| | | 董事会 晶澳太阳能科技股份有限公司 关于发行境外上市外资股（H 股）备案申请材料获中国证监会 接收的公告 公司根据相关规定已向中国证券监督管理委员会（以下简称"中国证监会"） 报送了关于公司本次发行并上市的备案申请材料，并于近日获中国证监会接收。 公司本次发行并上市尚需取得香港证券及期货事务监察委员会、香港联交所、 中国证监会等相关政府机关、监管机构、证券交易所的批准、核准或备案，该事 项仍存在不确定性。公司将根据该事项的进展情况依法及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 晶澳太阳能科技股份有限公司 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。 晶澳太阳能科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 28 日 向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行境外上市外 资股（H 股）股票并在香港联交所主板挂牌上市（以下简称"本次发行并上市"） 的申请。具体内容详见公司于 2025 年 4 月 29 日在巨潮资讯网（www.cninfo.com.cn） 及指定媒体披露的《晶澳太阳能科技股份有限 ...

机构认为在供需双方作用下，当前光伏涨价具备一定持续性，但需考虑 6 月后需求持续性。随着行业自 律等的实施，产业链价格持续修复，受国内分布式等项目抢装影响，产业链价格有望进入趋势上涨窗口 期。 光伏ETF基金紧密跟踪中证光伏产业指数，中证光伏产业指数从主营业务涉及光伏产业链上、中、下游 的上市公司证券中，选取不超过50只最具代表性的上市公司证券作为指数样本，以反映光伏产业上市公 司证券的整体表现。 数据显示，截至2025年4月30日，中证光伏产业指数(931151)前十大权重股分别为隆基绿能(601012)、阳 光电源(300274)、TCL科技(000100)、特变电工(600089)、通威股份(600438)、TCL中环(002129)、正泰 电器(601877)、德业股份(605117)、晶科能源(688223)、晶澳科技(002459)，前十大权重股合计占比 56.17%。 光伏ETF基金(159863)，场外联接A：021084；联接C：021085；联接I：022862。 截至2025年5月26日 10:44，中证光伏产业指数(931151)上涨0.81%，成分股联泓新科(003022)上涨 3. ...

Core Viewpoint - The solar industry is facing significant challenges due to overcapacity and declining prices, leading to financial difficulties for many companies, including JinkoSolar, which is planning an IPO to raise funds for overseas expansion and debt reduction amid a tough market environment [3][4][18]. Group 1: Market Dynamics - In mid-May, news emerged about major silicon material companies planning to reduce production to stabilize prices, but this has not yet led to a consensus across the industry [3][4]. - The solar sector has been plagued by overcapacity, with 36 out of 92 A-share solar companies expected to incur losses in 2024, and 61 companies experiencing a year-on-year revenue decline [4][6]. - JinkoSolar's stock price has plummeted over 80% from its peak, closing at 9.67 yuan per share as of May 23, 2024, with a market capitalization of approximately 32 billion yuan [6][7]. Group 2: Financial Performance - JinkoSolar's revenue for 2022, 2023, and 2024 was 72.99 billion yuan, 81.56 billion yuan, and 70.12 billion yuan, respectively, reflecting a year-on-year decrease of 14.02% in 2024 [8][9]. - The company's net profit figures for the same years were 5.54 billion yuan, 7.19 billion yuan, and a loss of 5.10 billion yuan in 2024, indicating a significant downturn in profitability [9][10]. - The average selling price of JinkoSolar's photovoltaic modules dropped from 1.47 yuan/W in 2023 to 0.92 yuan/W in 2024, contributing to the decline in revenue [11][12]. Group 3: Industry Outlook - The solar industry is characterized as cyclical, with predictions indicating that the bottom has not yet been reached due to the lack of consensus on production cuts and price recovery [18]. - JinkoSolar is pursuing a project in Oman with a total investment of 3.957 billion yuan to produce high-efficiency solar cells and modules, aiming for production in Q1 2026 [18][20]. - The company plans to enhance its operational performance and restore profitability through increased focus on product R&D, global market expansion, and improved cost management [18][20]. Group 4: Debt and Financial Structure - JinkoSolar's asset-liability ratio has risen significantly, reaching 76.33% in Q1 2025, the highest among its peers in the solar industry [20][21]. - The company has seen a substantial increase in short-term and long-term borrowings, with short-term loans rising by 75.19 billion yuan and long-term loans by 127.65 billion yuan, marking record highs since its listing [20].

