Group 1 - The company Hengdian East Magnetic announced that as of October 31, 2025, it will provide guarantees totaling 1.82 billion yuan for its subsidiaries, which accounts for 18.05% of the latest audited net assets [1] - The balance of guarantees provided by the company and its subsidiaries is approximately 245 million yuan, representing 2.43% of the latest audited net assets [1] - For the first half of 2025, the company's revenue composition is as follows: solar photovoltaic industry 67.47%, magnetic materials 16.24%, new energy batteries 10.77%, vibration devices 3.62%, and others 1.89% [1] Group 2 - As of the report date, Hengdian East Magnetic has a market capitalization of 30.7 billion yuan [1] - A related company, which recently went public, is under investigation by the China Securities Regulatory Commission due to a significant loss exceeding 100 million yuan and a major client reducing purchases [1]

来源：新浪基金∞工作室 11月24日，晶科能源跌0.18%，截至发稿，报5.56元/股，成交4.48亿元，换手率0.80%，总市值556.29亿 元。晶科能源股价已经连续4天下跌，区间累计跌幅11.89%。 资料显示，晶科能源股份有限公司位于上海市闵行区申长路1466弄1号晶科中心，成立日期2006年12月 13日，上市日期2022年1月26日，公司主营业务涉及太阳能光伏组件、电池片、硅片的研发、生产和销 售以及光伏技术的应用和产业化,并以此为基础向全球客户提供高效、高质量的太阳能光伏产品。主营 业务收入构成为：产品销售100.00%。 从基金十大重仓股角度 红塔红土稳健添利混合A（014360）成立日期2022年3月30日，最新规模4837.98万。今年以来收益 13.56%，同类排名4621/8209；近一年收益11.92%，同类排名4645/8129；成立以来收益14.93%。 红塔红土稳健添利混合A（014360）基金经理为赵耀。 截至发稿，赵耀累计任职时间10年206天，现任基金资产总规模16.99亿元，任职期间最佳基金回报 97.54%， 任职期间最差基金回报-13.33%。 风险提示：市场有风险 ...

Core Insights - The 2025 global supply chain is being reshaped by geopolitical factors, policy directions, and technological innovations, showcasing diversification, regionalization, and sustainability as significant characteristics [1][2][7] - China maintains a core position in the global supply chain, while emerging manufacturing bases are accelerating their rise [1][2] Geopolitical and Trade Policies - Geopolitical tensions and trade policies are profoundly influencing supply chain layouts, with a clear trend towards localization and regionalization [1][8] - Free trade agreements are key to optimizing supply chains by reducing cross-border flow costs and promoting regional industrial clusters [10][12] Technological Innovations - Technological advancements such as AI, IoT, and blockchain are enhancing transparency and efficiency in logistics and inventory management, driving a transformation in supply chain operations [17][18] - The integration of automation and 3D printing technologies is fostering on-demand production models, reducing resource waste [17][18] Environmental Sustainability - Environmental sustainability has become a core value standard in supply chains, with "green compliance" pushing companies to adopt low-carbon practices in material procurement and production processes [2][18] - Companies are diversifying their procurement strategies to ensure the stability of raw material supplies and mitigate supply bottleneck risks [2][20] Industry-Specific Trends - The electric vehicle industry is experiencing strong growth, with supply chains shifting towards vertical integration [2][21] - The solar photovoltaic industry continues to expand, with China maintaining a leading position [2][21] - The apparel supply chain is progressing slowly towards diversification, with China's role shifting towards intermediate goods supply and investment [2][21] - The medical equipment market is steadily growing, characterized by decentralization and technology-driven innovation [2][21] Future Supply Chain Dynamics - The global supply chain is evolving towards a more resilient, distributed, and technology-intensive model, requiring companies to adapt to diversification, green compliance, and technological upgrades [2][36] - China is expected to retain its leading role in the global photovoltaic and electric vehicle supply chains, while also emerging as a significant player in the medical equipment supply chain [21][24][22]

