Company Overview - Airo Energy, established on March 2, 2012, is located in Tonglu County, Hangzhou, Zhejiang Province, and is set to be listed on January 3, 2024 [1] - The company primarily provides photovoltaic energy storage inverters, storage batteries, and grid-connected inverters to overseas customers, focusing on distributed photovoltaic storage and grid-connected fields [1] Financial Performance - For the first half of 2025, Airo Energy achieved a revenue of 1.807 billion yuan, representing a year-on-year growth of 14.09% [2] - The net profit attributable to the parent company was 142 million yuan, showing a year-on-year increase of 37.65% [2] - The company has distributed a total of 150 million yuan in dividends since its A-share listing [3] Stock Performance - As of September 11, Airo Energy's stock price increased by 2.00% to 76.90 yuan per share, with a total market capitalization of 12.304 billion yuan [1] - Year-to-date, the stock price has risen by 64.63%, with a 0.13% decline over the last five trading days, a 17.21% increase over the last 20 days, and a 44.36% increase over the last 60 days [1] - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on September 5 [1] Shareholder Information - As of June 30, Airo Energy had 7,771 shareholders, a decrease of 10.26% from the previous period, while the average number of circulating shares per person increased by 58.91% to 12,409 shares [2] Industry Context - Airo Energy operates within the power equipment sector, specifically in photovoltaic equipment and inverters, and is associated with concepts such as inverters, energy storage, lithium batteries, solar energy, and photovoltaic glass [2]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the trend of various futures on September 4, 2025, including股指期货,国债期货, and commodity futures [2]. Summary by Related Catalogs Futures Market Overview - On September 3, 2025, the stock market showed a differentiated trend. The ChiNext Index strengthened, while most other indices declined. The A - share trading volume decreased. The Hong Kong stock market also declined, but the inflow of south - bound funds reached a record high. Global stock markets showed mixed trends [14][15][17]. - On September 3, 2025, the bond market was generally positive. Treasury bond futures closed higher, and most bond yields declined. The global long - term bond selling wave intensified, but on September 4, US bond yields generally fell [38][40][43]. - On September 3, 2025, most international precious metal futures closed higher, and base metal futures showed mixed trends. Crude oil futures declined [10][11]. Specific Futures Predictions Stock Index Futures - Expected to be in a volatile consolidation on September 4, 2025. For example, IF2509 has resistance levels at 4441 and 4481 points and support levels at 4392 and 4360 points [2]. - In September 2025, the IF, IH, IC, and IM main contracts are expected to have a relatively strong and wide - range oscillation [18]. Treasury Bond Futures - The ten - year Treasury bond futures main contract T2512 on September 4, 2025, is likely to have a relatively strong and wide - range oscillation, with resistance levels at 108.30 and 108.43 yuan and support levels at 108.00 and 107.91 yuan [39]. - The thirty - year Treasury bond futures main contract TL2512 on September 4, 2025, is likely to have a relatively strong and wide - range oscillation, with resistance levels at 117.4 and 117.7 yuan and support levels at 116.7 and 116.5 yuan [43]. Commodity Futures - **Precious Metals**: Gold and silver futures are expected to be relatively strong on September 4, 2025. The silver futures main contract AG2510 may reach a new high since its listing [2][3]. - **Base Metals**: Copper futures are expected to be relatively strong, while alumina and nickel futures show different trends. The alumina futures main contract AO2601 is likely to be weakly volatile, and the nickel futures main contract NI2510 is expected to be in a volatile consolidation [3][58][63]. - **Energy and Chemicals**: Crude oil, PTA, and PVC futures are expected to be weakly volatile on September 4, 2025. The crude oil futures main contract SC2510 is likely to decline slightly [6]. - **Building Materials**: Rebar, glass, and soda ash futures are expected to be weakly volatile on September 4, 2025 [6]. Macro - Information and Trading Alerts - 12 provinces have raised the minimum wage standard this year, with an increase of about 8% - 12% in most provinces [7]. - The joint working group of the Ministry of Finance and the central bank held a meeting to discuss issues related to the bond market and promote its stable and healthy development [7]. - China's Ministry of Commerce imposed anti - dumping duties on US fiber optic producers, with rates ranging from 33.3% to 78.2% [7]. - The Fed's Beige Book shows that economic activity in most parts of the US has hardly changed recently, and consumer spending is flat or declining [8]. - The number of job openings in the US in July decreased to 7.181 million, the lowest in 10 months [8]. - Fed officials have different views on interest rate cuts. One believes that interest rates should be cut this month, while the other thinks the current rate is appropriate [8]. - The eurozone's August composite PMI final value slightly increased, but the service industry PMI declined [8].

