Summary of Key Points Core Viewpoint - The announcement details the share reduction results of a shareholder holding less than 5% in Arctech Solar Technology Co., Ltd, specifically regarding the reduction of shares by Wuxi Yuanhe Chongyuan YouNeng Venture Capital Partnership (Limited Partnership) [1][2]. Group 1: Shareholder's Basic Situation - Before the reduction plan, Wuxi Yuanhe held 131,770,537 shares, accounting for 3.57% of the company's total share capital [2]. Group 2: Implementation Results of the Reduction Plan - As of September 11, 2025, Wuxi Yuanhe had reduced its holdings by 56,432,173 shares, which is 1.53% of the total share capital. This included 36,882,173 shares (1%) sold through centralized bidding and 19,550,000 shares (0.53%) sold through block trading [3]. - The reduction plan was completed within the disclosed time frame, and the actual reduction met the previously announced minimum reduction quantity [5].

基于上述分析，星展上调恒指12个月目标至28,000点(原为26,000点)，此调整反映：1)更新2025及2026年 盈利预测至-2.2%及12.1%;2)估值倍数预测由11.6倍上调至13倍。新目标假设恒指与MSCI的国家世界指 数(ACWI)的估值差距将重返十年平均水平。相信困扰香港市场多年的结构性估值折让(如中国政策不明 朗、本港流动性偏弱)已基本消化。自去年9月以来的政策转向，加上反内卷措施，亦有助稳定宏观及企 业盈利预期。 新目标与风险溢价模型相符，目前达5.8%，该行预期市场风险溢价将压缩至5.4%-5.5%(即较十年均值低 约1个标准差)，过往数年多次验证此水平。 假设南下资金持续增加(内地债息回落)，此溢价水平对应恒 指约28,000点。若乐观情景下，风险溢价重返2020-21年科网牛市低位，恒指可达30,500点，但此情况需 基本面明显改善、政策加码或流动性更宽松配合。 星展表示，重申偏好科技及非银金融，而反内卷行动继续在太阳能及电池等板块带来交易机会。消费板 块估值已趋合理，上调至中性。首选股方面，剔出中创新航(03931)，换入携程集团-S(09961)，以捕捉 国庆假期前旅游业回暖机 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告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。 註： 2025年7月，本公司新疆、黑龍江、遼寧省內全部光伏項目，及河北省內部分光伏項目已完成剝離，已不在公司合 併財務報表範圍內，當月起不再計入發電數據。 根據本公司初步統計，2025年8月，本集團按合併報表口徑完成輸╱售氣量33,564.66萬立方米，同比 減少18.75%，其中售氣量28,677.24萬立方米，同比減少17.74%；代輸氣量4,887.42萬立方米，同比 減少24.23%。截至2025年8月31日，累計完成輸╱售氣量352,340.17萬立方米，同比減少15.76%，其 中售氣量319,058.23萬立方米，同比減少12.76%；代輸氣量33,281.94萬立方米，同比減少36.65%。 | | | 輸╱售氣量 | | | | --- | --- | --- | --- | --- | | | 2025年8月 | 同比變動 | 2025年1-8月 | 同比變動 | | | （萬立方米 ...

据《塞舌尔民族报》2025年9月10日报道，塞舌尔政府正式启动第二轮对塞居民住宅光伏补贴计划，每 户最高补贴至3.15万卢比（约2170美元），本轮补贴总额度为1500万卢比（约103万美元）。该举措旨 在推动国家绿色能源转型，鼓励居民在屋顶安装太阳能系统，减少能源费用开支，降低对化石燃料依 赖。 ...

