1月12日，中来股份涨5.42%，截至发稿，报7.58元/股，成交2.17亿元，换手率3.09%，总市值82.59亿 元。中来股份股价已经连续6天上涨，区间累计涨幅8.12%。 截至发稿，宋永安累计任职时间13年166天，现任基金资产总规模17.76亿元，任职期间最佳基金回报 150.68%， 任职期间最差基金回报-20.01%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，苏州中来光伏新材股份有限公司位于江苏省常熟市沙家浜镇常昆工业园区青年路，成立日期 2008年3月7日，上市日期2014年9月12日，公司主营业务涉及太阳能电池背膜的研发、生产和销售。主 营业务收入构成为：光伏应用系统55.36%，组件24.10%，光伏辅材12.81%，其他5.46%，电池2.27%。 从基金十大重仓股角度 数据显示，农银汇理基金旗下1只基金重仓中来股份。农银中证1000指数增强A（017323）三季度持有 股数2.94万股，占基金净值比例为0.53% ...

1月9日，中来股份涨0.56%，成交额4.38亿元。两融数据显示，当日中来股份获融资买入额4854.39万 元，融资偿还3962.33万元，融资净买入892.06万元。截至1月9日，中来股份融资融券余额合计3.43亿 元。 融资方面，中来股份当日融资买入4854.39万元。当前融资余额3.42亿元，占流通市值的4.37%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，中来股份1月9日融券偿还0.00股，融券卖出2.11万股，按当日收盘价计算，卖出金额15.17万 元；融券余量13.51万股，融券余额97.14万元，超过近一年50%分位水平，处于较高位。 资料显示，苏州中来光伏新材股份有限公司位于江苏省常熟市沙家浜镇常昆工业园区青年路，成立日期 2008年3月7日，上市日期2014年9月12日，公司主营业务涉及太阳能电池背膜的研发、生产和销售。主 营业务收入构成为：光伏应用系统55.36%，组件24.10%，光伏辅材12.81%，其他5.46%，电池2.27%。 截至9月30日，中来股份股东户数4.99万，较上期减少6.15%；人均流通股19172股，较上期增加6.56%。 2025年1月-9月，中 ...

Core Viewpoint - Zhonglai Co., Ltd. has experienced a decline in stock price and financial performance, with significant net outflows of capital and a decrease in revenue and profit year-on-year [1][2]. Group 1: Stock Performance - On November 24, Zhonglai's stock price fell by 2.01% to 7.33 CNY per share, with a trading volume of 207 million CNY and a turnover rate of 2.93%, resulting in a total market capitalization of 7.987 billion CNY [1]. - Year-to-date, Zhonglai's stock price has increased by 17.28%, but it has seen a decline of 16.70% over the last five trading days, while it has increased by 23.61% over the last 20 days and 16.35% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Zhonglai reported operating revenue of 3.898 billion CNY, a year-on-year decrease of 14.21%, and a net profit attributable to shareholders of -398 million CNY, down 31.06% year-on-year [2]. - Since its A-share listing, Zhonglai has distributed a total of 650 million CNY in dividends, with 194 million CNY distributed over the past three years [2]. Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, Zhonglai had 49,900 shareholders, a decrease of 6.15% from the previous period, with an average of 19,172 circulating shares per shareholder, an increase of 6.56% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fifth largest, holding 13.2822 million shares, an increase of 3.2951 million shares from the previous period [2].

Core Viewpoint - Zhonglai Co., Ltd. has experienced fluctuations in financing activities and a decline in revenue and profit for the year 2025, indicating potential challenges in its business performance [1][2]. Financing Activities - On November 20, Zhonglai Co., Ltd. saw a financing buy-in amount of 92.73 million yuan, with a net financing buy of -53.34 million yuan after a repayment of 146 million yuan [1]. - The total financing and securities balance reached 390 million yuan, with the financing balance accounting for 4.20% of the circulating market value, indicating a high level compared to the past year [1]. - The company had a securities lending balance of 169.57 million yuan, with a lending volume of 20,200 shares on the same day, also reflecting a high level compared to the past year [1]. Financial Performance - For the period from January to September 2025, Zhonglai Co., Ltd. reported an operating income of 3.898 billion yuan, a year-on-year decrease of 14.21%, and a net profit attributable to shareholders of -398 million yuan, down 31.06% year-on-year [2]. - The company has distributed a total of 650 million yuan in dividends since its A-share listing, with 194 million yuan distributed over the past three years [2]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Zhonglai Co., Ltd. was 49,900, a decrease of 6.15% from the previous period, while the average circulating shares per person increased by 6.56% to 19,172 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited ranked as the fifth largest, holding 13.2822 million shares, an increase of 3.2951 million shares from the previous period [2].

