截至2025年8月25日收盘，阿特斯股价报9.82元，较前一交易日下跌1.41%。当日成交量为928507手，成 交金额达9.21亿元。 阿特斯主营业务为晶硅光伏组件的研发、生产和销售，同时布局储能系统业务。公司是全球主要的光伏 组件和大型储能系统产品制造商之一，产品销往全球多个国家和地区。 根据公司披露的2025年半年报显示，阿特斯上半年实现营业收入210.52亿元，其中储能系统产品收入占 比达21.04%，较上年同期提升2.45个百分点。公司境外收入占比持续攀升，上半年已达82.28%。报告期 内公司研发费用同比下降16.19%至3.54亿元。 风险提示：投资有风险，入市需谨慎。 8月25日阿特斯主力资金净流出4573.65万元，近五日主力资金累计净流出1.33亿元。 ...

Valuation Summary - The overall PE of the A-share market is 20.2 times, positioned at the historical 82nd percentile [2][5] - The PE of the Shanghai 50 Index is 11.4 times, at the historical 59th percentile [2][5] - The PE of the ChiNext Index is 34.8 times, at the historical 20th percentile [2][5] - The PE of the Science and Technology Innovation 50 Index is 146.2 times, at the historical 100th percentile [2][5] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Building Materials, Electric Equipment (Photovoltaic Equipment), National Defense and Military Industry, Aviation and Airports, Light Industry Manufacturing, Chemical Pharmaceuticals, and IT Services [2][6] - The Passenger Vehicle industry has a PB valuation above the historical 85th percentile [2][6] - The Shipping and Port industry has both PE and PB valuations below the historical 15th percentile [2][6] Industry Midstream Prosperity Tracking New Energy - Photovoltaics: The price of polysilicon futures increased by 15.2% to 50,000 yuan, while the price of silicon wafers rose by 10.5% [2] - Battery materials: The prices of cobalt and nickel increased by 2.3% and 2.6%, respectively, while lithium prices saw increases of 7.1% for lithium hexafluorophosphate and 9.0% for lithium carbonate [2] Financial Sector - Insurance: The cumulative year-on-year growth of various insurance premiums was 5.3% for the first half of 2025, with an expected further reduction in the preset interest rate for life insurance products [3] Real Estate Chain - Steel: The spot price of rebar rose by 5.4%, and the futures price increased by 6.6% [3] - Cement: The national cement price index fell by 1.5% due to weak demand [3] Consumer Sector - Pork: The average price of live pigs decreased by 0.8%, while the wholesale price of pork increased by 1.0% [3] - Alcohol: The wholesale price index for liquor remained stable, with a slight decrease in the price of Moutai [3] Midstream Manufacturing - Excavators: Sales of excavators increased by 13.3% year-on-year in June 2025, with domestic sales up by 6.2% and exports up by 19.3% [3] Technology TMT - Optical Communication Modules: Exports decreased by 11.2% year-on-year, with a significant drop in export prices [3] Cyclical Industries - Precious Metals: COMEX gold and silver prices fell by 0.5% and 0.3%, respectively [3] - Coal: The price of thermal coal rose by 1.7%, while coking coal prices increased by 9.5% [3]

Valuation Summary - The overall PE of the A-share market is 19.8 times, at the historical 79th percentile [2][5] - The PE of the Shanghai 50 Index is 11.4 times, at the historical 59th percentile [2][5] - The PE of the ChiNext Index is 33.9 times, at the historical 18th percentile [2][5] - The PE of the Science and Technology Innovation 50 Index is 139.8 times, at the historical 99th percentile [2][5] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Power Equipment (Photovoltaic Equipment), National Defense, and Aviation [2][6] - The Passenger Vehicle industry has a PB valuation above the historical 85th percentile [2][6] - The Shipping and Port industry has both PE and PB valuations below the historical 15th percentile [2][6] Industry Midstream Prosperity Tracking New Energy - The price of polysilicon futures has risen by 8.2% to above 45,000 yuan, indicating a recovery in the market [2] - Battery cell prices increased by 7.7%, while prices for silicon wafers remained stable [2] Real Estate Chain - The price of rebar increased by 1.0%, while iron ore prices rose by 3.2% [2] - The national sales area of commercial housing decreased by 3.5% year-on-year in the first half of 2025 [3] Consumption - The average price of live pigs decreased by 3.6%, while the wholesale price of pork increased by 0.3% [3] - Retail sales grew by 5.0% year-on-year in the first half of 2025, with June's growth down to 4.8% [3] Midstream Manufacturing - Manufacturing investment grew by 7.5% year-on-year in the first half of 2025, while narrow infrastructure investment grew by 4.6% [3] - The production of industrial robots increased by 35.6% year-on-year in the first half of 2025 [3] Technology TMT - The production of integrated circuits increased by 8.7% year-on-year in the first half of 2025 [3] Cyclicals - The price of Brent crude oil futures fell by 2.0% to $69.23 per barrel [3] - The Baltic Dry Index rose by 23.4%, reaching its highest level since September 2024 [3]

