Investment Rating - The investment rating for the company is upgraded to "Accumulate" [5] Core Views - The company reported a revenue of 40.509 billion yuan in H1 2025, a year-on-year decrease of 7.51%, and a net profit attributable to shareholders of -4.955 billion yuan, down 58.35% year-on-year. In Q2 2025, the company achieved a revenue of 24.575 billion yuan, a year-on-year increase of 1.44%, with a net profit of -2.363 billion yuan, a decrease of 0.85% year-on-year. The gross margin turned positive in Q2 2025, indicating potential for continued improvement in profitability in the second half of the year [1][3] - The company has maintained a leading position in domestic distributed shipments and is making progress in overseas markets, achieving significant sales growth in regions such as Poland and Romania [3][4] - The company is focusing on cost reduction and efficiency improvement, with a high proportion of N-type silicon shipments and leading indicators in battery production efficiency [2][4] Financial Summary - The company’s revenue is projected to be 139.104 billion yuan in 2023, with a growth rate of -2.33%. The net profit attributable to shareholders is expected to be 13.574 billion yuan, with a significant decline of 47.24% [4][10] - The company’s EBITDA is forecasted to be 41.650 billion yuan in 2023, with a notable decrease in subsequent years [4][10] - The projected net profit for 2025 to 2027 is -5.966 billion yuan, 2.939 billion yuan, and 5.104 billion yuan respectively, with corresponding P/E ratios of -16.72, 33.94, and 19.55 [4][10]

Core Viewpoint - The carbon-neutral ETF, Taikang (560560), is experiencing significant growth, reflecting strong performance in the low-carbon economy sector, particularly in energy storage and photovoltaic industries [1][4]. Group 1: Energy Storage - Recent top-level policies have been introduced to boost energy storage, with the goal of achieving over 180 million kilowatts of new energy storage capacity by 2027, requiring an investment of approximately 250 billion yuan [2]. - By the end of 2024, the national new energy storage capacity is expected to reach 73.76 million kilowatts, indicating a need for more than a doubling of capacity in the next three years, with a compound annual growth rate exceeding 20% [2]. - The new guidelines support energy storage as an independent entity in the spot market, allowing for profit generation through price arbitrage [2]. Group 2: Photovoltaic Industry - N-type technology is becoming the dominant force in the photovoltaic sector, with significant advantages in conversion efficiency and lower degradation rates, leading to a complete replacement of traditional P-type technology [3]. - In the first half of 2025, domestic photovoltaic installations reached 212 GW, surpassing a cumulative capacity of 1,000 GW, marking a new phase of scale in the industry [3]. - Exports to traditional markets have declined due to trade policies, while emerging markets have seen a surge, with over 51 countries experiencing export growth exceeding 100% [3]. Group 3: Key Companies - Taikang's carbon-neutral ETF (560560) includes major players in the energy storage and photovoltaic sectors, such as CATL, which leads global energy storage battery shipments and has secured a 19 GWh project in the UAE [4][5]. - Sungrow is recognized as a global leader in solar storage, expanding its market presence from China and the US to Europe and the Middle East [5]. - LONGi Green Energy is the largest manufacturer of monocrystalline silicon wafers and solar modules, continuously breaking records in silicon cell conversion efficiency [5].

山股份、冰轮环境、雪人股份。 证券研究报告 | 行业周报 gszqdatemark 2025 09 14 年 月 日 电力设备 储能：2025 年 9 月 W1 储能系统项目投标报价区间为 0.3928 元/Wh-0.585 元/Wh。均价：9 月 W1 EPC 投标报价区间为 0.5398 元/Wh-1.4555 元/Wh，储能 系统投标报价区间为 0.3928 元/Wh-0.585 元/Wh。推荐关注方向：建议关注国内 外增速确定性高的大储方向，关注阳光电源、海博思创、上能电气、科华数据、三 晖电气、东方日升。 干湿法隔膜价格均出现明显回升，山东 136 号文件后风光新增项目竞价结果落地 光伏：效率、良率全面提升，关注钙钛矿产业化进程。9 月 11 日，BOE IPC 钙钛 矿光伏峰会论坛上，BOE 表示目前已经实现 1.2m*2.4m 钙钛矿组件量产功率 505W（ 交付效率 18.6%）、产线良率达到 95%以上、且未来每年预计可以实现效 率提升约 1%。钙钛矿作为下一代光伏技术，转换效率一直是主要攻关的方向。当 下晶硅组件平均效率在 22~23%左右，考虑上弱光性能，对应钙钛矿单节组件实 现 21% ...

