截至2024年末，建设银行发放绿色贷款余额达4.70万亿元，较2023年增加8149.73亿元；全年参与承销境内外绿色及可持续发展债券112期，发行规模1863.90 亿元；其中，承销绿色资产证券化项目7期，发行规模137.67亿元。 作者：柳白 随着国家绿色金融政策体系的持续完善，近期多家银行积极发行绿色金融债券。今年以来，银行间市场绿色金融债发行规模已突破1700亿元，相较于2024年 全年约2225亿元的发行规模，今年银行间市场绿色金融债发行规模显著增长，发行节奏也明显加快。在此基础上，近期银行间市场绿色金融债票面利率呈现 持续走低态势。 6月30日，建设银行发布公告称，计划发行2025年绿色金融债券（第一期）（债券通），本次发行规模高达300亿元。其中，品种一基本发行规模为250亿 元，是期限3年的固定利率债券；品种二基本发行规模50亿元，为3年期浮动利率债券。募集资金将专项用于《绿色债券支持项目目录（2021年版）》规定的 绿色产业项目。 全面支持发展绿色金融 绿色发展作为高质量发展的重要底色，在国家政策层面受到高度重视。中央金融工作会议将绿色金融列为金融 "五篇大文章" 之一，党的二十届三中全会对 ...

财信证券：市场正处于新一轮做多窗口期 A股三大股指集体低开，沪指跌0.1%，创业板指跌0.07%。盘面上，光伏设备板块表现活跃，保险、稀 土永磁、算力租赁等板块跌幅居前。 机构看后市 中信建投最新研报指出，流动性充裕叠加市场情绪升温，推动A股上台阶。外部环境也较为有利，积极 情绪或蔓延至A股。展望后市，继续维持战略乐观判断，目前海内外宏观环境、市场风险偏好和新赛道 结构性景气均出现积极信号，预计市场有望进一步"上台阶"。 短期来看，在连续三周上涨后，A股阶段性回调压力正在上升，但市场整体系统性风险不大，股权风险 溢价指标显示目前仍然处在机会水平附近。因此依然看好后市行情，整体维持偏高仓位，若短期市场出 现调整则是布局良机。 8月份之前，在宏观层面并无明显风险事件，市场正处于新一轮做多窗口期，叠加投资者情绪改善、增 量资金入场，指数仍有上行动能，虽然面临强压力位的限制，但预计仍以震荡偏强运行为主，投资容错 率将提升。在市场宽基指数并未明显破位时，可保持较高权益市场仓位，顺势而为。虽然宏观经济及政 策未见明显拐点，但"反内卷"政策如落实到位，将缓解"增收不增利"的困境，指数仍可能进入新一轮戴 维斯双击阶段、并向上 ...

Group 1 - The AI computing hardware sector is experiencing significant growth, driven by strong policy support and increasing demand for data centers, with companies like Xinyiseng and Zhongji Xuchuang seeing substantial gains [3] - The real estate sector is showing signs of recovery, particularly in areas related to urban renewal and affordable housing, as local policies become more favorable, although traditional developers are still struggling [3][4] - The overall market is witnessing a divergence, with many stocks declining while a few sectors, particularly AI and real estate with policy backing, are performing well, indicating a selective investment environment [4] Group 2 - The solar, coal, and power sectors are facing challenges, with companies like Yamaton and Dayou Energy experiencing significant declines due to oversupply and strict policy regulations [3][4] - The market is characterized by a concentration of funds in sectors with clear growth logic, suggesting that investors need to be more discerning in their stock selections [4] - The rise in the ChiNext index is primarily driven by heavyweight stocks, while the majority of stocks are declining, highlighting the importance of focusing on industry trends and company fundamentals rather than just index movements [4]

债券代码：127098 债券简称：欧晶转债 证券代码：001269 证券简称：欧晶科技 | | □特定对象调研□分析师会议 | | --- | --- | | | □媒体采访□业绩说明会 | | 投资者关系活动 | □新闻发布会□路演活动 | | 类别 | □现场参观 | | | 其他（内蒙古辖区上市公司 2025 年投资者网上集体接待日 | | | 活动） | | 参与单位名称及 | 通过全景网平台参与公司内蒙古辖区上市公司 2025 年投资 | | 人员名称 | 者网上集体接待日活动的投资者 | | 时间 | 年 月 日 2025 7 11 16:00-18:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 总经理：安旭涛 | | 上市公司接待人 员姓名 | 董事、副总经理兼财务总监：马雷 | | | 副总经理、董事会秘书：刘敏 | | | 公司就投资者在本次活动中提出的问题进行了回复，主 | | | 要内容如下： | | | 1、整治"内卷式"竞争，光伏行业有望加速淘汰落后产 | | | 能，公司如何看待？光伏行业目前实际情况如何？ | | | ...

