為力律師事務所 O-EFFORT LAW FIRM LLP 上海市协力(无锡)律师事务所 关于天合光能股份有限公司 2026 年限制性股票激励计划首次授予相关事项的 协意字 2026 〕 第非 2026011200 号 江苏省无锡市经开区金融八街联合金融大厦 2901-2903 室 邮政编码：214000 电话： 051088888990 二〇二六年二月 关于天合光能股份有限公司 2026 年限制性股票激励计划首次授予相关事项的法律意见书 录 m | 释义 . | ... 1 | | --- | --- | | 第一部分 引言 | .. | | 第二部分 正文 | | | 一、本次授予的批准和授权 | .. | | 二、本次授予的授予条件 | 6 | | 三、本次授予的授予日 . | | | 四、本激励计划项下激励对象 . | 8 | | 五、本次授予的信息披露 | 8 | | 六、结论意见 | ... 9 | 关于天合光能股份有限公司 2026 年限制性股票激励计划首次授予相关事项的法律意见书 释义 本法律意见书中,除非文义另有所指,下述名称分别具有以下含义: | 天合光能、公司、上市公司 | 指 | 天合 ...

东方财富证券股份有限公司 关于 天合光能股份有限公司 2026 年限制性股票激励计划 首次授予相关事项 之 第一章 释 义 独立财务顾问报告 独立财务顾问：东方财富证券股份有限公司 二〇二六年二月 东方财富证券股份有限公司 独立财务顾问报告 目 录 | 第一章 | 释 义 3 | | --- | --- | | 第二章 | 声 明 4 | | 第三章 | 基本假设 6 | | 第四章 | 本激励计划履行的审批程序 7 | | 第五章 | 本次限制性股票的首次授予情况 9 | | | 一、限制性股票首次授予的具体情况 9 | | | 二、本次实施的股权激励计划与股东会审议通过的股权激励计划存在差异的说明 11 | | 第六章 | 本次限制性股票授予条件说明 12 | | | 一、限制性股票授予条件 12 | | | 二、董事会对授予条件成就的情况说明 12 | | | 三、董事会薪酬与考核委员会对本次授予是否满足条件的相关说明 13 | | 第七章 | 独立财务顾问的核查意见 14 | 2 东方财富证券股份有限公司 独立财务顾问报告 在本独立财务顾问报告中，除非文义载明，以下简称具有如下含义： | 释义项 | ...

每经AI快讯，天合光能2月10日晚间发布公告称，公司第三届第四十一次董事会会议于2026年2月9日以 现场结合通讯方式召开。会议审议了《关于向2026年限制性股票激励计划激励对象首次授予限制性股票 的议案》等文件。 （记者 王瀚黎） 每经头条（nbdtoutiao）——10倍价差刷屏！"外国人来华就医"火了，三位亲历者这样说⋯⋯ ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2026-022 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天23转债 | | 天合光能股份有限公司 合光能股份有限公司关于向 2026 年限制性股票激励计划激励对象首次授予限制 性股票的公告》（公告编号：2026-023）。 二、董事会会议审议情况 会议审议并以投票表决方式通过了如下议案： （一）审议通过《关于向 2026 年限制性股票激励计划激励对象首次授予限 制性股票的议案》 根据《上市公司股权激励管理办法》及公司 2026 年限制性股票激励计划（以 下简称"本激励计划"）等相关规定，以及公司 2026 年第一次临时股东会的授权， 董事会认为公司和首次授予的激励对象符合本激励计划中授予条件的规定，本激 励计划的授予条件已经成就。董事会同意本激励计划的首次授予日为 2026 年 2 月 10 日，并同意以 10.05 元/股的授予价格向 1,299 名首次授予激励对象授予 2,520.6810 万股限制性股票。 具体内容详见公司同日刊登于上海证券交易所网站（www.sse.com.cn）的《天 第 ...

