点击蓝字，关注我们 今日上午港股 1 . 石油股早盘普跌，截至发稿， 中石化(00386)跌3.89%，中石油(00857)跌3.17%，中海油服(02883)跌 3.17%，中海油(00883)跌2.79% 。 消息面上，周四，WTI原油期货收跌2.77%，报62.84美元/桶。布伦 特原油期货收跌2.71%，报67.52美元/桶。 3 . 老铺黄金(06181)现跌近5% 。美银证券发布研报称，老铺黄金受惠于金价上涨与品牌持续渗透，预 计公司去年下半年收入增长强劲，同比升165%；经调整纯利同比增169%。全年经调整纯利预测则下 调5%至48亿元人民币，即同比增长218%。 4. 再鼎医药(09688)再涨7% 。消息面上，2月9日，再鼎医药的注射用ZL-1310拟纳入突破性疗法，拟 用于一线含铂治疗期间或治疗后出现疾病进展的广泛期小细胞肺癌(ES-SCLC)患者。ZL-1310在早期 临床研究中展现出的疗效数据非常突出，尤其是在二线及以上治疗和脑转移患者中均显示出高缓解 率，使其有潜力成为SCLC治疗领域的突破性疗法。 7 . 先声药业(02096)涨超4.4% 。消息面上，近日，先声药业发布公告，内容 ...

光伏股集体走低，截至发稿，信义光能(00968)跌4.18%，报3.44港元；新特能源(01799)跌3.35%，报7.22 港元；福莱特（601865）玻璃(06865)跌2.94%，报11.24港元；钧达股份（002865）(02865)跌1.83%，报 39.64港元。 华鑫证券分析称，国内市场在手地面项目订单执行量逐步下滑，新签订单能见度有限；海外市场拉货节 奏则受到出口退税影响反转增强，预期2026年一季度出货将以海外市场为主体。在季节性需求偏弱的背 景下，叠加近期组件涨价的市场氛围，采购态度趋于观望，2026年一季度订单能见度仍显不足。 消息面上，近年来，白银价格呈逐步上升趋势。银价上涨直接推高银浆成本，进而传导至电池片与组件 环节。据银河期货1月30日分析，截至2026年1月底，按照银浆新货价格计算，电池片完全成本增加至 0.5元/W以上，环比上涨0.1元/W左右，组件完全成本已经超过0.9元/W。值得注意的是，2026年2月以 来，银价迎来剧烈波动，受此影响，电池片、组件价格也实时下滑。 ...

消息面上，近年来，白银价格呈逐步上升趋势。银价上涨直接推高银浆成本，进而传导至电池片与组件 环节。据银河期货1月30日分析，截至2026年1月底，按照银浆新货价格计算，电池片完全成本增加至 0.5元/W以上，环比上涨0.1元/W左右，组件完全成本已经超过0.9元/W。值得注意的是，2026年2月以 来，银价迎来剧烈波动，受此影响，电池片、组件价格也实时下滑。 华鑫证券分析称，国内市场在手地面项目订单执行量逐步下滑，新签订单能见度有限；海外市场拉货节 奏则受到出口退税影响反转增强，预期2026年一季度出货将以海外市场为主体。在季节性需求偏弱的背 景下，叠加近期组件涨价的市场氛围，采购态度趋于观望，2026年一季度订单能见度仍显不足。 智通财经APP获悉，光伏股集体走低，截至发稿，信义光能(00968)跌4.18%，报3.44港元；新特能源 (01799)跌3.35%，报7.22港元；福莱特玻璃(06865)跌2.94%，报11.24港元；钧达股份(02865)跌1.83%， 报39.64港元。 ...