Core Viewpoint - The A-share market is experiencing fluctuations with mixed performance across major indices, and there is potential for increased capital inflow as trading volume has decreased significantly from last week [1][2]. Group 1: Market Performance - The A-share market showed a divergence today, with major indices exhibiting varied performance [1]. - Trading volume has shrunk to below 1.5 trillion, indicating a substantial decrease from last week's 1.7 trillion, suggesting room for increased capital entry [1]. Group 2: Sector Performance - Robotics stocks surged collectively, with Zhongdali gaining the daily limit [2]. - Power and grid stocks also strengthened, with Jingyuntong hitting the daily limit [2]. - Precious metals stocks were active, with Hunan Silver reaching the daily limit [2]. - Conversely, major financial stocks faced collective adjustments, with Nanhua Futures hitting the daily limit down [2]. Group 3: Monetary Policy Insights - The People's Bank of China (PBOC) plans to continue implementing a moderately loose monetary policy, focusing on enhancing domestic demand and stabilizing market expectations [5]. - The PBOC emphasizes financial services for the real economy, particularly in technology innovation and support for small and micro enterprises [5]. - There is a focus on improving the execution and supervision of interest rate policies to enhance the efficiency of fund utilization and prevent fund idling [5]. Group 4: Anti-Competition Measures - The upcoming political bureau meeting will shift macroeconomic focus, with an emphasis on addressing "involution" in competition [6][7]. - The government aims to establish rules to eliminate local protectionism and market segmentation, facilitating smoother economic circulation [7]. - The concept of "anti-involution" is expected to permeate various industries, with significant implications for future policy [9]. Group 5: Industry Trends - The future of anti-involution will focus on two core areas: supporting new technologies and hard tech, and eliminating outdated production capacity [10][12]. - The solar energy sector, despite facing challenges, is still expected to grow due to increasing demand [15]. - Recent price increases in polysilicon and other components within the solar industry indicate a potential recovery and valuation correction in the sector [17]. - Institutional holdings in the solar sector have decreased significantly, suggesting a potential for reallocation as market conditions improve [18].

Core Viewpoint - The article discusses the challenges of mergers and acquisitions (M&A) in the semiconductor industry, contrasting it with the more fluid M&A environment in Western markets, and highlights the mindset of founders regarding selling their companies to competitors [1][2]. Semiconductor Industry M&A Status - The semiconductor industry is categorized under "pan-semiconductor," sharing similarities with solar and display panel industries in terms of materials and equipment used [2]. - Founders returning from the U.S. may perceive local competitors from solar and display sectors as less sophisticated, leading to reluctance in M&A discussions [2][4]. Market Dynamics and IPO Standards - The standards for listing on the Science and Technology Innovation Board (科创板) are continuously rising, making it difficult for companies that would have qualified in the past to meet current criteria [5][6]. - The increasing standards across various boards reflect the evolving nature of industries and the need for companies to adapt to market expectations [6][7]. Barriers to M&A - Two significant barriers to M&A are the existence of listing performance agreements and valuation discrepancies between private companies and public counterparts [12]. - Many private companies have valuations that exceed those of similar public companies, complicating potential acquisition discussions [12]. Founder Mindset - Founders often have a strong attachment to their companies, viewing the idea of selling to a competitor as an insult, which can hinder M&A opportunities [4][21]. - The average age of entrepreneurs in the primary market is around 45, and their experiences often lead to a strong desire for an independent IPO rather than selling their companies [20][21]. Conclusion - The article emphasizes the need for continued efforts in the primary market to address the cultural and structural barriers to M&A, suggesting that a shift in mindset among founders is necessary for change [22].

Core Viewpoint - The photovoltaic industry has shown active performance since July, driven by "anti-involution" policies, attracting significant market attention and capital inflow [1][2] Group 1: Market Performance - As of July 10, 2025, the photovoltaic ETF (515790) has accumulated a capital inflow of 1.469 billion yuan since July, with an average daily trading volume of 855 million yuan, and a single-day capital inflow of 315 million yuan on July 10 [1] - The latest scale and share of the photovoltaic ETF reached 16.961 billion shares and 12.367 billion yuan, with monthly increases of 14.35% and 23.87%, respectively, marking a historical high in share size since its inception [1][2] Group 2: Price Trends - Recent reports indicate a stabilization and recovery trend in the prices across multiple segments of the photovoltaic industry chain, with expectations of price increases in polysilicon leading to fluctuations in downstream silicon wafer prices [1] - Several silicon material companies have begun adjusting their product prices, demonstrating a strong determination to maintain pricing, which may lead to a systematic rebound in prices across the industry chain [1][2] Group 3: Industry Outlook - According to CITIC Securities, the recovery of industry chain prices is a crucial step towards achieving "anti-involution" in the photovoltaic sector, with expectations for a solidification of the industry's fundamentals and the establishment of a long-term mechanism for eliminating outdated production capacity [2] - The photovoltaic ETF (515790) closely tracks an index covering the entire photovoltaic industry, selecting no more than 50 representative companies, with the top five constituent stocks being leading firms in the industry, likely to benefit from the overall price recovery [2]

