Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Views - The company's revenue for the first half of 2025 reached 3.794 billion yuan, a year-on-year increase of 13.09%, while net profit attributable to shareholders was 602 million yuan, up 70.96% year-on-year [1]. - The significant growth in profit is attributed to the high increase in energy storage inverter shipments, optimization of customer structure, and ongoing cost reduction efforts [1]. - The revenue from energy storage inverters surged to 790 million yuan, reflecting a year-on-year growth of 313.51%, with a gross margin of 30.27%, an increase of 2.69 percentage points [1]. - The company plans to issue convertible bonds to raise no more than 1.677 billion yuan for projects related to distributed photovoltaic power stations and high-voltage, high-power grid-connected inverters [2]. - The expected revenue for 2025-2027 is projected to be 8.302 billion yuan, 9.819 billion yuan, and 11.283 billion yuan, representing year-on-year growth rates of 26.9%, 18.3%, and 14.9% respectively [3]. Summary by Sections Revenue and Profitability - The company achieved a revenue of 3.794 billion yuan in the first half of 2025, with a net profit of 602 million yuan, marking significant year-on-year growth [1]. - The gross margin for grid-connected inverters was 26.12%, up 7.62 percentage points year-on-year, while the gross margin for energy storage inverters was 30.27% [1]. Market Expansion and Future Prospects - The company is expected to enhance its production capacity significantly with the new projects, which will strengthen its competitive position in the inverter and distributed power station markets [2]. - The anticipated revenue growth for the next three years indicates a robust upward trend in the company's financial performance [3]. Financial Forecast - The forecasted net profit for 2025 is 1.187 billion yuan, with a year-on-year growth of 71.7%, and projected profits for 2026 and 2027 are 1.483 billion yuan and 1.789 billion yuan respectively [3].

Core Viewpoint - The solar photovoltaic demand in Q2 2025 has rapidly increased due to domestic rush installations, leading to a recovery in revenue and gross margins for major industry chain companies. Additionally, the easing of U.S. tariffs has significantly improved profitability in the U.S. market after companies streamlined their supply chains [1] Industry Chain Summary - The revenue of the main industry chain has increased, and gross margins have generally recovered, although there is differentiation among segments and companies. The downstream battery and module prices have risen quickly due to the rush installations, while the performance of silicon materials and wafers continues to decline marginally. Overall gross margin recovery is noted, but the increase in shipment volumes has not significantly reduced overall losses in the sector [1] - In Q2 2025, the output of slurry slightly increased quarter-on-quarter, but performance was heavily impacted by costs. The introduction of low-cost metal slurry production is expected to provide significant revenue and profit growth opportunities for slurry companies. The profitability of junction boxes, frames, and solder strips has been under pressure, while overseas production capacity for frames has shown strong contributions. Glass and film prices and profits have recovered due to domestic rush installations, with strong demand for centralized inverters and energy storage systems [2] Financial Outlook - The financial statements for Q3 2025 are expected to show further recovery, with a focus on the progress of reducing internal competition. Since July, the price of silicon materials has risen significantly, and downstream silicon wafers and battery modules have experienced varying degrees of price adjustments. The overall profit and operating cash flow for the sector are anticipated to improve further in Q3 2025, although the performance of the module segment may face some pressure quarter-on-quarter. Glass and film prices are expected to gradually rise above the production cost line of second-tier leading companies [3] Recommended Companies - Recommended companies include: - Silicon material segment: Tongwei Co., Ltd. (600438.SH) - High-efficiency module leader: JinkoSolar (688233.SH) - New technology BC and slurry: Dike Co., Ltd. (300842.SZ), Juhe Materials (688503.SH) - Racking: CITIC Bo (688408.SH) - Glass: Xinyi Solar (00968), Flat Glass (601865.SH) - Inverters and energy storage: Deye Technology (605117.SH), Jinlang Technology (300763.SZ), Shangneng Electric (300827.SZ), Canadian Solar (688472.SH) [4]

Company Overview - Jinko Technology Co., Ltd. is located in Xiangshan Economic Development Zone, Zhejiang Province, and was established on September 9, 2005. The company went public on March 19, 2019. Its main business involves the research, production, sales, and service of string inverters, with the primary product being string inverters [1]. Financial Performance - As of September 10, Jinko Technology's stock price decreased by 5.1%, trading at 83.90 CNY per share, with a transaction volume of 1.784 billion CNY and a turnover rate of 6.43%. The total market capitalization is 33.402 billion CNY [1]. Revenue Composition - The revenue composition of Jinko Technology is as follows: grid-connected inverters account for 47.97%, household photovoltaic power generation systems for 21.28%, energy storage inverters for 20.91%, new energy power production for 8.01%, and other sources for 1.83% [1]. Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Huaxia Fund holds a significant position in Jinko Technology. The Huaxia Growth Two-Year Open Mixed Fund (160325) held 213,500 shares in the second quarter, representing 1.91% of the fund's net value, ranking as the tenth largest heavy stock. The estimated floating loss today is approximately 962,900 CNY [2]. Fund Performance - The Huaxia Growth Two-Year Open Mixed Fund (160325) was established on July 24, 2020, with a current scale of 642 million CNY. Year-to-date, it has achieved a return of 34.63%, ranking 1532 out of 8177 in its category. Over the past year, the return is 75.04%, ranking 941 out of 7982, and since inception, the return is 17.05% [2]. Fund Management - The fund manager of Huaxia Growth Two-Year Open Mixed Fund (160325) is Tu Huanyu, who has been in the position for 5 years and 173 days. The total asset scale under management is 11.651 billion CNY, with the best fund return during the tenure being 113.6% and the worst being -28.92% [3].