Group 1 - In April, despite a more complex international environment and increased external shocks, consumption growth showed positive signs, investment scale expanded, and import and export resilience exceeded expectations, demonstrating strong economic resilience and vitality [1] - The total retail sales of consumer goods in April increased by 5.1% year-on-year, with significant growth in sales of home appliances, audio-visual equipment, cultural office supplies, furniture, and communication equipment, which contributed notably to the overall retail sales growth [1] - On May 23, the A-share market experienced a rebound, with the A500 index showing stable performance, and the A500 ETF (159339) averaging a daily trading volume of 261 million yuan over the past 20 trading days, indicating high market activity [1] Group 2 - The A500 ETF (159339) tracks the A500 index, which covers 63% of total revenue and 70% of total net profit in the A-share market with less than 10% of the total number of stocks, making it a strong tool for long-term investment in China's capital market [2] - The A50 ETF (159592) tracks the A50 index, which focuses on large-cap leading stocks across various industries, benefiting from increased market concentration due to supply-side reforms, and is favored by funds during earnings disclosure periods [2] - According to Everbright Securities, despite a gradual economic recovery, the resonance of macro and micro liquidity, along with industrial upgrades, provides positive support for the market, with expectations of synchronized monetary policy easing between China and the US [2]

来源：法治日报 创新基因在这里深深扎根，36家国家高新技术企业活力迸发，4家国家级专精特新"小巨人"企业崭露锋 芒，1家"中国独角兽"企业领跑赛道。10家省级专精特新中小企业与4家盐城市瞪羚企业形成创新集群， 28家省级以上研发机构和16个公共服务平台筑起坚实技术支撑体系。此外，还有53名省级以上高层次人 才、超百件的万人发明专利，共同勾勒出这片创新沃土的发展图景，助推东台高新区以铿锵步伐迈向创 新驱动发展的新高度。 产城共兴品质新城 在黄海之滨，一座引领区域经济发展的未来之城正傲然崛起。江苏省东台市高新技术产业开发区（以下 简称"东台高新区"）以创新为笔、以产业为墨，在高质量发展的蓝图上挥毫泼墨。在这里，创新动能如 春潮涌动，产业势能似星河璀璨；科技之光与生态之美交相辉映，产业升级与城市发展同频共振；"科 创智造高地"的蓝图渐次展开，"品质活力新城"的画卷徐徐铺陈。 东台高新区不仅跃动着产业新城的蓬勃脉动，更流淌着宜居之城的温润底色。恒峰商业广场、悦禾城商 业广场、城东购物公园三大商业综合体如明珠般镶嵌在城市肌理中。悦达悦棠湾等品质住宅区为众多居 民筑就温暖港湾。互联网大厦、创业大厦、研发中心等不仅是科技的 ...