Valuation Summary - The overall PE of the CSI A-shares is 19.7 times, positioned at the historical 78th percentile [2][5] - The PE of the Shanghai 50 Index is 11.4 times, at the historical 59th percentile [2][5] - The PE of the CSI 500 Index is 29.5 times, at the historical 51st percentile [2][5] - The PE of the ChiNext Index is 33.1 times, at the historical 16th percentile [2][5] - The PE of the CSI 1000 Index is 39.7 times, at the historical 55th percentile [2][5] - The PE of the National CSI 2000 Index is 52.1 times, at the historical 69th percentile [2][5] - The PE of the Sci-Tech 50 Index is 137.8 times, at the historical 98th percentile [2][5] - The PE of the North Exchange 50 Index is 67.5 times, at the historical 94th percentile [2][5] - The ChiNext Index PE relative to the CSI 300 is 2.5 times, at the historical 7th percentile [2][5] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Electric Equipment (Photovoltaic Equipment), National Defense and Military Industry, Aviation and Airports, Light Industry Manufacturing, Chemical Pharmaceuticals, and Computer (IT Services, Software Development) [2][6] - The Passenger Vehicle industry has a PB valuation above the historical 85th percentile [2][6] - No industries have both PE and PB valuations below the historical 15th percentile [2][6] Industry Midstream Prosperity Tracking New Energy - In the photovoltaic sector, upstream prices continue to rebound due to expectations of "anti-involution" policies, with polysilicon futures prices rising by 15.5% and spot prices by 17.1% [2][3] - In the battery sector, cobalt and nickel prices decreased by 1.7% and 1.0% respectively, while lithium carbonate prices increased by 3.1% [2][3] - In June 2025, the retail sales of narrow passenger vehicles in China increased by 18.1% year-on-year, with new energy vehicles seeing a 29.7% increase [2][3] Real Estate Chain - The spot price of rebar increased by 1.7%, while iron ore prices rose by 2.8% [2][3] - The national cement price index decreased by 1.6% due to slow inventory digestion [2][3] - Glass prices saw a slight increase, with spot prices up by 0.5% [2][3] Consumption - The average price of live pigs decreased by 3.5%, while wholesale pork prices increased by 0.1% [2][3] - The wholesale price index for liquor increased slightly by 0.04% [2][3] - Corn prices fell by 0.7%, while wheat prices decreased by 0.2% [2][3] Technology TMT - China's semiconductor sales increased by 13.0% year-on-year in May 2025, although the growth rate slowed compared to April [2][3] Cyclicals - Brent crude oil futures prices rose by 3.1% to $70.63 per barrel, driven by summer travel and power generation demand [2][3] - The price of thermal coal increased by 1.4% due to rising consumption during the summer peak [2][3]

Valuation Summary - The overall PE of the A-share market is 19.2 times, positioned at the historical 74th percentile [2][5] - The PE of the Shanghai 50 Index is 11.2 times, at the historical 57th percentile [2][5] - The PE of the ChiNext Index is 31.9 times, at the historical 13th percentile, indicating a relatively low valuation compared to historical levels [2][5] - The PE of the Science and Technology Innovation 50 Index is 136.8 times, at the historical 98th percentile, suggesting a high valuation [2][5] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Electric Equipment (Photovoltaic Equipment), National Defense, Aviation, Chemical Pharmaceuticals, and IT Services [2][6] - No industries have PB valuations above the historical 85th percentile [2][6] - Industries with both PE and PB valuations below the historical 15th percentile include Agriculture, Forestry, Animal Husbandry, Fishery, and Medical Services [2][6] Industry Midstream Prosperity Tracking New Energy - In the photovoltaic sector, the spot price of the photovoltaic industry chain continues to decline, while the futures price of polysilicon has increased by 5.8% [2] - The price of silicon wafers has decreased by 1.4%, and the price of battery cells has remained stable [2] - The cumulative year-on-year growth rate of newly installed wind power from January to May 2025 has increased by 134.2% [2] Financial Sector - Insurance companies' premium income from January to May 2025 has increased by 3.8% year-on-year, with a growth rate improvement of 1.5 percentage points compared to the first three months [3] Real Estate Chain - The price of rebar has remained stable, while the price of cement has decreased by 1.6% due to weak demand from real estate and traditional infrastructure projects [3] Consumer Sector - The average price of live pigs has increased by 3.5%, while the wholesale price of pork has decreased by 0.5% [3] - The wholesale price index of liquor has decreased by 0.11% [3] Midstream Manufacturing - The cumulative year-on-year growth rate of foreign contracted engineering business from January to May 2025 has increased by 5.4% [3] Cyclical Industries - The price of Brent crude oil has decreased by 12.9%, closing at $67.31 per barrel [3] - The price of thermal coal has increased by 1.8%, closing at 620 yuan per ton [3]