年内海外出货占比提升，利润率重心有望上移。根据公司公众号，公司印尼已有1 条1200 吨产线于1 月 15 日投产1，我们预期另1 条即将投产，年内实现满产满销。公司海外产能占公司在产总产能比例达到 24.7%。根据海外组件需求和玻璃供给情况，我们测算公司仍需划分国内10-15%的产品出口至海外，叠 加海外产能出货，我们认为公司海外合计出货占比将超过35%，光伏玻璃海外利润率长期优于国内，利 润率重心有望较去年上移。 盈利预测与估值 考虑到2025 年10-11 月光伏玻璃价格阶段性高于预期，我们上调公司2025 年营收预测13.4%至189.14 亿 元；考虑到公司Q4玻璃均价较好，利润好于预期，盈利预测上调2%至15.28 亿元。2026 年考虑到公司 产品出口占比提升，海外价格高于国内，整体玻璃销售价格重心有望上移，我们上调收入10.3%至 203.24亿元；考虑到硅料产能计提减值以及国内组件需求疲软带来的利润率下滑风险，我们下调盈利预 测1.2%至20.33 亿元。此外，新引入2027 年营收预测212.93 亿元，盈利预测23.55 亿元。 维持中性评级，维持目标价3.6 港元，对应26、27 年1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何 損失承擔任何責任。 XINYI SOLAR HOLDINGS LIMITED 信義光能控股有限公司 （於開曼群島註冊成立的有限公司） (股份代號: 00968) 董事會會議通知 承董事會命 信義光能控股有限公司 執行董事兼公司秘書 朱燦輝 香港，二零二六年二月十二日 於本公告日期，董事會包括兩名非執行董事，分別為李賢義博士（銀紫荊星章）（董事會主席） 及丹斯里拿督董清世 P.S.M, D.M.S.M (太平紳士) (董事會副主席)，四名執行董事，分別為李聖潑先生 （銅紫荊星章）(董事會副主席)、李友情先生、李文演先生及朱燦輝先生，以及三名獨立非執行 董事，分別為盧溫勝先生、簡亦霆先生及梁仲萍女士。 本公告將於聯交所網站 www.hkexnews.hk 及本公司網站 www.xinyisolar.com 刊載。 信義光能控股有限公司(「本公司」，連同其附屬公司統稱「本集團」) 董事(「董事」) 會(「董事會」) 謹此宣佈，本公 ...

Core Viewpoint - CICC maintains a neutral rating for Xinyi Solar (00968) with a target price of HKD 3.6, indicating a potential upside of 1.4% from the current stock price, which corresponds to P/E ratios of 14.2 and 12.1 for 2026 and 2027 respectively. New revenue forecast for 2027 is set at CNY 21.293 billion, with a profit forecast of CNY 2.355 billion [1] Group 1: Company Status - The reduction in export tax rebates has led to a temporary increase in domestic demand for solar components, resulting in a slight rise in photovoltaic glass prices. The company is experiencing a recovery in sales profits for photovoltaic glass. The first half of the year saw weak demand for components, with inventory clearance being the main focus for photovoltaic glass, expected to continue until mid-February [2] - Year-to-date, the inventory days in the glass industry have decreased from 40.17 days to 34.18 days, a reduction of approximately 6 days. The company aims to control inventory days to alleviate pressure from accumulation during the Spring Festival [2] Group 2: Overseas Shipment and Profitability - The company has increased its overseas shipment ratio, with a new 1200-ton production line in Indonesia launched on January 15. Another line is expected to be operational soon, aiming for full production and sales within the year. Overseas production capacity now accounts for 24.7% of the company's total production capacity [3] - Given the demand for overseas components and the supply of glass, it is estimated that the company will need to export 10-15% of its products domestically. Combined with overseas production shipments, the total overseas shipment ratio is expected to exceed 35%, with long-term profit margins for photovoltaic glass overseas being better than those domestically [3] Group 3: Profit Forecast and Valuation - The company has adjusted its revenue forecast for 2025 upwards by 13.4% to CNY 18.914 billion, considering that photovoltaic glass prices are expected to be higher than anticipated in October-November 2025. The profit forecast for Q4 has been raised by 2% to CNY 1.528 billion due to better-than-expected glass prices [4] - For 2026, with an increase in the export ratio and higher overseas prices compared to domestic ones, the overall sales price of glass is expected to rise, leading to a 10.3% increase in revenue forecast to CNY 20.324 billion. However, due to potential risks from silicon material capacity impairment and declining profit margins from weak domestic component demand, the profit forecast has been adjusted downwards by 1.2% to CNY 2.033 billion [4]