Investment Rating - The industry view is rated as Attractive [8] Core Insights - China's solar installation forecast has been revised down from 280GW to 240GW for 2025, with utility-scale installations expected to drop from 180GW to 140GW, while distributed solar remains at 100GW [4][11] - The new renewable energy policy (Document No.136) mandates that all projects operating after June 2025 must fully enter the market, leading to cautious project construction due to incomplete implementation rules [5][15] - Experts maintain a 6% annual growth forecast for power consumption despite a weak first quarter in 2025, with power consumption growing only 2.5% YoY in Q1 [13][11] Summary by Sections Solar Installation Forecast - Ms. Wang Shujuan revised the solar installation forecast for 2025 to 240GW, with expectations of 200GW new installations annually from 2026 to 2030 [4][11] - The utility-scale solar installations are expected to be between 110GW and 120GW in 2026, with distributed commercial and industrial (C&I) solar at 50-60GW [4] Policy Impact - Document No.136 aims to address excessive competition in the solar value chain, with new production capacities unlikely to commence operation or receive regulatory approval [3] - The implementation of Document No.136 has led to a significant decline in newly started construction since March 2025 due to policy uncertainty [6] Power Consumption and Market Dynamics - The China Electricity Council (CEC) expects power consumption to grow by 6% YoY despite a weak Q1, with the tertiary sector contributing significantly to power demand growth [13] - The CEC maintains its forecast of 300GW additional renewable installations in 2025, supported by various projects and strong growth in offshore wind [14] Future Market Developments - Experts expect limited downside risk for C&I power tariffs in the long term, with system balancing costs trending upward [17] - The rollout of a unified power market is targeted to exceed 40% share of interprovincial power trading by 2027, with a focus on advancing the power spot market [19][20]

Group 1: Gold Market Insights - Spot gold prices surpassed $3,300 per ounce for the first time since May 9, driven by rising geopolitical tensions and negative GDP growth in the U.S., which increased safe-haven demand [1] - Domestic gold consumption remains strong, with retail sales of gold and silver jewelry in April up 25.3% year-on-year and 14.7% month-on-month, indicating that domestic demand is independent of international gold price fluctuations [1] - There is a divergence in institutional views on gold; bullish arguments include inflation risks and a potential Fed rate cut, while cautious signals highlight the current high price levels and the possibility of profit-taking due to eased trade tensions [1] Group 2: Solar Industry Impact from Tariffs - The U.S. plans to impose extreme tariffs on Southeast Asian solar equipment, with Cambodia facing a 3,521% tariff due to non-cooperation in investigations, while Malaysia faces only 34% [2] - The U.S. heavily relies on Southeast Asia for solar imports, with 80% of imports coming from four countries, leading to a potential shift in procurement to domestic or third-party manufacturers [2] - U.S. solar project developers are facing increased costs due to these tariffs, which may delay installation progress and create cash flow pressures for EPC companies [2] Group 3: Humanoid Robots Development - The commercialization of humanoid robots depends on their ability to create actual value by addressing real-life challenges, with a long-term development cycle similar to that of autonomous driving, estimated at 10-20 years [3] - The industry is entering an accelerated phase due to supportive policies and the presence of a significant talent pool in the field of embodied intelligence, with a focus on practical applications [3] - Early application scenarios have been validated in sectors like power and chemical inspections, indicating a potential for successful technology-commercialization loops [3] Group 4: AI Agent Development - The AI agent market is rapidly evolving, with diverse technical paths and a focus on expanding application scenarios, although a unified standard has yet to be established [4] - There are significant differences between the North American and Chinese markets, with both targeting enterprise-level markets as a core breakthrough point [4] - Current challenges include high token consumption during interactions and the need for robust computational infrastructure, which remains a key limiting factor for commercial scalability [4] Group 5: Public Fund Regulation Changes - New regulations for public funds are driving a shift in strategy, with a focus on core asset pricing and a potential systemic adjustment in strategy paradigms [5] - The easing of U.S.-China tariffs has improved market risk appetite, with a focus on opportunities in the export chain [5] - Social financing growth is supported by low base effects and monetary policy, although potential impacts from tariff shocks should be monitored [5]

