在向全球新兴经济体推广清洁能源方面，中国一直发挥着关键作用。通过"一带一路"国际基础设施项目 及成熟的贸易关系，中国已成为全球清洁能源市场的核心参与者。耶鲁大学旗下环境资讯平台"耶鲁环 境360"近期一份报告指出："2018年以来，肯尼亚、也门、斯里兰卡和坦桑尼亚从中国进口的太阳能设 备总量，约相当于各自全国电网总容量的一半。"美国近期的政策反而巩固了这些贸易关系，并推动中 国与许多遭受高额关税针对的新兴经济体建立更紧密的联系。然而，若要实现全球气候目标，发展中国 家在气候融资方面仍需获得支持。全球多个发达国家与发展中国家政府组成的联盟，已为在纽约举行的 联合国大会准备了一封公开信，敦促各国领导人在这个对气候而言"决定性的十年"中迅速采取行动。 声明警示称："各国在能源获取与投资机会方面的显著差距依然存在。仍需付出更多努力，确保清洁能 源转型不仅在全球范围内推进，更能惠及最需要它的民众与经济体。"非洲拥有全球最丰富的清洁能源 生产潜力之一，但获得的全球气候融资仅占极小份额，尽管非洲民众已在承受由北半球发达国家排放引 发的气候变化带来的影响。尽管清洁能源转型具有充分的经济合理性，且在某些领域已达到"逃逸速 度" ...

Core Viewpoint - Mingyang Smart Energy plans to establish the UK's first integrated wind turbine manufacturing base in Scotland, with a total investment of £1.5 billion (approximately ¥14.21 billion) aimed at producing offshore and floating wind turbines [1][2]. Investment Plan - The investment will be executed in three phases: - Phase 1 involves constructing advanced wind turbine nacelle and blade manufacturing facilities, with the first production expected by the end of 2028 [1]. - Phase 2 will expand production lines to accelerate the scale production of floating wind technology in the UK [1]. - Phase 3 will further extend to the production of control systems, electronic devices, and other key components [1]. Funding Sources - The project will be funded through the company's own funds and self-raised capital, including funds raised from the issuance of global depositary receipts in 2022 and future bank financing [2]. Strategic Importance - This investment is a significant step in the company's internationalization strategy, aiming to tap into the vast potential of overseas markets and establish a service center for offshore wind energy in the UK and Europe [2]. - The establishment of a complete production and service system locally will enhance the company's position in global offshore wind technology standards and industry upgrades [2]. Market Context - The investment aligns with the UK government's push for a clean energy transition, aiming to double annual investments in clean energy by 2035 and develop key technologies such as wind power [4]. - Wind power has become the largest single source of electricity in the UK, with its share increasing from 29% in 2023 to 30% in 2024, surpassing gas-fired power plants [5]. Company Performance - In the first half of the year, the company reported revenue of ¥17.143 billion, a year-on-year increase of 45.33%, while net profit attributable to shareholders was ¥610 million, a decrease of 7.68% [7]. - The revenue growth was primarily driven by an increase in wind turbine sales, while the decline in net profit was attributed to low-price competition in the wind power industry [7][8].

Core Viewpoint - Mingyang Smart Energy Group announced plans to build the UK's largest integrated offshore wind turbine manufacturing base in Scotland, with a total investment of £1.5 billion, aimed at creating jobs and supporting the renewable energy supply chain [1][2]. Group 1: Investment and Job Creation - The project will be implemented in three phases, with the first phase expected to create up to 1,500 new jobs [1][2]. - The total investment for the project is £1.5 billion, focusing on manufacturing offshore and floating wind turbines [1][2]. Group 2: Technological Advancements - Mingyang holds a leading position in global offshore wind technology, with a projected 31.3% share of new offshore wind capacity added globally in 2024 [1]. - The introduction of the 16.6MW Ocean X dual-rotor floating wind platform is expected to reduce offshore wind development costs by up to 30%, thereby lowering electricity costs [1]. Group 3: Strategic Partnerships and Government Engagement - The company has engaged in detailed discussions with the UK and Scottish governments, as well as various financial institutions, to advance the investment plan [2]. - A recent strategic partnership with Octopus Energy aims to provide cheaper and cleaner wind energy to UK households, enhancing data security and network protection [3]. Group 4: Future Outlook - The investment plan is part of Mingyang's broader European strategy, with potential for further projects in other European countries [2]. - Company leadership expresses optimism about the investment prospects in the UK and emphasizes the importance of government approval for the project [4].

