Group 1: Core Insights - The report highlights a structural growth in the global photovoltaic (PV) market, with domestic installations expected to reach 270-300 GW in 2025, driven by a policy-induced rush in installations [1][2] - Emerging markets in Asia, Africa, and Latin America are identified as key growth drivers, contributing significantly to global PV growth, with expectations of 570-630 GW of new installations worldwide [1][26] - The report anticipates a shift in the industry focus from scale expansion to efficiency and value creation, influenced by new policies and market dynamics [2][34] Group 2: Demand Analysis - Domestic demand for PV installations in China showed a 39% year-on-year increase, with a total of 252.87 GW installed from January to October 2025 [11][24] - The report notes a significant surge in installations during May 2025, with a record monthly addition of 92.92 GW, driven by new policy announcements [11][24] - Emerging markets are projected to contribute over 223 GW of new installations in 2025, with notable growth in the Middle East, Southeast Asia, and Latin America [26][51] Group 3: Supply Dynamics - The report discusses a supply-side cleanup in the PV industry, with policies aimed at curbing low-price competition and tightening energy consumption standards [2][34] - The price of polysilicon has rebounded by nearly 50% since July 2025, indicating a recovery in the supply chain and improved profitability for leading companies [2][34] - Technological advancements, such as bifacial cell technology and perovskite solar cells, are expected to enhance efficiency and drive down costs, benefiting upstream material and equipment manufacturers [2][6] Group 4: Investment Opportunities - The report identifies three key investment opportunities within the PV industry: price elasticity recovery, new technology adoption, and the commercialization of perovskite solar cells [6][7] - Companies with cost advantages in various segments of the supply chain are recommended for investment, including GCL-Poly Energy, Tongwei Co., and LONGi Green Energy [6][7] - The commercialization of perovskite technology is highlighted as a significant opportunity, with companies like JinkoSolar and LONGi benefiting from this trend [6][7]

证券研究报告 | 行业周报 gszqdatemark 2026 01 04 年 月 日 电力设备 -10% 6% 22% 38% 54% 70% 2025-01 2025-05 2025-08 2025-12 电力设备 沪深300 硅片电池价格持续走高，两部委发布 2026 年消费品以旧换新通知 光伏：硅片电池价格持续走高，组件涨价预期增强。据 InfoLink Consulting，延续 上周偏强的价格走势，硅片厂于上周四陆续上调报价，整体市场仍维持挺价基调。 从各尺寸表现来看，183N 硅片新一轮报价普遍上调至每片 1.40 元人民币，210RN 主流报价同步调整至每片 1.50 元人民币，210N 上周四起报价上移至每片 1.70 元 人民币，相较上周三以前出现明显抬升，且已有零星成交陆续释出。继上周各尺寸 报价持续上涨，本周一线电池厂家基本能达到每瓦 0.38 元以上价格，报价每瓦 0.39-0.40 元以上则有少量成交。近期头部组件企业普遍响应行业自律行为，陆续 上调组件报价。在涨价讯号逐步明确的背景下，分布式分销渠道率先出现成交上 行。组件端开始反映银价成本的抬升上调报价，在上周调涨 TOPCon ...

