在范斌看来，企业对钙钛矿的热衷，在于已经意识到投资晶硅 几乎都是亏损，而光伏又是一个巨大的市场，钙钛矿成为"唯 一的选择"。 作者：潘俊田 封图：图虫创意 "2016年、2017年跟大家讲钙钛矿的时候还没人信，只有协鑫集团董事长朱共山拿了钱愿意投资。 现在无论是原有的光伏企业，还是跨界者都看好钙钛矿。"协鑫光电董事长范斌说。 2010年博士毕业后，范斌便投身新型光伏电池的研发工作，并成立了厦门惟华光能，是国内最早 从事钙钛矿研发与产业化的人之一。2016年底，厦门惟华光能被协鑫集团收购后，成为该集团旗 下协鑫科技独立运行的子公司。 过 去 三 年 间 ， 钙 钛 矿 因 其 极 高 的 光 电 转 换 效 率 （ 钙 钛 矿 单 结 电 池 极 限 为 33% ， 叠 层 电 池 为 45%），受到光伏业内的热捧。 头部光伏企业均宣称在钙钛矿上投入不菲，并持续刷新实验室纪 录，把钙钛矿从平方厘米级别做到平方米级别，光电转换效率从10%+做到20%+。初创企业也相继 进军，力求把握下一个风口。 2025年被认为是钙钛矿量产的元年。根据公司官方信息，协鑫光电、纤纳光电、极电光能等初创 企业均投建 GW（吉瓦，1G ...

Group 1 - The domestic photovoltaic (PV) installed capacity reached 197.85 GW from January to May, a year-on-year increase of nearly 150% [1] - In May alone, the new installed capacity was 92.92 GW, a month-on-month increase of 105.48% and a year-on-year increase of 388.03% [1] - The surge in installation in May was attributed to a policy-driven rush to install before the subsidy changes took effect [1] Group 2 - The National Development and Reform Commission and the National Energy Administration announced a market-oriented pricing reform for renewable energy, effective June 1, 2025, which will differentiate pricing for existing and new projects [2] - Despite short-term demand growth, the photovoltaic industry still faces supply-demand imbalances, with overcapacity being a significant issue [2] Group 3 - The photovoltaic industry is currently under pressure, with prices continuing to decline and an average operating rate of around 60% in the first half of the year [3] - Industry leaders are seeking to address overcapacity through technological upgrades rather than mere scale expansion [3] Group 4 - Companies like LONGi Green Energy and Tongwei Co., Ltd. are actively promoting collaborative innovation within the industry chain [4] - LONGi Green Energy is working with multiple companies to create a BC ecosystem to reduce irrational capacity expansion and accelerate the elimination of outdated capacity [3][4] - The industry is shifting from a market expansion model to one focused on technological and ecological innovation [4]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The report highlights the emergence of floating offshore wind as a clear trend in the industry, with significant developments in the UK, South Korea, and Brazil, indicating potential investment opportunities [6][12] - The report discusses the recent release of distributed photovoltaic development guidelines in Shandong, which may introduce uncertainties in the commercial distributed photovoltaic project development [6][7] - The bankruptcy filing of the US energy storage integrator Powin reflects challenges in the domestic energy storage market, while domestic companies are better positioned to compete internationally [7] Summary by Sections Wind Power - The UK announced new floating offshore wind projects, with a total capacity of 3GW awarded to Equinor and Gwynt Glas [6][11] - The Wind Power Index decreased by 0.08% but outperformed the CSI 300 Index by 0.37 percentage points, with a current PE ratio of 18.8 [4][13] - The report suggests focusing on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to the positive outlook for offshore wind [7][22] Photovoltaics - Shandong's new guidelines allow commercial distributed photovoltaic systems to choose between self-consumption and grid connection, which may lead to uncertain revenue for projects [6][7] - The current PE ratio for the photovoltaic sector is approximately 29.06, with specific attention on companies like Longi Green Energy and Tongwei Co. [4][6] Energy Storage & Hydrogen - Powin's bankruptcy highlights the operational pressures faced by US energy storage companies, while domestic firms are expanding into international markets [7] - The report emphasizes the strong growth potential in the energy storage sector, recommending companies like Sungrow Power Supply and Shuneng Electric [7][22]

