Report Industry Investment Rating No relevant content provided. Core Viewpoints - In September 2025, the year-on-year decline of PPI was 2.3%, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat for two consecutive months on a month-on-month basis, indicating a continuous easing of the downward pressure on industrial product prices. The prices in the midstream manufacturing industry improved, and the prices in industries such as coal and ferrous metals continued to rise; in the industries related to external demand, the prices of electronics and aircraft manufacturing maintained growth. Structurally, there were differentiation characteristics: on the one hand, the prices of new quality productivity industries such as photovoltaic equipment rebounded, and the prices of consumer upgrade products increased significantly; on the other hand, affected by the decline in international oil prices, the prices of domestic oil-related products weakened. Overall, the current recovery of PPI is mainly driven by the low-base effect and policy expectations, but the recovery of downstream demand is still uneven, and the subsequent trend of industrial product prices still needs to focus on the substantial improvement of the demand side [4]. - In September 2025, the year-on-year decline of CPI was 0.3%, with the decline narrowing by 0.1 percentage points compared to the previous month, and the month-on-month change turned from flat to an increase of 0.1%. The core CPI increased by 1.0% year-on-year, with the increase expanding for 5 consecutive months, and it returned to above 1% for the first time in nearly 19 months. Food prices decreased by 4.4% year-on-year, and the prices of major food items such as fresh vegetables and pork were still in the downward range; non-food prices increased by 0.7% year-on-year, among which the increases of industrial consumer goods such as gold jewelry and household appliances were obvious; service prices maintained stable growth. Overall, the continuous recovery of core CPI shows that domestic consumer demand is steadily recovering with policy support, but the drag of food prices still exists, and the improvement of CPI in the fourth quarter may be limited [5]. Summary by Directory 1. Macro Events - On October 15th, the National Bureau of Statistics released data showing that in September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year. Among them, the CPI in urban areas decreased by 0.2%, and that in rural areas decreased by 0.5%; food prices decreased by 4.4%, and non-food prices increased by 0.7%; consumer goods prices decreased by 0.8%, and service prices increased by 0.6%. From January to September, the average national consumer price decreased by 0.1% compared with the same period of the previous year. - In September 2025, the national producer price index (PPI) for industrial products decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat on a month-on-month basis. The purchase price index for industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared to the previous month, and increasing by 0.1% on a month-on-month basis. From January to September, the average producer price index for industrial products decreased by 2.8% compared with the same period of the previous year, and the purchase price index for industrial producers decreased by 3.2% [3]. 2. 9 - Month Inflation Decline Convergence - PPI - The decline of PPI continued to narrow. In September 2025, PPI decreased by 2.3% year-on-year (with the decline narrowing by 0.6 percentage points compared to the previous month), and remained flat for two consecutive months on a month-on-month basis; the purchase price for industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared to the previous month, and increasing by 0.1% on a month-on-month basis. - The price pressure in the midstream manufacturing industry eased. The prices in the midstream processing industry improved. The prices of coal mining and washing increased by 2.5% month-on-month, and the prices of coal processing increased by 3.8% month-on-month, both rising for two consecutive months. The prices of ferrous metal smelting and rolling processing increased by 0.2% month-on-month; the prices of non-metallic mineral products decreased by 0.4% month-on-month, but the decline narrowed by 0.6 percentage points compared to the previous month. - Some improvements were seen in the external demand industries. Driven by the construction of a modern industrial system, the prices of electronic special material manufacturing increased by 1.2% year-on-year. In the field of intelligent unmanned aerial vehicle