联系人：冯光亮 光伏设备 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn Email：fenggl@zts.com.cn 基本状况 总股本(百万股) 461.16 流通股本(百万股) 461.16 市价(元) 75.71 市值(百万元) 34,914.22 流通市值(百万元) 34,914.22 微导纳米（688147.SH） 证券研究报告/公司深度报告 2026 年 01 月 08 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王芳 | | 营业收入（百万元） | | 1,680 | 2,700 | 2,619 | 2,692 | 3,721 | | | | 增长率 yoy% | | 145% | ...

Core Viewpoint - The company plans to discontinue the use of raised funds for the "High-efficiency Solar Cell Laser Printing Technology Application R&D Project" and will manage the remaining funds in a dedicated account while exploring suitable investment projects in the future [1] Fund Management - As of December 8, 2025, the balance in the fundraising account for the discontinued project is 328 million yuan [1]

Group 1 - The core viewpoint of the news highlights the significant net inflow of funds into the defense and computer industries, each exceeding 1.1 billion yuan, amidst a mixed performance of A-share indices on January 8 [1] - The A-share market saw a total net outflow of 37.435 billion yuan, with 12 industries experiencing net inflows, including defense, computer, banking, building materials, and automotive sectors [1] - The electronic industry faced the largest net outflow, amounting to 14.155 billion yuan, followed by communication, non-ferrous metals, and power equipment sectors, each exceeding 3 billion yuan in outflows [1] Group 2 - Individual stocks showed that 61 had net inflows exceeding 200 million yuan, with 10 stocks receiving over 500 million yuan in net inflows [2] - Notable individual stock inflows included Aerospace Science and Technology, Hailanxin, Hand Information, and Qian Zhao Optoelectronics, with net inflows of 910 million yuan, 887 million yuan, 847 million yuan, and 730 million yuan respectively [3] - Hailanxin's stock reached a "20cm" limit up, focusing on marine electronic technology products and systems [3] Group 3 - Hand Information submitted an application for overseas listing (H-shares) to the Hong Kong Stock Exchange on December 29, 2025 [4] - A total of 90 stocks experienced net outflows exceeding 200 million yuan, with significant outflows from stocks like Zhongji Xuchuang, Luxshare Precision, and Aerospace Development, each exceeding 1 billion yuan [4] Group 4 - At the market close, the total net outflow was 658 million yuan, with the power equipment sector seeing a net inflow exceeding 1 billion yuan [5] - Individual stocks such as Goldwind Technology and Qian Zhao Optoelectronics had substantial net inflows exceeding 400 million yuan at the close [5] - Stocks like Zhongji Xuchuang, New Yisheng, and Huhua Electric experienced net outflows exceeding 200 million yuan at the close [6]

1月8日钧达股份大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘折 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 7.30 | 500.27 | 68.53 | 0.00 | 国海证券股份有限 | 华安证券股份有限公司常德 | | | | | | 公司山东分公司 | 洞庭大道证券营业部 | （文章来源：证券时报网） 钧达股份1月8日大宗交易平台出现一笔成交，成交量7.30万股，成交金额500.27万元，大宗交易成交价 为68.53元。该笔交易的买方营业部为国海证券股份有限公司山东分公司，卖方营业部为华安证券股份 有限公司常德洞庭大道证券营业部。 证券时报·数据宝统计显示，钧达股份今日收盘价为68.53元，上涨10.00%，日换手率为15.88%，成交额 为23.51亿元，全天主力资金净流入2.94亿元，近5日该股累计上涨27.78%，近5日资金合计净流入8.72亿 元。 两融数据显示，该股最新融资余额为5.26亿元，近5 ...

Core Viewpoint - The photovoltaic equipment sector experienced a notable increase of 1.63% on January 8, with Liancheng CNC leading the gains, while the overall market indices showed slight declines [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 4082.98, down 0.07%, and the Shenzhen Component Index closed at 13959.48, down 0.51% [1]. - Liancheng CNC saw a significant rise of 18.52%, closing at 30.40, with a trading volume of 196,800 shares and a transaction value of 563 million [1]. - Other notable performers included Maiwei Co., which rose by 15.65% to 212.80, and Haiyou New Materials, which increased by 14.20% to 45.61 [1]. Group 2: Fund Flow Analysis - The photovoltaic equipment sector had a net inflow of 1.281 billion in main funds, while retail investors experienced a net outflow of 723 million [2]. - The main funds showed a significant net inflow in stocks like Dongfang Risen, with 208 million, and Junda Co., with 260 million [3]. - Conversely, stocks like Yijing Photovoltaic and Gu Dewei saw net outflows of 1.017 billion and 3.20% respectively [2][3].

