京运通决定与服务6年的审计机构分手。 11月24日晚间，京运通宣布拟变更会计师事务所，结束了与天职国际会计师事务所(特殊普通合伙)(以下 简称天职国际)长达6年的合作关系。 这一变动之所以值得关注，不仅因为审计机构的更迭往往发生在企业财务状况的敏感期，更因为天职国 际在刚刚过去的2024年年报审计中，对京运通出具了带有"持续经营重大不确定性"段落的无保留意见审 计报告。 记者注意到，面对2024年高达23.61亿元的巨额亏损以及资金链的紧绷，京运通在2025年前三季度继续 亏损2.27亿元。 6年合作画句号 11月24日晚间，京运通发布《关于变更会计师事务所的公告》，宣布拟聘任大信会计师事务所为公司 2025年度财务和内控审计机构。 对于变更原因，京运通表示，鉴于原聘任的天职国际已连续6年为公司提供审计服务，为更好地保证公 司审计工作的独立性与客观性，综合考虑公司未来业务发展情况及整体审计工作的需要，经综合评估后 作出此决定。 此次"更换"并非毫无波澜。回溯京运通2024年的财务报告，天职国际虽然出具了无保留意见，但特别增 加了一个强调段落——"与持续经营相关的重大不确定性"。 这一专业判断基于京运通当时严峻 ...

今年以来，在稳增长政策持续发力与新质生产力培育加速的双轮驱动下，各地经济韧性凸显。前三季度全国GDP突破101万亿元，同比增长4.07%，区域格 局悄然生变。东部大省稳中有进，中西部黑马频出，四川逼近5万亿大关，重庆与江西差距缩小至千亿之内，甘肃以近5%的增速领跑西北……这场省域经济 的"排位赛"背后，隐藏着怎样的增长密码？ 重庆与江西的GDP差距缩窄至230亿元，这场"贴身竞逐"实为两种模式的较量。重庆以汽车制造为矛，新能源汽车产量同比增长40%，长安阿维塔、赛力斯 问界等品牌带动产业链升级，工业投资增速达12.3%。而江西凭借锂电、光伏"双王牌"，晶科能源上饶基地产出全球1/8光伏硅片，赣锋锂业碳酸锂产能居全 球前三。 | | 地区 | 2025 | 2024 | 增量 | 名义 | | --- | --- | --- | --- | --- | --- | | | | 前三季度 | 前三季度 | | 增长率 | | 1 | 广东省 | 105176.98 102187 | | 2989.98 | 2.93% | | 2 | 江苏省 | 102811 | 99235 | 3576 | 3.6% | | 3 ...

京运通决定与服务6年的审计机构分手。 11月24日晚间，京运通宣布拟变更会计师事务所，结束了与天职国际会计师事务所（特殊普通合伙） （以下简称天职国际）长达6年的合作关系。 11月24日晚间，京运通发布《关于变更会计师事务所的公告》，宣布拟聘任大信会计师事务所为公司 2025年度财务和内控审计机构。 对于变更原因，京运通表示，鉴于原聘任的天职国际已连续6年为公司提供审计服务，为更好地保证公 司审计工作的独立性与客观性，综合考虑公司未来业务发展情况及整体审计工作的需要，经综合评估后 作出此决定。 相关信息显示，大信会计师事务所成立于1985年，具有丰富的证券服务业务经验，2024年上市公司年报 审计客户达221家（含 H 股），平均资产额 195.44 亿元，收费总额 2.82 亿元，其中包括10家京运通的 同行业上市公司。 此次"更换"并非毫无波澜。回溯京运通2024年的财务报告，天职国际虽然出具了无保留意见，但特别增 加了一个强调段落——"与持续经营相关的重大不确定性"。 这一专业判断基于京运通当时严峻的财务数据：2024年度，公司归属于母公司的净亏损高达23.61亿 元；截至2024年12月31日，公司短 ...

"这种'内卷式'竞争不仅损害了企业的持续发展能力，更制约了整个产业的创新活力与全球竞争力。"刘 汉元在大会上坦言。 在此背景下，刘汉元将目光投向了石油输出国组织的成功经验。他在2025第八届中国国际光伏和储能产 业大会上指出，欧佩克以集体利益最大化为核心逻辑，通过动态调节原油产量，在全球范围内形成了持 续有效的油价管控机制。这种机制在不同国家、不同成本差异的条件下达成了多年共识，实现了有效运 行。这一案例对正处于激烈竞争中的光伏行业具有重要启示意义。 当前光伏产业正经历着严峻考验。尽管2025年上半年全球可再生能源发电量超过煤炭，成为主要电力来 源，中国也在"十四五"期间建成了全球最大、发展最快的可再生能源体系，但产业内部却面临着价格走 低、企业盈利困难的窘境。 南都湾财社记者从大会上获悉，从供给端来看，上游硅料与硅片产能近5年急剧扩张。数据显示，多晶 硅从2012年年产仅6.74万吨，到2024年全年累计产量已高达178.5万吨，12年间增长超过25倍，尤其2023 年以来，产量增速进一步加速。同时，光伏硅片产量也在急剧扩张：2020年国内硅片产量为161.4吉 瓦，2024年跃升至775.8吉瓦。供过于求 ...

