通威股份公告称，公司此前获交易商协会准许，可在注册有效期内择机一次或分期发行债务融资工具。 近日，其完成2026年度第一期绿色科技创新债券发行工作，债券简称"26通威GN001(科创债)"，代码 132680004，期限1+1年，起息日和兑付日分别为2026年1月22日、2028年1月22日。计划和实际发行总 额均为50000万元，发行利率2.15%，主承销商为中信银行，联席主承销商为浦发银行和天津银行。募 集资金已于1月22日全额到账。 ...

Core Viewpoint - The photovoltaic industry is experiencing significant losses across all major segments, with a call for recovery and improvement in profitability by 2026, focusing on asset management and pricing power [2][11]. Group 1: Industry Performance - The photovoltaic sector is in a "dark moment," with all major segments, including silicon materials, wafers, cells, and modules, reporting losses [2]. - The overall performance of the industry is characterized by high inventory and weak demand, despite some signs of recovery in silicon material prices [3]. - The integrated companies face significant pressure, with a notable decline in profitability due to rising costs of key materials like silver paste [3][6]. Group 2: Company-Specific Insights - Daqo New Energy forecasts a net loss of 1 to 1.3 billion yuan for 2025, but with a reduced loss margin of 52.17% to 63.21% year-on-year due to improved operational efficiency [3]. - Longi Green Energy expects a net loss of 6 to 6.5 billion yuan, a reduction of over 2 billion yuan compared to the previous year, driven by increased production efficiency [5]. - Junda Co. anticipates a net loss of 1.5 to 1.2 billion yuan, significantly higher than the previous year's loss of 590 million yuan, citing supply-demand imbalance and price transmission issues [4]. Group 3: Component and Equipment Sector - Companies focusing on Bifacial (BC) modules, such as Aiko Solar, are seeing a significant reduction in losses, with expected losses narrowing from 5.319 billion yuan to between 1.9 billion and 1.2 billion yuan [5]. - The equipment sector, represented by Aotai Technology, is also facing declines, with expected revenue dropping by 26.71% to 30.50% year-on-year [8]. - Silver paste manufacturer Dike Co. is projected to shift from profit to loss, with expected losses of 200 to 300 million yuan due to rising silver prices [9]. Group 4: Future Outlook - The industry is still in a phase of "deleveraging and capacity reduction," but there are signs of recovery in upstream segments, with discussions about potential profitability improvements in 2026 [11][12]. - Aiko Solar reports that its ABC module sales volume is expected to double, indicating a positive trend despite overall losses [12]. - Analysts predict that the industry may see a shift from supply-demand pricing to cost-based pricing by early 2026, potentially improving profit margins significantly [12].

智通财经记者｜马悦然 光伏企业仍深陷寒冬，大幅亏损还在持续。 1月21日晚，随着晶科能源(688223.SH)业绩预告的披露，光伏企业龙头去年净利润情况悉数公布。智通财经统计的12家 主产业链企业中，仅弘元绿能(603185.SH)全年盈利，其余企业亏损值上限合计超过500亿元。 | | 部分光伏企业2025年业绩预告情况 | | | --- | --- | --- | | 变业 | 2025年净利润预告亏损值 单位： 亿元 | 2024年亏损值 单位: 亿元 | | 通威股份 | 90-100 | 70.39 | | TCL中环 | 82-96 | 98.18 | | 天合光能 | 65-75 | 34.43 | | 晶科能源 | 59-69 | 盈利0.99 | | 隆基绿能 | 60-65 | 86.18 | | 晶澳科技 | 45-48 | 46.56 | | 爱旭股份 | 12-19 | 53.19 | | 大全能源 | 10-13 | 27.18 | | 京运通 | 12.3-17.4 | 23.61 | | 钧达股份 | 12-15 | 5.91 | | 国晟科技 | 3.25-6.5 | 1. ...

以下文章来源于钛媒体 ，作者黄田 钛媒体 . 新鲜犀利的财经见闻，放眼国际的前沿技术，还有罕见披露的内幕消息。钛媒体（www.tmtpost.com），引领未来商业与生活新知，一个投资者与创新者酷 爱聚集的地方。还可下载钛媒体App，24小时不间断更新和互动。 光伏的全局大洗牌开始。 将投中网设为"星标⭐"，第一时间收获最新推送 作者丨 黄田 编辑丨 曹晟源 来源丨 钛媒体 1月20日，天合光能发布2025年业绩预告：预计亏损65-75亿元。至此，光伏上市巨头2025年悉数交卷：9家龙头企业合计预亏415-470亿元，机构 预计，光伏上市企业全年亏损总额或超600亿元。 这是从上游硅料到下游组件，全产业链的集体亏损。背后是产能过剩、价格战与原材料暴涨的三重绞杀。最直观的是毛利率：2025上半年，多晶硅整体 毛利率为-6.30%，组件的毛利率只有0.67%。而在2022年，多晶硅整体毛利率一度高达73%，产业链各环节几乎"躺赚"。 银价格两年内飙升140%、硅料价格逆势反弹，在订单价格一路下探的背景下，企业利润被进一步压缩，雪上加霜几乎是注定的结果。 卓创资讯光伏分析师王帅认为，本轮行业出清的进程，可从三个关键 ...