Group 1 - JinkoSolar's stock price decreased by 5.11% to 5.57 CNY per share, with a trading volume of 352 million CNY and a turnover rate of 0.62%, resulting in a total market capitalization of 55.729 billion CNY [1] - JinkoSolar, established on December 13, 2006, and listed on January 26, 2022, is based in Shanghai and specializes in the research, production, and sales of solar photovoltaic modules, cells, and wafers, providing high-quality solar products globally [1] - The company's main business revenue is entirely derived from product sales, accounting for 100% of its income [1] Group 2 - E Fund's ETF, the E Fund SSE STAR 50 ETF (588080), is among JinkoSolar's top ten circulating shareholders, having reduced its holdings by 18.2429 million shares in the third quarter, now holding 147 million shares, which is 1.47% of the circulating shares [2] - The E Fund SSE STAR 50 ETF has a current scale of 76.761 billion CNY, with a year-to-date return of 34.69%, ranking 1058 out of 4208 in its category [2] - The fund manager Lin Weibin has a tenure of 12 years and 264 days, with a total fund asset scale of 122.692 billion CNY, achieving a best return of 84.68% during his tenure [2]

Core Viewpoint - JinkoSolar's stock experienced a decline of 4.71% on November 20, with a trading volume of 749 million yuan, indicating market volatility and investor sentiment concerns [1] Financing Summary - On November 20, JinkoSolar had a financing buy-in amount of 76.08 million yuan, with a net financing buy of 3.38 million yuan after repayments [1] - The total financing balance reached 921 million yuan, accounting for 1.57% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1] - In terms of securities lending, JinkoSolar had a repayment of 48,700 shares and a sell-out of 128,700 shares, with a sell-out amount of 755,500 yuan, while the securities lending balance was 3.60 million yuan, also above the 80th percentile of the past year [1] Company Performance - As of September 30, JinkoSolar reported a total of 77,300 shareholders, an increase of 4.14% from the previous period, while the average circulating shares per person decreased by 3.97% to 129,456 shares [2] - For the period from January to September 2025, JinkoSolar achieved operating 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 year-on-year decrease of 422.67% [2] Dividend and Shareholding Summary - Since its A-share listing, JinkoSolar has distributed a total of 3.355 billion yuan in dividends, with 3.125 billion yuan distributed over the past three years [3] - As of September 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 306 million shares, a decrease of 132 million shares from the previous period [3] - The sixth-largest circulating shareholder, E Fund SSE STAR 50 ETF, held 147 million shares, down by 18.24 million shares, while the eighth-largest shareholder, Huaxia SSE STAR 50 Index ETF, held 141 million shares, a decrease of 78.89 million shares [3]

Core Viewpoint - The company, Jingao Technology, focuses on the research, production, and sales of solar photovoltaic silicon wafers, cells, and modules, as well as the development, construction, and operation of solar power plants, and the research, production, and sales of photovoltaic materials and equipment. Currently, it does not engage in polysilicon business but will monitor various industry sectors based on its development needs [1]. Group 1 - The main business of the company includes solar photovoltaic silicon wafers, cells, and modules [1] - The company is involved in the development, construction, and operation of solar power plants [1] - The company also focuses on the research, production, and sales of photovoltaic materials and equipment [1] Group 2 - The company does not currently engage in polysilicon business [1] - The company will keep an eye on different industry sectors according to its development needs [1]

Core Viewpoint - Jingao Technology (002459.SZ) focuses on the research, production, and sales of solar photovoltaic silicon wafers, cells, and modules, as well as the development, construction, and operation of solar photovoltaic power plants, and the research, production, and sales of photovoltaic materials and equipment. The company currently does not engage in polysilicon business but will monitor various industry sectors based on its development needs [1]. Group 1 - The main business of the company includes solar photovoltaic silicon wafers, cells, and modules [1] - The company is involved in the development, construction, and operation of solar photovoltaic power plants [1] - The company also focuses on the research, production, and sales of photovoltaic materials and equipment [1] Group 2 - The company does not currently engage in polysilicon business [1] - The company will keep an eye on different industry sectors according to its development needs [1]