Group 1 - The core viewpoint of the report by Ember is that China's investment in clean energy has become a major factor in determining the global decarbonization process [1] - China produces 60% of the world's wind turbines and 80% of solar panels, significantly lowering costs for other countries [2] - Since 2010, the cost of solar components has decreased by over 90%, with China accounting for three-quarters of global solar manufacturing during this period [2] Group 2 - In the previous year, China's investment in renewable energy capacity reached $625 billion, nearly one-third of the global total, compared to $426 billion from Europe and $409 billion from the United States [3] - The clean energy sector, led by solar panels, batteries, and electric vehicles, has expanded at three times the rate of other industries, contributing $1.9 trillion to China's output [3] - The report highlights that U.S. investments under the Inflation Reduction Act are restricted to domestic projects, while China's investments are fostering clean energy development in other countries [3] Group 3 - The rapid development of China's solar energy industry raises questions about the scale of investment that would exist without China's involvement [5] - Clean energy is expected to create a significant market opportunity [5]

每经AI快讯，有投资者在投资者互动平台提问：公司公告2025年1月1日到8月31日收到国家补贴23.9亿 元，是去年同期232%。请问是第一批公布的绿码项目补贴应收款加速回收，还是不在第一批绿码项目 名单里的项目被重新纳入绿码并收到国家补贴资金？ （文章来源：每日经济新闻） 太阳能（000591.SZ）9月10日在投资者互动平台表示，收到的补贴主要为第一批合规清单项目。 ...

Report Industry Investment Rating - Not mentioned in the provided report Core Viewpoints - The industrial silicon price is expected to maintain high-level consolidation in the short term, but there is a risk of a price decline if polysilicon enterprises implement production restrictions. The polysilicon price is likely to be volatile and prone to rising, with supply-side disturbances remaining unstable [1]. Summary According to Relevant Catalogs Industrial Silicon - **Price Changes**: The average price of non-oxygenated 553 (East China) remained unchanged at 8,950 yuan/ton, and the average price of 421 (East China) also remained flat at 9,400 yuan/ton. The closing price of the futures main contract rose 3.58% to 8,820 yuan/ton [1]. - **Supply and Demand Analysis**: Supply is increasing steadily as some silicon plants in Xinjiang have resumed production, and businesses in the southwest are operating more due to lower electricity costs. On the demand side, polysilicon enterprises are reducing production, with some having复产 plans, which will bring some demand. However, the organic silicon market is facing supply pressure, and silicon-aluminum alloy enterprises are purchasing as needed [1]. - **Investment Strategy**: The industrial silicon market has strengthened recently due to polysilicon sentiment. It is expected that the short-term silicon price will maintain high-level consolidation, but if polysilicon enterprises implement production restrictions, it will be negative for the industrial silicon market [1]. Polysilicon - **Price Changes**: The prices of N-type dense material, N-type re-feeding material, and N-type mixed material increased by 0.20%, 0.19%, and 0.20% respectively, while the price of N-type granular silicon remained unchanged. The closing price of the futures main contract rose 8.70% to 56,735 yuan/ton [1]. - **Supply and Demand Analysis**: Supply is expected to increase slightly as some silicon material factories may have new production capacity, but demand has also increased as many upstream and downstream enterprises completed procurement and shipments by the end of August, reducing inventory [1]. - **Investment Strategy**: The polysilicon market has been rising recently due to rumors of state purchases. In the short term, supply-side disturbances may cause price fluctuations, and the price is likely to rise [1]. Other Information - **Industry News**: Southern Co's subsidiary, Georgia Power, has been approved to sign five new solar power purchase agreements with a total capacity of 1,068 megawatts. It has also launched a tender for up to 2,000 megawatts of utility-scale solar or "solar + energy storage" projects [1]. - **Company Announcement**: Daquan Energy's General Manager, Zhu Wengang, stated that the company will continue its production reduction strategy in the third quarter, with a production guidance of 27,000 to 30,000 tons, and an annual production guidance of 110,000 to 130,000 tons in 2025 [1].

Core Insights - An international photovoltaic research team has made significant progress in the industrialization of perovskite-silicon tandem solar cells, achieving a power conversion efficiency of 33.1% [1][2] - The advancement is crucial as silicon solar cells approach their theoretical efficiency limit of 29.4%, positioning perovskite-silicon tandem solar cells as the next important technology in the photovoltaic sector [1] Group 1 - The research team, consisting of institutions like King Abdullah University of Science and Technology, Freiburg University, and Fraunhofer Institute for Solar Energy Systems, successfully achieved high-quality passivation on textured silicon bottom cells [1] - The passivation process involved depositing 1,3-diaminopropane dihydroiodide on the uneven perovskite surface, leading to improved performance metrics [1] - The treated tandem cells exhibited an open-circuit voltage of 2.01 volts, indicating enhanced electrical performance [1] Group 2 - The study revealed that passivation not only improves the surface of the top cell but also affects the entire perovskite layer, enhancing conductivity and fill factor due to the deep-level effects of passivation [2] - This understanding of the internal mechanisms of power conversion in tandem cells allows for further development of more efficient solar cells [2] - The breakthrough in surface passivation is significant for the photovoltaic industry, potentially accelerating the commercialization of the next generation of high-efficiency solar cells [2]

