Group 1 - Wolong New Energy's stock increased by 5.04%, reaching 8.34 CNY per share, with a trading volume of 463 million CNY and a turnover rate of 8.43%, resulting in a total market capitalization of 5.842 billion CNY [1] - The company, established on July 17, 1993, and listed on April 15, 1999, is primarily engaged in real estate development and sales, with revenue composition as follows: mineral trading 67.33%, property sales 13.99%, photovoltaic power generation 8.35%, energy storage system sales 8.20%, and others 2.13% [1] Group 2 - Southern Fund's Southern CSI Real Estate ETF (004642) entered the top ten circulating shareholders of Wolong New Energy in the second quarter, holding 4.4702 million shares, which is 0.64% of the circulating shares, with an estimated floating profit of approximately 1.7881 million CNY [2] - The Southern CSI Real Estate ETF was established on August 24, 2017, with a current scale of 173 million CNY, yielding 8.24% year-to-date, ranking 3622 out of 4222 in its category, and a one-year return of 29.75%, ranking 3250 out of 3813 [2] Group 3 - The fund manager of Southern CSI Real Estate ETF is Luo Wenjie, who has a cumulative tenure of 12 years and 157 days, managing total assets of 138.999 billion CNY, with the best fund return during his tenure being 145.85% and the worst being -47.6% [3]

Group 1 - Wolong New Energy's stock price increased by 5.94%, reaching 8.56 CNY per share, with a trading volume of 461 million CNY and a turnover rate of 8.17%, resulting in a total market capitalization of 5.996 billion CNY [1] - The company, established on July 17, 1993, and listed on April 15, 1999, is primarily engaged in real estate development and sales, with revenue composition as follows: mineral trading 67.33%, real estate sales 13.99%, photovoltaic power generation 8.35%, energy storage system sales 8.20%, and others 2.13% [1] Group 2 - Among the top ten circulating shareholders of Wolong New Energy, a fund under Southern Fund ranks first, specifically the Southern CSI Real Estate ETF Initiated Link A (004642), which entered the top ten in the second quarter with 4.4702 million shares, accounting for 0.64% of circulating shares [2] - The Southern CSI Real Estate ETF Initiated Link A (004642) was established on August 24, 2017, with a current size of 173 million CNY, yielding 7.43% year-to-date, ranking 3795 out of 4222 in its category, and 36.28% over the past year, ranking 3018 out of 3802, while experiencing a cumulative loss of 40.13% since inception [2] Group 3 - The fund manager of Southern CSI Real Estate ETF Initiated Link A (004642) is Luo Wenjie, who has a cumulative tenure of 12 years and 150 days, managing total fund assets of 138.999 billion CNY, with the best fund return during his tenure being 145.85% and the worst being -47.6% [3]

Core Viewpoint - The global energy transition is accelerating, leading to a significant surge in demand for energy storage solutions, particularly from Chinese companies, marking the beginning of a "great maritime era" for the storage industry [2][22]. Group 1: Energy Storage Market Overview - The first energy storage unit of the Uzbekistan solar storage project has been successfully installed, representing the largest single electrochemical storage project by China overseas, with a capacity to provide 2.19 billion kWh of power regulation, benefiting one million residents [2]. - The overseas energy storage market is expected to experience explosive growth starting in 2024, with new signed orders for energy storage system integration increasing by approximately 220% and energy storage batteries rising by 175% [2]. - By mid-2023, China's new energy storage cumulative installed capacity reached 101.3 GW, a year-on-year increase of 110%, marking a significant milestone [6]. Group 2: Company Performance - Sunshine Power (阳光电源) reported a revenue of 17.803 billion yuan from its energy storage business in the first half of 2025, a year-on-year increase of 127.78%, with a gross margin close to 40% [3][5]. - Sunshine Power maintained a shipment guidance of 40-50 GWh for the year, with a projected global compound annual growth rate (CAGR) for energy storage of 20% to 30% over the next few years [5][6]. Group 3: International Orders and Growth - From 2024 to August 2025, Chinese energy storage companies signed overseas orders totaling nearly 250 GWh, which is 3.07 times the new installed capacity of 81.5 GWh in the overseas energy storage market [11]. - The Middle East has emerged as a significant growth market for energy storage, with Chinese companies securing substantial orders, including 19 GWh from the UAE and 2 GWh from Saudi Arabia in the first half of the year [27][28]. Group 4: Regional Insights - In Latin America, particularly Chile, Chinese companies secured 9.6 GWh of orders in the first half of 2025, significantly outpacing the U.S. market [30]. - The European energy storage market is projected to grow rapidly, with a CAGR of 55% expected from 2024 to 2029, driven by high energy prices and supportive policies [42][41]. Group 5: Industry Dynamics - The energy storage industry is experiencing a "frenzy" across the entire supply chain, with significant increases in battery shipments and inverter exports, indicating a robust demand environment [21][17]. - The global consensus on the transition to clean energy is driving the rapid growth of the energy storage sector, with many countries implementing supportive policies to enhance energy storage deployment [22][38].

