Core Viewpoint - The company Shijia Photonics plans to acquire an 82.381% stake in Dongguan Fokexima Communication Technology Co., Ltd. through a combination of share issuance and cash payment, aiming to enhance its production capabilities in optical components and strengthen its market position in the optical communication sector [1][2]. Group 1: Acquisition Details - Shijia Photonics will acquire the stake from five parties, including Guangdian Fund and Liu Xiaoming, and the company's stock will resume trading on July 11 [1]. - Fokexima specializes in the research, production, and sales of MPO components, which are essential for high-speed data transmission in data centers [1][2]. Group 2: Market Context - The optical device market is experiencing rapid growth due to increasing demand driven by advancements in cloud computing, big data, IoT, and AI technologies [1]. - Fokexima has launched several low-loss MT connectors and has developed a range of MT connector products, achieving mass production and gaining recognition from major market clients [2]. Group 3: Financial Performance - In 2024, Shijia Photonics reported a revenue of 1.075 billion yuan, a year-on-year increase of 42.40%, and a net profit of 64.93 million yuan, up 236.57% [3]. - For the first quarter of 2025, the company achieved a revenue of 436 million yuan, reflecting a 120.6% year-on-year growth, and a net profit of 93.19 million yuan, which is a 1003.8% increase [3].

Core Viewpoint - Morgan Stanley's report highlights increasing government concern over disorderly competition in China's solar industry, while noting uncertainty in the implementation of supply-side reforms and risks related to weak demand and the predominance of private enterprises in the market [1] Industry Insights - From June 30 to July 8, Chinese solar stocks, particularly polysilicon companies (Tongwei, Daqo, GCL-Poly, and Xinte), saw stock price increases of 28%-36%, compared to a 0.3% rise in the Hang Seng Index and a 1.5% rise in the Shanghai Composite Index [2] Supply-Side Reform Developments - Key developments regarding supply-side reforms include: - On June 29, the People's Daily emphasized the intense competition within the solar module industry - On July 1, the Central Financial Committee condemned low-price competition, with solar photovoltaic being a key focus - On July 3, the Minister of Industry and Information Technology hosted a forum with leading photovoltaic companies and the China Photovoltaic Industry Association (CPIA) - GCL-Poly and Tongwei hinted at the possibility of forming a capacity acquisition fund with other top-ranked companies to consolidate the polysilicon industry [3] Market Conditions and Risks - Morgan Stanley identifies several uncertainties in the implementation of reforms: - Due to policy milestones in May, photovoltaic demand may decline in the second half of 2025, with a projected installation capacity of 198GW from January to May 2025 - The photovoltaic manufacturing value chain is predominantly led by private enterprises, with many new capacities established under local government investment attraction since 2022 - Most new capacities in the polysilicon/silicon wafer/cell/module segments were built between 2022-2024, utilizing new emission standards and technologies - High polysilicon inventory levels (>300 thousand tons) equate to four months or more of demand [3][4][6]

Core Viewpoint - The upcoming conference on perovskite solar cells, scheduled for August 26-28, 2025, in Changzhou, Jiangsu, aims to address the development of the perovskite industry and will feature over a thousand attendees and more than a hundred participating companies [1]. Group 1: Perovskite Technology - Perovskite has emerged as a promising solar cell technology due to its high efficiency and low cost, achieving a rapid increase in photoelectric conversion efficiency from 3.8% in 2009 to levels approaching the efficiency limits of crystalline silicon cells [3]. - Despite its advantages, the reliability of large-sized perovskite modules remains a significant barrier to large-scale commercialization, with current stability being notably inferior compared to traditional crystalline silicon modules, which have a lifespan of over 30 years [3]. Group 2: Conference Details - The conference will feature a keynote presentation by Liu Liang, the photovoltaic product operations director at TÜV NORD Group, focusing on the reliability testing and failure analysis of large-sized perovskite photovoltaic modules [1][5]. - TÜV NORD Group, established in 1869, is a leading third-party inspection, testing, and certification organization with a global presence, providing comprehensive testing and certification services for the entire supply chain of solar photovoltaic products [7].