Core Insights - A recent study from the University of Surrey indicates that the cost of solar power has reached a historic low, with prices as low as £0.02 per kilowatt-hour in sunny countries, making it more economical than coal, natural gas, and even wind energy [1] - The research highlights that solar photovoltaic technology is becoming a key driver in the global transition to clean energy, with solar power emerging as the most cost-effective option for large-scale electricity generation even in countries like the UK [1] - The global installed solar capacity is projected to exceed 1.5 terawatts in 2024, doubling from 2020 levels, which is sufficient to meet the electricity needs of millions of households [1] Cost Competitiveness - Since 2010, the price of lithium-ion batteries has decreased by 89%, enhancing the cost competitiveness of "solar + storage" systems, which are now comparable to natural gas power generation [1] - The combination of photovoltaic panels and batteries has become a standard configuration in many regions, allowing for the storage of excess energy and its release on demand, thus transforming solar energy into a stable and controllable power source [1] Challenges and Innovations - Integrating the growing solar power into existing grids is currently the biggest challenge, with smart grids, AI forecasting, and regional grid interconnections being crucial for maintaining system stability [2] - The deep integration of storage technology with smart grids is enabling solar energy to achieve reliable, economical, and clean large-scale supply [2] - Innovations in materials, such as perovskite solar cells, are expected to enhance generation efficiency by 50% without requiring additional land [2] Policy Support - The sustainable development of the solar sector relies on long-term policy support, with clear policy directions effectively stimulating investment and innovation [2] - Accelerating the global energy system's green transition requires ongoing investment and international cooperation [2]

Core Viewpoint - The Hong Kong wind power stocks continue to rise, reflecting the strong growth and leadership of China's wind power industry in the global energy transition towards clean and low-carbon sources [1]. Industry Summary - In the context of accelerating global energy structure transformation, China's wind power industry is demonstrating comprehensive leadership, contributing significantly to the global energy transition [1]. - According to the National Energy Administration, the newly installed wind power capacity in China reached 51.39 million kilowatts in the first half of this year. By June 2025, the cumulative installed capacity is expected to reach 573 million kilowatts, representing a year-on-year growth of 22.7% [1]. - Morgan Stanley has recently upgraded the rating for China's wind power industry, forecasting that the average annual new installed capacity during the 14th Five-Year Plan period will exceed 110 gigawatts, potentially reaching around 120 gigawatts between 2028 and 2030 [1]. Company Summary - Goldwind Technology (金风科技) saw its stock price increase by over 6%, reaching 15.230, marking a new high for the phase [1]. - Dongfang Electric (东方电气) experienced a stock price rise of over 4%, reaching 19.100 [1]. - Datang New Energy (大唐新能源) reported a stock price increase of 2%, reaching 2.650 [1]. - Xin Tian Green Energy (新天绿色能源) saw a stock price rise of approximately 1%, reaching 4.230 [1].

Core Insights - China continues to lead global clean energy development, with significant increases in solar and wind energy capacity in the first half of 2025, surpassing the total capacity added in other regions [1][2]. Group 1: Clean Energy Growth - In the first half of 2025, China's solar power generation increased by 43%, accounting for 55% of the global solar power growth, while wind power generation rose by 16%, contributing to 82% of global wind power growth [2][4]. - Solar energy's share in China's power structure increased by over 3% year-on-year, while wind energy also saw a rise in its contribution [2][5]. Group 2: Fossil Fuel Reduction - China's fossil fuel power generation and emissions decreased, with coal and natural gas generation both declining by 2%, leading to a reduction of 46 million tons of CO2 emissions in the first half of 2025 [5][6]. - The report highlights that China's clean electricity met all power demand growth, resulting in a structural decline in fossil fuel usage [5][6]. Group 3: Global Renewable Energy Trends - For the first time, global renewable energy generation surpassed coal generation in the first half of 2025, driven by strong growth in solar and wind energy [6].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴該等內容而引 致的任何損失承擔任何責任。 陽光電源股份有限公司 SUNGROW POWER SUPPLY CO., LTD. * （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向陽光電源股份有限公司（「本公司」，連同其子公司統稱「本集團」）、本公司的獨家保薦 人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，不 會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依 據於香港公司註冊處處長註冊的本公司招股章程作出投資決定。該文件的文本將 ...

