Core Viewpoint - The photovoltaic sector is experiencing a decline, with several key companies reporting significant losses for 2025, primarily attributed to rising silver prices impacting production costs [1] Group 1: Company Performance - Rainbow New Energy (00438) shares fell by 6.45%, trading at HKD 2.03 [1] - Flat Glass (601865) shares decreased by 5.76%, trading at HKD 10.97 [1] - Xinyi Solar (00968) shares dropped by 4.29%, trading at HKD 3.35 [1] - New Special Energy (01799) shares declined by 3.54%, trading at HKD 7.64 [1] Group 2: Financial Forecasts - Tongwei Co. (600438), Longi Green Energy (601012), and Aiko Solar (600732) all issued profit warnings for 2025, indicating expected losses [1] - Longi Green Energy cited significant increases in silver paste and silicon material costs as a major factor for the anticipated losses [1] - Tongwei Co. also mentioned that the continuous rise in prices of core raw materials, including silver, is contributing to their financial difficulties [1] Group 3: Industry Insights - Silver paste is a critical material in solar panels, used for creating conductive contacts to transmit electricity generated by the cells [1] - The current usage of silver in battery cells accounts for 29% of the total cost of components, a significant increase from 3.4% in 2023 and 14% last year [1] - The photovoltaic industry is actively seeking to mitigate the impact of rising silver prices by accelerating plans to replace silver with cheaper materials like copper [1]

Core Viewpoint - The article discusses the ongoing efforts by regulatory authorities to address the "involution" issues within the photovoltaic (PV) industry, emphasizing the need for a return to rational competition and sustainable development [2][5]. Group 1: Industry Overview - The Chinese photovoltaic industry has been a global leader in scale, industrial chain layout, technology, and application, with manufacturing output increasing from 750 billion yuan in 2021 to 1.75 trillion yuan in 2023, and expected to remain above 1 trillion yuan in 2024 [2]. - By 2025, the installed capacity of wind and solar power in China is projected to exceed 1.8 billion kilowatts, with solar power capacity reaching 1.2 billion kilowatts, marking a year-on-year growth of 35.4% [2]. Group 2: Challenges Faced - The rapid expansion of the domestic PV industry has led to significant supply-demand mismatches and chaotic low-price competition, resulting in severe "involution" issues [3]. - From 2022 to 2025, the price of domestic PV modules has dropped from 2 yuan per watt to around 0.6 yuan, while silicon material prices have plummeted from a peak of 300,000 yuan per ton to about 55,000 yuan, causing many companies to sell products below mainstream cash cost lines [4]. - As a result, the industry has faced widespread losses since the fourth quarter of 2023, with major companies like Longi Green Energy, JinkoSolar, and Tongwei expected to report losses ranging from 60 billion to 100 billion yuan in 2025 [4]. Group 3: Regulatory Actions - In response to the chaotic situation, regulatory authorities have initiated multiple measures to promote "anti-involution" governance in the PV industry, including capacity regulation, curbing low-price competition, and supporting industry self-discipline [5]. - The Ministry of Finance and the State Taxation Administration announced the cancellation of VAT export rebates for PV products starting April 1, which is seen as a move to end the "rebate subsidy era" and promote rational pricing in foreign markets, ultimately enhancing the industry's international competitiveness [5]. Group 4: Industry Recovery Signs - Benefiting from the ongoing "anti-involution" efforts, the PV industry is reportedly approaching a cyclical bottom, with profitability gradually improving in the main industry chain [6]. - In the first three quarters of 2025, 31 companies reported a total loss of 31.04 billion yuan, with the third quarter loss narrowing by approximately 46.7% to 6.42 billion yuan, and the gross margin for the main industry chain reaching 5.61%, up from 3.64% in the previous quarters [6]. - As of November 2025, the average prices of polysilicon, silicon wafers, battery cells, and modules have increased by 38.9%, 2.2%, 0.4%, and 2.3% respectively compared to the beginning of the year [6].

