Core Viewpoint - Tongwei Co., Ltd. has successfully completed a strategic capital increase of 4.916 billion yuan for its subsidiary, Sichuan Yongxiang Co., Ltd., attracting 11 investment institutions, including several with state-owned backgrounds, despite the amount being half of the previously estimated scale [1][4]. Group 1: Capital Increase Details - The total capital increase amount is approximately 4.916 billion yuan, which is the largest single private equity financing amount disclosed in Sichuan Province for 2025 [3][4]. - After the capital increase, Tongwei's shareholding in Yongxiang has been diluted to 84.60%, while new investors hold a combined 15.40% [2][3]. - The funds from this capital increase will be used to repay bank loans and supplement working capital for Yongxiang and its subsidiaries [4]. Group 2: Company Performance and Market Context - Yongxiang Co., Ltd. has a production capacity of over 900,000 tons of high-purity crystalline silicon and has ranked first globally in market share and shipment volume since 2021 [5]. - In 2023, Yongxiang achieved a revenue of 45.03 billion yuan and a net profit of 15.18 billion yuan, but faced a net loss of nearly 1 billion yuan in the first three quarters of 2024 due to a downturn in the photovoltaic industry [5]. - Analysts suggest that the financing indicates that leading companies in the photovoltaic sector can endure longer despite the industry's challenges, but it does not change the overall trend of the market [5]. Group 3: Analyst Perspectives - Citigroup upgraded Tongwei's rating from "Sell" to "Buy," raising the target price from 14 yuan to 25 yuan, anticipating benefits from supply-side reforms that will reduce excess industry capacity [6]. - The analyst believes Tongwei is well-positioned to capitalize on potential benefits from supply-side reforms in the polysilicon production sector, enhancing its competitive cost structure [6].

自2024年7月政治局会议提出防止"内卷式"恶性竞争，至2025年7月1日中央财经委员会正式提出依法依规治理企业低价无序竞争，推动 落后产能有序退出，反内卷相关政策是在不断推进加强的。当前外有关税冲击、出口环境恶劣，加剧国内产能过剩；内有多行业长期有 规模无利润，行业生态日益恶劣，已陷入低价通缩循环。因此治理无序竞争、调整产能结构、促进产业升级的反内卷势在必行。特别是 光伏、汽车、钢铁等重点行业。 此次会议研讨后，我们认为反内卷影响周期长，至少是下半年一条交易主线，部分板块存在投资机会。商品主要关注多晶硅，股票关注 通威和隆基，同时股指300也是较好的标的。 具体商品来看： 以下文章来源于混沌天成研究 ，作者能化组 混沌天成研究 . 混沌天成研究院官方公众号。基于混沌天成的地方触角和国际化架构，我们致力于打造一家草根信息与高科技结合，中国国情和国际视野兼备的商品期货 和全球宏观研究院。 来源 | 混沌天成研究 编辑 | 杨兰 审核 | 浦电路交易员 观点概述 进入7月，"反内卷"新一轮供给侧改革论调，已开始成为近期商品交易的一大主线。此轮反内卷与以往有何不同，是否将是下半年的投资 主线，各板块又存在哪些投资机 ...

Group 1 - The core finding of the report indicates that the top ten global solar photovoltaic module manufacturers are expected to ship a record 500 GW in 2024, nearly double the previous year's volume, despite these leading companies collectively incurring a loss of $4 billion [1] - The report highlights that these top manufacturers account for 62% of global production capacity and 89% of module shipments, showcasing a high level of industry concentration [1] - The ranking includes manufacturers from over 10 countries, with Jinko Solar leading the list with a score of 90.6, followed closely by JA Solar and LONGi Green Energy [2] Group 2 - Geographic expansion is identified as a key strategy to address trade challenges, with China remaining the dominant player in solar module manufacturing, while emerging competitors like India, South Korea, and Vietnam are rapidly closing the gap [3] - The report emphasizes a continuing trend of vertical integration among manufacturers, with a focus on upstream control, as top module producers increasingly integrate battery production into their operations [3] - Several companies are accelerating investments in wafer manufacturing, reflecting the industry's shift towards comprehensive vertical integration [3]