年内海外出货占比提升，利润率重心有望上移 根据公司公众号，公司印尼已有1条1200吨产线于1月15日投产，该行预期另1条即将投产，年内实现满 产满销。公司海外产能占公司在产总产能比例达到24.7%。根据海外组件需求和玻璃供给情况，该行测 算公司仍需划分国内10-15%的产品出口至海外，叠加海外产能出货，该行认为公司海外合计出货占比 将超过35%，光伏玻璃海外利润率长期优于国内，利润率重心有望较去年上移。 盈利预测与估值 考虑到2025年10-11月光伏玻璃价格阶段性高于预期，该行上调公司2025年营收预测13.4%至189.14亿 元；考虑到公司Q4玻璃均价较好，利润好于预期，盈利预测上调2%至15.28亿元。2026年考虑到公司产 品出口占比提升，海外价格高于国内，整体玻璃销售价格重心有望上移，该行上调收入10.3%至203.24 亿元；考虑到硅料产能计提减值以及国内组件需求疲软带来的利润率下滑风险，该行下调盈利预测 1.2%至20.33亿元。 风险提示：光伏需求不及预期，成本波动的风险，产能出清不及预期风险。 中金发布研报称，维持信义光能(00968)中性评级，维持目标价3.6港元，对应26、27年14. ...

Core Insights - The report indicates that the price of ordinary electronic cloth has exceeded expectations, with significant price increases observed in recent months, suggesting a sustained high demand in the market [12][13] - Shanghai's initiative to purchase second-hand homes for rental purposes is expected to boost the supply of rental housing and stimulate the construction materials market [13][14] - The construction materials industry is currently at a historical valuation low, with potential for recovery as demand stabilizes and supply-side improvements take effect [23][25] Group 1: Price Trends and Market Dynamics - The price of ordinary electronic cloth has seen cumulative increases of 1-1.2 RMB/m due to supply-demand imbalances and rising copper prices, indicating a long-term bullish trend [12] - The Shanghai government has launched a program to acquire second-hand homes for rental purposes, focusing on small-sized units, which is anticipated to enhance the supply of rental properties and invigorate the construction materials sector [13] - Recent data shows a recovery in second-hand home transactions, with significant year-on-year increases, suggesting a potential rebound in the real estate market [14][15] Group 2: Industry Fundamentals and Company Performance - The construction materials sector is experiencing a bottoming out phase, with various sub-sectors like cement and fiberglass showing signs of recovery, supported by supply-side adjustments and improved market conditions [23][25] - The report highlights that leading companies in the consumer building materials segment are demonstrating resilience, with improved revenue growth rates compared to the overall market, indicating strong operational capabilities [29] - Cement prices have recently decreased by 1%, but the overall market is expected to stabilize as companies implement price control measures and benefit from lower coal costs [25][26] Group 3: Investment Opportunities - The report suggests focusing on leading companies in the consumer building materials sector, such as Three Trees, Rabbit Baby, and Oriental Yuhong, which are well-positioned to benefit from the ongoing market recovery [23][25] - In the cement industry, companies like Huaxin Cement and Conch Cement are highlighted as potential investment opportunities due to their strong market positions and historical performance [25][26] - The fiberglass sector is also noted for its growth potential, with leading firms like China Jushi and Zhongtai Technology expected to capitalize on increasing demand for high-end electronic cloth [26][28]

太空光伏概念股集体走低，截至发稿，钧达股份（002865）(02865)跌7.51%，报41.64港元；福莱特 （601865）玻璃(06865)跌4.23%，报10.86港元；信义光能(00968)跌4.23%，报3.4港元；新特能源 (01799)跌2.57%，报7.2港元。 消息面上，2月4日，中国光伏行业协会执行秘书长刘译阳表示，目前，太空光伏技术仍处于探索和验证 的初期阶段，确定明确的技术方向为时尚早。资本市场热捧的异质结(HJT)钙钛矿技术，更多是基于个 别金融机构自行提出的"降本逻辑"，实际产品目前仍处于实验室或验证初期，距离大规模商业化尚有距 离。 ...

消息面上，2月4日，中国光伏行业协会执行秘书长刘译阳表示，目前，太空光伏技术仍处于探索和验证 的初期阶段，确定明确的技术方向为时尚早。资本市场热捧的异质结(HJT)钙钛矿技术，更多是基于个 别金融机构自行提出的"降本逻辑"，实际产品目前仍处于实验室或验证初期，距离大规模商业化尚有距 离。 智通财经APP获悉，太空光伏概念股集体走低，截至发稿，钧达股份(02865)跌7.51%，报41.64港元；福 莱特玻璃(06865)跌4.23%，报10.86港元；信义光能(00968)跌4.23%，报3.4港元；新特能源(01799)跌 2.57%，报7.2港元。 ...