Valuation Summary - The overall PE of the CSI A-shares is 18.7 times, positioned at the historical 70th percentile [3][6] - The PE of the Shanghai 50 Index is 11.1 times, at the historical 56th percentile [3][6] - The PE of the CSI 500 Index is 27.7 times, at the historical 40th percentile [3][6] - The PE of the ChiNext Index is 30.4 times, at the historical 10th percentile [3][6] - The PE of the CSI 1000 Index is 36.9 times, at the historical 40th percentile [3][6] - The PE of the National 2000 Index is 48.3 times, at the historical 65th percentile [3][6] - The PE of the Sci-Tech 50 Index is 131.8 times, at the historical 97th percentile [3][6] - The PE of the North Exchange 50 Index is 63.9 times, at the historical 92nd percentile [3][6] - The ChiNext Index's PE relative to the CSI 300 is 2.4 times, at the historical 4th percentile [3][6] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Electric Equipment (Photovoltaic Equipment), National Defense, Aviation, Chemical Pharmaceuticals, and IT Services [3][4] - No industries have PB valuations above the historical 85th percentile [3][4] - Industries with both PE and PB below the historical 15th percentile include Agriculture, Forestry, Animal Husbandry, and Medical Services [3][4] Industry Midstream Prosperity Tracking New Energy - In the photovoltaic sector, upstream polysilicon futures prices fell by 12.2%, and spot prices decreased by 0.7% [3][4] - The price of silicon wafers dropped by 2.8%, while battery prices fell by 6.9% [3][4] - Lithium prices for lithium hexafluorophosphate and lithium carbonate decreased by 1.0% and 1.1%, respectively [3][4] Real Estate Chain - The price of rebar increased by 0.6%, while iron ore prices fell by 1.7% [3][4] - National commercial housing sales area decreased by 2.9% year-on-year from January to May 2025 [3][4] - Real estate development investment completed from January to May 2025 fell by 10.7% year-on-year [3][4] Consumption - The average price of live pigs increased by 1.4%, while pork wholesale prices rose by 0.3% [3][4] - The retail sales growth rate from January to May 2025 was 5.0%, with a significant rebound in May [3][4] Midstream Manufacturing - Manufacturing investment and narrow infrastructure investment grew by 8.5% and 5.6% year-on-year, respectively [3][4] - The output of industrial robots increased by 32.0% year-on-year from January to May 2025 [3][4] Technology TMT - The output of integrated circuits grew by 6.8% year-on-year from January to May 2025 [3][4] - The export value of optical communication modules decreased by 6.9% year-on-year [3][4] Cyclicals - Brent crude oil futures prices rose by 2.9% to $77.32 per barrel [3][4] - The Baltic Dry Index fell by 14.2% [3][4]

