股票代码：600438 股票简称：通威股份 公告编号：2026-019 债券代码：110085 债券简称：通 22 转债 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 通威集团有限公司（以下简称"通威集团"）持有通威股份有限公司（以下简 称"本公司"）45.24%的股份，为本公司控股股东。截止本公告披露日，通威集团 累计质押 656,460,000 股，合计占本公司总股本的 14.58%，占其所持本公司股份总数 的 32.23%。 本公司于近日收到通威集团关于部分股份解除质押及再质押的通知，具体事项 如下： 一、上市公司股份解质 通威集团将质押给兴业银行股份有限公司、中国光大银行股份有限公司的股份 解除质押，合计解除质押 41,100,000 股，情况如下： | 股东名称 | 通威集团有限公司 | | | --- | --- | --- | | 本次解质股份（股） | 41,100,000 | | | 占其所持股份比例 | 2.02% | | | 占公司总股本比例 | 0.91% | | | 解质时间 | 年 ...

Summary of Key Points from the Research Report Industry Overview - The report focuses on the **renewable energy sector** in **Southeast Asia**, particularly the impact of geopolitical events on gas supply and the potential for solar and energy storage systems (ESS) to fill the gap created by gas shortages [3][4][8]. Core Insights - **Gas Supply Risks**: The prolonged closure of the **Strait of Hormuz** could lead to a gas deficit in Southeast Asia, where countries like Thailand, Myanmar, and Bangladesh rely heavily on gas for power generation [3]. - **Gas Power Generation**: In 2025, gas power accounted for approximately **24%** of power generation in Southeast Asia, translating to **370 TWh**. Countries like Thailand (58%) and Myanmar (49%) are particularly dependent on gas [3]. - **Shift to Renewables**: Due to restrictions on new coal-fired plants, there is a high likelihood that solar and ESS will become alternatives to gas power in the event of supply disruptions. If all gas power in Southeast Asia is replaced by solar and ESS, it could generate an additional demand of **300 GW** for solar and **400 GWh** for ESS [4]. Company Ratings and Preferences - **Buy Ratings**: The report maintains **Buy ratings** on **Eve Energy** and **Sungrow Power Supply**, citing their strong market positions in the ESS sector. Eve holds a **16%** market share, while Sungrow has a **14%** market share in ESS [5][8]. - **Hold Ratings**: Companies such as **TCL Zhonghuan**, **Longi Green**, and **Tongwei** are rated as **Hold**, indicating a cautious outlook due to current market conditions [5][9]. Financial Metrics and Valuations - **Eve Energy**: Current price at **RMB 71.13**, target price **RMB 111.00**, indicating a potential upside of **56%** [23]. - **Sungrow Power Supply**: Current price at **RMB 168.54**, target price **RMB 226.00**, indicating a potential upside of **34%** [23]. - **Longi Green**: Current price at **RMB 18.81**, target price **RMB 16.00**, indicating a downside of **15%** [31][34]. - **TCL Zhonghuan**: Current price at **RMB 9.60**, target price **RMB 8.80**, indicating a downside of **8%** [9][22]. Risks and Considerations - **Market Risks**: The report highlights risks such as weaker-than-expected solar demand, potential equity dilution from fundraising, and competition in the ESS market [22][23]. - **Geopolitical Risks**: The ongoing conflict in the Middle East poses a significant risk to gas supply chains, which could impact energy prices and availability in Southeast Asia [3][8]. Additional Insights - **Policy Environment**: Southeast Asian countries are increasingly restricting the construction of new coal-fired plants, which could accelerate the transition to renewable energy sources [4][14]. - **Investment Opportunities**: The potential for increased solar and ESS installations presents significant investment opportunities in the renewable energy sector, particularly for companies well-positioned in these markets [4][5]. This summary encapsulates the critical insights and data from the research report, providing a comprehensive overview of the current state and future outlook of the renewable energy sector in Southeast Asia.

