Core Insights - The company TBEA (特变电工) reported a total revenue of 48.401 billion yuan for the first half of 2025, reflecting a year-on-year increase of 1.12% and a net profit attributable to shareholders of 3.184 billion yuan, up 5.0% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 25.018 billion yuan, marking a 2.96% increase year-on-year, while net profit for the same period was 1.584 billion yuan, showing a significant rise of 52.5% year-on-year [1] - The gross profit margin decreased to 18.52%, down 6.83% year-on-year, while the net profit margin increased to 7.04%, up 2.91% year-on-year [1] - Total operating expenses (sales, management, and financial expenses) amounted to 3.852 billion yuan, accounting for 7.96% of revenue, which is an increase of 1.28% year-on-year [1] - Earnings per share (EPS) increased to 0.63 yuan, a rise of 5.0% year-on-year, while operating cash flow per share decreased to 0.92 yuan, down 12.56% year-on-year [1] Balance Sheet Highlights - Accounts receivable increased to 18.369 billion yuan, up 6.13% year-on-year, with accounts receivable to net profit ratio at 444.25% [1] - Cash and cash equivalents rose to 30.819 billion yuan, reflecting a 27.40% increase year-on-year [1] - Interest-bearing liabilities increased to 52.648 billion yuan, up 11.03% year-on-year [1] Changes in Financial Items - Prepayments increased by 53.97% due to higher raw material reserves and project prepayments [2] - Short-term borrowings rose by 40.93% to meet business needs [2] - The company reported a significant increase in investment income by 13,177.83% due to the sale of part of its renewable energy assets [3] Other Financial Metrics - The company’s return on invested capital (ROIC) was reported at 3.67%, indicating weak capital returns historically [4] - The net cash flow from financing activities increased by 254.99%, attributed to expanded bond issuance and reduced bank loan repayments [4] Fund Holdings - The largest fund holding TBEA shares is the Huatai-PB CSI Photovoltaic Industry ETF, with a current scale of 9.984 billion yuan and a recent net value increase of 0.36% [6]

Core Viewpoint - The company reported a significant decline in revenue and an increase in net loss for the first half of 2025, indicating challenges in the market due to intensified competition and price drops [1] Financial Performance - The company achieved a revenue of 1.673 billion yuan, a year-on-year decrease of 43.82% [1] - The net loss attributable to shareholders was 449 million yuan, an increase of 719.59% year-on-year [1] - Basic loss per share was 0.7 yuan [1] - Total assets reached 13.631 billion yuan, a growth of 10.8% compared to the end of the previous year [1] - Net assets attributable to shareholders decreased by 11.2% to 3.568 billion yuan [1] Operational Strategy - The company is implementing a strategy to phase out small, outdated kilns while increasing the proportion of large-tonnage production capacity to enhance efficiency and reduce manufacturing costs [2] - The company completed the acquisition of 74.60% of Jiangsu Kaisheng New Material Co., Ltd., which has a project for producing 1.5 million tons of ultra-thin encapsulation materials for photovoltaic modules [2] - The first 1200t/d ultra-thin rolled photovoltaic glass production line at Jiangsu Kaisheng has been successfully put into operation [2] - The 1200t/d ultra-thin rolled photovoltaic glass production line at Qinhuangdao Northern Glass Co., Ltd. was also ignited and achieved production and sales in the same month [2] - As of the end of the reporting period, large-tonnage production capacity accounted for approximately 70% of total capacity [2] - The company is planning a new generation of large-tonnage photovoltaic glass production lines, with the 2000t/d ultra-thin encapsulation materials project at Kaisheng (Zigong) New Energy Co., Ltd. nearing completion of preliminary procedures and expected to start construction in the second half of the year [2]

浦银安盛中证光伏产业交易型开放式指数 证券投资基金 基金管理人：浦银安盛基金管理有限公司 基金托管人：国泰海通证券股份有限公司 送出日期：2025 年 8 月 30 日 浦银安盛中证光伏产业 ETF2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以 上独立董事签字同意，并由董事长签发。 基金托管人国泰海通证券股份有限公司根据本基金合同规定，于 2025 年 8 月 29 日复核了本 报告中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核 内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 1 月 1 日起至 2025 年 6 月 30 日止。 第 2 页 共 50 页 浦银安盛中证光伏产业 ETF2025 ...

