兴业证券表示，光伏行业是"反内卷"的排头兵，目前行业已形成"提价"和"限产"两大基本路线。银河证 券指出，长期看全球光伏增长稳健，短期看，产业链多年供需失衡，持续亏损，板块筹码与基本面双底 明确，光伏行业作为国内"反内卷"重评行业之一，政策纾困或技术迭代有望加速供给出清，板块估值修 复空间大。 消息面上，据新华社报道，9月16日出版的第18期《求是》杂志，文章提到：着力整治企业低价无序竞 争乱象。"内卷"重灾区要依法依规有效治理。更好发挥行业协会自律作用，引导企业提升产品品质，推 动落后产能有序推出。此外，2025年中国硅业大会近日在包头开幕，本次大会主题为"技术创新协同绿 色转型、行业自律助力和谐发展。 智通财经APP获悉，光伏股多数活跃，截至发稿，协鑫科技(03800)涨5.56%，报1.33港元；信义玻璃 (00868)涨4.46%，报9.13港元；福莱特玻璃(06865)涨3.05%，报12.15港元；信义光能(00968)涨1.17%， 报3.45港元。 ...

Group 1 - The core viewpoint of the article highlights the strategic investment by Infini Capital in GCL-Poly Energy, marking a significant move towards high-quality development in the photovoltaic industry amidst a backdrop of "anti-involution" [1][2] - Infini Capital's investment of approximately $700 million through a private placement aims to inject new growth momentum into GCL-Poly, focusing on supply-side reforms and technological upgrades [1][2] - The collaboration will emphasize the structural adjustment of polysilicon capacity and the advancement of perovskite technology, which is seen as a critical growth avenue for GCL-Poly [1][2] Group 2 - GCL-Poly is accelerating its layout in perovskite technology, with forecasts indicating that by 2025, at least three GW-level perovskite production lines will be operational, and by 2030, perovskite battery capacity is expected to reach 161 GW [2] - The International Energy Agency projects that Asia will contribute 72% of the global renewable energy capacity additions in 2024, while the EU's carbon tax mechanism enhances the market premium for low-carbon photovoltaic products [2] - GCL-Poly is transitioning from a polysilicon supplier to a global energy solutions provider, aligning with national policies for high-quality photovoltaic industry development and offering a replicable model for financial capital serving the real economy [2][3] Group 3 - Under the guidance of the "dual carbon" goals, GCL-Poly and similar photovoltaic companies are expected to leverage both technology and capital to enhance their contributions to the global value chain and promote green low-carbon development [3] - A special industrial fund will be established to facilitate market-driven acquisitions and professional restructuring, aiming to concentrate resources on high-quality capacity and mitigate the chaotic low-price competition in the industry [3] - The initiative seeks to guide the industry back to its essence of value creation, fostering a healthy, orderly, and sustainable industrial ecosystem [3]

光伏行业"反内卷"的大背景下，国际长线资本开始深度布局。 智通财经APP获悉，9月15日，光伏行业龙头协鑫科技（03800）迎来知名国际投资机构无极资本 Infini Capital 的战略投资，通过定向增发方式向后者募集约7亿美元的资金。这一合作不仅为企业注入发展新 动能，更以"市场化兼并重组+政策强制约束+技术淘汰机制"的协同实践，推动 "反内卷"，为光伏产业 高质量发展提供了标杆样本。 国际能源署数据显示，2024年亚洲贡献了全球72%的可再生能源新增容量，而欧盟碳税机制的实施，使 协鑫颗粒硅技术的低碳优势转化为实实在在的市场溢价能力，欧美市场对低碳光伏产品的需求缺口持续 扩大。欧洲太阳能产业协会报告指出，中国在太阳能产业的投入推动了全球技术快速发展，这为协鑫科 技的全球化布局奠定了产业基础。 随着国际资本的注入与技术成果的持续转化，协鑫科技正从硅料供应商向全球能源解决方案提供商转 型。这一转型既符合国家光伏产业高质量发展的政策导向，也为金融资本服务实体经济提供了可借鉴的 模式。 在 "双碳" 目标指引下，以协鑫为代表的光伏企业将继续发挥技术与资本双轮驱动作用，为我国新能源 产业抢占全球价值链高端、实现 ...

Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫科技) has entered into a subscription agreement with Wujin Capital Management Limited, agreeing to issue a total of 4.736 billion shares at a subscription price of HKD 1.15 per share, raising approximately HKD 54.46 billion in total proceeds [1] Group 1: Financial Details - The net proceeds from the subscription are estimated to be around HKD 53.92 billion after deducting related fees and expenses [1] - 65% of the net proceeds (approximately HKD 35.05 billion) will be allocated for supply-side reform funding and structural adjustments in polysilicon production capacity [1] - 35% of the net proceeds (approximately HKD 18.87 billion) will be used for general operational purposes and repayment of existing loans [1] Group 2: Strategic Focus - The company aims to strengthen its position in the market by enhancing its silane gas production capacity, targeting a leading global position [1] - The strategic focus includes meeting the increasing demand for silane gas driven by the semiconductor industry, the transition of TOPCon solar cells to Bifacial solar cells, and the requirements of solid-state and semi-solid batteries in the lithium battery sector [1] - The company is also addressing the high-quality demands for silane gas in display panels, positioning itself for new growth opportunities [1]