manufacturing, the prices of aircraft manufacturing increased by 1.4% year-on-year. - The impact of international input was differentiated. The decline in international oil prices led to a 2.7% month-on-month decrease in domestic oil extraction prices and a 1.5% month-on-month decrease in refined petroleum product manufacturing prices. - The new quality productivity industries maintained growth. The new driving forces for development grew steadily, and the prices of related industries rebounded year-on-year. The prices of photovoltaic equipment and component manufacturing turned from a decline to an increase, with a growth rate of 0.8%; the prices of waste resource comprehensive utilization industries increased by 0.9% year-on-year. - Consumer demand continued to provide support. The demand for upgraded consumption continued to increase. The prices of arts and crafts and ceremonial supplies manufacturing increased by 14.7%, the prices of sports ball manufacturing increased by 4.0%, and the prices of nutritional food manufacturing increased by 1.8%. - Overall, the year-on-year recovery of PPI in the third quarter was mainly affected by the low-base effect and anti-involution market expectations. By industry, non-ferrous metal prices were relatively strong, while ferrous metal prices were relatively weak due to slow recovery of downstream demand and inventory accumulation; in September, international crude oil prices were weak due to geopolitical factors, and the ex-factory prices of related petrochemical products also declined. As the steady growth plans for various industries are gradually implemented and the effects of anti-involution policies are further manifested, the subsequent industrial product prices will follow the demand trend. Attention should be paid to whether there will be incremental policy promotion in the fourth quarter, and industrial product prices may maintain a weak pattern [9][10]. 3. 9 - Month Inflation Decline Convergence - CPI - CPI turned from flat to an increase on a month-on-month basis, and the year-on-year decline narrowed. In September, CPI decreased by 0.3% year-on-year (with the decline narrowing by 0.1 percentage points compared to the previous month), and turned from flat to an increase of 0.1% on a month-on-month basis. The core CPI excluding food and energy prices increased by 1.0% year-on-year, with the increase expanding by 0.1 percentage points compared to the previous month, expanding for the 5th consecutive month, and it returned to above 1% for the first time in nearly 19 months. From January to September, the average CPI decreased by 0.1% compared with the same period of the previous year. - The year-on-year decline of food prices slightly expanded. Food prices decreased by 4.4% year-on-year, with the decline expanding by 0.1 percentage points compared to the previous month. Among them, the prices of pork, fresh vegetables, and eggs decreased by 17.0%, 13.7%, and 13.5% respectively year-on-year; the prices of fresh fruits decreased by 4.2% year-on-year. On a month-on-month basis, food prices increased by 0.7% in September, among which the prices of fresh vegetables, eggs, and fresh fruits all showed seasonal increases. - The increase of non-food prices expanded. Non-food prices increased by 0.7% year-on-year. Among industrial consumer goods, the prices of gold jewelry and platinum jewelry increased by 42.1% and 33.6% respectively year-on-year; the prices of household appliances and household daily sundries increased by 5.5% and 3.2% respectively year-on-year. - Service consumption maintained stable growth. Service prices increased by 0.6% year-on-year. Among them, the prices of medical services and household services increased by 1.9% and 1.6% respectively year-on-year; affected by factors such as the end of the summer vacation and the misaligned Mid-Autumn Festival, the prices of airplane tickets and hotel accommodation decreased by 1.7% and 1.5% respectively year-on-year. - The year-on-year decline of CPI in September narrowed marginally to -0.3%, mainly due to the carry-over effect. The continuous expansion of the core CPI increase and its return to above 1% indicate that domestic consumer demand continues to recover under the support of macro policies. In the short term, food prices continue to decline, and durable goods prices face downward pressure, so the improvement of CPI in the fourth quarter may be weak [26][27]. 