来自乐山。 作者 I 刘博 报道 I 投资界PEdaily 一个来自四川的超级独角兽映入眼帘。 投资界获悉，通威股份近日公告，子公司永祥股份引入战略投资者进展暨实施增资扩股完 成，共引入11家战略投资者，合计投资4 9 . 16亿元。引人注目的是，永祥股份投前估值已 高达2 7 0亿元。 看似名不见经传的永祥股份，有何来头？坐落于四川乐山市，永祥股份早在2 0 0 2年就成 立，系通威股份在光伏产业版图的最早布局。后者外界并不陌生，由刘汉元一手创建，从 渔业做起，崛起成一家光伏巨头，如今交由他的女儿刘舒琪掌舵。 一举拿下近50亿，永祥股份刷新了今年四川最大融资纪录。 四川乐山超级独角兽 估值270亿 这笔融资要从今年3月说起。 彼时，通威股份发布公告称，永祥股份拟引入战略投资者并实施增资扩股，拟以增资扩股 前 永祥 股 份股 权估 值 270 亿 元， 引 入战 略 投 资 者， 向永祥股 份合 计 增 资 不 超 过 100 亿 元。 四个月过去，这笔融资最终敲定落地，投资 方 阵容浮出水面—— 领投方为工银金融资产投资有限公司、中国中信金融资产管理股份有限公司，其余投资方 为交银金融资产投资有限公司、中银 ...

Core Viewpoint - The photovoltaic industry has shown active performance since July, driven by "anti-involution" policies, attracting significant market attention and capital inflow [1][2] Group 1: Market Performance - As of July 10, 2025, the photovoltaic ETF (515790) has accumulated a capital inflow of 1.469 billion yuan since July, with an average daily trading volume of 855 million yuan, and a single-day capital inflow of 315 million yuan on July 10 [1] - The latest scale and share of the photovoltaic ETF reached 16.961 billion shares and 12.367 billion yuan, with monthly increases of 14.35% and 23.87%, respectively, marking a historical high in share size since its inception [1][2] Group 2: Price Trends - Recent reports indicate a stabilization and recovery trend in the prices across multiple segments of the photovoltaic industry chain, with expectations of price increases in polysilicon leading to fluctuations in downstream silicon wafer prices [1] - Several silicon material companies have begun adjusting their product prices, demonstrating a strong determination to maintain pricing, which may lead to a systematic rebound in prices across the industry chain [1][2] Group 3: Industry Outlook - According to CITIC Securities, the recovery of industry chain prices is a crucial step towards achieving "anti-involution" in the photovoltaic sector, with expectations for a solidification of the industry's fundamentals and the establishment of a long-term mechanism for eliminating outdated production capacity [2] - The photovoltaic ETF (515790) closely tracks an index covering the entire photovoltaic industry, selecting no more than 50 representative companies, with the top five constituent stocks being leading firms in the industry, likely to benefit from the overall price recovery [2]

行 业 及 产 业 电力设备/ 光伏设备 2025 年 07 月 11 日 硅料硅片价格跳涨，反内卷催化产 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 李冲 A0230524070001 lichong@swsresearch.com 马天一 A0230525040004 maty@swsresearch.com 研究支持 李冲 A0230524070001 lichong@swsresearch.com 联系人 李冲 (8621)23297818× lichong@swsresearch.com ⚫ 硅料价格持续上涨，目前已经抬升至头部企业完全成本附近。在反内卷与行业自律的持 续推动下，硅料价格不断上涨，据测算行业头部硅料企业的完全成本在 4.2~5.1 万/吨 之间，目前现货报价已经接近 4.5 万/吨，按目前价格测算，部分企业单吨盈利已经达 到 3000 元。本轮反内卷为自上而下推行，在强约束下，预计涨价不会推动硅料开工率 提升，因此后续在行业自律和反内卷预期下，硅料价格有望持续上涨。 ⚫ 产业链价格开始逐级向下传导，后续有望看到组件价格提升。目前除了硅料报价提升之 ...

如何看待反内卷进程？ 当前光伏投资机会展望 20250710 摘要 Q&A 光伏行业目前的供给侧改革进展如何？ 多晶硅行业通过 CPI 年度大会及月度例会，对企业生产配额进行管控， 旨在恢复产业链报价并降低开工率，类似于 OPEC 模式，通过行政手段 干预市场供需关系。 协鑫科技提出产能并购整合方案，通过金融机构支持，头部公司联合并 购低效产能，以实现产能出清和可控，该方案已获政府确认并推进。 近期多晶硅价格显著上涨，n 型居民料报价从 33.5 元/公斤上涨至 40 元 /公斤，预计本周内最高报价可能达到 45 元/公斤，安泰科对报价的严格 要求进一步支撑价格上涨趋势。 光伏需求总体稳定，地面电站需求受集中式项目企稳支撑，工商业分布 式项目自发自用未受政策影响，海外需求预计自 7 月起环比复苏，出口 退税取消政策亦有助推作用。 2025 年 7 月全行业多晶硅排产为 10.4 万吨，环比小幅上升，主要由于 云南地区丰水期产能复产，预计八九月份西南、西北地区部分产能将持 续复产。 哪些光伏标的值得关注？ 多晶硅价格未来几个月的走势如何？ 多晶硅价格预计将继续上涨。根据 SMM 官方报价，上周 n 型居民料报价 ...

