Core Viewpoint - The photovoltaic industry continues to face significant losses, with only one out of eight leading companies reporting profitability in the first half of 2025, while the others are struggling with expanding losses [3][4]. Financial Performance - Among the eight leading photovoltaic companies, only Aters maintained profitability, while the others reported losses, with Longi Green Energy and Aiko Solar showing reduced losses of 50% and 80% respectively [3][4]. - Total revenues for the companies showed a decline, with Tongwei Co. reporting 40.51 billion yuan, down 7.51%, and JinkoSolar reporting 31.83 billion yuan, down 32.72% [4]. - The overall net loss for 31 A-share listed photovoltaic companies reached 12.58 billion yuan in Q1 2025, a year-on-year increase of 274.3% [7]. Employee Compensation and Management Costs - Employee compensation across the leading companies has generally decreased, with Tongwei's employee compensation dropping from 2.025 billion yuan to 1.342 billion yuan, leading to a 37.33% reduction in management costs [8][9]. - Key management personnel compensation also saw reductions, with Longi Green Energy's key management remuneration decreasing from 7.03 million yuan to 5.80 million yuan [10][11]. Strategic Shifts and New Growth Areas - Companies are increasingly focusing on energy storage as a new growth area, with Aters reporting a significant increase in its energy storage sales, achieving 3.1 GWh in the first half of 2025, a 19.23% year-on-year increase [13][14]. - Trina Solar is also pivoting towards energy storage, with a notable increase in its second-quarter shipments [14]. Market Dynamics and Future Outlook - The industry is experiencing a shift towards quality, technology, and service competition rather than price wars, as indicated by TCL Zhonghuan's management [15]. - Despite the ongoing challenges, there are signs of price recovery in the supply chain, with recent bidding prices for components showing an upward trend [15].

10家四川企业上榜 其中包括 通威集团等6家成都民营企业 8月28起 全国工商联 在辽宁沈阳发布 "2025中国民营企业500强" 结果显示 通威集团、其亚集团、新希望六和等 | 101 | 华友控股集团有限公司 | 浙江省 | 10173396 | | --- | --- | --- | --- | | 102 | 歌尔殿份有限公司 | 山东省 | 10095384 | | 103 | 中天科技集团有限公司 | 江苏省 | 10091588 | | 104 | 江西方大钢铁集团有限公司 | 江西省 | 10073262 | | 105 | 中天控股集团有限公司 | 浙江省 | 10034950 | | 106 | 方同舟控股有限公司 | 北京市 | 9973280 | | 107 | 河北太行钢铁集团有限公司 | 河北省 | 9803410 | | 108 | 山东寿光鲁清石化有限公司 | 山东省 | 9403683 | | 109 | 贝壳控股有限公司 | 北京市 | 9345749 | | 110 | 日照钢铁控股集团有限公司 | 山东省 | 9291005 | | 111 | 品科能源股份有限公司 | ...

——主题量化投资系列之二 自 2024 年下半年起，"防止内卷式恶性竞争"的政策表述频繁出现，并在 2025 年逐步被纳入制度化框架。基于这一宏观政策信号，本文将系统解析内卷的经 济机制及其在产业链中的具体表现，并在此逻辑框架下，运用量化方法构建一 套可回测、可实施的选股策略，以捕捉政策主导下的结构性投资机会。 风险提示：本报告结果通过历史数据统计、建模和测算完成，在政策、市场环境 发生变化时模型存在失效的风险。 任瞳 S1090519080004 rentong@cmschina.com.cn 刘凯 S1090524120001 liukai11@cmschina.com.cn 研究助理 董晓宇 dongxiaoyu@cmschina.com.cn 基于"反内卷"的量化投资策略研究 敬请阅读末页的重要说明 证券研究报告 | 金融工程 2025 年 08 月 28 日 q 近年来，中国经济在转型升级的关键阶段逐渐暴露出产业内卷、低水平重复 竞争、结构性产能过剩等系统性问题，严重抑制了资源效率与企业盈利能 力。自 2024 年下半年起，"防止内卷式恶性竞争"的政策表述频繁出现， 并在 2025 年逐步被纳入制度 ...