4. Appendix: CPI and PPI Data for September 2025 - In September 2025, the national consumer price index (CPI) decreased by 0.3% year-on-year. Among them, the CPI in urban areas decreased by 0.2%, and that in rural areas decreased by 0.5%; food prices decreased by 4.4%, and non-food prices increased by 0.7%; consumer goods prices decreased by 0.8%, and service prices increased by 0.6%. From January to September, the average national consumer price decreased by 0.1% compared with the same period of the previous year. In September, the national consumer price index increased by 0.1% on a month-on-month basis. Among them, the CPI in urban areas remained flat, and that in rural areas increased by 0.2%; food prices increased by 0.7%, and non-food prices decreased by 0.1%; consumer goods prices increased by 0.3%, and service prices decreased by 0.3%. - In September, the prices of food, tobacco, and alcohol decreased by 2.6% year-on-year, affecting the CPI (consumer price index) to decrease by about 0.74 percentage points. Among food items, the prices of fresh vegetables decreased by 13.7%, affecting the CPI to decrease by about 0.35 percentage points; the prices of eggs decreased by 11.9%, affecting the CPI to decrease by about 0.08 percentage points; the prices of livestock and meat decreased by 8.4%, affecting the CPI to decrease by about 0.27 percentage points, among which the prices of pork decreased by 17.0%, affecting the CPI to decrease by about 0.26 percentage points; the prices of fresh fruits decreased by 4.2%, affecting the CPI to decrease by about 0.09 percentage points; the prices of grains decreased by 0.7%, affecting the CPI to decrease by about 0.01 percentage points; the prices of aquatic products increased by 0.9%, affecting the CPI to increase by about 0.02 percentage points. The prices of the other seven major categories increased in six and decreased in one. Among them, the prices of other supplies and services, household supplies and services, and clothing increased by 9.9%, 2.2%, and 1.7% respectively, and the prices of medical care, education, culture, and entertainment, and housing increased by 1.1%, 0.8%, and 0.1% respectively; the prices of transportation and communication decreased by 2.0%. - In September, the prices of food, tobacco, and alcohol increased by 0.5% on a month-on-month basis, affecting the CPI to increase by about 0.13 percentage points. Among food items, the prices of fresh vegetables increased by 6.1%, affecting the CPI to increase by about 0.13 percentage points; the prices of eggs increased by 2.7%, affecting the CPI to increase by about 0.02 percentage points; the prices of fresh fruits increased by 1.7%, affecting the CPI to increase by about 0.03 percentage points; the prices of aquatic products decreased by 1.8%, affecting the CPI to decrease by about 0.04 percentage points; the prices of pork decreased by 0.7%, affecting the CPI to decrease by about 0.01 percentage points. The prices of the other seven major categories increased in four, remained flat in one, and decreased in two. Among them, the prices of other supplies and services and clothing increased by 1.3% and 0.7% respectively, and the prices of household supplies and services and medical care increased by 0.3% and 0.2% respectively; the prices of housing remained flat; the prices of transportation and communication and education, culture, and entertainment decreased by 0.9% and 0.4% respectively. - In September 2025, the national producer price index (PPI) for industrial products decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month, and remaining flat on a month-on-month basis. The purchase price index for industrial producers decreased by 3.1% year-on-year, with the decline narrowing by 0.9 percentage points compared to the previous month, and increasing by 0.1% on a month-on-month basis. From January to September, the average producer price index for industrial products decreased by 2.8% compared with the same period of the previous year, and the purchase price index for industrial producers decreased by 3.2%. - In September, among the producer prices for industrial products, the prices of means of production decreased by 2.4%, affecting the total level of producer prices for industrial products to decrease by about 1.81 percentage points. Among them, the prices of the mining industry decreased by 9.0%, the prices of the raw material industry decreased by 2.9%, and the prices of the processing industry decreased by 1.7%. The prices of means of subsistence decreased by 1.7%, affecting the total level of producer prices for industrial products to decrease by about 0.45 percentage points. Among them, the prices of food decreased by 1.7%, the prices of clothing decreased by 0.3%, the prices of general daily necessities