Core Viewpoint - Elon Musk has proposed a plan to deploy 100GW of solar AI satellites annually, driven by low Earth orbit (LEO) satellites and space computing, which will boost the demand for space photovoltaics [1][2] Group 1: Market Demand and Trends - The global market is entering a "dense launch-networking" phase, with a rapid expansion of LEO constellations, directly increasing the demand for solar wings, battery cells, deployable array structures, energy storage, and power management systems [2] - Space photovoltaics can directly utilize solar energy, offering long generation times and high stability and availability of energy acquisition [1] Group 2: Technological Developments - Currently, the main technology in space photovoltaics is gallium arsenide, but P-type HJT and perovskite tandem cells are expected to become incremental technology routes [3] - Short-term, silicon-based P-type HJT has production and delivery experience, leveraging low-temperature symmetrical processes and ultra-thin silicon wafers for lightweight potential, and is advancing in radiation resistance solutions [3] - Long-term, perovskite tandem cells possess high efficiency and flexible film advantages, with potential for radiation and environmental adaptability, and could become a mainstream technology if breakthroughs in packaging lifespan and large-area consistency are achieved [3] Group 3: Industry Collaborations - The commercialization of the space photovoltaic industry is accelerating, with companies actively exploring the space economy sector; for instance, JunDa Co. signed a strategic cooperation agreement with Shangyi Optoelectronics to invest in perovskite battery technology applications in space energy [4] Group 4: Investment Opportunities - Recommended stocks benefiting from this trend include Maiwei Co. (300751.SZ), Jiejia Weichuang (300724.SZ), Jing Shan Light Machine (000821.SZ), and Laplace (688726.SH), with additional beneficiaries being Dier Laser (300776.SZ) [5]

Group 1: Strategy Observation - The report highlights that prices of cyclical resources are rising, driven by supply constraints and strong downstream demand in sectors like basic chemicals, new energy materials, and industrial metals [3] - The AI industry trend continues, with domestic electronic industry demand significantly boosted, leading to an increase in storage prices and sustained high growth in PCB exports [3][4] - Service consumption shows marginal improvement, with tourism in Hainan experiencing a price index increase due to travel demand, and pig prices stabilizing and rising towards the year-end [3] Group 2: Industry Tracking - Electronics - Mini LED technology is entering a rapid development phase, with increasing penetration in mid-to-high-end TV markets and expanding into lower-end markets and automotive applications [17] - The report anticipates that by 2025, Mini LED TV shipments in China will reach 9.23 million units, a year-on-year increase of 122%, with a penetration rate exceeding 25% [20] Group 3: Industry Monthly Report - Aviation - The Chinese aviation industry is expected to turn profitable in 2026, driven by a recovery in public and business demand, with significant growth in passenger traffic projected for 2025 [21][30] - The report suggests that the upcoming New Year holiday will see strong travel demand, with expectations for improved pricing and passenger volume [33] Group 4: Industry Deep Dive - Cultural Communication - The report emphasizes the ongoing progress of native large model companies in Hong Kong, highlighting the potential investment opportunities arising from the commercialization of AI technology [35] - Companies involved in AI algorithms and applications are recommended, including Meitu and Zhejiang Shuju, as they are well-positioned to benefit from the AI trend [35][36] Group 5: Industry Tracking - Automotive - The report notes the continuation of the "old-for-new" policy for automobiles in 2026, which includes subsidies for scrapping and replacing vehicles, aimed at boosting consumption [46][48] - The policy supports consumers who scrap their vehicles and purchase new energy or low-emission vehicles, with specific subsidy percentages outlined [49]

Core Viewpoint - Jiejia Weichuang (300724) is actively exploring new application areas for perovskite batteries due to their excellent optoelectronic properties and material advantages [1] Group 1: Company Developments - The company has participated in bidding for perovskite projects from various leading and startup companies in the new energy sector, both domestically and internationally [1] - Jiejia Weichuang has established collaborations with multiple clients across different fields, providing core or complete line equipment for perovskite projects [1]

Group 1 - The company, Jiejia Weichuang, announced that it will hold the sixth temporary shareholders' meeting on December 29, 2025 [2] - The agenda includes the proposal to elect non-independent directors for the fifth board of directors [2]

证券日报网讯12月29日，捷佳伟创（300724）发布公告称，公司于2025年12月29日召开职工代表大会， 经与会职工代表审议，同意选举刘峰先生为公司第五届董事会职工代表董事，任期自本次职工代表大会 选举通过之日起至第五届董事会任期届满之日止。 ...

证券代码：300724 证券简称：捷佳伟创 公告编号：2025-089 深圳市捷佳伟创新能源装备股份有限公司 关于选举第五届董事会职工代表董事的公告 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。 根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民共 和国证券法》《上市公司章程指引》等法律法规、规范性文件的最新规定，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11月12日召 开2025年第五次临时股东大会，审议通过了《关于变更公司注册资本并修订<公 司章程>的议案》，公司将不再设置监事会及监事，董事会成员人数由7名调整至 9名，新增职工代表董事1名、非独立董事1名。 公司于2025年12月29日召开职工代表大会，经与会职工代表审议，同意选举 刘峰先生为公司第五届董事会职工代表董事（简历详见附件），任期自本次职工 代表大会选举通过之日起至第五届董事会任期届满之日止。 刘峰先生符合《公司法》《公司章程》规定的关于董事任职的资格和条件。 本次选举完成后，公司董事会中兼任公司高级管理人员职务以及由职工代表担任 的董事人数未超过公 ...