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry, indicating a positive outlook for investment opportunities [1]. Core Insights - High oil prices are benefiting the renewable energy sector, with expectations for increased demand and profitability in lithium batteries [1]. - The report highlights significant growth in energy storage and electric vehicle markets, driven by government policies and technological advancements [4][5]. Industry Trends - The energy storage sector is experiencing robust growth, with countries like Croatia and Spain investing heavily in solar and storage projects. The report anticipates a global energy storage installation growth of over 60% in 2026, with a compound annual growth rate of 30-50% from 2027 to 2029 [4][5]. - In the electric vehicle market, there was a notable decline in retail sales in early March, but expectations for recovery are set for April, with a projected annual growth of around 3% [4][5]. - The report also notes a significant increase in lithium prices, with battery-grade lithium carbonate reaching 158,000 CNY/ton, reflecting a 4.8% increase [4]. Company Performance - Notable company performances include: - Ningde Times: 2025 revenue of 804 billion CNY, a 4% year-on-year increase, with a net profit of 32.6 billion CNY, down 19% [4]. - BYD: 2025 revenue of 804 billion CNY, with a net profit of 32.6 billion CNY, reflecting a 19% decrease [4]. - Other companies like Ganfeng Lithium and CATL are also highlighted for their strong market positions and growth potential [4][5]. Investment Strategy - The report suggests a focus on companies leading in energy storage and lithium battery production, such as Ningde Times, Ganfeng Lithium, and others, due to their strong growth prospects and market leadership [4][5]. - It emphasizes the importance of technological advancements and government policies in driving the growth of the renewable energy sector, particularly in energy storage and electric vehicles [4][5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The photovoltaic industry will enter a critical stage of capacity clearance and pattern reshaping in 2026, with slowing global and domestic installation growth rates and prominent structural opportunities in emerging markets [39]. - New demands such as energy storage business and space photovoltaic applications are expected to become important increments. Energy storage business is entering a volume - growth period, and the integration of photovoltaic and energy storage is expected to become a new profit - growth point [42]. - With the low prices in the photovoltaic industry chain, corporate profitability under pressure, and the cycle of technological iteration and capacity adjustment, market - oriented mergers and acquisitions are expected to gradually take place, and the supply side is expected to be optimized [42]. 3. Summary According to the Directory 3.1 Photovoltaic Industry Overview 3.1.1 Overall Situation Review - Global photovoltaic demand has been growing since 2025 but is gradually entering a stable growth period. Overseas market demand is differentiated, with a decline in new photovoltaic installations in Europe and the United States and growth in emerging markets such as India and the Middle East. In China, under the "rush - installation wave" in the first half of 2025, the installation volume increased year - on - year, but decreased year - on - year in the second half [11]. - The supply side has over - capacity, and component prices have fallen below the cash - cost line. The production of polysilicon and silicon wafers decreased in 2025, and the industry's supply - demand imbalance led to a decline in prices and net losses of many listed companies [16]. - In terms of technological iteration, differentiation and cost - reduction go hand in hand. In 2025, photovoltaic cell technologies presented a diversified competition pattern, and the sharp rise in silver prices promoted the accelerated layout of silver - reduction technologies [25]. - The "anti - involution" policy combination has been implemented, and progress has been made in market competition order and capacity governance [26]. - In the second half of 2025, the price recovery of silicon materials and other sectors drove the improvement of corporate profitability, and some companies turned losses into profits in a single quarter [27]. 3.1.2 Industry Outlook - In 2026, the global and domestic installation growth rates are expected to slow down, and emerging markets will show structural opportunities. New demands such as energy storage and space photovoltaic applications are expected to become important increments [39][42]. - Market - oriented mergers and acquisitions are expected to gradually take place, and the supply side is expected to be optimized. The photovoltaic industry will gradually transition from "involution - type competition" to "high - quality development" [42]. 