Core Viewpoint - The photovoltaic stocks are experiencing an upward trend, with notable increases in share prices for companies such as Xinyi Solar, GCL-Poly, and Flat Glass Technology, driven by new pricing strategies in the photovoltaic glass market [1] Group 1: Stock Performance - Xinyi Solar (00968) shares rose by 5.03%, reaching HKD 3.34 [1] - GCL-Poly (03800) shares increased by 2.52%, reaching HKD 1.22 [1] - New Energy (01799) shares grew by 1.34%, reaching HKD 6.8 [1] - Flat Glass Technology (601865) shares rose by 0.87%, reaching HKD 10.47 [1] Group 2: Pricing Developments - Some photovoltaic glass companies have begun adjusting their new order quotes for September, with the benchmark price for 2.0mm single-layer coated glass rising to RMB 13 per square meter, an increase of RMB 2 per square meter from July [1] - Flat Glass Technology indicated that pricing discussions for September orders are ongoing with clients [1] Group 3: Industry Insights - A meeting was held by the Ministry of Industry and Information Technology and other departments to discuss the regulation of competition within the photovoltaic industry, focusing on capacity, pricing, and quality [1] - Market expectations from the meeting include potential price increases for components that could transmit upstream price hikes, with recent bidding prices from China Resources (3GW) and Huadian (20GW) exceeding previous market prices [1] - Despite these developments, the overall price increase in downstream segments remains weak, and the industry currently holds approximately 500,000 tons of silicon material in inventory, which is still accumulating [1]

Financial Performance - The company reported a total revenue of 7.443 billion yuan for the first half of 2025, a year-on-year decrease of 28.84% [1] - The net profit attributable to shareholders was -679 million yuan, showing a year-on-year improvement of 29.49% [1] - In Q2 2025, the total revenue was 4.452 billion yuan, down 19.43% year-on-year, while the net profit was -412 million yuan, an increase of 39.69% year-on-year [1] - The gross margin was 3.1%, a decline of 65.58% compared to the previous year, while the net margin was -9.09%, an increase of 1.11% year-on-year [1] Key Financial Ratios - The company's total expenses (selling, administrative, and financial) amounted to 853 million yuan, accounting for 11.47% of revenue, which is an increase of 9.04% year-on-year [1] - The earnings per share (EPS) was -0.61 yuan, an increase of 28.55% year-on-year [1] - The operating cash flow per share was 0.36 yuan, a significant increase of 109.27% year-on-year [1] Business Model and Cash Flow - The company's performance relies heavily on research and marketing efforts, necessitating a thorough examination of the underlying drivers [2] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 20.68%, and the average operating cash flow over the past three years being negative [2] - The debt situation is also critical, with interest-bearing debt ratio reaching 30.46% and negative average operating cash flow over the past three years [2] Fund Holdings - The largest fund holding the company’s shares is HSBC Jintrust Low Carbon Pioneer Stock A, with 22.9884 million shares held [3] - HSBC Jintrust Core Growth A increased its holdings to 10.4836 million shares [3] - The fund's current size is 3.4 billion yuan, with a recent net value of 2.4916, reflecting a 1.97% decline from the previous trading day but a 44.52% increase over the past year [3]

