Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the power equipment and new energy sector [5]. Core Insights - The lithium battery industry is showing upward momentum after bottoming out, driven by strong demand from the new energy vehicle market and the rising profitability of energy storage [1][10]. - The photovoltaic industry is experiencing a cyclical recovery, with policies aiding in supply-demand balance and price stabilization [2]. - The wind power sector is expected to maintain high growth, with significant installation demand projected for the upcoming years [3]. Summary by Sections Lithium Battery Industry - The lithium battery sector is witnessing a recovery with strong sales in new energy vehicles, leading to a price increase in lithium materials. For instance, lithium carbonate prices have risen to 80,000 yuan/ton and hexafluorophosphate lithium to 110,000 yuan/ton as of November 2025 [1]. - The global demand for new energy vehicles continues to grow, with domestic sales of new energy passenger vehicles reaching 11.228 million units in the first nine months of 2025, a year-on-year increase of 34.9% [16]. - Solid-state batteries are emerging as a revolutionary technology with advantages in energy density and safety, expected to be commercialized between 2027 and 2030 [1][10]. Photovoltaic Industry - The photovoltaic market is stabilizing after years of rapid growth, with an expected annual installation of over 200 GW until 2030. However, the industry still faces overcapacity issues that need to be addressed through market and policy measures [2]. - The report highlights the importance of policy support in restoring supply-demand balance and price recovery in the photovoltaic sector, with significant investment opportunities arising from new technologies [2][11]. Wind Power Industry - The wind power sector has exceeded its installation targets during the 14th Five-Year Plan, with expectations of an average annual installation of 120 GW during the 15th Five-Year Plan, a 66% increase from the previous period [3]. - Both onshore and offshore wind projects are expected to see robust demand, with offshore wind power development being a key focus area for future growth [3][12].

2025.11.14 本 文字数：1304，阅读时长大约2分钟 作者 | 第一财经 郭霁莹 业内认为，市场对硅料收储传闻的激烈反应，恰恰揭露了当前光伏行业供需失衡与价格压力的现状。这 一背景下，任何加速产能出清的信号都会牵动市场神经。 在彭博新能源财经（BNEF）今日召开的圆桌会上，光伏行业分析师谭佑儒表示，光伏行业当前处于产 能过剩、需求放缓的特殊时点，叠加上下游价格疏导压力，有关多晶硅联合体和出资收储的所谓提案， 尚未看到明确解决方案，"谈论激烈、进展缓慢"。 而未来，光伏行业发展正面临来自供需侧双重压力。 在供应端，产能过剩问题仍困扰行业。谭佑儒表示，2023-2024年全球新投产产能足以满足2025年实际 光伏装机需求，目前全产业链各个环节已建产能甚至能满足到2035年的装机需求。他指出，光伏产能过 剩不仅是名义过剩，也面临新建产能同质化问题，这也导致单纯依靠市场或价格竞争很难出清这些产 能。 同时，上游硅料累库压力仍存。据BNEF测算，目前全球包括硅料厂商、硅片厂商等手中的硅料库存量 或已突破50万吨，创历史新高。另据中国有色金属工业协会硅业分会统计，今年底，国内多晶硅行业库 存量将大概率超过40万 ...

全产业链各环节已建产能甚至能满足到2035年的装机需求 在彭博新能源财经（BNEF）今日召开的圆桌会上，光伏行业分析师谭佑儒表示，光伏行业当前处于产 能过剩、需求放缓的特殊时点，叠加上下游价格疏导压力，有关多晶硅联合体和出资收储的所谓提案， 尚未看到明确解决方案，"谈论激烈、进展缓慢"。 而未来，光伏行业发展正面临来自供需侧双重压力。 在供应端，产能过剩问题仍困扰行业。谭佑儒表示，2023-2024年全球新投产产能足以满足2025年实际 光伏装机需求，目前全产业链各个环节已建产能甚至能满足到2035年的装机需求。他指出，光伏产能过 剩不仅是名义过剩，也面临新建产能同质化问题，这也导致单纯依靠市场或价格竞争很难出清这些产 能。 同时，上游硅料累库压力仍存。据BNEF测算，目前全球包括硅料厂商、硅片厂商等手中的硅料库存量 或已突破50万吨，创历史新高。另据中国有色金属工业协会硅业分会统计，今年底，国内多晶硅行业库 存量将大概率超过40万吨。 在此背景下，产品出口、产能出海成为行业关注的另一重点话题。 受"小作文"拖累大跌的光伏板块，在传言被辟谣后重拾升势。11月14日开盘后，阿特斯 （688472.SH）、弘元绿 ...

