转债代码：110095 转债简称：双良转债 双良节能系统股份有限公司 关于控股股东及其一致行动人解质押及部分股份质押的公告 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个别及连带责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600481 证券简称：双良节能 编号：2025-074 重要内容提示： ● 截至目前，上海同盛永盈企业管理中心（有限合伙）（以下简称"上海同盛"）持有双良节能系统股份 有限公司（以下简称"公司"）股份数量为319,222,403股，占公司总股本1,873,774,608股（截至2025年12 月19日）的17.04%，是公司控股股东双良集团有限公司（以下简称"双良集团"）的一致行动人；此前， 上海同盛累计质押股份数量为84,000,000股，占其持股数量319,222,403股的26.31%，占公司总股本的 4.48%；本次上海同盛办理了解除质押及相同股数的再质押，股份解质押及再质押后，上海同盛累计质 押股份数量仍为84,000,000股，占其持股数量319,222,403股的26.31%， ...

| 证券代码：600481 | 证券简称：双良节能 | 编号：2025-075 | | --- | --- | --- | | 转债代码：110095 | 转债简称：双良转债 | | 双良节能系统股份有限公司 关于会计估计变更的公告 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个别及连带责任。 重要内容提示： 本次会计估计变更采用未来适用法，无需追溯调整，拟自公告之日起开 始执行，本次变更不会对双良节能系统股份有限公司（以下简称"公司"）以前 年度财务状况和经营成果产生影响。 本次会计估计变更已经公司九届董事会 2025 年第二次临时会议和九届 董事会审计委员会 2025 年第二次会议审议通过，无需提交公司股东会审议。 一、会计估计变更概述 随着公司各板块业务规模的扩大、内部交易的频率和规模不断增长，为了更 加客观、公允地反映个别报表的财务状况和经营成果,向投资者提供更为可靠、 准确的会计信息，公司拟变更往来款项计提坏账准备的会计估计。公司基于自身 基本情况的变化及未来发展的需要对会计估计进行变更，本次会计估计变更符合 《企业会计准则 ...

| 证券代码：600481 | 证券简称：双良节能 | 编号：2025-074 | | --- | --- | --- | | 转债代码：110095 | 转债简称：双良转债 | | 双良节能系统股份有限公司 关于控股股东及其一致行动人解质押及部分股份质押的公告 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个别及连带责任。 重要内容提示： 截至目前，上海同盛永盈企业管理中心（有限合伙）（以下简称"上海 同盛"）持有双良节能系统股份有限公司（以下简称"公司"）股份数量为 319,222,403 股，占公司总股本 1,873,774,608 股（截至 2025 年 12 月 19 日） 的 17.04%，是公司控股股东双良集团有限公司（以下简称"双良集团"）的一 致行动人；此前，上海同盛累计质押股份数量为 84,000,000 股，占其持股数量 319,222,403 股的 26.31%，占公司总股本的 4.48%；本次上海同盛办理了解除质 押及相同股数的再质押，股份解质押及再质押后，上海同盛累计质押股份数量仍 为 84,000,000 ...

截至发稿，双良节能市值为108亿元。 每经AI快讯，双良节能（SH 600481，收盘价：5.78元）12月25日晚间发布公告称，截至目前，双良集 团持有公司股份数量约为3.29亿股，占公司总股本的17.58%，为公司的控股股东；本次股份质押后，双 良集团累计质押股份数量为2.3亿股，占其持股数量约3.29亿股的69.83%，占公司总股本的12.27%。控 股股东双良集团及其一致行动人目前合计持有公司股份约8.61亿股，持股比例为45.93%。本次股份质押 后，控股股东及其一致行动人累计质押股份数量为3.14亿股，占控股股东及其一致行动人持股数量约 8.61亿股的36.48%，占公司总股本的16.76%。 2025年1至6月份，双良节能的营业收入构成为：光伏新能源占比68.99%，节能节水占比31.13%，分部 间抵销占比-0.12%。 每经头条（nbdtoutiao）——对话马斯克脑机接口"一号受试者"：大脑植入芯片23个月，我正重新夺回 人生的独立 （记者 曾健辉） ...

