Core Viewpoint - The China Photovoltaic Industry Association has issued an initiative to strengthen industry self-discipline and maintain fair competition in the photovoltaic market, emphasizing the importance of compliance with laws and regulations to ensure sustainable development of the industry [1][2]. Industry Overview - The photovoltaic industry is recognized as a strategic emerging industry with global competitive advantages, playing a crucial role in achieving China's carbon peak and carbon neutrality goals [2]. - Recent challenges include significant supply-demand imbalances and intensified market competition, which hinder the high-quality development of the industry [2]. Initiative Details - The initiative outlines six key requirements for companies: 1. Strict adherence to relevant laws such as the Price Law and Anti-Monopoly Law, and resisting malicious competition below cost [4]. 2. Commitment to quality and safety standards, avoiding practices that compromise product performance [4]. 3. Rational production planning based on market demand, avoiding blind expansion that disrupts market ecology [4]. 4. Compliance with intellectual property laws to protect others' rights [5]. 5. Transitioning from homogeneous competition to high-quality, innovative competition [6]. 6. Promoting international cooperation while adhering to international rules and maintaining a positive image for the Chinese photovoltaic industry [6]. Government and Institutional Support - Local governments are urged to enforce anti-monopoly laws and fair competition regulations to prevent actions that hinder capacity clearance [6]. - Testing and certification institutions are encouraged to enhance their capabilities and ensure fair quality monitoring [6]. Industry Response - Industry leaders acknowledge the pressure of intense competition leading to below-cost sales, but express confidence that legal frameworks will address these issues [7][8]. - Major companies like Trina Solar and JA Solar are responding positively to the initiative, with JA Solar reporting a revenue of 23.905 billion yuan in the first half of 2025, a year-on-year decline of 36.01% due to market pressures [8].

中信证券股份有限公司 关于 上海证券交易所 《关于淮河能源（集团）股份有限公司发行股份 及支付现金购买资产暨关联交易申请的审核问询 函》 之回复报告 之专项核查意见 独立财务顾问 二〇二五年八月 上海证券交易所： 淮河能源（集团）股份有限公司（以下简称"淮河能源"、"上市公司"或 "公司"）于 2025 年 6 月 6 日收到贵所下发的《关于淮河能源（集团）股份有 限公司发行股份及支付现金购买资产暨关联交易申请的审核问询函》（上证上审 （并购重组）[2025]37 号，以下简称"《问询函》"）。中信证券股份有限公司 （以下简称"中信证券"或"独立财务顾问"）作为淮河能源的独立财务顾问， 会同上市公司及其他中介机构根据问询函的相关要求，就问询函所列问题进行 了认真核查和逐项落实，现就问询函相关内容作如下回复说明，并根据问询函 对有关问题进行了进一步说明和披露。 如无特殊说明，本回复中出现的简称均与《重组报告书》中的释义内容相 同。 | 审核问询函所列问题 | 黑体 | | --- | --- | | 审核问询函所列问题的回复 | 宋体 | | 对《重组报告书》的引用 | 宋体 | 本文涉及数字均按照四舍五入保留 ...

Core Viewpoint - Jiangyin Hengrun Heavy Industries Co., Ltd. reported significant growth in revenue and profitability for the first half of 2025, driven by the recovery in the wind power sector and increased contributions from its computing power business [2][3]. Company Overview and Financial Highlights - The company achieved operating revenue of approximately 2.07 billion yuan, a year-on-year increase of 223.44% [2][3]. - The total profit reached approximately 49 million yuan, compared to a loss of about 35.88 million yuan in the same period last year [2][3]. - The net profit attributable to shareholders was approximately 40.17 million yuan, reversing a loss of about 31.96 million yuan from the previous year [2][3]. - The company's total assets increased by 21.92% to approximately 5.61 billion yuan compared to the end of the previous year [2][3]. Business Performance - The wind power segment saw a recovery in orders and sales gross profit, contributing significantly to the revenue growth [3][4]. - The company has focused on high-value-added product development, with new products such as large wind power flanges and bearings entering the market [3][4]. - The subsidiary Shanghai Runliuchir has resumed operations and is expanding its market presence, contributing positively to overall performance [3][4]. Industry Context - The forging industry in China is experiencing rapid growth due to government policies and market demand, with the company positioned as a leader in the production of large ring forgings for the wind power sector [3][4]. - The wind power industry is expected to continue growing, with global installed capacity projected to reach 138 GW in 2025, indicating strong demand for related components [3][4]. - The computing power sector is also expanding rapidly, driven by advancements in artificial intelligence and big data, with the company aligning its strategy to capitalize on this trend [7][8]. Competitive Advantages - The company has established itself as a key supplier in the forging and bearing industries, with strong relationships with major international and domestic manufacturers [3][4]. - It has a comprehensive production capability, including advanced forging and precision machining technologies, allowing it to meet high-quality standards [10][12]. - The company emphasizes research and development, collaborating with universities to enhance its technological capabilities and maintain a competitive edge [16].