Report Summary 1. Market Performance - **Futures Market**: In the domestic futures market, most contracts closed lower overnight. Gold and silver futures rose over 1%, while coking coal dropped over 3%, and several other commodities like coke and low-sulfur fuel oil fell over 2% [3]. - **Stock Market**: A-share market showed a mixed trend. The ChiNext Index rose 0.95%, while the Shanghai Composite Index fell 1.16% and the Shenzhen Component Index fell 0.65%. The Hong Kong Hang Seng Index dropped 0.6% [24]. - **Bond Market**: Bond futures in China closed higher, with the 30-year and 10-year main contracts rising 0.46% and 0.21% respectively. Global long-term bond yields generally increased, with the US 30-year Treasury yield breaking through 5% [44]. - **Foreign Exchange Market**: The onshore RMB against the US dollar rose 8 basis points at 16:30, while the US dollar index fell 0.17% [46][47]. 2. Important News **Macro News** - The joint working group of the Ministry of Finance and the People's Bank of China held its second meeting, emphasizing the synergy of fiscal and monetary policies [7]. - The RatingDog China Services PMI in August reached 53, the highest since May 2024 [8]. - Atlanta Fed President Bostic believes one rate cut this year is appropriate, subject to inflation and employment conditions [8]. **Energy and Chemical Futures** - The Shanghai Futures Exchange will launch the standard warehouse receipt generation business for offset printing paper futures from November 20, 2025 [9]. - OPEC+ will consider further increasing oil production at a meeting on Sunday, which may involve lifting a 1.65 million barrels per day production cut [9]. - China's methanol port inventory increased to 142.77 million tons as of September 3, 2025 [10]. - National urea production from January to August 2025 was 47.42 million tons, a 9.7% year-on-year increase [10]. **Metal Futures** - The Shanghai Gold Exchange will adjust the margin levels and price limits of several gold and silver contracts from September 5, 2025 [13][40]. - The World Gold Council is seeking to launch a digital form of gold, which could transform the $900 billion London physical gold market [13][42]. - Chile's lithium carbonate exports in August 2025 were 16,900 tons, a 19.2% month-on-month decrease [14]. **Black Futures** - Jinyie Iron and Steel Group conducted maintenance on a 450m³ blast furnace from August 31 to September 10, affecting daily pig iron production by about 1,700 tons [18]. - Shandong coking enterprises resumed production on September 3 after a period of production restrictions [18]. **Agricultural Futures** - Malaysia's palm oil inventory in August 2025 is expected to reach 2.2 million tons, a 4.06% increase from July [20]. - Yunnan's sugar sales as of the end of August 2025 were 2.0823 million tons, with a sales rate of 86.09% [22]. - La Nina may return from September, affecting global weather and climate [22]. 3. Financial Market **Stock Market** - Southbound funds' net inflow into the Hong Kong stock market reached HK$1.00573 trillion as of September 3, setting a new high [24]. - 41 brokerages have recommended 281 stocks for September, with an overall optimistic view on the A-share market [26]. - Institutions have shown high enthusiasm for researching North Exchange-listed companies [26]. **Industry** - The Ministry of Agriculture and Rural Affairs and the Ministry of Industry and Information Technology aim to build agricultural