Group 1 - The photovoltaic stocks have collectively risen, with notable increases in New Special Energy (up 4.45% to HKD 8.45), Xinyi Energy (up 3.94% to HKD 1.32), Xinyi Solar (up 3.64% to HKD 3.7), and Fuyao Glass (up 2.02% to HKD 9.59) [1] - CCTV2's report on the photovoltaic industry highlighted high-quality development practices, with 17 companies having signed agreements to form a consortium, expected to be completed within the year [1] - Shenwan Hongyuan indicated that polysilicon is a key focus for the "anti-involution" strategy, and the establishment of a joint platform will accelerate supply-side reforms in polysilicon [1] Group 2 - The "anti-involution" initiative has seen an expansion of participants and significant price recovery effects, with the polysilicon industry expected to start price increases by Q3 2025 under the "not below cost sales" regulation [2] - Price increases have led to a notable recovery in corporate profitability, with Daqo Energy reporting a net profit of CNY 73.48 million in Q3 2025, ending five consecutive quarters of losses [2] - GCL-Poly's photovoltaic materials business also returned to profitability in Q3, indicating that supply-side reforms are accelerating and the price and profit bottom for the industry have been established [2]

Core Insights - The photovoltaic industry has shown significant improvement in Q3 2025, with many companies turning losses into profits, indicating a positive trend that is expected to continue [1][22] - The future evolution of the photovoltaic industry is determined by "storage capacity" for mid-term valuation and the integration of AI in data centers for long-term success [1][23] Industry Overview 1. Silicon Material - GCL-Poly's Q3 profit from photovoltaic materials reached approximately 960 million yuan, a significant recovery from a loss of 1.81 billion yuan in the same period last year [2] - Tongwei and Daqo New Energy also reported substantial improvements, with Daqo achieving a profit of 73 million yuan in Q3 [2] - The silicon material sector has seen a price surge, with futures prices rising from 30,000 yuan/ton in Q2 to 58,000 yuan/ton in Q3, indicating a strong recovery [2][4] 2. Silicon Wafer - Second-tier silicon wafer companies like Hongyuan Green Energy and Shuangliang Energy have turned profitable, with Hongyuan reporting a profit of 500 million yuan in Q3 [7] - Longi Green Energy has also shown a notable reduction in losses, approaching breakeven [8] 3. Battery Components - Battery component manufacturers, including Longi, Jinko, Trina, and Tongwei, have reported improvements, except for JA Solar, which saw a decline in Q3 performance [10] 4. Inverters - Most inverter companies have experienced profit growth, driven by the expanding energy storage market, with Sungrow reporting a net profit of 11.8 billion yuan [14] - However, companies like Hemai and YN Energy faced losses due to weak demand in the European residential market [12][14] 5. Auxiliary Materials - The auxiliary materials sector, particularly the film industry, faced a challenging period in Q3, but prices have started to recover, indicating a potential turnaround [15][16] - Foster's overseas market share has increased significantly, contributing to its revenue growth [16] 6. Photovoltaic Equipment - Overall profits in the photovoltaic equipment sector are declining, but many companies still maintain good profitability [18] - Companies like Jiejia Weichuang and Maiwei are actively expanding into overseas markets, which is becoming a new growth point [19] Key Recognitions from Q3 Reports - The darkest period for the photovoltaic industry appears to be over, with most companies showing improved performance [22] - The demand for energy storage has exceeded expectations, with significant growth projected for the global storage market [23][25] - The residential market is showing signs of weakness, prompting companies to shift focus towards commercial markets [26][27] - Leading companies are beginning to demonstrate robust operational performance, indicating a shift towards a more competitive landscape [28][29] - New technologies that align with the AI era are expected to gain traction, enhancing the commercial value of photovoltaic products [31]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 協鑫科技控股有限公司 呈交日期: 2025年11月4日 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03800 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 28,480,818,973 | | 0 | | 28,480,818,973 | | 增加 / 減少 (-) | | | 2,029,565,000 | | | | | | 本月底結存 | | | 30,510,383,973 | | 0 | | 30,510,383,973 | 第 2 頁 共 10 頁 v 1.1.1 I. ...

