Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Insights - The report highlights the vast potential of space photovoltaic technology and the promising prospects of solid-state batteries and AIDC (Automated Identification and Data Capture) [1] - The energy storage sector is expected to see significant growth, with a projected increase of over 60% in 2026 due to rising demand and supply constraints [3][4] - The report emphasizes the strong performance of various segments within the power equipment industry, including wind power, nuclear power, and lithium batteries, with notable price increases in lithium carbonate and other materials [3][4] Industry Trends - The energy storage market in China is experiencing rapid growth, with new installations reaching 66.43 GW and 189.48 GWh in 2025 [3] - The report notes that the U.S. energy storage market is also booming, with a projected installation of 80 GWh in 2026, driven by AI and data center demands [7] - The report indicates that the wind power sector is expected to grow significantly, with domestic offshore wind capacity projected to exceed 8 GW in 2025 [4] Company Performance - Companies such as Ningde Times, Sunshine Power, and others are expected to see substantial profit growth in 2025, with Ningde Times projected to achieve a net profit of 11.5-14 billion yuan, representing a year-on-year increase of 93.75%-135.87% [3][4] - The report highlights several companies with strong growth potential, including Ningde Times, Sunshine Power, and others, which are positioned well in the energy storage and electric vehicle markets [4][6] Investment Strategy - The report suggests a focus on energy storage, solid-state batteries, and AIDC technologies, with recommendations for leading companies in these sectors [4][6] - It emphasizes the importance of investing in companies with strong technological advantages and overseas market access, particularly in the context of rising global demand for energy storage solutions [4][6]

今天中国制造业的版图中，正在涌现一批专业横渡这片海域的"摆渡人"，它们的名字叫"中试平台"。它能在成本 可控的环境下高效打通产品大规模生产的技术堵点，形成样品并进行市场验证，提前拔除产品量产与市场接纳层 面的"暗礁"，让创新成果得以顺利跨越断层地带。 从生物医药、光伏器件到电池材料、工业机器人行业，从省级中试平台到首批国家级制造业中试平台，证券时报 记者深入探访多家头部企业的"中试战场"，探寻中试平台能成为创新基础设施、系统性化解"达尔文死海"困局的 奥秘。 在科技创新的航线上，有一片令人望而生畏的断裂带——"达尔文死海"：当大量科研成果满怀希望地起航，想从 实验室走向市场，就会面临从毫克级到吨级的工艺放大难题、高额投入下的经济性拷问、复杂环境下的稳定性挑 战……任何一道浪头都可能吞噬创新的航船，形成科技成果转化的断层地带。 创新的"诺亚方舟"：让惊险一跃变成从容航行 如果用一个字形容中试平台，那就是"大"。在位于成都双流区的通威全球创新研发中心，一件件通威TNC光伏组 件产品正在光伏检测中心T5实验室经历一场"严苛试炼"。它们不仅要在零下40摄氏度极寒到85摄氏度高温测试中 保持性能，还要经历冰雹、载荷、紫 ...

在科技创新的航线上，有一片令人望而生畏的断裂带——"达尔文死海"：当大量科研成果满怀希望地起 航，想从实验室走向市场，就会面临从毫克级到吨级的工艺放大难题、高额投入下的经济性拷问、复杂 环境下的稳定性挑战……任何一道浪头都可能吞噬创新的航船，形成科技成果转化的断层地带 。 今天中国制造业的版图中，正在涌现一批专业横渡这片海域的"摆渡人"，它们的名字叫"中试平台"。它能 在成本可控的环境下高效打通产品大规模生产的技术堵点，形成样品并进行市场验证，提前拔除产品量产 与市场接纳层面的"暗礁"，让创新成果得以顺利跨越断层地带。 从生物医药、光伏器件到电池材料、工业机器人行业，从省级中试平台到首批国家级制造业中试平台，证 券时报记者深入探访多家头部企业的"中试战场"，探寻中试平台能成为创新基础设施、系统性化解"达尔文 死海"困局的奥秘。 创新的"诺亚方舟"：让惊险一跃变成从容航行 如果用一个字形容中试平台，那就是"大"。 在位于成都双流区的通威全球创新研发中心，一件件通威TNC 光伏组件产品正在光伏检测中心T5实验室经历一场"严苛试炼"。它们不仅要在零下40摄氏度极寒到85摄氏 度高温测试中保持性能，还要经历冰雹、载荷 ...

