Report Summary 1. Industry Investment Rating - No investment rating is provided in the report. 2. Core View - The industrial silicon market is in a weak pattern, and the short - term sentiment of polysilicon continues to cool down. The trend intensities of both industrial silicon and polysilicon are - 1, indicating a bearish view [1][2][4]. 3. Summary by Directory Fundamental Tracking - **Futures Market**: For industrial silicon, the Si2509 contract's closing price was 8,500 yuan/ton, down 260 yuan from T - 1. Its trading volume was 225,177 lots, a significant decrease of 185,194 lots compared to T - 1. The open interest was 194,340 lots, down 18,592 lots from T - 1. For polysilicon, the PS2509 contract's closing price was 49,200 yuan/ton, up 70 yuan from T - 1, with a trading volume of 383,215 lots (down 182,623 lots from T - 1) and an open interest of 110,762 lots (down 16,227 lots from T - 1) [2]. - **Basis and Spread**: The industrial silicon's near - month contract to continuous - first spread was 0 yuan/ton, and the cost of buying near - month and selling continuous - first was 46.7 yuan/ton. The polysilicon's near - month contract to continuous - first spread was 195.0 yuan/ton [2]. - **Spot Premium and Discount**: Industrial silicon's spot premium (against different grades) and polysilicon's spot discount (against N - type re - investment material) showed various changes compared to previous periods [2]. - **Prices**: In industrial silicon, the price of East China oxygen - passing Si5530 was 9,700 yuan/ton, down 100 yuan from T - 1. In polysilicon, the price of N - type re - investment material was 47,000 yuan/ton, up 500 yuan from T - 1. Other related products in the photovoltaic industry also had price changes [2]. - **Profits**: Silicon factory profits for different regions (Xinjiang and Yunnan new - standard 553) were negative, and polysilicon enterprise profits were - 17.2 yuan/kg, up 0.7 yuan from T - 1 [2]. - **Inventory**: Industrial silicon's social inventory was 540,000 tons, and polysilicon's factory inventory was 229,000 tons. Both showed changes compared to previous periods [2]. - **Raw Material Costs**: The prices of raw materials such as silicon ore, washed coal, petroleum coke, electrodes, etc. in the industrial silicon production process had different changes [2]. Macro and Industry News - On July 31, JinkoSolar released its July 2025 investor relations activity record. By the end of this year, the production capacity of products with a power of over 640W will account for 40 - 50% of the company's total production capacity. Next year, most of the production capacity will reach the mainstream power level of 650 - 670W. The company expects to achieve a power level of about 670W for its advanced production capacity next year and 680 - 700W in the next two or three years, maintaining a 1 - 2 grade leading advantage over its main competitors [3][4].

Core Insights - Corning reported a 12% year-over-year increase in core sales for Q2 2025, reaching $4.045 billion, with core net profit up 29% to $523 million, and core EPS rising approximately 28% to $0.60, exceeding market expectations [1] - The optical communications segment showed exceptional performance, with net sales increasing 41% year-over-year to $1.57 billion, contributing over half of the company's net profit [1] - Corning's CEO highlighted strong customer response to new Gen AI and domestic solar products, indicating potential growth from advanced manufacturing capacity in the U.S. [2] Financial Performance - Q2 core sales reached $4.045 billion, with core net profit at $523 million and core EPS at $0.60, all surpassing market forecasts [1] - The company provided guidance for Q3 core sales of $4.2 billion and core EPS between $0.63 and $0.67, also above market expectations [5] Business Segments - Automotive applications and display technology segments faced challenges, with net sales declining 11% and 4% year-over-year, respectively [1] - The specialty materials segment saw a 9% increase in net sales, while life sciences remained flat [1] - The solar business, categorized under "Hemlock and emerging businesses," reported Q2 net sales of $326 million, accounting for less than 9% of total sales, with a loss of approximately $10 million [3] Strategic Moves - Corning acquired a 2GW solar module factory in Arizona from JinkoSolar, enhancing its vertical integration in the solar supply chain [2][3] - The company plans to establish a solar business with projected annual sales of $2.5 billion by 2028 [4][5] - Corning's CFO mentioned that the silicon wafer production is expected to commence in Q3 2025, with shipments to follow [4] Market Outlook - The company remains optimistic about the U.S. government's support for domestic solar manufacturing, which is crucial for its growth strategy [5] - Analysts have raised Corning's stock price target from $59 to $63, reflecting confidence in the company's future performance [5]