3.2 Basic Situation of Convertible Bonds in the Silicon Materials, Silicon Wafers, and Photovoltaic Cell and Component Industries - As of March 18, 2026, there are six convertible bonds in the photovoltaic main industrial chain, with their issuers being private enterprises. The single - bond issuance scale is generally large, and the remaining terms are concentrated between 1 - 3 years. The non - conversion ratios are generally high, and the credit ratings are generally high [45][46]. - In terms of trading, Shuangliang Convertible Bond and Jingneng Convertible Bond had the highest trading volumes since the beginning of 2026. Since the beginning of the year, the prices of the six convertible bonds have all risen, and except for Shuangliang Convertible Bond, the increases are all within 10%. As of March 18, 2026, Tong 22 Convertible Bond is debt - biased, and the other five are balanced [47][49]. - In terms of clause triggers, except for Tong 22 Convertible Bond, the conversion prices of the other convertible bonds have been revised downwards since 2025. Attention should be paid to the triggering of the put - back clause of Tong 22 Convertible Bond and the call clause of Jingneng Convertible Bond and Tian 23 Convertible Bond [50]. - In terms of profitability, the six issuers are expected to have net losses in 2025, but the losses of some issuers are expected to narrow year - on - year. In terms of cash flow, the operating net cash flows of the convertible - bond issuers in the first three quarters of 2025 were generally in net inflow but showed differentiation. In terms of debt burden and solvency, the issuers generally have a high leverage level, and the short - term solvency is generally acceptable [55][56][57]. 3.3 Key Convertible Bonds 3.3.1 Tong 22 Convertible Bond - The issuer, Tongwei Co., Ltd., is a global photovoltaic integrated leading enterprise. It will benefit from the profit recovery of the silicon - material sector. In 2025, the company's losses narrowed and its profitability improved [59]. - The company's leverage level is high, but it has sufficient cash - like assets, and its debt structure is mainly long - term debt, so the short - term debt pressure is relatively controllable. The company's feed production and other agricultural and livestock businesses contribute stable income, profits, and cash flow [60]. - The company plans to acquire Qinghai Lihao. If the acquisition is completed, it will be beneficial to the concentration of the upstream silicon - material sector and strengthen the company's cost and share advantages [61]. 3.3.2 Long 22 Convertible Bond - The issuer, LONGi Green Energy Technology Co., Ltd., is a global photovoltaic integrated component and silicon - wafer leading enterprise. It has a leading position in the production of components and silicon wafers and forms a differentiated competition route with BC technology [64]. - The company's leverage level is relatively low among leading integrated photovoltaic enterprises, and its cash reserves and short - term debt coverage ability are the strongest. In 2025, the company is expected to continue to have losses, but the overall losses are expected to narrow [65]. - The company's BC production capacity is increasing, and it is promoting cost - reduction through base - metal substitution. Its energy - storage business is implemented through the layout of Jingkong Energy, creating a "photovoltaic - energy - storage synergy" growth curve [66]. 3.3.3 Jingao Convertible Bond - The issuer, JA Solar Technology Co., Ltd., is one of the global photovoltaic integrated leading enterprises, with competitive advantages such as a global channel and overseas production capacity. Its battery - component shipments rank among the top in the industry [71]. - The company's leverage level is high, but the short - term debt pressure is relatively controllable. In 2025, the company is expected to have losses, but its operating cash flow performs well and has a strong cash - recovery ability [71][72]. - The company's high - power products are increasing in volume, and it is expanding overseas markets and developing in a photovoltaic - energy - storage synergy manner [72]. 3.3.4 Tian 23 Convertible Bond - The issuer, Trina Solar Co., Ltd., expands its energy - storage, system - solution, and digital - energy - service businesses on the basis of its component business, and the scale of its energy - storage business is expanding [77]. - The company's leverage level is high, and its energy - storage business has begun to contribute positive profits. In 2025, the company's loss is expected to be larger than that of the previous year [77]. - The company's energy - storage business is expanding overseas, and its system - solution and digital - energy - service businesses are developing. Non - component businesses are expected to become new profit - growth points [78]. 3.3.5 Jingneng Convertible Bond - The issuer, JinkoSolar Holding Co., Ltd., has the highest component shipments globally and has technical and scale advantages in N - type TOPCon products [84]. - The company's leverage level is high but relatively stable, and the short - term debt pressure is acceptable. In 2025, the company's net profit attributable to the parent is expected to be in a loss [84]. - The company's high - power products are increasing in volume, and its price system is rising. The introduction of base - metal substitution for cost - reduction and the photovoltaic - energy - storage synergy are expected to jointly drive the development of its performance [85].