machinery verification platforms by 2027 [28]. - The second-hand housing market in Beijing and Shenzhen showed different trends in August, while Guangzhou's market slowed down [28]. - New energy vehicle retail sales in August reached 1.079 million units, a 5% year-on-year increase [30]. - Major paper mills announced price increases in early September [30]. **Overseas Markets** - Brazilian President Lula plans to hold a special BRICS leaders' summit on September 8 to discuss US trade policies [31]. - The US economy showed little change in recent weeks, with consumer spending flat or declining [31]. - The US job openings in July dropped to 7.181 million, a 10-month low [32]. - Some Fed officials have different views on interest rate cuts [32]. - The eurozone's August composite PMI rose slightly to 51 [32]. - The Bank of Japan may raise interest rates if the economy and prices meet expectations [34]. - Japan's new fiscal year budget application reached a record ¥122.4 trillion [34]. - South Korea's Q2 GDP grew 0.7% quarter-on-quarter [35]. - Australia's Q2 GDP grew 1.8% year-on-year [36]. **International Stock Markets** - US stocks closed mixed, with the Dow down 0.05% and the Nasdaq up 1.02% [37]. - European stocks closed higher, with the German DAX up 0.46% [37]. - Barclays believes the S&P 500 is not overvalued, especially technology stocks [38]. - Foreign investors are withdrawing from the Vietnamese stock market at an unprecedented rate [39]. **Commodity Market** - Gold and silver futures rose, while oil futures fell [3][41]. - The London Metal Exchange postponed its Asian opening time by 90 minutes [40]. **Bond Market** - China's bond market rose, while global long-term bond yields increased [44]. - US Treasury yields fell across the board [45]. **Foreign Exchange Market** - The onshore RMB against the US dollar rose slightly, while the US dollar index fell [46][47].

Core Viewpoint - Shenghong Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable increase in share price year-to-date, but a recent decline in the last five trading days [1][2]. Group 1: Stock Performance - As of September 3, Shenghong's stock price rose by 2.12% to 36.13 CNY per share, with a trading volume of 2.35 billion CNY and a market capitalization of 11.301 billion CNY [1]. - The stock has increased by 36.54% year-to-date, but has decreased by 4.92% in the last five trading days, with a 20-day increase of 8.37% and a 60-day increase of 23.35% [1]. Group 2: Financial Performance - For the first half of 2025, Shenghong reported a revenue of 1.362 billion CNY, a year-on-year decrease of 4.79%, and a net profit attributable to shareholders of 158 million CNY, down 12.91% year-on-year [2]. Group 3: Shareholder Information - As of August 20, the number of shareholders for Shenghong increased to 38,000, a rise of 5.31%, while the average circulating shares per person decreased by 5.04% to 7,072 shares [2]. - The company has distributed a total of 405 million CNY in dividends since its A-share listing, with 304 million CNY distributed in the last three years [3]. Group 4: Institutional Holdings - As of June 30, 2025, major shareholders include Qianhai Kaiyuan Public Utilities Stock, holding 12.4435 million shares, an increase of 3.1994 million shares from the previous period [3]. - Other notable shareholders include Hong Kong Central Clearing Limited and Qianhai Kaiyuan New Economy Mixed A, with respective increases in holdings [3].

