（文章来源：每日经济新闻） 2025第八届中国国际光伏与储能产业大会昨日开幕，大会聚焦"风光储氢电充"等新能源、新材料、技 术、人才优势，覆盖光伏、储能、氢能、智能运维、应用场景等新能源全产业链，吸引通威股份、阳光 电源、美科股份、京运通等产业链各环节约5000家企业参会参展，集中展示光伏、储能、运维等领域的 创新成果。 市场早盘震荡分化，AI产业链软硬件方向集体发力，光伏、储能、锂电池等概念有所调整，截至9点54 分，中证光伏产业指数下跌1.5%，国证新能源电池指数下跌1.8%，相关ETF持续获资金青睐，储能电池 ETF（159566）昨日净流入超2亿元，近10个交易日合计"吸金"11亿元，产品规模创下历史新高。 中证光伏产业指数汇聚光伏产业链上下游龙头企业，覆盖硅料、硅片、电池片等环节，纯度较高；国证 新能源电池指数覆盖储能电池核心产业链，储能系统占比约65%，两只指数成分股有望受益于光储产业 规模扩张与技术进步。光伏ETF易方达（562970）、储能电池ETF（159566）分别跟踪以上指数，可助 力投资者便捷布局产业链龙头。 有关人士表示，"规模领先"奠定了我国在全球光储产业的地位和市场影响力，但我们 ...

Core Viewpoint - The company, Zhongneng Electric (300062.SZ), clarifies that it does not engage in transformer manufacturing, focusing instead on the photovoltaic sector, including the operation of solar power plants and EPC services [1] Group 1: Business Operations - The company operates in the photovoltaic field, providing services such as feasibility studies, design, material procurement, equipment installation, engineering construction, grid connection, and operation and maintenance [1] - The subsidiary, Zhongneng Xiangrui, serves as the operational entity for the company's photovoltaic EPC business, showcasing a comprehensive service offering throughout the project lifecycle [1] Group 2: Industry Expertise - With over 20 years of experience in the power distribution and transmission equipment industry, the company has established a solid customer base in sectors such as power grids, power generation enterprises, rail transit, and mining [1] - Zhongneng Xiangrui possesses complete qualifications for implementing photovoltaic EPC projects, demonstrating advantages in design, procurement, engineering construction, and project management [1]

Group 1: Company Overview - The company is a high-tech enterprise specializing in the research, development, manufacturing, and sales of relays and transformers, ranking among the top in China's electronic components industry [2] - The company's relay products include six categories: general power relays, magnetic latching relays, automotive relays, new energy relays, photovoltaic relays, and signal relays, along with inductors and transformers [2] - Future plans include strengthening the core areas of general power relays, magnetic latching relays, transformers, and magnetic materials while maintaining profitability and developing new profit growth centers [2] Group 2: Production and Capacity - The company has a mature production line for high-voltage direct current relays, primarily used in industries such as new energy vehicles, photovoltaics, energy storage, and charging piles [3] - Current production lines have been upgraded through intelligent transformation and lean management, ensuring the ability to meet order demands in core business areas [3] Group 3: Market Expansion - The company aims to increase its overseas market revenue share, focusing on general and electric board products, which currently have a high revenue proportion in overseas markets [3] - As of the first half of 2025, domestic revenue accounted for 71.92%, while overseas revenue made up 28.08%, with significant progress in regions like India, Europe, Central Asia, and Southeast Asia [4] Group 4: Risk Management - To address the risk of product concentration, the company is optimizing its product structure and accelerating revenue growth in automotive, new energy, photovoltaic, and energy storage applications [4] - The company plans to diversify through acquisitions and mergers to reduce risks associated with concentrated product lines [4]