Report Industry Investment Rating No industry investment rating is provided in the report. Core Viewpoints - The fundamentals of industrial silicon have changed little, and the futures market is mainly affected by the overall sentiment of commodities such as coking coal. The polysilicon futures market is influenced by both weak reality and anti - involution policy expectations, with the current policy situation unclear and the market expected to maintain wide - range fluctuations [1][7] - For industrial silicon, the spot price has slightly declined, and the market is in a state where the consumption side is in a stalemate of low - price transactions, and the supply side inventory has decreased slightly. For polysilicon, the spot price is stable, but the supply has increased in July - August, and the consumption side's production arrangement is average, resulting in a pattern of inventory accumulation [1][2][7] Market Analysis Industrial Silicon - **Futures Market**: On August 27, 2025, the main contract 2511 of industrial silicon futures opened at 8525 yuan/ton and closed at 8525 yuan/ton, a change of - 135 yuan/ton (- 1.56%) compared with the previous day's settlement. The closing position of the main contract was 275,558 lots, and the total number of warehouse receipts was 50,709 lots, a decrease of 113 lots compared with the previous day [1] - **Supply Side**: The spot price of industrial silicon has slightly decreased. The prices of some silicon products in various regions have declined, and the social inventory has decreased by 0.2 tons to 543,000 tons compared with last week [1] - **Consumption Side**: The price of organic silicon DMC is 10,500 - 11,000 yuan/ton. The price of main organic silicon products is close to the enterprise cost line, and the market is in a stalemate of low - price transactions, with downstream enterprises mainly making rigid - demand purchases [2] Polysilicon - **Futures Market**: On August 27, 2025, the main contract 2511 of polysilicon futures opened at 50,915 yuan/ton and closed at 48,690 yuan/ton, a decrease of 4.89%. The position of the main contract reached 154,537 lots, and the trading volume was 502,410 lots [4] - **Supply and Demand**: The spot price of polysilicon is stable. The supply increased significantly from July to August, and the inventory is in an accumulating pattern. The production arrangement of silicon wafers, battery cells, and components on the consumption side is average. There is a possibility of industry self - disciplined production reduction in September, which may relieve the supply pressure to some extent [7] - **Terminal Consumption**: After the previous rush to install, the domestic installation performance from June to July was average. In July, the newly - added photovoltaic installation in the country was 11.64GW, a year - on - year decrease of 44.7% and a month - on - month decrease of 18.9% [7] Strategy Industrial Silicon - **Unilateral**: Neutral - **Other Strategies**: No suggestions for cross - period, cross - variety, spot - futures, and options strategies [3] Polysilicon - **Unilateral**: Short - term range operation - **Other Strategies**: No suggestions for cross - period, cross - variety, spot - futures, and options strategies [9]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, with expectations of potential recovery in profitability due to supply adjustments in the photovoltaic glass industry [1][2][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 7.74 billion yuan, a year-on-year decrease of 28%, and a net profit attributable to shareholders of 261 million yuan, down 83% year-on-year [1]. - For Q2 2025, revenue was 3.66 billion yuan, a year-on-year decrease of 26% and a quarter-on-quarter decrease of 10%, with a net profit of 156 million yuan, down 79% year-on-year but up 46% quarter-on-quarter [1]. Operational Analysis - The company's photovoltaic glass segment generated revenue of 6.945 billion yuan in the first half of 2025, reflecting a 28% decline, attributed to a slight decrease in shipments due to production line maintenance amid supply-demand imbalances [2]. - A surge in demand driven by terminal installations from March led to a recovery in photovoltaic glass prices, improving profitability with a Q2 gross margin increase of 4.93 percentage points to 16.65% [2]. - The industry faced a significant price drop in July, with 2.0mm photovoltaic glass prices hitting a historical low of 10.5 yuan per square meter, leading to widespread losses across the sector [2]. - As of August 21, 2025, industry inventory decreased to 24.02 days, down 33% from July's peak, indicating a potential price recovery in September [2]. Cash Flow and Impairment - The company maintained positive operating cash flow, with Q2 net cash flow from operating activities reaching 1.23 billion yuan, an increase of 8% year-on-year and 639% quarter-on-quarter [3]. - The company recorded an asset impairment provision of 254 million yuan in the first half of 2025, primarily due to fixed asset impairments related to the maintenance of production lines [3]. Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been adjusted to 500 million, 1.77 billion, and 2.64 billion yuan, respectively, with current A/H share prices corresponding to 78/44, 22/12, and 15/8 times PE ratios [4]. - The ongoing contraction in photovoltaic glass supply is expected to improve profitability, supported by the company's cost advantages and strong market position [4].