Group 1: Mergers and Acquisitions Overview - In February 2026, a total of 9 major asset restructuring plans were announced, primarily in the automotive sector, with over half currently in the board proposal stage and focused on horizontal integration [8][19] - The report highlights significant cases such as Dongyangguang's acquisition of Dongshu Yihua and Tongwei's acquisition of Qinghai Lihua Qingneng, both aimed at enhancing their core business capabilities and market positions [18][19] - The report indicates that from March 2025 to February 2026, there were 133 disclosed major asset restructuring cases, with the electronics, machinery, and automotive industries being the most active [5][8] Group 2: Equity Incentive Plans Overview - In February 2026, 33 new equity incentive plans were announced, with the machinery equipment sector leading in the number of plans, and most incentives concentrated in the range of less than 2% of total share capital [22][27] - Approximately 92% of the equity incentive plans published in the past year have begun implementation, indicating a strong commitment from companies to align employee interests with shareholder value [22][27] - Notable companies with significant equity incentives include Ancar Detection with 5.70%, Jiepte with 4.73%, and Weining Health with 4.47% of their total share capital [37][38]

Group 1: Major Asset Restructuring Overview - In February 2026, a total of 9 major asset restructuring plans were announced, primarily in the automotive sector, with over half currently in the board proposal stage. The majority of these restructurings aim for horizontal integration [10][17]. - From March 2025 to February 2026, there were 133 disclosed major asset restructuring cases, with the electronics, machinery, and automotive industries being the most represented [7][10]. - Notable cases include Dongyangguang's acquisition of Dongshu Yihua and Tongwei's acquisition of Qinghai Lihua Qingneng, both aimed at enhancing their core business capabilities and market positions [20][22]. Group 2: Equity Incentive Plans Overview - In February 2026, 33 new equity incentive plans were announced, with the machinery equipment sector leading in the number of plans. Most incentives are concentrated in the range of less than 2% of total share capital [30][40]. - Approximately 92% of the equity incentive plans published in the past year have begun implementation, indicating a strong commitment to aligning employee interests with company performance [25][30]. - Companies with significant equity incentives include Anche Detection (5.70%), Jiepte (4.73%), and Weining Health (4.47%), highlighting a trend towards incentivizing key talent [40][41].

Group 1: Report Industry Investment Rating - No relevant information provided. Group 2: Core View of the Report - The report focuses on the fundamentals of industrial silicon and polysilicon, including price, profit, inventory, and raw material cost data, and also mentions industry news and trend strength [1][2][3][4] Group 3: Summary by Related Catalogs 1. Fundamental Data of Industrial Silicon and Polysilicon - **Futures Market**: Si2605 closing price is 8,575 yuan/ton, with a decrease of 120 yuan from T - 1, 110 yuan from T - 5, and an increase of 205 yuan from T - 22; PS2605 closing price is 35,435 yuan/ton, with a decrease of 2,330 yuan from T - 1 and 6,270 yuan from T - 5 [2] - **Basis**: Industrial silicon spot premium (against East China Si5530) is +625 yuan/ton, with a decrease of 20 yuan from T - 1, an increase of 110 yuan from T - 5, and a decrease of 305 yuan from T - 22 [2] - **Price**: Xinjiang 99 - silicon is 8,550 yuan/ton, Yunnan Si4210 is 9,900 yuan/ton, and polysilicon - N - type re - feed is 43,250 yuan/ton [2] - **Profit**: Silicon factory profit (Xinjiang new standard 553) is - 2,556.5 yuan/ton, and polysilicon enterprise profit is - 1.0 yuan/kg [2] - **Inventory**: Industrial silicon - social inventory (including warehouse receipt inventory) is 55.3 million tons, and polysilicon - manufacturer inventory is 34.4 million tons [2] - **Raw Material Cost**: Xinjiang silicon ore is 320 yuan/ton, and Xinjiang washed coal is 1,475 yuan/ton [2] 2. Macro and Industry News - On the evening of March 17, Tongwei Co., Ltd. signed a 1GW component cooperation agreement with KENO, the largest photovoltaic distributor in Poland, which will deepen Tongwei's layout in the European market [3] 3. Trend Strength - Industrial silicon trend strength is 0, and polysilicon trend strength is 0, both indicating a neutral view [4]