Core Viewpoint - The Chinese photovoltaic industry is undergoing a governance initiative to combat "involution" and promote rational competition, with the government emphasizing the need for coordinated efforts across various departments to address issues such as overcapacity, low-price competition, and quality control [1][3]. Group 1: Industry Governance and Regulation - The Ministry of Industry and Information Technology (MIIT) held a meeting on January 28, 2026, to discuss the "anti-involution" measures in the photovoltaic sector, highlighting the need for collaboration among departments to ensure a return to healthy competition [1]. - The MIIT aims to utilize market-oriented and legal methods to regulate the industry, including capacity control, standard setting, quality supervision, and intellectual property protection [1][3]. - The government has initiated multiple actions since the second half of 2025 to address the chaotic state of the photovoltaic industry, including a meeting on August 19, 2025, to emphasize capacity regulation and support industry self-discipline [3]. Group 2: Industry Performance and Financial Impact - The domestic photovoltaic manufacturing output value surged from 750 billion yuan in 2021 to 1.75 trillion yuan in 2023, with expectations to maintain over 1 trillion yuan in 2024 [1]. - However, the industry faces significant challenges, including a supply-demand mismatch and severe low-price competition, leading to widespread losses since the fourth quarter of 2023 [2]. - Major companies like Longi Green Energy, JinkoSolar, and Tongwei Co. are projected to incur substantial losses in 2025, with estimates ranging from 60 billion to 100 billion yuan [2]. Group 3: Quality and Compliance Issues - The photovoltaic industry has seen a decline in product quality, with the overall qualification rate of photovoltaic modules dropping from 100% in 2019 to 62.9% in 2024, indicating that over one-third of products have quality issues [2]. - In 2025, nearly 16% of the components tested from 36 companies were found to be non-compliant, with significant issues related to mechanical load and power misrepresentation [2]. Group 4: Market Recovery and Profitability - The ongoing "anti-involution" efforts are beginning to show positive effects, with the profitability of the main photovoltaic industry chain improving in the first three quarters of 2025, despite a total loss of 310.39 billion yuan among 31 companies [4]. - The gross profit margin for the main industry chain reached 5.61% in the third quarter of 2025, an increase from 3.64% in the previous quarters [4]. - By November 2025, the average prices of polysilicon, silicon wafers, battery cells, and modules had increased by 38.9%, 2.2%, 0.4%, and 2.3%, respectively, compared to the beginning of the year [4].

Core Viewpoint - The photovoltaic energy storage industry is experiencing rapid growth, with significant advancements in technology and market potential, projected to become a core sector in the new energy revolution over the next decade [1][2]. Industry Definition and Classification - Photovoltaic energy storage systems combine solar power generation with storage technology, enhancing energy efficiency and grid stability [2]. - The main components include photovoltaic arrays, storage devices, inverters, and control systems [2]. Current Development Status - The supply of core hardware for photovoltaic energy storage systems is now capable of large-scale production, with a compound annual growth rate of 51.25% in industry output value from 2020 to 2024 [2][3]. - By the end of 2024, the cumulative installed capacity of photovoltaic energy storage projects in China is expected to reach 15.55 GW/36.60 GWh, with new installations of 7.31 GW/18.42 GWh [3]. Market Size and Fluctuations - The market size for photovoltaic energy storage in China is projected to grow from 22.30 billion yuan in 2020 to 115.68 billion yuan in 2024, indicating significant volatility influenced by installation numbers and system price changes [4]. Industry Chain - The upstream of the photovoltaic energy storage industry includes key materials like polysilicon and silicon wafers, while the midstream consists of system integrators responsible for design and assembly [4][6]. Policy Environment - Various policies have been introduced to promote the development of new energy storage technologies, including support for virtual power plants and smart microgrids [6]. Competitive Landscape - As of the end of 2025, there are 10,357 manufacturing enterprises in the photovoltaic energy storage sector in China, with 1,813 new companies added in 2025 [8]. - Major players in the industry include Trina Solar, Canadian Solar, and JinkoSolar, with a trend towards vertical integration in production [8]. Development Trends - The integration of photovoltaic and storage technologies is leading to optimized energy utilization and system stability [9]. - Accelerated technological advancements are evident, with breakthroughs in high-efficiency batteries and new storage technologies like sodium-ion and flow batteries [9]. - The market mechanisms are maturing, allowing energy storage to participate as an independent market entity [10]. - The industry is witnessing increased concentration, with leading companies expanding their market share through mergers and acquisitions [11]. - Chinese companies are actively expanding into international markets, enhancing their global influence in the photovoltaic energy storage sector [12].