Group 1 - The stock price of Trina Solar is reported at 16.17 yuan, down 0.55 yuan or 3.29% from the previous trading day, with a trading volume of 7.13 billion yuan [1] - Trina Solar's main business includes the manufacturing of photovoltaic products and system solutions, with key products such as photovoltaic modules, photovoltaic systems, and smart energy [1] - The company operates globally and holds a significant position in the photovoltaic industry chain [1] Group 2 - In the first half of the year, Trina Solar achieved operating revenue of 31.01 billion yuan, with module shipments exceeding 32 GW, where the domestic market accounted for slightly over 50% and the European market for slightly over 25% [1] - The company has adjusted its sales strategy for the U.S. market due to policy risk assessments, but has noted a recovery in U.S. module prices and plans to accelerate sales in the second half of the year [1] - Trina Solar has reported a backlog of energy storage orders exceeding 10 GWh, with an annual energy storage shipment target of over 8 GWh [1] Group 3 - On August 27, the net outflow of main funds was 53.08 million yuan, with a cumulative net outflow of 156.67 million yuan over the past five days [1]

Core Viewpoint - The report provides an overview of the performance and management of the Penghua CSI Photovoltaic Industry ETF, highlighting its investment strategy, financial performance, and market conditions affecting the photovoltaic industry in the first half of 2025 [1][2][16]. Fund Overview - Fund Name: Penghua CSI Photovoltaic Industry ETF - Fund Manager: Penghua Fund Management Co., Ltd. - Fund Custodian: Shenwan Hongyuan Securities Co., Ltd. - Total Fund Shares at Period End: 535,729,352.00 shares - Fund Contract Effective Date: February 22, 2021 - Investment Objective: To closely track the benchmark index with minimal tracking deviation [2][4]. Financial Performance - Realized Income for the Period: -22,381,681.56 CNY - Net Profit for the Period: -28,278,000.84 CNY - Average Fund Share Profit Rate: -0.0541 - Fund Share Net Value Growth Rate: -11.28% - Total Net Asset Value at Period End: 238,909,028.67 CNY - Cumulative Net Value Growth Rate: -33.10% [10][11][27]. Market Conditions - The photovoltaic sector experienced a surge in new installations in May 2025, reaching 92.92 GW, the highest monthly record, driven by the "531" installation rush [16]. - The report indicates that the domestic demand may face pressure in the second half of the year due to high installation levels and ongoing capacity pressures [16]. - The overall market performance showed resilience despite global uncertainties, with the A-share market remaining strong, influenced by robust economic data and liquidity [17][18]. Investment Strategy - The fund employs a passive index investment strategy, aiming to minimize tracking error and closely replicate the performance of the CSI Photovoltaic Industry Index [4][16]. - Adjustments to the investment portfolio are made based on changes in the index constituents and their weights, as well as market conditions affecting liquidity [4][5][6]. Management Report - Penghua Fund Management Co., Ltd. has a history of over 20 years in fund management, with a total asset management scale of 1,251.3 billion CNY as of the report date [12][13]. - The fund manager emphasizes compliance with regulations and a commitment to maximizing the interests of fund shareholders while managing risks effectively [15][18].

Group 1 - The company's stock closed at 47.36 yuan on August 26, down 2.32 yuan, a decline of 4.67% from the previous trading day [1] - The company specializes in the research, production, and sales of photovoltaic cells [1] - In the first half of 2025, the company achieved total operating revenue of 3.663 billion yuan, a year-on-year decrease of 42.53% [1] Group 2 - The company's net profit attributable to shareholders was a loss of 264 million yuan, with the loss margin widening compared to the same period last year [1] - Notably, the company's overseas revenue increased by 116.15%, with its revenue share rising to 51.87% [1] - On August 26, the net outflow of main funds was 92.218 million yuan, with a cumulative net outflow of 21.959 million yuan over the past five days [1]