Group 1: Photovoltaic Silicon Material Industry - The photovoltaic silicon material industry is expected to accelerate capacity consolidation, with the Ministry of Industry and Information Technology emphasizing the need for high-quality development in the solar industry [1] - By 2027, the industry is projected to enter a stable development phase, with significant advantages in the silicon material segment due to differences in capacity costs and financial strength among companies [1] - Key companies to watch include GCL-Poly Energy, Xinte Energy, Tongwei Co., and TBEA [1] Group 2: Solid-State Battery Industry - The solid-state battery industry is witnessing continuous advancements, with equipment from Winbond Technology successfully delivered to major domestic clients [2] - Material production is ramping up, with significant capacity in oxide electrolytes and expectations for sulfide electrolytes to achieve ton-level shipments by 2025 [2] - Companies of interest in this sector include Xiamen Tungsten, Tianqi Lithium, and others involved in the solid-state battery supply chain [2] Group 3: Offshore Wind Power Development - The central government is promoting the orderly development of offshore wind power, with a focus on enhancing the marine economy and encouraging private investment [3] - Goldwind Technology has secured over 7.7GW of international orders for 2024, with significant revenue growth reported for its international subsidiary [3] - Key players in the wind power sector include Goldwind Technology, Oriental Cable, and Dajin Heavy Industry [3] Group 4: Data Center Investment - Global data center investments are accelerating, with Amazon planning to invest AUD 20 billion (approximately USD 13.1 billion) in Australia and SK Telecom collaborating with Amazon Web Services for a significant data center project in South Korea [4] - The deployment of NVIDIA's GB300 AI systems is underway, indicating a growing demand for AI computing resources [4] - Companies to monitor in the AIDC power equipment sector include Jinpan Technology, Xinte Electric, and others [4] Group 5: Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, with Goldwind Technology rated "Outperform" and projected to have an EPS of 1.28 in 2025 [5] - Jinpan Technology and other companies also received "Outperform" ratings, indicating positive market sentiment [5] Group 6: Industry Performance Overview - The electric power equipment sector outperformed the market in June, with a 6.68% increase compared to a 2.5% rise in the CSI 300 index [13] - The sector's PE ratio at the end of June was 30.3, reflecting a slight recovery in valuations [13] - The report highlights that the electric power equipment industry has shown strong performance across various sub-sectors, including lithium battery materials and wind power [23]

智通财经APP获悉，近日，大摩发布行业研究报告指出，近期中国政府对太阳能行业的无序竞争问题愈发关 注，但认为太阳能行业供给侧改革的实施存在不确定，在执行层面，存在需求疲软、市场参与者以民营企业 为主等风险。与2024年10月的上次短期上涨相比，大摩认为中央政府对光伏市场无序竞争的关注度有所提 升，而行业基本面却在恶化。 行业观点：具有吸引力 自6月30日至7月8日，中国太阳能股票——尤其是多晶硅企业（通威、大全、协鑫集成和新特）股价上涨了 28%-36%（相比之下，恒生指数上涨0.3%，上证综指上涨1.5%）。 大摩列举以下供给侧改革相关新闻动态： 6月29日，《人民日报》强调了太阳能组件行业的内卷式竞争。 （1）由于5月的政策节点（2025年1-5月太阳能装机量为198GW），2025年下半年光伏需求可能会下降。 （2）中国光伏制造价值链由民营企业主导，且2022年以来，许多新产能是在地方政府招商引资的背景下建成 的。 （3）光伏价值链上的多晶硅/硅片/电池片/组件等环节的大部分新产能建于2022-2024年，并且采用了新的减排 标准和新技术。 （4）多晶硅库存水平较高（>300千吨），相当于四个月或以上的 ...

| 股票代码：600438 | 股票简称：通威股份 | | | 公告编号：2025-065 | | --- | --- | --- | --- | --- | | 债券代码：110085 | 债券简称：通 | 22 | 转债 | | 自 2025 年 10 月 11 日起首个交易日重新开始计算，如"通 22 转债"未 来再次触发转股价格向下修正条款，公司董事会将再次召开会议决定是否行使 "通 22 转债"转股价格向下修正的权利。 一、"通 22 转债"基本情况 经中国证券监督管理委员会证监许可[2021]4028 号文核准，公司于 2022 年 2 月 24 日公开发行了 12,000 万张可转换公司债券，每张面值 100 元，共计 120 亿元。本次可转债期限 6 年，自 2022 年 2 月 24 日起至 2028 年 2 月 23 日止， 票面利率为第一年 0.20%、第二年 0.40%、第三年 0.60%、第四年 1.50%、第 五年 1.80%、第六年 2.00%。 经上海证券交易所自律监管决定书[2022]61 号文同意，公司本次发行的 1,200,000.00 万元可转换公司债券于 2022 年 ...