长江商报消息光伏行业"小作文"风波迅速平息。 11月13日，A股市场上，光伏板块士气回升，大部分个股股价回升。截至收盘，光伏概念股上涨1.40%，光伏设备 板块上涨2.01%，A股光伏设备板块总市值约1.87万亿元，较上一个交易日增加386亿元。 11月12日，市场突然流传，硅料和组件联盟公司被监管驳回，更有消息称晶澳科技高管在券商交流中表示"收储平 台黄了"。这一传闻带崩了光伏板块，包括隆基绿能等多家公司股价大幅下跌。 当日下午，中国光伏行业协会紧急辟谣称，网络流传的小道消息均为不实信息。当日晚，晶澳科技（002459.SZ） 发布澄清公告，公司董秘未在任何内部或外部会议上发表过网传言论。 长江商报记者发现，"反内卷"持续推进，光伏行业已现企稳迹象。2025年前三季度，A股70家光伏设备公司中已 有过半实现盈利，部分多晶硅公司单季已经扭亏为盈，多家公司亏损额大幅减小，其中，通威股份、隆基绿能两 大巨头在第三季度合计减亏9.56亿元。 "小作文"突袭扰动市场神经 一篇"小作文"击中了光伏行业敏感神经，中国光伏行业协会紧急辟谣。 11月12日，A股市场上突然流传一则传闻，晶澳科技高管在一次交流会上直接说收储计划 ...

十一月的A股市场，光伏板块本就脆弱不堪，任何风吹草动都足以引发恐慌性情。 周二早间，两则传闻悄然流传：一则是"硅料和组件联盟公司被有关部门否了"，另一则更指名道姓地称 "晶澳董秘在北京建投策略会直接说平台黄了"。 这些传闻像一颗炸弹投入市场，光伏板块随即集体大跌。 光伏板块因"收储平台取消"谣言集体大跌，阿特斯、晶澳等龙头股跌超6%。协会与企业紧急辟谣，称 消息不实，并强调坚定支持行业"反内卷"政策。市场情绪仍显脆弱。 光伏圈今日被一则"小作文"击中，多家龙头股应声大跌超5%，市场在传闻与辟谣的拉锯中再度感受到 了行业的脆弱神经。 晶澳科技董秘一句"收储平台黄了"的传闻，今日在光伏圈掀起滔天巨浪。传闻迅速发酵，A股光伏板块 应声集体跳水，阿特斯一度跌超14%，晶澳科技、隆基绿能、亿晶光电等个股均跌超6%。 这场突如其来的下跌，让近期因"反内卷"而稍有好转的光伏行业再度蒙上阴影。 中国光伏行业协会与晶澳科技随后紧急辟谣，协会执行秘书长刘译阳更在朋友圈发文正告造谣者"不要 低估政策决心"。一场由谣言引发的市场恐慌，折射出光伏行业在"反内卷"关键期的异常敏感。 谣言突袭，光伏板块集体跳水 多晶硅期货主力合约在辟谣后 ...

11月13日，受光伏协会发声、晶澳科技辟谣不实传闻催化，光伏板块强劲反弹！截至14:30，同类费率最低档的光伏龙头ETF(516290)上涨1.39%，盘中一度 涨超2%，资金接连涌入，成交额超8400万元，光伏龙头ETF(516290)已连续7日净流入，累计吸金超1.8亿元！ 对此，通威股份也表示，公司坚定看好和支持光伏"反内卷"行动，坚信相关政策必将逐步落地实施，并将积极配合和支持各项工作的展开。 光伏行业"反内卷"火热进行中， "收储平台"是其中重要举措之一。据报道，备受关注的多晶硅重组"联合体"平台正在筹划中，目前规划预计成立700亿元左 右规模的基金，经讨论后，将采用百亿资金撬动700亿的"承债式"方式收购。 【短期：多晶硅供需现实仍有压力】 | 序号 | 代码 | 名称 | 涨跌幅 | | | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 | 0.39% | 18.83% | | 2 | 600089 | 特变电工 | 1.97% | 9.23% | | 3 | 601012 | 隆基绿能 | 1.92% | 8.99% | | 4 | 000 ...

Group 1: Market Overview - The electric equipment sector received a net inflow of nearly 30 billion yuan, ranking first among 31 Shenwan primary industries [1] - The green energy ETF (562010) surged, with an intraday increase of 4.19%, currently up 2.82% [1][4] - Key stocks in the green energy sector include Tianqi Materials, which hit the daily limit, and Tianhua New Energy, which rose over 16% [1][4] Group 2: Lithium and Battery Materials - Lithium hexafluorophosphate prices are fluctuating daily, with some market quotes reaching 150,000 yuan per ton, doubling since mid-October [3] - The demand for energy storage batteries and most lithium battery materials has shown signs of tightening supply, indicating a potential turning point for profitability in the lithium battery supply chain [3] Group 3: Technological Advancements - Significant progress has been made in perovskite LED technology, achieving an efficiency of 45.5% [3] - Analysts suggest that the maturation of perovskite battery technology will lay a solid foundation for large-scale commercialization by 2025 [3] Group 4: Policy Developments - The National Energy Administration issued guidelines to promote the integrated development of renewable energy, aiming for enhanced market competitiveness by 2030 [3] - A joint directive from the National Development and Reform Commission and the National Energy Administration aims to establish a multi-level renewable energy consumption and regulation system [3] Group 5: Investment Opportunities - The top ten weighted stocks in the green energy ETF include major players like CATL, Sungrow Power, and BYD [5] - The smart electric vehicle ETF (516380) focuses on both electrification and intelligent automotive technologies, presenting long-term investment opportunities in the electric and smart vehicle sectors [5]

