（编辑 楚丽君） 证券日报网讯 9月23日晚间，锦浪科技发布公告称，公司于近日收到中国证券监督管理委员会出具的 《关于同意锦浪科技股份有限公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕 2104号）（以下简称"批复"），现将批复文件内容公告如下：一、同意你公司向不特定对象发行可转换 公司债券的注册申请。二、你公司本次发行应严格按照报送深圳证券交易所的申报文件和发行方案实 施。三、本批复自同意注册之日起12个月内有效。四、自同意注册之日起至本次发行结束前，你公司如 发生重大事项，应及时报告深圳证券交易所并按有关规定处理。 ...

智通财经APP讯，锦浪科技(300763.SZ)公告，公司近日收到中国证券监督管理委员会出具的《关于同意 锦浪科技股份有限公司向不特定对象发行可转换公司债券注册的批复》，同意公司向不特定对象发行可 转换公司债券的注册申请。 ...

Core Viewpoint - The article discusses the recent performance and business fundamentals of Hema Electric Power Electronics Co., Ltd., highlighting its involvement in the photovoltaic and energy storage sectors, as well as its financial metrics and market position. Company Overview - Hema Electric Power Electronics Co., Ltd. specializes in the research, manufacturing, and sales of photovoltaic inverters, energy storage products, and electrical equipment [2][7] - The company's main products include micro-inverters, monitoring equipment, distributed photovoltaic systems, modular inverters, and energy storage systems [2][7] Financial Performance - For the first half of 2025, Hema achieved a revenue of 1.005 billion yuan, representing a year-on-year growth of 10.78%, while the net profit attributable to shareholders was 16.27 million yuan, a significant decrease of 91.33% [8] - As of June 30, the number of shareholders was 9,849, a decrease of 5.73%, with an average of 12,597 circulating shares per person, an increase of 6.08% [8] Market Position and Recognition - Hema has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China for companies excelling in niche markets and possessing strong innovation capabilities [2] - The company has a significant international presence, with overseas revenue accounting for 64.25% of total revenue, benefiting from the depreciation of the Renminbi [3] Shareholder Activity - On March 5, 2025, Hangkai Holdings Group announced plans to increase its stake in Hema, with an investment ranging from 111.5 million yuan to 223 million yuan, funded by its own resources and special loans [3] Trading Activity - On September 23, Hema's stock fell by 0.96%, with a trading volume of 125 million yuan and a turnover rate of 0.93%, bringing the total market capitalization to 13.499 billion yuan [1]

截至午间收盘，上证科创板50成份指数下跌2.7%，科创综指下跌3.1%，科创100指数下跌3.6%，上证科创板成长指数下跌3.9%。 Wind数据显示，科创板 50ETF（588080）最新规模达723亿元，成为科创板所有ETF中规模第一的产品。 182 9 科创板系列指数基本情况 (2025年9月23日) 科创板50ETF 跟踪上证科创板50成份指数 该指数由科创板中市值大、流动性 好的50只股票组成,"硬科技"龙 头特征显著,半导体占比超60%, 与医疗器械、软件开发、光伏设备 行业合计占比超75% | 截至午间收盘 | 该指数 | | --- | --- | | 该指数涨跌 | 滚动市盈盈 | 2. 7% 科创100ETF易方达 跟踪上证科创板100指数 该指数由科创板中市值中等且流动 性较好的100只股票组成,聚焦中 小科创企业,电子、医药生物、电 力设备、计算机行业合计占比超 80%,其中电子、医药生物行业占 比较高 截至午间收盘 该指数 该指数涨跌 滚动市盈 -3. 6% 281. 2 科创综指ETF易方达 跟踪上证科创板综合指数 该指数由科创板全市场证券组成, 全面覆盖十. 中、八舟风格 娶佳 ...

