research, production, and sales of crystalline silicon solar cell equipment, with its main business revenue composition being 83.34% from process equipment, 12.05% from automation supporting equipment, and 4.62% from components [1] Group 2 - According to data from the top ten holdings of funds, one fund under GF Fund has a significant position in Jiejia Weichuang, specifically the GF CSI Photovoltaic Leaders 30 ETF (560980), which reduced its holdings by 8,900 shares in the second quarter, holding 90,300 shares, representing 3.08% of the fund's net value, ranking as the ninth largest holding [2] - The GF CSI Photovoltaic Leaders 30 ETF (560980) was established on November 16, 2022, with a current size of 159 million CNY, achieving a year-to-date return of 40.23%, ranking 1284 out of 4221 in its category, and a one-year return of 27.31%, ranking 1930 out of 3848, while experiencing a cumulative loss of 30.64% since inception [2] Group 3 - The fund manager of GF CSI Photovoltaic Leaders 30 ETF (560980) is Xia Haoyang, who has been in the position for 4 years and 144 days, managing total assets of 7.708 billion CNY, with the best fund return during his tenure being 94.12% and the worst being -29.88% [3]

Group 1 - The core viewpoint of the news is that Jiejia Weichuang's stock price increased by 5.2% to 105.96 CNY per share, with a trading volume of 1.399 billion CNY and a turnover rate of 4.72%, resulting in a total market capitalization of 36.844 billion CNY [1] - Jiejia Weichuang, established on June 18, 2007, and listed on August 10, 2018, is primarily engaged in the research, production, and sales of crystalline silicon solar cell equipment, with its main business revenue composition being 83.34% from process equipment, 12.05% from automation supporting equipment, and 4.62% from components [1] Group 2 - Among the top ten circulating shareholders of Jiejia Weichuang, E Fund's ETF (159915) reduced its holdings by 164,700 shares in the second quarter, now holding 6.5343 million shares, which accounts for 2.28% of the circulating shares, resulting in an estimated floating profit of approximately 34.2398 million CNY [2] - E Fund's ETF (159915) was established on September 20, 2011, with a latest scale of 85.537 billion CNY, achieving a year-to-date return of 52.99% and ranking 673 out of 4221 in its category, while its one-year return is 50.46%, ranking 870 out of 3848, and since inception, it has returned 268.2% [2]