新国标有望使行业产能关停超30%，产能过剩程度将大幅降低 该标准正式实施后，不符合3级标准的企业将被限期整改，逾期未改或整改后未符合2级标准的企业将被 关停。根据硅业分会初步统计，中国内地多晶硅有效产能将降至约240万吨，相比已建成产能350万吨大 幅减少31.4%，虽然仍超出2026年预计的需求150万吨约60%，但产能过剩程度将大幅缓解。这些产能目 前绝大多数处于停产状态，同时标准发布后将有12个月过渡期，因此对短期供应的影响较小。新建产能 方面，预计将仅有协鑫科技和通威股份(600438.SH)符合2级及以上标准可新增产能，未来行业新增产能 将十分有限。 继续看好光伏行业"反内卷"推进，首选协鑫科技 多晶硅能耗标准的超预期收紧，反映出政府对光伏行业"反内卷"的坚定决心，并以提高技术标准作为淘 汰落后产能的主要手段。继续看好光伏行业"反内卷"推进，首选能耗最低的颗粒硅龙头协鑫科技 (03800)。 智通财经APP获悉，交银国际发布研报称，9月16日，国家标准化管理委员会发布《硅多晶和锗单位产 品能源消耗限额》(征求意见稿)，规定棒状硅1/2/3级综合能耗相比此前7月24日行业会议上透露标准进 一步大幅收紧 ...

A New Step for Anti-involution on Solar by Tightening Energy Usage on Polysilicon Production CITI'S TAKE According to Chinese solar news website 光伏之源 (link, 12-Sept-2025), energy consumption caps for polysilicon are being tightened again to accelerate the elimination of obsolete production capacity and facilitate industry consolidation. We regard this as another step in China's anti- involution measures for the solar sector. The article expects 30% of existing industry production capacity could be cut befor ...

Market Performance - As of September 18, 2025, the China Securities New Energy Index decreased by 0.48%, with mixed performance among constituent stocks [1] - Leading stocks included Daikin Heavy Industries up by 5.69%, China National Materials Technology up by 5.05%, and Xianlead Intelligent up by 4.27%, while JA Solar Technology led the decline [1] ETF Insights - The New Energy ETF (159875) experienced a turnover rate of 5.94% with a transaction volume of 68.5185 million yuan [3] - The latest scale of the New Energy ETF reached 1.152 billion yuan, with a total inflow of 32.5206 million yuan over the last 10 trading days [3] - The New Energy ETF's net value increased by 61.44% over the past year, with the highest single-month return since inception being 25.07% [3] Stock Performance - Notable stock performances included: - Contemporary Amperex Technology down by 1.23% with a weight of 9.72% - Sungrow Power Supply up by 3.08% with a weight of 5.57% - Longi Green Energy down by 1.27% with a weight of 5.18% [5] Industry Developments - The 2025 World Energy Storage Conference was held on September 17, with the Ministry of Industry and Information Technology releasing the "New Energy Storage Technology Development Roadmap (2025-2035)" [5] - The roadmap emphasizes a target of over 300 million kilowatts of new energy storage capacity by 2035 [5] - Domestic energy storage policies are expected to continue strengthening, with demand anticipated to exceed expectations [6] - In August 2025, the domestic energy storage market bidding scale reached a record high of 25.8 GW/69.4 GWh, driven by large-scale project completions [6] Top Weight Stocks - As of August 29, 2025, the top ten weighted stocks in the China Securities New Energy Index accounted for 42.78% of the index, including Contemporary Amperex Technology, Sungrow Power Supply, and Longi Green Energy [6]

◎记者 王文嫣 通威股份子公司通威新能源金堂独立共享储能电站项目正式开工，隆基绿能被传已入股储能类企业…… 储能行业研究人士认为，近期频出的产业政策为储能产业发展提供坚实支撑。通过加快光储一体化项目 布局，相关企业或进一步挖掘产业链协同潜力，进一步降本增效。 竞相步入储能领域 依托"绿色能源"及"绿色农业"双主业协同发展优势，通威股份持续聚焦"渔光一体"光伏电站项目开发与 建设。截至今年6月30日，完成新增并网规模112.76MW，累计并网装机规模达4.79GW，上半年结算电 量23.49亿度，实现碳减排126.04万吨。 隆基绿能2025年半年报显示，公司依然聚焦BC电池技术，也提到绿氢装备业务板块，对储能领域几乎 没有描述。在展望BC技术前景时，隆基绿能提到，随着建筑光伏、海光、阳台光伏等多元应用场景蓬 勃发展，以及光储融合、零碳园区等新型业态不断丰富，行业发展逐步走向精细化、多样化，围绕场景 的产品创新将为企业打开差异化发展空间。在我国光伏治沙、绿电直连供应、超充电站等政策的落地支 持下，光伏应用将加速向更广阔的新领域扩展。 已有企业吃到储能红利 近日，国家发展改革委、国家能源局印发的《新型储能规模化建 ...

