Core Viewpoint - Anhui Province is leveraging the new energy industry to drive high-quality development, with Susong CITIC Bo New Energy Technology Co., Ltd. emerging as a key player in this sector [2][4]. Group 1: Company Overview - Susong CITIC Bo, a wholly-owned subsidiary of Jiangsu CITIC Bo New Energy Technology Co., Ltd., was established in August 2021 with a registered capital of 44.4 million yuan [2]. - The company is located in the Susong Economic Development Zone and is backed by Jiangsu CITIC Bo's extensive global production and service network, which has been established since 2009 [2]. - The company has invested 1.3 billion yuan to develop a photovoltaic supporting industrial park on 204 acres, with the first phase completed in October 2023 [2]. Group 2: Production and Innovation - The production base focuses on the research, production, and sales of new composite materials for the new energy sector, including lightweight photovoltaic panels and green optoelectronic materials [3]. - The company plans to establish a new energy industry research institute to enhance innovation capabilities and core competitiveness [3]. - In 2024, the production value of the Susong base is expected to reach 440 million yuan, with a projected increase in 2025 [3]. Group 3: Economic Impact - The rapid development of Susong CITIC Bo has stimulated the local economy by attracting related enterprises and creating an industrial cluster effect [4]. - The company is facilitating a transition towards a green, low-carbon, and high-tech industrial structure in Susong County [4]. - The growth of the company has generated numerous job opportunities, improving income levels for local residents [4].

Group 1 - The core point of the news is that CITIC Bo's stock price decreased by 1.1% to 43.16 CNY per share, with a total market capitalization of 9.455 billion CNY as of the report date [1] - CITIC Bo specializes in the research, design, production, and sales of photovoltaic brackets, with 97.74% of its revenue coming from product sales [1] - The company was established on November 20, 2009, and went public on August 28, 2020 [1] Group 2 - According to data, one fund under Jiashi Fund holds a significant position in CITIC Bo, with 22,000 shares representing 2.64% of the fund's net value, making it the eighth-largest holding [2] - Jiashi Balanced Allocation Mixed Fund (018434) has a total scale of 39.5976 million CNY and has achieved a return of 20.29% this year, ranking 4366 out of 8087 in its category [2] - The fund manager, Liu Hanzhu, has been in position for 2 years and 104 days, with the fund's total assets amounting to 1.127 billion CNY [3]

Group 1 - The core viewpoint is that the photovoltaic industry is currently in an adjustment period, but the profitability deterioration of the industry chain is gradually slowing down due to the "anti-involution" policy [1] - The company is focusing on the globalization, differentiation, digitalization, and greening of its overseas tracking system products, aiming to enhance its overseas market development, sales, and supply chain [1] - Recent orders have been secured in markets such as the Middle East, Europe, and Latin America, as detailed in the company's website announcements [1] Group 2 - The company emphasizes enhancing its differentiated competitiveness to secure orders and achieve long-term growth value [1] - The second phase of the company's share repurchase plan, amounting to RMB 99.56 million, was completed in December 2023, with further repurchase plans to be disclosed in a timely manner if they arise [1]

Core Viewpoint - The company indicates that the photovoltaic industry is transitioning from "scale expansion" to "quality improvement" due to the "anti-involution" policy, leading to a recovery in photovoltaic component prices and a gradual alleviation of profitability deterioration in the industry [1] Industry Summary - The photovoltaic industry is experiencing a shift in focus from expansion to quality enhancement, driven by recent policy adjustments [1] - The recovery in prices of photovoltaic components is expected to mitigate the worsening profitability within the industry [1] Company Summary - The company has not seen significant price declines in its support system products, unlike the component products [1] - The company aims to promote healthy price competition in its niche market to contribute to the high-quality development of the industry [1]

证券日报网讯12月29日，中信博在互动平台回答投资者提问时表示，公司积极重视投资者回报，2025年 6月实施2024年度权益分派，合计现金分红金额达2.17亿元；2025年公司实施了第二期回购计划已于12 月完成，回购规模达人民币9956万元，同时公司不断完善募集资金使用，为公司从产能、研发、工艺提 升、降本等多维度提升竞争力。 ...