increased by 0.7%, and the prices of durable consumer goods decreased by 3.9%. - Among the purchase prices for industrial producers, the prices of fuel and power decreased by 8.1%, the prices of chemical raw materials decreased by 5.5%, the prices of agricultural and sideline products decreased by 5.4%, the prices of building materials and non-metals decreased by 4.5%, the prices of ferrous metal materials decreased by 2.9%, the prices of textile raw materials decreased by 1.7%; the prices of non-ferrous metal materials and wires increased by 6.6%. - In September, among the producer prices for industrial products, the prices of means of production remained flat. Among them, the prices of the mining industry increased by 1.2%, the prices of the raw material industry remained flat, and the prices of the processing industry decreased by 0.1%. The prices of means of subsistence decreased by 0.2%, affecting the total level of producer prices for industrial products to decrease by about 0.04 percentage points. Among them, the prices of food decreased by 0.1%, the prices of clothing remained flat, the prices of general daily necessities increased by 0.2%, and the prices of durable consumer goods decreased by 0.4%. - Among the purchase prices for industrial producers, the prices of non-ferrous metal materials and wires increased by 1.2%, the prices of fuel and power increased by 0.5%, the prices of ferrous metal materials increased by 0.4%; the prices of building materials and non-metals decreased by 0.6%, the prices of chemical raw materials decreased by 0.4%, the prices of agricultural and sideline products decreased by 0.2%, the prices of textile raw materials decreased by 0.1% [41][43][45]. 5. National Bureau of Statistics Urban Department Chief Statistician Dong Lijuan's Interpretation of CPI and PPI Data for September 2025 - In September, the consumer market generally operated smoothly. The consumer price index (CPI) increased by 0.1% on a month-on-month basis and decreased by 0.3% year-on-year. The core CPI excluding food and energy prices increased by 1.0% year-on-year, with the increase expanding for the 5th consecutive month. The in-depth promotion of the construction of a unified national market and the continuous optimization of the market competition order led to the producer price index (PPI) for industrial products remaining flat on a month-on-month basis; it decreased by 2.3% year-on-year, with the decline narrowing by 0.6 percentage points compared to the previous month. - CPI turned from flat to an increase on a month-on-month basis, and the core CPI year-on-year increase rebounded to 1%. CPI increased on a month-on-month basis, turning from flat to an increase of 0.1%. Among them, food prices increased by 0.7% on a month-on-month basis, with the increase expanding by 0.2 percentage points compared to the previous month, affecting CPI to increase by about 0.13 percentage points on a month-on-month basis. Among food items, the prices of fresh vegetables, eggs, fresh fruits, mutton, and beef all showed seasonal increases, with the increase ranging from 0.9% to 6.1%; the supply of pork and aquatic products was sufficient, and the prices decreased by 0.7% and 1.8% respectively. The prices of industrial consumer goods excluding energy increased by 0.5%, affecting CPI to increase by about 0.12 percentage points on a month-on-month basis. Among them, affected by the increase in international gold prices, domestic gold jewelry prices increased by 6.5%; with the new autumn clothing season, clothing prices increased by 0.8%; the prices of cultural and entertainment durable consumer goods, household appliances, and household daily sundries increased by 0

Core Insights - In August, the CPI decreased by 0.4% year-on-year, while the core CPI increased by 0.9% [2][3] - The PPI saw a year-on-year decline of 2.9%, a reduction from the previous month's 3.6% [2][3] Inflation Data Analysis - The significant drop in CPI was primarily due to high food prices from last year's extreme weather, weak seasonal food price increases, and falling oil prices [3][4] - The core CPI's increase to 1.5% from 0% at the beginning of the year marks the highest level since 2021, driven by improved durable goods prices [3][4][18] - Food prices showed a year-on-year decline of 4.3%, while energy prices saw a smaller decline of 3.1% [17][20] PPI Insights - The PPI's year-on-year decline has narrowed, indicating a potential second round of recovery starting from August [3][30] - The PPI remained flat month-on-month, ending an eight-month downward trend, with production materials showing