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%。 11月18日，通威股份盘中下跌2.02%，截至14:12，报24.71元/股，成交12.33亿元，换手率1.10%，总市 值1112.44亿元。 资金流向方面，主力资金净流出6188.69万元，特大单买入8347.33万元，占比6.77%，卖出1.50亿元，占 比12.13%；大单买入2.92亿元，占比23.67%，卖出2.88亿元，占比23.32%。 通威股份今年以来股价涨11.76%，近5个交易日跌7.52%，近20日涨7.06%，近60日涨18.86%。 分红方面，通威股份A股上市后累计派现251.92亿元。近三年，累计派现169.23亿元。 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 ...

截至2025年11月18日 14:07，中证光伏产业指数(931151)下跌2.79%。成分股方面涨跌互现，微导纳米 (688147)领涨4.98%，罗博特科(300757)上涨2.79%，科士达(002518)上涨2.65%；上能电气(300827)领跌 9.34%，阿特斯(688472)下跌8.46%，协鑫集成(002506)下跌5.41%。光伏龙头ETF(516290)下跌2.66%， 最新报价0.62元。拉长时间看，截至2025年11月17日，光伏龙头ETF近1月累计上涨13.07%。 流动性方面，光伏龙头ETF盘中换手5.12%，成交4136.73万元。拉长时间看，截至11月17日，光伏龙头 ETF近1周日均成交9125.21万元。 规模方面，光伏龙头ETF近1周规模增长6192.76万元，实现显著增长。 数据显示，杠杆资金持续布局中。光伏龙头ETF最新融资买入额达213.62万元，最新融资余额达1607.64 万元。 消息面上，据业内媒体报道，针对日前关于有机硅行业开会协商减产的传闻，相关企业工作人员均回 应"确有其事"。据了解，11月12日的会议仅为碰头会，11月18日将召开有机硅行业实控人会议 ...

11月17日至20日，2025第八届中国国际光伏与储能产业大会在成都举行。其间，通威集团董事局主席刘 汉元接受包括《中国经营报》在内的多家媒体记者采访，就光伏行业当前面临的困境及解决之策分享了 观点。 刘汉元谈到，防范过度"内卷"与防范垄断，是不同时期全球共同面临的课题。对于发展中国家而言，当 前阶段需要防范过度竞争、无序竞争与过度"内卷"；而发达国家产业发展格局已基本明晰，其更多聚焦 于防范寡头垄断。 在刘汉元看来，如何认清产业发展的不同阶段，让中国宏观调控的产业主旋律适配国内快速发展的产业 实际，实现供需适度平衡，推动研发与产业进入良性可持续状态，需要行业同仁共同努力。 刘汉元认为，政府相关部门需树立这一认知，制定配套支撑政策，为解决主要矛盾提供相应举措；企业 要顾全大局，在维持自身竞争能力与必要生存条件的前提下，保持行业适度竞争，共同维护行业生态； 此外，其他行业参与者及行业协会也需履行好相应责任。 "在行业形成共识的基础上，相信'新三样'防范过度'内卷'的工作能取得显著成效，未来5年、10年乃至 更长时间，实现高质量协同发展。"刘汉元表示。 （文章来源：中国经营报） 2025第八届中国国际光伏与储能产 ...

11月18日，三大指数涨跌不一，截至发稿上证综指下跌0.21%，深证成指上涨0.15%，创业板指上涨 0.29%。中证光伏产业指数(931151.CSI)下跌0.3%，该指数成分股中，科士达上涨超4%，钧达股份上涨 近4%，晶科能源、罗博特科与天合光能上涨超3%。 相关ETF方面，光伏50ETF（516880）下跌0.46%。资金流向方面，该ETF上个交易日(11月17日)净流入 额为2781.02万元，截至上个交易日，已连续5个交易日获资金净流入，累计净流入额为1.59亿元。该 ETF最新流通份额为24.34亿份，最新流通规模为21.15亿元。 中泰证券在近期研报中称，光伏"反内卷"持续释放积极信号、供给侧结构性改革相关举措有望逐步落 地，光伏行业基本面预期反转向上。 （文章来源：21世纪经济报道） 通威刘汉元谈光伏"反内卷"：既要反垄断又要反过度竞争。据经济观察报，光伏行业已先后推出数轮行 业自律措施，最新的规划是在硅料行业成立一家平台公司。该计划拟由平台公司出资收购业内硅料产 能，并进行统一运行，以此避免行业陷入过度竞争。通威集团董事局主席刘汉元称，推动"硅料收储"： 一是要解决观念和理念问题，在"反内 ...

