Core Viewpoint - The photovoltaic industry chain stocks are experiencing active trading, with several companies hitting the upper limit of their price increase, indicating a potential bottoming out of stock prices in the sector [1] Industry Summary - The prices in the photovoltaic industry chain are rapidly approaching a bottom, with expectations that the reasonable bottom price will be reached soon [1] - There is a concern in the market regarding absolute oversupply in the industry chain, which may affect next year's industry prosperity and the profitability of the midstream sector [1] - The recent acceleration in price declines suggests that silicon materials will soon reach their bottom price in this downward cycle, allowing for clearer visibility on profitability across various segments [1] Company Summary - Companies such as Kexin Electric, Jingyuntong, Dadongnan, and Lushan New Materials have seen significant stock price increases, indicating investor confidence in the sector's recovery [1] - The midstream sector, represented by integrated components, is expected to maintain profitability without the significant compression feared by the market, providing a potential for stock price recovery in the third quarter [1] - The current market conditions suggest that the stock prices have already confirmed a bottom ahead of the industry chain price bottom, presenting an opportunity for investment in integrated components, high-efficiency batteries, and other related materials [1]

Core Insights - The China Securities Index Free Cash Flow Index (932365) has shown a positive performance, with a 0.86% increase as of September 2, 2025, and notable gains in constituent stocks such as Silver Nonferrous (601212) up by 10.08% and Jiejia Weichuang (300724) up by 8.93% [1] Performance Summary - The Free Cash Flow ETF Fund (159233) has experienced a 1.24% increase, marking its fourth consecutive rise, with a latest price of 1.14 yuan. Over the past two weeks, the fund has accumulated a total increase of 3.58% [1] - The fund's liquidity is reflected in a turnover rate of 1.07% and a trading volume of 1.2954 million yuan. The average daily trading volume over the past week was 17.6088 million yuan [1] - The fund has seen a net inflow of 19.1927 million yuan recently, with a total of 25.8568 million yuan net inflow over the last five trading days, averaging 5.1714 million yuan per day [1] Return Metrics - Since its inception, the Free Cash Flow ETF Fund has achieved a maximum monthly return of 7.80% and a longest consecutive monthly gain of 3 months, with a total increase of 12.56%. The average return during up months is 4.07%, with a monthly profit probability of 92% [2] - The maximum drawdown since inception is 3.28%, with a relative benchmark drawdown of 0.24%. The recovery period after drawdown is 12 days, indicating a relatively quick recovery compared to comparable funds [2] - The fund has a management fee of 0.50% and a custody fee of 0.10% [2] Top Holdings - As of August 29, 2025, the top ten weighted stocks in the China Securities Index Free Cash Flow Index include China National Offshore Oil Corporation (600938), Wuliangye (000858), and COSCO Shipping Holdings (601919), collectively accounting for 57.03% of the index [3]

Investment Rating - The investment rating for the company is "Recommended" [1][8] Core Views - The company has shown significant growth in overseas revenue, with a 363% year-on-year increase, contributing to a total revenue of 20.14 billion yuan from international markets [7] - The company achieved a total revenue of 83.72 billion yuan in the first half of 2025, representing a 26.41% year-on-year growth, and a net profit of 18.30 billion yuan, which is a 49.26% increase [4][7] - The company is focusing on emerging businesses, particularly in perovskite technology and semiconductor applications, which are expected to drive future growth [7][8] Summary by Sections Financial Performance - The company reported a revenue of 83.72 billion yuan in the first half of 2025, with a net profit of 18.30 billion yuan, marking a 49.26% increase year-on-year [4] - The projected net profits for 2025-2027 are 28.14 billion, 15.99 billion, and 16.61 billion yuan respectively, with dynamic P/E ratios of 12.2, 21.5, and 20.7 times [8] Business Development - The company has made significant advancements in its perovskite technology, winning the "Megawatt Emerald Award" at the SNECPV+ 2025 exhibition, and has secured orders for its PVD and RPD equipment [7] - The semiconductor division has also progressed, with the subsidiary achieving full-process development of wet equipment for 6-12 inch wafer manufacturing, targeting advanced packaging and third-generation semiconductors [7] Market Position - The company is positioned as a platform enterprise in the photovoltaic equipment sector, with strong growth potential in emerging businesses such as semiconductors and perovskite technology [8]

