秦创原创新驱动平台聚合效应凸显，"三项改革"上升为国家举措，人工智能全面赋能千行百业。科技型中小企业、高新技术企业数量年均增速达30%，创 新活力持续释放。现代化产业体系加快构建，5个万亿级集群雏形初现，煤炭年产量达7.8亿吨，天然气、原油产量居全国前列，钛金属加工、单晶硅片产 量全球第一，新能源汽车年产突破100万辆，数字经济占GDP比重超40%。 重大基础设施建设成效显著，五年累计开工项目2144个，完成投资3.05万亿元。西安咸阳国际机场T5航站楼、引汉济渭等标志性工程建成投用，西延高铁 即将通车，西十、延榆等四条高铁在建，高铁在建规模居全国前列，西安2小时高铁生活圈加速成型。目前全省铁路营业里程达6030公里，高铁突破千公 里，"米"字形高铁网加速形成。 生态环境质量实现历史性改善，秦岭陕西段优良生态空间面积占比达99.4%，黄河干流陕西段水质连续三年保持Ⅱ类，地级以上城市黑臭水体全面消除。 可再生能源装机已达6500万千瓦，历史性超过火电装机，绿色发展底色持续厚植。 图片来源：陕西发改委 ■潘英丽 "五年来，陕西经济总量实现跨越式增长，2024年达到3.55万亿元，稳居全国第14位、西部第2位。人均 ...

Core Insights - Longi Green Energy Technology Co., Ltd. has established itself as a leader in the global photovoltaic industry, focusing on monocrystalline silicon wafers, battery modules, and green hydrogen solutions since its inception in 2000 [1] - The company emphasizes a quality-driven approach, integrating advanced international quality management standards with digital technologies to enhance its quality management system across the entire value chain [1][3] Group 1: Company Overview - Longi Green Energy operates in over 160 countries, providing a comprehensive range of products and solutions in the "green electricity + green hydrogen" sector [1] - The company has been recognized for its quality management practices, receiving nominations for the China Quality Award and being selected as a leading enterprise in the national quality enhancement initiative [1] Group 2: Industry Context - The global photovoltaic industry is transitioning from scale expansion to quality enhancement, with Longi Green Energy responding to intensified competition and traditional quality management inefficiencies [2] - In December 2023, Longi's Jiaxing base was certified as the first "Lighthouse Factory" in the global photovoltaic sector, showcasing its commitment to advanced manufacturing and quality standards [2] Group 3: Key Practices - Longi Green Energy has developed a quality management philosophy that combines international standards with Chinese manufacturing practices, focusing on digital transformation and full value chain collaboration [3] - The company has implemented a comprehensive AI quality inspection system, achieving full coverage of 20 processes and significantly reducing anomaly handling time by over 90% [4][5] Group 4: Technological Innovations - The company has introduced five core digital use cases to support the "Lighthouse Factory" initiative, including AI-driven quality inspection and flexible production systems that enhance operational efficiency [4][7] - Longi Green Energy has established a dual quality management system based on ISO 9001 and IEC 62941 standards, ensuring comprehensive quality assurance from design to delivery [5] Group 5: Standardization and Influence - Longi Green Energy has been actively involved in standardization, leading the development of over 320 standards across various categories, including international standards for photovoltaic components [6] - The company views standard innovation as a key driver for development, facilitating technological advancements and industry upgrades through its participation in standard-setting [6] Group 6: Future Directions - The Jiaxing "Lighthouse Factory" serves as a model for the industry, with Longi Green Energy planning to replicate its smart manufacturing and digitalization experiences across 38 production bases globally [7] - The company aims to drive high-quality development in the global photovoltaic supply chain through a dual approach of digital transformation and comprehensive quality management [7]