股票代码：600438 股票简称：通威股份 公告编号：2025-075 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 2025 年度 第二期绿色科技创新债券发行结果公告 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。 通威股份有限公司（以下简称"公司"）第八届董事会第二十二次会议及 2025 年第一次临时股东大会审议通过了《关于申请注册发行债务融资工具（DFI） 的议案》，准许公司根据公司实际资金需求情况，在中国银行间市场交易商协会 注册有效期内择机一次或分期发行债务融资工具，具体内容详见公司在上海证券 交易所网站（www.sse.com.cn）披露的相关公告。 2025 年 4 月 28 日，公司收到中国银行间市场交易商协会（以下简称"交 易商协会"）下发的《接受注册通知书》（中市协注[2025]DFI27 号）。《接受 注册通知书》中明确：交易商协会决定接受公司债务融资工具注册；注册自通知 书落款之日（2025 年 4 月 28 日）起 2 年内有效；公司在注册有效期内可分期 发行超短期融资券、短期融 ...

Market Performance - The photovoltaic equipment sector rose by 0.72% on September 17, with Aotaiwei leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Notable gainers in the photovoltaic equipment sector included: - Aotaiwei (688516) with a closing price of 50.33, up 11.25% [1] - Yijing Photovoltaics (600537) with a closing price of 4.36, up 10.10% [1] - Ankai High-Tech (600207) with a closing price of 6.01, up 10.07% [1] - Other stocks with significant increases included: - Shouhang New Energy (301658) up 4.48% [1] - Shuangliang Energy (600481) up 4.24% [1] Fund Flow - The photovoltaic equipment sector saw a net inflow of 67.86 million yuan from main funds, while retail funds experienced a net outflow of 32.42 million yuan [3][4] - Key stocks with significant fund flows included: - Longi Green Energy (601012) with a main fund net inflow of 3.42 billion yuan [4] - Yijing Photovoltaics (600537) with a main fund net inflow of 2.69 billion yuan [4] - Tongwei Co., Ltd. (600438) with a main fund net inflow of 1.65 billion yuan [4] ETF Information - The Huaxia Sci-Tech 100 ETF (product code: 588800) tracks the Shanghai Stock Exchange Sci-Tech 100 Index and has seen a 5.01% change over the last five days [6] - The ETF's latest share count is 2.09 billion, with a reduction of 27.50 million shares and a net inflow of 3.086 million yuan [6]

Market Performance - The prepared food concept sector declined by 1.36%, ranking among the top declines in concept sectors as of September 17 [1] - Notable declines within the sector included companies such as Sanjiang Shopping, Bubugao, and Junting Hotel, while companies like Qianwei Yangchu, Tiandi Online, and Tongwei Co. saw increases of 4.87%, 2.86%, and 2.68% respectively [1] Capital Flow - The prepared food concept sector experienced a net outflow of 1.342 billion yuan, with 78 stocks seeing net outflows, and 8 stocks exceeding 50 million yuan in net outflows [1] - Bubugao led the net outflow with 284 million yuan, followed by Yonghui Supermarket, Wens Foodstuff, and Liren Liyang with net outflows of 183 million yuan, 106 million yuan, and 81.6 million yuan respectively [1] Top Gainers and Losers - The top gainers in the prepared food sector included Qianwei Yangchu with a 4.87% increase, Tiandi Online with a 2.86% increase, and Tongwei Co. with a 2.68% increase [1] - The top losers included Bubugao with a 5.50% decrease, Sanjiang Shopping with a 9.06% decrease, and Junting Hotel with a 5.30% decrease [1][2]