Core Insights - A-share listed companies have shown strong performance in Q3 2025, with both year-on-year and quarter-on-quarter growth driven by macro policies and technological innovation [1][2][3] Electronics Industry - The electronics sector is entering an upward cycle, with high-tech industries maintaining rapid growth. R&D investment in high-tech manufacturing services reached 229.6 billion yuan, a 9% increase year-on-year, driving revenue and net profit growth of 10% and 19% respectively [2][3] - The semiconductor industry, particularly AI-driven segments, has seen significant profit increases, with companies like Cambrian achieving a revenue of 4.607 billion yuan, up 2386.38% year-on-year, and a net profit of 1.605 billion yuan [2] - The overall revenue for the Shenzhen electronics sector reached 1.59 trillion yuan, a 15.03% increase year-on-year, with net profit growing by 32.12% to 79.122 billion yuan [3][4] New Energy Sector - The new energy sector has become a key area for growth, with companies in the battery, photovoltaic, and wind power equipment sectors achieving a combined revenue of 1.06 trillion yuan, up 10.56% year-on-year, and a net profit of 78.705 billion yuan, up 31.87% [5][6] - Notable performers include CATL, which reported a revenue of 283.072 billion yuan, a 9.28% increase, and a net profit of 49.034 billion yuan, a 36.20% increase [5][6] Consumer Sector - The consumer sector has shown resilience, with policies aimed at boosting consumption leading to steady growth. Companies in the home appliance sector reported a revenue increase of 5.17% year-on-year [8][9] - The demand for smart home products has surged, with companies like Ecovacs seeing a net profit increase of 131% [9] - The automotive sector, particularly in new energy vehicles, has also seen significant growth, with major manufacturers reporting over 10% increase in sales [9][10] Future Outlook - The electronics and new energy sectors are expected to maintain high growth levels, supported by AI demand and domestic substitution trends [3][4] - The consumer sector is likely to benefit from ongoing policy support and technological advancements, with new consumption scenarios emerging [10][11]

针对该传闻，处于风波中心的晶澳科技当晚发布澄清公告，明确指出公司董事会秘书未在任何内部或外 部会议上发表过相关网传言论。公告称，该内容系网络谣传，严重误导公众认知，损害公司及行业声 誉，公司保留通过法律途径追究相关责任的权利。 本报记者张晓玉 11月12日，一则关于"光伏收储平台已黄"的网络消息在资本市场广泛传播，引发光伏板块波动。当日， 相关龙头企业股价出现大幅下挫，阿特斯一度跌超17%，通威股份（600438）、隆基绿能（601012）、 晶澳科技（002459）等龙头个股逼近跌停，光伏ETF整体下挫超4%。不过尾盘板块跌幅有所缩窄，TCL 中环（002129）收盘下跌3.81%，其余个股出现回升迹象。 随后，中国光伏行业协会官方微博在午后发布《关于网络不实消息的声明》(以下简称"声明")，进一步 明确指出，协会和行业内各企业正一道努力，相关工作正在稳步推进。声明重申，网络流传的小道消息 均为不实信息，并提醒各方注意甄别，慎重决策。 晶澳科技相关负责人对《证券日报》记者表示，晶澳科技积极履行企业社会责任，与行业各方携手推 动"反内卷"和行业自律工作落地见效，为行业高质量发展贡献力量。 据了解，市场关注的" ...

Core Viewpoint - Recent rumors regarding the failure of a silicon material storage platform have led to significant declines in the stock prices of various photovoltaic companies, raising concerns within the industry [3][4] Group 1: Market Reaction - On November 12, stock prices of major photovoltaic companies dropped sharply, with notable declines including: - Aiko Technology down 14.33% - Tongwei Co. down 6.06% - Longi Green Energy down 7.35% - JA Solar down 6.84% - Daqo New Energy down 8.76% - Other companies like JinkoSolar and TCL Zhonghuan also experienced declines exceeding 5% [3] Group 2: Industry Response - The China Photovoltaic Industry Association issued a statement on November 12, refuting the rumors and emphasizing that the industry is working steadily towards its goals, urging stakeholders to discern false information [4] - JA Solar representatives expressed confidence in the photovoltaic industry's policies against "involution" and support for the establishment of the storage platform, acknowledging the need for collaboration to overcome challenges [4]