Market Overview - The electricity sector increased by 0.72% compared to the previous trading day, with Xiexin Nengke leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Top Gainers in the Electricity Sector - Xiexin Nengke (002015) closed at 12.68, up 9.97% with a trading volume of 971,500 shares and a transaction value of 1.199 billion [1] - Lianmei Holdings (600167) also rose by 9.97% to close at 9.60, with a trading volume of 61,900 shares [1] - Jingyuntong (601908) saw an increase of 8.78%, closing at 4.46 with a trading volume of 2.8174 million shares [1] Other Notable Performers - ST Lingda (300125) increased by 5.40% to close at 8.39, with a trading volume of 114,500 shares [1] - Zitong Energy (001376) rose by 3.66% to close at 13.03, with a trading volume of 226,500 shares [1] - Jinfang Energy (001210) closed at 16.88, up 3.18% with a trading volume of 63,000 shares [1] Decliners in the Electricity Sector - Luxiao Technology (002617) decreased by 2.82% to close at 9.98, with a trading volume of 2.3908 million shares and a transaction value of 2.37 billion [2] - Nanjing Grid Energy (600995) fell by 1.58% to close at 12.47, with a trading volume of 562,900 shares [2] - Datang Power (166109) saw a decline of 1.45%, closing at 3.39 with a trading volume of 1.1091 million shares [2] Capital Flow Analysis - The electricity sector experienced a net outflow of 495 million from main funds, while retail funds saw a net inflow of 246 million [2] - The main funds' net inflow for Xiexin Nengke was 361 million, accounting for 30.06% of its trading volume [3] - Jingyuntong had a main fund net inflow of 157 million, representing 12.62% of its trading volume [3]

Investment Rating - The report suggests a positive outlook on the RWA (Real World Assets) sector, indicating significant potential for growth and investment opportunities in the tokenization of real estate and other assets [5][12]. Core Insights - RWA represents an upgrade of asset securitization through blockchain technology, allowing for the tokenization of both tangible and intangible assets, thus enhancing liquidity and providing new financing channels [12][13]. - The global on-chain RWA market reached approximately $26.65 billion as of August 26, 2025, with private credit and U.S. Treasury bonds being the primary assets tokenized [5][10]. - The report emphasizes that the real estate sector is poised to become a key application area for RWA, driven by its inherent asset value retention and expected cash flow [5][12]. Summary by Sections 1. Definition and Advantages of RWA - RWA allows for the tokenization of real-world assets, breaking down investment barriers and enhancing liquidity [12][17]. - The advantages of RWA include increased asset liquidity, lower investment thresholds, and enhanced transaction transparency [17][19]. 2. Development History and Market Scale - RWA has evolved from concept to market realization since 2017, entering a rapid expansion phase since 2023 [5][10]. - The total scale of global on-chain RWA has surpassed $26.65 billion, with significant growth in issuance volumes [10][12]. 3. Issuance Process and Regulatory Environment - The RWA issuance process involves asset selection, on-chain integration, issuance and trading, and ongoing management [5][18]. - Regulatory frameworks vary globally, with strict regulations in Europe and the U.S., while regions like Hong Kong adopt more flexible approaches [5][18]. 4. Tokenization of Real Estate - The report highlights the potential of RWA in real estate, suggesting it could reshape investment logic and open new financing avenues [5][12]. - Case studies, such as the tokenization of a commercial property in Hong Kong, illustrate the practical applications and benefits of RWA in real estate [5][12]. 5. Investment Recommendations - The report recommends focusing on companies with substantial real estate holdings that can leverage RWA projects to enhance liquidity and asset valuation [5][12]. - Companies with regulatory advantages are also highlighted as potential leaders in the RWA space [5][12].

Market Overview - The Shanghai Composite Index closed at 3848.69 points, above the five-day moving average, with an increase of 0.70% [1] - The total trading volume of A-shares reached 188.67 billion yuan [1] Stock Performance - A total of 1219 A-shares have surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Henghe Co., Ltd. with a deviation rate of 20.94% and a daily increase of 29.98% [1] - Shangwei New Materials with a deviation rate of 15.29% and a daily increase of 20.00% [1] - Xingfu Electronics with a deviation rate of 14.88% and a daily increase of 19.99% [1] - Other stocks with smaller deviation rates that just crossed the five-day moving average include Aotai Biological, Yongjin Co., Ltd., and Fuyuan Pharmaceutical [1] Detailed Stock Data - The following table summarizes key stocks that have broken through the five-day moving average: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Five-Day MA (yuan) | Latest Price (yuan) | Deviation Rate (%) | | --- | --- | --- | --- | --- | --- | --- | | 832145 | Henghe Co., Ltd. | 29.98 | 16.33 | 26.71 | 32.30 | 20.94 | | 688585 | Shangwei New Materials | 20.00 | 4.32 | 95.48 | 110.08 | 15.29 | | 688545 | Xingfu Electronics | 19.99 | 33.75 | 34.23 | 39.32 | 14.88 | | 300421 | Lixing Co., Ltd. | 19.24 | 28.95 | 16.37 | 18.72 | 14.36 | | 300379 | *ST Dongtong | 15.32 | 29.26 | 2.40 | 2.71 | 12.73 | | 300854 | Zhonglan Environmental Protection | 19.99 | 14.32 | 20.87 | 23.17 | 11.04 [1]