Core Viewpoint - The recent announcement by the World Economic Forum highlights that 8 out of 12 selected "Lighthouse Factories" are Chinese companies, showcasing China's leading position in the digital and intelligent transformation of manufacturing [1][4]. Group 1: Lighthouse Factories Selection - The new list of "Lighthouse Factories" includes 12 companies globally, with 8 being from China, indicating a significant breakthrough in China's manufacturing sector [1]. - The selected Chinese companies include Tongwei Solar, Eaton Electric, Mettler Toledo, Yunnan Baiyao, Hisense Hitachi, and two subsidiaries of Haier, reflecting the advancements in smart manufacturing [1][2]. Group 2: Technological Advancements - Tongwei Solar's factory utilizes automated production lines and big data analysis to achieve precise control in key processes, reducing energy and material waste [2]. - Eaton Electric's facility in Changzhou has implemented 10 Industry 4.0 solutions, resulting in a 26% increase in production efficiency, a 33% reduction in delivery time, and a 55% increase in capacity since its digital transformation began in 2022 [2]. - Mettler Toledo's Changzhou factory has integrated digital technologies deeply into its operations, achieving a 98.4% on-time delivery rate and a 22% reduction in delivery cycles through 49 Industry 4.0 applications [2]. Group 3: Other Notable Chinese Factories - Yunnan Baiyao has applied digital technology for raw material traceability, process optimization, and quality control [3]. - Hisense Hitachi has improved labor efficiency by 63% and reduced defect rates by 57% through over 70 innovative technology applications in welding and logistics [3]. - Haier's factories have achieved mass customization and rapid delivery through modular design and flexible production techniques [3]. Group 4: International Presence - Lenovo's Monterrey manufacturing base in Mexico and Midea's Racha factory in Thailand are also recognized as "Lighthouse Factories," showcasing China's global manufacturing capabilities [3]. - Lenovo's facility has been upgraded continuously over nearly 20 years, while Midea's factory has implemented 72 digital and AI solutions, reducing order delivery times by 43% and customer complaints by 32% [3]. Group 5: Significance of Lighthouse Factories - The "Lighthouse Factory" initiative, a collaboration between the World Economic Forum and McKinsey, represents the pinnacle of digital manufacturing and serves as a model for global manufacturing excellence [4]. - Since the initiative's inception in 2018, the number of Chinese companies selected has been increasing, reflecting the country's proactive approach in the competitive landscape of intelligent manufacturing [4].

Core Insights - Tongwei Solar's Meishan plant is the only photovoltaic factory selected as a "lighthouse factory" in the latest World Economic Forum (WEF) announcement, highlighting China's leadership in smart manufacturing and digital transformation within the photovoltaic industry [1][2] - The "lighthouse factory" designation recognizes advanced manufacturing exemplars that excel in productivity, supply chain resilience, sustainability, talent development, and customer-centricity, with over 40% of the 201 certified factories globally located in China [1] - The selection criteria for "lighthouse factories" are stringent, requiring the integration of at least five world-class leading technology applications [1] Company Highlights - Tongwei Solar has established itself as a symbol of intelligent manufacturing in China's photovoltaic sector, with initiatives such as the world's first Industry 4.0 efficient battery production line and the first 5G application base in the global photovoltaic industry [2] - The company's digital transformation focuses on enhancing photoelectric conversion efficiency and quality, achieving a 12% increase in conversion efficiency, a 37% reduction in conversion costs, and a 33% decrease in carbon emissions [2] - Tongwei Solar's Meishan plant utilizes over 50 application scenarios, including big data analysis for solar cell efficiency optimization and AI-driven defect analysis, contributing to its recognition as a "lighthouse factory" [1][2]

Core Viewpoint - The photovoltaic industry is experiencing a recovery in prices due to government interventions aimed at reducing disorderly competition, with significant price increases observed in polysilicon and related materials since July [1] Group 1: Market Dynamics - Since July, polysilicon prices have rebounded, with N-type polysilicon prices rising from 40,500 yuan/ton to 51,550 yuan/ton, a 28.4% increase, and futures prices increasing from 44,000 yuan/ton to 53,610 yuan/ton, a 21.84% increase [2] - The futures market for polysilicon has shown a strong correlation with the spot market, maintaining a price correlation above 0.90, indicating effective price discovery [2] - Current futures prices are generally higher than spot prices, driven by expectations of improved supply-demand dynamics due to "anti-involution" policies, despite the underlying supply-demand imbalance [3] Group 2: Futures Market Participation - The enthusiasm for participating in the polysilicon futures market is high among upstream and downstream companies in the photovoltaic industry, with 13 listed companies announcing their involvement in hedging activities [4] - The futures market has successfully completed three contract deliveries, providing stability for related enterprises [4] - The introduction of a brand delivery system for polysilicon futures aligns with market practices and enhances quality management, ensuring that delivery products meet industry standards [6] Group 3: Quality and Standards - The standard delivery products for polysilicon futures are primarily N-type polysilicon, with quality requirements close to national standards, while alternative delivery products are P-type polysilicon [8] - The brand delivery system is expected to stabilize the delivery market and promote the production of high-quality polysilicon, preventing low-quality products from entering the futures market [8] Group 4: Market Sentiment and Policy Impact - The photovoltaic industry is entering a "policy implementation" phase, with various news related to "anti-involution" policies influencing market sentiment and causing price fluctuations [9] - The market is currently experiencing a tug-of-war between weak supply-demand realities and strong policy expectations, leading to potential volatility in prices [3][10] - The exchange has implemented measures to stabilize market sentiment and control risks, including adjustments to trading limits and fees for polysilicon futures [9]