a slight increase [30][31] - The coal and raw materials sectors experienced price increases due to improved supply-demand dynamics influenced by anti-involution policies [31][33] Impact of the Photovoltaic Industry - Since early July, the photovoltaic industry has seen a price rebound of 25%, significantly impacting the PPI [10][13] - The photovoltaic sector's weight in the PPI is approximately 2.4%, and a doubling of its prices could increase the PPI by about 0.3% [6][14][15] Price Change Dynamics - The proportion of CPI items with price increases has decreased seasonally, while the number of PPI industries with price increases has risen [35][37] - The proportion of production materials with price increases has also declined, indicating a shift in market dynamics [39]

Core Viewpoint - Shanxi Province's electricity consumption in the first half of the year reached 156.96 billion kWh, showing a year-on-year growth of 6.3%, indicating a stable and improving economic performance [1][3] Group 1: Electricity Consumption by Sector - The first sector's electricity consumption was 1.40 billion kWh, up 6.81% year-on-year [1] - The second sector's electricity consumption was 1,126 billion kWh, increasing by 5.05% year-on-year [1] - The third sector's electricity consumption was 254.67 billion kWh, with a growth of 12.18% year-on-year [1] - Residential electricity consumption reached 174.9 billion kWh, growing by 6.29% year-on-year [1] Group 2: Industrial Electricity Consumption - Industrial electricity consumption increased by 5.17% year-on-year, reflecting the acceleration of transformation and upgrading [2] - Electricity consumption in the non-ferrous metal mining and selection industry grew by 23.97%, while the petroleum, coal, and other fuel processing industries saw a 16.41% increase [2] - The coal mining and washing industry experienced a 7.98% rise in electricity consumption [2] - The photovoltaic equipment and components manufacturing industry saw a significant increase of 671.83% in electricity consumption [2] Group 3: Growth in New Energy and Services - New energy vehicle manufacturing, medical instrument manufacturing, urban rail transit equipment manufacturing, and instrument manufacturing experienced electricity consumption growth rates of 197.09%, 36.5%, 27.2%, and 25.63% respectively [2] - The service sector's electricity consumption grew by 12.48%, with internet data services increasing by 43.28% [2] - The charging and swapping service industry saw a remarkable increase of 91.1% in electricity consumption due to the promotion of heavy-duty electric vehicle policies and the popularity of residential new energy vehicles [2] - The tourism industry grew by 14.78%, positively impacting wholesale and retail electricity consumption, which increased by 27.8% [2]

Group 1 - The company held its 15th meeting of the 6th Board of Directors on July 15, 2025, with all 9 directors present, and the meeting complied with relevant laws and regulations [2][3] - The Board approved the termination of the Jiangshan high-efficiency photovoltaic cell and large-size silicon wafer slicing project, with a unanimous vote of 9 in favor [3] - The company will sign a termination agreement with the Jiangshan Economic Development Zone Management Committee and Jiangshan Economic Development Zone Construction Investment Group [3][15] Group 2 - The Board also approved a proposal for the joint venture company to repurchase equity and reduce capital, with 7 votes in favor and 2 abstentions [4] - The repurchase involves the complete buyback of the equity held by the Xilian Fund, which had a total subscribed capital of 800 million yuan, with the exit price set at approximately 85.87 million yuan [4][34] - The independent directors unanimously agreed to the proposal, confirming that it would not harm the interests of the company or its shareholders [35][55] Group 3 - The company plans to hold its second extraordinary general meeting of 2025 on July 31, 2025, at 15:00, combining on-site voting with online voting [7][8] - The meeting will discuss the proposals approved by the Board, ensuring compliance with legal and regulatory requirements [63][64] - Shareholders can register for the meeting from July 28, 2025, and the registration process is outlined in the announcement [63][64]

