21智讯01月12日电，聚和材料公告，公司原一致行动人刘海东、朱立波、蒋欣欣、张晓梅、敖毅伟、 OKAMOTOKUNINORI于2026年1月11日签署《之终止协议》，自该日起解除一致行动关系。本次权益 变动后，原合计持有的公司股份比例由24.49%不再合并计算，其中刘海东及其控制的企业常州鹏季、 常州鹏翼、常州鹏曦、常州鹏骐企业管理合伙企业合计持有公司股份比例为19.57%。本次变动不涉及 实际持股数量的增减，仅为一致行动关系解除导致的表决权结构变化。刘海东仍为公司第一大股东及实 际控制人，上市公司控制权未发生实质性转移。上述自然人股东所持股份因股价低于发行价，锁定期已 自动延长至2026年6月9日；各员工持股平台所持股份无质押、冻结等权利限制。截至本报告披露日，信 息披露义务人尚无在未来12个月内增持或减持公司股份的明确计划。 ...

常州聚和新材料股份有限公司 简式权益变动报告书 上市公司名称： 常州聚和新材料股份有限公司 股票上市地点： 上海证券交易所 股票简称： 聚和材料 股票代码： 688503 信息披露义务人： | 股东名称 | 住所及通讯地址 | | --- | --- | | 刘海东 | 上海市 | | 朱立波 | 上海市 | | 蒋欣欣 | 上海市 | | 张晓梅 | 江苏常州市 | | 敖毅伟 | 江苏常州市 | | OKAMOTO KUNINORI | 上海市 | | 常州鹏季企业管理合伙 | 江苏省常州市新北区锦绣路2号文化广场4号楼3层303室 | | 企业（有限合伙） | | | 常州鹏翼企业管理合伙 | 江苏省常州市新北区三井街道锦绣路2号文化广场4号楼3层303室 | | 企业（有限合伙） | | | 常州鹏曦企业管理合伙 | 江苏省常州市新北区三井街道锦绣路2号文化广场4号楼3层303室 | | 企业（有限合伙） | | | 常州鹏骐企业管理合伙 | 江苏省常州市新北区三井街道锦绣路2号文化广场4号楼3层303室 | | 企业（有限合伙） | | 股份变动性质： 本次权益变动系刘海东、朱立波、蒋欣欣、张晓梅、 ...

证券代码：688503 证券简称：聚和材料 公告编号：2026-002 常州聚和新材料股份有限公司 关于控股股东、实际控制人与一致行动人解除一致行 动关系暨权益变动的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 决权，不会导致公司控股股东、实际控制人发生变化，不会影响公司治理结构 和经营。 常州聚和新材料股份有限公司（以下简称"聚和材料"或"公司"）于近日 收到公司控股股东、实际控制人刘海东及其一致行动人朱立波、蒋欣欣、张晓梅、 敖毅伟、OKAMOTO KUNINORI 的通知，各方一致签署了《<一致行动协议>之 终止协议》，朱立波、蒋欣欣、张晓梅、敖毅伟、OKAMOTO KUNINORI 退出 与公司控股股东、实际控制人的一致行动关系，不会导致公司控股股东、实际控 制人发生变化，公司控股股东、实际控制人仍为刘海东先生。现将相关情况公告 如下： 一、《一致行动协议》的签署及履行情况 2018 年 12 月，刘海东与朱立波、蒋欣欣、张晓梅、敖毅伟、OKAMOTO KUNINORI 签署了《一致行动协议》，确认各方在 ...