Company Overview - Invtel Electric Co., Ltd. is located in Guangming District, Shenzhen, Guangdong Province, and was established on April 15, 2002. The company was listed on January 13, 2010. Its main business involves the research, manufacturing, and sales of medium and low voltage frequency converters [1] - The revenue composition of Invtel includes: frequency converters 56.52%, data centers 16.08%, electric drive and vehicle power supplies 13.13%, others 10.16%, and inverters 4.11% [1] Stock Performance - As of August 29, Invtel's stock price decreased by 2.03%, trading at 9.63 yuan per share, with a total market capitalization of 7.834 billion yuan. The trading volume was 268 million yuan, with a turnover rate of 3.77% [1] - Year-to-date, Invtel's stock price has increased by 29.07%. Over the last five trading days, it has decreased by 1.93%, while it has increased by 16.59% over the last 20 days and 25.70% over the last 60 days [1] Financial Performance - For the period from January to June 2025, Invtel reported a revenue of 2.039 billion yuan, a year-on-year decrease of 3.51%. The net profit attributable to shareholders was 123 million yuan, reflecting a year-on-year increase of 13.01% [2] - Since its A-share listing, Invtel has distributed a total of 569 million yuan in dividends, with 144 million yuan distributed over the past three years [3] Shareholder Information - As of August 20, Invtel had 102,800 shareholders, an increase of 23.17% from the previous period. The average number of circulating shares per person was 7,140, a decrease of 18.81% [2] - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 6.9487 million shares, a decrease of 16.7937 million shares from the previous period [3] Industry Classification - Invtel belongs to the Shenwan industry classification of machinery equipment - automation equipment - industrial control equipment. The company is associated with concepts such as inverters, transparent factories, small plates, high-speed rail, and robotics [1]

Company Overview - Jinko Technology, established on September 9, 2005, is located in the Binhai Industrial Park, Xiangshan Economic Development Zone, Zhejiang Province. The company was listed on March 19, 2019. Its main business involves the research, production, sales, and service of string inverters, with the primary products being string inverters [1]. Financial Performance - For the first half of 2025, Jinko Technology achieved a revenue of 3.794 billion yuan, representing a year-on-year growth of 13.09%. The net profit attributable to shareholders was 602 million yuan, showing a significant year-on-year increase of 70.96% [2]. - Since its A-share listing, Jinko Technology has distributed a total of 660 million yuan in dividends, with 318 million yuan distributed over the past three years [3]. Stock Performance - As of August 29, Jinko Technology's stock price increased by 2.03%, reaching 67.83 yuan per share, with a total market capitalization of 27.004 billion yuan. The stock has risen by 11.43% year-to-date, with a 2.88% increase over the last five trading days, 17.23% over the last 20 days, and 30.54% over the last 60 days [1]. - The stock's trading volume on August 29 was 429 million yuan, with a turnover rate of 2.00% [1]. Shareholder Structure - As of August 20, the number of shareholders for Jinko Technology reached 57,900, an increase of 11.75% from the previous period. The average number of tradable shares per shareholder decreased by 10.51% to 5,553 shares [2]. - As of June 30, 2025, among the top ten circulating shareholders, Guangfa High-end Manufacturing Stock A (004997) was the fifth largest with 6.9963 million shares, marking a new entry. The top shareholders also included E Fund Growth Enterprise ETF (159915) and Hong Kong Central Clearing Limited, with varying changes in their holdings [3]. Business Segmentation - Jinko Technology's main business revenue composition includes: grid-connected inverters (47.97%), household photovoltaic power generation systems (21.28%), energy storage inverters (20.91%), new energy power production (8.01%), and other segments (1.83%) [1]. Industry Classification - Jinko Technology is classified under the Shenwan industry as: Power Equipment - Photovoltaic Equipment - Inverters. The company is also associated with concepts such as inverters, energy storage, solar energy, mid-cap stocks, and margin financing [1].

Core Viewpoint - The stock of Sunshine Power has shown significant growth in 2023, with a year-to-date increase of 39.76% and a notable rise of 70.25% over the past 60 days, indicating strong market performance and investor interest [1]. Financial Performance - For the first half of 2025, Sunshine Power reported a revenue of 43.533 billion yuan, representing a year-on-year growth of 40.34%, and a net profit attributable to shareholders of 7.735 billion yuan, which is a 55.97% increase compared to the previous year [2]. - Cumulatively, the company has distributed 4.906 billion yuan in dividends since its A-share listing, with 3.961 billion yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Sunshine Power was 179,700, a decrease of 5.50% from the previous period, while the average number of circulating shares per person increased by 5.80% to 8,846 shares [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited, which holds 87.0503 million shares, and several ETFs, indicating a diverse institutional interest in the company [3].