Investment Rating - The report maintains a "Recommended" rating for the power equipment sector [4][15]. Core Insights - North American CSP companies are significantly increasing their capital expenditures, with Meta's Q4 2025 capex reaching $22.14 billion and projected to rise to $115-135 billion in 2026. Microsoft, Amazon, and Google are also increasing their capex, indicating a robust demand for AI training and inference [3][12][13]. - Domestic AI applications are entering a commercialization inflection point, with companies like Tencent and Alibaba launching significant promotional campaigns to stimulate user engagement and application usage [12][13]. - The AI industry is transitioning from a focus on computational power to a collaborative expansion involving infrastructure and application ecosystems, benefiting sectors such as servers, power equipment, data centers, and liquid cooling systems [14]. Summary by Sections Investment Views - The report suggests focusing on the IDC sector, highlighting companies like Kehua Data and Jinpan Technology due to their growth potential. It also recommends monitoring high-voltage circuit breakers and power supply sectors, with specific mentions of companies like Liangxin and Sunshine Power [4][14]. Industry Dynamics - The report notes that the domestic data center sector is beginning to expand and upgrade, with significant opportunities in direct current power supply equipment. The power equipment sector is expected to benefit from these trends [4][17]. - The report highlights that the State Grid's fixed asset investment grew by over 35% year-on-year in January, indicating strong infrastructure investment [18][19]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including Kehua Data, Liangxin, and Sunshine Power, with specific EPS and PE ratios outlined for 2024 to 2026 [7][16].

Core Viewpoint - The recent surge in the photovoltaic sector is significantly influenced by Elon Musk's support for space solar power, which has ignited investor interest and led to substantial gains in the A-share photovoltaic market [1][5][12]. Industry Overview - The photovoltaic industry is currently experiencing an oversupply, with the ground-mounted solar segment facing intense competition and a decline in growth prospects. The China Photovoltaic Industry Association projects a decrease in new installed capacity for 2023, estimating between 180-240 GW, a year-on-year decline of 23.81%-42.86% [1][11]. - The emergence of space solar power is seen as a potential solution to the industry's search for new growth avenues, driven by the expanding commercial space market [2][11]. Market Dynamics - Following Musk's endorsement of space solar power, the photovoltaic sector saw a collective market recovery of over 200 billion yuan from January 23 to February 9, with leading companies like GCL-Poly and TCL Zhonghuan experiencing significant stock price increases [1][4][6]. - As of February 9, the photovoltaic equipment sector showed strong performance, with multiple stocks hitting their daily price limits, indicating a clear profit-making trend among investors [4][6]. Corporate Developments - Tesla is reportedly evaluating locations in the U.S. to expand its solar cell manufacturing, which could open opportunities for Chinese equipment manufacturers to enter Tesla and SpaceX's supply chains [5][12]. - Companies like GCL-Poly and Trina Solar have confirmed that they are exploring technologies related to space solar power, although they have not yet secured any related orders [7][9]. Financial Performance - A significant portion of photovoltaic companies are forecasting losses for 2025, with 73.47% of the 49 companies that disclosed earnings predictions expecting net losses. Notable companies like TCL Zhonghuan and Trina Solar are projected to face substantial losses [9][10]. - The total market capitalization of 70 photovoltaic stocks increased from approximately 1.79 trillion yuan to about 1.99 trillion yuan during the recent surge, reflecting strong investor interest [6][9]. Future Outlook - While space solar power presents exciting possibilities, it remains in the early stages of technological exploration and faces challenges related to market conditions, policy, and technological development [2][12][14]. - Experts believe that advancements in commercial space technology and photovoltaic innovations could position space solar power as a new growth driver for the industry [14].

Core Viewpoint - The recent surge in the photovoltaic sector is significantly influenced by Elon Musk's support for space solar power, which has ignited interest and investment in this area, leading to substantial market movements in A-share photovoltaic stocks [1][4][5]. Industry Overview - The photovoltaic industry is currently experiencing an oversupply of capacity, with intense competition leading to a decline in future growth prospects. The China Photovoltaic Industry Association predicts a decrease in new installed capacity in 2026, estimating a range of 180-240 GW, which represents a year-on-year decline of 23.81%-42.86% [1][12]. - The emergence of space solar power is seen as a potential solution to the industry's search for new growth avenues, driven by the expanding demand from commercial space ventures [2][12]. Market Dynamics - Following Musk's endorsement of space solar power, the photovoltaic sector saw a significant market rally, with the total market capitalization of A-share photovoltaic stocks recovering over 200 billion yuan within a short period [3][5]. - On February 9, 2023, leading photovoltaic stocks such as Xiexin Integrated and TCL Zhonghuan reached their daily price limits, reflecting strong investor sentiment and profit-taking opportunities [3][5]. Technological and Developmental Insights - Space solar power involves deploying large solar power stations in space to convert solar energy into electricity, which can then be transmitted back to Earth or used to power satellites and space stations. This technology offers advantages over ground-based solar power, such as uninterrupted sunlight and higher intensity [4][12]. - However, the development of space solar power is still in its early exploratory stages, with various factors such as technological advancements, industry policies, and market conditions influencing its commercialization [2][12]. Company Responses and Market Sentiment - Several leading photovoltaic companies have issued statements regarding their current lack of involvement in space solar power projects, emphasizing that their primary business remains focused on ground-based solar power [9][10]. - Despite the excitement surrounding space solar power, companies express caution regarding the sustainability of stock price increases without corresponding improvements in operational performance [10][11]. Future Outlook - The potential for space solar power to become a significant component of the future energy system is acknowledged, with experts suggesting that it is moving beyond mere concept to the brink of large-scale deployment [13][14]. - The growth of space solar power is contingent upon advancements in technology, cost reductions, and the successful integration of commercial applications, which will require time to validate [14].