Index Performance - The CSI A500 Index increased by 3.34% this week, marking four consecutive weeks of gains, closing at 5372.76 points on August 29 [4][5] - The average daily trading volume for the week was 10,436.75 billion yuan, with a week-on-week increase of 30.39% [4][5] Component Stock Performance - The top ten gainers this week included Tianfu Communication (61.54%), Yanshan Technology (34.86%), and Shenzhen South Circuit (32.07%) [3] - The top ten losers included Berteli (-11.09%), Giant Star Technology (-9.33%), and Weining Health (-7.78%) [3] Fund Performance - All 39 CSI A500 funds reported positive returns, with the highest increase from Guolian An at 4.72% [5] - The total scale of CSI A500 funds reached 1884.32 billion yuan, showing an increase compared to the previous week [5] - The top three funds by scale were Huatai-PB (210.84 billion yuan), E Fund (198.54 billion yuan), and Guotai Fund (195.83 billion yuan) [5] Market Outlook - Current market conditions support continued stock market growth, with reasonable valuations and emerging positive factors such as a potential interest rate cut cycle by the Federal Reserve [6] - The market is expected to experience a "rotation and rebound" characteristic, with short-term rebound opportunities being more noteworthy [7] - In September, basic factors may have a weaker impact on the market, but liquidity-driven trading is at historical highs, suggesting a potential shift in market dynamics [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant year-on-year growth in performance, driven by the fulfillment of full-route orders and the domestic substitution in semiconductor wet processes [1] - The company has achieved full coverage of TOPCon, HJT, perovskite, and perovskite tandem routes in photovoltaic equipment [1] - The company is expanding into the semiconductor and lithium battery sectors, gradually improving its specialized equipment platform layout [1] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 8.372 billion yuan, a year-on-year increase of 26.41%, with a net profit attributable to shareholders of 1.830 billion yuan, up 49.26% year-on-year [7] - The gross margin for the first half of 2025 was 29.65%, a slight decrease of 1.97 percentage points year-on-year, while the net profit margin improved to 21.87%, an increase of 3.35 percentage points year-on-year [7] - The company’s cash flow from operating activities was -0.776 billion yuan, a significant decrease of 496.77% year-on-year, primarily due to reduced payments received and funds frozen due to litigation [7] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 2.54 billion (previously 2.14 billion), 1.53 billion (previously 1.09 billion), and 1.52 billion (previously 0.95 billion) yuan respectively [1] - The current stock price corresponds to dynamic P/E ratios of 14, 22, and 23 times for 2025, 2026, and 2027 respectively [1] Market Data - The closing price of the stock is 98.77 yuan, with a market capitalization of approximately 34.34 billion yuan [5] - The company has a price-to-book ratio of 2.75 and a total circulating A-share market value of approximately 28.36 billion yuan [5]

深圳市捷佳伟创新能源装备股份有限公司 关于公司 2019 年员工持股计划出售完毕暨终止的公告 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。 深圳市捷佳伟创新能源装备股份有限公司（以下简称"公司"）2019年员工 持股计划所持有的公司股票已全部出售完毕，根据《关于上市公司实施员工持股 计划试点的指导意见》《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，现将公司2019年员工持股计划有关情况公告 如下： 证券代码：300724 证券简称：捷佳伟创 公告编号：2025-061 5、2023年6月20日，公司在巨潮资讯网（www.cninfo.com.cn）披露了《关于 2019年员工持股计划第三个锁定期届满的提示性公告》（公告编号：2023-054）， 公司2019年员工持股计划第三个锁定期届满，解锁日期为2023年6月19日，第三 个归属批次比例为本员工持股计划持股份额及对应收益的30%，对应股份数为 204,960股。 6、鉴于公司2019年员工持股计划存续期将于2024年6月16日届满，2024年4 月18日，公司召开第五 ...