Summary of Key Points Core Viewpoint The asset evaluation report assesses the recoverable value of the 3GW TOPCon solar cell production line of Jiangxi Baida New Energy Co., Ltd. The evaluation indicates a potential impairment of the asset group, with a recoverable value of 601.4 million yuan, representing a decrease of 2.20% compared to its book value of 614.95 million yuan. Group 1: Company Overview - Jiangxi Baida New Energy Co., Ltd. was established in September 2018 and is a joint venture between Zhejiang Baida Precision Co., Ltd. and Suzhou Zhonglai Photovoltaic New Materials Co., Ltd. [7][20] - The company is located in Jiujiang Economic Development Zone, Jiangxi Province, with a registered capital of 305.9 million yuan and covers an area of approximately 200 acres [7][20]. - The company specializes in the research, production, and sales of solar TOPCon cells, with a production line capable of producing 3GW annually [7][20]. Group 2: Asset Evaluation Purpose and Scope - The purpose of the asset evaluation is to conduct an impairment test on the production line, which has not undergone large-scale production since its establishment, potentially indicating impairment [4][21]. - The evaluation covers the asset group related to the 3GW TOPCon solar cell production line and associated intangible assets, with a reported book value of 614,953,210.56 yuan [4][22]. - The evaluation is based on the recoverable value, defined as the higher of the present value of expected future cash flows or the fair value less disposal costs [10][22]. Group 3: Evaluation Methodology and Results - The evaluation was conducted using the income approach, which estimates the present value of future cash flows generated by the asset group [10][11]. - The recoverable value determined is 601,400,000.00 yuan, indicating an impairment of 13,553,210.56 yuan, or a reduction rate of 2.20% [5][15]. - The evaluation results are valid for one year from the assessment date of December 31, 2024, until December 30, 2025 [5][15]. Group 4: Financial Projections - Future cash flow projections for the production line indicate that the company expects to generate revenue starting in 2026, with projected revenues of 51.66 million yuan in 2026, increasing to 132.84 million yuan by 2028 [25][26]. - The projected operating costs and expenses have been accounted for, with a need for approximately 37.5 million yuan in working capital during the operational period [25][26]. - The evaluation includes a detailed cash flow analysis for the years 2025 to 2032, reflecting the anticipated financial performance of the asset group [25][26].

Group 1 - The core viewpoint of the article highlights the decline in the Consumer Price Index (CPI) and the increase in the core CPI, indicating a mixed economic environment with ongoing adjustments in consumer prices [2][4]. - In May, the CPI decreased by 0.2% month-on-month and 0.1% year-on-year, while the core CPI, excluding food and energy, rose by 0.6% year-on-year, an increase of 0.1 percentage points from the previous month [1][4]. - The Producer Price Index (PPI) also saw a month-on-month decline of 0.4% and a year-on-year decrease of 3.3%, with the decline in PPI year-on-year widening by 0.6 percentage points compared to the previous month [1][5]. Group 2 - The decrease in CPI was primarily influenced by a 1.7% drop in energy prices, which accounted for approximately 70% of the total decline in CPI [3][4]. - Food prices saw a slight decrease of 0.2%, with seasonal factors affecting the prices of fresh vegetables, eggs, and meat, while some fruits and fish experienced price increases due to supply constraints [3][4]. - The increase in consumer demand, driven by holiday activities and entertainment, led to a rise in hotel accommodation and tourism prices, with hotel prices reaching a near ten-year high [3][4]. Group 3 - The PPI's decline was significantly impacted by international factors, particularly the decrease in global oil prices, which affected domestic oil-related industries [6]. - Domestic energy and raw material prices also saw a seasonal decline, with coal prices dropping due to sufficient supply and low demand [6]. - Despite the overall decline in PPI, some sectors showed signs of improvement, with macroeconomic policies enhancing supply-demand relationships in certain industries [5][6]. Group 4 - The article notes that new consumption drivers are emerging, leading to a recovery in prices for daily necessities, with life goods prices stabilizing after a previous decline [7]. - High-end manufacturing and technological advancements are contributing to price increases in related industries, with significant growth in sectors like integrated circuits and aerospace manufacturing [7][8]. - The renewable energy sector, including solar and lithium battery industries, is experiencing improved supply-demand dynamics, resulting in a narrowing of price declines [8].