双良节能公告称，近日收到控股股东双良集团及其一致行动人上海同盛通知。截至2025年12月19日，公 司总股本为1,873,774,608股。12月25日，上海同盛解质押84,000,000股并再质押，占其持股的26.31%， 占总股本4.48%；12月23日，双良集团质押230,000,000股，占其持股的69.83%，占总股本12.27%。本次 质押后，控股股东及其一致行动人累计质押314,000,000股，占其持股的36.48%，占总股本16.76%。目 前二者资信良好，质押风险可控。 ...

本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 2025年，是中国光伏产业发展的分水岭之年。在经历了连续三年的产能狂飙、价格崩盘与全链亏损后， 行业终于迎来一场由"自杀式内卷"向"理性协同"的艰难转型。 "'变'是今年光伏行业的关键词，既有变化也有变革，在其中，行业的发展格局正在重塑。"中国光伏行 业协会名誉理事长王勃华近期表示。 这一年，光伏行业迎来多重转折，固定电价时代正式终结，光伏全面迈入市场化新阶段；多晶硅价格止 跌反弹，并出现12年来首次年度产量下降；龙头企业联手成立收储平台，推动"反内卷"从口号走向实 践；政策层面明确反对恶性竞争，为行业重建秩序提供制度支撑；光伏技术日新月异，BC产能建设提 速。尽管高库存、弱需求等现实挑战犹存，但光伏产业链正逐步走出至暗时刻，迈向更健康、可持续的 发展新阶段。 主链回暖：上游率先"吃肉" 2024年7月30日，中央政治局召开会议，提出要防止"内卷式"恶性竞争，这是政治局会议中首次用"内 卷"描述行业竞争，至今已近一年半。 期货市场反应灵敏，今年下半年，多晶硅期货价格从3万多元/吨一度飙升至6万元/吨以上，涨幅接近翻 倍。现货层面，同样成绩 ...

| 688722 | 同益中 | 5.12 | 4.42 | 18.34 | 18.90 | 3.06 | | --- | --- | --- | --- | --- | --- | --- | | 600807 | 济高发 | 2.88 | 7.65 | 3.13 | 3.22 | 2.99 | | | 展 | | | | | | | 603015 | 弘讯科 技 | 3.57 | 2.98 | 12.38 | 12.75 | 2.97 | | 002319 | 乐通股 份 | 4.96 | 5.35 | 11.53 | 11.86 | 2.90 | | 300354 | 东华测 试 | 2.84 | 5.68 | 42.33 | 43.49 | 2.75 | | 688700 | 东威科 技 | 4.54 | 2.49 | 35.84 | 36.81 | 2.72 | | 688018 | 乐鑫科 技 | 2.88 | 1.95 | 161.99 | 166.34 | 2.68 | | 301278 | 快可电 子 | 3.00 | 8.15 | 34.13 | 34.97 | 2.45 | | 3002 ...

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Viewpoints - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd., a national-level operation platform for polysilicon capacity integration and strategic storage, is expected to fundamentally change the competitive landscape of the polysilicon industry [6] - The main mission of this platform is to adjust and stabilize industry capacity and products through market-oriented methods, with mainstream polysilicon prices expected to stabilize above 60,000 RMB per ton [6] - Major photovoltaic companies are optimistic about profitability in 2026, as indicated by Longi Green Energy's employee stock ownership plan [6] Summary by Sections Industry Performance - In the past 12 months, the industry has shown a relative return of -9.36% over one month, 6.86% over three months, and 0.92% over twelve months, with absolute returns of -11.56%, 10.16%, and 15.84% respectively [3] Market Dynamics - The polysilicon market is entering a new phase characterized by "market-oriented operations + industry collaborative regulation" [6] - In November, domestic polysilicon production was approximately 114,900 tons, a significant decrease of 15.9% month-on-month, with expectations for December production to remain below 120,000 tons [6] Investment Recommendations - Suggested stocks to focus on include Tongwei Co., Daqo New Energy, TCL Zhonghuan, and Shuangliang Eco-Energy for supply-demand improvement [6] - For new technology routes in BC batteries, recommended stocks include Longi Green Energy, Aiko Solar, Dier Laser, Juhua Materials, and Boqian New Materials [6]