Core Insights - The Chinese string welding machine industry is experiencing rapid growth driven by policy support and technological advancements, with a projected market size of approximately 5.258 billion yuan in 2024, representing a year-on-year growth of 16.02% [1][8] - String welding machines play a crucial role in enhancing the production efficiency and quality of photovoltaic modules, with multi-busbar technology (MBB) becoming the mainstream due to its optical loss advantages and improved current collection capabilities [1][8] Industry Overview - String welding machines are automated devices controlled by industrial computer systems, utilizing mechanical transmission mechanisms for battery cell transportation and welding through high-temperature gas or infrared heating methods [2] - The industry is characterized by significant technological barriers and rapid iterations, with MBB technology dominating the market as cell sizes increase [8] Industry Value Chain - The upstream of the string welding machine industry includes metal materials (steel, aluminum), mechanical transmission components (motors, gears), electrical control systems (electronic components, sensors), and welding heads [4] - The midstream involves the manufacturing of string welding machines, while the downstream applications are primarily in photovoltaic module manufacturing, including residential, commercial, and utility-scale solar projects [4] Market Demand and Growth - The growth in the string welding machine market is closely linked to the increasing installed capacity of photovoltaic power generation, which reached 1.099 billion kilowatts by June 2025, a year-on-year increase of 54.08% [5][6] - The demand for photovoltaic modules is driving the prosperity of the string welding machine market [6] Relevant Policies - The development of the string welding machine industry is strongly supported by national and local policies aimed at promoting high-quality growth in the photovoltaic industry and achieving carbon peak and carbon neutrality goals [5] - Policies such as the "Implementation Plan for Promoting Equipment Upgrading in the Industrial Sector" encourage the upgrade of advanced equipment, including string welding machines [5] Market Size - The string welding machine industry is projected to reach a market size of approximately 5.258 billion yuan in 2024, with a year-on-year growth of 16.02% [8] - The industry is marked by significant technological barriers and rapid iterations, with MBB technology leading the market [8] Key Players - The competitive landscape of the string welding machine industry is characterized by a "one strong, many strong" feature, with Aotaiwei holding over 70% of the global market share [9] - Aotaiwei's production capacity for large-size ultra-high-speed multi-busbar string welding machines reaches 7,200 cells per hour, adapting to N-type battery technology [9] - Other companies like Xian Dao Intelligent and Ningxia Xiaoniu are capturing niche markets through differentiated competition [10] Industry Development Trends 1. Focus on technological breakthroughs to drive high-end and intelligent upgrades, with a shift towards high precision and efficiency technologies [11] 2. Accelerate global expansion and regional collaboration, with leading companies establishing overseas production capacities and R&D centers [12] 3. Innovate circular economy models to promote green and low-carbon transformation, with a focus on reducing energy consumption and promoting recycling [13][14]

Core Points - The article discusses various ETFs tracking the STAR Market indices, highlighting their focus on high-tech sectors and growth potential [2] Group 1: STAR Market ETFs - The STAR Market 50 ETF tracks the STAR Market 50 Index, consisting of 50 large-cap and liquid stocks, with over 60% in semiconductors and more than 75% in sectors like medical devices and software [2] - The STAR Market 100 ETF follows the STAR Market 100 Index, which includes 100 mid-cap stocks, focusing on small and medium-sized tech companies, with over 80% in electronics, biomedicine, and electrical equipment [2] - The STAR Market Comprehensive Index ETF tracks the STAR Market Comprehensive Index, covering all market securities and focusing on core industries like AI, semiconductors, and new energy, encompassing all 17 primary sectors of the STAR Market [2] Group 2: Performance Metrics - The STAR Market 50 ETF has a rolling P/E ratio of 176.5 times, with a valuation percentile of 99.0% since its launch in 2020 [2] - The STAR Market 100 ETF has a rolling P/E ratio of 277.2 times, with its launch date on August 7, 2023 [2] - The STAR Market Comprehensive Index ETF has a rolling P/E ratio of 260.5 times, launched on January 20, 2025 [2] - The STAR Market Growth 50 ETF tracks the STAR Market Growth Index, focusing on 50 stocks with high growth rates in revenue and net profit, with a rolling P/E ratio of 221.3 times and a valuation percentile of 96.3% since its launch in 2022 [2]