Group 1 - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - The early trading volume in Hong Kong stocks reached 160.2 billion HKD [1] Group 2 - New pharmaceutical stocks in the Hong Kong Stock Connect saw significant gains, with ZhiJie AnKang-B (02617) surging over 49%, reaching a market capitalization of over 240 billion HKD; BaiZe Medical (02609) rose over 76%; and TongYuanKang Pharmaceutical-B (02410) increased by over 36% [1] - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at 1.35 HKD, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company well-prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose over 6% as its "SoFast" service officially launched in Macau, with Daiwa optimistic about the company's revenue growth prospects [2] - Valiant Bio-B (09887) increased by over 13%, with its core product LBL-024 for melanoma completing its first patient dosing in trials [2] - Bilibili-W (09626) rose by 2.78%, accumulating a total increase of about 25% over the past six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - LionTeng Holdings (02562) surged over 7% as it plans to acquire leading companies in artificial intelligence and blockchain to expand its digital finance layout [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted placement to raise approximately 5.392 billion HKD for structural adjustments in polysilicon capacity [2] - China General Nuclear Power Corporation Mining (01164) increased by 6.7%, as the U.S. seeks to expand its strategic uranium reserves, with institutions expecting a recovery in uranium prices [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted placement to raise about 1.15 billion HKD [2]

Market Overview - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - Early trading volume in Hong Kong stocks reached HKD 160.2 billion [1] Notable Stock Movements - New pharmaceutical stocks in the Hong Kong Stock Connect surged, with Yaojie Ankang-B (02617) rising over 49%, reaching a market capitalization of over HKD 240 billion [1] - Baize Medical (02609) saw an increase of over 76% [1] - Tongyuan Kang Pharmaceutical-B (02410) rose by over 36% [1] Specific Company Highlights - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at HKD 1.35, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose by over 6% as its "SoFast" service launched in Macau, with positive revenue growth prospects according to Daiwa [2] - Valiant Pharmaceuticals-B (09887) increased by over 13%, completing the first medication trial for its core product LBL-024 for melanoma [2] - Bilibili-W (09626) rose by 2.78%, accumulating a 25% increase over six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - Liontech Holdings (02562) surged over 7% as it plans to acquire a leading AI and blockchain company to expand its digital finance footprint [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted share placement to raise approximately HKD 5.392 billion for structural adjustments in polysilicon capacity [2] - CGN Mining (01164) increased by 6.7% amid expectations of rising uranium prices as the U.S. seeks to expand its strategic uranium reserves [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted share placement to raise about HKD 1.15 billion [2]

Core Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on specific companies and their recent performance, driven by various strategic announcements and market conditions. Hong Kong Stock Market Summary - China General Nuclear Power Corporation (01164) rose over 6% following US Energy Secretary Chris Wright's suggestion to consider expanding strategic uranium reserves, indicating potential upward price adjustments for uranium [1] - Yunfeng Financial (00376) fell over 18% after announcing a rights issue at a discount of approximately 16.8%, aiming to raise about HKD 1.15 billion [1] - GCL-Poly Energy Holdings (03800) increased over 2% as it plans a rights issue at a discount of about 8.73%, targeting net proceeds of HKD 5.392 billion for structural adjustments in polysilicon production [1] - Lion Group Holding (02562) surged over 6% after signing a letter of intent to acquire a leading AI and blockchain company, expanding its digital finance footprint [1] - Pharmaron Beijing Co., Ltd. (02617) skyrocketed over 53% after being included in the Hong Kong Stock Connect list, with a cumulative increase of nearly 10 times since its inclusion, and northbound investors adding over HKD 300 million in two days [1] - Anta Sports Products (02020) rose over 2% as retail sales of sports goods showed rapid growth in the first eight months, indicating marginal improvement in sales [1] - SF Technology (09699) increased over 5% after launching its "SoFast" brand in Macau, marking a significant step in its overseas business expansion [1] - Shanghai Fudan (01385) rose over 6% as Morgan Stanley reported the company is well-prepared for supply chain disruptions, with limited demand impact expected [2] - Tianyue Advanced (02631) increased over 1% after being included in the Hong Kong Stock Connect, with silicon carbide expected to see new market growth [2] - Valiant Co., Ltd. (09887) rose over 10% after announcing the completion of the first patient dosing in a trial for its core product LBL-024 for melanoma [2] US Stock Market Summary - Tesla (TSLA.US) rose 3.56% as the head of its German factory announced an increase in production plans for Q3 and Q4 due to strong sales data [3] - NVIDIA (NVDA.US) fell 0.04% as it faces further investigation for violating antitrust laws [3] - Hesai Technology (HSAI.US) increased 4.31% after announcing a partnership with a leading US Robotaxi company, securing over USD 40 million in lidar orders [3] - XPeng Motors (XPEV.US) rose 2.20% after formalizing a deep cooperation with Magna Steyr in Austria, marking the start of local production in Europe [3] - NIO (NIO.US) increased 4.34% as it announced the NIO Day 2025 event, scheduled for September 20, where the new ES8 will be launched [3] - Apple (AAPL.US) rose 1.12% as Morgan Stanley reported that demand for the iPhone 17 series exceeded that of the previous year's iPhone 16 series during its first week of launch [4] - Fangdd Network Group (DUO.US) fell 9.17% following the National Bureau of Statistics' report indicating a decline in residential property prices in August [3] - Alibaba (BABA.US) rose 1.92% ahead of the 2025 Cloud Summit scheduled for September 24-26 in Hangzhou [4] - ASML Holding (ASML.US) increased 6.56% after announcing a EUR 1.3 billion investment in French AI startup Mistral AI, becoming its largest shareholder [4] - Bilibili (BILI.US) rose 6.40% as it announced the upcoming public test of its new strategy card game, "Three Kingdoms: Hundred Generals Card" [4] - Oracle (ORCL.US) increased 3.41% as management disclosed that its cloud infrastructure revenue is set to experience steep growth [4]