第一，和前段时间外贸顺差超1万亿美元一样，这是人类历史上单一国家首次拿到这种恐怖的成绩。而且两者为因果关系，电是因、贸易顺差是果。 第二，哪怕是美国这么一个用电极为浪费的国家，我们依然相当于美国全年用电量的两倍多。 第三，这一数字超过欧盟、俄罗斯、日本、印度四个国家的总和。 第四，如果全部用来供电给空调，可以保持12亿台空调365天24小时不关机。 上周末，当全世界的目光都放在川皇整活、怒搞格林兰岛的时候，一则不起眼的消息如平地起惊雷，在整个键政圈和财经圈炸响： 我国2025年用电量，首超10万亿千瓦时。 也就是说，去年全年我们工业和民用加起来用掉了10万亿度电！如果对10万亿这个大到离谱的数字没有概念的话，我们还可以加上四个类比： 在地缘日益紧张、全世界乱成一锅粥的时候，一个人类历史上从未出现的电力帝国、或者叫能源帝国，正在以碾压姿态崛起。 更恐怖的是，这个电力帝国还在以一种惊人的速度膨胀：1月15号国家电网官宣，"十五五期间"，国家电网公司固定资产投资预计达到4万亿元，较"十四 五"期间投资增长40%。 资本市场闻风而动，电力板块已经逆着大盘调整、连续20天收红了。 A. 为什么"电"的消息这么牵动键政圈 ...

又一光伏龙头交出2025年度"成绩单"预告！ 1月21日晚间，晶科能源披露2025年度业绩预告，预计2025年归母净利润亏损59亿元至69亿元。公司表示，报告期内，全球光伏产业链价格波动加剧，光 伏组件一体化各环节的盈利水平总体承压。展望2026年，行业将迈向以技术和质量为核心的高质量发展阶段，行业供需关系有望加速平衡。 据统计，截至发稿，晶科能源、天合光能、隆基绿能等多家头部光伏企业已相继交出年度"成绩单"预告。从整体业绩表现来看，光伏产业链各环节企业延 续了此前的亏损态势。 中国光伏行业协会咨询专家吕锦标在接受上海证券报记者采访时分析称："行业亏损的核心原因，在于产品价格反弹至成本线仍需一定周期，叠加企业低 负荷生产推高了单位成本，这其中又以折旧及费用摊销的影响最为显著。" 在普遍亏损的背景下，一部分企业实现了显著减亏。弘元绿能、亿晶光电、爱旭股份、大全能源等企业的减亏幅度位居前列，最高同比减亏达109.27%、 78.47%、77.44%、63.21%，均超六成。 谈及业绩变动原因，大全能源表示，报告期内公司持续深化精细化管理，推进技术工艺创新，有效降低了生产成本、提升了运营效率，为盈利水平改善提 供了 ...

Group 1 - The core viewpoint of the article emphasizes that the "anti-involution" trend is reshaping supply and demand in the photovoltaic (PV) industry, accelerating the parity of solar storage in core markets and opening up new scenarios for future demand [1][3][5] - Global demand for solar energy is expected to grow significantly, with projected new installations of approximately 600GW in 2025 and 610GW in 2026, reflecting year-on-year growth rates of about 13.21% and 1.67% respectively [3][6] - The domestic and overseas production capacity is rapidly increasing, leading to a significant oversupply in the PV industry, which has resulted in continuous price declines and losses for many companies [5][6] Group 2 - The penetration rate of low-silver and silver-free technologies is expected to rise quickly, with leading companies likely to recover profitability ahead of the industry [1][22] - The article highlights that the profitability of auxiliary material companies is expected to improve as they diversify their business, with a focus on non-PV sectors [1][36] - The article identifies key beneficiaries in the market, including companies that lead in low-silver and silver-free technology iterations, such as Longi Green Energy and JinkoSolar, which are expected to benefit from cost advantages [1][46] Group 3 - The article discusses the impact of rising silver prices on the cost structure of solar cell manufacturers, indicating that the cost of silver paste is becoming a critical factor for cost reduction [22][23] - The introduction of new technologies, such as high-copper and pure copper solutions, is accelerating in the industry, which is expected to enhance efficiency and reduce costs [25][27] - The demand for space photovoltaics is anticipated to grow due to an increase in space launch missions, with a projected 263 launches in 2024, indicating a strong short-term demand for solar wings in low Earth orbit [29] Group 4 - The article notes that the profitability of battery materials is expected to improve as the pressure from the main chain eases, with low-silver and silver-free iterations likely to bring new benefits [36][39] - The photovoltaic glass sector is also expected to see a recovery in profitability due to industry self-discipline and a reduction in supply, with prices showing signs of recovery [41][46] - The article concludes with investment recommendations, suggesting that companies leading in low-silver and silver-free technology, as well as those involved in energy storage, are well-positioned to benefit from the ongoing market changes [46]