证券研究报告 | 行业周报 gszqdatemark 2026 01 11 年 月 日 电力设备 光伏产品取消出口退税，江苏超 800MW 海上风电项目获核准 光伏：两部门宣布取消光伏等产品增值税出口退税，硅料电池组件价格上涨。近 日财政部、税务总局发布关于调整光伏等产品出口退税政策的公告：自 2026 年 4 月 1 日起，取消光伏等产品增值税出口退税。自 2026 年 4 月 1 日起至 2026 年 12 月 31 日，将电池产品的增值税出口退税率由 9%下调至 6%；2027 年 1 月 1 日 起，取消电池产品增值税出口退税。适时降低或取消光伏产品的出口退税，有助于 推动国外市场价格理性回归，降低我国面临的贸易摩擦的风险。据安泰科统计，本 周多晶硅 n 型复投料成交价格区间为 5.0-6.3 万元/吨，成交均价为 5.92 万元/吨， 周环比上涨 9.83%。n 型颗粒硅成交价格区间为 5.0-6.4 万元/吨，成交均价为 5.58 万元/吨，环比涨幅为 10.5%。据 Infolink，本周 N 型电池片价格如下：183N、 210RN 与 210N 均价再度上调，本周上升至每瓦 0.39 元人民 ...

Investment Rating - The report maintains a "Recommended" rating for the electric equipment industry [1] Core Insights - The report highlights that the trend of anti-involution is not a concern, and the space photovoltaic industry is accelerating [1] - The report discusses the recent regulatory actions in the photovoltaic sector, emphasizing the prohibition of monopolistic behaviors such as price and capacity coordination, while allowing compliance with cost-based sales and technology standard improvements [4] - The report notes a continued upward trend in industry prices, with expectations for profit recovery in 2026 as terminal demand gradually improves [4] - The rise of commercial space ventures is accelerating the development of space photovoltaic technology, with significant plans for satellite energy networks and high-efficiency energy generation [4] Summary by Sections Regulatory Environment - The market regulatory authority has halted self-regulatory actions related to the photovoltaic industry's silicon material integration platform, citing monopolistic concerns [4] - A collaborative governance framework is being established among enterprises, power generation entities, and associations to ensure compliance and quality standards [4] Industry Price Trends - The average transaction price for N-type silicon material has increased to 59,200 CNY per ton, reflecting a week-on-week increase of 9.83% [4] - Prices for N-type silicon wafers and battery cells have also seen upward adjustments, indicating a recovery in the industry [4] Space Photovoltaic Development - Elon Musk has announced plans to deploy a 100GW solar-powered satellite energy network annually, while China aims to establish gigawatt-level space data centers by 2035 [4] - Space photovoltaic technology is expected to achieve commercial viability within the next 10-15 years, driven by advancements in battery technology and reduced launch costs [4] Investment Recommendations - The report suggests focusing on companies with technological reserves in space photovoltaic, such as Junda Co., JinkoSolar, Trina Solar, and others [4] - It also recommends monitoring leading companies with strong advantages in new technologies, as well as those benefiting from anti-involution policies in the silicon material segment [4]

Investment Rating - The report maintains a "Recommended" rating for the electric equipment industry [1] Core Insights - The report highlights that the trend of anti-involution is not a concern, and the space photovoltaic industry is accelerating [1] - The report discusses the recent regulatory actions in the photovoltaic sector, emphasizing the prohibition of monopolistic behaviors such as price and capacity coordination, while allowing compliance with cost-based sales and technology standard improvements [4] - The report notes a continued upward trend in industry prices, with expectations for profit recovery in 2026 as terminal demand gradually improves [4] - The rise of commercial space and the acceleration of the space photovoltaic industry are underscored, with significant plans for deploying solar energy networks in space [4] Summary by Sections Regulatory Environment - The market regulatory authority has halted self-regulatory actions related to the photovoltaic industry's silicon material integration platform, citing monopolistic concerns [4] - A collaborative governance framework is being established among enterprises, power generation entities, and associations to ensure compliance and quality standards [4] Industry Price Trends - The average transaction price for N-type silicon material has increased to 59,200 CNY per ton, reflecting a week-on-week increase of 9.83% [4] - Prices for N-type silicon wafers and battery cells have also seen upward adjustments, indicating a recovery in the industry [4] Space Photovoltaic Development - Elon Musk's plan to deploy 100GW of solar-powered satellites annually is highlighted, along with China's plans for gigawatt-level space data centers [4] - The report anticipates that space photovoltaic technology will become commercialized in the next 10-15 years, driven by decreasing launch costs and technological breakthroughs [4] Investment Recommendations - The report suggests focusing on companies with technological reserves in space photovoltaic, such as Junda Co., JinkoSolar, Trina Solar, and others [4] - It also recommends monitoring leading companies with strong advantages in new technologies, as well as those benefiting from anti-involution policies in the silicon material segment [4]