Core Viewpoint - The emergence of "space photovoltaics" is reshaping the value proposition for Chinese solar companies, positioning them as essential players in Elon Musk's space energy vision [1][4]. Group 1: Market Dynamics - The recent surge in the A-share market for solar stocks is driven by Musk's announcement at the Davos Forum about SpaceX and Tesla's plan to establish a solar production base with an annual capacity of 200GW, which is projected to meet nearly a quarter of the U.S. electricity demand [1][3]. - The excitement in the capital market is not merely speculative; it reflects a structural shift in the global energy landscape, with China having a significant role due to its established solar manufacturing capabilities [4][6]. Group 2: Industry Challenges and Opportunities - The solar industry has faced significant challenges over the past two years, including overcapacity and price wars, leading to widespread losses among companies, with projected losses totaling around 400 billion yuan [7]. - Musk's focus on space photovoltaics offers a new growth narrative for the industry, potentially alleviating some of the pressures from the current overcapacity situation [7][8]. Group 3: Technological Advancements - The global space photovoltaic market is expected to reach between $500 billion and $1 trillion by 2030, driven by the removal of traditional constraints faced by ground-based solar [3]. - The technology roadmap for space photovoltaics is anticipated to evolve through three phases, starting with GaAs cells for high-value applications, followed by HJT technology for low Earth orbit satellites, and eventually transitioning to perovskite tandem cells for large-scale deployments [9][10]. Group 4: Chinese Supply Chain Advantage - Chinese companies dominate over 70% of the global solar manufacturing supply chain, making them indispensable for any large-scale space photovoltaic initiatives, regardless of where the production is localized [5][11]. - The integration of space photovoltaics into China's existing energy infrastructure and policy frameworks positions the country favorably for future developments in this sector [5][12]. Group 5: Competitive Landscape - Various companies are exploring different technological pathways in the space photovoltaic sector, with some focusing on efficiency breakthroughs and others leveraging existing aerospace supply chain experience [11][12]. - The competition in space photovoltaics will involve not only technological advancements but also the ability to meet stringent aerospace certification requirements, which can create significant barriers to entry for new players [11][12].

Group 1 - A significant number of A-share companies are reporting losses, with over 500 companies expected to post losses for 2025, reflecting a shift in the market where loss-making companies are disclosing their financials earlier than usual [1][3][22] - The real estate and construction sectors are particularly affected, with companies like Huaxia Happiness expected to report losses between 16 billion to 24 billion yuan, making it the "loss king" [4][24] - The overall performance of A-share companies is under pressure, with 709 out of 1165 companies reporting declining performance, which is approximately 60% [1][22] Group 2 - The trend of loss-making companies disclosing their financials is seen as a sign of market rationalization, with companies aiming to manage expectations and release financial pressures [2][21] - The solar energy sector is facing significant challenges, with leading companies like Tongwei Co. and Longi Green Energy expected to report substantial losses due to overcapacity and price competition [6][24] - The real estate sector is also experiencing widespread losses, with over 30 A-share real estate companies reporting poor performance, and only a few showing positive results [7][25] Group 3 - Companies like Zhichun Technology and Siyuanjie are facing severe stock price declines following their loss announcements, indicating investor reactions to poor financial forecasts [12][30] - The overall market sentiment is expected to be negatively impacted in the short term due to the concentration of negative financial disclosures, but this could lead to improved market pricing efficiency in the long run [15][32] - The performance of A-share companies is anticipated to show a "total pressure, structural brilliance" pattern, with traditional industries like real estate and solar energy under significant strain [16][33][34]

| 代码 | 名称 | | 涨幅% ↑ | 总市值 | 年初至今涨幅%。 | | --- | --- | --- | --- | --- | --- | | 300118 | 东方日升 | 1 | -7.33 | 242亿 | 44.95 | | 603806 | 福斯特 | | -5.34 | 463亿 | 27.08 | | 002865 | 钧达股份 | 1 | -5.08 | 289亿 | 80.97 | | 002506 | 协鑫集成 | 1 | -4.61 | 206亿 | 25.71 | | 688599 | 天合光能 | 长 | -4.53 | 464亿 | 19.58 | | 605117 | 德业股份 | 1 | -4.40 | 820亿 | 4.64 | | 600537 | 亿闘米甲 | | -4.14 | 38.35亿 | -22.12 | | 300274 | 阳光电源 | 1 | -4.01 | 3148亿 | -11.23 | | 300554 | 三超新材 | 报 | -3.80 | 29.51亿 | 11.43 | | 603398 | *ST沐邦 | | -3.10 | ...