Core Viewpoint - Zhonglai Co., Ltd. experienced a 5% decline in stock price, trading at 8.36 CNY per share with a market capitalization of 9.109 billion CNY as of the report date [1] Company Overview - Zhonglai Co., Ltd. is located in Changshu, Jiangsu Province, and was established on March 7, 2008, with its listing date on September 12, 2014 [1] - The company's main business involves the research, production, and sales of solar cell back sheets [1] - Revenue composition is as follows: photovoltaic application systems 55.36%, components 24.10%, photovoltaic auxiliary materials 12.81%, others 5.46%, and batteries 2.27% [1] Shareholder Information - Among the top ten circulating shareholders, a fund under Southern Fund holds a position in Zhonglai Co., Ltd. [2] - Southern CSI 1000 ETF (512100) reduced its holdings by 99,300 shares in Q3, now holding 7.9639 million shares, which is 0.83% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 3.5041 million CNY [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a current scale of 76.63 billion CNY [2] - Year-to-date return for the fund is 27.78%, ranking 1837 out of 4212 in its category; the one-year return is 24.32%, ranking 1864 out of 3956 [2] - The fund manager, Cui Lei, has a total asset scale of 122.76 billion CNY, with the best return during the tenure being 181.49% and the worst being -15.93% [2]

Core Viewpoint - Zhonglai Co., Ltd. has experienced a significant stock price increase of 29.69% over the past five days, closing at 8.86 CNY per share with a market capitalization of 9.654 billion CNY [1] Group 1: Company Overview - Zhonglai Co., Ltd. was established on March 7, 2008, and went public on September 12, 2014. The company is located in Changshu, Jiangsu Province, and specializes in the research, production, and sales of solar cell back sheets [1] - The main business revenue composition includes: photovoltaic application systems (55.36%), components (24.10%), photovoltaic auxiliary materials (12.81%), others (5.46%), and batteries (2.27%) [1] Group 2: Shareholder Information - Among the top ten circulating shareholders, a fund under Southern Fund holds a position in Zhonglai Co., Ltd. The Southern CSI 1000 ETF (512100) reduced its holdings by 99,300 shares in the third quarter, now holding 7.9639 million shares, which accounts for 0.83% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) has achieved a year-to-date return of 28.92% and ranks 1977 out of 4216 in its category [2] - The fund manager, Cui Lei, has been in charge for 7 years and 9 days, with a total fund asset scale of 122.76 billion CNY and a best fund return of 175.92% during the tenure [2]

Group 1 - The core viewpoint of the articles highlights the significant stock performance of Zhonglai Co., which has seen a 5.1% increase in stock price, reaching 8.86 yuan per share, with a total market capitalization of 9.654 billion yuan [1] - Zhonglai Co. has experienced a cumulative increase of 29.69% over the past five days, indicating strong market interest and potential investor confidence [1] - The company specializes in the research, production, and sales of solar cell back membranes, with its main business revenue composition being 55.36% from photovoltaic application systems, 24.10% from components, 12.81% from photovoltaic auxiliary materials, and 2.27% from batteries [1] Group 2 - Agricultural Bank of China Asset Management has a fund that heavily invests in Zhonglai Co., with the fund holding 29,400 shares, representing 0.53% of the fund's net value [2] - The fund, named Agricultural Bank of China CSI 1000 Index Enhanced A, has achieved a year-to-date return of 23.9% and ranks 2499 out of 4216 in its category [2] - The fund manager, Song Yong'an, has a tenure of over 13 years, with the fund's total asset size being 1.776 billion yuan and a best return of 144.56% during his management period [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [10] Core Views - The company reported a significant year-on-year increase in performance for the first three quarters of 2025, with revenue reaching 3.285 billion yuan, up 8.49%, and net profit attributable to shareholders at 216 million yuan, up 32.38% [1] - The product structure is continuously optimized, with rapid growth in the automotive and electronics sectors, contributing to improved profitability [2][3] - The company’s gross profit margin increased by 4.59 percentage points year-on-year to 22.88%, indicating enhanced profitability [3] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 3.285 billion yuan, with a net profit of 216 million yuan and a non-recurring net profit of 182 million yuan, reflecting year-on-year increases of 32.38% and 60.37% respectively [1] - In Q3 2025, the company recorded a revenue of 1.117 billion yuan, a 10.02% increase year-on-year, and a net profit of 73 million yuan, up 179.06% year-on-year [1] - The company’s sales gross margin improved to 22.88%, with a net profit margin of 6.57%, up 1.18 percentage points year-on-year [3] Revenue and Profit Forecast - The company is expected to achieve revenues of 4.437 billion yuan, 5.065 billion yuan, and 5.699 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 11.24%, 14.16%, and 12.52% respectively [3] - Net profit attributable to shareholders is projected to be 230 million yuan, 311 million yuan, and 406 million yuan for the same years, with growth rates of 126.08%, 34.89%, and 30.79% respectively [3]

