根据公司于 2026 年 1 月 19 日发布的《通威股份有限公司 2025 年年度业绩预告》，2025 年， 行业阶段性供应过剩问题尚未缓解，产业链各环节开工率下行，白银等部分核心原材料价格持续上 涨，产品价格同比继续下跌，行业经营压力仍然显著。公司报告期内经营性导致归属上市公司所有 者的净利润亏损约 75~80 亿元，同比去年经营性增加亏损约 12~17 亿元。此外，基于会计准则要求 及谨慎性考虑，报告期内公司计提长期资产减值合计约 15~20 亿元，同比增加约 7~12 亿元。公司 预计 2025 年年度实现归属于母公司所有者的净利润约为-90 亿元至-100 亿元。 针对上述事项，联合资信已与公司取得联系并了解相关情况，并将在获取公司 2025 年度经营 和财务数据后，对公司偿债能力和信用水平进行全面分析和评估。综合评估，联合资信决定维持上 次评级结果不变，公司个体信用等级为 aaa，主体长期信用等级为 AAA，维持"通 22 转债"信用 等级为 AAA，评级展望为稳定。 特此公告 联合〔2026〕510 号 联合资信评估股份有限公司关于通威股份有限公司 2025 年度业绩亏损的关注公告 受通威股份有 ...

通威股份公告称，2025年行业阶段性供应过剩，开工率下行、原材料涨价、产品降价致经营压力大。公 司经营性净利润亏损约75 - 80亿元，同比增亏12 - 17亿元；计提长期资产减值约15 - 20亿元，同比增加 约7 - 12亿元。预计2025年归属于母公司所有者的净利润约为 - 90亿元至 - 100亿元。联合资信与公司沟 通后，维持上次评级结果，公司个体和主体长期信用等级为AAA，"通22转债"信用等级AAA，评级展 望稳定，该转债余额119.83亿元，2028年2月24日到期。 ...

Core Viewpoint - The article discusses the advancements in photovoltaic technology, specifically focusing on Tongwei's TNC 3.0, which aims to enhance efficiency in solar cells and modules to achieve lower levelized cost of electricity [1][2]. Group 1: Efficiency Improvement - Increasing module efficiency is essential for maximizing output per unit area, which is a key variable in optimizing the value of solar systems [2]. - The enhancement in efficiency leads to greater power generation capability per module, resulting in increased overall system efficiency and reduced costs for supporting materials like brackets and cables [5]. - The direction for efficiency improvement is clear: optimizing the ability of modules to capture sunlight, converting more light into electricity, and minimizing losses during current transmission [5]. Group 2: Multi-Slice Module Technology - Tongwei's focus is not only on immediate performance improvements but also on the long-term stability of efficiency in real-world applications [6]. - Multi-slice module technology has been a significant avenue for enhancing output per unit area, but challenges such as production efficiency and cutting damage must be systematically addressed [6]. - Since the establishment of the multi-slice high-efficiency module R&D project in 2016, Tongwei has made significant breakthroughs in R&D, production, sales, and downstream applications of multi-slice modules [6]. Group 3: Advanced Battery Technology - The TNC 3.0 G12R-66 model achieves a maximum power of 670W with a conversion efficiency of 24.8%, while the G12-66 model reaches 770W with the same efficiency, making it a leader in the industry for 210 modules [7]. - The efficiency gains in TNC 3.0 are not solely dependent on module processes but are built on the integration of multiple key technologies, including 360° passivation high-efficiency batteries [9]. - The 360° passivation battery technology allows for a significant increase in single-cell efficiency to over 26.3% and power output to over 11.6W, contributing to a power gain of over 26.4W for the TNC 3.0 module [10]. Group 4: Long-term Stability and Real-world Application - TNC 3.0 not only achieves improvements in experimental parameters but also establishes a foundation for long-term stable output under real manufacturing and operational conditions [10]. - The true efficiency revolution lies in ensuring that technological breakthroughs are consistently realized in every production cycle, making efficiency improvements a verifiable and sustainable competitive advantage for Tongwei [10].

A股逐步迎来业绩预告高峰。截至1月20日晚间，已有超过500家A股公司披露2025年业绩预告或业绩快 报。 2025年，在AI技术的强势赋能下，科技领域多个细分赛道保持高景气态势，产业链上下游大量企业凭 借技术迭代与需求释放，实现了业绩的稳健增长。而光伏、白酒、生猪养殖等细分领域受市场环境波 动、供需格局调整等因素影响，企业业绩承压。 百余家公司预计净利翻倍 从行业来看，科技赛道尤其是"硬科技"赛道企业的盈利能力较为突出。尤其是全球AI基础设施与算力需 求的持续扩张，带动了相关产品的需求提升，产业链上下游龙头企业盈利能力普遍增强。 以存储板块为例，受益于AI基础设施产生的海量数据存储与高速访问需求，存储板块正迎来"超级周 期"，相关企业业绩高速增长。 据证券时报记者统计，截至1月20日19时，共有525家A股公司披露2025年业绩预告或业绩快报，其中约 200家企业预计2025年业绩实现增长，逾百家企业预计归母净利润最高增幅将超过100%。 | | | 可 7 NO 2020年 中 内 内 可 有 下 N A R 公 F P T T C F P T C F P T C F P A F | | | | --- ...

