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：2026-011 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： 2026 年 2 月 1 日—2026 年 2 月 28 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 3 家全资子公司：通威电力 工程（成都）有限公司、通威太阳能（盐城）有限公司、越南通威有限责任公司；公 司下属 1 家控股子公司：通威（海南）水产食品有限公司；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 2.45 亿元；公司子公司通威农 业融资担保有限公司（以提供担保为主营业务的持有金融牌照的公司子公司，以下简 称"农业担保公司"）为客户提供担保的担保责任金额为 1.04 亿元。 截至 2026 年 2 月 28 日，公司及下属子公司相互提供担保实际余额为 439.68 ...

Investment Rating - The report maintains a strong outperform rating for the industry, indicating a positive outlook for investment opportunities [1]. Core Insights - The report highlights significant growth in the wind turbine export scale, projecting a year-on-year increase of 48.9% in 2025, with a total export capacity of 7.73GW [5][10]. - In the photovoltaic sector, Tongwei Co., Ltd. is planning to acquire 100% of Qinghai Lihua, indicating a trend towards consolidation in the polysilicon industry amidst ongoing supply-demand imbalances [28]. - The report notes that the energy storage and hydrogen sectors are experiencing robust demand, with a recommendation to focus on companies with strong competitive positions in these markets [6]. Summary by Sections Wind Power - The wind power index increased by 6.06%, outperforming the CSI 300 index by 4.98 percentage points, with a current PE_TTM valuation of approximately 24.55 times [4][11]. - Seven turbine manufacturers exported to 28 countries, with Goldwind Technology leading at 3.86GW, representing 49.9% of total exports [5][10]. Photovoltaics - The photovoltaic equipment index rose by 1.88%, surpassing the CSI 300 index by 0.80 percentage points [29]. - The acquisition of Qinghai Lihua by Tongwei Co., Ltd. reflects a shift towards mergers and acquisitions in the polysilicon sector, aiming to improve supply chain dynamics [28]. Energy Storage & Hydrogen - The report discusses potential legislative actions in the U.S. that may restrict imports of certain Chinese energy storage systems, but emphasizes the overall growth potential in domestic and international markets [6]. - Recommendations include focusing on companies like Sungrow Power Supply, Haibo Shichuang, and others that are well-positioned in the energy storage sector [6].

Economic Outlook - The sales decline of commercial residential properties has narrowed, with a 96% year-on-year increase in transaction area for 67 cities as of February 28, compared to the same period last year [2][14] - The resumption rate of construction after the Spring Festival is better than last year, with a 8.9% resumption rate for 10,692 construction sites as of February 25, marking a 1.5 percentage point increase year-on-year [2][19] Trade and External Demand - The average manufacturing PMI for the US, Europe, UK, and Japan rose to 52 in February, indicating a recovery in external demand [3][21] - China's port container throughput remains high, with a year-on-year marginal decline to 13.2% as of February 22 [3][21] Prices - Gold and copper prices have rebounded, with COMEX gold at $5,280 per ounce (up 4.1%) and LME copper at $13,482 per ton (up 5.2%) [3][29] - Agricultural product prices have generally fallen, with significant declines in egg prices (down 8%), pork prices (down 3.5%), and vegetable prices (down 5.9%) [4][30] Interest Rates and Bonds - The yield on 1-year, 5-year, and 10-year government bonds as of February 28 were 1.3168%, 1.5425%, and 1.7753%, respectively, with slight fluctuations compared to February 14 [4][41] - The net financing pace of government bonds is slowing, with a net financing of -710 billion for the week of March 2 [33][34] Consumer Demand - Service consumption remains stable, with domestic flight execution numbers up 4% year-on-year as of February 28 [14] - The second-hand housing listing prices in first-tier cities increased by 0.7% in the week of February 16, with a cumulative increase of 0.2% this year [3][30]

Investment Rating - The report maintains an "Overweight" investment rating for the power equipment industry [1] Core Insights - The power equipment industry is experiencing a supercycle driven by electricity shortages, with a positive outlook for household energy storage systems [1] - The report highlights significant growth in energy storage demand, particularly in the U.S. and Australia, with expectations of over 60% growth in global energy storage installations in 2026 [3][6] - The electric vehicle sector is projected to recover in sales, with a forecasted 5% growth in domestic electric vehicle sales in 2026 [3][24] Industry Trends - Energy Storage: The National Energy Administration has approved 43 pilot projects for new power systems with a total investment of 3.968 billion yuan, indicating strong government support for energy storage [3] - Electric Vehicles: January 2026 saw domestic electric vehicle sales of 945,000 units, with expectations for recovery in March due to the arrival of subsidies [3][24] - Market Prices: Lithium carbonate prices have increased by 21.3% to 165,000 yuan/ton, reflecting rising demand in the battery sector [3] Company Performance - Ningde Times is highlighted as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [3][5] - Trina Solar is expected to enter a harvest period for energy storage, with significant revenue projections for 2025 [3] - Other companies such as Gotion High-tech and BYD are also noted for their strong performance and growth potential in the electric vehicle and energy storage markets [3][5] Investment Strategy - The report recommends focusing on leading companies in energy storage and lithium battery sectors, including Ningde Times, Gotion High-tech, and others, due to their strong market positions and growth potential [3][5] - The report emphasizes the importance of technological advancements and market expansion opportunities in the robotics and automation sectors, particularly with the anticipated launch of Tesla's Gen3 robot [3][9]