Core Viewpoint - The photovoltaic industry is experiencing a strong signal for rectifying low-price disorderly competition, with silicon material prices beginning to rise [1][2] Group 1: Price Trends - The recent data from the China Nonferrous Metals Industry Association's Silicon Industry Branch indicates that the price of multi-crystalline silicon has continued to rise, with the N-type multi-crystalline silicon price range at 34,000-38,000 yuan/ton and an average price of 37,100 yuan/ton, reflecting a week-on-week increase of 6.92% [1] - The N-type granular silicon price range is reported at 34,000-37,000 yuan/ton, with an average price of 35,600 yuan/ton, also showing a week-on-week increase of 6.27% [1] - Although silicon wafer prices remained stable, several silicon wafer manufacturers raised their prices by 8% to 11.7% on July 9, with N-type G10L single crystal silicon wafer price increasing to 1 yuan/piece (up 11.1%), N-type G12R to 1.15 yuan/piece (up 11.7%), and N-type G12 to 1.35 yuan/piece (up 8.0%) [2] Group 2: Industry Dynamics - The silicon industry association noted that the price increase is primarily due to multi-crystalline silicon companies operating at a loss for over a year, leading to prices being significantly below comprehensive costs [2] - Despite the price increases in silicon materials, the downstream market has not stabilized, causing silicon wafer companies to remain cautious in the short term [2] - Industry experts suggest that the multi-crystalline silicon segment could lead the way out of the current "involution" situation, with potential price rebounds benefiting the entire supply chain [3] Group 3: Company Performance - Some photovoltaic companies have begun to turn losses into profits in the second quarter of this year, indicating positive signals in the industry [4] - Recent announcements from A-share companies show that Foster expects a net profit of 473 million yuan for the first half of the year, a decrease of 49.05% year-on-year, while TCL Zhonghuan anticipates a loss of 4 to 4.5 billion yuan [5] - Aiko Solar is expected to narrow its losses, projecting a net profit of 20 million to 130 million yuan for the second quarter, marking its first potential quarterly profit since Q4 2023 [5] Group 4: Market Sentiment - The industry is focusing on building a healthy business ecosystem, with companies expressing reluctance to accept orders that do not yield profits [6] - The ongoing discussions about "anti-involution" reflect a broader concern about establishing sustainable business practices within the N-type BC industry [6]

Market Overview - On July 10, A-shares saw all three major indices rise, with the Shanghai Composite Index up by 0.48%, the Shenzhen Component Index up by 0.47%, and the ChiNext Index up by 0.22%, continuing a warming trend [1] - The China A50 Index led the mainstream indices with a rise of 0.64% [2] - In the Hong Kong market, the Hang Seng China Enterprises Index increased by 1.66%, while the Hang Seng Index rose by 0.57% [4][5] Sector Performance - The real estate sector led the gains with an increase of 3.19%, followed by oil and petrochemicals at 1.54%, and steel at 1.45%. Conversely, the automotive sector fell by 0.62%, media by 0.54%, and defense and military by 0.41% [7] Industry Highlights Photovoltaic Industry - The photovoltaic sector is witnessing a positive shift towards breaking the "involution" competition, with leading silicon material companies forming a platform company to acquire excess capacity in the industry. This aims to balance supply and demand by unifying production and sales [7] - Analysts suggest that this transformation will significantly alter the industry ecosystem, moving from "price wars" to "quality pricing," which could lead to an orderly exit of backward production capacity and improve supply-demand dynamics [7] Banking Sector - On July 10, A-share bank stocks strengthened, with the four major state-owned banks reaching historical highs. The banking sector is attracting funds due to its high dividend yield and stable operations [8] - Financial policies are accelerating, with a more flexible monetary policy expected to support credit growth. The focus on the cost of bank liabilities may alleviate net interest margin pressures, indicating positive fundamentals for the banking sector [8]