Core Viewpoint - JinkoSolar's stock experienced a decline of 3.18% on September 22, with a trading volume of 580 million yuan and a market capitalization of 51.827 billion yuan [1] Group 1: Company Performance and Developments - JinkoSolar has successfully mass-produced high-efficiency N-type TOPCon batteries and is actively developing new technologies and processes, including IBC and calcium-titanate batteries [2] - The company has a strong technical reserve in the N-type TOPCon field, with clear paths for efficiency improvement and cost reduction, and plans to increase investment to maintain its leadership in the "N-type era" [2] - JinkoSolar's main business includes the research, production, and sales of solar photovoltaic modules, battery cells, and silicon wafers, providing high-quality solar products globally [2][6] - As of June 30, JinkoSolar reported a revenue of 31.831 billion yuan for the first half of 2025, a year-on-year decrease of 32.63%, and a net profit attributable to shareholders of -2.909 billion yuan, a decrease of 342.38% [6] Group 2: Market and Financial Analysis - The main net inflow of funds for JinkoSolar was -93.958 million yuan, accounting for 0.18%, indicating a continuous reduction in main funds over three days [3][4] - The average trading cost of JinkoSolar's shares is 6.03 yuan, with recent reductions in holdings but at a slower pace; the current stock price is between resistance at 5.20 yuan and support at 5.17 yuan, suggesting potential for range trading [5] - JinkoSolar has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed over the past three years [7] Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder of JinkoSolar, holding 438 million shares, an increase of 57.206 million shares from the previous period [8] - The Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF are also among the top shareholders, with changes in their holdings noted [8]

行 业 及 产 业 电力设备/ 光伏设备 2025 年 09 月 22 日 光伏玻璃库存创近一年新低，看好 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 李冲 A0230524070001 lichong@swsresearch.com 马天一 A0230525040004 maty@swsresearch.com 联系人 李冲 (8621)23297818× lichong@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 后续盈利修复 看好 ——光伏行业点评 - ⚫ 事件：根据百川孚盈数据显示，9 月 19 日行业库存量 130 万吨，创近一年新低；根据 SMM 数据显示，8 月底光伏玻璃开工率水平也在持续下降，截至 8 月底，光伏玻璃产 能为 12.9 万吨/天，行业开工率为 51.59%。 ⚫ 反内卷促进价格上涨：行业自律与政策引导共促复苏。光伏玻璃行业的"反内卷"行动 已成为推动价格回升的关键因素。2025 年 7 月，多家光伏玻璃企业计划集体减产 30%，这是行业应对恶性竞争的重要举措。事 ...

Core Points - HeMai Co., Ltd. (688032.SH) closed at 109.85 yuan, with a decline of 1.16% on September 22, 2023, marking three consecutive trading days of losses [1] - The stock is currently in a state of breaking below its initial public offering (IPO) price of 557.80 yuan per share, which was set during its listing on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021 [1] - The total amount raised from the IPO was 5.578 billion yuan, with a net amount of 5.406 billion yuan after deducting issuance costs, exceeding the original plan by 4.848 billion yuan [1] Financial Information - The total issuance costs for the IPO amounted to 172 million yuan, with underwriting and sponsorship fees accounting for 142 million yuan [2] - HeMai Co., Ltd. announced dividend plans, including a distribution of 30 yuan per 10 shares in May 2022, 53 yuan per 10 shares in June 2023, and a planned 36 yuan per 10 shares in June 2024, along with stock bonuses [2]

证券之星消息，9月22日光伏设备板块较上一交易日下跌1.29%，*ST金刚领跌。当日上证指数报收于 3828.58，上涨0.22%。深证成指报收于13157.97，上涨0.67%。光伏设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300776 | 帝尔激光 | 73.04 | 4.72% | 7.09万 | | 5.16亿 | | 603398 | *ST沐邦 | 7.78 | 4.43% | 40.24万 | | 2.93亿 | | 688556 | 高测股份 | 10.95 | 2.82% | 32.14万 | | 3.52亿 | | 300316 | 晶盛机电 | 39.49 | 2.25% | 43.36万 | | 16.68亿 | | 603381 | 永钰股份 | 25.49 | 2.12% | 11.48万 | | 2.97亿 | | 688503 | 緊和材料 | 64.60 | 1.73% | 15.90万 | | 10.23亿 | ...