Market Overview - On August 28, the photovoltaic equipment sector rose by 2.8%, with Jiejia Weichuang leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Stock Performance - Jiejia Weichuang (300724) closed at 98.77, up 17.19% with a trading volume of 566,500 shares and a transaction value of 5.324 billion [1] - Weidao Nano (688147) closed at 44.34, up 11.30% with a trading volume of 159,000 shares and a transaction value of 657 million [1] - Other notable performers include: - Dier Laser (300776) at 78.87, up 7.97% [1] - Fulete (601865) at 17.69, up 6.95% [1] - Goodwe (688390) at 50.26, up 5.77% [1] Fund Flow Analysis - The photovoltaic equipment sector experienced a net outflow of 60.54 million from institutional investors, while retail investors saw a net inflow of 542 million [2] - Key stocks with significant fund flow include: - Sunshine Power (300274) with a net inflow of 18.1 million from institutional investors [3] - Tongwei Co. (600438) with a net inflow of 16.8 million from institutional investors [3] - Fulete (601865) with a net inflow of 13.7 million from institutional investors [3]

截至2025年8月28日 13:01，中证新能源指数上涨0.70%，成分股捷佳伟创上涨17.38%，正泰电器10cm涨停，璞泰来上涨7.57%，固德威上涨5.30%，帝尔激 光上涨5.19%。新能源ETF(159875)上涨0.58%。 流动性方面，新能源ETF盘中换手3.43%，成交3149.51万元。拉长时间看，截至8月27日，新能源ETF近1周日均成交6581.66万元。规模方面，新能源ETF近1 周规模增长1833.44万元。 近日，国家能源局会同国家发改委推进电力市场建设、发挥电价政策作用，以促进新型储能调节作用，具体包括：明确新型储能等主体平等市场地位并推动 其公平参与市场；2025 年底实现省级电力现货市场基本全覆盖，完善辅助服务市场；深化电价改革，推动新能源与新型储能入市。 银河证券指出，《2025 年能源工作指导意见》提出要统筹新能源发展和消纳体系建设等重点问题研究，创新新能源价格机制和消纳方式，推动新能源全面 参与市场，实现新能源由保障性收购向市场化消纳转变，预计政策持续刺激下新能源消纳和电价问题有望迎来边际改善。 数据显示，截至2025年7月31日，中证新能源指数前十大权重股分别为宁德时 ...

文｜源媒汇 8月19日，工信部联合多部门召开光伏产业座谈会，打出规范竞争秩序的"组合拳"，推动落后产能退 出，健全价格监测和产品定价机制。此次行动距7月初首次行业座谈会仅隔46天，六部委协同之密集、 政策落地之迅速，凸显了决策层根治行业竞争格局的决心。回溯今年上半年，随着新修订《反不正当竞 争法》的实施、中央财经委员会对"低价无序竞争"的亮剑，光伏行业终于迎来从"价格厮杀"到"价值重 构"的关键转折。 政策的"及时雨"，迅速在市场层面显现效果。2025年二季度以来，光伏产业链价格呈现从上游到下游的 有序回升，标志着供需关系与竞争秩序的同步改善。在"政策限低价+库存去化"的双重支撑上，低价销 售行为减少，行业库存从高位逐步回落。 反内卷催生光伏产业的"破局时刻" 光伏产业高速发展下逐步呈现"分裂态"。新能源转型的强劲势头下，与全球光伏装机增量形成对比的是 产业链各环节的"价格雪崩"，当价格普遍跌破现金成本，行业也陷入"越产越亏"的怪圈。过去中国光伏 企业从追赶到超越的过程中，规模扩张成为主要竞争逻辑。但当全球累计装机突破2000GW、逼近煤电 规模时，产业逻辑必然从"量的扩张"转向"质的提升"。 光伏行业的转折 ...

Group 1 - The photovoltaic industry is experiencing a steady advancement in reversing internal competition, with a focus on short-term rebounds and long-term investment opportunities due to low valuations [1] - As of August 28, 2025, the CSI Photovoltaic Industry Index (931151) increased by 0.87%, with notable stock performances including Zhengtai Electric (601877) up 9.16% and Meichang Co., Ltd. (300861) up 8.50% [1] - The Photovoltaic ETF (516180) rose by 1.06%, with a recent price of 0.67 yuan, and has accumulated a 1.39% increase over the past week [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include Yangguang Electric (300274) and Longi Green Energy (601012), collectively accounting for 56.16% of the index [2]

