Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The expected listing price of Jinlang Convertible Bond 02 on the first - day is between RMB 111.44 and RMB 123.92, with an estimated lottery winning rate of 0.0069%. It is recommended to actively subscribe [2]. - Jinlang Technology has shown steady revenue growth since 2020, with a compound growth rate of 33.10% from 2020 - 2024. However, the mother - company's net profit has fluctuated, with a compound growth rate of 21.41% during the same period [2]. 3. Summary by Directory 3.1. Convertible Bond Basic Information - Jinlang Convertible Bond 02 (123259.SZ) will start online subscription on October 17, 2025, with a total issuance scale of RMB 1.677 billion. The net proceeds after deducting issuance fees will be used for projects such as distributed photovoltaic power stations [2]. - The current bond floor valuation is RMB 97.79, with a YTM of 2.30%. The convertible bond has a 6 - year term, a credit rating of AA -/AA, and a par value of RMB 100. The coupon rates from the first to the sixth year are 0.20%, 0.40%, 0.80%, 1.20%, 1.80%, and 2.00% respectively. The company's redemption price at maturity is 110% of the par value (including the last - period interest) [2]. - The current conversion parity is RMB 90.46, with a parity premium rate of 10.55%. The conversion period is from April 23, 2026, to October 16, 2031. The initial conversion price is RMB 89.82 per share. Jinlang Technology's closing price on October 15 was RMB 81.25 [2]. - The convertible bond terms are average. The total share capital dilution rate is 4.48%, and the dilution rate for the floating shares is 5.49%, indicating a relatively small dilution pressure on the share capital [2]. 3.2. Investment Subscription Suggestion - By referring to comparable targets and empirical results, considering the good bond floor protection of Jinlang Convertible Bond 02 and the average attractiveness of its rating and scale, the expected first - day listing conversion premium rate is around 30%, corresponding to a listing price between RMB 111.44 and RMB 123.92 [2][14][15]. - The estimated priority subscription ratio of original shareholders is 65.45%, and the estimated lottery winning rate is 0.0069% [16][17]. 3.3. Underlying Stock Fundamental Analysis 3.3.1. Financial Data Analysis - Jinlang Technology is a high - tech enterprise focusing on the R & D, production, sales, and service of string inverters, the core equipment of photovoltaic power generation systems. Since 2020, its revenue has grown steadily, with a compound growth rate of 33.10% from 2020 - 2024. In 2024, the revenue was RMB 6.542 billion, a year - on - year increase of 7.23%. The mother - company's net profit has fluctuated, with a compound growth rate of 21.41% from 2020 - 2024. In 2024, it was RMB 691 million, a year - on - year decrease of 11.32% [2][18]. - The company's revenue mainly comes from grid - connected inverters, and the product structure changes annually. From 2022 - 2024, the revenue proportion of grid - connected inverters in the main business revenue was 67.97%, 66.61%, and 57.96% respectively [20]. - The company's sales net profit margin and gross profit margin have remained stable. The sales expense ratio first decreased and then increased, the financial expense ratio has been rising, and the management expense ratio has shown a "W - shaped" fluctuation [25]. 3.3.2. Company Highlights - Jinlang Technology is an early entrant in the distributed photovoltaic inverter field in China, extending its advantages to the energy storage track. It is one of the leading global photovoltaic inverter manufacturers, with the world's top market share in household single - phase string inverters and ranking third globally for three consecutive years [34]. - The company has forward - looking track layout, achieving cross - field extension. It has built a "photovoltaic + energy storage" dual - wheel - driven business pattern and has obtained 55 authorized invention patents as of November 2024 [35]. - The company has deep technical barriers and outstanding solution capabilities. It has achieved AI technology empowerment for products in the full power range from 0.7kW to 350kW, and its core products have high - performance features [35].

Group 1 - The company Qingyuan Co., Ltd. (603628) announced on October 16 that it is planning to build a smart factory according to lighthouse factory standards, funded by the public issuance of convertible corporate bonds [1] - The smart factory is expected to be completed by the end of 2026 and will begin gradual production in the second quarter of 2027 [1]

每经AI快讯，有投资者在投资者互动平台提问：公司生产工厂是否为灯塔工厂？ 清源股份（603628.SH）10月16日在投资者互动平台表示，公司公开发行可转换公司债券投资的智能工 厂是按灯塔工厂标准规划建造，工厂预计于2026年年底建成，2027年二季度开始逐步投产。 （文章来源：每日经济新闻） ...