Core Viewpoint - Zhonglai Co., Ltd. has experienced fluctuations in stock price and financial performance, with a notable decline in revenue and net profit for the first nine months of 2025, indicating potential challenges in the solar energy sector [1][2]. Financial Performance - As of September 30, 2025, Zhonglai Co., Ltd. reported a revenue of 3.898 billion yuan, a year-on-year decrease of 14.21% [2]. - The company recorded a net profit of -398 million yuan, reflecting a year-on-year decline of 31.06% [2]. - The stock price has decreased by 4.96% year-to-date and 6.46% over the last five trading days [1]. Stock Market Activity - On October 29, 2023, Zhonglai's stock price rose by 2.06% to 5.94 yuan per share, with a trading volume of 112 million yuan and a turnover rate of 2.02% [1]. - The net inflow of main funds was 13.1739 million yuan, with significant buying and selling activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 6.15% to 49,900, while the average circulating shares per person increased by 6.56% to 19,172 shares [2]. - The company has distributed a total of 650 million yuan in dividends since its A-share listing, with 194 million yuan distributed in the last three years [3]. Major Shareholders - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 13.2822 million shares, an increase of 3.2951 million shares from the previous period [3]. - Southern CSI 1000 ETF is the eighth-largest circulating shareholder, holding 7.9639 million shares, a decrease of 99,300 shares from the previous period [3].

Core Viewpoint - Zhonglai Co., Ltd. experienced a decline of 1.09% in stock price on October 22, with a trading volume of 88.65 million yuan, indicating a potential concern in market sentiment towards the company [1]. Financing Summary - On October 22, Zhonglai Co., Ltd. had a financing buy-in amount of 13.38 million yuan, with a net financing buy of 6.85 million yuan after 6.53 million yuan in repayments, reflecting a low financing balance of 2.22 billion yuan, which is 3.19% of the circulating market value [1]. - The current financing balance of 2.21 billion yuan is below the 20th percentile level of the past year, indicating a low level of financing activity [1]. Securities Lending Summary - On the same day, Zhonglai Co., Ltd. repaid 4,800 shares in securities lending, with no shares sold, resulting in a securities lending balance of 1.12 million yuan, which is above the 70th percentile level of the past year, suggesting a high level of borrowing activity [1]. Company Profile - Zhonglai Co., Ltd., established on March 7, 2008, and listed on September 12, 2014, is located in Changshu, Jiangsu Province. The company specializes in the research, production, and sales of solar cell backsheets [1]. - The main revenue composition includes photovoltaic application systems (55.36%), components (24.10%), photovoltaic auxiliary materials (12.81%), others (5.46%), and batteries (2.27%) [1]. Financial Performance - As of June 30, Zhonglai Co., Ltd. reported a total of 53,100 shareholders, a decrease of 1.04% from the previous period, with an average of 17,992 circulating shares per person, an increase of 1.06% [2]. - For the first half of 2025, the company achieved an operating income of 3.304 billion yuan, a year-on-year increase of 7.25%, while the net profit attributable to shareholders was -169 million yuan, a year-on-year increase of 44.83% [2]. - Since its A-share listing, Zhonglai Co., Ltd. has distributed a total of 650 million yuan in dividends, with 194 million yuan distributed over the past three years [2]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder with 9.9871 million shares, marking a new entry, while Southern CSI 1000 ETF (512100) is the eighth-largest circulating shareholder with 8.0632 million shares, an increase of 1.5373 million shares from the previous period [2].