Market Overview - The Shanghai Composite Index is at 3820.93 points, slightly below the five-day moving average, with a change of -0.02% [1] - The total trading volume of A-shares today is 10109.58 billion yuan [1] Stocks Breaking the Five-Day Moving Average - A total of 582 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Henghe Co., Ltd. with a deviation rate of 20.94% and a daily increase of 29.98% [1] - Shangwei New Materials with a deviation rate of 15.29% and a daily increase of 20.00% [1] - *ST Dongtong with a deviation rate of 12.08% and a daily increase of 14.47% [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the five-day moving average include: - Hualing Agricultural Industry with a deviation rate of 7.86% and a daily increase of 9.93% [1] - Ganli Pharmaceutical with a deviation rate of 7.59% and a daily increase of 10.00% [1] - Tongfu Microelectronics with a deviation rate of 7.04% and a daily increase of 10.00% [1]

协鑫能源科技股份有限公司 关于控股股东协议转让部分股份进展暨签署补充协议 的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 协鑫能源科技股份有限公司（以下简称"公司"）于 2025 年 9 月 22 日收到 控股股东上海其辰企业管理有限公司（以下简称"上海其辰"、"转让方"）通知， 获悉上海其辰与浙江金证资产管理有限公司（代表"金证得胜 1 号私募证券投资 基金"）（以下简称"金证得胜 1 号"、"受让方"）就协议转让公司 96,130,000 股股份（无限售条件流通股）（以下简称"标的股份"）事宜签署了《<关于协鑫 能源科技股份有限公司之股份转让协议>之补充协议》（以下简称"《补充协议》"）。 现将具体情况公告如下： 一、本次协议转让的基本情况 证券代码：002015 证券简称：协鑫能科 公告编号：2025-082 2025 年 6 月 25 日，公司控股股东上海其辰与金证得胜 1 号、中国长城资产 管理股份有限公司上海自贸试验区分公司（以下简称"长城资产"、"质权人"）、 无锡国联数科咨询服务合伙企业（有限合伙）（以下简称"无锡国联"、"质权人"） ...

Summary of Key Points Core Viewpoint - The company has approved a significant external guarantee limit for the year 2025, amounting to 33.669 billion RMB, to support its subsidiaries in obtaining financing and conducting daily operations [2][3]. Group 1: External Guarantee Overview - The board of directors has authorized a maximum external guarantee amount of 33.669 billion RMB for 2025, which includes various forms of guarantees such as guarantees, asset pledges, and collateral [2]. - The guarantee limit for subsidiaries within the consolidated financial statements is set at 32.901 billion RMB, with specific limits based on the subsidiaries' debt-to-asset ratios [2]. - The authorization for the external guarantee is valid for twelve months from the date of approval by the annual general meeting of shareholders in 2024 [3]. Group 2: Guarantee Adjustment Situation - The company has adjusted unused guarantee limits from other subsidiaries to those with a debt-to-asset ratio exceeding 70%, totaling 38.01 million RMB [4]. Group 3: Progress of External Guarantees - As of September 8, 2025, the company signed a maximum guarantee contract with Zhuhai China Resources Bank for a credit limit of up to 30 million RMB for its subsidiary [5]. - The actual guarantee amount under this contract is reported as 0 RMB as of the announcement date [7]. - Additional guarantee contracts were signed with various financial institutions for different subsidiaries, with amounts ranging from 300,000 RMB to 56 million RMB, all within the approved limits [8][9][10][12][13][15][16][18][19]. Group 4: Cumulative External Guarantee and Overdue Guarantees - As of the announcement date, the company has not experienced any overdue guarantees or guarantees involved in litigation, nor has it faced losses due to guarantee-related judgments [21].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 协鑫能源科技股份有限公司（以下简称"公司"）于 2025 年 4 月 27 日召开 第八届董事会第四十一次会议，审议通过了《关于 2025 年度对外担保额度预计 的议案》。董事会同意 2025 年度公司（含控股子公司）在公司及下属公司申请金 融机构授信及日常经营需要时为其提供对外担保，担保金额上限为 336.69 亿元 人民币，担保方式包括但不限于保证担保、资产抵押、质押等；如果公司及下属 公司在申请金融机构授信及日常经营需要时引入第三方机构为其提供担保，则公 司（含控股子公司）可为第三方机构提供相应的反担保。公司（含控股子公司） 对合并报表范围内子公司提供担保额度为 329.01 亿元人民币，其中为资产负债 率低于 70%的子公司提供担保的额度不超过 117.42 亿元人民币，为资产负债率 高于 70%的子公司提供担保的额度不超过 211.59 亿元人民币；合并报表范围内 子公司为公司提供担保额度为 2.10 亿元人民币；公司（含控股子公司）对合营 或联营公司提供担保额度为 5.58 亿元人民 ...