Core Viewpoint - The recent surge in the photovoltaic sector is significantly influenced by Elon Musk's support for space photovoltaic technology, which has ignited interest and investment in the Chinese capital market [1][2]. Group 1: Market Dynamics - From January 23 to February 9, the A-share photovoltaic sector regained over 200 billion yuan in market value [2][13]. - On February 9, the photovoltaic sector saw a substantial increase, with companies like GCL-Poly and TCL Zhonghuan hitting their daily price limits [4][11]. - The total market capitalization of 70 photovoltaic stocks reached approximately 1,994.06 billion yuan, up from about 1,791.88 billion yuan on January 22 [12][13]. Group 2: Industry Challenges and Opportunities - The photovoltaic industry is currently facing an oversupply situation, with a projected decline in new installations in 2026 by 23.81% to 42.86% compared to previous years [2][20]. - Space photovoltaic technology is emerging as a potential solution to the industry's growth challenges, driven by the increasing demand from commercial space ventures [2][20]. - Despite the excitement around space photovoltaic technology, it remains in the early stages of exploration, with various factors influencing its industrialization process [2][21]. Group 3: Corporate Developments - Tesla is reportedly evaluating locations in the U.S. to expand its solar battery manufacturing business, which could create opportunities for Chinese photovoltaic companies to enter its supply chain [5][6]. - Companies like GCL-Poly and Trina Solar have confirmed that they are exploring the space photovoltaic sector, although they currently do not have related orders impacting their financial performance [15][16]. - Many photovoltaic companies are cautious about the rapid stock price increases, with some issuing risk warnings to investors [14][15]. Group 4: Future Outlook - The Chinese Photovoltaic Industry Association forecasts that the domestic photovoltaic installation scale will rebound after a short-term adjustment, with a projected range of 180 to 240 GW in 2026 [20]. - The development of space photovoltaic technology is seen as a potential new growth area for the industry, although it requires time for technological validation and market acceptance [21][22]. - The successful deployment of low-orbit satellite constellations and advancements in launch capabilities are critical for the growth of space photovoltaic applications [22].

重要内容提示： 因回售期内"天 23 转债"停止转股,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 118031 | 天 转债 | 23 | 可转债转股停 | 2026/2/25 | | 2026/3/3 | 2026/3/4 | | | | | 牌 | | | | | 2026 年 2 月 9 日，天合光能股份有限公司（以下简称"公司"）召开了 2026 年 第一次临时股东会和"天 23 转债"2026 年第一次债券持有人会议，分别审议通过了 《关于募投项目变更并将剩余募集资金用于新项目的议案》。根据《天合光能股份 有限公司向不特定对象发行可转换公司债券募集说明书》（以下简称"《募集说明 天合光能股份有限公司 关于"天 23 转债"可选择回售的公告 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。 | 证券代码：688599 ...

华泰联合证券有限责任公司 关于天合光能股份有限公司 一、募集资金基本情况 经中国证券监督管理委员会出具的证监许可［2023］157 号《关于同意天合 光能股份有限公司向不特定对象发行可转换公司债券注册的批复》核准，公司获 准向不特定对象发行面值总额为人民币 8,864,751,000.00 元的可转换公司债券， 债券期限为 6 年。截至 2023 年 2 月 17 日，公司发行可转换公司债券共募集人民 币 8,864,751,000.00 元，扣除各项发行费用合计人民币 48,650,279.85 元后，实际 募集资金净额为人民币 8,816,100,720.15 元。上述资金到位情况已经容诚会计师 事务所容诚验字[2023] 200Z0002 号《验资报告》验证。 公司对募集资金采取了专户存储制度，于 2023 年 2 月 11 日与保荐人、募集 资金监管银行签订了《天合光能股份有限公司募集资金专户存储三方监管协议》 《天合光能股份有限公司募集资金专户存储四方监管协议》。上述扣除发行费用 后的募集资金净额全部存放在经董事会批准设立的公司募集资金专项账户中。 二、"天 23 转债"回售情况 "天 23 转债" ...