Core Viewpoint - The photovoltaic equipment sector experienced a significant increase of 8.21% on September 5, with Jinlang Technology leading the gains [1] Market Performance - The Shanghai Composite Index closed at 3812.51, up 1.24% - The Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Jinlang Technology (300763) closed at 89.24, up 19.99% with a trading volume of 531,900 shares and a transaction value of 443.2 million - Jing Sheng Mechanical Electrical (300316) closed at 35.00, up 18.24% with a trading volume of 885,900 shares and a transaction value of 2.913 billion - Sunshine Power (300274) closed at 135.34, up 16.67% with a trading volume of 1,699,400 shares and a transaction value of 21.711 billion - Other notable stocks include Arctech (688472), Goodwe (688390), and others with varying increases and trading volumes [1] Capital Flow Analysis - The photovoltaic equipment sector saw a net inflow of 4.182 billion from main funds, while retail funds experienced a net outflow of 2.615 billion [1] - The main funds' net inflow and outflow for specific stocks include: - Sunshine Power: 872 million net inflow from main funds, 619 million net outflow from retail funds - Jinlang Technology: 298.67 million net inflow from main funds, 269 million net outflow from retail funds [2]

Group 1 - The Zhongzheng Photovoltaic Industry Index (931151) has seen a strong increase of 6.21% as of September 5, 2025, with notable gains from stocks such as Jinlang Technology (300763) up 17.12%, Jing Sheng Mechanical & Electrical (300316) up 16.49%, and others [1] - The Photovoltaic ETF Fund (516180) has risen by 6.02%, marking its third consecutive increase, with a latest price of 0.74 yuan [1] - Over the past week, the Photovoltaic ETF Fund has accumulated a rise of 2.80% as of September 4, 2025 [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index include Yangguang Electric (300274), Longi Green Energy (601012), and TCL Technology (000100), collectively accounting for 56.14% of the index [2] - The weightings of the top stocks are as follows: Yangguang Electric at 10.51%, Longi Green Energy at 9.97%, and TCL Technology at 9.42% [4]

Group 1 - The company reported a net profit attributable to shareholders of -5 billion yuan in the first half of 2025, with a revenue of 40.509 billion yuan, a year-on-year decline of 7.51% [1] - In Q2 2025, the company achieved a revenue of 24.575 billion yuan, a year-on-year increase of 1.44% and a quarter-on-quarter increase of 54.24% [1] - The company maintained its position as the industry leader in silicon material sales, with approximately 161,300 tons sold in the first half of 2025, capturing about 30% of the global market share [1] Group 2 - The average price of silicon material in Q2 2025 declined compared to Q1 2025, leading to an increase in per-ton losses despite stable costs [1] - The company sold 49.89 GW of battery cells in the first half of 2025, continuing to hold the global number one position, with cumulative shipments surpassing 300 GW [2] - The company achieved component sales of 24.52 GW, maintaining the top position in domestic distributed shipments, while overseas sales reached 5.08 GW, showing explosive growth in markets like Poland, Romania, and Hungary [2] Group 3 - Revenue projections for the company are estimated at 62.3 billion yuan, 69.1 billion yuan, and 75 billion yuan for 2025, 2026, and 2027 respectively, reflecting a year-on-year decline of 32.3% in 2025 [3] - The net profit forecast for 2025 has been revised down to -5.5 billion yuan, with subsequent years expected to show significant recovery [3] - The company maintains an "overweight" rating despite the downward adjustment in 2025 earnings expectations due to ongoing price declines in the industry chain and inventory impairment [3]

Core Viewpoint - The report highlights that Tongwei Co., Ltd. is expected to recover profits in the second half of 2025, driven by a significant increase in silicon material prices due to "anti-involution" measures in the industry, despite a year-on-year loss expansion in the first half of 2025 [1][4]. Financial Performance - In the first half of 2025, the company reported an operating income of 40.509 billion yuan, a decrease of 7.51% year-on-year, and a net profit attributable to shareholders of -4.955 billion yuan, indicating an expanded loss compared to the previous year [3]. - In Q2 2025, the net profit attributable to shareholders was -2.363 billion yuan, showing a reduction in losses compared to the previous quarter [3]. Business Operations - The photovoltaic segment of the company maintained steady shipments and actively prepared for new battery technologies, achieving a high-purity crystalline silicon production capacity of over 900,000 tons and a solar cell production capacity exceeding 150 GW by the end of June 2025 [3]. - The company sold 161,300 tons of polysilicon in the first half of 2025, holding a global market share of approximately 30%, and ranked first globally in solar cell sales with 49.89 GW shipped [3]. Market Trends - The "anti-involution" measures have led to a significant increase in silicon material prices, which rose to 46,000 yuan per ton by the end of August 2025, up from 35,000 yuan per ton at the end of June 2025 [4]. - The report anticipates that the company's profits may recover in the second half of 2025, supported by the upward trend in silicon material prices [4]. Valuation - The earnings per share forecasts for 2025-2027 have been adjusted to -1.30, 0.48, and 1.05 yuan respectively, with corresponding price-to-earnings ratios of 46.0 and 20.9 times for 2026 and 2027 [5]. - The company maintains a rating of "buy" based on its performance and market conditions [5].