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating provided in the documents. 2. Report Core View The market sentiment of polysilicon is cooling, and the trend intensities of industrial silicon and polysilicon are both -1, indicating a bearish outlook [1][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Industrial Silicon and Polysilicon Futures Market**: The Si2511 closing price was 8,960 yuan/ton, down 95 yuan from T - 1, and the PS2511 closing price was 51,465 yuan/ton, up 100 yuan from T - 1. Trading volumes and open interests of both contracts showed certain changes compared to previous periods [1]. - **Basis and Price**: The basis of industrial silicon and polysilicon showed different changes against different benchmarks. Prices of various products such as industrial silicon, polysilicon, and related downstream products also had different fluctuations over time [1]. - **Profit**: The profits of silicon factories, polysilicon enterprises, DMC enterprises, and regenerative aluminum enterprises showed different trends, with some in the negative range and others showing changes in different time intervals [1]. - **Inventory**: Industrial silicon's social, enterprise, and industry inventories, as well as polysilicon's factory inventory, had different changes compared to previous periods [1]. - **Raw Material Cost**: Prices of raw materials such as silicon ore, washed coking coal, petroleum coke, electrodes, etc., showed different changes in different regions [1]. 3.2 Macro and Industry News On September 24th, Hongjun New Energy signed a cooperation agreement with a Saudi partner to build a 6GW high - efficiency heterojunction component production base in Saudi Arabia. Many Chinese enterprises are planning photovoltaic production capacity in the Middle East, and the photovoltaic market in Saudi Arabia has great potential [2][3]. 3.3 Trend Intensity The trend intensity of industrial silicon and polysilicon is -1, indicating a weak and bearish market sentiment [3].

Core Insights - The event held in Taiyuan focused on international cooperation in the clean energy sector, highlighting Shanxi's potential as a key player in global clean energy transformation [1][2][3] Group 1: Event Overview - The Clean Energy International Cooperation Promotion Conference was attended by over 100 executives and representatives from multinational companies and leading domestic and international clean energy firms [1] - Shanxi Province is recognized as a pilot area for energy revolution and comprehensive reform, emphasizing its unique advantages and significant opportunities in clean energy development [1][2] Group 2: Strategic Recommendations - Shanxi should focus on clean electricity, hydrogen energy, and energy storage through international collaboration and policy guidance to achieve low-carbon development [2] - The integration of Shanxi's clean coal utilization technology with biomass green hydrogen and green aviation fuel technologies presents a significant opportunity for global market leadership [2] Group 3: Technological Advancements - The conference featured discussions on cutting-edge technologies and projects, including hydrogen energy development, cross-border electricity interconnection, and carbon market cooperation [3] - Experts presented new products and projects aimed at enhancing clean energy cooperation and optimizing global energy structures [3] Group 4: Collaborative Agreements - A cooperation agreement was signed between the Shouyang Economic and Technological Development Zone and Global Environmental Governance (New Zealand) [4]

Core Insights - Haicheng Energy Storage, founded in 2019, has achieved rapid development through continuous technological breakthroughs, precise strategic layout, and efficient global operations, ranking second in global power storage shipments in the first half of 2025 and 225th on the Hurun Global Unicorn List [1][2] Group 1: Technological Innovation and Product Development - The company focuses on "making green energy accessible to all" and has established a technology matrix covering long-duration energy storage and sodium-ion batteries, filling industry gaps and solidifying its position as a technology leader [2][4] - Haicheng's storage systems can store 5,000 to 6,000 kWh of energy, sufficient to supply hundreds of households or maintain the operation of a large power plant [4] - The company has developed a customized "Desert Eagle" system solution for extreme conditions in the Middle East, significantly reducing maintenance costs and setting a benchmark for long-duration energy storage commercialization [5][6] Group 2: Market Expansion and International Orders - In 2023, Haicheng secured a 2.6 billion yuan (approximately 26 million USD) contract for a 4GWh project in Saudi Arabia, marking a significant milestone in its development [4][6] - The company has achieved a milestone of 100GWh in energy storage shipments, indicating a strong position in the global market and contributing to the clean energy transition [5][6] Group 3: Regional Development and Talent Acquisition - Haicheng has leveraged regional innovation resources and policy support in Longhua District, enhancing its innovation capabilities and market competitiveness [6][9] - The company has established a core R&D team of over 100 people, applying for over 1,000 patents and developing key products such as the HeroEE series [6][9] Group 4: Future Plans and Product Launches - In 2024, Haicheng plans to launch a new 6.25MWh energy storage system featuring the world's first 1,000Ah long-duration energy storage battery, aimed at reducing energy storage costs [10] - The company aims to continue its global market expansion while driving industry upgrades through technological innovation, contributing to global zero-carbon transformation [10]