资金流向方面，主力资金净流入313.03万元，特大单买入1139.92万元，占比6.47%，卖出1213.86万元， 占比6.89%；大单买入3835.01万元，占比21.77%，卖出3448.05万元，占比19.57%。 锦浪科技今年以来股价涨8.69%，近5个交易日涨2.35%，近20日涨16.34%，近60日涨26.07%。 资料显示，锦浪科技股份有限公司位于浙江省象山县经济开发区滨海工业园金通路57号，成立日期2005 年9月9日，上市日期2019年3月19日，公司主营业务涉及组串式逆变器研发、生产、销售和服务,主要产 品为组串式逆变器。主营业务收入构成为：并网逆变器47.97%，户用光伏发电系统21.28%，储能逆变 器20.91%，新能源电力生产8.01%，其他1.83%。 锦浪科技所属申万行业为：电力设备-光伏设备-逆变器。所属概念板块包括：逆变器、储能、太阳能、 中盘、融资融券等。 截至8月20日，锦浪科技股东户数5.79万，较上期增加11.75%；人均流通股5553股，较上期减少 10.51%。2025年1月-6月，锦浪科技实现营业收入37.94亿元，同比增长13.09%；归母净利润6.02 ...

Core Viewpoint - Yangguang Power has shown significant stock performance and financial growth, indicating strong market interest and operational success in the renewable energy sector [1][2]. Financial Performance - As of June 30, 2025, Yangguang Power achieved a revenue of 43.533 billion yuan, representing a year-on-year growth of 40.34% [2]. - The net profit attributable to shareholders for the same period was 7.735 billion yuan, reflecting a year-on-year increase of 55.97% [2]. - The company has distributed a total of 4.906 billion yuan in dividends since its A-share listing, with 3.961 billion yuan distributed over the past three years [3]. Stock Market Activity - On August 27, 2023, Yangguang Power's stock price increased by 2.10%, reaching 99.05 yuan per share, with a trading volume of 4.294 billion yuan [1]. - The stock has appreciated by 36.13% year-to-date, with a 3.96% increase over the last five trading days, 32.79% over the last 20 days, and 65.36% over the last 60 days [1]. - The company had a total market capitalization of 205.352 billion yuan as of the latest trading session [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Yangguang Power was 179,700, a decrease of 5.50% from the previous period [2]. - The average number of circulating shares per shareholder increased by 5.80% to 8,846 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some holdings experiencing reductions while others saw increases [3]. Business Overview - Yangguang Power, established on July 11, 2007, and listed on November 2, 2011, specializes in the research, production, sales, and service of renewable energy equipment, including solar, wind, energy storage, and electric vehicle technologies [1]. - The company's revenue composition includes 40.89% from energy storage systems, 35.21% from photovoltaic inverters, 19.29% from new energy investment and development, 2.86% from other sources, and 1.75% from photovoltaic power generation [1].

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Jinlang Technology, indicating a positive trend in stock price and financial growth [1][2][3] - As of August 27, Jinlang Technology's stock price increased by 2.13% to 67.55 CNY per share, with a total market capitalization of 26.893 billion CNY [1] - The company has seen a year-to-date stock price increase of 10.97%, with significant gains over the past 60 days at 30.03% [1] Group 2 - For the first half of 2025, Jinlang Technology reported a revenue of 3.794 billion CNY, reflecting a year-on-year growth of 13.09%, and a net profit of 602 million CNY, which is a 70.96% increase compared to the previous year [2] - The company's main business revenue composition includes grid-connected inverters (47.97%), household photovoltaic systems (21.28%), and energy storage inverters (20.91%) [1] - Jinlang Technology has distributed a total of 660 million CNY in dividends since its A-share listing, with 318 million CNY distributed over the last three years [3] Group 3 - As of August 20, the number of shareholders for Jinlang Technology increased to 57,900, marking an 11.75% rise, while the average circulating shares per person decreased by 10.51% to 5,553 shares [2] - The top ten circulating shareholders include notable funds such as GF High-end Manufacturing Stock A and E Fund Growth Enterprise ETF, with some changes in their holdings [3]