2025.09. 05 微信编辑 | 夏木 作者 | 第一财经 图源 | 视觉中国 今日早盘，光伏板块强势爆发，多只龙头股冲击涨停！截至发稿，光伏指数大涨超4%，组件、逆变器、设备等细分领域全线拉升，多只龙头股创年内 股价新高，资金涌入迹象明显。 锦浪科技（300763.SZ）大涨逾13%，续创年内新高；科创50权重股大全能源（688303.SH）、创业板权重阳光电源（300274.SH）同步发力，阳光电 源创下历史新高，本月已涨近30%。一体化龙头通威股份（600438.SH）跟涨逾4%，亦创今年新高。 市场分析指出，本轮暴涨背后是利好叠加：一是，政策端持续发力，光伏减产效果持续落地；二是，产业链价格触底信号显现，龙头企业二季度减亏提 振市场信心。 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 专用邮箱： bianjibu@yicai.com 本文字数：385，阅读时长大约1分钟 （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 "国家队"操作路线曝光 11 en review =15 0 生产队的驴 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company experienced a year-on-year increase in losses in the first half of 2025, but a quarter-on-quarter reduction in losses in Q2 2025. The photovoltaic segment showed stable shipments, and the company is actively preparing new battery technologies. The "anti-involution" trend is expected to significantly boost silicon material prices, with attention on profit recovery in the second half of 2025 [3][8] - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to -1.30, 0.48, and 1.05 RMB, respectively, from previous estimates of 0.84 and 1.48 RMB for 2025-2026. The corresponding price-to-earnings ratios for 2026-2027 are projected at 46.0 and 20.9 times [5][8] Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 40,509 million RMB, a decrease of 7.51% year-on-year. The net profit attributable to the parent company was -4,955 million RMB, reflecting an increase in losses compared to the previous year [9][8] - The company achieved a global market share of approximately 30% in polysilicon sales, maintaining the top position globally, with battery sales of 49.89 GW and module sales of 24.52 GW in the first half of 2025 [8][9] Market Trends - The "anti-involution" measures are expected to create a multi-layered governance system that promotes orderly development and healthy competition in the industry. As of late August 2025, silicon material prices rose to 46,000 RMB per ton, up from 35,000 RMB per ton at the end of June 2025, indicating a significant price increase [8][9] Valuation Metrics - The report provides a detailed financial forecast, including projected revenues of 106,193 million RMB for 2025, with a growth rate of 15.4%. The EBITDA is expected to be 4,819 million RMB, with a net profit forecast of -5,864 million RMB for the same year [7][8] - The report highlights a projected increase in net profit for 2026 to 2,151 million RMB, with a significant growth rate of 120.5% anticipated for 2027 [7][8]

Group 1 - The photovoltaic index surged over 4%, with all sub-sectors including components, inverters, and equipment experiencing significant gains [1] - Leading stocks in the photovoltaic sector hit new highs for the year, with notable increases in share prices and evident capital inflow [1] - Jinlang Technology rose over 13%, reaching a new high for the year, while major stocks like Longi Green Energy and Sunshine Power also performed strongly, with Sunshine Power increasing nearly 30% this month [1] Group 2 - Market analysis indicates that the recent surge is driven by three main factors: ongoing supportive policies, the effective reduction in photovoltaic production, and signs of price stabilization in the industry chain [1] - Leading companies reported reduced losses in the second quarter, which has boosted market confidence [1]