Investment Rating - The report initiates coverage on GCL-Poly Energy Holdings Limited with a "Buy" rating [6][20]. Core Views - GCL-Poly focuses on the new energy high-tech sector, gradually becoming a leader in the polysilicon industry, forming a silicon-based industrial system centered on granular silicon, with collaborative development in semiconductor silicon and photovoltaic silicon wafers [4][12]. - The company’s granular silicon products are rapidly improving in quality, meeting the higher quality demands of the N-type era, and its cost competitiveness is expected to stand out during the industry's supply-side adjustment period [4][14]. - The report anticipates that GCL-Poly's profitability will gradually improve as the industry recovers, supported by its low-carbon attributes and cost advantages [15][20]. Summary by Sections Company Overview - GCL-Poly is a leading global photovoltaic high-tech materials company, primarily engaged in the production of photovoltaic polysilicon and wafers, perovskite components, and high-purity silicon for semiconductors [24][25]. - The company has developed advanced self-research granular silicon technology and is focusing on low-carbon products, gradually forming two major industrial systems: silicon-based materials and perovskite battery materials [25]. Industry Analysis - The photovoltaic industry is currently in a phase of supply-demand adjustment, with a focus on high-tech and low-energy consumption [31]. - The report predicts that the photovoltaic demand growth will slow down, with domestic photovoltaic installations expected to reach 300 GW in 2025, reflecting a 15% year-on-year increase [31][33]. - The industry is experiencing intensified competition, leading to a decline in product prices, with polysilicon prices remaining at historical lows [33][34]. Competitive Advantages - GCL-Poly's granular silicon products are expected to gain market share due to their lower production energy consumption compared to traditional rod silicon, with cash costs projected to drop to 24.16 CNY/kg by Q3 2025 [14][18]. - The company’s granular silicon has demonstrated superior performance in terms of minority carrier lifetime and has been validated for use in N-type monocrystalline applications, achieving 100% mass production by leading silicon wafer manufacturers [14][18]. - The report highlights that GCL-Poly's granular silicon has a significantly lower carbon footprint, reducing carbon emissions by approximately 75% compared to traditional methods [63]. Financial Forecasts - The report forecasts GCL-Poly's revenues for 2025-2027 to be 148.5 billion CNY, 195.0 billion CNY, and 216.2 billion CNY, respectively, with year-on-year growth rates of -1.6%, 31.3%, and 10.8% [15][20]. - The net profit attributable to shareholders is expected to improve from a loss of 7.2 billion CNY in 2025 to a profit of 29.4 billion CNY by 2027, reflecting a significant recovery in profitability [15][20].

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Views - The price of photovoltaic silicon wafers continues to be under pressure due to reduced demand from downstream battery segments, leading to a significant decrease in orders and subsequent price drops. Some second and third-tier companies are forced to clear inventory, causing further price declines. A slight rebound in N-type 183mm silicon wafer prices was noted after several companies attempted to stabilize prices [4][2]. - In the industrial gas sector, the price of liquid argon has increased by 7.94% to 829 RMB/ton, while the prices of liquid oxygen and nitrogen have decreased by 2.54% and 4.6%, respectively. The overall price trend is stable, with no significant upward pressure expected in the near future [4][2]. - The automotive market saw a slight decline in retail sales in early November, with a year-on-year decrease of 19%. However, long-term growth in sales is anticipated due to upcoming tax incentives for electric vehicles [4][2]. Summary by Sections Market Overview - The mechanical equipment, electric power equipment, and automotive industry indices experienced declines of -2.22%, -0.8%, and -2.11%, respectively, ranking 28th, 23rd, and 26th among 31 first-level industries [9][1]. Industry News and Key Company Announcements - Longi Green Energy plans to acquire approximately 61.9998% of Suzhou Jingkong Energy Technology Co., Ltd., marking its entry into the energy storage sector [22][2]. - The domestic inventory of photovoltaic components has continued to decline, with a 0.6GW reduction noted in the second week of November [22][2]. - The Inner Mongolia government has outlined plans to significantly develop renewable energy, aiming for over 300 million kW of installed renewable energy capacity by 2030 [22][2].

