本信托为【权益类信托计划】。信托公司管理 信托财产应恪尽职守，履行诚实、信用、谨慎、有效 管理的义务。信托公司依据本信托合同约定管理信托 财产所产生的风险，由信托财产承担。信托公司因违 背本信托合同、处理信托事务不当而造成信托财产损 失的，由信托公司以固有财产赔偿；不足赔偿时，由 投资者自担。 云南信托-晶澳科技 2025 年员工持股 集合资金信托计划 信托合同 合同号：云信信 2025-1516-（ ）号 至 云信信 2025-1516-（ ）号 信 托 登 记 系 统 产 品 编 码 ： 【 】 重要提示： 重要提示：本信托计划不保障本金，也不保障任何收益。信托计划收益来源于本信托 计划项下各项投资组合的回报，容易受到市场价格波动、受托人和委托人代表管理能力和 投资能力等因素的影响。在最不利的情况下，本信托计划收益可能为零，同时投资者本金 可能全部损失，由此产生的收益不确定及本金损失的风险由投资者自行承担。投资者需认 真阅读信托文件中关于风险揭示的相关条款，审慎作出投资决策。 委托人作为本合同一方，以电子签名或纸质合同手写签名、盖章方式签署本合同即表 明委托人完全接受本合同项下的全部条款，同时本合同成立。 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-099 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 关于签订 2025 年员工持股计划信托合同的公告 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。 晶澳太阳能科技股份有限公司（以下简称"公司"）于2025年8月22日召开 了第六届董事会第四十三次会议、第六届监事会第二十四次会议，于2025年9月8 日召开了2025年第四次临时股东会，审议通过了《关于<2025年员工持股计划（草 案）>及其摘要的议案》《关于制定<2025年员工持股计划管理办法>的议案》等 相关议案，同意公司实施2025年员工持股计划并授权董事会办理相关事宜。具体 内容详见公司在巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 公司于2025年10月23日召了开第六届董事会第四十五次会议、第六届监事会 第二十六次会议，审议通过了《关于<2025年员工持股计划（草案修订稿）>及 其摘要的议案》《关于<2025年员工持 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the new energy system construction emphasized by the Fourth Plenary Session, focusing on energy structure adjustment, power grid, energy storage, and renewable energy waste utilization [2][3]. Key Points and Arguments 1. **New Energy System Construction**: The Fourth Plenary Session calls for accelerating the construction of a new energy system, which includes adjustments in power sources, grid enhancements, energy storage, and renewable energy waste utilization [2][3]. 2. **AI Data Centers**: By 2026, global AI data center construction power is expected to reach nearly 40GW, significantly driving energy storage demand due to the high stability and real-time response requirements of these centers [6][5]. 3. **Solid-State Battery Developments**: The solid-state battery sector is at a critical juncture, with several companies ramping up capacity and new silicon-based anode materials being developed [7][8]. 4. **Photovoltaic Industry Recovery**: The photovoltaic sector has shown signs of recovery, with some companies turning profitable in Q3. The current PB (Price-to-Book) ratios of many firms remain low, indicating potential value recovery opportunities [10][11]. 5. **Wind Power Growth**: The "Peak Energy Beijing Declaration 2.0" sets a target for annual new wind power installations of no less than 120 million kilowatts, with offshore wind power not less than 15 million kilowatts during the 14th Five-Year Plan period [12]. 6. **Grid Investment**: The power grid sector has seen a steady investment growth of 8.1% year-on-year, with a total investment of 420 billion yuan from January to September [13]. Additional Important Insights - **Focus on Quality Assets**: Recommended companies for investment include Tongwei Co. in silicon materials, LONGi Green Energy in integrated sectors, and inverter companies like Sungrow Power and DeYe [11]. - **Non-Electric Renewable Energy Potential**: Areas such as hydrogen, green hydrogen, and chlor-alkali processes are highlighted as having long-term development potential, despite being in early stages [16]. - **Robotics and Related Industries**: Companies involved in humanoid robotics, such as Fulin Precision, Keda Li, and Jinyang Co., are noted for their strong performance and potential for investment [14][15]. This summary encapsulates the critical insights and recommendations from the conference call, providing a comprehensive overview of the current state and future prospects of the new energy sector.