Core Viewpoint - JunDa Co., Ltd. (002865) announced that the strategic cooperation framework agreement signed with Shangyi Optoelectronics is only a preliminary cooperation intention and does not have legal binding force, indicating uncertainty in the collaboration details [1] Group 1 - The cooperation agreement includes potential joint product development, equity strategic investment, and industrial cooperation, but these aspects have not been finalized [1] - There is a possibility of changes, suspension, or termination of the agreement due to adjustments in business plans, development strategies, or force majeure events [1] - The current operational situation of the company remains normal, with no significant changes in the internal and external business environment recently [1]

Core Viewpoint - JinkoSolar has shown a significant increase in stock price and trading volume, indicating positive market sentiment and investor interest in the company's advancements in solar technology [1] Company Overview - JinkoSolar is engaged in the research, production, and sales of solar photovoltaic modules, cells, and wafers, providing high-quality solar products globally [3][7] - The company was established on December 13, 2006, and went public on January 26, 2022 [7] Technological Advancements - The company has a strong technological reserve in N-type TOPCon technology, with clear pathways for cost reduction and efficiency improvement, aiming to maintain its leadership in the "N-type era" [2] - JinkoSolar has successfully ramped up production of 16GW large-size N-type TOPCon cells in Hefei and Haining, with the Hefei factory achieving a mass production efficiency of 24.7% [2] - The company is also focusing on the development of IBC and perovskite cell technologies, with the potential for commercial-scale production of perovskite tandem cells expected in about three years [2] Financial Performance - For the period from January to September 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 decrease 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 in the last three years [9] Market Position - JinkoSolar's stock has a current market capitalization of 63.933 billion yuan, with a trading volume of 1.613 billion yuan and a turnover rate of 2.52% [1] - The company is part of the power equipment industry, specifically in the photovoltaic equipment and solar cell module sector, and is associated with concepts such as BC cells, BIPV, and carbon neutrality [7]

| 序号 | 板块 | 涨跌幅(%)▼ | | 总成交量（万手）▼ 总成交额（亿元）▼ | 净流入(亿元) ▼ | 上涨家数 | 下跌家数 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 主工凝景 | 4.83 | 4737.13 | 1428.47 | 122.72 | 79 | 2 | | 2 | 幸工电子 | 4.36 | 4243.84 | 1103.35 | 0.25 | 57 | ഗ | | 3 | 光伏设备 | 3.04 | 3226.88 | 666.83 | 32.08 | ୧୧ | ਰੇ | | 4 | 风电设备 | 2.73 | 1462.98 | 314.11 | 1.51 | 28 | 3 | | 5 | IT服务 | 2.35 | 6237.54 | 954.18 | 69.69 | 109 | 17 | | 6 | 教育 | 2.23 | 921.01 | 58.36 | 6.12 | 16 | 0 | | 7 | 互联网电商 | 2.14 | 290.02 | 41.53 | 4.16 | 14 | র্ম | ...

A股今日集体调整，截至收盘，沪指跌0.07%，深成指跌0.51%，创业板指跌0.82%，北证50指数涨 0.81%，沪深京三市成交额28262亿元，较上日缩量553亿元，三市超3700只个股飘红。板块题材上，军 工装备、商业航天、脑机接口、光伏设备、可控核聚变、AI智能体、房地产、量子科技、CRO概念股 涨幅居前；保险、证券、有色金属、稀土永磁、银河、电池板块表现落后。盘面上，卫星导航、商业航 天板块再度迎来大涨，邵阳液压、航天宏图、巨力索具、航天电器、中衡设计、天箭科技等30余股涨 停。军工装备板块强劲上扬，海兰信、派克新材、内蒙一机等多股封板。光伏设备板块午后震荡走高， 钧达股份涨停，海优新材、迈为股份、奥特维领涨。此外，可控核聚变、AI智能体、房地产等板块盘 中均有异动。另一方面，保险、证券等大金融板块多数调整，华林证券盘中跌停，中国平安、华安证 券、华泰证券跟跌。有色金属板块午后回落，格林美、盛达资源、白银有色等多股均有不同程度跌幅。 ...

格隆汇1月8日｜A股光伏设备板块午后上扬，双良节能涨停，迈为股份涨超17%，国际实业、钧达股份 此前封板，高测股份、奥特维、海优新材跟涨。 ...