2月4日，A股光伏板块再次强势上涨，钧达股份反包涨停，走出6天3板；晶科能源午后股价直线拉升至 20cm涨停，TCL 中环、国晟科技、双良节能等多股亦同步涨停。 但由于全球光伏产业链价格波动加剧，光伏组件价格低位运行导致盈利空间压缩影响，导致光伏行业仍 陷亏损泥潭。 业绩预告显示，TCL中环预亏82亿元至96亿元；晶科能源、晶澳科技分别预亏59亿-69亿元、45亿-48亿 元。不过，若能与马斯克团队达成合作，将为公司带来稳定的订单支撑，极大缓解业绩压力。 近期，SpaceX已申请部署百万颗算力卫星，并完成了对xAI的收购。随着相关动作落地，太空光伏需求 预期也在不断强化。研究机构指出，太空光伏将开辟一个万亿级别增量应用场景，成为SpaceX供应商的光伏企 业，将是短期内太空光伏的最大受益者。 从技术布局看，国内光伏企业各有优势。TCL中环作为硅片领域的龙头企业，其50GW（G12）太阳能 级单晶硅材料智慧工厂项目，可以实现从硅料到成品发货的全流程自动化。 而晶科能源的 TOPCon/钙钛矿叠层电池已实现 34.76%的转化效率。并且，还与晶泰合作将人工智能应 用于钙钛矿叠层电池研发，计划在三年内实现规模化量产 ...

2月3日晚间，久量股份发布提示性公告称，公司控股股东中达汇享股东内部持股结构发生调整，汉江智 联将受让中达汇享30%股权及其执行事务合伙人扬达有限49%的股权。 根据公告，中达汇享股东德润杰伟、霖之源将其分别持有的15%的财产份额，以及二者分别持有的扬达 有限24%和25%的股权，全部转让给汉江智联。 交易完成后，汉江智联将间接持有久量股份部分公司股份。但不会改变久量股份的控制权，其控股股东 仍为中达汇享，实际控制人依旧是十堰市国资委。 值得一提的是，收购方汉江智联背后出现"资本大佬"龚虹嘉家族的身影。汉江智联的执行事务合伙人为 嘉道虹珊，后者由吴珊持股60%、龚虹嘉与陈春梅夫妇旗下的嘉道谷持股40%。据悉，吴珊系龚虹嘉投 资体系核心成员。 久量股份在公告中称，此次交易是为了进一步提升国有资本运营效率，为公司发展赋能，提高经营及管 理效率，促进公司稳定发展。 据了解，久量股份成立于2002年，主要围绕"DP久量"这一核心品牌，深耕LED照明应用行业，目前已 形成以LED移动照明与LED家居照明为主的产品系列。 业绩方面，2025年前三季度，久量股份实现营业收入约2.25亿元，同比下降28.82%；净利润约亏损 ...

Core Viewpoint - The acquisition of Jiasitang by Tongrentang Group marks a strategic move to enhance its pharmaceutical commercial segment and leverage Jiasitang's hospital channel resources to expand product sales and market share [1][2] Group 1: Acquisition Details - Jiasitang announced that its shareholders, Everbright Health and Everbright Industry, signed a share transfer agreement with Tongrentang Group, transferring 41.18 million shares and 41.87 million shares respectively at a price of 17.59 yuan per share, totaling approximately 1.461 billion yuan [1] - After the transaction, Tongrentang Group will hold 83.06 million shares of Jiasitang, representing a 28.48% stake, making it the controlling shareholder, while Everbright Industry and Everbright Health will exit completely [1] - The actual controller of Jiasitang will change from China Everbright Group to Beijing State-owned Assets Supervision and Administration Commission [1] Group 2: Market Reaction - Following the news of the acquisition, Jiasitang's stock hit the daily limit on February 4, before slightly retreating, closing up about 3% at 16.87 yuan per share [1] Group 3: Company Performance - Jiasitang's performance has been declining, with net profit dropping from 297 million yuan in 2022 to 161 million yuan in 2024, reflecting year-on-year declines of 16.09%, 15.79%, and 35.75% respectively [2] - For the first three quarters of 2025, Jiasitang reported revenue of 14.459 billion yuan, a year-on-year decrease of 21.80%, and a net profit of 141 million yuan, down 38.81% year-on-year [2] - The company's gross margin has fallen to 6.28% [2] Group 4: Tongrentang Group Overview - Tongrentang Group's business focuses on the production and sales of traditional Chinese medicine, forming a comprehensive health industry chain supported by pharmaceutical manufacturing, health maintenance, medical care, retail, and international pharmaceutical operations [2] - Tongrentang Group currently has three listed companies, and if the acquisition of Jiasitang is successful, it will add a fourth listed entity [2] - The core asset of Tongrentang is its traditional Chinese medicine business, which includes well-known products like Angong Niuhuang Wan and Niuhuang Qingxin Wan, although its performance has also faced challenges, with total revenue dropping to 13.308 billion yuan in the first three quarters of the previous year, a year-on-year decline of 3.7% [2]

