通威股份有限公司 关于对外提供担保的进展公告 股票代码：600438 股票简称：通威股份 公告编号：2025-058 债券代码：110085 债券简称：通 22 转债 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： 被担保人名称： 2025 年 5 月 1 日—2025 年 5 月 31 日期间（以下简称"本次期间"）公司担保事项 被担保人均为非上市公司关联人。被担保人如下：公司下属 6 家全资子公司：成都通 威生物科技有限公司、成都蓉崃通威饲料有限公司、通威太阳能（眉山）有限公司、 和平通威有限责任公司、同塔通威有限责任公司、前江通威有限责任公司；公司下属 3 家控股子公司：越南天邦饲料有限公司、通威（海南）水产食品有限公司、通威食品 有限公司；公司 1 家合营公司：珠海海为饲料有限公司；公司 3 家联营公司：贵港史 记生物技术有限公司、湖北史记种猪畜牧有限公司、史记种猪育种（浠水）有限公司； 公司部分客户。 本次期间担保金额及已实际为其提供的担保余额： 本次期间，公司及下属子公司相互提供担保金额为 1.69 ...

Group 1 - Yong'an Futures strategically invests in leading polysilicon companies, continuing to promote the integration of production and finance resources [1] - The investment in Yongxiang Co., Ltd. aims to raise up to 10 billion yuan, with major strategic investors including top domestic financial institutions [1] - This strategic investment represents a significant breakthrough in the futures industry, enabling deeper participation in the new energy sector and optimizing industrial structure [1] Group 2 - The National Energy Administration has included distributed photovoltaic, new energy storage, and smart microgrids in the exemption scope for electricity business licensing [2] - The new policy aims to stimulate the vitality of operating entities and promote high-quality development in the industry [2] - Incremental distribution companies with electricity business licenses will enjoy rights to invest and manage distribution networks within their designated areas [2] Group 3 - Yangzhou Bangjie continues to suspend production due to intensified competition and significant price declines in the photovoltaic industry [3] - The company will closely monitor industry developments and make cautious decisions regarding resuming production based on shareholder interests [3] - The seamless clothing business remains the primary revenue source for Bangjie, maintaining stable profitability despite challenges in the photovoltaic sector [3] Group 4 - GCL-Poly Energy achieved a record high in distributed photovoltaic green electricity trading, reaching 14 million kWh in May [5] - This trading volume represents an 86.7% increase from April, involving 140 distributed photovoltaic power stations [5] - The company has completed over 35 million kWh of distributed photovoltaic green electricity trading and over 1 million green certificate transactions by 2025 [5]

Core Viewpoint - The China Securities New Materials Theme Index has shown a slight increase of 0.11% recently, but has experienced declines over the past month, three months, and year-to-date, indicating a challenging market environment for the new materials sector [1][2]. Group 1: Index Performance - The China Securities New Materials Theme Index closed at 2804.76 points with a trading volume of 18.599 billion yuan [1]. - Over the past month, the index has decreased by 0.38%, by 9.16% over the last three months, and by 5.65% year-to-date [1]. Group 2: Index Composition - The index comprises 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, inorganic non-metals, and other strategic materials [1]. - The top ten weighted companies in the index are: CATL (10.54%), North Huachuang (10.05%), Wanhua Chemical (7.57%), Longi Green Energy (6.46%), Huayou Cobalt (3.38%), Tongwei Co. (3.25%), Sanan Optoelectronics (3.15%), Baofeng Energy (2.63%), and Greeenme (2.32%) [1]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shenzhen Stock Exchange (54.94%), followed by the Shanghai Stock Exchange (44.50%) and the Beijing Stock Exchange (0.56%) [1]. - In terms of industry distribution, industrials account for 43.27%, materials for 32.99%, and information technology for 23.74% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Public funds tracking the new materials index include various ETFs such as Hua Bao CSI New Materials ETF and Tianhong CSI New Materials ETF [2].