Investment Rating - The industry is rated as "Recommended" [6] Core Insights - The humanoid robot industry is expected to accelerate production due to breakthroughs in AI technology and increasing domestic and international enterprise layouts, with strong demand for domestic core components [1][13] - Tesla's electric vehicle sales have reached record levels, driven by new model launches and strong overseas energy storage demand, benefiting core suppliers in the domestic supply chain [2][17] - The photovoltaic sector is experiencing a price recovery, with leading integrated component companies likely to benefit from improved profitability [3][32] - The wind power sector is expected to see continued growth driven by new policies and overseas orders, with key companies positioned to benefit from this trend [4][34] Summary by Sections 1. Humanoid Robots - The release of the H2 humanoid robot by Yushu Technology marks a significant step in the industry, with a strong market demand for domestic core components and a broad market space for growth [1][13] - The industry is witnessing rapid industrialization with major companies entering the humanoid robot space, creating opportunities for component suppliers [14][15] 2. New Energy Vehicles - Tesla's Q3 2025 performance shows a significant increase in revenue and vehicle deliveries, indicating strong growth potential in the electric vehicle market [2][17] - The introduction of new technologies and materials is expected to enhance the performance and cost-effectiveness of new energy vehicles, driving demand across the supply chain [22][23] 3. New Energy - The photovoltaic component prices have shown signs of recovery, with leading companies expected to benefit from improved profitability due to favorable pricing structures [3][32] - The industry is characterized by a strong growth trajectory, with new technologies such as BC cells and perovskite materials expected to create additional market opportunities [36][38] 4. Power Equipment & AIDC - The AIDC industry is experiencing a high degree of resonance in both domestic and international markets, with significant growth expected in SST and liquid cooling technologies [5][8] - Key companies in the power equipment sector are well-positioned to benefit from the ongoing demand and technological advancements in the industry [8][5]

Investment Rating - The report recommends investment in the electric power equipment industry, highlighting specific companies for potential investment opportunities [1][3]. Core Insights - Lithium battery material prices continue to rise, with domestic lithium hexafluorophosphate averaging 95,000 yuan/ton, up 20.25% month-on-month, and export prices at 104,000 yuan/ton, up 20.93% [1]. - The average winning bid price for lithium battery energy storage systems increased to 0.4771 yuan/Wh in September 2025, reflecting a 4.33% month-on-month rise [1]. - The report emphasizes the ongoing high demand in the wind power sector, with a target of adding no less than 120GW of new installed capacity annually during the 14th Five-Year Plan period [3]. - The Indian market shows strong demand for photovoltaic installations, with 29.5GW added in the first three quarters of 2025, a 70% year-on-year increase [3]. Summary by Sections Lithium Battery Materials - Domestic lithium hexafluorophosphate prices are at 95,000 yuan/ton, a 20.25% increase month-on-month, while export prices are at 104,000 yuan/ton, up 20.93% [1]. - Recommended companies in the lithium battery sector include Zhuhai Guanyu, Shangtai Technology, and XWANDA [1]. Energy Storage Systems - The average winning bid price for lithium battery energy storage systems reached 0.4771 yuan/Wh in September 2025, marking a 4.33% increase month-on-month [1]. - Recommended companies in the energy storage sector include Yiwei Lithium Energy, Sungrow Power, and CATL [1]. Wind Power - The "Wind Energy Beijing Declaration 2.0" sets a target of at least 120GW of new installed capacity annually during the 14th Five-Year Plan, with a cumulative target of 1,300GW by 2030 [3]. - Recommended companies in the wind power sector include Goldwind Technology and Daikin Heavy Industries [3]. Photovoltaic Market - India added 29.5GW of new photovoltaic capacity in the first three quarters of 2025, a 70% year-on-year increase [3]. - Recommended companies in the photovoltaic sector include Aiko Solar, LONGi Green Energy, and Mibet [3].

