Group 1 - The core viewpoint of the article is that JinkoSolar (601778) has clarified its overseas pre-sale projects, specifically mentioning that only the project in Spain has been disclosed, while the 400MW project in Saudi Arabia is still under construction [1]

Core Viewpoint - JinkoSolar has received a significant increase in renewable energy subsidy funds, which positively impacts its cash flow and financial position [2] Group 1: Financial Performance - From January to August 2025, the company received 891 million yuan in renewable energy subsidy funds, representing a 248% increase compared to the same period last year [2] - The amount received in the first eight months of 2025 accounts for 166% of the total renewable energy subsidy funds received in 2024 [2] - The acceleration of national subsidies is expected to continue benefiting the company's cash flow in the remaining months of 2025 [2]

Core Viewpoint - JinkoSolar (601778) is currently not directly investing in AIDC projects but is focusing on green energy microgrid solutions related to AIDC, collaborating with Tencent and Alibaba Cloud on data center projects [1] Group 1: Financial Health - The company has a good cash flow and ample cash reserves [1] - Future plans include actively responding to industry changes and optimizing resource allocation [1] Group 2: Strategic Focus - JinkoSolar aims to create new competitive advantages by exploring investment and acquisition opportunities in the upstream and downstream of the new energy power industry and emerging business areas like AIDC [1] - The company plans to enhance its profitability and overall valuation through these strategic initiatives [1] Group 3: Disclosure Commitment - Any specific plans related to these strategies will be disclosed in accordance with relevant requirements [1]

Core Viewpoint - JinkoSolar's overseas market operations are not merely export-oriented but involve significant project resources in the global renewable energy sector, particularly in Europe [1] Group 1: Project Development - The company has a substantial pipeline of renewable energy projects in Europe, including a 175MW photovoltaic power station project in Spain that is currently under development [1] - JinkoSolar has completed pre-sales for the aforementioned project ahead of schedule, indicating strong demand and effective project management [1] Group 2: Profit Model - The company has established a profit closed-loop model that encompasses the entire process from project development to sale, enhancing its operational efficiency and profitability [1]

| 交易日期 证券简称 | | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 026-01-21 | 晶科科技 | 601778 | 4.18 | 919.6 | 220 | 閱讀 | 感問攝蒸劈毀為甲 | 超 | 1月21日，晶科科技大宗交易成交220万股，成交额919.6万元，占当日总成交额的0.82%，成交价4.18 元，较市场收盘价4.4元折价5%。 ...

Market Overview - The electricity sector experienced a decline of 1.03% compared to the previous trading day, with TuoRi New Energy leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Stock Performance - Notable gainers in the electricity sector included: - MeiYan JiXiang (600868) with a closing price of 4.52, up 9.98% and a trading volume of 3.2084 million shares, totaling 1.391 billion yuan [1] - LuXiao Technology (002617) closed at 9.81, up 6.86% with a trading volume of 3.6169 million shares, totaling 3.433 billion yuan [1] - Significant decliners included: - TuoRi New Energy (002218) closed at 4.69, down 6.20% with a trading volume of 1.6187 million shares, totaling 767 million yuan [2] - QianYuan Electric Power (002039) closed at 18.60, down 5.49% with a trading volume of 174,100 shares, totaling 326 million yuan [2] Capital Flow - The electricity sector saw a net outflow of 9.52 billion yuan from major funds, while retail investors contributed a net inflow of 8.95 billion yuan [2] - The table of capital flow indicates that: - MeiYan JiXiang (600868) had a net inflow of 3.12 billion yuan from major funds, but a net outflow of 1.75 billion yuan from retail investors [3] - JingKe Technology (601778) experienced a net inflow of 1.59 billion yuan from major funds, with a net outflow of 9.41 million yuan from retail investors [3]

Core Viewpoint - Jinko Technology (601778.SH) is currently not directly investing in AIDC projects but is focusing on green energy microgrid solutions related to AIDC, collaborating with Tencent and Alibaba Cloud on data center projects [1] Financial Health - The company has a healthy cash flow and ample cash reserves, indicating strong financial stability [1] Strategic Direction - Jinko Technology plans to actively respond to industry changes, optimize resource allocation, and create new competitive advantages [1] - The company is looking for investment and acquisition opportunities in emerging business areas, particularly in the upstream and downstream of the new energy power industry and AIDC [1] - The goal is to expand into new development areas to enhance profitability and overall valuation [1]