Core Insights - The photovoltaic equipment sector saw a 1.01% increase on October 16, with Sungrow Power leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Sector Performance - Sungrow Power (300274) closed at 163.00, up 7.66%, with a trading volume of 1.2828 million shares and a transaction value of 20.459 billion [1] - Longi Green Energy (601012) closed at 20.25, up 2.69%, with a trading volume of 3.5606 million shares and a transaction value of 7.120 billion [1] - Daqo New Energy (688303) closed at 29.73, up 2.41%, with a trading volume of 248,800 shares and a transaction value of 730 million [1] - Tongwei Co. (600438) closed at 24.84, up 1.93%, with a trading volume of 1.2898 million shares and a transaction value of 3.169 billion [1] - Other notable performers include *ST Quannetwork (300093) at 13.18 (+1.54%), and Deye Technology (605117) at 75.10 (+0.67%) [1] Capital Flow - The photovoltaic equipment sector experienced a net outflow of 939 million from institutional investors, while retail investors saw a net inflow of 1.013 billion [2] - Notable declines in other sectors included *ST Muban (603398) down 4.96% and Weidao Nano (688147) down 3.69% [2]

展望未来，科创50所代表的创新驱动发展战略，其长期投资逻辑依然清晰而强大。"国产替代"星辰大 海，这是科创50最核心、最持久的驱动力。在外部环境日趋复杂的背景下，无论是在半导体设备、材 料、设计，还是在基础软件、高端制造等领域，替代进口、实现供应链自主可控已不仅是经济命题，更 是安全命题。这条赛道坡长雪厚，将为板块内公司带来持续数年的成长空间。 科创50指数持仓电子行业70.55%，计算机行业4.54%，合计75.09%，与当前人工智能、机器人等前沿产 业的发展方向高度契合。同时涉及半导体、医疗器械、软件开发、光伏设备等多个细分领域，硬科技含 量高，未来成长空间值得期待。看好中国硬科技长期发展前景的投资者建议持续关注。 继昨日市场大幅缩量后，今日A股市场震荡明显。科创50指数半日冲高午后开始回落，下跌0.67%，持 仓股票涨跌互现，佰维存储涨10.03%、晶合集成、时代电气上涨超3%；传音控股、沪硅产业、海光信 息、恒玄科技、西部超导跌超3%。 从指数位置来看，近4个交易日反复在20日均线附近震荡，向下调整可在1360位置关注。 相关ETF：科创50ETF（588000） ...

Core Viewpoint - Yichin Photovoltaic's stock price has shown volatility with a recent decline, while the company has experienced significant fluctuations in trading volume and shareholder metrics, indicating a complex market environment for the company [1][2]. Group 1: Stock Performance - As of October 16, Yichin Photovoltaic's stock price decreased by 2.16% to 4.07 CNY per share, with a trading volume of 374 million CNY and a turnover rate of 7.70%, resulting in a total market capitalization of 4.818 billion CNY [1]. - Year-to-date, Yichin Photovoltaic's stock has increased by 32.57%, with a 2.26% rise over the last five trading days, 7.11% over the last 20 days, and 16.62% over the last 60 days [1]. Group 2: Financial Metrics - For the first half of 2025, Yichin Photovoltaic reported a revenue of 1.181 billion CNY, a year-on-year decrease of 46.05%, while the net profit attributable to shareholders was -153 million CNY, reflecting a year-on-year increase of 67.54% [2]. - The company has cumulatively distributed 580 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Shareholder Information - As of June 30, the number of shareholders for Yichin Photovoltaic was 79,800, a decrease of 5.45% from the previous period, with an average of 14,839 circulating shares per shareholder, which is an increase of 5.76% [2]. Group 4: Business Overview - Yichin Photovoltaic, established on January 21, 1998, and listed on January 23, 2003, is primarily engaged in the production and sales of crystalline silicon solar cells and modules, as well as photovoltaic power generation, with 94.92% of its revenue coming from photovoltaic products and 6.72% from power generation [1].