Group 1 - The core viewpoint of the article highlights the strategic investment by Infini Capital in GCL-Poly Energy, marking a significant move towards enhancing the photovoltaic industry's quality and sustainability through market-oriented restructuring and technological upgrades [1][2][3] - GCL-Poly Energy has secured approximately $700 million through a targeted issuance of shares, which will inject new growth momentum into the company and serve as a benchmark for high-quality development in the photovoltaic sector [1] - The collaboration aims to establish a specialized industrial fund focused on integrating inefficient and low-quality excess capacity within the industry, thereby alleviating the negative impacts of excessive competition and resource waste [1][2] Group 2 - Infini Capital, with a diversified investment portfolio, has provided over HKD 10 billion to support the rapid development of Chinese high-tech companies, indicating its commitment to advancing the photovoltaic sector [2] - The partnership will focus on several key areas, including supply-side reform funding, structural adjustments in polysilicon capacity, and the commercialization of perovskite technology, which is expected to open new growth avenues for GCL-Poly Energy [2] - According to forecasts, by 2025, at least three GW-level perovskite production lines are expected to be operational, with market potential projected to reach 161 GW by 2030, highlighting the significant growth opportunities in this technology [2] Group 3 - The International Energy Agency reports that Asia will contribute 72% of the global renewable energy capacity additions in 2024, while the EU's carbon tax mechanism enhances the market premium for low-carbon photovoltaic products [3] - GCL-Poly Energy is transitioning from a silicon supplier to a global energy solutions provider, aligning with national policies for high-quality photovoltaic industry development and offering a model for financial capital to support the real economy [3] - The dual drive of technology and capital will enable GCL-Poly Energy to capture higher value in the global value chain and contribute to green and low-carbon development in the renewable energy sector [3]

经济观察网9月16日，协鑫科技(03800.HK)宣布与中东主权基金背景的无极资本(Infini Capital)达成战略 融资协议，通过定向增发约47.36亿股，募资54.46亿港元，约7亿美元。此次配售股份设6个月锁定期， 旨在巩固公司股权结构稳定。公告称，资金将用于三方面：一是推进多晶硅产能结构性调整；二是强化 硅烷气第二增长曲线，应对光伏、半导体、锂电池等领域需求增长；三是优化资本结构。协鑫科技表 示，将借助硅烷气产能优势拓展半导体、显示面板等高端市场。行业分析师指出，当前光伏行业正处于 技术迭代与产能出清关键阶段，协鑫此次融资有助于其扩大技术优势、推动行业整合，并通过专项产业 基金重组低效产能，缓解行业无序竞争。财务数据显示，2025年上半年协鑫科技EBITDA同比增长 325.8%至3.8亿元，颗粒硅生产成本降至25.31元/公斤，市占率达24.32%。公司有望成为行业内首批实现 扭亏为盈的企业。 截至9月15日收盘，协鑫科技报1.26港元/股，年内累计上涨16.67%。 ...

港股光伏股普遍上涨，其中，协鑫科技涨超3%，福莱特玻璃涨2.6%，信义玻璃涨2%，凯盛新能、福耀 玻璃涨1.5%，协合新能源、信义光能、协鑫新能源涨超1%，新特能源、卡姆丹克太阳能跟涨。 消息上，近期，光伏产业链多个环节的价格维持上涨趋势。卓创资讯发布的数据显示，9月12日，云南 市场硅片（P型M10）日度市场价格报1.2元/片，与9月11日价格持平，高于9月10日约1.03元/片的价格； 内蒙古市场多晶硅（P型致密料）日度市场价为36元/千克，与9月11日价格持平，高于9月10日的31元/ 千克。 TrendForce集邦咨询发布的数据也显示，近期光伏行业中上游多个领域价格出现明显上涨。分析 人士认为，光伏行业"反内卷"初见成效，产业链多个环节价格后续有望维持上涨态势。 责任编辑：栎树 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 03800 | 协鑫科技 | 1.300 | 3.17% | | 06865 | 福莱特玻璃 | 12.100 | 2.63% | | 00868 | 信义玻璃 | 8.920 | 2.06% | | 01108 | ...