Group 1: Company Buybacks - Hengshi Technology's controlling shareholder, New Base Group, plans to increase its stake by 1.5%-3% [1][2] - Aorite intends to adjust the maximum repurchase price of its shares to no more than 35 yuan per share [2] Group 2: Company Sell-offs - Lichong Group's five executives plan to reduce their holdings by no more than 0.0642% of the company's shares [2] - Junda Co., the second-largest shareholder, intends to reduce its stake by no more than 3% [2] - Nanxing Co. has reduced its holdings by a total of 3.669 million shares as of January 12 [2] - China Nuclear Engineering's second-largest shareholder reduced its holdings by 7.8666 million shares from January 7 to 9, lowering its stake to 10% [2] - Tianyin Machinery's largest shareholder, Lanhai Ruixing, reduced its holdings by 1.2453 million shares on January 12 [2] - XW Communication's actual controller and chairman, Peng Hao, plans to reduce his stake by no more than 1% [2] - Aerospace Development's controlling and fourth-largest shareholders reduced their holdings during periods of significant stock price fluctuations [2] - Tianfu Communication's senior management has completed a reduction of 80,000 shares [2] - Zhongdian Port's fourth-largest shareholder recently reduced its holdings by 7.5969 million shares, bringing its stake below 5% [2] - Baiwei Storage's 20th largest shareholder, the National Integrated Circuit Fund Phase II, plans to reduce its stake by no more than 2% [2] - Qingmu Technology's largest and third-largest shareholders have recently reduced their holdings by a total of 1.9374 million shares [2] - Changxin Bochuang's shareholders plan to reduce their holdings by no more than 2.55% [2] - Qusleep Technology's shareholders plan to reduce their holdings by no more than 2.6% [2] - Zhuoyue New Energy's controlling shareholder, Longyan Zhuoyue Investment, plans to reduce its stake by no more than 3% [2]

Core Viewpoint - The rapid rise and subsequent shareholder cash-out plan of JunDa Co., Ltd. in the "space photovoltaic" sector highlights the volatility and speculative nature of emerging technologies in the commercial aerospace market [1][2]. Group 1: Company Developments - JunDa Co., Ltd. announced that its controlling shareholder, Jindi Technology, plans to reduce its stake by up to 8.7254 million shares, representing 3% of the total share capital after excluding shares in the repurchase account [1]. - The company was one of the first to enter the space photovoltaic business, signing a strategic cooperation agreement with Shangyi Optoelectronics on December 21, focusing on the application of perovskite solar cell technology in space energy [1][2]. - Following the announcement of the strategic partnership, JunDa's stock price experienced significant volatility, with a cumulative increase of 63.43% from December 22 to January 12, and a maximum increase of 111% from the low point on December 5 [1]. Group 2: Market Reactions and Concerns - Investor skepticism arose regarding the timing of the partnership announcement with Shangyi Optoelectronics, coinciding with a surge in interest in commercial aerospace concepts [2]. - The lack of detailed disclosures about the cooperation with Shangyi Optoelectronics has raised questions among investors, as the company has not publicly shared operational information about Shangyi [2]. Group 3: Industry Insights - The space photovoltaic technology is still in its early stages, with various solutions being explored, including gallium arsenide, crystalline silicon, and perovskite solar cells [3][4]. - JunDa Co., Ltd. believes that perovskite technology could address limitations in current space energy solutions, such as cost control and lightweight design, potentially revolutionizing the sector [4]. - The company acknowledges that the space energy solutions are in a phase of rapid iteration and have not yet established a fixed technical or structural model, with most current solutions being small-scale and low-power [5].

钧达股份(02865)公布，公司于近日收到公司控股股东锦迪科技出具的《关于减持公司股份的告知 函》，锦迪科技计划自本公告披露之日起 15 个交易日后的 3 个月内以集中竞价或大宗交易方式，合计 减持不超过公司剔除回购专用账户股份后总股本的 3%，即约872.54万股。其中，以集中竞价方式减持 公司股份不超过约290.85万股，减持比例不超过公司剔除回购专用账户股份后总股本的 1%;以大宗交易 方式减持公司股份不超过约581.7万股，减持比例不超过公司剔除回购专用账户股份后总股本的 2% (若 在减持期间，公司有送股、资本公积转增股本等股份变动事项，上述拟减持股份数量将相应进行调 整)。 ...

钧达股份（002865）(02865)公布，公司于近日收到公司控股股东锦迪科技出具的《关于减持公司股份 的告知函》，锦迪科技计划自本公告披露之日起 15 个交易日后的 3 个月内以集中竞价或大宗交易方 式，合计减持不超过公司剔除回购专用账户股份后总股本的 3%，即约872.54万股。其中，以集中竞价 方式减持公司股份不超过约290.85万股，减持比例不超过公司剔除回购专用账户股份后总股本的 1%;以 大宗交易方式减持公司股份不超过约581.7万股，减持比例不超过公司剔除回购专用账户股份后总股本 的 2% (若在减持期间，公司有送股、资本公积转增股本等股份变动事项，上述拟减持股份数量将相应 进行调整)。 ...