Investment Rating - The report maintains a "Recommended" rating for the electric equipment industry [1] Core Insights - The report highlights that the trend of anti-involution is not a concern, and the space photovoltaic industry is accelerating [1] - The report discusses the recent regulatory actions in the photovoltaic sector, emphasizing the prohibition of monopolistic behaviors such as price and capacity coordination, while allowing compliance with cost-based sales and technology standard improvements [4] - The report notes a continued upward trend in industry chain prices, with expectations for profit recovery in 2026 as terminal demand gradually warms up [4] - The rise of commercial space and the acceleration of the space photovoltaic industry are emphasized, with significant plans for deploying solar energy networks in space [4] Summary by Sections Regulatory Environment - The market regulatory authority has halted self-regulatory actions related to the photovoltaic industry's silicon material integration platform, citing monopolistic concerns [4] - The framework for collaborative governance among enterprises, power generation parties, and associations is outlined, focusing on compliance and quality standards [4] Industry Price Trends - Recent data indicates that the average transaction price for N-type silicon material has increased to 59,200 CNY per ton, reflecting a week-on-week increase of 9.83% [4] - Prices for N-type silicon wafers and battery cells have also seen upward adjustments, with average prices reaching 1.4 to 1.7 CNY per piece and 0.39 CNY per watt, respectively [4] Space Photovoltaic Development - Elon Musk's plan to deploy 100GW of solar energy satellites annually is highlighted, alongside China's phased deployment of gigawatt-level space data centers from 2025 to 2035 [4] - The report anticipates that space photovoltaic technology will become commercialized within the next 10-15 years, driven by decreasing launch costs and breakthroughs in battery technology [4] Investment Recommendations - The report suggests focusing on companies with technological reserves in space photovoltaic, including JunDa Co., JinkoSolar, Trina Solar, and others [4] - It also recommends attention to leading companies with strong advantages in new technologies, such as LONGi Green Energy and Aiko Solar [4] - Companies benefiting from anti-involution policies in the silicon material segment, such as Tongwei Co. and GCL-Poly Energy, are also highlighted [4] - The report advises monitoring companies that prioritize synergy in energy storage and are relatively independent from the main chain, such as Sungrow Power Supply and others [4]

Investment Rating - The report maintains a "Recommended" rating for the electric equipment industry [1] Core Insights - The report highlights that the trend of anti-involution is not a concern, and the space photovoltaic industry is accelerating [1] - The recent regulatory actions in the photovoltaic sector aim to prevent monopolistic behaviors while allowing compliance with cost-based sales and technology standards [4] - The prices in the industry continue to rise, indicating a recovery, with silicon material prices increasing by 9.83% week-on-week to 59,200 CNY/ton [4] - The commercial space sector is emerging, with plans for deploying solar energy satellites, which could lead to significant advancements in space photovoltaic technology [4] Summary by Sections Regulatory Environment - The market regulatory authority has halted self-regulatory actions related to silicon material integration in the photovoltaic industry, focusing on preventing monopolistic practices [4] - Compliance measures are being established to ensure fair competition among industry participants [4] Industry Performance - The prices of N-type silicon wafers and cells have seen increases, with N-type cell prices rising to 0.39 CNY/W and TOPCon module prices reaching 0.7 CNY/W [4] - The industry is expected to turn profitable in 2026 as terminal demand recovers [4] Technological Advancements - The report emphasizes the potential of space photovoltaic technology, which can generate energy continuously and is projected to become commercialized in the next 10-15 years [4] - The focus is on companies with technological reserves in space photovoltaics, such as Junda Co., JinkoSolar, Trina Solar, and others [4]

