（文章来源：每日经济新闻） 每经AI快讯，港股部分光伏股走高，截至发稿，协鑫新能源(00451.HK)涨6.76%，报0.79港元；新特能 源(01799.HK)涨5.22%，报7.66港元；协鑫科技(03800.HK)涨2.75%，报1.12港元；信义光能(00968.HK) 涨1.32%，报3.06港元。 ...

Group 1 - Some solar stocks have risen, with GCL-Poly Energy (00451) up 6.76% to HKD 0.79, Xinte Energy (01799) up 5.22% to HKD 7.66, GCL-Technology (03800) up 2.75% to HKD 1.12, and Xinyi Solar (00968) up 1.32% to HKD 3.06 [1] - The State Administration for Market Regulation has initiated compliance guidance on price competition in the solar industry in Hefei, Anhui, aiming to enhance product quality supervision and enforce laws against unfair competition [1] - This initiative is expected to combat illegal activities such as price collusion in the short term, while guiding the industry towards technological innovation and high-quality development in the long term, creating a favorable environment for leading companies with technological and cost advantages [1]

Overview - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting that the demand for offshore wind power in China and Europe is increasing, leading to a rise in foundation demand and profit recovery for wind turbines. The "anti-involution" policy is expected to continue driving the photovoltaic sector, particularly with the expansion of perovskite technology. Overall, while short-term installation demand for renewable energy globally may be weak, there are structural opportunities in the market [1]. Key Points Supporting the Rating - The "anti-involution" trend is stabilizing wind turbine prices, enhancing profitability for manufacturers. China's offshore wind projects are becoming economically viable, contributing significantly to installed capacity. The demand for offshore wind in Europe and emerging markets is also on the rise [3]. - In the photovoltaic sector, the "anti-involution" policy remains the main theme, with a focus on the potential for capacity exits in battery and module production, as well as the industrialization potential of perovskite technology. Investment should prioritize growth-oriented new technology directions and the main industry chain benefiting from the "anti-involution" trend [3]. Investment Recommendations - For wind power, the report suggests prioritizing investments in the turbine segment, which is expected to recover profitability, and in the foundation segment that is progressing quickly in Europe. The offshore wind market is projected to grow significantly, with a focus on deep-sea projects [3]. - In the photovoltaic sector, the report emphasizes the importance of monitoring the "anti-involution" policy's impact on the industry, particularly regarding the exit of inefficient capacity and the enhancement of efficiency in battery and module production [3]. Long-term Outlook for Renewable Energy Demand - The report indicates that China's renewable energy demand is expected to remain robust in the long term, with an average annual installation capacity of over 400GW projected from 2025 to 2035. This is driven by the country's energy security needs and the ongoing transition to a low-carbon economy [13][16]. - The "136 Document" is noted for guiding the development of renewable energy projects towards market-oriented pricing, which is expected to stabilize project returns and promote high-quality development in the sector [31]. Photovoltaic Sector Insights - The report anticipates a moderate decline in photovoltaic installations in 2026 due to a phase of pre-installation in 2025, with projected installations of 290GW in 2025 and 180GW in 2026, reflecting a year-on-year decrease of 38% [33]. - The report highlights that the European photovoltaic market is facing growth challenges, with a forecasted installation of 64.2GW in 2025, indicating a slight decline. The U.S. market is also expected to experience pressure on growth due to policy adjustments [34][37]. Perovskite Technology Potential - Perovskite technology is identified as a key area for enhancing competitiveness in the photovoltaic manufacturing sector, with expectations for significant breakthroughs in industrialization by leading manufacturers in 2026 [33][44].