A股逐步迎来业绩预告高峰。截至1月20日晚间，已有超过500家A股公司披露2025年业绩预告或业绩快 报。 良好的业绩推动回盛生物股价大幅攀升。自业绩预告披露后，1月12日至1月20日，回盛生物区间涨幅接 近40%。 在已披露预告的企业中，预计盈利规模最大的是矿业龙头紫金矿业（601899）。早在2025年12月30日， 紫金矿业就率先披露了2025年业绩预告，预计2025年归母净利润为510亿元至520亿元，同比增加约189 亿元至199亿元，同比增幅59%至62%。 紫金矿业在高基数上保持高速增长，主要得益于其矿产品产量上升，且价格同比上升。2025年，紫金矿 业的矿产金、矿产铜、矿产银价格同比均上升。2025年内，紫金矿业的股价累计涨幅达133%。 除紫金矿业外，洛阳钼业（603993）、药明康德（603259）、立讯精密（002475）、宝丰能源 （600989）等多家公司预计2025年归母净利润规模超百亿元，上述公司盈利规模同比均有明显增长。 2025年，在AI技术的强势赋能下，科技领域多个细分赛道保持高景气态势，产业链上下游大量企业凭 借技术迭代与需求释放，实现了业绩的稳健增长。而光伏、白酒、生猪 ...

截至1月20日，近十家光伏龙头企业陆续发布了2025年业绩预告。从已公布数据看，光伏行业遭遇财务 寒冬，全产业链陷入亏损困局。 通威股份（600438）预亏超100亿元，隆基绿能（601012）预亏超60亿元，晶澳科技（002459）、爱旭 股份（600732）、天合光能、晶科能源、钧达股份（002865）、大全能源、时创能源业陆续公布了业绩 预亏公告…… "2025年，随着136号文落地，政策驱动了需求前置，引发前5个月的抢装潮，导致光伏出货量激增，仅5 月单月新增装机就达到92.92GW，创下历史新高。在政府干预与行业自律的背景下，光伏行业在一定程 度上控制了无序发展，但仍然难掩产能过剩、行业竞争激烈以及盈利能力差的局面。" 万创投行研究院 院长段志强在接受《国际金融报》记者采访时分析称。 他表示，更严峻的局面在今年，从2026年4月1日起，光伏产品出口将不再享受增值税退税，这直接增加 了成本压力。对于行业来说，像是投放一颗重磅炸弹，预计生存博弈将更加激烈。 通威股份表示，报告期内，光伏新增装机规模总体维持同比增长，但下半年增速明显放缓，行业阶段性 供应过剩问题尚未缓解，产业链各环节开工率下行，白银等部分 ...

Economic Overview - In 2025, China's GDP reached 1401879 billion yuan, growing by 5% year-on-year, with quarterly growth rates of 5.4%, 5.2%, 4.8%, and 4.5% respectively [2] - The industrial added value increased by 5.9%, while the service sector grew by 5.4%. Retail sales totaled 501202 billion yuan, up by 3.7% [2] - Fixed asset investment decreased by 3.8%, with a notable decline in real estate investment [3] Trade and Investment - Canada has reduced the import tax on Chinese electric vehicles to 6.1%, allowing an annual quota of 49,000 vehicles, which is a significant policy shift aimed at filling market gaps [4][5] - The adjustment in tariffs is expected to enhance the competitiveness of Chinese electric vehicles in the Canadian market, which has seen a decline in sales due to high costs and tariffs [5] Real Estate Market - In December 2025, new home prices in first-tier cities fell by 0.3%, with a notable increase in Shanghai, while overall new home sales area decreased by 8.7% year-on-year [6] - The real estate market is still in a bottoming phase, with a significant reduction in new supply and ongoing inventory pressure [7] Mobile Phone Industry - Several smartphone manufacturers, including Xiaomi and OPPO, have lowered their annual shipment forecasts due to rising storage costs, with reductions exceeding 20% for some brands [8] - The impact of rising storage prices is uneven across manufacturers, with larger firms like Apple and Samsung less affected [9] Solar Industry - Nine leading solar companies, including LONGi Green Energy and Tongwei Co., have announced expected losses for 2025, with Tongwei projecting a loss of 90 to 100 billion yuan [10] - The solar industry is facing significant challenges, including high inventory levels and price competition, leading to a prolonged period of losses [11] Wealth Disparity - The global wealth of billionaires reached a record 18.3 trillion USD in 2025, with a 16% increase in total wealth, highlighting a growing wealth gap amid stagnant poverty reduction efforts [12][13] - The AI sector's growth has significantly contributed to the increase in billionaire wealth, while ordinary residents face declining purchasing power due to inflation [13] Space Tourism - A startup has announced the opening of reservations for the world's first lunar hotel, aiming to begin operations by 2032, although the feasibility of such a project remains uncertain [14][15]