Market Performance - The A-share market has shown slight fluctuations, with the Shanghai Composite Index closing at 4,082.98, down 0.07%, and the Shenzhen Component Index at 13,959.48, down 0.51% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 16.76 and 51.97, respectively, indicating a suitable environment for medium to long-term investments [9][14] - The trading volume in the two markets has remained above the median level for the past three years, with significant interest in sectors such as aerospace, shipbuilding, and internet services [8][9] Economic and Policy Insights - The Ministry of Commerce has emphasized the importance of compliance with Chinese laws for foreign investments and technology exports, particularly in the context of Meta's acquisition of Manus [4][5] - The government is committed to expanding high-level openness, with the Hainan Free Trade Port serving as a key initiative [5] - The macroeconomic strategy indicates a continuation of moderately loose monetary policy, with expectations for credit growth and supportive measures for consumption [10][11] Industry Analysis - The aerospace and shipbuilding sectors have led the A-share market, while the financial and materials sectors have shown weaker performance [9][13] - The food and beverage sector has faced challenges, with a notable decline in traditional categories like liquor, while emerging categories such as snacks and health products have performed better [16][17] - The gaming industry is experiencing steady growth, with animation films significantly contributing to box office revenues [20][22] Investment Recommendations - Investment opportunities are recommended in sectors such as soft drinks, health products, and baked goods, with specific stocks highlighted for potential growth [18] - The semiconductor industry continues to show robust growth, with global sales increasing significantly, indicating a strong market outlook [25] - The new materials sector is expected to benefit from ongoing demand and technological advancements, with a recommendation to focus on leading companies in this space [26][27] Sector-Specific Developments - The electric power sector has seen a mixed performance, with the overall index underperforming compared to the broader market, but specific segments like wind and solar power are gaining traction [30][31] - The photovoltaic industry is experiencing price increases for silicon wafers and batteries, driven by supply-demand dynamics and cost pressures [33][35] - The livestock sector is stabilizing, with pig prices showing signs of recovery, while pet food exports continue to grow [37][38]

Core Viewpoint - The photovoltaic industry is expected to accelerate supply-demand restructuring driven by the "anti-involution" trend, leading to gradual profit recovery by 2026 [1] Group 1: Supply-Demand Restructuring - The "anti-involution" spirit is deeply penetrating the photovoltaic industry, with main chain prices recovering from the top down, and auxiliary material leading companies showing significant profit recovery by Q3 2025 [1] - The rapid development of energy storage, alongside the implementation of grid parity for solar storage in key markets like China, the US, and Europe, is expected to alleviate the impact of increased photovoltaic installations on the grid [1] - The long-term demand outlook is optimistic due to rising computing power needs and breakthroughs in core photovoltaic technologies for space stations, which will open new application scenarios [1] Group 2: Technology Iteration and Profit Recovery - The penetration rate of low-silver and silver-free technologies is expected to rise quickly, with leading companies likely to recover profits faster than the industry average due to rapid cost reduction in component production [2] - The introduction of low-silver solutions by JinkoSolar and silver-free technologies by LONGi Green Energy is highlighted as key developments in this technology iteration [2] Group 3: Auxiliary Material Companies - Auxiliary material companies are expected to accelerate profit recovery through diversified business layouts, as the pressure on the photovoltaic main chain has been ongoing for over three years [3] - Leading companies in auxiliary materials are preparing for a second growth phase, with non-photovoltaic business proportions expected to increase, contributing to revenue and profit reversals [3] Group 4: Beneficiary Analysis - Companies leading in low-silver and silver-free technology iterations, such as LONGi Green Energy, JinkoSolar, Aiko Solar, and Tongwei Co., are expected to benefit from cost advantages [4] - Companies actively integrating energy storage with photovoltaic operations, like Trina Solar, JinkoSolar, LONGi Green Energy, and JA Solar, are likely to see profit recovery [4] - Leading companies in supporting facilities, such as DKE Holdings, Juhua Materials, and Foster, are expected to continue profit recovery through new technology breakthroughs and business expansions [4]