Core Viewpoint - The photovoltaic industry is facing significant challenges, with major companies like Longi Green Energy and Tongwei Co. expected to report substantial losses for 2025, indicating a deepening crisis in the sector [1][17]. Industry Status - Major photovoltaic companies are experiencing severe losses, with Tongwei Co. projected to lose between 90 to 100 billion yuan and Longi Green Energy expected to lose between 60 to 65 billion yuan for 2025 [3][19]. - The overall industry is under pressure, with a notable divergence in performance across different segments; while the polysilicon segment has managed to achieve operational profitability, the battery and module segments are suffering from intensified losses due to low prices [3][19]. - The price structure within the industry is collapsing, with polysilicon prices dropping from a historical peak of 200,000 yuan per ton to around 52,000 yuan per ton, and module prices decreasing by 40% compared to 2023 [4][20]. - The industry is facing overcapacity issues, with low operating rates and a significant decline in the photovoltaic equipment industry index, which fell over 3% in December 2025 [5][21]. Causes of Losses - The core issue in the photovoltaic industry is a severe supply-demand mismatch, driven by irrational capacity expansion and a price war exacerbated by technological homogeneity [6][21]. - Rising raw material costs, particularly silver prices which surged nearly 150% in 2025, are further squeezing profit margins, with silver paste now constituting approximately 17% of the cost structure for photovoltaic components [8][22][23]. - Changes in the policy environment, including adjustments to export tax rebates and stricter capacity controls, are adding complexity to the industry's challenges [9][24]. Path to Resolution - The industry is beginning a difficult process of self-rescue and transformation, with government support aimed at curbing "involution" competition and encouraging capacity reduction [10][25]. - Leading companies are increasing R&D investments to develop higher-efficiency products, such as TOPCon and BC components, to differentiate themselves in the market [10][25]. - There is a push for capacity consolidation within the industry, with new platforms being established to facilitate this process [10][25]. Future Outlook - The industry is expected to enter a phase of consolidation and clearing in 2026, with ongoing policies aimed at reversing involution and gradually reshaping supply-demand dynamics [11][26]. - In the long term, the focus will shift from scale expansion to quality improvement, with leading companies likely to enhance their market share and profitability as weaker players exit the market [11][26].

根据公司于 2026 年 1 月 19 日发布的《通威股份有限公司 2025 年年度业绩预告》，2025 年， 行业阶段性供应过剩问题尚未缓解，产业链各环节开工率下行，白银等部分核心原材料价格持续上 涨，产品价格同比继续下跌，行业经营压力仍然显著。公司报告期内经营性导致归属上市公司所有 者的净利润亏损约 75~80 亿元，同比去年经营性增加亏损约 12~17 亿元。此外，基于会计准则要求 及谨慎性考虑，报告期内公司计提长期资产减值合计约 15~20 亿元，同比增加约 7~12 亿元。公司 预计 2025 年年度实现归属于母公司所有者的净利润约为-90 亿元至-100 亿元。 针对上述事项，联合资信已与公司取得联系并了解相关情况，并将在获取公司 2025 年度经营 和财务数据后，对公司偿债能力和信用水平进行全面分析和评估。综合评估，联合资信决定维持上 次评级结果不变，公司个体信用等级为 aaa，主体长期信用等级为 AAA，维持"通 22 转债"信用 等级为 AAA，评级展望为稳定。 特此公告 联合〔2026〕510 号 联合资信评估股份有限公司关于通威股份有限公司 2025 年度业绩亏损的关注公告 受通威股份有 ...

通威股份公告称，2025年行业阶段性供应过剩，开工率下行、原材料涨价、产品降价致经营压力大。公 司经营性净利润亏损约75 - 80亿元，同比增亏12 - 17亿元；计提长期资产减值约15 - 20亿元，同比增加 约7 - 12亿元。预计2025年归属于母公司所有者的净利润约为 - 90亿元至 - 100亿元。联合资信与公司沟 通后，维持上次评级结果，公司个体和主体长期信用等级为AAA，"通22转债"信用等级AAA，评级展 望稳定，该转债余额119.83亿元，2028年2月24日到期。 ...