央视网消息：2025年前10个月，广州市货物贸易进出口1.02万亿元，这是广州市首次在10个月时间内突破外贸万亿元大关。其中， 出口增长超20%，增速位居全国主要外贸城市首位。 据广州海关统计，2025年前10个月，广州市货物贸易进出口1.02万亿元，同比增长12.1%，占广东省外贸总值约13%。在出口商品 中，"新三样"产品表现尤为亮眼。 在广州花都区这家家新能源企业，一批货值超70万元的太阳能光伏组件正在装箱，准备发往南非。 企业的海外订单持续增长，对通关效率要求也相应提高。为保障光伏产品等"新三样"产品高效出口，广州海关持续推动"一港通"等 粤港澳大湾区物流一体化改革。企业只需一次申报，货物在珠江内河码头报关放行后，就能快速发往南沙港等沿海港口，不需再履 行其他手续、直接装船出海。 广州海关所属花都海关副关长高鹏介绍，2025年前10月，广州市"新三样"产品出口199.4亿元，同比增长52.8%。其中，光伏产品出 口16.2亿元，同比增长2.3倍。 外贸企业负责人董晓婷介绍，目前，生产计划已安排到了12月份。2025年前10月，公司出口货值近2.2亿元，同比增长5.5倍。 ...

"目前实验室里最常用的钙钛矿太阳能电池的制备方法是溶液法，但在溶液制备过程中会使用到一些有 毒溶剂，对健康和环境不友好，阻碍了大规模生产。"论文第一作者博士生徐雨田解释。而团队采用 的"全真空热蒸发"技术，像在真空罐里"蒸镀"薄膜。它将原材料加热，使其以分子或原子的形式"飞"到 基板上，均匀凝结成膜。这种方法全程无溶剂，工艺控制精准，膜层均匀致密，被认为是将高性能钙钛 矿光伏器件从实验室推向生产线的"理想候选"。 "传统的材料体系和蒸发顺序，难以形成高质量的钙钛矿结晶薄膜。"论文通讯作者陈永华教授介绍，团 队提出了一种"反向逐层"沉积策略，结合一种自组装分子的"黏合剂"作用，最终"生长"出高质量、结构 完美的钙钛矿晶体薄膜。 "本研究的三大亮点在于——高效率、高稳定性和大面积制备性能优异。这三者结合，清晰地勾勒出该 技术广阔的产业化前景。"论文通讯作者黄维院士总结，该成果不仅刷新了全真空热蒸发技术制备钙钛 矿太阳能电池的世界纪录，更通过深入的理论研究，为未来进一步优化工艺，大规模制造更大面积、高 效、稳定、环境友好的钙钛矿光伏器件提供了坚实的科学基础。 □ 本报记者谢诗涵 作为新一代光伏技术的希望，钙钛矿太阳 ...

Core Insights - Recent breakthroughs in perovskite battery technology have garnered significant market attention, with notable advancements in efficiency and durability [1] - The perovskite battery has achieved an energy conversion efficiency of 27.2% and maintains over 82% performance after 1000 hours at 85 degrees Celsius, meeting key commercialization requirements [1] - Collaborative efforts have led to record efficiencies of 33.4% in laboratory settings for flexible perovskite batteries, with practical components nearing 30% efficiency [1] Industry Developments - Companies are actively engaging in the perovskite sector, with many expressing confidence in its potential to replace silicon technology in the solar market [4] - The market for low-temperature conductive pastes is expected to grow as perovskite and tandem battery technologies advance [3] - Companies like 京山轻机 and 京东方 are focusing on developing comprehensive solutions for perovskite solar cells, leveraging existing technologies from semiconductor manufacturing [6][7] Company Strategies - 帝尔激光 has established technical reserves in laser equipment for the production of perovskite solar cells [2] - 苏州固锝 is a leading supplier of conductive pastes for solar cells, continuously improving product performance to meet market demands [3] - 捷佳伟创 has built a pilot line for perovskite batteries and is actively participating in various projects, showcasing its capability in providing complete equipment solutions [4] Market Trends - The perovskite battery market is witnessing increased investor interest, with companies reporting frequent inquiries from investors regarding their involvement in this technology [1] - The overall market for perovskite materials and technologies is expected to expand significantly, with companies like 隆华科技 and 钧达股份 focusing on enhancing their production capabilities and market presence [9][10]