隆基绿能致力于成为全球最具价值的太阳能科技公司，以"善用太阳光芒，创造绿能世界"为使命，秉 承"稳健可靠、科技引领"的品牌定位，聚焦科技创新，构建了单晶硅片、电池组件、分布式光伏解决方 案、地面光伏解决方案、氢能装备等业务板块，形成了支撑全球零碳发展的"绿电"+"绿氢"产品矩阵和 综合解决方案。 本报讯 （记者殷高峰）11月18日，隆基绿能科技股份有限公司（以下简称"隆基绿能"）在上海证券交 易所发行2025年面向专业投资者公开发行科技创新绿色公司债券（高成长产业债）（第一期）（债券简 称：GK隆基01），国信证券担任牵头主承销商、簿记管理人和受托管理人，中金公司担任联席主承销 商。本期债券发行规模14.8亿元，期限为3+2年，票面利率2.89%，为全国首单民企科技创新绿色公司债 券。 本期债券亦属于高成长产业债。为保护投资者权益和促进债券交易，隆基绿能在信息披露增强条款、投 资者保护特别条款等方面均做出了特别安排，充分体现了高成长产业债"更可靠的信息披露""更活跃的 市场交易""更有效的市场定价""更畅通的投融交流"和"更多元的投资者结构"五大特点。 隆基绿能相关负责人表示，本次科技创新绿色公司债券的成功发 ...

Core Viewpoint - The report highlights the growth and stability in the photovoltaic and energy storage sectors, with significant increases in production and demand forecasts for batteries and solar components in China and globally [1][2][3][4]. Production Summary - In November 2025, China's production of power, storage, and consumer batteries is projected to reach 209 GWh, representing a month-on-month increase of 12.4% and a year-on-year increase of 64.6%, with energy storage cells accounting for approximately 33.6% of the total [1]. - Global production for the same category is expected to be 228 GWh, with a month-on-month growth of 11.2% [1]. - Domestic photovoltaic module production is forecasted to be below 44.5 GW in November, with potential for recovery in production levels if prices rebound [1]. Price Summary - In October 2025, the average bid price for lithium iron phosphate battery storage systems ranged from 0.43 to 0.7487 CNY/Wh, with an average of 0.5547 CNY/Wh, reflecting a 10% increase month-on-month [2]. - The average price for 4-hour lithium iron phosphate battery storage systems increased by 23.23% month-on-month, while the 2-hour systems saw a decrease of 5.5% [2]. - The price of polysilicon dense material was reported at 52.00 CNY/kg, with a decline in the average price of 183N monocrystalline silicon wafers [2]. Demand Summary - In September 2025, China's newly installed photovoltaic capacity was 9.7 GW, a month-on-month increase of 31.3% but a year-on-year decrease of 53.8% [3]. - The cumulative newly installed photovoltaic capacity from January to September 2025 reached 240.27 GW, a year-on-year increase of 49.3% [3]. - In September 2025, the export value of photovoltaic components was 2.8 billion USD, a year-on-year increase of 39.0% [3]. Industry Dynamics - The National Energy Administration issued guidelines on promoting the integrated development of renewable energy on November 12, 2025 [4]. - The World Power Battery Conference was held in Yibin, Sichuan, on November 12-13, 2025 [4]. - A strategic cooperation agreement was signed between Haibo Si Chuang and CATL to deepen collaboration in the energy storage sector [4]. Investment Recommendations - The report suggests focusing on photovoltaic and energy storage-related companies, highlighting significant growth in installed capacity and export values [4]. Recommended companies include: - Sunshine Power (300274.SZ) - Nandu Power (300068.SZ) - Tongrun Equipment (002150.SZ) - Huashengchang (002980.SZ) - Shouhang New Energy (301658.SZ) [4].

Economic Development Achievements - The province's GDP has reached 3.5 trillion yuan, with per capita GDP expected to exceed 13,000 USD, and residents' disposable income growing at an annual rate of approximately 6.6%, outpacing economic growth [1] - The province has seen a strong innovation system with R&D expenditure intensity ranking first in Western China, and the number of technology-based SMEs and high-tech enterprises growing by around 30% annually [1] Industrial and Economic Structure - The modern industrial system is taking shape, with five industrial clusters entering the "national team," and the province leading in global production of titanium processing, monocrystalline silicon wafers, and heavy-duty truck transmissions [1] - The digital economy now accounts for over 40% of the province's GDP, with the service sector holding a significant share [1] Open Economy and Business Environment - The business environment has improved significantly, with over 1.5 million new business entities established, and the private economy's contribution to GDP rising to 50% [2] - The province's import and export volume with Belt and Road countries has grown at an annual rate of 11.7% [2] Infrastructure and Regional Development - The high-speed rail network is expanding, and the construction of urban clusters is accelerating, with the number of counties with GDP exceeding 20 billion yuan expected to double [2] - The province has increased its national agricultural industry clusters to 11, with rural residents' disposable income growing at an annual rate of 8.1% [2] Social Welfare and Quality of Life - Social security and employment expenditures account for over 20% of the general public budget, with over 2.1 million new jobs created [2] - Education investment has surpassed 500 billion yuan, achieving full coverage of standardized high schools, and healthcare facilities have been upgraded to meet national standards [2] Environmental Improvements - The environmental quality in the Qinling Mountains has improved, with 99.4% of the area rated as good, and the water quality of the Yellow River in the province has maintained a Class II rating for three consecutive years [3] - Air quality has continuously improved, with the province receiving an excellent rating in national pollution prevention assessments for two consecutive years [3]