9月9日，锦浪科技盘中下跌2.01%，截至09:39，报89.18元/股，成交6.40亿元，换手率2.22%，总市值 355.04亿元。 分红方面，锦浪科技A股上市后累计派现6.60亿元。近三年，累计派现3.18亿元。 机构持仓方面，截止2025年6月30日，锦浪科技十大流通股东中，广发高端制造股票A（004997）位居 第五大流通股东，持股699.63万股，为新进股东。易方达创业板ETF（159915）位居第七大流通股东， 持股551.45万股，相比上期减少13.98万股。香港中央结算有限公司位居第八大流通股东，持股498.38万 股，相比上期增加83.15万股。南方中证500ETF（510500）位居第十大流通股东，持股353.72万股，相 比上期增加49.17万股。光伏ETF（515790）、广发小盘成长混合(LOF)A（162703）退出十大流通股东 之列。 责任编辑：小浪快报 资料显示，锦浪科技股份有限公司位于浙江省象山县经济开发区滨海工业园金通路57号，成立日期2005 年9月9日，上市日期2019年3月19日，公司主营业务涉及组串式逆变器研发、生产、销售和服务,主要产 品为组串式逆变器。主营业务 ...

Market Overview - In the first week of September (September 1 to September 5), the A-share market experienced wide fluctuations, with the solid-state battery concept driving the rise of the new energy sector, leading to over 10% gains in related indices such as CS Battery and Innovative Energy [1][2] - The A-share innovation and entrepreneurship sector saw increased volatility, with the leading products in related ETFs actively traded, and the ChiNext ETF (159915) recording a trading volume exceeding 40 billion yuan [1][4] Sector Performance - The solid-state battery sector saw significant gains, with companies like Xian Dao Intelligent rising over 50%, and other firms such as Sunshine Power, Jinlang Technology, and Yiwei Lithium Energy increasing by over 30% [2] - More than 20 related thematic ETFs in the battery, new energy, and photovoltaic sectors collectively rose over 10%, with the Easy Fund New Energy ETF (516090) and the Energy Storage Battery ETF (159566) tracking indices that also saw gains exceeding 10% [2] ETF Trading Activity - The trading activity of thematic ETFs related to innovation and entrepreneurship was notably high, with the ChiNext ETF (159915) and the Sci-Tech 50 ETF (588080) recording trading volumes of over 40 billion yuan and 10 billion yuan, respectively [4] - In the Hong Kong market, the innovation drug sector remained active, attracting significant trading volumes, with some leading ETFs surpassing 60 billion yuan in trading volume [4] Fund Flows - Recent inflows into ETFs tracking sectors such as securities, chemicals, batteries, and gold stocks were substantial, with ETFs tracking securities companies seeing net inflows exceeding 8 billion yuan [5][6] - Conversely, the innovation and entrepreneurship thematic ETFs experienced net outflows, with the ChiNext ETF (159915) and the Sci-Tech 50 ETF (588080) seeing combined net outflows exceeding 6 billion yuan [5][6] New ETF Launches - Fund managers have accelerated the launch of new related ETF products, including the Easy Fund Shanghai Stock Exchange Sci-Tech Board New Energy ETF and various other thematic ETFs focused on artificial intelligence and software [8] - The Easy Fund Shanghai Stock Exchange Sci-Tech Board New Energy ETF completed its fundraising on September 5, tracking an index composed of 50 large-cap stocks in the photovoltaic, wind power, and new energy vehicle sectors [8]