Core Insights - The photovoltaic industry in China is experiencing significant growth, with a projected 45% increase in new installed capacity in 2024 compared to the previous year, marking nearly a 20-fold increase since 2015 [1] - The "14th Five-Year Plan" emphasizes green transformation as a core goal, aiming to consolidate and expand the advantages of the wind and photovoltaic industries [1] - The industry is undergoing profound changes with the transition from P-type to N-type monocrystalline silicon technology, expected to capture over 96.9% market share by 2025, alongside advancements in TOPCon, HJT, and BC technologies [1] Industry Developments - A coalition of 17 major companies is being formed to address supply-side issues, focusing on the polysilicon segment through capacity coordination, quality grading, and self-discipline in production cuts [2] - The "anti-involution" policies initiated since mid-2025 have led to a significant expansion of participating entities and a notable recovery in product prices, with the polysilicon industry starting to increase prices above the comprehensive cost line in Q3 2025 [2] Related Companies - Key companies in the photovoltaic supply chain include GCL-Poly Energy (03800), Xinte Energy (01799), Flat Glass Group (601865), Xinyi Solar (00968), Fuyao Glass (600660), and CAISSA New Energy (600876) [3]

Core Insights - The photovoltaic industry in China is experiencing significant growth, with a projected 45% increase in new installed capacity in 2024 compared to the previous year, marking a nearly 20-fold increase since 2015, indicating a shift from supplementary energy to a primary energy source [1] - The "14th Five-Year Plan" emphasizes green transformation as a core goal, aiming to consolidate and expand the advantages of the wind and photovoltaic industries [1] - Recent "anti-involution" policies from the government aim to regulate competition within the photovoltaic sector, transitioning the industry from chaotic low-price competition to sustainable development, which is expected to bring substantial benefits to both supply and demand sides [1] - The photovoltaic industry is undergoing a technological transformation, with the market share of N-type monocrystalline silicon technology expected to exceed 96.9% by 2025, alongside advancements in TOPCon, HJT, and BC technologies, leading to improved efficiency and reduced costs [1] - The multi-crystalline silicon sector is addressing supply-side issues through the establishment of a joint platform involving 17 major companies, focusing on capacity coordination, quality grading, and self-discipline to curb disorderly expansion [2] - The multi-crystalline silicon industry has begun to increase prices in Q3 2025, moving above the comprehensive cost line under the new pricing regulations [2] Related Companies in the Photovoltaic Industry - GCL-Poly Energy (03800), New Special Energy (01799), Flat Glass Group (06865), Xinyi Solar (00968), Fuyao Glass (03606), and CAISSA New Energy (01108) are key players in the Hong Kong stock market related to the photovoltaic industry [3]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Views - The report maintains a positive outlook on the photovoltaic industry, anticipating a value reconstruction driven by supply-side reforms and the end of excessive price competition [9][18]. - The solid-state battery sector is expected to accelerate its industrialization, with significant policy support and advancements in technology leading to a clearer path towards mass production [15][19]. - The AIDC electrical equipment sector is poised for growth due to high demand and technological upgrades, particularly in the context of data centers and new power supply systems [10][14]. - The wind power industry is experiencing a recovery in pricing and profitability, with a consensus forming around the need for self-regulation and adherence to pricing rules [20][22]. - The electric grid sector is entering a phase of rapid investment growth, driven by national policies aimed at enhancing smart grid infrastructure and meeting renewable energy consumption needs [23]. Summary by Sections Industry Weekly Viewpoint - The report emphasizes the positive effects of supply-side reforms in the photovoltaic sector, which are expected to lead to improved profitability and a healthier competitive landscape [9]. - The solid-state battery industry is transitioning from technology validation to preparation for large-scale production, with major companies outlining their industrialization paths [15]. - AIDC equipment demand is expected to grow, particularly with the transition to higher voltage power supply systems in data centers [10]. Market Review - The Shanghai Composite Index saw a slight increase of 0.11% during the reporting period, with the power equipment sector rising by 4.29% [24][25]. Industry Tracking - The lithium battery supply chain is experiencing price increases across various materials, driven by rising demand and supply constraints [29][32]. - The photovoltaic industry is witnessing a trend of reduced losses in Q3, indicating a recovery in profitability [18][20]. - The wind power sector is expected to see continued price recovery, supported by a stable demand environment [20][22].