在科技创新的航线上，有一片令人望而生畏的断裂带——"达尔文死海"：当大量科研成果满怀希望地起 航，想从实验室走向市场，就会面临从毫克级到吨级的工艺放大难题、高额投入下的经济性拷问、复杂 环境下的稳定性挑战……任何一道浪头都可能吞噬创新的航船，形成科技成果转化的断层地带。 今天中国制造业的版图中，正在涌现一批专业横渡这片海域的"摆渡人"，它们的名字叫"中试平台"。它 能在成本可控的环境下高效打通产品大规模生产的技术堵点，形成样品并进行市场验证，提前拔除产品 量产与市场接纳层面的"暗礁"，让创新成果得以顺利跨越断层地带。 从生物医药、光伏器件到电池材料、工业机器人行业，从省级中试平台到首批国家级制造业中试平台， 证券时报记者深入探访多家头部企业的"中试战场"，探寻中试平台能成为创新基础设施、系统性化 解"达尔文死海"困局的奥秘。 全能型"特种兵"： 打通技术到市场最后一公里 中试，是实验室新成果走向规模化生产的过渡性试验，也是科技成果产业化的关键环节。中试平台要系 统性地解答每一项创新从"技术可行"到"市场可行"之间的所有关键问题，真正打通创新落地的"最后一 公里"。 创新的"诺亚方舟"： 让惊险一跃变成从容航行 ...

2026.01. 25 本文字数：2377，阅读时长大约4分钟 光伏主产业链（硅料、组件、电池、硅片）的亏损明显加剧，主要由于各环节低迷的终端需求、产能 阶段性过剩、产品价格上行受阻等多重因素。 在净利润预亏金额同比扩大的名单中，一体化龙头通威股份预计2025年净利润亏损区间达90亿元至 100亿元，上年同期亏损70.39亿元，它也是目前唯一一家预亏金额上限达到百亿规模的光伏企业。 亏损规模激增的光伏制造商还有天合光能、钧达股份，预亏上限均较上年同期扩大100%及以上。天 合光能预计亏损65亿元至75亿元，上年同期亏损34.43亿元，该公司表示组件价格承压，叠加硅料、 银浆等关键原材料涨价，使得组件业务盈利能力下滑，同时计提资产减值准备也对业绩有一定影响。 同为组件环节的晶科能源预计业绩首亏，亏损约59亿元至69亿元。对于业绩亏损的原因，晶科能源 也提到了2025年光伏组件价格整体处于低位，以及计提资产减值准备对业绩的影响。 作者 | 第一财经 魏中原 近 日 ， A 股 光 伏 板 块 全 线 爆 发 ， 多 只 个 股 上 演 20% 涨 停 潮 ， 连 城 数 控 （ 920368.BJ ） 、 欧 普 ...

这既是一场残酷的生存淘汰赛，也是一次深度的产业格局重 构。光伏行业的下一站，必将在这一轮激烈洗牌后重新锚定。 作者：蔡越坤 封图：图虫创意 2025年的光伏行业，交出了一份令人触目惊心的成绩单。 2026年1月22日，晶科能源（688223.SH）披露，预计2025年归母净利润亏损59亿元至69亿 元；此前数日的公告显示，天合光能（688599.SH）预亏65亿元至75亿元，创上市以来最大亏损 纪录；通威股份（600438.SH）预亏90亿元至100亿元，隆基绿能（601012.SH）预亏60亿元 到65亿元，TCL中环（002129.SZ）预亏82亿元至96亿元、晶澳科技（002459.SZ）预亏45亿 元至48亿元，爱旭股份（600732.SH）、钧达股份（002865.SZ）和大全能源（688303.SH） 也预计亏损超过10亿元…… 龙头企业预亏合计达数百亿元，处在反内卷当中的光伏业仍未走出亏损泥潭。 "现在的光伏圈，与其说是'红海'，不如说是'血海'。"作为一名入行近十年的从业者，李帅如此感 慨光伏行业的现状。在他的记忆中，2022年光伏全行业利润丰厚；但在短短四年内，行业经历了 从顶峰到谷底的剧烈 ...