A股2025年三季报披露收官。梳理三季报显示，新能源业务在行业分化格局中尽显发展韧性。其中，光 伏、储能等多个细分领域表现亮眼。 储能规模化增长 激活碳酸锂产业链 当前，储能领域已形成明确的规模化增长态势，也成为锂电产业链复苏的核心驱动力。翻看A股锂电池 企业的第三季度净利润增长数据，碳酸锂产业熬过"寒冬"的场景呼之欲出：赣锋锂业同比增长 364.02%，雅化集团同比增长278.06%，盐湖股份同比增长113.97%。 对于行业公司第三季度业绩的集体爆发，业内人士分析，一方面是行业"反内卷"行动引发期货价格上 涨，另一方面是储能产业爆发带来的实际需求支撑。10月31日数据显示，电池级碳酸锂平均报价为8.21 万元/吨，较6月下旬涨超36%，价格回暖趋势显著。 亏损收窄的核心原因在于，行业"反内卷"力度持续提升，产业链价格在跌破成本线后逐步反弹企稳。尤 其是上游的硅料和硅片环节，价格上涨带来的毛利率修复效果最为显著。同时，面对尚未完全复苏的装 机需求，光伏制造商将控制费用、提升生产效率作为经营重点，部分公司的期间费用率得到有效控制， 进一步帮助收窄了亏损缺口。 据中国有色金属工业协会硅业分会披露，三季度末各型号 ...

经营者集中简易案件公示表显示，隆基绿能与精控能源等签署协议。根据交易协议，隆基绿能拟通过收 购股权、增资入股、表决权委托的形式取得精控能源约61.9998%的表决权。 交易行情显示，截至11月14日收盘，隆基绿能股价收涨2.72%，报21.88元/股，总市值1658亿元。 据悉，精控能源主要从事锂离子电池储能系统业务。在全球化布局方面，精控能源的业务已覆盖中国大 陆、欧洲、北美、澳洲等多个关键地区，海外产能和服务网络已实现全球布局。 本次交易前，自然人合计控制精控能源44.79%股权对应的表决权，单独控制精控能源。交易后，隆基 绿能将持有精控能源61.9998%的表决权，并单独控制精控能源。 北京商报讯（记者 马换换 王蔓蕾）千亿光伏巨头隆基绿能（601012）进军储能的战略规划尘埃落定。 近日，陕西省市场监督管理局披露了隆基绿能收购苏州精控能源科技股份有限公司（以下简称"精控能 源"）股权案，这也意味着该交易已进入公示阶段。 11月11日晚间，隆基绿能披露投资者关系活动记录表显示，公司正在积极评估光伏与储能业务的结合。 隆基绿能则于2000年2月14日成立于陕西省西安市，主要业务为单晶硅片、电池组件、分布式 ...

交易前，精控能源由创始人等自然人合计控制44.79%的股权及对应表决权。上述文件并未披露此次交易的具体财务规模。 资料显示，标的公司精控能源成立于2015年，总部位于江苏苏州，专注于锂离子电池储能系统业务。而作为收购方的隆基绿能成立于2000年，是 上海证券交易所的上市公司，其核心业务覆盖单晶硅片、电池组件、分布式与地面光伏解决方案，并已涉足氢能装备。战略考量：光伏承压，储 能成新增长引擎 在光伏行业普遍调整的背景下，又一家行业巨头将目光投向了高增长的储能赛道。全球最大的太阳能制造商之一隆基绿能科技股份有限公司计划 收购储能系统集成商苏州精控能源，寻求在核心业务之外打造新的增长引擎。 据陕西省市场监督管理局11月13日的一份公开文件显示，隆基绿能拟通过收购股权、增资及表决权委托等一系列安排，取得精控能源约62%的表 决权，从而实现对后者的单独控制。精控能源的主营业务为锂离子电池储能系统。 此举正值全球储能市场需求持续井喷。随着可再生能源发电渗透率不断提升，电力系统对储能的需求日益迫切，为相关企业带来了巨大的市场机 遇。据媒体报道，隆基的此次布局，意在追随其主要竞争对手天合光能与晶科能源的步伐，这两家光伏巨头此 ...