Group 1: Market Performance - The liquidity of the New Energy ETF showed an intraday turnover of 11.07%, with a transaction volume of 1.22 billion yuan, indicating active market trading [3] - As of September 4, the New Energy ETF reached a new high in scale at 10.55 billion yuan and a new high in shares at 1.907 billion [3] - The New Energy ETF experienced a net inflow of 52.8143 million yuan, with a total of 1.08 billion yuan net inflow over the last five trading days [3] Group 2: Historical Performance - The net value of the New Energy ETF increased by 17.43% over the past six months [3] - Since its inception, the New Energy ETF recorded a highest monthly return of 25.07%, with the longest consecutive monthly gains being four months and a maximum increase of 31.31% [3] - The average monthly return during the rising months was 8.03%, and the annualized return over the last three months exceeded the benchmark by 8.24% [3] Group 3: Industry Insights - Recent government initiatives aim for an average revenue growth rate of over 5% in lithium battery and related sectors by 2026 [6] - From January to July, China's renewable energy added 283 million kilowatts, accounting for nearly 60% of the total installed capacity [6] - The price of energy storage cells has slightly increased, with production schedules extending to October, benefiting leading storage manufacturers due to tight production [6] Group 4: Key Stocks - The top ten weighted stocks in the China Securities New Energy Index include CATL, Sungrow, Longi Green Energy, China Nuclear Power, and others, collectively accounting for 42.78% of the index [6]

Group 1: Industry Overview - The photovoltaic sector has been significantly impacted by "involution," leading companies to emphasize the importance of "de-pricing wars" in their half-year reports [1][3] - Major photovoltaic companies in the Shanghai market are focusing on technological upgrades and cash flow improvements as core strategies for the second half of the year [1] Group 2: Company Performance - Longi Green Energy reported a revenue of 32.813 billion yuan for the first half of 2025, a year-on-year decrease of 14.83%, with a net loss of 2.569 billion yuan, although the loss has narrowed compared to previous quarters [1] - Tongwei Co., Ltd. achieved a revenue of 40.509 billion yuan, down 7.51% year-on-year, with a net loss of 4.955 billion yuan; the company maintained a 30% global market share in high-purity silicon and reported a 31.33% increase in component sales [2] - JinkoSolar's revenue for the first half of 2025 was 31.831 billion yuan, a decline of 32.63%, with a net loss of 2.909 billion yuan; the company has focused on overseas markets, achieving over 60% of its shipments internationally [3] Group 3: Strategic Focus - Longi Green Energy aims to lead industry standards and improve product quality to promote industry progress and development, with a goal to achieve breakeven in gross profit and expenses by Q4 2025 [1] - Tongwei emphasizes the synergy between its "green energy" and "green agriculture" sectors to enhance operational efficiency amid industry challenges [2] - Industry experts suggest that the key to "de-involution" in the photovoltaic sector lies in technological iteration and self-discipline, with leading companies potentially stabilizing the industry by moving away from price competition [3]

Core Viewpoint - The domestic photovoltaic industry is still facing challenges in the first half of 2025, with nearly half of the companies reporting net losses, indicating that the industry's "winter" has not yet ended [1][3]. Financial Performance - Among 70 photovoltaic companies, 34 reported net losses in the first half of 2025, accounting for approximately 48.57% [3][4]. - Notable losses include Tongwei Co. with approximately 4.96 billion yuan, TCL Zhonghuan with about 4.24 billion yuan, and Trina Solar with losses between 2.5 billion to 3 billion yuan [3][4]. - Conversely, 30 companies reported net profit growth, with MicroNano achieving the highest increase of 348.95% [3]. Debt Pressure - As of the end of the first half of 2025, 43 companies had asset-liability ratios exceeding 50%, representing about 61.43% of the total [5][6]. - Companies like *ST Jingang and ST Quan are in a precarious position with asset-liability ratios of 138.65% and 104.38%, respectively [6]. International Expansion - The trend of "going abroad" continues, with 13 companies reporting that over 50% of their revenue comes from international operations [8][9]. - Airo Energy leads with 97.14% of its revenue from overseas, focusing on markets in Europe, India, and Australia [9][10]. Market Capitalization - As of September 4, 2025, the market capitalization of leading companies includes Sunshine Power at 240.5 billion yuan, Longi Green Energy at 131.9 billion yuan, and Tongwei Co. at 103.4 billion yuan [7]. Capitalization Efforts - Several photovoltaic companies are pursuing dual listings, with Fulete and Junda already achieving "A+H" listings, while others like Sunshine Power and JA Solar are planning to list on the Hong Kong Stock Exchange [11].