Core Viewpoint - The convertible bond market is experiencing a significant reduction in supply, leading to increased scarcity and heightened interest from investors, particularly in bank convertible bonds [1][2][3]. Group 1: Market Dynamics - Since July, there has been a concentrated redemption and conversion of bank convertible bonds, resulting in a shrinking asset pool. As of July 10, the total market for convertible bonds has decreased to 668.08 billion yuan, down 65.54 billion yuan from the beginning of the year [1]. - The current market is undergoing a period of intensive adjustment, with 456 convertible bonds entering redemption and conversion phases, representing 95.36% of the total market size [1]. - The convertible bond market has shown strong upward momentum this year, with the Wind convertible bond index rising by 18.17% year-to-date as of July 10 [2]. Group 2: Performance of Bank Convertible Bonds - Bank convertible bonds are particularly attractive due to the strong credit quality of the issuing banks and the performance of bank stocks, which have seen significant increases due to institutional investments [2][3]. - Several bank convertible bonds have successfully triggered mandatory redemption and conversion, achieving high conversion rates, such as Chengdu Bank and Suzhou Bank with rates of 99.94% and 99.93% respectively [3]. Group 3: Investor Sentiment and Strategy - There is a growing concern among investors regarding the high valuation of convertible bonds, with some analysts suggesting that entering the market at this stage may not be wise [2][4]. - Despite the high valuations, there remains a demand for convertible bonds, particularly from institutional investors seeking to enhance their fixed-income portfolios [5][6]. - Investment strategies are shifting, with a preference for large-cap convertible bonds linked to major stocks, especially in sectors like banking, photovoltaic, and agriculture [6].

Performance Forecast - The company expects revenue for the first half of 2025 to be between 82.6 billion and 90.6 billion yuan, representing a growth of 3% to 13% compared to 80.224 billion yuan in the same period last year [1] - The net profit attributable to shareholders is projected to be between 1.8 billion and 2 billion yuan, showing an increase of 81% to 101% from 995 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses is estimated to be between 1.5 billion and 1.65 billion yuan, a significant rise of 168% to 195% from 559 million yuan last year [1] - Basic earnings per share are expected to be between 0.0969 yuan and 0.1077 yuan, compared to 0.0535 yuan in the same period last year [1] Business Segments - The semiconductor display business is anticipated to achieve a net profit exceeding 4.6 billion yuan in the first half of 2025, with a year-on-year growth of over 70% [1] - The large-size display sector is benefiting from an optimized supply-side structure and stable product prices, leading to increased demand [1] - The mid-size segment is seeing significant growth in IT product sales and revenue, with continuous improvement in profitability [1] - The small-size OLED business is successfully implementing a high-end strategy, supplying differentiated products to major clients [1] Strategic Developments - The company is enhancing its display business layout and product structure to consolidate competitive advantages and improve profitability [1] - The acquisition of a 21.5311% stake in Shenzhen Huaxing Optoelectronic Semiconductor Technology Co., Ltd. was completed on July 1, 2025, further strengthening the company's competitive position [1] - TCL Zhonghuan is facing challenges due to price declines and inventory impairments, with an expected net loss of 1.2 billion to 1.35 billion yuan for the first half of 2025 [1] - Despite challenges, TCL Zhonghuan is focused on strategic implementation, operational improvements, cost control, and organizational changes to maintain positive operating cash flow [1]

产销量方面 ，2024年公司光伏硅片出货125.8GW，同比+10.5%，市占率为18.9%，位居行业第一。 截至25Q1，公司产能达 到200GW，210系列产品出货占比持续提升，外销市占率达到55%以上 。 2024年全年公司组件出货为8.3GW。25Q1公司持续完善产品序列，改造TOPCon标准组件产线并筹建2GW BC组件产线，逐 步形成全价值定位组件产品组合，满足市场需求；加速营销能力建设，订单量明显增加。 截至25Q1，公司组件产能 24GW，光伏组件出货1.9GW，同比+19%，产销能力进一步提升。 当前光伏产业还在底部徘徊，TCL尚且如此，预计其他企业的年中报告也都差不多 。关于光伏，近期重大新闻是7月3 日， 工业和信息化部党组书记、部长李乐成 主持召开第十五次制造业企业座谈会，14家光伏行业企业及光伏行业协 会负责人作交流发言。 李乐成强调， 要聚焦重点难点，依法依规、综合治理光伏行业低价无序竞争，引导企业提升产品品质，推动落后产能 有序退出，实现健康、可持续发展 。行业企业要大力弘扬企业家精神，锚定正确方向，致力技术创新，坚守质量安全 底线，加强国际合作，进一步拓展光伏应用的深度和广度， ...