Core Viewpoint - The Indian solar industry is facing significant challenges due to the imposition of high tariffs by the U.S. government, which threatens its largest export market and undermines India's ambitions for energy self-sufficiency [1][2][4]. Industry Challenges - The U.S. has imposed a 50% tariff on Indian solar panels, which has severely impacted India's solar exports, as the U.S. accounted for 90% of India's solar module exports [2][5]. - The potential for anti-dumping duties further complicates the situation, squeezing profit margins for Indian manufacturers and creating a more hostile environment for survival [2][3]. - The Indian solar power project approvals and new tenders have significantly slowed down in the second quarter of this year, prompting caution among renewable energy developers [2]. Production Capacity and Market Dynamics - India is projected to enter a phase of overcapacity by 2026, exacerbated by the loss of the U.S. market [3]. - Current average capacity utilization of Indian solar component manufacturers is only 25%, indicating a significant gap between production capabilities and market demand [3]. - The Indian solar photovoltaic component export value is expected to grow over 23 times from FY2022 to FY2024, reaching approximately $2 billion, primarily driven by exports to the U.S. [3][8]. Government Initiatives and Market Potential - The Indian government has implemented various measures to promote domestic solar manufacturing and reduce reliance on foreign suppliers, including tariffs on imported solar cells and modules [7][11]. - Key initiatives include the "Rooftop Solar Program" with a budget of ₹7.5 trillion aimed at helping 100 million households install rooftop solar panels [8]. - India is also diversifying its export markets, focusing on regions like Africa and West Asia, while still facing challenges in scaling up production and improving competitiveness [8][9]. Dependency on Imports - Despite advancements, India's solar industry remains heavily reliant on imports for critical components, with over 90% dependency on Chinese supply chains for materials like polysilicon and wafers [9][10]. - The cost of Indian solar panels is significantly higher than their Chinese counterparts, which poses a challenge for competitiveness in both domestic and international markets [10][11]. Future Outlook - The impact of U.S. tariffs on Indian solar manufacturers may take time to manifest, as orders are typically placed well in advance [12].

Economic Growth and Development - The GDP of Tibet has increased from 327 million yuan in 1965 to 276.5 billion yuan in 2024, representing a growth of 155 times with an average annual growth rate of 8.9% [1] - Central government transfer payments to Tibet have exceeded 1 trillion yuan over 60 years, providing solid support for modernization [1] Financial Sector Evolution - The financial sector in Tibet has evolved from basic banking services to sophisticated financial institutions, with total deposits and loans exceeding 600 billion yuan [1] - Since 2011, banks have provided over 130 billion yuan in preferential interest rates for loans to Tibetan enterprises, benefiting 235,000 business entities [1] Policy Initiatives and Support - The China Securities Regulatory Commission has implemented favorable policies for IPOs of Tibetan enterprises since 2016, facilitating immediate review and approval [2] - The "Galsang Flower Action" initiated in 2023 aims to promote the growth of Tibetan enterprises by attracting talent, technology, and capital [2] Resource Utilization and Industry Development - Tibet's unique ecological, clean energy, mineral, and cultural tourism resources are becoming attractive for investment, necessitating further financial and fiscal policy support [2] - There is a need to enhance product service innovation and diversify financing models to better utilize natural resources for economic development [2] Infrastructure and Livelihood Improvement - Major projects like the Yaluzangbu River hydropower project and the Sichuan-Tibet Railway present historical opportunities for economic growth and improved livelihoods [3] - Continuous financial support and effective use of policies are essential for sustaining development momentum and ensuring that all ethnic groups benefit from modernization [3]