中信博 20251224 摘要 中信博预计 2025 年底在手订单规模接近 80 亿元，其中跟踪支架订单 预计超过 65 亿元，产品结构优化有望提升 2026 年交付效率，但 2025 年实际业绩能否达到年初预估的 580 亿仍待观察。 印度市场方面，尽管阿达尼订单有所恢复，但 2025 年整体规模同比下 降，不过中信博通过强化与其他业主方的合作，预计 2026 年印度市场 将有显著增长，同时跟踪支架在手订单已从去年的 50 亿增加到今年 60 亿左右。 中东市场毛利率稳定在 19%以上，核心竞争力在于差异化产品和研发创 新，通过自主生产回转减速机、电控系统等实现降本，并提供智能运维、 智能安装等增值服务。 除印度和中东外，中亚地区如乌兹别克斯坦等国家是潜力较大的新兴市 场，这些国家虽然基数小，但增长速度快，显示出较大的需求增长潜力。 中信博在欧洲和拉美市场积极布局，2025 年均签订了单体 200 兆瓦的 订单，实现显著增长，尤其看好欧洲市场通过技术创新克服地形限制， 以及电站重建带来的机会。 中信博在 2025 年前三季度的订单交付节奏和新签订单情况如何？ 2025 年前三季度，中信博的订单交付节奏有所改 ...

Group 1 - The core viewpoint of the news is that CITIC Bo has experienced a decline in both revenue and net profit, indicating potential challenges in its financial performance [2] - As of December 19, CITIC Bo's stock price increased by 0.59%, with a trading volume of 105 million yuan, while the net financing buy was negative at -5.48 million yuan [1] - The financing balance of CITIC Bo reached 422 million yuan, accounting for 4.48% of its market capitalization, which is above the 80th percentile of the past year, indicating a high level of financing [1] Group 2 - For the period from January to September 2025, CITIC Bo reported an operating income of 5.378 billion yuan, a year-on-year decrease of 10.11%, and a net profit attributable to shareholders of 121 million yuan, down 71.59% year-on-year [2] - The number of CITIC Bo's shareholders increased to 15,300, a rise of 34.59%, while the average circulating shares per person decreased by 25.70% [2] - CITIC Bo has distributed a total of 412 million yuan in dividends since its A-share listing, with 349 million yuan distributed over the past three years [2]

证券日报网讯 12月19日，中信博在互动平台回答投资者提问时表示，公司持续推进全球化战略，在印 度、中东、欧洲、拉美、北美、澳洲等光伏市场均有不同程度的布局。近日，公司于欧洲建设的实证基 地项目正式落成，系中信博欧洲本土化战略的重要一子，本地化市场布局不断深入，对区域市场订单有 积极促进作用。 （文章来源：证券日报） ...

Group 1 - The company, CITIC Bo, indicated that details regarding its current order backlog will be disclosed in the Q3 2025 report [2]

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2][48]. Core Viewpoints - The Central Economic Work Conference emphasized the need to deepen the rectification of "involution" competition, particularly in the photovoltaic industry, which is expected to accelerate the exit of backward production capacity and promote the recovery of industry profit margins [4][43]. - The report suggests focusing on leading new energy companies that excel in technology and scale [4][43]. Market Review - As of December 11, 2025, the Shenwan Power Equipment industry rose by 1.32% over the past two weeks, outperforming the CSI 300 index by 0.51 percentage points, ranking 12th among 31 industries [11]. - Year-to-date, the Shenwan Power Equipment sector has increased by 40.05%, surpassing the CSI 300 index by 24.36 percentage points, ranking 5th among 31 industries [11]. - The wind power equipment sector increased by 5.79%, while the photovoltaic equipment sector decreased by 0.82% in the last two weeks [16]. Valuation and Industry Data - As of December 11, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 32.90 times [24]. - The PE ratios for sub-sectors are as follows: Electric Motor II at 56.45 times, Other Power Equipment II at 51.83 times, Photovoltaic Equipment at 30.06 times, Wind Power Equipment at 33.63 times, Battery at 32.83 times, and Grid Equipment at 28.49 times [24]. Company Announcements - The report highlights significant projects and developments, including the approval of the Zhejiang UHV AC Ring Network Project with a total investment of 29.3 billion yuan, which is the highest for a single UHV AC project in China [38][39]. - The report also notes various company announcements regarding share repurchases and changes in control, indicating active corporate governance within the sector [42][43]. Weekly Perspective - The report reiterates the importance of adhering to the "dual carbon" goals and promoting a comprehensive green transition, with a focus on energy efficiency and carbon reduction in key industries [4][43]. - It emphasizes the need for technological innovation and quality improvement in the photovoltaic sector, moving away from mere scale expansion [4][43].