Investment Rating - The report rates the industry as "Outperforming the Market" based on the expected performance relative to the benchmark indices [2][32]. Core Insights - The report highlights a significant increase in overseas demand for photovoltaic components, with exports in November 2025 reaching approximately $2.412 billion, representing a year-on-year growth of 34.08% and a month-on-month increase of 6.84% [2][24]. - Domestic production of photovoltaic components saw a month-on-month decline of 2.43% in November 2025, while the demand for energy storage remains robust, with a projected production of 220 GWh for December 2025, marking a 5.3% increase [2][10]. - The report emphasizes the importance of monitoring companies involved in the solar and storage sectors, recommending specific stocks such as Sungrow Power (300274.SZ) and Nandu Power (300068.SZ) due to their potential growth in the current market environment [2][30]. Summary by Sections Production - In November 2025, the overall production of photovoltaic components decreased by 2.43% compared to October, while energy storage battery production is expected to grow significantly [2][10][11]. Prices - As of December 17, 2025, the price of polysilicon remained stable at 52.00 CNY/kg, while the average price for TOPCon double-glass modules was reported at 0.69 CNY/W [2][7][12]. Domestic Demand - The domestic photovoltaic installation in October 2025 was 12.6 GW, reflecting a month-on-month increase of 30.4% but a year-on-year decrease of 38.3%. Cumulatively, from January to October 2025, the total installed capacity reached 252.87 GW, up 39.5% year-on-year [2][22]. Overseas Demand - The report notes that the export value of photovoltaic components in November 2025 was approximately $2.412 billion, with a cumulative export value from January to November 2025 reaching $25.885 billion, a year-on-year increase of 4.89% [2][26].

Group 1 - The core viewpoint of the news is that Shihang New Energy has experienced a decrease in financing net purchases and a decline in revenue and net profit for the year 2025 [1][2] - As of December 19, Shihang New Energy's financing balance is 81.34 million yuan, accounting for 6.69% of its market capitalization [1] - The company specializes in the research, production, and sales of renewable energy power equipment, focusing on solar energy conversion, storage, and management [1] Group 2 - As of September 30, the number of shareholders of Shihang New Energy is 20,700, a decrease of 9.62% compared to the previous period [2] - For the period from January to September 2025, Shihang New Energy achieved operating revenue of 1.746 billion yuan, a year-on-year decrease of 14.66%, and a net profit attributable to shareholders of 114 million yuan, down 47.57% year-on-year [2] - The company has distributed a total of 51.96 million yuan in dividends since its A-share listing [3]

Group 1 - The core viewpoint of the news is that Shihang New Energy has experienced a decline in stock price and trading volume, with a notable decrease in revenue and net profit for the year-to-date period [1][2]. - On December 18, Shihang New Energy's stock fell by 2.34%, with a trading volume of 61.1 million yuan. The financing data shows a net buying of 89,200 yuan on that day [1]. - As of December 18, the total balance of margin trading for Shihang New Energy was 81.72 million yuan, with a financing balance of 81.43 million yuan, accounting for 6.76% of the circulating market value [1]. Group 2 - As of September 30, the number of shareholders for Shihang New Energy was 20,700, a decrease of 9.62% from the previous period, while the average circulating shares per person increased by 10.65% to 1,873 shares [2]. - For the period from January to September 2025, Shihang New Energy reported a revenue of 1.746 billion yuan, a year-on-year decrease of 14.66%, and a net profit attributable to shareholders of 114 million yuan, down 47.57% year-on-year [2]. - Since its A-share listing, Shihang New Energy has distributed a total of 51.96 million yuan in dividends [3].