Macro Strategy - The core viewpoint highlights the unprecedented removal of Federal Reserve Governor Cook by Trump, raising concerns about the independence of the Federal Reserve and the potential for more "Trump-aligned" appointees, which could lead to increased expectations for interest rate cuts in the future [1] - Following the removal announcement, market reactions included rising long-term U.S. Treasury yields and gold prices, while the U.S. dollar index declined, indicating a shift in investor sentiment towards risk assets [1] Fixed Income - The report indicates a cautious approach in the convertible bond market, suggesting a reduction in exposure to high-priced targets while increasing allocations to ETFs to balance risks [2][3] - The 10-year government bond yield increased from 1.745% to 1.785%, reflecting market adjustments to macroeconomic conditions [2] Industry Insights - New Lai Ying Material (300260) reported improved Q2 performance, benefiting from growth in the semiconductor and liquid cooling sectors, with a focus on domestic substitution and an optimized customer structure [5][6] - Li Yuan Heng (688499) achieved profitability with a robust order backlog in solid-state battery equipment, indicating a strong operational cash flow and successful delivery to major clients [7] - Jin Zai Food (003000) is experiencing a Q2 adjustment period, leading to a downward revision of profit forecasts for 2025-2027, reflecting a mismatch between internal expansion strategies and external market conditions [8][9] - Anpei Long (301413) reported steady growth in its temperature and pressure sensor business while investing in humanoid robotics, adjusting profit forecasts for 2025-2026 [10] - Xinde New Materials (301349) is seeing significant growth in fast-charging products, with profit forecasts adjusted upwards due to improved margins [11] - The report on China National Railway (601766) indicates strong growth in H1 2025, driven by recovery in railway fixed asset investments [18] - The report on China Duty Free Group (601888) highlights a narrowing revenue decline in Q2 2025, with a focus on expanding city store operations to boost sales [31] - Yun Aluminum (000807) reported a 17.98% increase in revenue for H1 2025, with a focus on maintaining high profit margins amid fluctuating aluminum prices [32][33]

8月，成都本土上市企业市值榜值得铭记的一个月——随着新易盛市值跨入3000亿元，创造了成都本地企业市值榜的新历史。百利天恒紧随其后跻身千亿阵 营，成都市值榜首次迎来"双千亿"盛况。 每经记者｜胥帅 每经编辑｜刘艳美 市值是衡量上市公司综合实力的重要指标。纵观A股5000余家上市公司，千亿市值企业仍属"稀缺品"。 回望十年前，成都首次诞生千亿市值企业，但"1000亿"的里程碑数字仅停留一周左右时间。尔后，成都长时间遭遇"谁是成都头牌上市企业"之问，直到2020 年，通威股份再度突破千亿市值。 五年后的今天，成都市值榜在迎来"双千亿"的同时，企业排名也经历新一轮洗牌。除开资本市场催热估值之外，还有哪些因素推动了这一变化？ | | 成都本土上市企业市值榜前十 | | | --- | --- | --- | | | (统计时间截至8月26日) | | | 证券代码 | 证券名称 | 公司市值（亿元） | | 300502.SZ | 新易盛 | 2802.67 | | 688506.SH | 百利天恒 | 1363.40 | | 600438.SH | 通威股份 | 959.82 | | 600674.SH | 川投能 ...

数据来源：Choice 洗牌 2015年6月12日，上证指数触及5178.19点高位，剑指2007年的6124.04点历史新高。始于2014年第三季度的牛市，在情绪亢奋中迎来疯狂时刻。这一天，民营 资本"涌金系"女掌门陈金霞控制的国金证券市值达到952.98亿元，成为成都区域市值榜"一哥"。 更早之前的6月5日，是成都金融史具有重要意义的一天——国金证券市值达到1027.68亿元，成为成都首个市值破千亿企业。陈金霞持有国金证券市值达到 270.69亿元，登顶成都本地上市企业富豪榜榜首。 8月，成都本土上市企业市值榜值得铭记的一个月——随着新易盛市值跨入3000亿元，创造了成都本地企业市值榜的新历史。百利天恒紧随其后跻身千亿阵 营，成都市值榜首次迎来"双千亿"盛况。 市值是衡量上市公司综合实力的重要指标。纵观A股5000余家上市公司，千亿市值企业仍属"稀缺品"。 回望十年前，成都首次诞生千亿市值企业，但"1000亿"的里程碑数字仅停留一周左右时间。尔后，成都长时间遭遇"谁是成都头牌上市企业"之问，直到2020 年，通威股份再度突破千亿市值。 五年后的今天，成都市值榜在迎来"双千亿"的同时，企业排名也经历新一轮洗 ...