2025年前三季度实现营收为168.44亿元，同比增长34.13%；净利润为37.61亿元，同比增长38.91%。预 计全年营收将突破207亿元，同比增长超31%，归母净利润为43.40亿元-45.90亿元，同比增长 30.36%-37.97%。 分产品来看，东鹏饮料营收仍以能量饮料为核心。截止去年三季度末，能量饮料的收入占比为 74.63%。不过产品结构在持续优化，电解质饮料收入占比已由上年9.66%提升至16.91%，其他饮料合计 收入占比升至8.46%。 据悉，本次以1.5亿美元领投的Al-Rayyan系卡塔尔投资局间接全资子公司。这不仅是卡塔尔首次布局中 国消费IPO，还是其历史上单笔金额最高的基石投资。 而东鹏饮料能获得明星资本的青睐，离不开自身优异表现。 据弗若斯特沙利文，东鹏饮料核心产品东鹏特饮自2021年起已连续四年位居中国功能饮料市场第一，市 场份额已从2021年的15%增长至2024年的26.3%。目前，其产品矩阵已涵盖能量饮料、运动饮料、茶饮 料、咖啡饮料等多个品类，覆盖430万个终端销售网点。 根据规划，东鹏饮料此次赴港上市所募集的资金，除了用于完善产能布局和推进供应链升级，还将有 1 ...

具体来看，东方日升的50微米超薄P型HJT电池已实现小批量交付，而该技术已被 SpaceX 选为太空太阳 能电池大规模经济性量产方案。奥特维也透露称，公司有基于异质结提效设备可应用于太空光伏技术路 线，正积极探索更多太空光伏设备。 当地时间2月2日，SpaceX宣布已完成对人工智能初创企业xAI的收购。备忘录显示，SpaceX与xAI合并 后的公司预计每股定价约527美元，估值将达1.25万亿美元。合并后公司将垂直整合人工智能、火箭、 天基互联网、移动设备直连的通信。有报道称，SpaceX已向FCC提交申请：计划发射100万颗卫星，打 造全球首个"轨道数据中心"星座。 同时，国内光伏行业也迎来政策调整，将于4月1日起取消光伏等产品增值税出口退税。市场认为，长期 看有利于推动国外市场价格理性回归，改善国内产业格局，推动行业向高端转型，提升国际竞争力。 马斯克此前表示，全球AI对电力的需求，已无法仅靠地面方案满足。并称在未来两到三年内，在太空 中进行人工智能计算将是最经济的方式。 不过，太空光伏虽前景广阔，但行业发展仍面临挑战。业内人士多认为目前太空光伏的应用场景仍处于 探索阶段，产业化进程仍面临不确定性。并且太 ...

Group 1 - The core point of the news is that ACMR, the controlling shareholder of Shengmei Shanghai, is transferring approximately 4.8016 million shares at a price of 160 RMB per share, raising about 768 million RMB, while still retaining its controlling stake after the transfer [1] - ACMR's shareholding before the transfer was approximately 358 million shares, representing 74.49% of Shengmei Shanghai's total shares [1] - This marks the second reduction in shareholding by Hui Wang, the actual controller of Shengmei Shanghai, within six months, with previous reductions occurring at high stock price levels [1] Group 2 - Shengmei Shanghai is a leading domestic semiconductor cleaning equipment manufacturer, with a global market share of 8%, ranking fourth worldwide according to Gartner [2] - The company has a strong order reserve, with total orders amounting to 9.072 billion RMB as of September 2025, reflecting a year-on-year increase of 34.10% [2] - For the first three quarters of 2025, Shengmei Shanghai reported a revenue of 5.146 billion RMB, a year-on-year growth of 29.42%, and a net profit of 1.266 billion RMB, up 66.99% [2]

1月30日，万华化学发布公告称，公司拟以自有资金及自筹资金对全资子公司万华烯烃公司进行增资， 增资总额合计190.86亿元。 根据公告，此次增资将采用资产和债权共同出资。万华化学将其持有的价值约145.86亿元的120万吨乙 烯一体化相关资产，以及持有的万华烯烃公司45亿元债权，一并注入万华烯烃公司。 其中，10亿元计入注册资本，剩余180.86亿元则计入资本公积。增资完成后，万华烯烃公司的注册资本 将从30亿元升至40亿元，仍为万华化学的全资子公司。 这一现象的出现，主要是2025年上半年石化行业烯烃等产品产能集中释放，导致供需格局失衡，油价持 续走低造成石化产品价格承压。 为应对行业压力，万华化学还在推进产能改造，其烟台产业园乙烯一期装置原料改造已全部完成，实现 了乙烷、丙烷两种原料可以切换的柔性进料方式，原料结构得到优化，成本有望下降。 整体来看，受化工行业周期影响，2025年前三季度万华化学实现营收1442亿元，同比下降2.29%；归母 净利润为91.57亿元，同比下降17.45%。不过，化工行业正逐步走出周期低谷，其单季业绩已出现回 升。第三季度实现营收为533亿元，同比增长5.52%；归母净利润为 ...

