2026年1月5日，美联股份（02671.SZ）与一家专注于"分布式能源管理"的领军企业正式达成战略合作。双方将深度整合优势资源，携手打造"工业建筑+分 布式光伏"的产融结合，以一站式、数字化、高效益的绿色能源一体化解决方案赋能客户绿色转型，为中国工业领域的"双碳"目标达成贡献力量。 美联股份是一家专注于预制金属建筑系统的技术驱动型企业，多年来持续深耕于绿色建筑产品与工程技术的研发应用。公司的"BIPV光伏屋面一体化解决 方案"拥有多年的技术积累与成熟的实践经验，以抗风防雨性能卓越的LSIIIplus直立锁缝屋面系统为基础，配置自主研发的LS585光伏支座，完美实现了金 属屋面与光伏组件的协同增效，已在工业建筑领域积累了广泛的客户基础。 美联股份表示，公司此次战略协议的合作方，是一家业内领先的"分布式能源智慧方案"解决方与投资方，年均分布式光伏EMC合同能源开发量达 500MW，可为客户提供光伏、储能、智能、节能改造等一体化综合方案，可长期持有所开发的项目，且能为客户提供长达25年的运维，改造与智能升级 服务。 合作方多年服务于全球顶级客户，坚持以技术领先为己任，通过自身研发与股权投资，深度布局新一代组件，逆 ...

证券日报网12月25日讯 ，雅博股份在接受投资者提问时表示，BIPV是指光伏材料直接作为建筑建材使 用（如光伏幕墙），而非后期加装。公司已投资宣城海螺建筑光伏科技有限公司等企业，希望结合自身 金属屋面技术，推动BIPV在新建项目中的应用。 （编辑 袁冠琳） ...

12月15日，记者从隆基绿能获悉，隆基绿能与森特合作，将光伏技术与建筑技术耦合，让更多钢铁厂房 屋顶变身发电站，成为钢企降本减碳、绿色转型的重要力量。 据介绍，作为高耗能行业，钢铁生产的电力消耗占企业运营成本比重持续上升。面对上述情况，隆基森 特BIPV(光伏建筑一体化)锚定钢铁生产的实际需求，以绿电解决方案激活空间价值，为钢企开辟出一条 屋顶资源利用路径，助力行业实现效益增长。如宝武太钢新建热轧厂项目，在项目建设初期就引入隆基 森特隆顶系统，光伏组件与屋面结构深度融合，无需后期加装改造，避免了资源浪费。该项目全生命周 期减碳量约24万吨，为企业节省了可观的能源开支，更在碳资产积累方面占据先发优势，为新建厂房提 供"起步即绿色"的高效转型路径。 宝武太钢新建热轧厂建筑光伏一体化项目 宝武新钢硅钢厂区的部分屋顶，因使用年限较长，渗漏隐患逐步显现。厂房在实施隆基森特隆顶系统改 造后，通过无损连接技术等，从源头杜绝渗漏等问题，在节省维护费的同时，每年系统全生命周期发电 量达5550万千瓦时。这种"以改代修"的模式，让原本消耗资金的老旧屋顶，转变为持续创造收益的"绿 色资产"。 江苏长强钢铁综合料场建筑光伏一体化项目 ...

Core Insights - On November 10, the A-share market saw a total of 92 stocks hitting the daily limit up, indicating strong market activity and investor interest [1] Group 1: Stock Performance - The lithium battery stock, Furui Co., Ltd., achieved a three-day limit up streak, reflecting positive sentiment in the lithium sector [1] - The phosphorus chemical stock, Qingshuiyuan, also recorded a three-day limit up, highlighting investor confidence in the phosphorus industry [1] Group 2: Notable Stocks and Concepts - ST Zhongdi led with 17 consecutive limit up days in the real estate sector [1] - *ST Dongyi followed with 9 days in the smart home segment [1] - Other notable stocks include Moen Electric with 5 days in the power grid equipment sector, and Yangmi Clothing with 4 days in cross-border e-commerce [1] - Stocks with 3 consecutive limit up days include Qingshuiyuan (phosphorus chemical), Furui Co., Ltd. (lithium battery), and Chengxing Co. (chemical industry) [1]