Core Viewpoint - Longi Green Energy Technology Co., Ltd. is acquiring approximately 61.9998% of the voting rights in Suzhou Jingkong Energy Technology Co., Ltd., which specializes in lithium-ion battery energy storage systems, indicating a strategic move to enhance its control and capabilities in the energy storage sector [4][5]. Group 1: Acquisition Details - Longi Green Energy signed an agreement to acquire shares and voting rights in Jingkong Energy, aiming to gain significant control over the company [3][4]. - Prior to the transaction, natural persons controlled 44.79% of Jingkong Energy's voting rights, while post-transaction, Longi Green Energy will hold 61.9998% [4][5]. - The acquisition is part of Longi Green Energy's broader strategy to expand its influence in the renewable energy market, particularly in energy storage solutions [4][5]. Group 2: Company Backgrounds - Longi Green Energy, established on February 14, 2000, in Xi'an, Shaanxi Province, is a publicly listed company on the Shanghai Stock Exchange, primarily engaged in monocrystalline silicon wafers, solar cell modules, and hydrogen equipment [4][5]. - Jingkong Energy, founded on September 17, 2015, in Suzhou, Jiangsu Province, focuses on lithium-ion battery energy storage systems and emphasizes self-research in core technologies [5][6]. - Jingkong Energy has recently entered a strategic partnership with Club Solar, an Australian energy company, to deploy a 2GWh residential energy storage system in the Australian market, showcasing its commitment to global market expansion [5][8].

Core Viewpoint - *ST Muban is facing a severe financial crisis, with significant judicial deductions from its fundraising accounts and a substantial decline in revenue and profitability, raising concerns about its operational viability and governance issues [1][4][5]. Financial Situation - The company announced a judicial deduction of 13.08 million yuan from its fundraising account due to a dispute with Jiangxi Chantuo Commercial Factoring Co., Ltd., bringing the total deductions to 254 million yuan [1][4]. - As of the announcement date, the total balance in all fundraising accounts is only 28,500 yuan, with 26,000 yuan still frozen [2][3]. - For Q3 2025, the company reported total revenue of 227 million yuan, a year-on-year decrease of 9.48%, and a net loss of 356 million yuan, down 15.31% year-on-year [4]. Operational Performance - Despite a significant quarterly revenue increase of 128.93% to 85.88 million yuan, the company still reported a net loss of 143 million yuan for Q3, a decline of 57.67% year-on-year [4]. - The gross margin for Q3 2025 was -58.77%, a decrease of 21.83 percentage points from the previous year, indicating severe issues with product or service value [4]. Business Transition - Originally established as Guangdong Bangbao Educational Toy Co., Ltd., the company transitioned into the photovoltaic industry after acquiring Inner Mongolia Haoan Energy Technology Co., Ltd. for 980 million yuan in 2022 [5]. - Currently, the company’s main business includes the production and sale of monocrystalline silicon rods and wafers, which account for approximately 80% of total revenue [5]. Governance and Regulatory Issues - The actual controller of the company, Liao Zhiyuan, is under investigation by the China Securities Regulatory Commission for failing to disclose non-operating fund transactions [5]. - The company has faced scrutiny for significant accounting errors and improper use of raised funds, with the Jiangxi Securities Regulatory Bureau revealing violations related to non-operating fund occupation by controlling shareholders [6][8]. Shareholder and Control Issues - The controlling shareholder, Jiangxi Muban New Energy Holdings Co., Ltd., is also in distress, with all of its shares frozen due to rental payment defaults by its subsidiary [8]. - The total frozen shares amount to 69.72 million, representing 100% of the controlling shareholder's holdings, raising concerns about potential instability in control [8].