Core Viewpoint - JinkoSolar's stock price has shown fluctuations, with a recent decline of 2.19%, while the company has experienced an overall increase of 8.06% in stock price since the beginning of the year [1] Group 1: Financial Performance - For the period from January to September 2025, JinkoSolar reported a revenue of 3.122 billion yuan, representing a year-on-year decrease of 19.73% [2] - The net profit attributable to shareholders for the same period was 356 million yuan, showing a significant year-on-year growth of 61.82% [2] - Cumulatively, JinkoSolar has distributed 319 million yuan in dividends since its A-share listing, with 161 million yuan distributed over the past three years [3] Group 2: Shareholder Information - As of September 30, 2025, the number of shareholders for JinkoSolar reached 130,100, an increase of 9.22% compared to the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 39.258 million shares, an increase of 6.1784 million shares from the previous period [3] - New shareholders include Guangfa Balanced Preferred Mixed A and Guangfa Value Advantage Mixed, holding 32.5831 million and 24.7586 million shares respectively [3] Group 3: Business Overview - JinkoSolar, established on July 28, 2011, and listed on May 19, 2020, is primarily engaged in the development, operation, and transfer of photovoltaic power plants, as well as EPC services [1] - The company's revenue composition includes 75.57% from photovoltaic power generation, 18.34% from household photovoltaic power plant development, and smaller percentages from other services [1] - JinkoSolar operates within the public utility sector, specifically in the power and photovoltaic generation industry [1]

Market Overview - The electricity sector increased by 0.77% compared to the previous trading day, with Jin Fang Energy leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Top Gainers in the Electricity Sector - Jin Fang Energy (001210) closed at 20.72, rising by 9.98% with a trading volume of 89,400 shares and a transaction value of 181 million yuan [1] - Zhao Xin Co., Ltd. (002256) closed at 3.78, up by 7.69% with a trading volume of 2.4626 million shares [1] - Jinko Technology (601778) closed at 4.13, increasing by 6.44% with a trading volume of 3.0085 million shares and a transaction value of 1.229 billion yuan [1] Other Notable Performers - Bai Tong Energy (001376) closed at 17.95, up by 5.28% with a trading volume of 273,400 shares [1] - Jiaze New Energy (619109) closed at 4.87, increasing by 5.18% with a trading volume of 1.4617 million shares [1] - Shanghai Electric (600021) closed at 20.79, up by 3.48% with a trading volume of 1.165 million shares and a transaction value of 2.409 billion yuan [1] Market Capital Flow - The electricity sector saw a net inflow of 270 million yuan from institutional investors, while retail investors contributed a net inflow of 155 million yuan [2] - Speculative funds experienced a net outflow of 425 million yuan [2] Individual Stock Capital Flow - Zhao Xin Co., Ltd. (002256) had a net inflow of 15.2 million yuan from institutional investors, but a net outflow of 104 million yuan from retail investors [3] - Shanghai Electric (600021) experienced a net inflow of 93.44 million yuan from institutional investors, with a net outflow of 70.65 million yuan from retail investors [3] - Jinko Technology (601778) had a net inflow of 92.57 million yuan from institutional investors, while retail investors saw a net outflow of 53.54 million yuan [3]

| 证券代码：601778 | 证券简称：晶科科技 | 公告编号：2026-001 | | --- | --- | --- | | 转债代码：113048 | 转债简称：晶科转债 | | 关于可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准晶科电力科技股份有限公司公开发行 可转换公司债券的批复》（证监许可〔2021〕931号）核准，晶科电力科技股份 有限公司（以下简称"公司"或"本公司"）于2021年4月23日公开发行了3,000万张 可转换公司债券（以下简称"晶科转债"或"可转债"），每张面值人民币100元， 发行总额为人民币30亿元，期限6年。票面利率为：第一年0.30%、第二年0.50%、 第三年1.00%、第四年1.50%、第五年1.80%、第六年2.00%。 （二）可转债上市情况 经上海证券交易所自律监管决定书〔2021〕209号文同意，公司本次发行的 30亿元可转换公司债券于2021年5月3 ...