Investment Rating - The report rates the industry as "stronger than the market" [2] Core Insights - The report highlights a significant increase in the bidding scale for new energy storage in November, indicating a sustained high demand for energy storage cells [1][5] - The production of photovoltaic (PV) modules in China decreased by 2.43% month-on-month in November, while energy storage demand remains robust [2][5] - The report suggests focusing on companies related to solar and storage sectors, recommending specific stocks such as Sunshine Power, Nandu Power, and others [2] Summary by Sections Production - In December 2025, the production forecast for China's market of power, storage, and consumer batteries is 220 GWh, a month-on-month increase of 5.3%, with energy storage cells accounting for approximately 35.3% [2][9] - The global production forecast for the same categories is 235 GWh, reflecting a month-on-month growth of 3.1% [2] Prices - As of December 10, 2025, the price of polysilicon remains stable at 52.00 CNY/kg, while the average price for lithium iron phosphate battery storage systems is 0.5721 CNY/Wh, showing a month-on-month decrease of 6.4% [2][10] Domestic Demand - In October 2025, the domestic PV installation reached 12.6 GW, a month-on-month increase of 30.4%, with a cumulative installation of 252.87 GW year-on-year growth of 39.5% [2][19] - The bidding scale for EPC/PC and energy storage systems in November reached 21.8 GW and 64 GWh, marking a month-on-month increase of 65% [2][21] Overseas Demand - In October 2025, the export value of PV modules was approximately 2.258 billion USD, a year-on-year increase of 4.39% but a month-on-month decrease of 19.34% [2][26] - The report notes a significant growth potential in emerging markets, particularly in Australia, where inverter exports have seen a year-on-year increase exceeding 200% [2][29]

Core Viewpoint - The photovoltaic and energy storage industry is experiencing a decline in production and demand, with domestic and international markets showing signs of weakness, leading to adjustments in production plans and pricing strategies [1][2]. Production - Photovoltaic module production in November 2025 decreased by 2.43% compared to October, with domestic installation progress in December falling short of expectations, leading to increased inventory levels [1][2]. - In December 2025, the production forecast for China's market of power, storage, and consumer batteries is 220 GWh, a 5.3% increase month-on-month, with energy storage batteries accounting for approximately 35.3% of this production [2]. Pricing - As of December 3, 2025, the price of polysilicon remained stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers decreased slightly to 1.18 CNY/piece [3]. - The average bid price for lithium iron phosphate battery storage systems in October 2025 was 0.5547 CNY/Wh, reflecting a 10% increase month-on-month [3]. Demand - In October 2025, the export value of photovoltaic modules was approximately 2.258 billion USD, a year-on-year increase of 4.39% but a month-on-month decrease of 19.34% [4]. - Domestic photovoltaic installations in October 2025 reached 12.6 GW, a month-on-month increase of 30.4%, while cumulative installations for the year totaled 252.87 GW, a year-on-year increase of 39.5% [4]. Investment Recommendations - The report suggests focusing on companies related to photovoltaic and energy storage sectors, recommending stocks such as Sungrow Power Supply (300274.SZ), Narada Power Source (300068.SZ), and others [5].

Investment Rating - The industry is rated as "Strongly Outperforming the Market" [2][36]. Core Viewpoints - The report highlights a decline in domestic photovoltaic module production in November, while the demand for energy storage remains robust [2][5]. - The production forecast for December indicates a 5.3% month-on-month increase in battery production, with energy storage cells accounting for approximately 35.3% of the total [2][12]. - The report suggests focusing on companies related to photovoltaic and energy storage sectors, recommending specific stocks such as Sunshine Power, Nandu Power, and others [2][36]. Summary by Sections Production - In November 2025, the overall production of photovoltaic modules decreased by 2.43% compared to October [2][5]. - The forecast for December indicates a total production of 220 GWh for the Chinese market, with a month-on-month growth of 5.3% [2][12]. Prices - As of December 3, 2025, the price of polysilicon remained stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers decreased slightly to 1.18 CNY/piece [2][12]. - The average bid price for lithium iron phosphate battery energy storage systems in October was 0.5547 CNY/Wh, reflecting a 10% month-on-month increase [2][20]. Domestic Demand - In October 2025, the domestic photovoltaic installation capacity increased by 30.4% month-on-month, totaling 12.6 GW, while the cumulative installation for the year reached 252.87 GW, a 39.5% year-on-year increase [2][22]. - The energy storage sector saw a significant increase in new tender projects, with a year-on-year growth of 85% [2][28]. Overseas Demand - In October 2025, the export value of photovoltaic modules was approximately 2.258 billion USD, showing a year-on-year increase of 4.39% [2][32]. - The report notes a significant growth potential in emerging markets, particularly in Australia, where inverter exports have seen a substantial increase [2][34].