Investment Rating - The report emphasizes a positive outlook on sectors such as green hydrogen, wind power, lithium batteries, and space photovoltaic technology, indicating strong investment opportunities in these areas [2][3][6]. Core Insights - The upcoming Two Sessions are expected to focus on "green hydrogen and methanol" as key components of carbon reduction strategies, with potential policy support driving demand [6][11]. - The geopolitical situation in Iran is likely to push up methanol prices, enhancing the competitiveness of green methanol as a substitute in various industries [11][12]. - The report highlights significant investment opportunities in core equipment and materials related to space photovoltaic technology, driven by collaborations between major tech companies [2][6][8]. Summary by Relevant Sections Hydrogen and Fuel Cells - The hydrogen industry is at a pivotal moment, with strategic importance elevated due to upcoming policies and geopolitical factors affecting methanol supply [3][11]. - The report suggests that green methanol producers will benefit from high premium returns due to supply shortages, with a projected demand increase for green methanol in shipping and chemical sectors [11][12]. Wind Power - Wind turbine bidding prices remain high, indicating a stable market, with recommendations to focus on the wind turbine segment for profit potential [3][13]. - The UK government has publicly released a memorandum on clean energy cooperation with China, which may catalyze opportunities in offshore wind exports [13][18]. Lithium Batteries - The lithium battery supply chain is showing signs of recovery, with significant month-on-month increases in production across various segments [19][20]. - The suspension of lithium concentrate exports from Zimbabwe is expected to tighten supply and elevate market prices, creating investment opportunities in battery materials [20][21]. Space Photovoltaics - The report notes a rebound in space photovoltaic stocks, driven by significant partnerships and upcoming launches, suggesting a bullish outlook for related companies [2][6][8]. - Key recommendations include focusing on companies involved in core equipment and materials for space and ground applications [8][9]. Investment Recommendations - The report provides a detailed list of recommended companies across various sectors, including wind power, solar energy, energy storage, and hydrogen, emphasizing their potential for growth and profitability [34][35][36].

Investment Rating - The report maintains a "Recommended" rating for several key companies in the electric equipment and new energy sectors, including CATL, Keda, and Mingyang Smart Energy [5][6]. Core Insights - The photovoltaic industry is witnessing accelerated consolidation, with Tongwei planning to acquire 100% of Lihua Qingneng, marking a significant market-oriented integration in the polysilicon sector [3][32]. - In the electric power equipment sector, Inner Mongolia is advancing its grid construction, with a planned investment growth of 7.1% by 2025, focusing on new energy systems and high-voltage flexible direct current transmission lines [4][46]. - The European automotive market shows a shift towards hybrid vehicles, with Chinese brands like BYD and SAIC gaining market share, indicating increased competitiveness against traditional giants like Volkswagen [2][13]. Summary by Sections 1. New Energy Vehicles - In January 2026, the European car market saw a total of 961,000 new car registrations, a decline of 3.5%. Hybrid electric vehicles (HEVs) accounted for 38.5% of the market, while battery electric vehicles (BEVs) made up 19.7% [2][15]. - Chinese automakers are rapidly increasing their market presence in Europe, with BYD's sales growing by 165% year-on-year, while Volkswagen's market share decreased by 3.8% [2][18]. 2. New Energy Generation - Tongwei's acquisition of Lihua Qingneng is a pivotal move in the photovoltaic industry, signaling a shift from policy-driven consolidation to market-driven mergers, which may help alleviate price competition and optimize resource allocation [3][32][33]. - The industry is currently facing overcapacity and intense price competition, prompting a need for market-oriented restructuring [32][34]. 3. Electric Equipment and Automation - Inner Mongolia's government has outlined plans for significant investments in grid infrastructure, including the construction of 20 new 500 kV substations, aiming for a 7.1% increase in grid investment by 2025 [4][46]. - The focus is on building a modern energy system that balances traditional and renewable energy sources [4][46]. 4. Commercial Aerospace - The recovery test plan for the Zhuque-3 rocket is set for the second quarter of 2026, aiming to achieve reusable technology for commercial spaceflight [5]. 5. Weekly Sector Performance - The electric equipment and new energy sector saw a weekly increase of 1.89%, with wind power indices rising by 5.73% and lithium battery indices declining by 4.74% [1].