2024年，光伏行业经历了前所未有的寒冬，价格暴跌、产能过剩和需求疲软让多家企业深陷困境。为了争夺市场以及增加销量，各家的产品价格一降再 降，到后面许多企业甚至面临着不得不降从而求生存的局面。然而，经过这一年价格战后，当今年各家公布财报时，才发现光伏行业已是哀号遍野。 据预见能源此前不完全统计，24家光伏企业2024年合计亏损已超过286亿元，其中很多都是光伏行业的龙头企业，并且越是龙头亏损的金额越大。 而进入今年以来，光伏行业的亏损趋势有所下缓，但据各光伏企业的2025年一季度报显示，很多企业一季度还是处于亏损状态，只不过有的企业相比之 前，亏损幅度有所缩窄。随着"430"、"531"政策的发布以及时间的到来，引发了2025年上半年的光伏抢装潮。 但抢装潮过后，上半年被透支的需求将会引起下半年光伏行业产能与需求的严重错配。因此，在这一背景下，预见能源统计了光伏行业上游硅料环节、中 游组件环节、以及下游光伏设备环节龙头企业情况。本文为第一篇，对光伏上游硅料环节的五大龙头——通威股份、协鑫科技、大全能源、合盛硅业、新 特能源的盈利、负债等情况进行统计分析。 01 根据中国光伏行业协会的数据显示，2024年我国多 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [5]. Core Viewpoints - The solid-state battery industry is accelerating its industrialization process, and there is a notable inflection point in wind power performance expected in Q2 [17]. - The report emphasizes the importance of monitoring the recovery of the electricity consumption growth and the continuous high export levels in the power equipment sector [18]. Summary by Sections 1. Photovoltaics - The photovoltaic sector is witnessing a dual bottom in fundamentals and market sentiment, with leading companies actively promoting supply-side reforms [17][41]. - In May, the export of photovoltaic components reached 21.37 GW, a month-on-month increase of 4% but a year-on-year decrease of 8% [16][31]. - The report suggests focusing on segments with new technology advancements, such as BC and copper reduction methods, and recommends stocks like Longi Green Energy and Tongwei Co [17][41]. 2. Energy Storage - The energy storage sector is expected to benefit from the recovery of expectations in North America, with a positive outlook for both large-scale and residential storage markets [17][46]. - The U.S. Senate's revision of the "One Big Beautiful Bill" extends storage subsidies, which is anticipated to stimulate market demand [48]. 3. Lithium Batteries - Concerns regarding the lithium battery sector's profitability are noted, but the report highlights the potential for a liquidity premium following CATL's Hong Kong IPO [17]. - The solid-state battery industry is progressing, with new technologies and materials emerging, which could enhance the sector's growth [17]. 4. Wind Power - The report indicates that Q2 will see an acceleration in offshore wind project commencements, with a focus on the recovery of performance metrics [17]. - Key investment opportunities are identified in companies involved in offshore wind projects, such as Tian顺风能 and 明阳智能 [17]. 5. Power Equipment - The report highlights the upcoming intensive bidding period from June to August by the State Grid, which could catalyze opportunities in the power equipment sector [17]. - Continuous high export levels are noted, with a focus on new opportunities in power AI and virtual power plants [17]. 6. New Directions - The report discusses the potential in the humanoid robot sector, particularly with Tesla's adjustments in production schedules and the anticipated rollout of Gen3 solutions [17][18].

光储交融启新程 蓉城盛会引全球 ——2025 第八届中国国际光伏与储能产业大会暨成都通威光伏展前瞻 当 "双碳" 目标成为全球共识，光伏与储能产业正以蓬勃之势重塑能源格局。2025 年 11 月 17 日至 20 日，第八届中国国际光伏与储能产业大会暨成都通威 光伏展将在成都世纪城新国际会展中心盛大启幕。这场以 "光储同辉 融合赋能 智创未来" 为主题的行业盛会，犹如璀璨灯塔，吸引着全球目光聚焦蓉城，共 探能源转型的无限可能。 规模宏大，汇聚全球产业力量 本届展会规模空前，60,000 平方米的展览空间，宛如一座庞大的 "能源科技之城"。5000 家来自世界各地的知名品牌企业携前沿成果入驻，从光伏电池、组 件到储能系统，从生产设备到应用产品，完整覆盖新能源产业链各环节。预计 80,000 余人次的专业采购商与观众，将跨越山海汇聚于此，在展厅中穿梭交 流，为产业合作搭建起坚实的桥梁，一场关乎能源未来的 "对话" 即将热烈展开。 数据与专业分析，勾勒产业发展脉络，为企业决策提供有力支撑。 亮点纷呈，引领行业发展潮流 展会现场，前沿技术争奇斗艳，为行业发展注入强劲动力。通威作为行业领军者，不仅带来最新研发成果，还将 ...