Core Insights - The report emphasizes the growth potential in the energy storage sector, driven by the implementation of capacity pricing mechanisms in China and increasing demand for energy storage solutions globally, particularly in the context of AI advancements [7][14][27] - The photovoltaic (PV) industry is expected to see a reversal in profitability due to ongoing technological innovations and regulatory measures aimed at curbing excessive competition [7][14][27] Energy Storage - Large-scale energy storage in China is transitioning towards market-driven models, with the introduction of capacity pricing mechanisms expected to enhance the economic viability of storage projects. The expected installed capacity for energy storage in China is projected to reach 154 GWh in 2025, 254 GWh in 2026, and 337 GWh in 2027, representing year-on-year growth rates of 40.2%, 65.2%, and 32.5% respectively [7][14][27] - The report highlights that the U.S. is experiencing rapid growth in energy storage demand, particularly driven by data center construction, with an anticipated addition of 13 GW of data centers leading to a storage demand of 10.7 to 25 GWh [7][14][27] - In Europe, the demand for flexible resources is increasing, and the development of large-scale storage is accelerating due to improved business models and subsidies. The report forecasts that global energy storage installations will reach approximately 279 GWh in 2025, 423 GWh in 2026, and 563 GWh in 2027, with year-on-year growth rates of 44%, 52%, and 33% respectively [7][14][27] Photovoltaic Industry - The report notes that the PV industry is undergoing a "de-involution" process, with regulatory bodies emphasizing the need to address price violations and excessive competition within the sector. This is expected to lead to improved profitability in the downstream component segment of the PV industry by 2026 [7][14][27] - Global PV installations are projected to reach nearly 580 GW in 2026, reflecting a year-on-year growth of 6%, driven by reasonable capacity limits in various regions [7][14][27] - Technological innovations aimed at reducing costs and increasing efficiency are expected to facilitate a reversal in profitability for the PV sector, with advancements in battery technology playing a crucial role [7][14][27] Investment Recommendations - The report recommends investing in leading companies in the PV sector that are driving N-type technology innovations, such as JinkoSolar, Tongwei Co., Longi Green Energy, and JA Solar. It also suggests focusing on companies benefiting from new technological iterations in auxiliary materials [7][14][27] - In the energy storage sector, it highlights companies with technological leadership and competitive advantages, such as Sungrow Power Supply, Hubei Huadian, Canadian Solar, and Shenghong Technology, while also suggesting attention to firms like Shuneng Electric and Kehua Data [7][14][27]

Group 1 - The silicon energy concept declined by 1.03%, ranking among the top declines in the concept sector, with companies like Jitai Co., Yijing Optoelectronics, and Dongyue Silicon Materials experiencing significant drops [1] - Among the silicon energy sector, 42 stocks saw net outflows of main funds, with TBEA leading at a net outflow of 3.32 billion yuan, followed by Longi Green Energy and Tongwei Co. with net outflows of 3.07 billion yuan and 1.74 billion yuan respectively [2][3] - The top gainers in the silicon energy sector included Guosheng Technology, Shuangliang Energy, and Dongfang Risheng, with increases of 7.84%, 1.55%, and 1.24% respectively [1][2] Group 2 - The overall market saw a net outflow of 1.755 billion yuan from the silicon energy concept, indicating a significant withdrawal of capital from this sector [2] - The trading volume for stocks in the silicon energy sector varied, with some stocks like Jitai Co. and Yijing Optoelectronics showing high turnover rates of 7.72% and 7.83% respectively, despite their price declines [3][4] - The main funds' inflow was observed in stocks such as Dongfang Risheng, Shuangliang Energy, and Tuojin New Energy, with net inflows of 678.32 million yuan, 304.35 million yuan, and 219.18 million yuan respectively [4]

Core Viewpoint - Tongwei Co., Ltd. has experienced a decline in stock price and financial performance, with significant net outflows of capital and a decrease in revenue and profit year-on-year [1][2]. Group 1: Stock Performance - On December 31, Tongwei's stock price fell by 2.05%, reaching 20.58 CNY per share, with a trading volume of 816 million CNY and a turnover rate of 0.87% [1]. - The company's stock has decreased by 6.92% year-to-date, with a 2.19% drop over the last five trading days, 6.54% over the last 20 days, and 7.67% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Tongwei reported a revenue of 646 billion CNY, a year-on-year decrease of 5.38%, and a net profit attributable to shareholders of -5.27 billion CNY, down 32.64% year-on-year [2]. - The company has distributed a total of 251.92 billion CNY in dividends since its A-share listing, with 169.23 billion CNY distributed in the last three years [3]. Group 3: Shareholder and Institutional Holdings - As of December 19, the number of shareholders for Tongwei increased to 293,500, a rise of 16.48%, while the average circulating shares per person decreased by 14.15% to 15,337 shares [2]. - Major institutional shareholders have reduced their holdings, with Hong Kong Central Clearing Limited holding 136 million shares, down by 27.91 million shares from the previous period [3].