福莱特主要从事光伏玻璃的研发、生产和销售，产品广泛应用于光伏组件制造领域。公司是全球领先的 光伏玻璃供应商之一，在光伏产业链中占据重要位置。 7月30日晚间，福莱特发布公告披露，公司及其控股子公司对上市主体外的担保总额为0元。上市公司对 控股子公司提供担保的累计担保总额约133.48亿元，约占公司最近一期经审计净资产的61.27%。公告显 示，前述担保均无逾期情况。 风险提示：投资有风险，入市需谨慎。 截至2025年7月30日收盘，福莱特股价报17.21元，较前一交易日下跌0.45元，跌幅2.55%。当日成交量 为28.93万手，成交金额达5.06亿元。 ...

近日，苏州太湖国家旅游度假区重点项目建设传来消息，金辰智能制造华东总部项目（二期）全面 封顶，将在太湖度假区集聚光伏高效组件智能自动生产线、下一代光伏高效电池核心工艺装备、工业机 器人等业务。 金辰智能制造华东总部项目位于太湖度假区光福镇，总投资4.8亿元，分两期建设。一期占地面积 9000平方米，建筑面积19000平方米，目前已建成达产。二期占地面积18000平方米，建筑面积40000平 方米，于去年10月开工建设，预计今年8月初完成主体结构验收，目前正进行水电、消防设备设施安装 和门窗安装、内外墙粉刷，电梯等固定设备定制中。项目计划于明年1月底完成工程建设。 据悉，金辰智能制造华东总部未来将立足吴中，重点布局产业链上下游，吸引更多优质企业和高端 人才聚集，推动区域光伏产业及高端制造业高水平发展。 苏州金辰智能制造有限公司是营口金辰机械股份有限公司的全资子公司。金辰股份是国家高新技术 企业、国家级专精特新"小巨人"企业，专注于为工业企业提供全自动化智能生产线和真空制程技术解决 方案及高端装备，深耕光伏高效电池、高效组件制造装备和工艺服务产品领域，服务全球客户超210 家。 ...

Core Viewpoint - Green Kang Biochemical is undergoing a significant asset restructuring by transferring its photovoltaic film assets to a related party for a total consideration of 0 yuan, indicating a strategic retreat from the photovoltaic sector due to financial burdens [1][2][3]. Group 1: Asset Transfer Details - Green Kang Biochemical announced the sale of 100% equity in three subsidiaries related to photovoltaic film production to Jiangxi Raoxin New Energy Materials Co., Ltd. for 0 yuan, as this transaction is classified as a related party transaction [1][2]. - The acquiring party, Kangyi Investment, is a controlling shareholder of Green Kang Biochemical, with other involved parties being significant shareholders [2]. Group 2: Financial Performance and Challenges - In 2024, Green Kang Biochemical's photovoltaic film revenue reached 231 million yuan, marking a year-on-year increase of 60.89%, accounting for 35.62% of total revenue [3]. - Despite the revenue growth, the gross margin for photovoltaic films was -38.63%, leading to increased losses for the company [3]. - The company anticipates a net loss of 50 million to 65 million yuan for the first half of 2025, representing a reduction in losses compared to the previous year [3].

Group 1 - The core viewpoint is that the recent increase in polysilicon futures prices has positively influenced the sentiment in the photovoltaic sector, with notable stock performances from companies like Foster, which hit the daily limit up [1] - As of July 29, 2025, the CSI Photovoltaic Industry Index (931151) rose by 0.37%, with key stocks such as Foster increasing by 9.21%, and other companies like Dier Laser and Daquan Energy also showing significant gains [1] - The Photovoltaic ETF Fund (516180) increased by 0.33%, with a recent price of 0.61 yuan, and has seen a cumulative increase of 1.50% over the past week, ranking 3rd out of 10 comparable funds [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include companies like Sungrow Power, LONGi Green Energy, and TCL Technology, which collectively account for 55.39% of the index [2]