北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于深圳市捷佳伟创新能源装备股份有限公司 2025 年第六次临时股东会的法律意见书 康达股会字[2025]第 0559 号 致：深圳市捷佳伟创新能源装备股份有限公司 北京市康达律师事务所（以下简称"本所"）接受深圳市捷佳伟创新能源装 备股份有限公司（以下简称"公司"）的委托，指派本所律师参加公司 2025 年 第六次临时股东会（以下简称"本次会议"）。 北京市朝阳区建外大街丁 12 号英皇集团中心 8 层 8/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel: 010-50867666 传真/Fax: 010-56916450 网址/Website: www.kangdalawyers.com 2．本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法 ...

证券代码：300724 证券简称：捷佳伟创 公告编号：2025-088 深圳市捷佳伟创新能源装备股份有限公司 2025 年第六次临时股东会决议公告 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。 特别提示： 1、本次股东会没有出现否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 （1）现场会议时间：2025 年 12 月 29 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 29 日 9:15—9:25，9:30—11:30，13:00—15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为 2025 年 12 月 29 日 9:15 至 15:00 的任意时 间。 2、会议召开地点：深圳市坪山区龙田街道竹坑社区金牛东路 62 号，公司会 议室 3、会议召开方式：现场表决与网络投票相结合 4、股权登记日：2025 年 12 月 22 日 5、会议召集人：公司董事会 6、会议主持人：董事长左国军先生 一、会议召开情况 1、会议召开时间： 2、公司董事、高级管理人员及见证律师出席 ...

Group 1 - The photovoltaic industry is expected to enter a new development cycle, with China's new installed capacity reaching 277.2 GW in 2024, a year-on-year increase of 27.8%, and a cumulative installed capacity of 886.7 GW by the end of 2024, reflecting a compound annual growth rate of 39.8% from 2015 to 2024 [18][19] - The penetration rate of photovoltaic power generation in China has increased from 0.4% in 2014 to 9.8% in 2024, surpassing the global average, indicating significant growth potential in the future [20][24] - The industry is currently facing "involution" competition, leading to a supply-demand imbalance and widespread losses among companies, necessitating a shift from price competition to value competition driven by technological innovation [3][28] Group 2 - Capital expenditure in the photovoltaic industry is significantly decreasing, with a 46.4% year-on-year decline in 2025, indicating a strategic shift towards focusing on advanced technologies rather than blind expansion [47][48] - The BC technology penetration rate is rapidly increasing, with market share expected to rise to 5.0% in 2024, up 4.1 percentage points from 2023, providing a differentiated and high-margin breakthrough for photovoltaic companies [67][68] - The efficiency of perovskite solar cells has reached new heights, with the potential for further industrialization and cost reduction, making them a strategic focus for the future [9][34] Group 3 - The central economic work conference has emphasized the need to deeply rectify "involution" competition, which is particularly prevalent in the photovoltaic industry, aiming to enhance quality and efficiency rather than scale [32][33] - The market is witnessing a structural adjustment, with leading companies focusing on building long-term competitive advantages through investments in next-generation technologies, such as BC and perovskite cells [48][64] - The recent procurement adjustments by China Huaneng Group for high-efficiency components, increasing the share of components with conversion efficiency of 23.8% and above to 58.3%, signal a shift towards high-quality development in the industry [71]

Summary of the Conference Call for Jiejia Weichuang Company Overview - **Company**: Jiejia Weichuang (捷佳伟创) - **Industry**: Photovoltaic Equipment and Semiconductor Equipment - **Market Capitalization**: Rmb 32.7 billion / US$ 4.66 billion - **Current Stock Price**: Rmb 93.98 - **12-Month Target Price**: Rmb 95.70, up from Rmb 73.00 Key Points Industry and Market Conditions - The photovoltaic sector is experiencing a downturn, compounded by oversupply and intensified competition in the TOPCon battery technology market [1][2] - The company’s contract liabilities and inventory of goods sent out have decreased by 48% and 57% year-on-year, indicating a decline in new orders [2][13] - Revenue from photovoltaic equipment is projected to drop by 45% in 2026 due to these market pressures [2][9] Financial Performance and Forecasts - EPS forecasts for 2025-2027 have been reduced by 9%-52% to reflect the challenges in the photovoltaic equipment sector [1][32] - Revenue projections for 2025-2027 have been adjusted downwards by 19%-57% [26][32] - The company’s stock is currently valued at 21.6x 2026E PE, which is below historical averages [1][17] Semiconductor Equipment Potential - The semiconductor equipment segment is still small but has potential for growth due to synergies with photovoltaic equipment manufacturing [3][10] - The semiconductor equipment index has risen over 90% year-to-date, indicating market optimism despite the challenges in the photovoltaic sector [3][16] Valuation Adjustments - Target price has been raised by 31% to Rmb 95.70, based on an increased valuation ratio of 22x 2026E, up from 10x 2024E [4][32] - The new target price reflects a more conservative approach given the current low point in profitability [32] Risks and Outlook - The company maintains a neutral rating due to balanced risks; potential upside from semiconductor orders could be offset by continued pressure in the photovoltaic sector [1][32] - The market is expected to remain cautious regarding the photovoltaic sector until 2026-2027, when a recovery may begin with the maturation of new technologies like perovskite cells [9][10] Additional Financial Metrics - Projected net profit for 2025 is Rmb 2.85 billion, down from previous estimates of Rmb 3.16 billion [27][28] - Operating cash flow is expected to be significantly negative in 2026, indicating potential liquidity challenges [27] Conclusion - Jiejia Weichuang is navigating a challenging environment in the photovoltaic equipment sector while exploring growth opportunities in semiconductor equipment. The adjustments in financial forecasts and target pricing reflect a cautious but strategic outlook amidst market volatility.