Core Viewpoint - The recent notice from the National Development and Reform Commission and the Energy Administration aims to enhance the price mechanism to promote the nearby consumption of renewable energy, requiring that the annual self-consumption of renewable energy should account for no less than 60% of the total available generation capacity and 30% of total electricity consumption, with new projects starting from 2030 required to meet at least 35% [1] Investment Highlights - The notice recommends commercial rooftop photovoltaics and highlights the potential of companies like Ankerui. It emphasizes the need for projects to have metering conditions and for grid companies to install metering devices to accurately measure electricity data at various stages [1] - The bidding for large-scale energy storage in August exceeded expectations, with a recommendation for storage operators like Southern Grid Storage. The combination of AI and the finalized document No. 136 is expected to drive the economic viability of large-scale storage, with domestic demand exceeding expectations [1] - Southern Grid Storage is positioned to benefit significantly as a large-scale storage operator within the Southern Grid, with a projected cumulative installed capacity of 654,200 kW and 1,298,300 kWh by the first half of 2025, alongside 10.28 million kW of pumped storage capacity [1] Industry Core Data Tracking - Electricity prices saw a 2% year-on-year decrease and a 1.3% month-on-month increase in August 2025. The price of thermal coal was reported at 680 RMB/ton as of September 12, 2025, reflecting a week-on-week increase of 1 RMB/ton [2] - The water level at the Three Gorges Reservoir was recorded at 162.88 meters, with inflow and outflow rates showing significant year-on-year increases of 33.59% and 198.15%, respectively [2] - Total electricity consumption from January to July 2025 reached 5.86 trillion kWh, a year-on-year increase of 4.5%, with various sectors showing different growth rates [2] - Cumulative power generation for the same period was 5.47 trillion kWh, with a year-on-year increase of 1.3%, while installed capacity additions in the first half of 2025 showed significant growth in renewable sources like wind and solar [2] Investment Recommendations - Companies within the Southern Grid system, such as Southern Grid Energy, Southern Grid Storage, and Southern Grid Technology, are recommended for investment opportunities [3] - The green electricity sector is expected to see improvements in asset quality and growth potential, with specific companies highlighted for attention [3] - The value of photovoltaic assets and charging station assets is anticipated to be reassessed positively due to regulatory support and market dynamics [3] - Investment opportunities in thermal power, particularly in the Beijing-Tianjin-Hebei region, are also recommended [3] - The hydropower sector is expected to benefit from rising prices and low costs, with strong cash flow and dividend capabilities [3] - The nuclear power sector is projected to grow, with multiple approvals for new units expected to enhance profitability and dividends [3]

Group 1 - The core viewpoint of the news highlights the recent stock performance and financial metrics of GCL-Poly Energy Technology Co., Ltd, indicating a decline in stock price and significant trading activity [1][2] - As of September 16, GCL-Poly's stock price decreased by 2.01% to 11.72 CNY per share, with a total market capitalization of 19.025 billion CNY [1] - The company has experienced a year-to-date stock price increase of 52.94%, but has seen a decline of 5.02% over the last five trading days [1] Group 2 - GCL-Poly's main business segments include electricity sales (42.85%), heat sales (17.79%), and energy services (16.60%), with a total revenue of 5.422 billion CNY for the first half of 2025, reflecting a year-on-year growth of 15.29% [2] - The company reported a net profit attributable to shareholders of 519 million CNY for the same period, marking a year-on-year increase of 26.42% [2] - GCL-Poly has distributed a total of 1.226 billion CNY in dividends since its A-share listing, with 671 million CNY distributed over the past three years [3]

Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫能科) is actively increasing its investment in renewable energy through fund participation, aligning with its dual-driven strategy of energy assets and energy services [1][3]. Investment Activities - The company announced that its wholly-owned subsidiary, Changlong Co., plans to invest $10 million in the PROFUSION POWER FUND, LP, which focuses on equity investments in the global renewable energy sector [1][3]. - This marks the second time in 2025 that GCL-Poly has utilized fund investments to expand its presence in the renewable energy industry [4]. Financial Performance - In the first half of 2025, GCL-Poly reported a revenue of 5.422 billion yuan, a year-on-year increase of 15.29%, and a net profit attributable to shareholders of 519 million yuan, up 26.42% [5][6]. - The energy services segment has emerged as a new growth engine, achieving a revenue of 1.079 billion yuan with a remarkable growth rate of 378.81% [2][6]. Energy Services and Virtual Power Plants - The company has expanded its virtual power plant business across multiple provinces, with an adjustable load capacity of approximately 690 MW [2][6]. - GCL-Poly's energy services include power trading, energy asset management, and green energy transactions, contributing significantly to its revenue growth [5][6]. Renewable Energy Capacity - As of June 30, 2025, GCL-Poly's total installed capacity reached 6,479.19 MW, with renewable energy accounting for 60.7% of this capacity [6].