Core Viewpoint - The solar photovoltaic industry is experiencing significant price increases for silicon wafers, driven primarily by rising upstream silicon material costs and a collective price adjustment by leading silicon wafer manufacturers [1][2]. Group 1: Price Adjustments - Four major silicon wafer companies have raised their prices significantly, with 183N wafers priced at 1.4 yuan per piece, 210RN at 1.5 yuan, and 210N at 1.7 yuan, resulting in an average increase of 12% [1]. - According to InfoLink, the average price increase for various silicon wafer models ranges from 3.3% to 9.8% this week, with a general expectation of further price increases among silicon wafer manufacturers [1][2]. Group 2: Cost Structure and Market Dynamics - The price of polysilicon, a key raw material for wafer production, has risen above 65,000 yuan per ton, reflecting an increase of over 20% compared to previous transaction prices [2]. - Polysilicon accounts for 48% of the production cost of silicon wafers, making it a critical factor influencing wafer pricing [2]. - The current market is characterized by a "price without market" situation, but polysilicon producers are strongly inclined to maintain high prices, indicating a robust cost structure [2]. Group 3: Industry Trends and Supply Dynamics - The solar industry is undergoing a "de-involution" process, with polysilicon producers voluntarily reducing output, leading to a year-on-year decline in production for the first time since 2013, with a 29.6% drop from January to October [2]. - A joint initiative by ten leading companies to establish a solar storage platform aims to stabilize prices and support the recovery of polysilicon and wafer prices [2][3]. - The ongoing supply contraction and cost support are enhancing the bargaining power of silicon wafer companies, with some adopting inventory control strategies to further drive price increases [2]. Group 4: Future Outlook - Analysts predict that the solar industry will gradually bottom out and improve by the second half of 2025, aided by the ongoing de-involution process [3]. - Despite a potential weakening in demand in 2026, the de-involution on the supply side and the performance of leading companies may help some firms return to profitability [3]. - The solar industry's challenges are prompting a push for market reforms in the domestic electricity market and the development of regulatory power sources, with energy storage expected to benefit from both domestic and international market conditions [3]. Group 5: Related Companies - GCL-Poly Energy (03800) is expected to benefit from rising polysilicon prices and has a target price of 1.54 HKD, with a strong outlook for the domestic renewable energy sector [4]. - TCL Zhonghuan (002129.SZ), a leader in large-size silicon wafers, is well-positioned to benefit from price increases due to its high N-type wafer ratio and strong price transmission capabilities [4]. - Jinyang New Energy (01121) is involved in upgrading production lines and is expected to leverage its technology for HBC production, enhancing its market position [4].

智通财经获悉，光伏产业链传来重磅消息。12月25日下午，市场消息称，四家头部硅片企业联合大幅上 调报价，183N硅片报1.4元/片、210RN报1.5元/片、210N报1.7元/片，平均涨幅达12%，有记者从多家硅 片厂商人士已证实该消息。业内普遍认为，上游硅料报价大幅上调(主流新单报价超6.5万元/吨)是本次 涨价的核心驱动力。 根据行业咨询机构InfoLink的数据，本周各型号硅片均价涨幅在3.3%—9.8%之间。该机构指出，在多 数硅片企业预期价格仍有进一步上调空间的情况下，现阶段发货意愿明显偏低，市场普遍采取控货策 略。整体而言，在自律议题持续延伸的情况下，短期内硅片价格不排除维持偏强走势。InfoLink数据暂 未反映12月25日的最新调价情况。 此外，多晶硅作为硅片生产的核心原材料，其价格走向直接决定着硅片的生产成本。数据显示，当前多 数多晶硅企业已将新单报价上调至6.5万元/吨以上，较此前实际成交价涨幅超20%，尽管市场暂呈"有价 无市"的僵持状态，但硅料企业的挺价意愿极为强烈。从成本结构来看，硅料在硅片生产成本中的占比 高达48%，是影响硅片定价的最关键因素，上游原料价格的大幅波动直接牵动硅片 ...

