Group 1 - The core viewpoint of the article is that Jinlang Technology has confirmed its production is currently orderly [2] Group 2 - The company responded to investor inquiries on its interactive platform [2]

证券日报网讯 1月12日，捷佳伟创在互动平台回答投资者提问时表示，截至2025年12月31日公司股东户 数为80963户。 （文章来源：证券日报） ...

Core Viewpoint - The photovoltaic industry is transitioning towards "high-quality development driven by technological innovation," presenting opportunities for companies like Laplace to focus on core competencies and enhance competitiveness [1][11]. Group 1: Technological Innovation - Laplace emphasizes that technological innovation is fundamental for its business, with the listing on the Sci-Tech Innovation Board providing strong momentum for its development [3]. - The company has increased the proportion of R&D personnel and significantly boosted the number of invention patents, with a total of 1,520 patent applications and 905 authorized patents as of June 30, 2025 [3]. - New automated processing equipment for half-cell and multi-slice products has been launched, improving space utilization and production efficiency [3]. Group 2: Product Development and Market Position - Laplace is advancing the application of new products such as ALD, EPD, and laser equipment, supporting the upgrade of battery technologies like TOPCon and XBC [4]. - The company is actively involved in the research and development of cutting-edge technologies for perovskite batteries and semiconductor devices, aiming to meet diverse technological needs [4][6]. Group 3: Financial and Strategic Growth - The capital empowerment from the Sci-Tech Innovation Board has provided Laplace with ample R&D funding and expanded financing channels, allowing the company to focus on N-type battery technology and semiconductor equipment development [6][9]. - The company aims to enhance its core competitiveness by increasing innovation investment and optimizing production capacity, while also expanding its international market presence [9][10]. Group 4: Industry Context and Competitive Landscape - The photovoltaic industry is shifting from "extensive growth" to a focus on technological innovation, with competition now centered on technological barriers and cost resilience [7]. - Laplace's strong technical foundation has allowed it to maintain robust performance amidst industry fluctuations, with stable growth driven by new capacity upgrades and international expansion [7][8].

格隆汇1月12日丨美畅股份(300861.SZ)在互动平台表示，公司核心业务为金刚石线的研发、生产和销 售，该产品是光伏硅片切割环节的关键耗材。现阶段公司产品的应用与客户主要集中在光伏产业链。关 于航空航天领域，公司目前暂无直接相关的下游客户。我们也关注着包括航空航天在内的其他领域前沿 技术动态，并将持续聚焦主业，以扎实的业绩回报投资者。 ...

格隆汇1月12日丨美畅股份(300861.SZ)在互动平台表示，公司核心业务为金刚石线的研发、生产和销 售，该产品是光伏硅片切割环节的关键耗材。现阶段公司产品的应用与客户主要集中在光伏产业链。关 于航空航天领域，公司目前暂无直接相关的下游客户。我们也关注着包括航空航天在内的其他领域前沿 技术动态，并将持续聚焦主业，以扎实的业绩回报投资者。 ...

捷佳伟创（300724.SZ）1月12日在投资者互动平台表示，公司目前在手订单以TOPCon为主，行业的产 线升级改造、海外市场的扩产以及公司加大布局新技术路线，都将为公司订单带来积极影响，公司海外 订单和钙钛矿设备订单保持增长。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问公司订单情况如何？市场传闻公司订单下降很厉 害。 ...

证券之星消息，1月12日光伏设备板块较上一交易日上涨2.26%，东方日升领涨。当日上证指数报收于 4165.29，上涨1.09%。深证成指报收于14366.91，上涨1.75%。光伏设备板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600151 | 航天机电 | 8.84 Z | 13.43% | -4.56 Z | -6.93% | -4.28 Z | -6.50% | | 601012 隆基绿能 | | 4.96 Z | 7.16% | -2.81亿 | -4.06% | -2.15 Z | -3.10% | | 300118 | 东方日升 | 3.72 Z | 7.18% | -2.17 乙 | -4.18% | -1.55 Z | -2.99% | | 300316 晶盛机电 | | 2.50 乙 | 11.84% | -1.38亿 | -6.53% | -1.12 Z | -5.3 ...