Valuation Summary - The overall PE of the A-share market is 18.7 times, positioned at the historical 71st percentile [2][5] - The PE of the Shanghai 50 Index is 10.9 times, at the historical 52nd percentile [2][5] - The PE of the ChiNext Index is 31.0 times, at the historical 11th percentile, indicating a relatively low valuation compared to historical levels [2][5] - The PE of the Science and Technology Innovation 50 Index is 137.9 times, at the historical 98th percentile, suggesting a high valuation [2][5] Industry Valuation Comparison - Industries with PE valuations above the historical 85th percentile include Real Estate, Steel, Power Equipment (Photovoltaic Equipment), National Defense, and Pharmaceuticals [2][6] - No industries have PB valuations above the historical 85th percentile [2][6] - Industries with both PE and PB valuations below the historical 15th percentile include Agriculture, Forestry, Animal Husbandry, and Medical Services [2][6] Industry Midstream Economic Tracking New Energy - The price of polysilicon futures decreased by 2.4%, while spot prices remained stable [2][3] - The retail sales of new energy vehicles in May 2025 increased by 28.2% year-on-year, although the growth rate has slowed compared to previous months [2][3] Real Estate Chain - The price of rebar fell by 0.8%, and iron ore prices decreased by 1.9% [2][3] - The national cement price index rose by 0.1%, indicating some stability in the cement market [2][3] Consumption - The average price of live pigs decreased by 0.2%, and the wholesale price of pork fell by 1.0% [2][3] - The wholesale price index for liquor dropped by 0.17% in early June 2025 [2][3] Midstream Manufacturing - Excavator sales in May 2025 increased by 2.1% year-on-year, but the growth rate has slowed significantly [2][3] Cyclical Industries - Brent crude oil futures closed at $75.18 per barrel, up 12.8%, driven by geopolitical tensions [2][3] - The Baltic Dry Index rose by 20.5%, indicating an increase in shipping rates [2][3]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The overall PE of A-shares is 19.0 times, positioned at the historical 51st percentile - The real estate, steel, power equipment (photovoltaic equipment), national defense, aviation, chemical pharmaceuticals, and IT services sectors have PE valuations above the historical 85th percentile - The agricultural, forestry, animal husbandry, and medical services sectors have both PE and PB valuations below the historical 15th percentile [1][2][3] Valuation Comparison - A-shares overall PE is 19.0 times, with the Shanghai 50 Index at 10.9 times, the CSI 500 Index at 28.8 times, and the ChiNext Index at 30.7 times, indicating varying levels of valuation across different indices [1][5] - The CSI 1000 Index has a PE of 39.3 times, while the National Index 2000 has a PE of 50.9 times, reflecting higher valuations in smaller cap indices [1][5] - The ChiNext Index's PE relative to the CSI 300 is 2.4 times, at the historical 5th percentile, indicating a significant premium [1][5] Industry Tracking New Energy - Photovoltaic sector shows a decline in upstream polysilicon prices by 2.6% and a 0.9% drop in spot prices, with terminal demand decreasing and high inventory levels persisting [2][3] - Battery materials like cobalt and nickel have mixed price movements, with lithium carbonate prices down by 6.0% [2][3] Financial Sector - The commercial bank non-performing loan rate increased by 1 basis point to 1.51%, while the net interest margin decreased by 9 basis points to 1.43% [2][3] Real Estate Chain - Steel prices increased by 1.4% for rebar, while cement prices fell by 1.0% due to reduced demand from real estate investments [2][3] Consumer Sector - Pork prices decreased by 1.4%, while wholesale pork prices increased by 1.6%, indicating a mixed trend in the meat market [2][3] Midstream Manufacturing - Heavy truck sales increased by 6.5% year-on-year, benefiting from the application of new energy [2][3] Technology TMT - Domestic smartphone shipments grew by 3.3% year-on-year in March 2025, showing signs of recovery in consumer electronics [2][3] Cyclical Industries - The price of Brent crude oil increased by 2.3% to $65.33 per barrel, reflecting improved market sentiment due to easing trade tensions [2][3]

股票简称：阿特斯 股票代码：688472 阿特斯阳光电力集团股份有限公司 CSI Solar Co., Ltd. （住所：苏州高新区鹿山路 199 号） 首次公开发行股票科创板上市公告书 保荐人（联席主承销商） （住所：北京市朝阳区建国门外大街1号国贸大厦2座27层及28层） 联席主承销商 （住所：深圳市前海深港合作区南山街道 桂湾五路128号前海深港基金小镇 B7栋401） 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、准确、 完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不表明对 本公司的任何保证。 （住所：苏州工业园区星阳街 5 号） 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 刊 载 于 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）的本公司招股说明书"风险因素"章节的内容，注意风险， 审慎决策，理性投资。 2023 年 6 月 8 日 特别提示 阿特斯阳光电力集团股份有限公司（以下简称"阿特斯"、"本公司"、"发行人" 或"公司"）股 ...

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司 具有研发投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解科创板市场的投资风险及本公司所披露的风险 阿特斯阳光电力集团股份有限公司 因素，审慎作出投资决定。 CSI Solar Co., Ltd. （住所：苏州高新区鹿山路 199 号） 首次公开发行股票并在科创板上市招股说明书 保荐机构（主承销商） （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 联席主承销商 阿特斯阳光电力集团股份有限公司 招股说明书（注册稿） 1-1-1 ( （注册稿） （住所：深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金小镇 B7 栋 401） 阿特斯阳光电力集团股份有限公司 招股说明书（注册稿） 发行人声明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明其对 注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反 的声明均属虚假不实陈述。 根据《证券法》的规 ...