华鑫证券近日发布电力设备行业周报：从制造端来看，今年1-10月各环节增速明显放缓，其中多晶硅产 量同比下降29.6%至113万吨，硅片产量同比下降6.7%至567GW，电池片产量同比增长9.8%至560GW， 组件产同比增长13.5%至514GW；需求端则呈现"先扬后抑"特征，1-10月国内光伏装机规模达 252.87GW，同比增长39.5%，其中1-5月新增装机198GW，同比增长150%，而6月后新增并网装机显著 回落，6-10月新增装机同比下滑46.1%。 以下为研究报告摘要： 投资要点 光伏行业大会聚焦反内卷，多晶硅平台公司成立 当前光伏"反内卷"初见成效，主产业链各环节盈利逐步改善，企业亏损收窄，行业价格体系正逐步修 复。展望2026年，光伏行业或面临新增装机增速放缓与产业链阶段性供需失衡并存局面，但与此同时， 随着"反内卷"行动强化，行业出清也有望全面加速，市场格局或将迎来深度重塑。 特斯拉发布Optimus年度报告 12月19日特斯拉发布《特斯拉人形机器人2025年度报告》视频回顾，展示了Optimus从基础的运动控制 到复杂场景交互的演变过程：5月，Optimus展示出初步的肢体协调能力，掌握 ...

Core Viewpoint - Fitch Evergreen has assigned a "2" issuer rating to GCL-Poly Energy Holdings Limited (GCL-Poly), reflecting the company's environmental benefits in the solar materials sector, while noting an increase in absolute environmental metrics due to capacity expansion [2][8]. Group 1: Company Overview - GCL-Poly is a photovoltaic materials manufacturer operating 13 production bases in China and is listed on the Hong Kong Stock Exchange. The company primarily produces photovoltaic-grade polysilicon and wafers for downstream solar cell manufacturers. GCL-Poly's market share is projected to be 24% in the first half of 2025 [2][8]. Group 2: Environmental Impact - Fitch Evergreen believes that GCL-Poly's core business supports the expansion of solar power generation capacity, contributing to climate change mitigation. The company uses Fluidized Bed Reactor (FBR) technology to produce granular polysilicon, which has a lower "cradle-to-gate" carbon footprint compared to polysilicon produced by the Siemens process, thereby reducing the implicit carbon emissions of downstream solar components [2][8]. - GCL-Poly has established an environmental policy covering climate change and natural resource management at the group level, with all subsidiaries certified under ISO 14001:2015. The company discloses Scope 1 and Scope 2 greenhouse gas emissions and reports carbon intensity metrics for its main business lines. Despite an increase in absolute energy use and waste generation due to capacity expansion, carbon intensity has decreased year-on-year. The company aims to achieve Scope 1 and Scope 2 carbon neutrality by 2040 and value chain carbon neutrality by 2050 [2][8]. Group 3: Social and Governance Aspects - The social status of GCL-Poly is viewed neutrally. The company has established human rights and labor rights policies, along with an externally certified occupational safety management system, and has not reported any serious incidents in recent years. Customer satisfaction remains high. However, the gender ratio among employees and senior management is imbalanced, and the company has not disclosed gender pay gap metrics [3][9]. - The governance status of GCL-Poly is viewed positively. The company's financial statements have received unqualified audit opinions for the past three years. Risk management and internal audit functions are institutionalized. The overall independence and diversity of the board align with local listing company practices, though there remains a gap compared to international best practices [3][9].

智通财经APP讯，协鑫科技(03800)公布，于2025年12月24日，董事会已决议根据该计划的条款及条件， 向40 名合资格人士无偿授出合共271,732,888股奖励股份。 ...

格隆汇12月24日丨协鑫科技(03800.HK)发布公告，2025年12月24日("授出日期")，董事会已决议根据股 份奖励计划的条款及条件，向40名合资格人士无偿授出合共约2.717亿股奖励股份("2025年奖励股份") ("2025年奖励")。2025年奖励股份占本公告日期公司已发行股份总数约0.818%。根据授出日期联交所所 报每股股份1.09港元的收市价计算，2025年奖励股份的市值约为2.96亿港元。 ...

协鑫科技(03800)公布，于2025年12月24日，董事会已决议根据该计划的条款及条件，向40名合资格人 士无偿授出合共271,732,888股奖励股份。 ...