为综合整治"内卷式"竞争，8月22日，中国光伏行业协会发布《关于进一步加强行业自律，共同维护公 平竞争、优胜劣汰的光伏市场秩序的倡议》。 《倡议》指出，光伏行业作为我国具备全球领先优势的战略性新兴产业，是全面落实"碳达峰、碳中 和"目标的重要力量。然而，近期受各方面复杂因素影响，行业供需矛盾突出、市场无序竞争加剧，严 重阻碍了产业高质量发展进程。 中国光伏行业协会表示，将切实加强行业自律，共同维护公平竞争、优胜劣汰的市场秩序，并提出相关 倡议。 在企业层面，企业应严格遵守《中华人民共和国价格法》《中华人民共和国反垄断法》等一系列法律法 规，坚决抵制以低于成本的价格开展恶性竞争，同时电站企业要优化招投标规则，降低价格权重，提高 技术评标权重。 企业还需坚守质量安全底线，严格执行相关质量标准，杜绝偷工减料、以次充好、功率虚标等牺牲产品 性能和降低产品质量的行为。 此外，企业应根据市场供需实际情况合理排产，加强产销衔接，坚决抵制违反市场经济规律和法律法规 盲目扩产增产、加剧恶化市场生态环境的行为；严格遵守知识产权保护相关法律法规，不侵犯他人知识 产权；坚持创新驱动，从同质化低效能竞争转向高质量高水平竞争；秉持依法合 ...

智通财经APP获悉，8月22日，中国光伏行业协会发布《关于进一步加强行业自律，共同维护公平竞 争、优胜劣汰的光伏市场秩序的倡议》。倡议提出，企业严格遵守《中华人民共和国价格法》《中华人 民共和国反垄断法》《中华人民共和国招标投标法》《中华人民共和国反不正当竞争法》等法律法规， 坚决抵制以低于成本的价格开展恶性竞争。电站企业优化招投标规则，降低价格权重，提高技术评标权 重。企业根据市场供需实际情况合理排产，加强产销衔接，坚决抵制违反市场经济规律和法律法规盲目 扩产增产、加剧恶化市场生态环境的行为。 原文如下： 关于进一步加强行业自律，共同维护公平竞争、优胜劣汰的光伏市场秩序的倡议 光伏行业是我国具备全球领先优势的战略性新兴产业，是全面落实"碳达峰、碳中和"目标的重要力量。 近期，受各方面复杂因素影响，行业供需矛盾突出、市场无序竞争加剧，严重阻碍了产业高质量发展进 程。综合整治"内卷式"竞争，事关国家和产业发展大局，光伏行业将坚决贯彻落实党中央、国务院决策 部署，切实加强行业自律，共同维护公平竞争、优胜劣汰的市场秩序。中国光伏行业协会在此提出如下 倡议： 一、企业严格遵守《中华人民共和国价格法》《中华人民共和国反 ...

一、企业严格遵守《中华人民共和国价格法》《中华人民共和国反垄断法》《中华人民共和国招标投标 法》《中华人民共和国反不正当竞争法》等法律法规，坚决抵制以低于成本的价格开展恶性竞争。电站 企业优化招投标规则，降低价格权重，提高技术评标权重。 8月22日，中国光伏行业协会发布《关于进一步加强行业自律，共同维护公平竞争、优胜劣汰的光伏市 场秩序的倡议》，全文如下： 光伏行业是我国具备全球领先优势的战略性新兴产业，是全面落实"碳达峰、碳中和"目标的重要力量。 近期，受各方面复杂因素影响，行业供需矛盾突出、市场无序竞争加剧，严重阻碍了产业高质量发展进 程。综合整治"内卷式"竞争，事关国家和产业发展大局，光伏行业将坚决贯彻落实党中央、国务院决策 部署，切实加强行业自律，共同维护公平竞争、优胜劣汰的市场秩序。中国光伏行业协会在此提出如下 倡议： 同时，我们也积极呼吁地方政府严格落实《中华人民共和国反垄断法》《公平竞争审查条例》等法律法 规和全国统一大市场建设相关政策文件，规范招商引资行为，防范阻碍产能出清的行为；检测认证计量 机构提升自身能力水平，加强诚信体系建设，公正公平，切实履行质量监测职责，共同推动行业诚信经 营、规范 ...

Core Viewpoint - The China Photovoltaic Industry Association (CPIA) has issued an initiative to strengthen industry self-discipline and maintain fair competition in the photovoltaic market, addressing the challenges posed by chaotic competition and supply-demand imbalances [1][2]. Group 1: Industry Challenges and Initiatives - The photovoltaic industry is a strategic emerging industry with global competitive advantages and plays a crucial role in achieving carbon peak and carbon neutrality goals [2]. - Recent complex factors have led to prominent supply-demand contradictions and intensified disorderly competition, hindering high-quality development in the industry [2]. - The CPIA emphasizes the need for strict adherence to laws and regulations to combat malicious competition and promote fair market practices [2][3]. Group 2: Proposed Actions for Companies - Companies are urged to comply with various laws, including the Price Law and Anti-Monopoly Law, and to resist engaging in price competition below cost [2]. - There is a call for companies to maintain quality and safety standards, avoiding practices such as cutting corners or misrepresenting product performance [2]. - Companies should align production with actual market demand and resist blind expansion that disrupts market ecology [2]. Group 3: Innovation and International Cooperation - The initiative encourages a shift from homogeneous low-efficiency competition to high-quality, high-level competition driven by innovation [4]. - Companies are advised to plan overseas investments and market layouts in compliance with international rules, enhancing international cooperation through technology, service, and brand advantages [4]. - The CPIA calls for local governments and financial institutions to support the industry by enforcing laws and providing differentiated financial policies to foster a healthy market environment [4].