Core Viewpoint - Sige New Energy has re-submitted its listing application to the Hong Kong Stock Exchange after its previous application expired due to not completing the hearing within six months. The company focuses on the renewable energy storage sector and heavily relies on its flagship product, SigenStor, for revenue generation [1][2]. Company Overview - Sige New Energy was established in May 2022 and has quickly become the world's leading provider of stackable distributed solar storage solutions, achieving a market share of 28.6% in 2024 [2]. - The founder, Xu Yingtong, has a significant background in Huawei, having worked there for nearly 23 years [1]. Financial Performance - The company reported revenues of RMB 58.302 million, RMB 1.33 billion, and RMB 1.206 billion for the first four months of 2023, 2024, and 2025, respectively. Net profits (losses) for the same periods were RMB -373.73 million, RMB 83.845 million, and RMB 187.216 million [2][3]. - Sales and distribution expenses are substantial, accounting for 91.6%, 12.7%, and 8.3% of revenue for the respective years [8]. Product Dependency - SigenStor, the company's flagship product, contributes over 90% of total revenue. The sales volume for SigenStor is projected to be 18 MWh, 447 MWh, and 433 MWh for the first four months of 2023, 2024, and 2025, respectively [5][6]. - The average selling price of SigenStor has been declining due to price reductions and increased sales rebates to distributors [8]. Market Position and Risks - The company derives 60% to 72.6% of its revenue from Europe, indicating a strong regional focus [4]. - The heavy reliance on SigenStor poses risks, as competition in the energy storage market could impact market position, pricing power, and overall profitability [10]. Use of Proceeds - Funds raised from the IPO are intended for expanding the R&D team, enhancing marketing and after-sales services, increasing production capacity, diversifying the product portfolio, and general corporate purposes [4].

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Sigenergy Technology Co., Ltd. （思格新能源（上海）股份有限公司） （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下 知悉、接納並向本公司、其保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》呈交香港公司註冊處處長登記前，本 公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請 僅依據呈交香港公司註冊處處長註冊的本公司招股章程作出投資決定；有關文本將於發售期內向公眾刊 發。 (a) 本文件僅為向香港公眾人士提供 ...

Investment Rating - The report maintains a "Buy" rating for the company [10][8]. Core Insights - The company reported a Q2 2025 revenue of 24.497 billion RMB, representing a year-on-year increase of 33.1% and a quarter-on-quarter increase of 28.7%. The net profit attributable to the parent company was 3.908 billion RMB, with a year-on-year increase of 36.5% and a quarter-on-quarter increase of 2.1% [3][4]. - The company is a leader in the global solar storage industry, with stable order volumes both domestically and internationally, and is actively expanding into the AIDC market [3][8]. - The report projects net profits for 2025-2027 to be 14.564 billion RMB, 15.506 billion RMB, and 17.071 billion RMB, respectively, reflecting upward revisions of 21%, 14%, and 12% [8][10]. Financial Performance - The company achieved a significant improvement in operating cash flow, with a net amount of 3.43 billion RMB in H1 2025, a year-on-year increase of 232% [3]. - The gross profit margin for Q2 2025 was 33.75%, while the net profit margin was 16.48%, showing slight declines from the previous quarter [4]. - The company’s energy storage business generated 17.8 billion RMB in revenue in H1 2025, a year-on-year increase of 128.4%, with a gross margin of 39.9% [5]. Business Segments - The solar inverter segment reported revenue of 15.33 billion RMB in H1 2025, a year-on-year increase of 17.1%, with a gross margin of 35.7% [7]. - The company is focusing on the AIDC business, leveraging its expertise in power electronics to provide comprehensive solutions, with plans to launch products in the market next year [6]. - The report highlights the company's strategy to expand into emerging markets such as Europe, the Middle East, and Asia, which are expected to contribute to future growth [5]. Valuation Metrics - The target price for the company is set at 147.42 RMB, based on a projected PE ratio of 21 times for 2025 [10][8]. - The company’s market capitalization is approximately 201.122 billion RMB, with a closing price of 97.01 RMB as of August 26, 2025 [11].

Group 1 - The core viewpoint is that "involution" leads to declining corporate profits and industry development issues, necessitating the restriction of inefficient behaviors and encouraging innovation and quality products for sustainable growth [1][2] - The comprehensive governance of "involution" is crucial for the current Chinese economy, as irrational price competition creates a negative feedback loop affecting macroeconomic stability [2] - "Involution" has resulted in reduced R&D spending and lower quality of goods and services, contradicting the goal of high-quality development [2][4] Group 2 - From a global perspective, Chinese companies possess strong global supply capabilities, but some engage in "race-to-the-bottom" competition, which can be counterproductive [3] - The "anti-involution" policy is expected to be implemented gradually, with a focus on industry self-regulation and tailored approaches for different sectors [4][5] - Key industries such as new energy vehicles, photovoltaic components, and e-commerce platforms are identified as focal points for addressing supply-demand imbalances [7] Group 3 - Emerging industries like photovoltaics, new energy vehicles, and lithium battery storage are anticipated to benefit from improved competitive dynamics under the "anti-involution" policies [6][7] - The policy aims to enhance product quality standards and prevent local government subsidies from fostering low-quality competition [5] - The overall expectation is that as related policies are introduced, the competitive landscape will improve, enhancing the profitability and cyclical resilience of leading companies in these sectors [6][7]