Investment Rating - The report maintains an "Increase" rating for the industry [5] Core Insights - The report highlights the resilience of the photovoltaic market amid supply-demand balance, with stable prices across major segments. The average transaction price for N-type raw materials is 53,200 RMB/ton, and for N-type granular silicon is 50,500 RMB/ton, both remaining stable month-on-month. The expected production of polysilicon in October is projected to reach an annual peak, with a total output of 382,000 tons in Q4, reflecting a slight year-on-year increase of 3.0% [14][15] - The wind energy sector is set to see significant growth, with the "Wind Energy Beijing Declaration 2.0" proposing an annual new installed capacity of no less than 120GW during the 14th Five-Year Plan, with offshore wind power contributing at least 15GW annually. This represents a 140% increase in the target for new installations by 2030 compared to the previous declaration [15][16] - The hydrogen energy sector is witnessing advancements, with Dongfeng and Honda launching hydrogen fuel cell commercial vehicles, aiming to contribute to carbon neutrality. The report suggests focusing on leading equipment manufacturers in this field [18][19] Summary by Sections 1. New Energy Generation - **Photovoltaics**: The market shows resilience with stable prices. The average price for N-type silicon wafers is 1.70 RMB per piece, and the delivery price for 210N components has seen a noticeable increase, with some companies quoting between 0.72-0.75 RMB per watt. Domestic component inventory is expected to decrease to around 30GW in October, indicating an improving supply-demand relationship [14][15] - **Wind Power & Grid**: The wind energy sector is expected to grow significantly, with a focus on high-quality development and price stability. The report emphasizes the importance of technological innovation and reliability in wind turbine manufacturing [15][17] - **Hydrogen & Energy Storage**: The report notes the launch of hydrogen fuel cell vehicles and suggests focusing on companies with strong brand and channel advantages in the hydrogen sector. For energy storage, it highlights the bidding and winning of projects, with a focus on companies with high growth certainty in large-scale storage [18][19][27] 2. New Energy Vehicles - The report discusses Rongqi Technology's acquisition of a 19.81% stake in Sichuan Lieneng, which specializes in isostatic pressing equipment crucial for solid-state battery production. This move is expected to enhance the production capabilities of solid-state batteries, addressing key challenges in mass production [29][30] 3. Price Dynamics in the Photovoltaic Industry Chain - The report provides insights into the price dynamics of the photovoltaic industry, indicating stable prices across various segments, with specific price points for polysilicon and silicon wafers [31][32] 4. Important News of the Week - The report summarizes significant developments in the new energy vehicle sector, including major investments in battery technology and projects aimed at enhancing production capabilities in solid-state batteries [33][34]

Core Insights - The "Work Plan for Stable Growth in the Power Equipment Industry (2025-2026)" emphasizes the transition to a green and low-carbon energy structure and the construction of a new power system, setting targets for annual revenue growth of around 7% for national advanced manufacturing clusters and 10% for leading enterprises in the power equipment sector [1] Group 1: New Power System Requirements - The new power system requires higher performance, reliability, and intelligence from power equipment, leading to increased demand for upgrades and new equipment across all segments of generation, transmission, transformation, distribution, and consumption [1][2] - The construction of the new power system is seen as a key pathway for China to achieve its "dual carbon" goals, presenting unprecedented opportunities and new requirements for related enterprises [2][3] Group 2: Technological Innovations - New technologies, products, and applications are being introduced to support the construction of the new power system, including high-efficiency photovoltaic components and energy storage systems [4] - Companies like SANY Heavy Energy and JA Solar are launching innovative products, such as the SI-242 wind turbine series and TOPCon solar modules, to meet the evolving demands of the market [4][5] Group 3: Major Engineering Projects - The "Work Plan" aims to stabilize demand for power equipment by leveraging major engineering projects, including large onshore wind and solar bases, coal power upgrades, and significant hydropower and nuclear projects [6] - These projects are expected