Core Insights - The third International Perovskite Photovoltaic Industry Conference showcased a 2.76 square meter perovskite solar cell module, the largest mass-produced commercial product in the global perovskite sector, developed by GCL-Poly Energy Holdings [1][2] - Perovskite solar cells have a theoretical efficiency limit of 45%, significantly higher than the 29.3% efficiency of traditional silicon cells, positioning them as a strategic advantage in the photovoltaic industry [1] - GCL-Poly has made significant advancements in perovskite technology, transitioning from laboratory-scale experiments to large-scale production, marking a critical leap in the commercialization of perovskite technology in China [1][2] Company Developments - GCL-Poly has established itself as a leader in the Suzhou new energy sector, enhancing its R&D capabilities and market presence since its establishment in Kunshan in 2019 [1] - The company has overcome key industrial challenges related to large-area uniform coating, defect control, and long-term reliability of encapsulation, enabling the stable mass production of oversized modules [2] - GCL-Poly's GW-level perovskite project is fully domestically sourced, showcasing the highest global standards in perovskite technology and commercialization [2] Industry Trends - The introduction of large-sized perovskite modules is expected to shift the industry focus from small-scale experiments to large-scale, high-efficiency competition [2] - The advancements in perovskite technology are redefining cost-reduction strategies in the photovoltaic industry, allowing for seamless integration with existing silicon-based production lines [2] - GCL-Poly aims to strengthen collaboration across the supply chain to foster a synergistic industrial ecosystem, driving the photovoltaic industry towards higher quality advancements [2]

Core Viewpoint - The power equipment industry is experiencing steady growth in revenue and profit, driven by high domestic grid investment and surging overseas demand, with new growth areas like supercapacitors and energy storage emerging as key focus points [2] Group 1: Industry Performance - The majority of power equipment companies reported steady growth in revenue and profit, with notable examples including State Grid and Southern Grid conducting multiple rounds of equipment tenders [2][3] - The China Electricity Council reported that grid investment reached 437.8 billion yuan in the first three quarters, a year-on-year increase of 9.9% [2] - The cumulative tender amount for transmission and transformation equipment by State Grid reached 68.188 billion yuan, up 22.9% year-on-year [2] Group 2: Company Highlights - Pinggao Electric reported a revenue of 8.436 billion yuan for the first three quarters, a year-on-year increase of 6.98%, with net profit rising 14.62% [3] - Siyuan Electric achieved a revenue of 5.33 billion yuan in Q3, a 25.68% increase year-on-year, and a net profit of 899 million yuan, up 48.73% [3] - Siyuan Electric's overseas revenue reached 2.86 billion yuan in the first half, a staggering 89% increase, with overseas orders growing faster than average [3] Group 3: Emerging Business Areas - Energy storage and supercapacitors are becoming significant growth drivers for power equipment companies, with Sunshine Power predicting a domestic energy storage installation of around 130 GWh this year [5] - Siyuan Electric's energy storage bid volume is expected to reach 2.4 GWh in 2024, placing it among the top ten in the country [5] - Guodian NARI has been deeply involved in the energy storage sector, contributing to the commissioning of new energy storage plants [5] Group 4: Future Outlook - Industry experts anticipate sustained high growth in the power sector, driven by policies promoting renewable energy and the need for stable grid infrastructure [7] - Wanlian Securities suggests continued investment in new power system facilities, emphasizing smart grids and new energy storage as key areas to watch [7]