Core Insights - The photovoltaic industry in China is experiencing unprecedented deep adjustments, with companies facing significant operational losses and intensified "involution" competition, necessitating a shift from cost competition to value creation through technological innovation and strategic adjustments [1][2][3] Industry Performance - In 2024, the photovoltaic industry faced severe challenges, with a new installed capacity of 277.57 GW, a year-on-year increase of 28.3%. However, the industry saw a significant decline in revenue, with major companies like JinkoSolar reporting a revenue drop of 22.08% to 92.471 billion yuan, and LONGi Green Energy experiencing a 36.23% decline to 82.58 billion yuan [2] - The photovoltaic equipment sector reported a revenue of 927.1 billion yuan in 2024, reflecting a negative growth of 22.81%, with a net profit loss of 26.6 billion yuan, a year-on-year decline of 127.13% [2] Financial Struggles - The loss-making trend among photovoltaic companies is expanding, with cash flow crises becoming more pronounced. However, some companies like Sungrow reported a revenue increase of 50.92% to 19.036 billion yuan in Q1 2025, alongside a net profit growth of 82.52% [3] - Overall, the profit recovery across the photovoltaic industry chain remains limited, with companies still under operational pressure [3] Competitive Landscape - The industry is plagued by "involution" competition, characterized by price wars and patent disputes, leading to widespread losses across the supply chain. For instance, the price of monocrystalline silicon dropped from 65,000 yuan/ton at the beginning of 2024 to 40,000 yuan/ton by year-end [4] - The ongoing patent wars, such as the lawsuits between Trina Solar and Canadian Solar, further exacerbate competition, with claims reaching up to 1.058 billion yuan [4][6] Innovation and Future Strategies - To overcome current challenges, the photovoltaic industry must focus on technological innovation and diversify business models. Emphasizing high-efficiency battery technologies like PERC, HJT, and TOPCon is crucial for sustainable development [7] - Collaborative international expansion is emerging as a new model for the industry, involving upstream and downstream partnerships to mitigate risks in foreign markets and enhance competitiveness [8]

股票代码：600438 股票简称：通威股份 公告编号：2025-057 债券代码：110085 债券简称：通 22 转债 注 1：上述股份的质押合同未约定质押到期日，当通威集团办理解除质押登记手续之日即为质押到期日。 通威股份有限公司 关于控股股东股份质押的公告 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： 通威集团有限公司（以下简称"通威集团"）持有通威股份有限公司（以下简称 "本公司"）45.24%的股份，为本公司控股股东。截止本公告披露日，通威集团累 计质押 509,260,000 股，合计占本公司总股本的 11.31%，占其所持本公司股份总数的 25.01%。 本公司于近日收到通威集团关于部分股份质押的通知，具体事项如下： 一、上市公司股份质押情况 | 股东 | 是否为控 | 本次质押股 | 是否为 | 是否补 | 质押起 | 质押到期日 | 质权人 | 占其所持 | 占公司 总股本 | 质押融资 | | --- | --- | --- | --- | --- | --- | --- | --- | ...

股票代码：600438 股票简称：通威股份 | 司 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 是否为控 | 本次质押股 | | 是否为 | 是否补 | | 质押 | | | | | 起 | | | | 占其所持 | 质押融资 | | | | | | | | | | | | 质押到期日 | | | | 质权 | | | 人 | 总股本 | | | | | | | | | | | 名称 | 股股东 | 数（股） | | 限售股 | 充质押 | 始 | | | | | | 日 | | | | 股份比例 | 资金用途 | | | | | | | | | | | | | | | | | 比例 | | 通威集 | | | | | | 办理解除 | | | | | | 质 | | | | 维持自身 | | | | | | | | 团有限 | 是 | 60,000,000 | 否 否 | | | | 押登记手续 | | | | | 2.95% | 1.33% 生产经营 | | ...

通威股份有限公司 关于控股股东股份质押的公告 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： 通威集团有限公司（以下简称"通威集团"）持有通威股份有限公司（以下简称 "本公司"）45.24%的股份，为本公司控股股东。截止本公告披露日，通威集团累 计质押 509,260,000 股，合计占本公司总股本的 11.31%，占其所持本公司股份总 数的 25.01%。 本公司于近日收到通威集团关于部分股份质押的通知，具体事项如下： 一、上市公司股份质押情况 | 股东 | 是否为控 | 本次质押股 | 是否为 | 是否补 | 质押起 | | 质押到期日 | 质权人 | 占其所持 | 占公司 总股本 | 质押融资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 股股东 | 数（股） | 限售股 | 充质押 | 始日 | | | | 股份比例 | 比例 | 资金用途 | | 通威集 团有限 | 是 | 60,0 ...