Group 1 - The aquaculture sector experienced a decline on December 31, with *ST Jiawo dropping by 4.75%, Zhongshui Fishery decreasing by 1.6%, and Tongwei Co., Ltd. falling by 1.57% [1]

Group 1 - The core point of the news is that Tongwei Co., Ltd. plans to conduct hedging activities in 2026 to mitigate risks associated with raw material and product price fluctuations, as well as interest and exchange rate volatility [1][2][3] - On December 30, 2025, Tongwei's stock closed at 21.01 yuan, down 2.32%, with a turnover rate of 1.43% and a trading volume of 642,800 lots, amounting to a total transaction value of 1.354 billion yuan [1] - On the same day, the net outflow of main funds was 66.7736 million yuan, accounting for 4.93% of the total transaction value, while retail investors saw a net inflow of 43.8711 million yuan, representing 3.24% of the total transaction value [1][3] Group 2 - The planned hedging activities will involve commodity, foreign exchange, and interest rate derivatives, with a maximum value of 3 billion yuan for commodity contracts, 2.4 billion USD for foreign exchange, and 400 million USD for interest rate hedging on any given day [2][3] - The funding for these hedging activities will come from the company's own funds and credit from financial institutions, and the board of directors has approved this plan without requiring shareholder meeting approval [2]

Core Viewpoint - Tongwei Co., Ltd. plans to conduct hedging activities from January 1 to December 31, 2026, to mitigate risks associated with raw material and finished product price fluctuations, as well as foreign exchange and interest rate risks [1] Group 1: Stock Performance - As of December 30, 2025, Tongwei's stock closed at 21.01 yuan, down 2.32% from the previous trading day, with a total market capitalization of 94.587 billion yuan [1] - The stock opened at 21.29 yuan, reached a high of 21.44 yuan, and a low of 20.95 yuan, with a trading volume of 1.354 billion yuan and a turnover rate of 1.43% [1] Group 2: Hedging Business Announcement - The company announced plans to engage in hedging activities involving commodity, foreign exchange, and interest rate derivatives [1] - The maximum value for commodity hedging contracts is set at 3 billion yuan, foreign exchange hedging at 2.4 billion USD, and interest rate hedging at 400 million USD [1] - Funding for these activities will come from the company's own funds and credit from financial institutions [1] - The board of directors has approved this plan, and it does not require shareholder meeting approval [1] - The company emphasizes that the hedging activities are not for speculative purposes and has established risk control measures to address market, credit, and operational risks [1]

证券代码：600438 证券简称：通威股份 公告编号：2025-089 通威股份有限公司 关于 2026 年度开展套期保值业务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司第九届董事会审计委员会第三次会议、第九届董事会第六次会议，审议 通过了《关于 2026 年度开展套期保值业务额度预计及可行性分析的议案》。该议 案无需提交公司股东会审议。 特别风险提示 公司及子公司开展套期保值业务，遵循合法、谨慎、安全和有效的原则，不 从事以投机为目的的金融衍生品交易，但同时也会存在一定的市场风险、违约风 险、操作风险等，敬请广大投资者注意投资风险。 一、交易情况概述 （一）交易目的 公司生产所需原料涉及饲料原料、太阳能光伏上游材料和化工产成品，包括 玉米、豆粕、菜粕、油脂、白银、铜、铝、锡、PVC、工业硅等，公司生产的产 品涉及制成化工品、多晶硅等，上述各类原材料及产品市场价格波动均较大，容 易对公司经营产生较大影响。此外，公司在多个海外国家与地区开展业务，在利 率市场化的金融环境下进行融资，存在汇率与利率风 ...

通威股份有限公司 1、市场风险 衍生品交易市场价格波动较大，如出现极端行情，可能产生价格波动风险， 造成交易损失。 关于 2026 年度开展套期保值业务的可行性分析报告 通威股份有限公司（以下简称"公司"）2026 年拟开展套期保值业务，充分 利用金融市场工具提升公司防御风险能力，降低商品价格、利率、汇率波动对公 司经营及业绩的影响，保障公司稳健经营，其相关必要性与可行性分析如下： 一、公司开展套期保值业务的目的和必要性 公司开展套期保值业务是为了规避原材料和产成品价格以及利率、汇率的波 动对公司生产经营带来的重大影响，相关业务开展均不以投机为目的。 公司生产所需原料涉及饲料原料、太阳能光伏上游材料和化工产成品，包括 玉米、豆粕、菜粕、油脂、白银、铜、铝、锡、PVC、工业硅等，公司生产的产 品涉及制成化工品、多晶硅等，上述各类原材料及产品市场价格波动均较大，容 易对公司经营产生较大影响。此外，公司在多个海外国家与地区开展业务，在利 率市场化的金融环境下进行融资，存在汇率与利率风险。为保持公司经营业绩持 续稳定，规避和转移现货市场的价格波动，防范利率、汇率风险，公司拟开展套 期保值业务，在相应品种上的套保数量将 ...