证券代码：301658 证券简称：首航新能 公告编号：2025-047 深圳市首航新能源股份有限公司 关于选举职工代表董事的公告 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。 根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等相 关法律法规、规范性文件以及公司新修订的《公司章程》的规定，公司董事会由 九名董事组成，其中职工代表董事一名，由职工大会、职工代表大会或者其他形 式民主选举产生或更换。 公司于 2025 年 12 月 8 日召开职工代表大会，经与会职工代表投票表决，选 举龚书玄先生担任公司第二届董事会职工代表董事（简历详见附件），任期自职 工代表大会选举通过之日起至公司第二届董事会任期届满之日止。 龚书玄先生原为第二届董事会非职工代表董事，本次选举完成后变更为职工 代表董事，公司第二届董事会成员及各专门委员会成员构成不变。龚书玄先生当 选公司职工代表董事后，公司第二届董事会中兼任高级管理人员以及由职工代表 担任的董事人数总计未超过公司董事总数的二分之一，符合相 ...

股东大会法律意见书 中国 深圳 福田区益田路 6001 号太平金融大厦 11、12 楼 邮政编码：518038 电话：（86 755）88265288 传真：（86 755）88265537 电子邮件：info@sundiallawfirm.com 网址：www.sundiallawfirm.com 为出具本法律意见书，信达已严格履行法定职责，遵循了勤勉尽责和诚实信 用原则，现场参与和审阅了首航新能本次股东大会的相关文件和资料，并得到了 1 股东大会法律意见书 首航新能的如下保证：其向信达提供的与本法律意见书相关的文件资料均是真实、 准确、完整、有效的，不包含任何误导性的信息，且无任何隐瞒、疏漏之处。 广东信达律师事务所 关于深圳市首航新能源股份有限公司 2025 年第一次临时股东大会的法律意见书 信达会字[2025]第 387 号 致：深圳市首航新能源股份有限公司 广东信达律师事务所（下称"信达"）接受深圳市首航新能源股份有限公司 （下称"首航新能"或"公司"）的委托，指派信达律师出席首航新能 2025 年第 一次临时股东大会（下称"本次股东大会"），对首航新能本次股东大会的合法性 进行见证，并出具本《广东 ...

证券代码：301658 证券简称：首航新能 公告编号：2025-046 深圳市首航新能源股份有限公司 2025 年第一次临时股东大会决议公告 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 1、本次股东大会不存在否决议案的情形。 4、 召集人：深圳市首航新能源股份有限公司（以下简称"公司"）董事会 5、 主持人：公司董事长许韬先生 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、 召开时间 （1）现场会议召开时间：2025 年 12 月 08 日 14:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时 间为 2025 年 12 月 08 日 9:15-9:25，9:30-11:30，13:00-15:00。 通过深圳证券交易所互联网投票系统进行投票的具体时间为 2025 年 12 月 08 日 9:15 至 15:00 的任意时间。 2、 现场会议召开地点：深圳市宝安区新安街道兴东社区 67 区高新奇科技 楼会议室 3、 召开方式：以现场表决与网络投票相结合的方式召开 6、 本次会议的召集、召开程序 ...

Core Viewpoint - The solar and energy storage industry is experiencing mixed production trends, with potential for recovery in production levels due to price rebounds and profit restoration [1][2]. Production - Solar module production has been stable since the second half of 2025, with November production expected to be below 44.5 GW, reflecting a decrease from October [1][2]. - In the battery sector, the production forecast for December 2025 indicates a total of 220 GWh for the Chinese market, a 5.3% increase, with energy storage cells accounting for approximately 35.3% of this total [2]. Pricing - As of November 26, 2025, the price of polysilicon remained stable at 52.00 CNY/kg, while the average price of 183N monocrystalline silicon wafers decreased slightly to 1.20 CNY/piece [3]. - The average price for lithium iron phosphate battery storage systems in October 2025 was 0.5547 CNY/Wh, reflecting a 10% increase from the previous month [3]. Demand - In October 2025, the export value of solar modules was approximately $2.258 billion, a year-on-year increase of 4.39%, while cumulative exports from January to October totaled $23.473 billion, a decrease of 4.89% [4]. - Domestic solar installations in October 2025 reached 12.6 GW, a 30.4% increase month-on-month, with cumulative installations for the year at 252.87 GW, a 39.5% year-on-year increase [4]. Investment Recommendations - The report suggests focusing on solar and energy storage-related companies, recommending specific stocks such as Sunshine Power, Nandu Power, Tongrun Equipment, Huashengchang, and Shouhang New Energy [5].