Group 1 - The core viewpoint of the news is the release of the "Power Equipment Industry Stabilization Growth Work Plan (2025-2026)" by the Ministry of Industry and Information Technology, which sets four main goals for the power equipment industry, including maintaining an average revenue growth rate of around 6% for traditional power equipment and a steady increase for new energy equipment [1][2] - The new plan emphasizes precise efforts and aims for an average revenue growth rate of 10% for leading enterprises in the power equipment sector, reflecting a shift from the previous plan's broader targets [2][4] - The plan outlines measures to enhance supply-side capabilities, expand effective demand on the demand side, and optimize the development environment on the environmental side, focusing on improving equipment supply quality and promoting innovative product applications [1][3][4] Group 2 - The current development targets of 6%-10% are more suitable for the present state of the power industry, especially in the context of new energy equipment, which has seen rapid growth but is expected to slow down in the second half of the year [3] - As of June 2023, the installed capacity of wind and solar power in China reached 1.67 billion kilowatts, surpassing that of thermal power, but the system's adjustment capacity has not kept pace, leading to challenges in renewable energy consumption [3] - The plan aims to strengthen the combination of quality supply and effective demand, with a focus on accelerating the construction of major energy projects and expanding international market cooperation in the wind and solar sectors [5]

Group 1 - In recent years, several provinces in China, including Sichuan, Henan, Jiangxi, and Shaanxi, have seen changes in their wealth rankings, with new billionaires emerging as the richest individuals in these regions [1][2] - Wang Ning, the founder of Pop Mart, has surpassed Qin Yinglin and Qian Ying, becoming the richest person in Henan with a wealth of $23 billion, ranking 96th globally according to Forbes [1] - Pop Mart reported a revenue of 13.88 billion yuan in the first half of 2025, a year-on-year increase of 204.4%, and an adjusted net profit of 4.71 billion yuan, up 362.8% [1] Group 2 - Chen Tian Shi, founder of Cambrian, has become the new richest person in Jiangxi, with a wealth of $21.5 billion, significantly surpassing the previous richest, Luo Yuhao, whose wealth is $4.3 billion [2] - Cambrian's stock price has surged due to the booming Chinese chip industry, reaching a market capitalization of 663.7 billion yuan, briefly overtaking Kweichow Moutai as the top stock in A-shares [2] - Both Wang Ning and Chen Tian Shi are part of the younger generation of entrepreneurs, born in the 1980s, and are leading figures in the emerging consumer and chip industries [2] Group 3 - In Shaanxi, the couple Fan Daidi and Yan Jianya from Juzhi Biotechnology have become the new richest individuals, with a wealth of $5.1 billion, surpassing the previous richest, Li Zhenguo and Li Xiyan, who have a wealth of $3.5 billion [4] - The wealth of Zhu Yi, the actual controller of Baili Tianheng, has increased significantly, with his shares valued at over 115 billion yuan, making him the richest in Sichuan [2][3]

Core Viewpoint - The solar photovoltaic demand in Q2 2025 has rapidly increased due to domestic rush installations, leading to a recovery in revenue and gross margins for major industry chain companies. Additionally, the easing of U.S. tariffs has significantly improved profitability in the U.S. market after companies streamlined their supply chains [1] Industry Chain Summary - The revenue of the main industry chain has increased, and gross margins have generally recovered, although there is differentiation among segments and companies. The downstream battery and module prices have risen quickly due to the rush installations, while the performance of silicon materials and wafers continues to decline marginally. Overall gross margin recovery is noted, but the increase in shipment volumes has not significantly reduced overall losses in the sector [1] - In Q2 2025, the output of slurry slightly increased quarter-on-quarter, but performance was heavily impacted by costs. The introduction of low-cost metal slurry production is expected to provide significant revenue and profit growth opportunities for slurry companies. The profitability of junction boxes, frames, and solder strips has been under pressure, while overseas production capacity for frames has shown strong contributions. Glass and film prices and profits have recovered due to domestic rush installations, with strong demand for centralized inverters and energy storage systems [2] Financial Outlook - The financial statements for Q3 2025 are expected to show further recovery, with a focus on the progress of reducing internal competition. Since July, the price of silicon materials has risen significantly, and downstream silicon wafers and battery modules have experienced varying degrees of price adjustments. The overall profit and operating cash flow for the sector are anticipated to improve further in Q3 2025, although the performance of the module segment may face some pressure quarter-on-quarter. Glass and film prices are expected to gradually rise above the production cost line of second-tier leading companies [3] Recommended Companies - Recommended companies include: - Silicon material segment: Tongwei Co., Ltd. (600438.SH) - High-efficiency module leader: JinkoSolar (688233.SH) - New technology BC and slurry: Dike Co., Ltd. (300842.SZ), Juhe Materials (688503.SH) - Racking: CITIC Bo (688408.SH) - Glass: Xinyi Solar (00968), Flat Glass (601865.SH) - Inverters and energy storage: Deye Technology (605117.SH), Jinlang Technology (300763.SZ), Shangneng Electric (300827.SZ), Canadian Solar (688472.SH) [4]