据彭博社5月20日报道，美国政府贸易委员会周二得出结论，从东南亚进口太阳能产品威胁到国内制造 商。这意味着对当地四个国家的相关设备征收高关税已成定局。 该国国际贸易委员会当天表决认定，从柬埔寨、马来西亚、泰国和越南进口的太阳能电池和组件正损害 美国制造商利益。由此相关关税跨过了全面生效的最终关键门槛，为6月开征奠定了基础。 根据美国商务部上个月实际算出的关税，柬埔寨部分制造商面临的税率将高达3521%，反映出该国决定 停止配合美国调查的影响。其它国家和企业的税率要低得多。越南平均税率在396%，泰国为375%，马 来西亚则是34%。 美国此前进行了长达一年的贸易调查，认为上述四国的太阳能产品制造商不公平地受益于政府补贴，并 且以低于生产成本的价格向美国出口。调查应美国太阳能制造商的要求进行，并在美国前总统乔·拜登 任内启动。 【 热门视频推荐 】 由凤凰网主办的"2025中国企业出海高峰论坛"将于6月28-29日在深圳举行。论坛以"更开放的世界 更共 赢的机遇"为主题，探讨新兴市场出海攻略，汇聚30余国经贸代表、超50家行业领军企业及百余位政策 制定者，聚焦政策研判、产业实战与区域合作，为中国企业全球化提供系 ...

Core Viewpoint - The photovoltaic industry is undergoing a deep transformation driven by policy compliance, technological innovation, and social responsibility, with leading companies seeking to break through with green technologies and explore new market possibilities [1] Group 1: ESG Disclosure - A total of 27 renewable energy companies in A-shares are required to disclose ESG reports, with 26 having completed their 2024 independent ESG report disclosures, except for Siyuan Electric [2][3] - The seven photovoltaic companies required to disclose ESG reports have all completed their disclosures, indicating an overall improvement in ESG reporting within the photovoltaic sector [3] - Factors contributing to the positive ESG performance in the photovoltaic sector include early industry development, strong awareness of information disclosure, and the leadership of major enterprises driving improvements across the supply chain [3][4] Group 2: Carbon Emissions and Reduction Efforts - TCL Zhonghuan reported a 33% year-on-year decrease in total greenhouse gas emissions for 2024, while Tongwei's scope two emissions increased due to new factory operations [3][4] - Companies are adopting different methods for calculating greenhouse gas emissions, with some choosing to disclose both "location-based" and "market-based" results to enhance transparency [4] - Leading photovoltaic companies are actively promoting supply chain emissions reductions through green procurement and technical collaboration [5][6] Group 3: Technological Innovations and Market Expansion - Leading companies like Tongwei are focusing on advanced photovoltaic technologies such as TOPCon, HJT, and perovskite stacking, implementing 101 energy-saving projects in 2024 [7] - Longi Green Energy is expanding into the green hydrogen sector, reporting a 24% increase in renewable electricity usage in 2024, contributing to a reduction in overall greenhouse gas emissions [7] - The photovoltaic industry is facing challenges in emissions accounting, particularly for scope three emissions, which are more complex and resource-intensive for many companies [8] Group 4: Employment Trends in the Industry - The photovoltaic industry is experiencing a reduction in workforce size, with major integrated companies like Longi Green Energy and JinkoSolar reducing their employee numbers by over 10,000 [9] - Conversely, some companies, such as North Huachuang and Sungrow, are expanding their workforce, indicating a mixed employment trend within the sector [9]

所以我们看到很多海内外大厂eps 纷纷超预期？营业利润率也在微涨。多少收入贡献的？多少裁员贡献 的？比如google肯定要依靠裁员继续提升eps的，它目前还有18w人。meta也有这个打算。微软目前人均 贡献收入比google 低，目测也要大裁特裁。只有英伟达人均收入最高，目前没有裁员的压力和计划. A股上市公司呢？ 其实也挺猛。最后一列是24年财报 减少人数比上22年公司披露的总人数。表里只看到tmt。主要想知道 ai带来的影响，对码农和后台的影响。 但是绝对数第一还真不是tmt，比如晶澳，晶科....那都是万人起步。表装不完，后面有一些类似中国移 动这样的公司 人员是增加的，占比较小。 数据：东方财富 最近都在讨论 因为AI导致的裁员。 全球都被美国几个大厂的 裁员计划震惊了。动则几万几万的裁员。 因为总人数是10几 20万人。所以哪怕3%，也有7000-8000人被裁。 今年meta google 微软还会是裁员重灾区。 ...