Investment Rating - The report maintains a positive outlook on the renewable energy sector, particularly in solar and wind energy, with specific recommendations for companies involved in these industries [1][2][3]. Core Insights - The report highlights the tightening of local monopile production capacity in European offshore wind, suggesting a favorable environment for Chinese companies to expand internationally [2]. - In the solar sector, silicon wafer prices are under pressure while battery component prices remain stable, indicating a potential market adjustment [1][14]. - The hydrogen energy sector is set to receive increased policy support during the 14th Five-Year Plan, with a projected doubling of renewable hydrogen production capacity by the end of 2025 [3][18]. - The energy storage market is experiencing significant growth, with a marked increase in project scale and a forecasted rise in lithium carbonate prices impacting storage system costs [4][20]. Summary by Sections Solar Energy - Silicon prices are declining, with N-type G10L monocrystalline silicon wafers averaging 1.10 RMB per piece, down 8.33% from previous levels [1][14]. - The average price for N-type battery cells remains stable at 0.44 RMB per watt, with distributed component prices ranging from 0.75 to 0.88 RMB per watt [1][14]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, and JA Solar, focusing on supply-side reform and new technology opportunities [1][15]. Wind Energy & Grid - Ørsted has terminated its contract with SeAH Wind for the Hornsea 3 offshore wind project due to production delays, highlighting the challenges in local monopile production [2][16]. - The report suggests monitoring companies like Dajin Heavy Industry and Tianjun Wind Power as they expand internationally [2][16]. - The wind turbine sector is expected to see profitability improvements in 2026, with companies like Goldwind and Mingyang Smart Energy being key players [2][17]. Hydrogen Energy - The National Energy Administration plans to enhance policy support for hydrogen energy during the 14th Five-Year Plan, aiming for over 250,000 tons of renewable hydrogen production capacity by 2025 [3][18]. - Recommended companies include Shuangliang Eco-Energy and Huadian Heavy Industries, focusing on equipment manufacturing and hydrogen compression technology [3][18]. Energy Storage - In January 2026, the domestic energy storage EPC bidding scale reached 4.92 GW, with a total installed capacity of 12.42 GWh, reflecting over 30% growth compared to the previous year [4][19]. - The report emphasizes the importance of companies like Sungrow Power Supply and Aiko Solar in the energy storage market, which is expected to grow significantly [4][24]. New Energy Vehicles - In March 2026, domestic battery production is projected to reach 149.59 GWh, with a 21.93% month-on-month increase, indicating strong demand despite concerns over subsidy reductions [5][25]. - Key players in the battery sector include CATL and BYD, with a focus on maintaining resilience in battery demand [5][26].

Investment Rating - The report maintains a positive outlook on the power equipment sector, particularly in renewable energy, with specific focus on solar, wind, hydrogen, and energy storage technologies [10][12]. Core Insights - The report highlights the tightening capacity of offshore wind single piles in Europe and anticipates increased policy support for hydrogen energy during the 14th Five-Year Plan period [2][3]. - In the solar sector, silicon prices are under pressure while battery module prices remain stable, indicating a potential market adjustment as production capacity is curtailed [14][15]. - The energy storage sector shows significant growth, with a marked increase in EPC project scale and expectations of rising lithium carbonate prices impacting storage system costs [4][20]. Summary by Sections Solar Energy - Silicon prices are declining, with N-type G10L monocrystalline silicon wafer prices averaging 1.10 RMB per piece, down 8.33% from previous levels [14][15]. - The average price for N-type battery cells remains stable at 0.44 RMB per watt, with distributed component prices ranging from 0.75 to 0.88 RMB per watt [14][15]. - Key companies to watch include Tongwei Co., Xiexin Technology, Longi Green Energy, and JA Solar, focusing on supply-side reform and new technology opportunities [15][18]. Wind Energy & Grid - Ørsted has terminated its contract with SeAH Wind for the Hornsea 3 offshore wind project due to production delays, highlighting the tight capacity in the European offshore wind sector [2][16]. - New suppliers have been contracted for the project, and domestic companies like Daikin Heavy Industries and Tianjun Wind Power are expected to expand internationally [2][16]. - The report suggests monitoring companies involved in high-voltage cables and wind turbine components, such as Dongfang Cable and Jinlei Co. [2][16]. Hydrogen Energy - The National Energy Administration plans to enhance policy support for hydrogen energy during the 14th Five-Year Plan, aiming for over 250,000 tons/year of renewable energy hydrogen production capacity by the end of 2025 [3][18]. - Recommended companies include Shuangliang Eco-Energy, Huadian Heavy Industries, and leading hydrogen compressor manufacturers [3][18]. Energy Storage - In January 2026, the domestic energy storage EPC market saw a total installed capacity of 4.92 GW/12.42 GWh, with a 30% increase compared to the same period in 2025 [4][19]. - The report emphasizes the importance of large-scale energy storage solutions, recommending companies like Sungrow Power and Atersa [4][24]. New Energy Vehicles - In March 2026, domestic battery production is projected at 149.59 GWh, reflecting a 21.93% month-on-month increase, indicating robust demand despite concerns over subsidy reductions [5][25]. - Key players in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech, with a focus on maintaining demand resilience [5][26].