Core Viewpoint - Guangdong Province will issue 2.5 billion RMB offshore local government bonds in Macau, marking the fifth consecutive year of bond issuance since 2021, with a focus on supporting the 15th National Games and promoting financial cooperation in the Greater Bay Area [2][3] Group 1 - The issuance includes special bonds for the National Games and blue bonds, aimed at enhancing Macau's bond market and supporting sustainable development [2] - The Financial Management Bureau of Macau welcomes this issuance, highlighting the central and Guangdong government's support for Macau's financial market development [2] - Over the past five years, Guangdong's continuous bond issuance has provided a stable project source for Macau's bond market, fostering local financial talent and improving market mechanisms [2] Group 2 - The new bond varieties will enrich the structure of Macau's bond market and enhance market vitality [3] - The diversification of bonds issued by Guangdong is expected to attract more sovereign nations, international organizations, and multinational companies to issue RMB bonds in Macau [3] - This initiative supports Macau's goal of becoming an offshore RMB bond issuance center and a platform for Sino-Portuguese financial cooperation, contributing to the national financial opening strategy [3]

Core Viewpoint - The report highlights a significant decline in the company's financial performance for the first half of 2025, with a notable drop in revenue and net profit compared to the same period in the previous year, primarily due to reduced hydropower generation and increased tax liabilities [2][3][4]. Company Overview and Financial Indicators - The company, Chongqing Three Gorges Water Conservancy and Electric Power Co., Ltd., reported a total revenue of approximately 4.90 billion yuan, a decrease of 6.10% year-on-year [2]. - The total profit for the period was about 112.11 million yuan, down 60.36% from the previous year [2]. - The net profit attributable to shareholders was approximately 47.93 million yuan, reflecting a 79.07% decline compared to the same period last year [2]. - The company's total assets increased by 0.66% to approximately 25.37 billion yuan, while net assets attributable to shareholders slightly decreased by 0.11% [2]. Business Operations - The company's main business remains focused on electricity production and supply, with a total installed capacity of approximately 2.207 million kilowatts, including 750,000 kilowatts from hydropower [5][8]. - The company is actively expanding its comprehensive energy services, focusing on distributed energy stations and energy management contracts [4][5]. - The report indicates that the company achieved a historical high in electricity sales volume, despite the overall decline in profit [9]. Industry Context - The energy sector is experiencing a shift towards low-carbon development, with a growing emphasis on clean energy sources such as hydropower, wind, and solar [7][14]. - The national energy policy is promoting the integration of energy systems and the development of new energy markets, which aligns with the company's strategic focus on comprehensive energy services [7][8]. - The overall economic environment remains stable, with a GDP growth of 5.3% in the first half of 2025, supporting the demand for electricity [6].

Overview - The company, Hubei Dongbei Electromechanical Group Co., Ltd., is engaging in a related party transaction to construct distributed photovoltaic power generation projects to reduce electricity costs and promote green development [1][2][6] Related Party Transaction Summary - The total contract amount for the projects with the related party, Hubei Dongbei New Energy Co., Ltd., is 14,114,655.89 RMB (approximately 2.1 million USD) [1][2] - The projects will be implemented on the rooftops of the company's subsidiaries: Dongbei Compressor Co., Dongbei Electromechanical (Jiangsu) Co., and Dongbei Foundry Co. [1][2] - The related party, Dongbei New Energy, is controlled by the same major shareholder, Huangshi Huizhi Partnership (Limited Partnership), which qualifies this transaction as a related party transaction under the Shanghai Stock Exchange regulations [2][3] Approval Process - The transaction has been approved by the company's independent directors, board of directors, and supervisory board, with related directors abstaining from voting [2][6] - The transaction does not require submission to the shareholders' meeting for approval [2][6] Historical Related Transactions - In the past 12 months, the company has not engaged in other transactions with the same related party, except for routine related transactions and those already disclosed [2][6] - The total amount of related transactions with Dongbei New Energy since the beginning of 2025 is 109,941,300 RMB (approximately 16.5 million USD) [6] Impact on the Company - The photovoltaic projects will meet the company's daily electricity needs, reduce costs, and promote environmentally friendly production practices, aligning with national carbon neutrality goals [6] - The transaction is conducted on fair market principles, ensuring no harm to the company's or shareholders' interests [6]