历经两年多的深度调整，在2025下半年，光伏行业终于迎来了期盼已久的周期拐点。 随着国家层面自上而下重拳整治行业"内卷化"竞争，一系列旨在推动产能出清、引导有序发展的政策组 合拳持续发力，为陷入低价恶性循环的光伏市场注入了强大的修复动能。 当前，行业正展现出清晰的困境反转态势：产业链价格触底反弹，企业盈利水平显著改善，二级市场板 块指数自底部强势回升，一场由"政策引导"与"市场自律"共同驱动的供给侧改革已进入实质性阶段。 而从投资视角审视，当前光伏板块也正罕见地处于"盈利、持仓、估值"三重底部叠加的历史性机遇期， 为其后续的成长回归奠定了坚实投资基础。 眼下，一些基金公司正顺势把握光伏新周期机遇。例如11月18日上市的光伏ETF华夏（515370），便为 投资者提供了一个聚焦光伏全产业链龙头、一键布局行业复苏红利的便捷工具。 光伏"反内卷"成效初显 不过面对这一行业困境，自去年以来，国家已开始积极施为，以密集的整治信号推动光伏行业从无序竞 争迈向规范发展。 2024年下半年起，国家政策多次释放了对光伏市场的整治信号。从去年7月中共中央政治局会议首次提 及"防止内卷式竞争"，到同年12月的中央经济工作会议提出综 ...

Core Viewpoint - The solar industry is facing challenges of disorderly competition, leading to significant price declines across key segments, with some product prices falling below cash costs for companies [1] Group 1: Industry Challenges - The solar industry has been experiencing severe price drops in the four major segments: silicon materials, silicon wafers, batteries, and modules since the end of 2023 [1] - Companies are urged to maintain a balanced competitive environment to avoid excessive competition while ensuring operational capabilities [1] Group 2: Company Insights - Tongwei Co., Ltd. is the largest silicon material producer globally, with a silicon material capacity exceeding 900,000 tons, solar cell capacity over 150 GW, and module capacity exceeding 90 GW as of mid-2023 [1] - The company emphasizes the need for industry self-discipline and the establishment of a platform company to manage silicon material production and prevent over-competition [1] Group 3: Proposed Solutions - The concept of "silicon material storage" is proposed to regulate supply and demand, akin to a water supply control system, to stabilize product prices and promote healthy industry development [2] - The industry is encouraged to retain some redundant capacity to adapt to dynamic demand changes, with the Chinese Photovoltaic Industry Association playing a crucial role in facilitating this process [2] - The example of OPEC is cited to illustrate how coordinated efforts can lead to stability in production and pricing, with a strong belief in achieving effective high-quality collaborative development in the solar industry over the next 5 to 10 years [2]

人民财讯11月17日电，11月17日，在2025第八届中国国际光伏与储能产业大会期间，通威集团董事局主 席刘汉元表示，在维持市场经营主体竞争力及必要生存条件的背景下，使行业生态保持适度的竞争力度 是行业参与者和行业协会的共同责任。当前，行业同仁已形成这一共识，同时，中国的产业在全世界具 备持续的规模和成本优势，相信在各方努力下，防止"新三样"过度内卷能够卓有成效，也能够在未来5 年、10年甚至更长的时间里，实现有效的高质量的协同发展。 ...

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, with signs of recovery in profitability and stable growth in the wind power sector [1][5]. Core Insights - The renewable energy sector reported a revenue of 11,722 billion yuan for Q1-3 2025, a year-on-year decrease of 1%, and a net profit of 242 billion yuan, down 19% year-on-year. In Q3 2025, revenue was 4,138 billion yuan, up 2% year-on-year, and net profit was 118 billion yuan, up 41% year-on-year [2][7]. - The photovoltaic segment experienced a significant reduction in losses, with Q3 2025 revenue at 2,315 billion yuan, down 8% year-on-year, but net profit surged to 28.4 billion yuan, a year-on-year increase of 1,495% [2][37]. - The wind power segment showed robust growth, with Q3 2025 revenue of 1,135 billion yuan, up 22% year-on-year, and net profit of 50 billion yuan, up 33% year-on-year [2][16]. Summary by Sections Revenue and Profitability - The renewable energy sector's revenue for Q1-3 2025 was 11,722 billion yuan, with a net profit of 242 billion yuan. Q3 2025 saw a revenue of 4,138 billion yuan and a net profit of 118 billion yuan, marking a significant recovery [2][15]. - The photovoltaic sector's revenue for Q1-3 2025 was 6,640 billion yuan, with a net loss of 43 billion yuan. In Q3 2025, revenue was 2,315 billion yuan, and net profit was 28.4 billion yuan, indicating a strong recovery [2][37]. Segment Performance - The photovoltaic segment's Q3 2025 performance showed a revenue decline of 8% year-on-year but a remarkable net profit increase of 1,495%. The wind power segment continued to grow, with a 22% revenue increase year-on-year [2][16][37]. - The report highlights that the profitability of the wind power segment is improving, with a notable increase in gross margins due to price adjustments and operational efficiencies [2][16]. Market Trends - The report notes a gradual recovery in demand for household energy storage, with significant growth expected in commercial and large-scale storage solutions. The anticipated installation capacity for 2025 is around 150 GWh, representing a year-on-year increase of over 40% [2][6]. - The photovoltaic industry is undergoing a restructuring process, with upstream profitability recovering as prices for silicon materials rise. This trend is expected to continue into 2026, leading to a reshaped industry ecosystem [2][6]. Recommendations - The report recommends focusing on high-growth areas such as inverters and mounting systems, as well as leading photovoltaic companies with cost advantages and strong distribution channels [2][6].

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 ...