Core Viewpoint - The photovoltaic building integration concept has seen a rise of 2.53%, ranking 8th among concept sectors, with significant gains from several stocks within the sector [1][2]. Group 1: Stock Performance - 109 stocks within the photovoltaic building integration sector increased in value, with notable performers including: - Double杰电气 and 霍普股份 reaching a 20% limit up - 罗普斯金, 芯能科技, and 和展能源 also hitting the limit up - 东方日升, 天合光能, and 横店东磁 showing increases of 11.15%, 9.02%, and 6.36% respectively [1][2]. - The stocks with the largest declines included 广东建科, 奥普特, and 亚通股份, which fell by 0.80%, 0.79%, and 0.70% respectively [1]. Group 2: Capital Inflow - The photovoltaic building integration sector attracted a net inflow of 1.59 billion yuan, with 61 stocks receiving net inflows, and 7 stocks exceeding 100 million yuan in net inflow [2]. - 隆基绿能 led the sector with a net inflow of 358 million yuan, followed by 天合光能, 双杰电气, and 东方日升 with net inflows of 331 million yuan, 232 million yuan, and 164 million yuan respectively [2][3]. Group 3: Capital Flow Ratios - 和展能源, *ST宝鹰, and 芯能科技 had the highest net inflow ratios at 34.40%, 29.56%, and 27.71% respectively [3]. - The top stocks by net inflow and their respective performance included: - 隆基绿能 with a 2.34% increase and a turnover rate of 4.36% - 天合光能 with a 9.02% increase and a turnover rate of 8.20% - 双杰电气 with a 20.02% increase and a turnover rate of 35.22% [3][4].

Core Viewpoint - The company, Jinggong Steel Structure, has shown significant growth in both domestic and international markets, with a notable increase in new contracts and sales volume, particularly in overseas business, which has become a crucial part of its strategy for sustainable growth [1][2][3] Group 1: Contract and Sales Performance - From January to September 2025, the company signed 533 new contracts with a total value of 17.98 billion yuan, representing a year-on-year increase of 4.8% [1] - In the third quarter of 2025, the company signed 173 new contracts worth 5.47 billion yuan, showing a year-on-year growth of 11.2% [1] - The steel structure sales volume reached 1.18 million tons from January to September 2025, marking a year-on-year increase of 34.6%, with 345,000 tons sold in the third quarter, up 11.8% year-on-year [1] Group 2: International Business Growth - As of the second quarter of 2025, the company secured new overseas orders worth 3.66 billion yuan, a year-on-year increase of 94.1%, accounting for 29% of total new orders [1] - By the end of the third quarter, the total value of new overseas orders reached 5 billion yuan, reflecting a year-on-year growth of 87.3%, surpassing the total overseas orders for the entire year of 2024 [2] Group 3: Strategic Business Development - The company focuses on high-growth industrial clients in its traditional subcontracting business, developing specialized solutions that have earned customer trust and repeat business [3] - The company is actively transforming its EPC business model for industrial buildings and leveraging existing customer channels to provide integrated green low-carbon building products and services, including BIPV [3] - The industrial chain and strategic franchise business, along with BIPV, have also seen rapid growth, with new orders of 1.14 billion yuan and 280 million yuan respectively, both exceeding the total orders for the entire year of 2024 [2]

Core Viewpoint - Shenyang Yuanda Group aims to achieve an annual sales target of 30 billion yuan by 2029 as part of its "5300" strategy, with a focus on quality and international market expansion [1][8]. Group Overview - Founded in 1993, Shenyang Yuanda Group focuses on four core business segments: curtain walls, elevators, power electronics, and environmental protection, with two listed companies: Yuanda Intelligent and Yuanda China [3][4]. - Yuanda China’s subsidiary, Shenyang Yuanda Aluminum Engineering Co., is a leading player in the global curtain wall industry, while Yuanda Intelligent leads the elevator sector in China [3]. Historical Growth and Strategic Shift - From 2003 to 2012, the company experienced rapid growth, achieving a peak annual order of nearly 18 billion yuan and seven consecutive years of 100% growth [3]. - Since 2015, the company has shifted its focus from scale to quality, from domestic to global markets, and from traditional manufacturing to high-end intelligent manufacturing [4][5]. Financial Health and International Expansion - The company has reduced its asset-liability ratio from over 50% to 32.03% through asset disposal and improved cash flow management [4][5]. - Yuanda Group has expanded its international market presence, with products now covering over 150 countries and regions, and overseas revenue accounting for over 40% of Yuanda Intelligent's income [5][6]. Innovation and R&D - The company emphasizes enhancing its innovation and R&D capabilities, transitioning from hardware sales to technology solutions, and has filed over 1,000 patents [5][6]. Recent Performance and Future Goals - In the first half of the year, the group signed new orders worth 5.231 billion yuan, a year-on-year increase of 81%, with overseas orders reaching 3.12 billion yuan [6][7]. - Yuanda Intelligent reported a revenue of 515 million yuan, a 9.51% increase, while Yuanda China achieved 1.266 billion yuan in revenue, a 16.37% increase [7]. - The "5300" strategy aims for R&D investment to be at least 5%, high-end product revenue to be over 60%, and overseas revenue to exceed 70% [7][8].