Group 1: Financial Support and Economic Growth - Zhenjiang's financial institutions have provided an additional special credit of 28 billion yuan to the aerospace industry chain [1] - Since 2022, Zhenjiang has released six batches of financial support lists, benefiting 775 enterprises with a total credit exceeding 220 billion yuan [1] - In the first half of this year, Zhenjiang's GDP grew by 5.9%, with fixed asset investment growth ranking third in the province [1] Group 2: Major Projects and Investment - The high-precision metal mask project in Jurong Economic Development Zone has completed its main structure and is expected to produce 100,000 units annually after phase one [2] - Zhenjiang has signed new industrial projects with a total investment of 115.8 billion yuan in the first half of the year, a year-on-year increase of 5.9% [3] - 19 provincial major projects in Zhenjiang completed 56.9% of their annual investment plan, exceeding the provincial average by 1.6 percentage points [2] Group 3: Technological Upgrades and Innovations - Jiangsu Ruilong Ding Industrial Co., Ltd. has improved production efficiency by 12% and reduced labor costs by 42% through automation [4] - Zhenjiang is focusing on 54 provincial major industrial projects and 163 municipal key industrial technology upgrade projects to enhance growth and transformation [4] - The city plans to implement 200 key manufacturing intelligent transformation projects annually over the next three years [5] Group 4: Collaboration and Research - The "Science and Technology Innovation Zhenjiang" event facilitated collaboration between Nanjing University and over 30 local biopharmaceutical companies [6] - Zhenjiang has promoted over 260 collaborative projects between industry and academia in the first half of the year [6] - High-tech industries in Zhenjiang accounted for 55.6% of the total industrial output value, surpassing the provincial average by 3.8 percentage points [6] Group 5: Future Industry Focus - Zhenjiang is concentrating on key future industries such as artificial intelligence, low-altitude economy, new energy storage, and hydrogen energy [7] - The city aims to address weak links in the industrial chain and focus on breakthroughs in common technologies [7]

Group 1: Strategy - The capital market's focus on "anti-involution" is increasing, with new policies expected to gradually emerge, particularly in emerging sectors like photovoltaic components, new energy vehicles, energy storage systems, and e-commerce platforms [3] - The policy aims to promote capacity clearance and suppress disorderly competition, with a long-term focus on technological service upgrades and industry structure optimization [3] - Industries previously facing supply-demand imbalances and low-price competition are expected to solidify their profit bottom lines, leading to a more optimized competitive landscape for high-quality development [3] Group 2: Consumption - New consumption growth is sustainable, driven primarily by demand-side factors; companies must build long-term growth capabilities to achieve sustained success [9] - Companies can enhance sustainable growth through innovation, optimizing channels, expanding product categories, promoting mid-to-high-end offerings, and accelerating global expansion [10] Group 3: Macroeconomy - The U.S. Congress is advancing legislation related to cryptocurrencies, with a focus on promoting stablecoins and prohibiting central bank digital currencies (CBDCs) [13] - The motivations for supporting stablecoins include encouraging innovation, increasing demand for U.S. Treasury bonds, and restoring the dominance of the U.S. dollar [13] - The macroeconomic implications of "anti-involution" include addressing excessive competition and resource misallocation, with a focus on promoting reasonable price recovery and sustainable innovation [16]

Core Viewpoint - The recent discussions on "anti-involution" are driven by policy guidance and market expectations, with a focus on promoting product quality and orderly competition while addressing low-price chaos in various industries [2] Group 1: Impacted Industries - The industries most affected by the current "anti-involution" include upstream raw materials related to real estate and infrastructure (such as coal, steel, and cement), equipment manufacturing overlapping with new productive forces (including automotive, electrical machinery, and electronic device manufacturing), and certain downstream consumer goods sectors (such as pharmaceuticals and food manufacturing) [3] - Emerging industries may experience a greater impact from "anti-involution," as recent government reports emphasize the need to cultivate new and future industries while addressing homogeneous competition in sectors like new energy vehicles and photovoltaics [4] Group 2: Policy Implementation and Observations - The consensus is that the approach to "anti-involution" will be moderate, considering the significant presence of private enterprises in affected industries, with many sectors having a high proportion of private companies [6] - Employment concerns are also crucial, as the new industries most affected by "involution" employ a substantial number of workers, making abrupt capacity reductions potentially harmful to job stability [6] - The market is currently in a wait-and-see mode regarding the form and intensity of "anti-involution" policies, with future market movements dependent on clearer policy signals [7] Group 3: Need for Comprehensive Policy Support - High-intensity capacity reduction may require comprehensive policy support, balancing social stability and the specifics of capacity overhang, including timelines for exit and risk mitigation strategies [8] - Observations should not only focus on supply-side changes but also on demand-side updates, as changes in supply structure are necessary but not sufficient for industry recovery [8]