Core Viewpoint - Daqo Energy's stock price has shown a year-to-date increase of 22.74%, with recent fluctuations indicating a mixed performance in the short term [2] Financial Performance - As of June 30, 2025, Daqo Energy reported a revenue of 1.47 billion yuan, a year-on-year decrease of 67.93%, and a net profit attributable to shareholders of -1.15 billion yuan, down 71.10% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 9.743 billion yuan, with 8.588 billion yuan distributed over the past three years [3] Stock Market Activity - Daqo Energy's stock price increased by 2.07% on October 16, reaching 29.63 yuan per share, with a trading volume of 355 million yuan and a turnover rate of 0.57% [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 599.638 million yuan on July 2 [2] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 2.64% to 35,100, with an average of 15,763 circulating shares per person, an increase of 2.71% [2] - The largest circulating shareholder is the Huaxia SSE Sci-Tech Innovation Board 50 ETF, holding 35.5622 million shares, a decrease of 727,900 shares from the previous period [3]

Core Viewpoint - The ChiNext and Sci-Tech boards are experiencing significant growth, with the Double Innovation Leader ETF (588330) showing strong performance and attracting substantial investment, indicating bullish sentiment in the hard technology sector [1][5]. Group 1: Market Performance - The Double Innovation Leader ETF (588330) saw an intraday increase of 1.94%, currently up by 1.37%, and has recovered its 5-day moving average [1]. - Over the past five days, the ETF has attracted 24.02 million yuan in capital, suggesting that investors are optimistic about the sector's future [1]. - Key stocks leading the gains include Sungrow Power Supply, which rose over 7%, and several others like AVIC Chengfei and Jiangbolong, which increased by more than 6% [3]. Group 2: Sector Analysis - Analysts believe the current market may be in the first phase of a tech stock rally, characterized by explosive growth, with significant potential still unpriced [4]. - The ongoing trade tensions have reinforced the logic of domestic substitution, which is a major driver behind the strength of tech stocks [4]. Group 3: Investment Strategy - Guotai Junan's report emphasizes the importance of broad-based indices for investing in the tech sector, highlighting benefits such as risk diversification and capturing sector rotation [5][6]. - The Double Innovation Leader ETF is positioned as a tool for capturing the tech market's volatility, with a lower investment threshold compared to direct stock investments [6].

Core Viewpoint - Jinlang Technology's stock has shown significant volatility, with a year-to-date increase of 36.16% but a recent decline of 15.43% over the past five trading days, indicating potential market fluctuations and investor sentiment shifts [1]. Company Overview - Jinlang Technology, established on September 9, 2005, and listed on March 19, 2019, specializes in the research, production, sales, and service of string inverters, with its main products being string inverters [1]. - The company's revenue composition includes: grid-connected inverters (47.97%), household photovoltaic power generation systems (21.28%), energy storage inverters (20.91%), new energy power production (8.01%), and others (1.83%) [1]. Financial Performance - For the period from January to September 2025, Jinlang Technology achieved a revenue of 5.663 billion yuan, representing a year-on-year growth of 9.71%, and a net profit attributable to shareholders of 865 million yuan, reflecting a year-on-year increase of 29.39% [2]. - Since its A-share listing, Jinlang Technology has distributed a total of 660 million yuan in dividends, with 318 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Jinlang Technology increased to 84,600, up by 4.88% from the previous period, with an average of 3,799 circulating shares per shareholder, down by 4.65% [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 4.7163 million shares, a decrease of 267,500 shares from the previous period [3].

另一方面，从PPI数据来看，本轮价格运行最显著的亮点在于供需结构的实质性改善带动多个 行业价格企稳回升， 这清晰地反映了我国市场竞争秩序持续优化的积极成效。 具体来看，煤 炭、钢铁等传统重点行业，在供需关系动态改善与产能治理深入推进的双重作用下，价格环比 已实现由降转升。这一转变不能简单归因于周期性波动，而是全国统一大市场建设走向纵深、 企业无序竞争得到有效治理的直接体现，标志着我国产业治理模式正在发生深刻变革。 尤为值得关注的是，这种秩序优化的积极效应正在从传统产业向新兴领域广泛延伸。在光伏设 备、新能源电池制造等新兴产业中，价格同比降幅已出现显著收窄，这表明曾经影响这些行业 健康发展的价格战等无序竞争现象正在得到有效遏制。这一变化正是近年来我国治理内卷、规 范市场竞争秩序的直接成果，通过建立健全良性竞争规则，为高技术含量、高附加值产业的发 展减少障碍，为我国经济高质量发展注入新的动能。 10月15日，新修订的《中华人民共和国反不正当竞争法》正式施行，标志着我国在构建公平竞 争市场秩序方面迈出关键一步。这部历经三次修订的法律直面数字经济时代的新挑战，通过制 度性升级为治理"内卷式"竞争提供了明确的法律依据。 ...