Core Viewpoint - The photovoltaic industry is showing signs of recovery as companies' performance improves in the third quarter, driven by policy guidance and strategic adjustments within firms [1][2][3] Group 1: Performance Recovery - Several companies in the photovoltaic supply chain have reported improved performance, particularly in the silicon material sector, which has rebounded quickly [1] - Daqo New Energy Corp reported a revenue of 1.773 billion yuan in Q3, a year-on-year increase of 24.75%, and a net profit of 73.48 million yuan, recovering from a loss of 429 million yuan in the same period last year [1] - Doublegood Energy Systems Co. achieved a quarterly revenue of 1.688 billion yuan, a year-on-year decrease of 49.86%, but a net profit of 53.18 million yuan, up 164.75% [1][2] Group 2: Price and Cost Factors - The rise in polysilicon prices and a decrease in production costs are key factors driving the improved performance of silicon material companies in Q3 [2] - Tongwei Co. reduced its losses to 315 million yuan in Q3 from 2.363 billion yuan in Q2, indicating significant improvement [2] - GCL-Poly Energy Holdings Ltd. reported a profit of 960 million yuan in its photovoltaic materials business, contrasting sharply with a loss of 1.81 billion yuan in the same period last year [2] Group 3: Shift to Value Competition - The industry is transitioning from a "price war" to "value competition," with downstream component and integrated companies also showing signs of performance recovery [3][4] - LONGi Green Energy Technology Co. reported a 47.52% reduction in losses in the first three quarters of the year, focusing on customer-centered value creation and cost reduction [3] - JA Solar Technology Co. improved its gross margin to -0.88% in Q3, continuing a trend of improvement throughout the year [3] - Hongyuan Green Energy Co. achieved a revenue of 5.685 billion yuan in the first three quarters, a year-on-year increase of 6.54%, and a net profit of 235 million yuan, indicating a turnaround [4]

Core Viewpoint - The photovoltaic industry chain is experiencing a divergence, with upstream companies reporting improved profits while downstream components continue to face losses [3][6]. Upstream Performance - Leading upstream companies such as Tongwei Co., GCL-Poly Energy, and Daqo New Energy have shown improved quarterly profits in Q3 2025, with Daqo New Energy achieving a net profit of 73.48 million yuan for the first time since Q2 2024 [3][4]. - Tongwei Co. holds the highest global market share in high-purity silicon, reporting a reduced net loss of 315 million yuan in Q3, down from 2.363 billion yuan in Q2, marking an over 80% reduction in losses [3][4]. - GCL-Poly Energy reported an increase in the average selling price of granular silicon to 42.12 yuan/kg in Q3, up from 35.71 yuan/kg in Q1 and 32.93 yuan/kg in Q2 [3]. Market Trends - The improvement in upstream performance reflects a market recovery trend and the initial effects of the photovoltaic "anti-involution" strategy, with a reported reduction of approximately 12,000 tons in domestic polysilicon inventory in the first three quarters of the year [4][5]. - Polysilicon prices have strengthened due to reduced supply, with average prices for N-type and granular silicon rising to 53,200 yuan/ton and 50,500 yuan/ton by the end of September, representing increases of 55% and 51% respectively since June [5]. Downstream Challenges - Downstream component manufacturers are struggling with rising costs and weakened terminal demand, failing to achieve profitability in Q3 2025 [6][7]. - Major companies in the component sector, including JinkoSolar, LONGi Green Energy, Trina Solar, and JA Solar, reported significant net losses in Q3, with losses ranging from 8.34 billion yuan to 12.83 billion yuan [6][7]. - Cumulatively, these companies have incurred losses exceeding 30 billion yuan in the first three quarters, with Trina Solar leading with a loss of 4.201 billion yuan [6][7]. Future Outlook - The industry outlook for Q4 remains cautious, with expectations of demand decline and some companies reporting lower-than-expected orders [7]. - LONGi Green Energy's chairman expressed confidence in achieving breakeven in Q4 by increasing the revenue share of BC products and scenario-based products [7].