多晶硅行业急需控制产能存量。关于产能整合的话题，不仅本次会议，通威及大全在更早 的一季度业绩说明会问答环节均有所提及。核心思想基本为无论是否落地，不断探索的过程 已经表明了行业正走在改善向好的道路上，有望迎来新的发展机遇。在本次会议中据财联社 报道，协鑫科技就具体路线及目前进度做出了相对较为明确的回复，即行业龙头企业牵头， 通过 "直接出资 + 债务"的模式，成立专业管理人员运行的总公司，通过收购实现产能出清和 产出可控，再通过利润偿付负债，进而推动行业产能的有序退出。产能收购的目标是将硅料 价格维持在合理价位， 使整个产业链都获得合理收益 。另外，天合光能也表示，光伏行业的 中下游环节也即将迎来整合浪潮，且为大规模整合，将行业的无序竞争模式转为深度合作模 式，实现资源的优化配置与协同发展。 2025 年 6 月 10 日 -13 日， SNECPV+ 第十八届（ 2025 ）国际太阳能光伏与智慧 能源 （ 上海 ） 大会暨展览会（简称展会）在上海举行，各企业主席或高管于展会作致辞。 就多晶硅这一单一领域来讲，部分探讨预示着该环节将要走向全新的发展阶段。 根据以上信息，认为目前的多晶硅正在向着产能整合、差异化 ...

6月19日，黑色星期四再现，A股单边下行，两市成交额1.28万亿，环比小幅放量，逾4600股下跌。同类低费率的光伏龙头ETF（516290）收跌1.49%。 | 序号 | 代码 | 名称 | 由万一级行业 | 涨跌幅 | 成交额 | 估買权重 ▼ | | --- | --- | --- | --- | --- | --- | --- | | 1 | 300274 | 阳光电源 | 电力设备 | -3.46% | 21.21亿 | 10.48% | | 2 | 601012 | 降其绿能 | 电力设备 | -1.78% | 7.56亿 | 10.10% | | 3 | 000100 | TCL科技 | 曲子 | -1.14% | 5.8917. | 9.94% | | 4 | 600089 | 特变电工 | 电力设备 | -1.37% | 2.85 Z | 7.21% | | 5 | 600438 | 通威股份 | 电力设备 | -2.66% | 6.36 Z | 4.95% | | 6 | 601877 | 正泰电器 | 申力设备 | -1.04% | 1.52亿 | 3.00% | | 7 | 002129 ...

Core Viewpoint - The China Securities New Energy Index has experienced a decline in recent months, reflecting the overall performance of listed companies in the renewable energy sector [2]. Group 1: Index Performance - The China Securities New Energy Index fell by 1.29% to 1768.83 points, with a trading volume of 36.878 billion yuan [1]. - Over the past month, the index has decreased by 1.69%, by 10.68% over the last three months, and by 9.32% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in renewable energy production, application, storage, and related equipment, with a base date of December 31, 2011, set at 1000.0 points [2]. - The top ten weighted companies in the index are: CATL (9.99%), Sungrow Power (5.53%), LONGi Green Energy (5.26%), China Nuclear Power (4.73%), Three Gorges Energy (3.69%), TBEA (3.52%), EVE Energy (3.15%), Huayou Cobalt (2.96%), Tongwei Co. (2.45%), and Ganfeng Lithium (2.13%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shenzhen Stock Exchange (58.70%), followed by the Shanghai Stock Exchange (40.87%) and the Beijing Stock Exchange (0.43%) [2]. - In terms of industry composition, the index is comprised of 73.71% in industrials, 14.26% in utilities, and 12.02% in materials [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

作者 | 第一 财经 魏中原 光伏"反内卷"路径越发清晰。 第一财经从知情人士处获悉，中国光伏行业协会本周召开的会议主题，仍是关于"限产保价"。知情 人士称，光伏三季度将迎来更大力度减产，预计开工比例将环比降低10%-15%左右。 同时，针对"低于成本销售"的严控政策同步落地——第三方专项审计组将全面进行审计，深挖低价 销售证据，对违规的企业采取多样化措施，"以次充好"的产品销售行为也将迎来整顿。 当前的光伏行业已是"卷无可卷"，企业持续面临供需失衡、价格波动、业绩亏损等压力，阶段性过 剩的产能亟待加速出清。 A股的光伏主产业链共有21家上市公司，18家企业一季度的扣非净利润亏损，规模越大的光伏制造 商，亏损越严重。一体化龙头通威股份（600438.SH）亏损26.1亿元，"硅片双雄"TCL中环 （002129.SZ）、隆基绿能（601012.SH）均亏损近20亿元，晶科能源（688223.SH）、晶澳科 技（002459.SZ）、天合光能（688599.SH）3家组件商亏逾10亿元。 年内，中国光伏行业协会等行业组织纷纷发声并多次采取措施，如确定组件最低限价标准、提升技术 标准，打击低于成本的恶性竞争。 2 ...