人民财讯1月12日电，钧达股份（002865）1月12日公告，公司控股股东海南锦迪科技投资有限公司计划 以集中竞价或大宗交易方式，合计减持不超过公司剔除回购专用账户股份后总股本3%的股份，即 872.54万股。 ...

格隆汇1月12日丨钧达股份(002865.SZ)公布，控股股东海南锦迪科技投资有限公司（简称"锦迪科技"） 计划自本公告披露之日起15个交易日后的3个月内以集中竞价或大宗交易方式，合计减持不超过公司剔 除回购专用账户股份后总股本的3%，即8,725,435股。 ...

钧达股份公告，控股股东海南锦迪科技投资有限公司持股4651.71万股，占公司总股本15.90%，占剔除 回购专用账户股份后总股本15.99%；因自身资金需求，拟自公告披露之日起15个交易日后的3个月内， 以集中竞价或大宗交易方式合计减持不超过剔除回购专用账户股份后总股本3%，即872.54万股，其中 集中竞价不超过290.85万股，大宗交易不超过581.7万股。 ...

钧达股份公告称，控股股东锦迪科技持有公司股份46,517,062股，占公司总股本比例为15.90%，占剔除 回购专用账户股份后总股本比例为15.99%。因自身资金需求，其计划自公告披露日起15个交易日后3个 月内，以集中竞价或大宗交易方式合计减持不超剔除回购专用账户股份后总股本的3%，即8,725,435 股。其中，集中竞价不超2,908,478股，大宗交易不超5,816,957股。本次减持不会导致公司控制权变更。 ...

证券代码：002865 证券简称：钧达股份 公告编号：2026-003 海南钧达新能源科技股份有限公司 关于减持股份预披露公告 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。 特别提示：持有海南钧达新能源科技股份有限公司（以下简称"公司"或"钧 达股份"）股份 46,517,062 股（占公司总股本比例为 15.90%；占公司剔除回购专 用账户股份后的总股本比例为 15.99%）的控股股东海南锦迪科技投资有限公司（以 下简称"锦迪科技"）计划自本公告披露之日起 15 个交易日后的 3 个月内以集中 竞价或大宗交易方式，合计减持不超过公司剔除回购专用账户股份后总股本的 3%， 即 8,725,435 股。其中，以集中竞价方式减持公司股份不超过 2,908,478 股，减持 比例不超过公司剔除回购专用账户股份后总股本的 1%；以大宗交易方式减持公司 股份不超过 5,816,957 股，减持比例不超过公司剔除回购专用账户股份后总股本的 2%（若在减持期间，公司有送股、资本公积转增股本等股份变动事项，上述拟减 持股份数量将相应进行调整）。 公司于近日收到公司控股股东锦 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the photovoltaic sector [2][7]. Core Insights - The cancellation of the export VAT rebate for photovoltaic products, effective from April 1, 2026, marks the end of over a decade of direct fiscal support for photovoltaic exports, potentially leading the industry towards high-quality development [1][2]. - A "window period" is expected to create a surge in export orders and production increases in Q1 2026, improving the performance of companies heavily reliant on exports [2]. - Following the end of the export rebate, overseas pricing for photovoltaic components is anticipated to rise, benefiting leading companies with strong brand and channel advantages [2]. - The cancellation of the rebate is seen as a response to the industry's call to reduce low-price competition, which may accelerate the exit of inefficient production capacities and allow leading firms to gain market share [2]. - Companies with overseas production capabilities and local market presence are expected to benefit from the reduced cost disadvantage of local manufacturing [2]. Summary by Sections Policy Impact - The export VAT rebate for photovoltaic products will be eliminated, transitioning the industry towards a more sustainable growth model [1][2]. Market Dynamics - A surge in orders and production is expected in Q1 2026 due to the impending policy change, similar to previous "rush to install" phenomena [2]. - The end of the rebate is likely to lead to a reevaluation of overseas component prices, with stronger pricing power for top-tier companies [2]. Competitive Landscape - The cancellation of the rebate is anticipated to facilitate the exit of low-efficiency production capacities, allowing leading companies to enhance their market share through technological and brand advantages [2]. - Companies with advanced technologies and cost advantages, such as those focusing on TOPCon/BC technologies and silicon material upgrades, are highlighted as potential investment opportunities [2]. Valuation of Key Companies - A table of key companies with their respective valuations and projected earnings for 2025-2027 is provided, indicating varying levels of profitability and market performance [3].