Core Points - TCL Zhonghuan's stock price increased by 5.03%, reaching 11.06 CNY per share, with a trading volume of 852 million CNY and a turnover rate of 1.96%, resulting in a total market capitalization of 44.717 billion CNY [1] - The company, established on December 21, 1988, and listed on April 20, 2007, operates in the semiconductor electronic information, semiconductor energy-saving, and new energy industries, with revenue composition as follows: 43.12% from photovoltaic silicon wafers, 28.70% from photovoltaic modules, 20.46% from other silicon materials, 6.95% from other sources, and 0.76% from photovoltaic power stations [1] Fund Holdings - Huazhang Fund has a significant holding in TCL Zhonghuan, with the Huazhang CSI Photovoltaic Industry ETF (159618) reducing its stake by 66,000 shares in Q3, now holding 171,000 shares, which constitutes 2.38% of the fund's net value, ranking as the ninth largest holding [2] - The Huazhang CSI Photovoltaic Industry ETF was established on April 8, 2022, with a latest scale of 649.71 million CNY, achieving a year-to-date return of 38.71%, ranking 1247 out of 4216 in its category, and a one-year return of 16.04%, ranking 2653 out of 3955, while it has incurred a loss of 16.43% since inception [2] Fund Manager Information - The fund manager of the Huazhang CSI Photovoltaic Industry ETF is Liu Xuanzai, who has been in the position for 5 years and 14 days, managing total assets of 9.524 billion CNY, with the best fund return during the tenure being 125.01% and the worst being -61.05% [3]

Core Viewpoint - TCL Zhonghuan's stock has shown significant growth this year, with a year-to-date increase of 18.94% and a recent surge in trading activity, indicating strong market interest and potential investment opportunities [1][2]. Group 1: Stock Performance - As of November 13, TCL Zhonghuan's stock price reached 10.55 CNY per share, with a trading volume of 7.39 billion CNY and a market capitalization of 426.55 billion CNY [1]. - The stock has experienced a 7.98% increase over the past five trading days, a 12.00% increase over the past 20 days, and a 29.61% increase over the past 60 days [1]. - The company has appeared on the "龙虎榜" (Dragon and Tiger List) once this year, with a net buy of 229 million CNY on September 25 [1]. Group 2: Financial Performance - For the period from January to September 2025, TCL Zhonghuan reported a revenue of 21.572 billion CNY, a year-on-year decrease of 4.48%, while the net profit attributable to shareholders was -5.777 billion CNY, reflecting a year-on-year increase of 4.70% [2]. - Cumulatively, the company has distributed 2.338 billion CNY in dividends since its A-share listing, with 1.373 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, TCL Zhonghuan had 243,600 shareholders, an increase of 0.51% from the previous period, with an average of 16,581 circulating shares per shareholder, a decrease of 0.51% [2]. - The top circulating shareholder is Hong Kong Central Clearing Limited, holding 119 million shares, an increase of 6.3283 million shares from the previous period [3].

Group 1 - TCL Zhonghuan's stock price dropped by 5.02%, trading at 10.21 CNY per share, with a total market capitalization of 41.28 billion CNY [1] - The company was established on December 21, 1988, and went public on April 20, 2007, focusing on the semiconductor and renewable energy industries [1] - Revenue composition includes photovoltaic silicon wafers (43.12%), photovoltaic modules (28.70%), other silicon materials (20.46%), others (6.95%), and photovoltaic power stations (0.76%) [1] Group 2 - Baodao Fund holds a significant position in TCL Zhonghuan, with Baodao Mingyuan Mixed A fund reducing its holdings by 49,000 shares, now holding 141,000 shares, representing 6.01% of the fund's net value [2] - The Baodao Mingyuan Mixed A fund has a total scale of 9.298 million CNY and has returned 10.18% year-to-date, ranking 5933 out of 8147 in its category [2] - The fund manager, Yuan Zhengguang, has a tenure of 12 years and 289 days, with the best fund return during his tenure being 102.19% [2]

Core Points - TCL Zhonghuan's stock price decreased by 3.07% on November 12, trading at 10.42 CNY per share with a market capitalization of 42.129 billion CNY [1] - The company has seen a year-to-date stock price increase of 17.47%, with significant gains over the past 60 days [1] - As of September 30, 2025, TCL Zhonghuan reported a revenue of 21.572 billion CNY, a year-on-year decrease of 4.48%, while the net profit attributable to shareholders was -5.777 billion CNY, an increase of 4.70% year-on-year [2] Company Overview - TCL Zhonghuan was established on December 21, 1988, and listed on April 20, 2007, focusing on the semiconductor and renewable energy industries [2] - The company's main revenue sources include photovoltaic silicon wafers (43.12%), photovoltaic modules (28.70%), and other silicon materials (20.46%) [2] - The company operates within the electric equipment sector, specifically in photovoltaic equipment and silicon materials [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 243,600, with an average of 16,581 circulating shares per shareholder [2] - The company has distributed a total of 2.338 billion CNY in dividends since its A-share listing, with 1.373 billion CNY in the last three years [3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some holdings increasing while others have decreased [3]