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Viewpoints - The report suggests focusing on the new energy storage segment, highlighting the need for system-friendly new energy power plants to address the instability of renewable energy output [2][39] - The report emphasizes the importance of enhancing the predictive accuracy of wind and solar power generation to improve grid integration [39] - It recommends paying attention to leading inverter companies that benefit from the development of new energy storage technologies [39] Market Review - As of August 28, 2025, the electric equipment industry has increased by 6.08% over the past two weeks, underperforming the CSI 300 index by 0.88 percentage points, ranking 9th among 31 industries [11] - The electric equipment industry has risen by 11.88% this month, outperforming the CSI 300 index by 2.35 percentage points, ranking 7th [11] - Year-to-date, the electric equipment sector has increased by 15.01%, outperforming the CSI 300 index by 1.56 percentage points, ranking 16th [11] Valuation and Industry Data - As of August 28, 2025, the PE (TTM) for the electric equipment sector is 28.32 times, with sub-sectors showing varied valuations: - Electric motor II: 57.18 times - Other power equipment II: 54.33 times - Photovoltaic equipment: 21.08 times - Wind power equipment: 35.53 times - Battery: 27.20 times - Grid equipment: 26.13 times [22][25] Industry News - The report discusses the Chinese government's initiatives to promote green and low-carbon urban development, emphasizing energy efficiency and the adoption of advanced technologies [35] - It highlights the National Energy Administration's focus on enhancing the adaptability of the power system to renewable energy, including the construction of a new power system and the promotion of energy storage solutions [36] Company Announcements - The report includes recent financial performance announcements from various companies, such as: - GreenMe achieved a revenue of 17.56 billion yuan in the first half of 2025, a year-on-year increase of 1.28% [41] - XianDai Intelligent reported a revenue of 6.61 billion yuan, up 14.92% year-on-year [41] - Euro Continental's revenue reached 2.12 billion yuan, reflecting a growth of 32.59% [41]

Group 1 - The 28th Chengdu International Auto Show will be held from August 29 to September 7, increasing attention on the new energy vehicle industry chain [1] - The 2025 Global Power Battery Recycling Industry Summit and the 13th Retired Power Battery Recycling Utilization Forum will take place from August 29 to 31 in Shenzhen, focusing on power battery and recycling technology topics which may catalyze the sector [1] - The National Development and Reform Commission will hold a press conference on August 29, with market attention on new energy industry policy trends [1] Group 2 - As of August 29, the ChiNext New Energy ETF (159261.SZ) rose by 3.44%, and its related index, the New Energy Index (399266.SZ), increased by 3.32% [1] - Major constituent stocks saw significant gains, with CATL up 9.03%, Lead Intelligent up 20.01%, EVE Energy up 5.49%, Zhongke Electric up 15.30%, and Xinwanda up 4.91% [1] Group 3 - According to research from Aijian Securities, high growth in AI demand is driving the expansion of the AI Computing Center (AIDC) market, with the global AI server market expected to reach $125.1 billion in 2024 and grow to $222.7 billion by 2028, significantly boosting supporting energy storage demand [1] - The electrochemical energy storage industry chain is primarily driven by lithium iron phosphate batteries upstream, with integration involving companies like CATL and BYD in the midstream, and downstream applications concentrated in new energy generation, entering a rapid development phase supported by policy and cost reductions [1]

Core Viewpoint - The financial performance of Jiejia Weichuang (300724) shows significant growth in revenue and net profit for the first half of 2025, indicating strong operational efficiency and profitability [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 8.372 billion, a year-on-year increase of 26.41% [1] - Net profit attributable to shareholders was 1.83 billion, reflecting a year-on-year growth of 49.26% [1] - In Q2 2025, total revenue was 4.273 billion, up 5.66% year-on-year, while net profit for the same period was 1.122 billion, showing a substantial increase of 73.22% [1] Profitability Metrics - Gross margin stood at 29.65%, a decrease of 2.64% year-on-year, while net margin improved to 21.87%, an increase of 18.06% [1] - Earnings per share (EPS) reached 5.26, up 49.43% year-on-year [1] Cost Management - Total selling, administrative, and financial expenses amounted to 90.65 million, representing only 1.08% of revenue, a decrease of 15.54% year-on-year [1] Asset Management - Accounts receivable were notably high, with accounts receivable to net profit ratio at 168.62% [1][2] - Cash flow per share was -2.23, a significant decrease of 497.3% year-on-year [1] Return on Investment - The company's Return on Invested Capital (ROIC) was 25.77%, indicating strong capital efficiency [2] - Historical median ROIC since listing is 14.51%, with the lowest recorded at 5.3% in 2013 [2] Market Position - The largest fund holding Jiejia Weichuang shares is the Changcheng China Intelligent Manufacturing Flexible Allocation Mixed A Fund, with a current scale of 0.85 billion [3] - The fund's net value increased by 1.73% on August 28, with a yearly growth of 34.31% [3]

Group 1 - The A-share photovoltaic equipment sector experienced a volatile rise on August 28, with notable gains in several companies [1] - Jiejia Weichuang saw an increase of over 19%, while Dier Laser rose by more than 7% [1] - Other companies such as Goodway, Aotwei, Jingsheng Electric, and Sunshine Power also showed upward trends [1]