转自：成都日报锦观 亏损规模其次的是TCL中环。作为光伏硅片龙头，主产业链的产品价格在低位调整且传导不足，导致预 计2025年归属于上市公司股东的净利润亏损82亿元至96亿元。对于业绩亏损的原因，公司分析表示，报 告期内，光伏新增装机量保持增长，但整体供需仍持续失衡，公司经营继续承压。 隆基绿能预计2025年归属于上市公司股东的净亏损为60亿元到65亿元。公司提到，去年四季度银浆、硅 料成本大幅上涨，显著推升了硅片、电池及组件产品成本，使得企业经营进一步承压。 银浆是太阳能电池板的关键材料，而白银价格在过去一年里已翻了逾三倍。据研究显示，这意味着太阳 能板中白银的使用成本现已占面板总成本的29%，远高于2023年的3.4%和去年的14%。 对此，部分组件制造商已将价格上调，以反映白银成本的增加。此外，行业也积极通过技术调整来化解 白银价格上涨的压力，加速用铜等更廉价材料替代白银的计划来做出应对。例如隆基绿能称，报告期内 公司已完成贱金属替代银浆技术中试完成，开始规模化产能建设。 成都日报锦观新闻记者 刘泰山 白银价格再创新高 光伏行业成本攀升 国际黄金和白银价格19日均创历史新高。伦敦现货黄金价格一度涨破每盎 ...

Group 1 - Trump's threat to impose tariffs on Denmark and other European countries has led to significant market volatility, with European stock markets declining and a surge in demand for safe-haven assets like gold and silver [2][7] - The China Securities Regulatory Commission (CSRC) has outlined key tasks for 2026, focusing on market stability, regulatory enforcement, and promoting the development of listed companies [2][7] - Five leading solar companies, including Tongwei Co. and Longi Green Energy, have announced a combined expected loss exceeding 28.9 billion yuan due to industry challenges such as supply-demand imbalances and rising raw material costs [2][7] Group 2 - Tesla's CEO Elon Musk has announced the restart of the Dojo 3 project, with the new AI5 chip expected to have five times the computing power of the current HW4 chip, impacting the rollout of full self-driving capabilities [3][8] - Rare earth prices have been rising, with a projected supply-demand gap of 140,000 tons by 2030, driven by strong demand from the global electric vehicle sector [3][8] - Several small and medium-sized banks have raised deposit rates as part of a strategy to attract deposits amid low net interest margins, although future rates may stabilize or slightly decrease [3][9] Group 3 - Rongbai Technology is under investigation by the CSRC for misleading statements regarding a significant contract, raising concerns about its ability to fulfill orders due to production capacity issues [4][9] - The minimum margin requirement for financing purchases on the Shanghai and Shenzhen stock exchanges has been increased from 80% to 100% for new contracts, aimed at controlling market leverage risks [4][9] - The 2025 Hurun Report has ranked Cambrian as the top AI company in China, valued at 630 billion yuan, with an increasing number of AI chip companies listed, reflecting a shift towards domestic computing power independence [5][10]

行业景气度是业绩胜负手 A股市场已有超过350家公司发布2025年度业绩预告，一幅清晰的产业景气度"分野图"就此展开。 业绩预告数据显示，在全球科技浪潮与商品周期驱动下，半导体、有色金属行业业绩耀眼，龙头公司普 遍实现高增长；而曾备受瞩目的光伏产业则因产能过剩、价格内卷深陷亏损，多家龙头预亏合计超300 亿元。更为引人深思的是，商业航天、AI应用等此前遭资金热捧的赛道，多数公司业绩预告亏损，凸 显概念炒作后基本面与估值的严重脱节。 综观已披露的业绩预告，A股市场正在经历一场从"预期叙事"到"报表验证"的切换，市场资金正基于业 绩真实成色进行博弈与调仓，业绩确定性已成为当前市场的核心锚点。 半导体业绩实现高增长，光伏龙头陷亏损泥潭 目前已披露的2025年业绩预告清晰地刻画了不同产业周期的分化态势。其中，受益于全球人工智能基础 设施建设浪潮及存储芯片的涨价周期，半导体产业链成为业绩增长的"优等生"。 佰维存储（688525.SH）预计2025年营收、净利均创历史新高。公司预计全年实现营业收入100亿元至 120亿元，同比增长49.36%至79.23%；实现归母净利润8.5亿元至10亿元，同比增长427.19%至 ...