Core Viewpoint - The A-share market experienced a significant surge on January 12, with over 4,100 stocks closing in the green and a record trading volume of 3.64 trillion yuan, surpassing the previous high on October 8, 2024. The adjustment of export tax rebate policies for batteries has influenced market dynamics, leading to a notable increase in trading activity for the Battery 50 ETF (159796), which closed down 0.69% despite a trading volume nearing 600 million yuan [1][3]. Group 1: Market Performance - The Battery 50 ETF (159796) saw most of its constituent stocks decline, with notable drops including Sunshine Power and Xian Dao Intelligent, both down over 3%, while Ningde Times and Guoxuan High-Tech fell over 2% [3]. - The trading volume of the Battery 50 ETF (159796) surged to nearly 600 million yuan, indicating heightened investor interest despite the ETF's decline [1][3]. Group 2: Policy Impact - On January 9, two departments announced adjustments to export tax rebate policies, effective from April 1, 2026, which will reduce the VAT export rebate rate for battery products from 9% to 6%, and eliminate it entirely by January 1, 2027 [4][5]. - The previous reduction in export tax rebates for certain photovoltaic and battery products from 13% to 9% in November 2024 had already triggered a rush in exports, and the latest adjustments may lead to a similar surge, benefiting the lithium carbonate sector [5]. Group 3: Industry Outlook - Global demand for energy storage is expected to grow steadily, with projections indicating that global energy storage installations will reach 404 GWh by 2026, representing a 38% year-on-year increase [5]. - The battery sector is experiencing a sustained upward trend, driven by the growth of the global electric vehicle market, with domestic battery installations expected to maintain high growth rates through 2026 [5][6]. - Solid-state battery technology is advancing, with potential for significant industry upgrades, as companies that can provide stable supply and mature processes are likely to benefit [6]. Group 4: Investment Strategy - The Battery 50 ETF (159796) is positioned to benefit from its high content in energy storage (18.7%) and solid-state batteries (45%), making it a strong candidate for investors looking to capitalize on these growing segments [7][9]. - The ETF's focus on battery chemicals, which account for 31% of its weight, positions it well to benefit from the recovery of upstream material prices, enhancing the overall industry outlook [9][12].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the photovoltaic sector [2][7]. Core Insights - The cancellation of the export VAT rebate for photovoltaic products, effective from April 1, 2026, marks the end of over a decade of direct fiscal support for photovoltaic exports, potentially leading the industry towards high-quality development [1][2]. - A "window period" is expected to create a surge in export orders and production increases in Q1 2026, improving the performance of companies heavily reliant on exports [2]. - Following the end of the export rebate, overseas pricing for photovoltaic components is anticipated to rise, benefiting leading companies with strong brand and channel advantages [2]. - The cancellation of the rebate is seen as a response to the industry's call to reduce low-price competition, which may accelerate the exit of inefficient production capacities and allow leading firms to gain market share [2]. - Companies with overseas production capabilities and local market presence are expected to benefit from the reduced cost disadvantage of local manufacturing [2]. Summary by Sections Policy Impact - The export VAT rebate for photovoltaic products will be eliminated, transitioning the industry towards a more sustainable growth model [1][2]. Market Dynamics - A surge in orders and production is expected in Q1 2026 due to the impending policy change, similar to previous "rush to install" phenomena [2]. - The end of the rebate is likely to lead to a reevaluation of overseas component prices, with stronger pricing power for top-tier companies [2]. Competitive Landscape - The cancellation of the rebate is anticipated to facilitate the exit of low-efficiency production capacities, allowing leading companies to enhance their market share through technological and brand advantages [2]. - Companies with advanced technologies and cost advantages, such as those focusing on TOPCon/BC technologies and silicon material upgrades, are highlighted as potential investment opportunities [2]. Valuation of Key Companies - A table of key companies with their respective valuations and projected earnings for 2025-2027 is provided, indicating varying levels of profitability and market performance [3].

Core Viewpoint - JinkoSolar is focusing on advancing its N-type TOPCon technology and aims to maintain its leadership position in the solar energy sector, with significant investments planned for future growth [2]. Company Overview - JinkoSolar Co., Ltd. specializes in the research, production, and sales of solar photovoltaic modules, cells, and wafers, providing high-quality solar energy products globally [3][7]. - The company was established on December 13, 2006, and went public on January 26, 2022 [7]. Business Performance - As of September 30, 2025, JinkoSolar reported a revenue of 47.986 billion yuan, a year-on-year decrease of 33.14%, and a net profit attributable to shareholders of -3.92 billion yuan, a significant decline of 422.67% [7][8]. - The company 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 [9]. Technological Advancements - JinkoSolar has made substantial progress in its N-type TOPCon battery production, achieving a mass production efficiency of 24.7% at its Hefei factory, which is now operating at full capacity [2]. - The company is also actively developing new technologies, including IBC and perovskite batteries, and has set a world record for the efficiency of its perovskite/TOPCon tandem cells [2]. Market Activity - On January 12, JinkoSolar's stock rose by 3.56%, with a trading volume of 1.559 billion yuan and a turnover rate of 2.42%, bringing its total market capitalization to 64.033 billion yuan [1]. - The stock has seen a net outflow of 28.4871 million yuan from major investors, indicating a reduction in holdings over the past two days [4][5].