Group 1 - The China Securities New Energy Index decreased by 0.1%, the National Securities New Energy Battery Index fell by 0.6%, the China Securities Shanghai Carbon Neutrality Index dropped by 1.0%, and the China Securities Photovoltaic Industry Index declined by 2.0% as of midday closing [1][5] - The Energy Storage Battery ETF (159566) saw a net subscription exceeding 20 million units during the half-day session [1] Group 2 - The index focuses on the energy storage sector, consisting of 50 companies involved in battery manufacturing, energy storage battery inverters, energy storage battery system integration, and battery temperature control and fire protection, which are expected to benefit from future energy development opportunities [3] - The Photovoltaic ETF managed by E Fund tracks the China Securities Photovoltaic Industry Index, which is composed of 50 representative companies across the upstream, midstream, and downstream of the photovoltaic industry chain [5] - The Carbon Neutrality ETF managed by E Fund tracks the China Securities Shanghai Carbon Neutrality Index [6]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported a revenue of 870 million yuan for the first three quarters of 2025, a year-on-year decline of 57.62%. The net profit attributable to the parent company was -208 million yuan, showing a reduction in losses compared to the previous year. In Q3 2025, the revenue was 237 million yuan, down 58.03% year-on-year and down 25.44% quarter-on-quarter, with a net profit of -75 million yuan, which was stable compared to the previous quarter [2][6]. Financial Performance - Q3 gross margin was -6.67%, a decrease of 4.88 percentage points, attributed to price reductions in the domestic market following a decline in demand. The company’s operating cash flow for the first three quarters was 275 million yuan, a year-on-year increase of 144.69%. The balance of accounts receivable and inventory has significantly decreased since the beginning of the year, indicating a substantial reduction in operational risks. The asset-liability ratio at the end of Q3 was 51%, which is considered healthy [12][12]. Market Outlook - Since September, the price of photovoltaic films has increased multiple times. If the internal competition leads to a price increase for components, it will create opportunities for profit recovery in the film sector. The company has made significant progress in its PDCLC dimming film technology, securing contracts with major automotive manufacturers and expanding its application scenarios [12][12]. Future Projections - The company’s collaboration with H.B. Fuller on photovoltaic encapsulation film production lines has entered the installation and trial production phase. Equipment for the Turkish project has been shipped and successfully arrived at the port, which will enhance the company's influence in overseas markets. The PDCLC technology is expected to benefit from increased penetration rates in the automotive dimming film market, with further product line expansions anticipated [12][12].

Group 1 - The core viewpoint of the news is that TuoRi New Energy has seen a significant stock price increase of 8.26%, reaching 4.98 CNY per share, with a trading volume of 141 million CNY and a market capitalization of 7.037 billion CNY as of November 17 [1] - TuoRi New Energy, established on August 15, 2002, and listed on February 28, 2008, specializes in the research, production, and sales of various solar energy products, including amorphous silicon, monocrystalline silicon, and polycrystalline silicon solar cells [1] - The company's main revenue sources are photovoltaic products (60.71%), electricity sales (35.25%), other income (3.11%), and engineering income (0.92%) [1] Group 2 - According to data, one fund under Xinhua Fund holds a significant position in TuoRi New Energy, with the Xinhua Industry Leader Theme Stock Fund (011457) owning 280,400 shares, accounting for 1.86% of the fund's net value, making it the tenth largest holding [2] - The Xinhua Industry Leader Theme Stock Fund was established on March 24, 2021, with a current size of 54.6941 million CNY, achieving a year-to-date return of 15.27% and a one-year return of 2.5% [2] - The fund has experienced a cumulative loss of 31.52% since its inception [2] Group 3 - The fund managers of the Xinhua Industry Leader Theme Stock Fund are Lin Zhai and Zhang Dajiang, with Lin having a tenure of 5 years and 314 days and a best fund return of 16.4% during his management [3] - Zhang Dajiang has a tenure of 2 years and 314 days, achieving a best fund return of 35.47% during his management [3]

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨福莱特玻璃（06865.HK） [Table_Title] Q3 利润同环比大幅增长，海外销售占比持续提 升 报告要点 [Table_Summary] 福莱特发布 2025 年三季报，2025 前三季度公司实现收入 124.64 亿元，同比下降 14.66%；归 母净利 6.38 亿元，同比下降 50.79%；其中，2025Q3 实现收入 47.27 亿元，同比增长 20.95%， 环比增长 29.22%；归母净利 3.76 亿元，同比扭亏，环比增长 142.93%，超出市场预期。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 申浩树 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490525060004 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 福莱特玻璃（06865.HK） cjzqdt11111 [Table_Title ...