Market Overview - A-shares experienced a significant rebound on September 5, with the Shanghai Composite Index returning to 3,800 points and the ChiNext Index surging by 6.55%, marking a new high since January 2022 [1][2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.3 trillion yuan, a decrease of 239.6 billion yuan compared to the previous trading day, with over 4,800 stocks rising and fewer than 500 declining [2] Sector Performance - The new energy sector saw a surge, particularly in solid-state battery stocks, with companies like Paton achieving a 30% limit-up and others like Jin Yinhe and Xian Dao Intelligent also hitting 20% limit-up [2] - The photovoltaic and wind power sectors were active, with Jinlang Technology gaining 20% and several other companies seeing increases of over 10% [3] - The sports sector also showed strength, with companies like Lisheng Sports hitting the limit-up, supported by government policies aimed at enhancing sports consumption and industry growth [4] Future Outlook - Multiple brokerage firms believe that the logic supporting the A-share market's rise remains unchanged, with reasonable market valuations and no signs of excessive speculation [1][5] - Analysts suggest that the market may continue a slow upward trend in September, with growth stocks likely to outperform, driven by new positive factors such as potential interest rate cuts by the Federal Reserve [6][5] - The overall market sentiment is expected to remain active, with continued support from capital flows and policy expectations, indicating an upward trend for A-shares [6][5]

Group 1: Market Activity - A total of 35 stocks were listed on the institutional leaderboard, with 19 stocks experiencing net buying and 16 stocks facing net selling [1] - The top three stocks with the highest net buying by institutions were Jinlang Technology (2.72 billion), Tianfu Communication (2.12 billion), and Deyue Shares (1.94 billion) [1] Group 2: Stock Performance - Jinlang Technology (300763.SZ) saw a price increase of 19.99% with 3 buyers and 1 seller [2] - Yinian Lithium Energy (300014.SZ) experienced a price rise of 16.59% with 3 buyers and 4 sellers [2] - Deyue Shares (605117.SS) had a price increase of 10.00% with 2 buyers and 1 seller [2] Group 3: Industry Developments - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a plan for the electronic information manufacturing industry for 2025-2026, focusing on high-quality development in the photovoltaic sector and regulating low-price competition [3] - Jinlang Technology specializes in the photovoltaic power generation sector, with core businesses in photovoltaic inverters and distributed photovoltaic power generation [3] Group 4: Solid-State Battery Progress - Recent advancements in solid-state batteries were reported by several companies, including Funeng Technology, which completed the first generation of sulfide all-solid-state battery samples [4] - Yiwai Lithium Energy announced the establishment of a production base for solid-state batteries, with the "Longquan No. 2" all-solid-state battery successfully produced [4] - XianDao Intelligent reported a net profit of approximately 740 million, a year-on-year increase of 61.19%, with a projected 30% of solid-state equipment orders expected by 2025 [4]

Group 1 - The stock of Jinlang Technology has experienced an abnormal fluctuation, with a cumulative closing price increase of over 30% during three consecutive trading days from September 3 to September 5, 2025 [1] - The company has confirmed that it received approval from the Shenzhen Stock Exchange's Listing Review Committee for its issuance on August 1, 2025, but the registration process with the China Securities Regulatory Commission remains uncertain [1] - The company has stated that there are no undisclosed significant matters that should be disclosed according to the relevant regulations, and no prior information requires correction or supplementation [1]

Core Viewpoint - The company, Jinlang Technology, announced that its stock experienced an abnormal fluctuation with a cumulative closing price increase of over 30% over three consecutive trading days from September 3 to September 5, 2025 [1] Group 1: Company Performance - The company confirmed that its recent operational performance is normal and that there have been no significant changes in the internal and external operating environment [1] - There are no undisclosed significant matters related to the company [1] Group 2: Financial Activities - The company's application for issuing convertible bonds to unspecified objects has been approved by the Shenzhen Stock Exchange, but it still requires registration with the China Securities Regulatory Commission, which introduces uncertainty [1] - The controlling shareholder and actual controller have not engaged in buying or selling the company's stock [1]

Market Overview - The A-share market experienced an overall increase on September 5, with the Shanghai Composite Index closing at 3812.51 points, up 1.24%, the Shenzhen Component Index at 12590.56 points, up 3.89%, and the ChiNext Index at 2958.18 points, up 6.55% [1] - The total trading volume in the A-share market was 23487.17 billion, a decrease of 233.5 billion compared to the previous trading day [1] Capital Flow - The net inflow of main funds in the A-share market was 261.53 billion, with an opening net inflow of 13.64 billion and a closing net inflow of 100.27 billion [2] - The net inflow for the CSI 300 was 105.06 billion, while the ChiNext saw a net inflow of 160.56 billion, and the STAR Market experienced a net outflow of 25.86 billion [4] Sector Performance - The power equipment sector led with a net inflow of 365.32 billion, showing a rise of 6.39% [6][7] - Other sectors with significant net inflows included electronics with 279.43 billion and machinery with 122.08 billion, while the banking sector saw a net outflow of 42.21 billion, down 0.88% [7] Stock Highlights - Leading the net inflow among individual stocks was XianDao Intelligent with 19.68 billion [8] - Institutions actively participated in several stocks, with JinLang Technology seeing a net institutional buy of approximately 272.17 million [10][11]