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The domestic demand for offshore wind energy is expected to see significant growth during the 14th Five-Year Plan, with a target of over 100 million kilowatts of cumulative grid-connected capacity by the end of the plan [6][11]. - The silicon material supply and demand situation in the photovoltaic sector is under pressure, with prices for polysilicon dropping and a potential slowdown in export growth due to changes in tax policies [28][29]. - The hydrogen energy sector is set to accelerate its industrialization process, supported by new pilot projects initiated by government agencies [7]. Summary by Sections Wind Power - The 14th Five-Year Plan outlines the construction of offshore wind power bases in various seas, aiming for over 100 million kilowatts of cumulative grid-connected capacity [6][11]. - As of December 2025, the total installed wind power capacity in China is projected to reach 640 million kilowatts, with a year-on-year growth of 23% [11]. - The offshore wind power sector is expected to add over 53 gigawatts (GW) during the 14th Five-Year Plan, with an average annual installation of over 10 GW [11]. Photovoltaics - The average transaction price for polysilicon has decreased to 39,900 yuan per ton, reflecting a 6.12% week-on-week decline [28]. - The photovoltaic industry faces challenges due to weak demand and high inventory levels, leading to a potential industry consolidation phase [28]. - The photovoltaic equipment index has seen a slight decline of 0.16%, while the solar cell component index dropped by 2.01% [29]. Energy Storage & Hydrogen Energy - A new pilot program for hydrogen energy applications has been launched, aiming for large-scale applications in urban areas by 2030, with hydrogen prices targeted to drop below 25 yuan per kilogram [7]. - The hydrogen energy sector is expected to see a doubling of fuel cell vehicle ownership by 2030, reaching around 100,000 vehicles [7]. - Investment recommendations include focusing on companies with strong competitive advantages in energy storage and hydrogen energy sectors [7].

Group 1 - Tesla plans to procure photovoltaic manufacturing equipment worth $2.9 billion from China, primarily for T-chain ground applications, with negotiations involving multiple TOPCon equipment manufacturers [5] - Key photovoltaic equipment manufacturers include Maiwei, Jiejia Weichuang, Aotewei, and others, while material manufacturers include Tongwei, Daqo Energy, and TCL Zhonghuan [6] - The article lists various companies involved in different segments of the photovoltaic industry, including battery and component manufacturers like Trina Solar and JinkoSolar, as well as inverter and energy storage system companies like Sungrow and GoodWe [6]

Investment Rating - The report does not provide specific investment ratings for the industry or companies mentioned [2] Core Insights - The overall industry strategy emphasizes the importance of the energy storage industry chain, suggesting increased investment in upstream materials like lithium carbonate and focusing on midstream materials such as separators and electrolytes [3][4] - Leading companies in the solid-state battery industry, such as CATL and others, are expected to benefit from advancements in technology and production capabilities [3][4] - The new energy sector is experiencing significant growth, with a notable increase in installed capacity for energy storage, particularly in February 2026, where new installations reached 10.06 GWh, a year-on-year increase of 242% [4][24] Summary by Sections Industry Outlook Tracking - The report highlights the cancellation of import tariffs on offshore wind power components in the UK, which is expected to lower production costs and stimulate investment in clean energy [9][23] - The report notes that the EU is pushing for energy localization and has set ambitious renewable energy targets, which may pose challenges for Chinese companies entering the European market [9][10] - The domestic energy storage market is in a favorable position, with significant growth in new installations and a focus on lithium iron phosphate technology [4][24] Company Outlook Tracking - CATL has announced a new patent for solid-state battery technology, aiming for small-scale production by 2027 and large-scale commercialization by 2030 [21][22] - Tianqi Lithium is planning to build a new production facility for lithium battery materials, indicating a strategic move to enhance its market position [24] - Trina Storage has secured over 6 GWh of contracts in Europe, reflecting its strong market presence and the growing demand for energy storage solutions [20][21]