Investment Rating - The report gives a "Buy" investment rating for Jianghan New Materials [2][5]. Core Views - Jianghan New Materials is the largest silane coupling agent producer in China and the third largest globally, with a market share of nearly 20% [3][11]. - The demand for functional silanes is expected to rise due to emerging needs in new energy, photovoltaics, and semiconductors, which will likely drive price recovery [3][52]. - The company has a strong competitive edge due to low-cost advantages, high-quality customer resources, robust R&D capabilities, and ample cash flow [4][68]. Summary by Sections 1. Company Overview - Jianghan New Materials has over 20 years of experience in product R&D and operations, maintaining the largest market share in China and ranking among the top three globally [3][11]. - The company has a comprehensive "silicon powder-silane-high-end materials" integrated industrial chain, with over 100 varieties across 14 series of silane products [3][25]. 2. Demand Growth Drivers - The demand structure shows that silicone rubber accounts for the largest share at 32%, followed by composite materials at 18.5% and adhesives at 16.7% [42][44]. - The production of rubber tires, especially green tires, is expected to increase the demand for sulfur-containing silanes, with domestic new energy vehicle sales reaching 8.33 million units in 2025, a year-on-year increase of 15.37% [51][52]. - The CAGR for new photovoltaic installations is projected at 14% from 2024 to 2028, which will boost the demand for high-end silanes in encapsulation films and backsheet materials [52]. 3. Competitive Advantages - The company has achieved significant cost control through large-scale production and a closed-loop chlorine element recycling process, with a gross margin of 27.91% in H1 2025 [4][69]. - Jianghan New Materials has established long-term framework agreements with several high-end clients, ensuring stable order fulfillment [4][74]. - R&D investment remains high, with R&D expenses accounting for 3.30% of revenue in H1 2025, reflecting a commitment to innovation [4][81]. 4. Financial Performance and Forecast - The company forecasts net profits of 450 million, 595 million, and 698 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.20, 1.59, and 1.87 yuan per share [5][6]. - The report indicates that the company's profitability is expected to recover as the market for functional silanes begins to improve [5][68].

Group 1 - The core viewpoint of the article highlights that Indonesia's tin exports are experiencing a recovery due to rising international tin prices and the restoration of domestic production capacity, despite ongoing governance issues that hinder the industry's competitiveness [1][2][4] Group 2 - From January to September, Indonesia exported 37,600 tons of refined tin, reaching 68% of the government's annual export quota, with a 25.8% increase in export value in the third quarter, amounting to $1.16 billion [2] - The international tin price has been driven up by the closure of 1,000 illegal tin mines in Bangka-Belitung province, which raised concerns about global tin supply tightening, leading to a surge in London Metal Exchange (LME) tin prices, with November contracts exceeding $37,000 per ton [2][3] - The recovery of Indonesia's tin exports is supported by the approval of project plans and export licenses for 23 companies, indicating a restoration of order in the industry [3] Group 3 - Governance reforms are identified as a critical variable affecting the long-term competitiveness of Indonesia's tin industry, with a consensus on the need for a unified and transparent tin benchmark price system [4][5] - The Indonesian parliament is accelerating the legislative process for the benchmark price system, aiming to establish a national pricing formula by January 1, 2026, to address issues of price manipulation and resource outflow [4] - PT Timah, as a leading company, is initiating pilot projects for the legalization of artisanal miners and is advocating for the government to expedite the introduction of relevant regulations to enhance the tin industry's compliance and stability [4][5] Group 4 - The political landscape shows a strong stance against illegal mining, with President Prabowo indicating that illegal tin mining and smuggling have caused Indonesia an annual loss of approximately 40 trillion Indonesian rupiah (around $2.4 billion) over the past 20 years [5]

Group 1 - The photovoltaic sector experienced a significant short-term rally on November 14, with Longi Green Energy rising over 8%, and other companies like Zhongxin Bo and Shangneng Electric increasing by over 12% and 8% respectively [1][2] - The Photovoltaic Selected Index rose by 3.28%, reaching a value of 5396.57 [2] - Longi Green Energy is set to acquire approximately 61.9998% of the voting rights in Suzhou Jingkong Energy Technology Co., Ltd. through equity acquisition, capital increase, and voting rights entrustment, marking its entry into the energy storage business [2]