to provide new growth points and market space for the wind power industry, with policies aimed at enhancing wind energy resources and increasing domestic wind turbine installation capacity [6][7] Group 4: International Market Expansion - The "Work Plan" highlights the importance of actively exploring international markets as a key measure for stable growth in the power equipment industry [8] - Chinese power equipment companies are encouraged to leverage their technological and capacity advantages to seize opportunities in emerging markets and adapt to competitive environments in high-end markets like Europe [8][9] - Companies like JA Solar are investing in overseas production capacities to better meet local demands and reduce trade barriers, while also collaborating with power generation companies on international projects [9][10]

Core Insights - The "Work Plan for Stable Growth in the Power Equipment Industry (2025-2026)" aims to promote green and low-carbon energy structure transformation and establish a new power system, targeting an average revenue growth rate of about 7% for national advanced manufacturing clusters in the power equipment sector and 10% for leading enterprises [1][5]. Group 1: New Power System Requirements - The new power system imposes higher demands on the performance, reliability, and intelligence of power equipment, necessitating upgrades and new demands across all segments of generation, transmission, transformation, distribution, and consumption [1][2]. - The construction of the new power system is seen as a key pathway for achieving China's "dual carbon" goals, representing a profound energy revolution and industrial transformation, creating unprecedented opportunities for the power industry [2][4]. Group 2: Technological Innovations and Product Development - New technologies, products, and applications are being introduced to support the construction of the new power system, such as the SI-242 wind turbine series capable of operating under a wide range of wind speeds [3]. - Companies like JA Solar are focusing on technological innovation, with their TOPCon components achieving a conversion efficiency of 25.5% and power output exceeding 700W, while also exploring new battery technologies [3][4]. Group 3: Major Engineering Projects - The "Work Plan" emphasizes leveraging major engineering projects to stabilize demand for power equipment, including large onshore wind and solar bases, new coal power renovations, and significant hydropower and nuclear projects [5][6]. - Companies are targeting major projects such as the transformation of old wind farms and the construction of offshore wind energy bases, which are expected to provide new growth points for the wind power industry [5][6]. Group 4: International Market Expansion - The "Work Plan" includes initiatives to actively explore international markets, leveraging China's leading technologies and experiences in ultra-high voltage, renewable energy, and grid construction [7][9]. - Companies like JA Solar are investing in overseas production capacities, such as a 6GW solar cell and 3GW solar module project in Oman, to better meet local demand and enhance market competitiveness [8][9]. Group 5: Future Trends in Power System Construction - The future of domestic power system construction is expected to focus on large-scale renewable energy bases, cross-regional ultra-high voltage transmission, and the upgrading of distribution networks, with an emphasis on flexibility and system integration [6][10]. - Traditional coal power will continue to play a crucial role in providing safety and flexibility, with a focus on modernization and operational efficiency [6][10].

晶澳太阳能科技股份有限公司 2025 年员工持股计划管理办法（修订稿） 第一章 总则 第一条 为规范晶澳太阳能科技股份有限公司（以下简称"晶澳科技"或"公 司"）2025 年员工持股计划（以下简称"员工持股计划"或"本计划"或"员 工持股计划"）的实施，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》（以下简称"《证券法》"）、中国证监会《关于上 市公司实施员工持股计划试点的指导意见》（以下简称"《指导意见》"）、《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下 简称"《自律监管指引第 1 号》"）等相关法律、行政法规、规章、规范性文件 和《晶澳太阳能科技股份有限公司章程》（以下简称《公司章程》）《晶澳太阳 能科技股份有限公司 2025 年员工持股计划（草案）》（以下简称"员工持股计 划"）之规定，特制定《晶澳太阳能科技股份有限公司 2025 年员工持股计划管 理办法》（以下简称"本办法"或"《员工持股计划管理办法》"）。 第二章 员工持股计划的制定 第二条 员工持股计划的基本原则 （一）依法合规原则 公司实施员工持股计划，严格按照法律、法规的规 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2025-098 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 关于调整 2025 年员工持股计划相关事项的公告 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。 | 益分配 | | 计划运作情况决定是否进行收益分 | 情况决定是否进行收益分配，如聘请资产 | | --- | --- | --- | --- | | | | 配。本计划所持标的股票交易出售取 | 管理机构管理，需经资产管理机构同意。 | | | | 得现金或有取得其他可分配的收益 | 本计划所持标的股票交易出售取得现金 | | | | 时，本计划每个会计年度均可进行分 | 或有取得其他可分配的收益时，本计划每 | | | | 配，管理委员会在依法扣除相关税费 | 个会计年度均可进行分配，管理委员会在 | | | | 及计划应付款项后按照持有人所持 | 依法扣除相关税费及计划应付款项后按 | | | | 本计划份额的比例进行分配，或经管 | 照持有人 ...