Company Overview - Eaglerise Electric & Electronic (China) Co., Ltd. is engaged in the manufacturing and sales of transformers, power supplies, and lighting products, with a registered capital of 392.21 million yuan [1][12]. - The company was established on October 15, 1999, and is headquartered in Foshan, Guangdong Province, China [1][12]. Financial Information - As of March 31, 2025, the total share capital of the company is 392,205,291 shares, with 94.73% being freely tradable shares [12]. - The company’s major shareholder, Foshanshi Maiges Investment Co., Ltd., holds 23.77% of the shares, while the actual controller, Xiao Jun Cheng, holds a total of 26.72% [12][8]. Business Strategy - The company plans to raise a minimum of 300 million yuan through a targeted issuance of A-shares, with the funds intended for working capital [7][8]. - The issuance will not change the control of the company, as the major shareholder will remain the same post-issuance [8]. Industry Context - The company operates within the electrical machinery and equipment manufacturing industry, specifically in the sub-sectors of lighting equipment and transformers [13][14]. - The industry is regulated by the National Development and Reform Commission and the Ministry of Industry and Information Technology, which oversee policy formulation and industry standards [13]. Market Trends - The demand for new energy transformers is increasing, particularly in applications such as photovoltaic and wind power generation, electric vehicles, and energy storage systems [14][16]. - The industry is experiencing rapid growth due to government policies promoting renewable energy and energy efficiency, with a focus on reducing reliance on fossil fuels [15][16].

Core Insights - The total electricity consumption in Shanxi Province reached 80.69 billion kWh in the first quarter, marking a year-on-year increase of 6.1% [1] - All sectors, including primary, secondary, and tertiary industries, as well as residential electricity consumption, showed growth [1] Industry Breakdown - Primary industry electricity consumption was 0.74 billion kWh, up 10.21% year-on-year [1] - Secondary industry electricity consumption was 56.441 billion kWh, with a year-on-year increase of 4.89% [1] - Tertiary industry electricity consumption reached 12.883 billion kWh, growing by 11.82% year-on-year [1] - Residential electricity consumption was 10.629 billion kWh, reflecting a year-on-year growth of 6.01% [1] High-Growth Sectors - The high-end equipment manufacturing sector saw remarkable growth, with electricity consumption in electrical machinery and equipment manufacturing increasing by 380.33%, contributing 1.1 percentage points to the overall industrial electricity growth [1] - The photovoltaic equipment and components manufacturing sector experienced a staggering 720.39% increase in electricity consumption, indicating effective implementation of related policies [1] - Other notable sectors included medical instrument manufacturing (51.08% growth), instrumentation manufacturing (20.81% growth), and new energy vehicle manufacturing (18.8% growth) [1] Non-Metallic Mineral Products - The non-metallic mineral products sector showed strong performance, with a year-on-year growth rate of 23.25%, contributing 1.02 percentage points to the overall industrial electricity growth [1] - Shanxi Shangtai Lithium Battery Co., as a leading enterprise in the new energy storage industry chain, reported a year-on-year electricity consumption increase of 104.17% [1] Emerging Services in Tertiary Sector - The emerging service industry continued to lead, with the electricity consumption of the charging and swapping service industry rising by 83.13% year-on-year due to the widespread adoption of new energy vehicles [2] - The internet data service industry maintained rapid growth, with a year-on-year increase of 43.19% in electricity consumption [2] - The tourism sector also saw a positive trend, with electricity consumption increasing by 16.78% year-on-year [2]

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司 具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险 因素，审慎作出投资决定。 阿特斯阳光电力集团股份有限公司 CSI Solar Co., Ltd. （住所：苏州高新区鹿山路 199 号） 首次公开发行股票并在科创板上市招股说明书 保荐人（联席主承销商） （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 联席主承销商 （住所：深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 阿特斯阳光电力集团股份有限公司 招股说明书 1-1-1 阿特斯阳光电力集团股份有限公司 招股说明书 发行人声明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明其对 注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收 ...

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司 具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险 因素，审慎作出投资决定。 阿特斯阳光电力集团股份有限公司 CSI Solar Co., Ltd. （住所：苏州高新区鹿山路 199 号） 首次公开发行股票并在科创板上市招股意向书 保荐人（联席主承销商） （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 联席主承销商 （住所：深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 阿特斯阳光电力集团股份有限公司 招股意向书 1-1-1 阿特斯阳光电力集团股份有限公司 招股意向书 发行人声明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明其对 注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收 ...