上市企业：新希望（000876）,海大集团（002311）,通威股份（600438）,大北农（002385）,粤海饲料 （001313） 相关报告：智研咨询发布的《2026-2032年中国饲料行业市场调查研究及发展前景展望报告》 2020-2025年中国饲料产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年12月中国饲料产量为3009万吨，同比增长3.9%；2025年中国饲料累 计产量为33908.3万吨，累计增长6%。 ...

通威股份今年以来股价跌6.92%，近5个交易日涨3.30%，近20日跌11.20%，近60日跌24.24%。 1月28日，通威股份盘中下跌2.05%，截至10:14，报19.10元/股，成交5.82亿元，换手率0.67%，总市值 859.88亿元。 资金流向方面，主力资金净流出3334.95万元，特大单买入6068.55万元，占比10.42%，卖出5688.28万 元，占比9.77%；大单买入9921.91万元，占比17.03%，卖出1.36亿元，占比23.41%。 资料显示，通威股份有限公司位于中国(四川)自由贸易试验区成都市高新区天府大道中段588号，成立 日期1995年12月8日，上市日期2004年3月2日，公司主营业务涉及水产饲料、畜禽饲料等产品的研究、 生产和销售;高纯晶硅、太阳能电池等产品的研发、生产、销售为主。主营业务收入构成为：光伏相关 产品65.86%，饲料、食品及相关产品32.89%，其他(补充)1.25%。 机构持仓方面，截止2025年9月30日，通威股份十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股1.36亿股，相比上期减少2790.65万股。华泰柏瑞沪深300ETF（ ...

Core Viewpoint - The photovoltaic industry is undergoing a deep reform to combat internal competition, with regulatory measures and policy adjustments reflecting a commitment to high-quality development. However, many companies are still facing significant losses, indicating that this battle is not a short-term fix but a necessary step to resolve structural issues within the industry [2][5]. Industry Performance - Major companies like Tongwei Co., Ltd. and LONGi Green Energy are projected to incur substantial losses in 2025, with estimated net losses of 9 to 10 billion yuan and 6 to 6.5 billion yuan respectively. Other companies such as JA Solar, JinkoSolar, and Trina Solar are also expected to report significant losses, highlighting the severe challenges faced by the industry [2][3]. - The average gross margin for the entire industry is only 3.64%, with many companies trapped in a cycle of "production equals loss" due to oversupply and rising raw material costs [3][4]. Causes of Losses - The industry's performance crisis is primarily attributed to excessive homogenous production capacity and fierce price competition, compounded by soaring raw material costs. The supply of silicon materials is projected to exceed global demand by more than double over the next three years, leading to a significant imbalance [3][4]. - The price of silver, a key material in photovoltaic cells, has surged by 231% in 2025, pushing companies to adopt cost-cutting measures at the expense of technological innovation and quality [4][5]. Recommendations for Improvement - Companies must shift their focus from price competition to technological innovation and quality improvement, investing in advanced battery technologies such as TOPCon, BC, and ABC to enhance efficiency and reduce costs [4][6]. - The industry needs to establish self-regulatory standards to combat unfair competition practices, such as selling below cost and misrepresenting product capabilities, while promoting collaboration among companies to consolidate resources [4][6]. Government Role - Government policies and regulatory actions are crucial for supporting the industry's reform efforts. A unified and clear policy direction is necessary to stabilize market expectations and foster industry consensus [5][6]. - Regulatory bodies should enhance oversight on low-price dumping and set higher energy consumption and environmental standards for mature production stages, while also optimizing bidding rules to prioritize technology and quality over price [5][6]. Future Outlook - The photovoltaic industry is at a critical juncture, with the potential for recovery as companies begin to reduce losses and improve profitability. Analysts suggest that the industry may see a turning point in profitability by early 2026 [6][7]. - A collaborative effort between companies and government is essential to ensure that innovation becomes the cornerstone of industry development, allowing China to transition from a manufacturing hub to a center of innovation in the global energy transformation [7].