Group 1 - The national industrial and information technology authorities are focusing on deepening reforms and enhancing industry governance modernization, with an emphasis on the implementation of the "14th Five-Year Plan" [1] - There is a commitment to consolidate the achievements of the "involution" competition rectification in the new energy vehicle industry and strengthen governance in key sectors such as photovoltaics [1] - The construction of a mandatory national standard system in the industrial and information technology sector will be strengthened, along with the development of a talented workforce and the promotion of "double first-class" construction in affiliated universities [1] Group 2 - The CSI Photovoltaic Industry Index (931151) has seen a decline of 0.50% as of July 29, 2025, with mixed performance among constituent stocks [1] - Leading stocks include Foster (603806) up by 5.54%, Daqo New Energy (688303) up by 2.43%, and Weidao Nano (688147) up by 2.26%, while Keda Data (002335) led the decline at 2.93% [1] - The CSI Photovoltaic Industry Index comprises up to 50 representative listed companies from the photovoltaic industry chain, with the top ten weighted stocks accounting for 55.39% of the index as of June 30, 2025 [2]

Group 1 - The revision of the "Price Law" provides a legal basis for "anti-involution," signaling positive developments in product quality monitoring and the revision of multi-crystalline silicon energy consumption standards [1] - Despite concerns about negative feedback on terminal demand following price increases in the industry chain, the domestic and international markets are entering a traditional stocking peak in the latter half of Q3, indicating potential for unexpected demand performance based on component production signals from August to September [1] - As of July 28, 2025, the CSI Photovoltaic Industry Index (931151) decreased by 0.16%, with mixed performance among constituent stocks, including a 2.88% increase in Juhe Materials (688503) and a 1.58% decrease in South Glass A (000012) [1] Group 2 - The CSI Photovoltaic Industry Index closely tracks the performance of up to 50 representative listed companies involved in the photovoltaic industry chain, reflecting the overall performance of these securities [2] - As of June 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index accounted for 55.39% of the index, including major companies such as Sungrow Power (300274) and Longi Green Energy (601012) [2]

Investment Rating - The investment rating for the company is "Buy" due to its strong performance and growth potential in the photovoltaic support structure market [37]. Core Viewpoints - The company is recognized as a "small giant" in the photovoltaic support structure sector, with significant sales growth driven by major overseas clients, particularly NEXTracker, which accounts for 70% of its sales in 2024 [32][6]. - The company has established strong partnerships with well-known photovoltaic support structure enterprises both domestically and internationally, enhancing its market presence [7]. - The company has shown rapid revenue and profit growth, with a projected revenue of 729 million yuan and a net profit of approximately 90 million yuan for 2024, reflecting a CAGR of 29.78% and 46.09% respectively over the past three years [8]. Summary by Sections 1. Company Overview - The company specializes in photovoltaic support structures, including key components such as torque tubes (TTU), bearing components (BHA), and installation structure parts (URA) [6]. - It has a strong focus on research and innovation, holding 61 patents and various quality certifications [6]. 2. Issuance Plan - The new share issuance will adopt a direct pricing method, with an initial scale of 11.2 million shares, representing 26.67% of the total post-issue share capital, and is expected to raise approximately 269 million yuan [14][17]. 3. Industry Situation - The photovoltaic industry is experiencing rapid growth, with global new installations expected to reach between 390GW and 430GW in 2024 [19]. - The domestic market continues to lead globally in new installations, with significant growth in the demand for photovoltaic support structures anticipated [20]. 4. Competitive Advantages - The company has advantages in process technology, cost control, production delivery, and quality management, which enhance its competitiveness in the market [25][26]. - It has established long-term relationships with major clients, ensuring stable demand for its products [26]. 5. Comparable Companies - The company is compared with other firms in the industry, showing a lower market capitalization and PE ratio, indicating potential for growth relative to its peers [33]. 6. Subscription Analysis - The report recommends active participation in the subscription, highlighting the company's low initial valuation and small float, which could lead to significant upside potential [32].

Core Viewpoint - Chint New Energy plans to invest $700 million in constructing a second solar module manufacturing plant in Balıkesir, Turkey, with operations expected to begin by the end of 2025 [1] Group 1: Investment and Expansion Plans - The company has acquired land in a local organized industrial zone for the new facility [1] - The initial focus of the plant will be on photovoltaic silicon wafers and battery production, targeting an annual capacity of 3 GW [1] - Full production is anticipated by 2028, with an expanded annual capacity of 5 GW and the introduction of finished solar modules [1]