Core Viewpoint - The China Securities New Materials Theme Index has shown a decline of 0.8% recently, reflecting a challenging market environment for companies in the new materials sector [1] Group 1: Index Performance - The China Securities New Materials Theme Index closed at 2809.59 points with a trading volume of 17.415 billion yuan [1] - Over the past month, the index has increased by 0.04%, but it has decreased by 9.99% over the last three months and by 4.63% year-to-date [1] Group 2: Index Composition - The index comprises 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, inorganic non-metals, and other strategic materials [1] - The top ten weighted companies in the index are: CATL (10.63%), North Huachuang (9.86%), Wanhua Chemical (7.67%), Longi Green Energy (6.45%), Huayou Cobalt (3.4%), Tongwei Co. (3.38%), Sanan Optoelectronics (3.24%), Sanhuan Group (3.19%), Baofeng Energy (2.63%), and Greeenmei (2.32%) [1] Group 3: Market Segmentation - The index's holdings are primarily listed on the Shenzhen Stock Exchange (54.67%), followed by the Shanghai Stock Exchange (44.77%) and the Beijing Stock Exchange (0.56%) [1] - In terms of industry distribution, industrial companies account for 43.47%, raw materials for 33.01%, and information technology for 23.52% [2] Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - Public funds tracking the new materials index include various ETFs and fund products from companies like Huabao, Guotai, and Tianhong [2]

Group 1 - The core viewpoint is that supply-side reform, technological transformation, and overseas changes are the current focal points in the photovoltaic industry, which is experiencing a cash flow loss across the main chain and is at the bottom of the profit cycle [1] - The photovoltaic industry is expected to gradually recover due to enhanced expectations of supply-side reform, with policies aimed at controlling capacity growth and expanding demand to stabilize prices and return to reasonable profit levels [1] - The industry is transitioning from "scale expansion" to "quality first," focusing on high-quality development, energy consumption control, and technological innovation to accelerate industry clearing and promote stable development [1] Group 2 - The European commercial storage market is expected to see significant growth, with installed capacity projected to double from 2.7 GWh in 2024 to 5.4 GWh in 2025, and reach 19.5 GWh by 2028, reflecting a compound annual growth rate of 64% from 2024 to 2028 [2] - The demand for inverters is anticipated to increase during peak seasons, driven by the growth in commercial storage installations in Europe [2] Group 3 - Technological advancements such as BC, HJT, and copper paste are driving the industry forward, with companies like Aiko and Longi leading in BC technology, and the introduction of pure copper paste expected to accelerate the iteration of new technologies [3] - The price of silver paste constitutes over 50% of the non-silicon cost of batteries, making the development of silver reduction technologies a priority for major manufacturers [3] Group 4 - The photovoltaic industry has a high level of domestic production capacity, with significant progress in domestic quartz sand resources, which are crucial for the industry [4] - The discovery of high-purity quartz resources in regions like Henan and Xinjiang is expected to accelerate the domestic replacement of imported materials [4] Group 5 - Investment recommendations include focusing on the inverter segment due to stable demand and performance, with specific companies highlighted for potential investment [5] - Attention is also drawn to technological advancements in BC, HJT, and low-silver technologies, with several companies recommended for investment based on their progress in these areas [5] - The domestic replacement of quartz sand and the overseas battery capacity gap are additional areas of focus for investment opportunities [5]

5月19日至5月25日，券商给予上市公司目标价共223次，按最新收盘价计算，目标价涨幅排名居前的公 司有凯因科技、亚信安全、今世缘，目标价涨幅分别为68.49%、67.84%、65.93%，分别属于生物制 品、软件开发、白酒行业。 | | | | 5月19日全5月25日目标价获幅排名 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 证券代码 证券名称 | | 机构 | 最新评级 | 废局日标0 | | | 行业 | | 688687 | 凯因科技 | 华泰金融控股(香港) | 头人 | 44. 97 | 26. 69 | 68. 49 | 生物制品 | | 688225 | 亚信安全 | 国泰海通证券 | 增持 | 33. 40 | 19. 90 | 67.84 | 软件开发 | | 603369 | 今世缘 | 华创证券 | 强推 | 75.00 | 45. 20 | 65. 93 | 日酒 | | 600519 | 贵州茅台 | 华创证券 | 强推 | 2600. 00 | 1572. 60 | 65. 33 | 日酒 | | 6 ...