Investment Rating - The report maintains a "Recommended" rating for several key companies in the electric equipment and new energy sectors, including CATL, Keda, and Mingyang Smart Energy [5][6]. Core Insights - The photovoltaic industry is experiencing significant consolidation, with Tongwei planning to acquire 100% of Lihua Qingneng, marking a strong signal of market-driven integration in the polysilicon sector [3][32]. - The European automotive market shows a shift towards hybrid vehicles, with Chinese brands like BYD and SAIC gaining market share against traditional leaders like Volkswagen, which is facing a decline in sales [2][13]. - Inner Mongolia is accelerating its power grid construction, with a planned investment growth of 7.1% in key projects by 2025, focusing on new energy systems and high-voltage direct current lines [4][46]. Summary by Sections 1. New Energy Vehicles - In January 2026, the European car market saw a total of 961,000 new registrations, a decrease of 3.5% year-on-year. Hybrid vehicles (HEV) accounted for 38.5% of the market, while pure electric vehicles (BEV) made up 19.7% [2][15]. - Chinese automakers are increasingly competitive in Europe, with BYD's sales growing by 165% year-on-year, while Volkswagen's sales fell by 3.8% [2][18]. 2. New Energy Generation - Tongwei's acquisition of Lihua Qingneng is a landmark event in the photovoltaic industry, indicating a shift from policy-driven consolidation to market-driven mergers, which may help alleviate price competition and optimize resource allocation [3][32][33]. - The industry is facing overcapacity and intense price competition, prompting a need for market-driven restructuring [32][34]. 3. Electric Equipment and Automation - Inner Mongolia's government has outlined plans for significant investment in the power grid, including the construction of 20 new 500 kV substations and a focus on smart grid upgrades [4][46]. - Nationally, investment in key power projects is expected to grow by 10.3% for power sources and 7.1% for grid projects by the end of 2025 [4][46]. 4. Commercial Aerospace - The recovery test plan for the Zhuque-3 rocket is set for the second quarter of 2026, aiming to achieve reusable technology for commercial spaceflight [5]. 5. Weekly Sector Performance - The electric equipment and new energy sector saw a weekly increase of 1.89%, with wind power indices rising by 5.73% and lithium battery indices declining by 4.74% [1].

Core Viewpoint - The article discusses the acquisition of Qinghai Lihua Qing Energy Co., Ltd. by Tongwei Co., Ltd., highlighting the changing landscape of the photovoltaic industry where companies are increasingly opting for mergers and acquisitions over traditional IPOs as a means of exit [4][8]. Group 1: Acquisition Details - Tongwei Co., Ltd. announced its intention to acquire 100% of Qinghai Lihua Qing Energy Co., Ltd., with some parties already signing a letter of intent [4]. - The seller, Lihua Qing Energy, was founded by a former executive from Tongwei, who had previously driven significant growth in the company, achieving a valuation of approximately 13.8 billion [4][6]. - The acquisition reflects a broader trend in the photovoltaic industry where companies are seeking strategic partnerships or exits through acquisitions rather than waiting for IPO opportunities [9]. Group 2: Company Backgrounds - Lihua Qing Energy specializes in the research, development, production, and sales of high-purity crystalline silicon and semiconductor materials, with a production capacity of over 200,000 tons expected by the end of 2025, ranking sixth globally [6]. - The founder of Lihua Qing Energy, Duan Yong, has a background in the industry, having previously worked at Tongwei and played a significant role in advancing silicon material technology [5]. - Tongwei Co., Ltd. has a storied history in the aquaculture sector before diversifying into the photovoltaic industry, achieving a peak market value of 3 trillion [7]. Group 3: Industry Trends - The photovoltaic industry is experiencing a downturn, leading many smaller companies to consider mergers or acquisitions as a viable exit strategy due to overcapacity and declining prices [9][10]. - Notable companies in the industry, such as TCL Zhonghuan and others, are also exploring acquisitions to strengthen their market positions amid challenging conditions [9]. - The article highlights that many companies, including those with significant backing from venture capital and private equity, are facing difficulties in pursuing IPOs and are instead opting for strategic sales [10][11].