Core Viewpoint - Jerry Holdings has secured a significant contract in North America, reflecting the growing demand for power solutions in data centers driven by AI advancements [1][4]. Group 1: Contract Details - Jerry Holdings' subsidiary, GenSystems Power Solutions LLC, signed a gas turbine generator sales contract worth $181.5 million (approximately 1.265 billion RMB) with a U.S. client [1][2]. - This contract marks the fourth gas turbine generator sales agreement with U.S. clients since November 2025, indicating a strong market presence [3]. - The total value of the four contracts signed by Jerry Holdings with U.S. clients is close to $500 million [3]. Group 2: Market Dynamics - The surge in AI computing power has led to unprecedented electricity demand in U.S. data centers, creating new opportunities for domestic companies to expand internationally [1][4]. - Gas turbines are expected to increase their share in the power supply structure of U.S. data centers from 40% in 2024 to over 50% by 2035, driven by their stability and short construction cycles [4]. Group 3: Financial Performance - Jerry Holdings reported revenues of 11.409 billion RMB, 13.912 billion RMB, and 13.355 billion RMB for the years 2022-2024, with net profits of 2.245 billion RMB, 2.454 billion RMB, and 2.627 billion RMB respectively [5]. - In the first three quarters of 2025, the company achieved revenues of 10.42 billion RMB, a year-on-year increase of 29.49%, and a net profit of 1.808 billion RMB, up 13.11% [5]. Group 4: Stock Market Performance - Jerry Holdings' stock price has increased over 25% since the beginning of 2026 and has surged more than 220% since the low point in April 2025 [1][4]. - The company's market capitalization has surpassed 90 billion RMB, reaching 90.74 billion RMB [4]. Group 5: Institutional Interest - As of the end of the third quarter of 2025, 147 funds held a total of 84.1 million shares of Jerry Holdings, accounting for 8.21% of the company's total shares [7]. - Notable institutional investors include the Fortune Fund and the Jiashi Fund, which have significantly increased their holdings in Jerry Holdings [7][8].

Group 1 - The storage chip sector experienced a significant decline, with companies like Zhaoyi Innovation hitting the daily limit down, closing at 283.39 yuan per share, resulting in a market capitalization drop to 197.5 billion yuan [1] - Major manufacturers such as Samsung, SK Hynix, and Micron have tightened order reviews and conducted stricter due diligence on customers, indicating potential weakness in downstream demand for storage products [1] - The tightening of orders is a response to previous supply constraints in the storage chip market, driven by the large-scale construction of AI infrastructure, leading manufacturers to shift over 70% of advanced capacity towards enterprise-level storage products [1] Group 2 - The global storage market is expected to see price increases starting from Q3 2025, with NAND flash prices projected to rise by 33%-38% and general DRAM prices by 55%-60% in Q1 of this year [2] - Zhaoyi Innovation reported a revenue of 6.832 billion yuan for the first three quarters of 2025, a year-on-year increase of 20.92%, and a net profit of 1.083 billion yuan, up 30.18%, despite a slight decline in gross margin to 38.59% [2] - The company anticipates a full-year revenue of approximately 9.203 billion yuan for 2025, representing a 25% year-on-year growth, with a net profit forecast of around 1.61 billion yuan, a 46% increase [2]

每到生死时刻，光伏自己一直会"整活"以自救：无论是前段时间的抢出口涨价，还是最近的太空光伏。 光伏人既要仰望星空，也要埋头拉车。太空很遥远，现实问题是如何在高银价劫持中活下去。 白银价格暴涨，已经成为光伏行业反内卷工作的最大黑天鹅。当外部不确定性力量超过光伏产业链自身 力量，而终端报价体系又缺乏联动机制时，行业内部调控所付出的努力，就极易被外部力量击穿，相关 工作的公信力和成效也会遭受质疑。以至于前段时间赶碳号也曾感慨，暴涨的银价可能就会让光伏行业 迅速实现去产能。 实际上，影响光伏的外部变量有很多：531之前的抢装、银价的暴涨以及最近的抢出口。这些外部的市 场因素直接冲击着光伏企业，抢装要涨价，银价上涨要涨价，抢出口要涨价，但真正的终端需求却又不 支持。所以，下游光伏企业过去一年中的开工率忽上忽下，就像弹簧。 这些现象实际上揭示了反内卷工作的深层次挑战：若仅聚焦于产业链内部的供需调控，而忽视外部成本 变量的冲击，反内卷机制将缺乏韧性。 银价涨疯，光伏除了放假以外 竟束手无策? 截至1月26日22时，沪银主连保持在27600元/千克的上方。这意味着什么呢?赶碳号简单统计了一下。 以TOPCon电池10毫克/W ...