河南仕佳光子科技股份有限公司董事会 关于本次交易信息发布前公司股票价格波动情况的说明 河南仕佳光子科技股份有限公司（以下简称"公司"或"上市公司"）拟通 过发行股份及支付现金方式购买东莞福可喜玛通讯科技有限公司（以下简称"标 的公司"或"福可喜玛"）股权并募集配套资金（以下简称"本次交易"）。本 次交易完成后，福可喜玛将成为上市公司的控股子公司。 根据《上海证券交易所上市公司自律监管指引第6号——重大资产重组》的 规定，现就相关期间公司股票价格波动情况，公司经自查后说明如下： 河南仕佳光子科技股份有限公司董事会 剔除同行业板块因素影响后的涨跌幅 17.40% 在剔除大盘因素影响后，公司股价在本次交易首次公告日前20个交易日内累 计涨跌幅超过20%。在剔除同行业板块因素影响后，公司股价在本次交易首次公 告日前20个交易日内累计涨跌幅未超过20%。 在本次交易的筹划过程中，公司已根据法律法规及证券监管部门的有关规定， 采取了严格的保密措施，尽可能缩小内幕信息知情人员的范围，严格履行了本次 交易信息在依法披露前的保密义务，同时，公司按照上交所的要求进行了交易进 程备忘录、内幕信息知情人有关材料的填报和提交。 特此说 ...

Group 1 - The company, Henan Shijia Photon Technology Co., Ltd., plans to issue shares and pay cash to acquire 82.3810% equity of Fuke Xima, while also raising supporting funds from no more than 35 specific investors [10][19][30] - The transaction involves several parties, including Henan Hongqi Optoelectronic Industry Fund, Liu Xiaoming, Xuan Guodong, Foshan Youxiu Yisheng Equity Investment Partnership, and Zhao Hongjun [10][19] - The final transaction price for the assets will be determined based on an evaluation report from a qualified appraisal agency, which is yet to be completed [10][30] Group 2 - The transaction is expected to enhance the company's core competitiveness by securing the production process of MT connectors, thereby stabilizing supply and reducing overall costs [24][25] - The company aims to enrich its product structure and technical accumulation through this acquisition, which is anticipated to strengthen cooperation in the optical device sector [24][25] - The transaction is projected not to result in a change of control for the company, as the actual controller remains the same before and after the transaction [23][24] Group 3 - The company will issue shares to raise supporting funds, with the total amount not exceeding 100% of the transaction price for the asset acquisition [19][21] - The shares issued for the supporting funds will not exceed 30% of the total share capital after the transaction [19][21] - The funds raised will be used for working capital, cash payment for the transaction, intermediary fees, and transaction taxes [19][21] Group 4 - The company has committed to strict compliance with information disclosure obligations and will ensure fair pricing for the transaction [27][29] - The company will provide a network voting platform for shareholders to participate in decision-making regarding the transaction [27][28] - The transaction is subject to approval from relevant regulatory bodies, and the company has already completed some decision-making procedures [26][30]