近日，A股光伏板块全线爆发，多只个股上演20%涨停潮，连城数控（920368.BJ）、欧普泰 （920414.BJ）更是录得"30cm"涨停，港股市场太阳能概念股亦同步共振。引爆行情的是美国富豪马斯 克在达沃斯论坛上对太空光伏的最新力挺，其为低迷已久的光伏板块注入了强烈的题材预期。 然而，掀开概念炒作的表层，光伏行业面临的却是连续两年半的普遍亏损、产能阶段性过剩与产品价格 持续承压的"弱现实"。第一财经记者根据已披露的2025年业绩预告统计发现，包括通威股份 （600438.SH）、晶科能源（688223.SH）、天合光能（688599.SH）、晶澳科技（002459.SZ）、TCL中 环（002129.SZ）、钧达股份（002865.SZ）在内的多家光伏制造巨头，预计2025年净利润亏损幅度进一 步加剧，预亏金额在40亿元到100亿元区间。 仅少数光伏企业如大全能源（688303.SH）、隆基绿能（601012.SH）、双良节能（600481.SH）等同比 实现减亏。在强预期炒作与弱现实基本面的显著背离下，行业资产负债表持续承压，结构性修复迫在眉 睫。 业内人士普遍认为，太空光伏的发展路径存在较高不确定性， ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

Core Viewpoint - Major photovoltaic companies such as JinkoSolar, Tongwei Co., and LONGi Green Energy have recently announced significant projected losses for 2025, primarily due to rising silver prices impacting their performance [3][4]. Group 1: Financial Projections - JinkoSolar expects a net loss of 5.9 billion to 6.9 billion yuan for 2025, while Tongwei Co. anticipates losses between 9 billion to 10 billion yuan, and LONGi Green Energy projects a net loss of 6 billion to 6.5 billion yuan [3]. - The rising costs of silver paste, a key material in photovoltaic cell production, have been cited as a major factor contributing to these losses [4]. Group 2: Cost Structure and Material Impact - Silver paste, which is crucial for manufacturing photovoltaic cells, accounts for approximately 62% of the non-silicon costs in TOPCon solar cells, with a projected cost of 0.138 yuan/W by the end of 2025 [4]. - The current spot price of silver has surged to over $100 per ounce, having more than tripled in the past year, adding to the cost pressures faced by these companies [4]. Group 3: Market Dynamics and Pricing Strategies - Companies are attempting to pass on costs by slightly increasing the prices of photovoltaic modules; however, this is constrained by a supply-demand imbalance in the industry [5]. - The domestic market demand is weakening, and overseas procurement is also declining, which may further limit the ability of companies to raise prices [5]. Group 4: Technological Developments - Companies are exploring alternatives to reduce silver usage, such as the development of "silver-free" technologies and the use of copper plating [5][6]. - While significant R&D efforts are underway, the maturity and effectiveness of these technologies remain uncertain, and their economic viability is under scrutiny [6]. Group 5: Future Outlook on Silver Prices - In the short term, the impact of alternative technologies on silver prices is expected to be limited due to their nascent stage of development [7]. - Long-term trends may see downward pressure on silver prices as these technologies mature and photovoltaic installation volumes potentially decline [7]. - The strategic resource status of silver, influenced by policy changes, may continue to support its price [8].

本文转自【中新经纬】； 近日，晶科能源、通威股份、隆基绿能等多家光伏头部企业纷纷发布2025年业绩预告，晶科能源预计 2025年归母净利润亏损59亿元至69亿元，通威股份预计亏损90亿元至100亿元，隆基绿能预计归属于上 市公司股东的净亏损为60亿元到65亿元。 那么，材料的替代进程是否会反向对未来银价产生影响？夏日认为，从短期来看，由于替代技术尚未完 全成熟，商业化进程还处于初级阶段，对未来银价的影响非常有限。从长期来看，替代技术趋于成熟以 及光伏装机量的下降，可能会对银价产生下行压力。 国投期货高级分析师吴江则认为，产业作为被动接受方，其需求的浮动不会对银价有太大影响，未来白 银价格主要还是由金融属性主导。 若未来银价出现如此大幅度上涨，光伏企业又能在多大程度上将成本转移出去？ 在安邦智库（ANBOUND）研究中心助理研究员夏日看来，理论上，将成本向下传导，提价成为光伏企 业短期最直接的应对方式。事实上，部分龙头光伏企业确实已采取行动，轻微上调光伏组件的价格。然 而这种价格上调受到光伏行业"供强需弱"格局的明显制约，光伏组件价格未来即便能继续上涨，也很微 弱。 夏日进一步解释称，"一方面，尽管受到'反内卷 ...