Group 1 - The Zhongzheng Photovoltaic Industry Index (931151) has shown a strong increase of 2.50% as of September 11, 2025, with significant gains in constituent stocks such as Juhe Materials (688503) up by 11.56% and Kehua Data (002335) up by 10.01% [2] - The Photovoltaic ETF Fund (516180) has risen by 1.80%, with the latest price reported at 0.74 yuan, and has accumulated a weekly increase of 4.78% as of September 10, 2025, ranking 3rd among comparable funds [2] - The Zhongzheng Photovoltaic Industry Index selects up to 50 representative listed companies from the photovoltaic industry chain to reflect the overall performance of these securities [2] Group 2 - As of August 29, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index include Yangguang Electric (300274), Longi Green Energy (601012), and TCL Technology (000100), collectively accounting for 56.14% of the index [3] - The weight and performance of the top stocks are as follows: Yangguang Electric at 10.51% with a rise of 4.61%, Longi Green Energy at 9.97% with a slight increase of 0.17%, and TCL Technology at 9.42% with a rise of 1.37% [5]

Group 1 - The core viewpoint of the news highlights the positive performance of the new energy sector, with the China Securities New Energy Index rising by 0.56% and significant gains in constituent stocks such as Kehua Data and Aotwei [1] - The New Energy ETF (159875) has shown a weekly increase of 6.52% and a 25.20% rise in net value over the past six months, ranking in the top 14.46% among equity index funds [1] - The trading volume of the New Energy ETF indicates strong liquidity, with a turnover rate of 4.46% and a total transaction value of 50.62 million yuan [1] Group 2 - Recent regulatory changes from the National Development and Reform Commission regarding the long-term electricity market are expected to enhance the market environment for new energy, particularly benefiting wind power, energy storage, and electrical equipment sectors [3] - Current valuations in the new energy sector are at historically low levels, supported by high domestic penetration rates, recovering overseas demand, and ongoing technological innovations [4] - The top ten weighted stocks in the China Securities New Energy Index account for 42.78% of the index, with major players including CATL and Longi Green Energy [4]

Market Overview - On September 10, the A-share market experienced fluctuations with the three major indices rebounding after an initial drop, closing with the Shanghai Composite Index up 0.13%, the Shenzhen Component Index up 0.38%, and the ChiNext Index up 1.27. The total trading volume in the Shanghai and Shenzhen markets was 1.98 trillion yuan, a decrease of 140.4 billion yuan from the previous trading day [2][3] - The market saw rapid rotation of hotspots, with the number of rising and falling stocks being roughly equal. Sectors such as oil and gas, film and television, and computing hardware led the gains, while battery, non-ferrous metals, and wind power sectors saw declines [2] Overnight US Market - On September 10, US stock indices showed mixed results, with the S&P 500 and Nasdaq indices reaching new highs. The S&P 500 rose by 0.3%, while the Dow Jones fell by 0.48%. Oracle's stock surged over 36% due to projected cloud infrastructure revenue growth of 77% to 18 billion dollars for the fiscal year 2026. Major tech stocks like Amazon and Apple dropped over 3% [4][5] - In Europe, the FTSE 100 index closed at 9225.39 points, down 0.19%, while the CAC 40 index in France rose by 0.15% to 7761.32 points. The DAX index in Germany fell by 0.36% to 23632.95 points [4][5] Commodity Prices - International oil prices increased on September 10, with WTI crude oil futures for October rising by 1.04 dollars to 63.67 dollars per barrel, a gain of 1.66%. Brent crude oil for November delivery rose by 1.10 dollars to 67.49 dollars per barrel, also a 1.66% increase [4][5] Key Policy Updates - The National Development and Reform Commission emphasized the need to continuously release domestic demand potential and promote deep integration of technological and industrial innovation. The report highlighted that the economy has shown signs of recovery and high-quality development in the first half of the year [6] - The Ministry of Finance reported that fiscal policies have become more proactive, aiming to support employment and foreign trade while fostering new growth drivers and improving people's livelihoods [7] Industry Insights - The film and television sector is expected to stabilize in Q3 after a decline in Q2, with attention on upcoming film releases during the National Day holiday [14] - The satellite communication industry is transitioning towards a combination of communication, computing, and data services, which is expected to support the long-term development of integrated networks [15] Company Announcements - Cambrian Technology will hold a semi-annual performance briefing on September 18, while BYD's senior management has collectively increased their holdings in the company by 52.33 million yuan [16]

人民财讯9月10日电，9月10日，通威股份（600438）董事长、CEO刘舒琪率队到访美的，实地参观了美 的微波炉灯塔工厂、美的库卡智能制造科技园、美的总部展厅等。参访过程中，双方围绕财经体系运作 模式、供应链管理、数字化转型、AI技术应用、企业管理等话题展开深入交流与探讨。此前，美的集 团（000333）与通威股份签订了战略合作协议，双方在光伏行业数字化、机器人及物流自动化、智慧楼 宇、物流服务等领域展开全面深度合作。 ...