Market Overview - A-shares experienced a collective rise on July 10, with the Shanghai Composite Index surpassing the 3500-point mark, closing at 3509.68 points, up 0.48% [1] - The Shenzhen Component Index rose 0.47% to close at 10631.13 points, while the ChiNext Index increased by 0.22% to 2189.58 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 149.42 billion yuan, a slight decrease of 11 billion yuan compared to the previous day [1] Sector Performance - The majority of industry sectors saw gains, with real estate development, engineering consulting services, real estate services, cement and building materials, coal, small metals, diversified finance, and steel industries leading the increases [1] - Conversely, the jewelry, shipbuilding, and manufacturing sectors experienced declines [1] Stock Movement - A total of 2947 stocks rose, with 69 hitting the daily limit up, while 2279 stocks fell, with 14 hitting the daily limit down [1] - The market showed signs of volatility, with significant fluctuations observed during the trading day, particularly in blue-chip stocks such as banks, insurance, and real estate [1] Investment Trends - Market focus on sectors experiencing a turnaround, particularly in photovoltaic, lithium battery, and real estate concepts, with significant price increases in silicon wafer prices ranging from 8% to 11.7% due to upstream silicon material price hikes [2] - Despite positive technical indicators, including a bullish engulfing pattern in the Shanghai Composite Index, the overall buying strength remains insufficient, indicating caution in stock selection is necessary [2] Company Spotlight - Xiangguo's stock performance was notable, with 86 out of 147 stocks rising, including Qidi Pharmaceutical, which hit the daily limit up after a previous gain of over 9% [3] - Qidi Pharmaceutical's main business includes "Guhang Yangshengjing" series products and traditional Chinese medicine, reporting a net profit of -16.26 million yuan for Q1 2025, a year-on-year decline of 96.23% [3] - The company is preparing for a potential change in control due to the auction of 24.47% of shares held by its controlling shareholder, and it has signed a strategic cooperation agreement to develop a traditional Chinese medicine health and wellness tourism base [3]

，观望情绪较重。近日锡价宽幅调整，下游逢低采买为主，现货升水上调至600元/吨，国内库存小幅下降 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 。而海外延续去库，LME注销仓单增加。技术面，持仓低位多空分歧，区间宽幅调整，关注270000关口阻 力。操作上，建议暂时观望，参考26.2-27.0。 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 266740 | 3850 LME3个月锡(日,美元/吨) | 33250 | -70 | | | 8月-9月合约收盘价:沪锡(日,元/吨) | -20 | 10 主力合约持仓量:沪锡(日,手) | 26471 | -162 | | | 期货前20名净持仓:沪锡(日,手) | 1701 | 611 LME锡:总库存(日,吨) | 2060 | 75 | | | 上期所库存:锡(周,吨) | 7198 | 243 LME锡:注销仓单(日,吨) | ...

Core Viewpoint - The photovoltaic (PV) sector is experiencing a rebound in stock prices due to expectations of production cuts and rising prices in the upstream supply chain, despite a slowdown in terminal demand [1][2][4]. Group 1: Market Performance - The photovoltaic index has risen significantly, with the photovoltaic ETF (515790.OF) increasing by over 14% since the last week of June, and 20 PV stocks have seen gains exceeding 20% [1][2]. - The price of silicon materials has increased by over 6% week-on-week, with rumors of silicon wafer companies raising their prices by 8% to 11.7% [1][2][3]. - The main multi-crystalline silicon futures contract has risen by 5% as of July 10, with a cumulative rebound of nearly 35% since June 26 [2]. Group 2: Company Performance - TCL Zhonghuan (002129.SZ) is expected to report a significant increase in net profit losses for Q2, with estimates ranging from 4 billion to 4.5 billion yuan, attributed to falling product prices and inventory pressures [5]. - Aiko Solar (爱旭股份, 600732.SH) anticipates a turnaround in Q2, projecting a net profit loss of 170 million to 280 million yuan, a significant improvement compared to previous losses exceeding 5 billion yuan [4][5]. - The performance of companies in the PV sector is showing divergence, with some manufacturers experiencing worsening losses while others manage to narrow their losses through product differentiation [4]. Group 3: Industry Trends - The industry is facing challenges such as overcapacity, homogeneous competition, and low-price competition, prompting a shift towards production cuts and policy adjustments to address these issues [2][6]. - The domestic PV market's terminal demand is currently weak, and the sustainability of price increases will depend on effective policies to regulate price competition and excess capacity [6]. - Analysts suggest that the focus should be on the rapid technological iteration in battery cells and the high-cost silicon material segment, which may lead to the exit of less efficient production capacities [6].