Core Viewpoint - The company reported a significant decline in total revenue and net profit for FY25, attributed to a sluggish real estate market in Hong Kong, leading to reduced project launches and contract signings [1][2] Group 1: Financial Performance - For FY25 H1, total revenue and net profit decreased by 29.3% and 29.8% respectively, amounting to HKD 3.34 billion and HKD 390 million [1] - Revenue from the Hong Kong and Macau regions fell by 32.3% to HKD 2.07 billion, representing 62.0% of total revenue [1] - New signed contracts for curtain wall projects dropped by 27.9% to HKD 3.84 billion, with contracts in Hong Kong and Macau down by 30.5% to HKD 2.20 billion and HKD 1.48 billion respectively [1] Group 2: Market Conditions - The number of new private residential projects in Hong Kong decreased by 57.0% year-on-year to approximately 6,100 units [1] - The inventory of unsold completed private residential units increased by 42.1% to about 27,000 units as of June this year [1] - The vacancy rate for Grade A office buildings in Hong Kong reached a near-high level of 13.6% in Q2 FY25, with a low completion volume of 462,700 square feet and a net absorption of only 130,700 square feet [1] Group 3: Strategic Developments - The company maintains a focus on high-value cities in mainland China, targeting quality real estate developers and new economy enterprises [2] - In FY25 H1, the company secured three curtain wall projects from Swire Properties and a project from Huawei, indicating a strategic alignment with high-profile clients [2] - The company is also expanding into friendly overseas markets, winning three projects in Singapore, including its first BIPV project at Changi Airport [2] Group 4: Rating Adjustment - Based on the mid-year performance, the company has revised down its net profit forecasts for FY25-26 by 9.7% and 15.6%, while introducing a forecast for FY27 [2] - The target price has been adjusted from HKD 1.93 to HKD 1.75, reflecting a corresponding P/E ratio of 6.0 times FY25 earnings and a potential upside of 17.2% [2] - The rating has been changed from "Buy" to "Hold" due to reduced upside potential [2]

Overview - The demand for high-end color-coated aluminum panels is rapidly increasing due to the fast development of downstream markets such as prefabricated buildings, transportation, and electrical appliances, particularly in the context of the booming photovoltaic building integration (BIPV) market [1][11] - In 2024, the demand for color-coated aluminum panels in China is expected to reach 3.5303 million tons, with a market size of 87.728 billion yuan, and an average product price of approximately 24,850 yuan per ton [1][11] Market Policies - The Chinese government has issued a series of policies to promote the development of the aluminum industry, including guidelines for green manufacturing, waste recycling, and energy conservation, which create a favorable policy environment for the color-coated aluminum panel industry [4][6] Industry Chain - The upstream of the color-coated aluminum panel industry includes suppliers of aluminum materials, coatings, and chemicals, which affect production costs and quality [7] - The downstream market encompasses various applications, including construction, packaging, electrical appliances, and transportation, with the construction sector being the largest consumer, accounting for over 40% of the market [9][11] Competitive Landscape - The color-coated aluminum panel industry in China is highly fragmented, with numerous companies and limited market share for leading firms such as Wall Huang Technology, Huada New Materials, and Lidao New Materials [13][16] - The competition focuses on product quality, technology level, and brand reputation, but the overall market remains dispersed [13] Development Trends - Future trends indicate a shift towards green production practices, with companies adopting environmentally friendly coatings and energy-saving technologies to reduce VOC emissions and waste [20] - As competition intensifies and environmental standards rise, smaller companies with insufficient technological capabilities may be eliminated, leading to increased market concentration among larger firms with strong R&D and brand presence [20]

Core Viewpoint - The 2025 Shanghai Villa Design and Technology Exhibition showcases innovative products and solutions in the field of green energy and architecture, with a focus on the aesthetic integration of photovoltaic technology in residential buildings [1][2]. Group 1: Event Overview - The Shanghai Villa Exhibition, lasting three days, features over 200 brands focusing on villa design, building materials innovation, and ecological living [1]. - Huabao New Energy, a leader in portable energy storage and green electricity solutions, presents its aesthetic curved photovoltaic tiles, which address compatibility issues on complex roof surfaces [1]. Group 2: Product Innovations - Huabao New Energy's aesthetic curved photovoltaic tiles are designed with a 150° curvature, available in two color schemes that align with new Chinese and European architectural styles, merging power generation efficiency with architectural beauty [1]. - The product has received multiple certifications, including TüV Süd, UL, and CQC, and is the first crystalline curved photovoltaic product in China to obtain an international EPD (Environmental Product Declaration) [1]. Group 3: Industry Insights - At the "Building Green Carbon: Villa Creation Future" forum, experts from various fields discuss breakthroughs in photovoltaic building integration and ecological construction [2]. - Huabao New Energy's chairman highlights the company's comprehensive product matrix, which includes portable photovoltaic products catering to different consumer needs, aiming for widespread adoption in households [2]. Group 4: Strategic Collaborations - Huabao New Energy announces a strategic partnership with the Yellow River Hydropower Company to focus on technological challenges and practical applications, promoting the large-scale use of photovoltaic tiles in high-end residential settings [3].