Core Viewpoint - The A-share market is experiencing fluctuations, with the Fujian sector showing strength and the Korean National Pension Service selling US dollars to support the Korean won [1][2]. Group 1: Market Performance - On December 9, the A-share market showed mixed results, with the Shanghai Composite Index down by 0.37%, the Shenzhen Component Index down by 0.39%, and the ChiNext Index up by 0.61% [5][20]. - The computing hardware stocks continued to perform strongly, with companies like Dekeli and Yueling shares hitting the daily limit [6][21]. Group 2: Fujian Sector - The Fujian sector is gaining momentum, with over ten stocks, including Anji Food and Longzhou Co., hitting the daily limit. This is driven by the release of the 15th Five-Year Plan for economic and social development in Quanzhou, which emphasizes the construction of new infrastructure and digital transformation [20][22]. - The plan includes initiatives to optimize the layout of new infrastructure related to networks, computing power, and data, aiming to create a modern, efficient information network [22][23]. Group 3: Korean National Pension Service - The Korean National Pension Service (NPS) has been selling US dollars as part of a tactical foreign exchange hedging strategy to counter the recent depreciation of the Korean won. As of the end of September, NPS held approximately $542 billion in overseas assets [2][18]. - The maximum hedging ratio for NPS is about 15%, equivalent to approximately $81.3 billion, with tactical foreign exchange hedging allowing for adjustments within a ±5% range of its overseas asset portfolio [2][18]. Group 4: Polysilicon Market - On December 9, polysilicon futures contracts saw a significant increase, indicating a bullish trend in the market [26][28]. - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd., with a registered capital of 3 billion yuan, aims to explore strategic cooperation opportunities within the industry, potentially impacting polysilicon supply and pricing dynamics [29].

Core Viewpoint - The photovoltaic (PV) sector is experiencing significant stock declines, with over 120 stocks dropping on November 21, and the PV equipment index falling by 15.7% from its peak on November 11 [1][2]. Group 1: Market Performance - The PV equipment index reached a high of 592.03 points on November 11 but fell to 499.24 points by December 3, marking a decline of 15.7% [1]. - On December 3, 76 PV stocks closed lower, with notable declines in companies such as Guosheng Technology, Shuangliang Energy, and Aiko Solar, all dropping over 3% [1]. - The overall market sentiment has shifted from optimism earlier in the year, where many stocks had doubled in value by September 5, to a current state of pessimism [1][3]. Group 2: Industry Challenges - The PV industry is facing a downturn due to persistent overcapacity, leading to price competition and a lack of confidence in the market [2][4]. - Silicon material prices have not increased for nine consecutive weeks since late September, and prices for silicon wafers and battery cells have been declining since mid-October [2]. - Recent reports indicate that five companies have begun price promotions, reversing the earlier price increases seen in the second half of the year [2]. Group 3: Policy and Regulatory Environment - The Chinese government has recognized the need to address low-price competition in the PV sector, with the central economic committee emphasizing the importance of quality and orderly production [3][4]. - The Ministry of Industry and Information Technology has initiated several measures to regulate the industry, including a focus on product quality and the exit of outdated production capacity [3][6]. - Despite the ongoing efforts, skepticism remains regarding the effectiveness of these policies, as some companies continue to expand capacity, undermining the intended regulatory impact [4][6]. Group 4: Silicon Material Storage Initiatives - The PV industry is attempting to address the oversupply of silicon materials through a storage initiative, with plans to consolidate and reduce production capacity [8][10]. - A proposed platform for silicon material storage aims to acquire approximately 100,000 tons of capacity, with an initial funding target of 100 billion yuan [8][10]. - However, the implementation of this initiative has faced delays, and there are concerns about the feasibility of achieving the necessary industry cooperation [10][11]. Group 5: Future Outlook - Despite current challenges, there is a belief that the underlying logic for a recovery in the PV sector remains intact, with expectations for future policy support and market stabilization [12]. - The Chinese government's commitment to renewable energy, including ambitious targets for solar and wind power, provides a long-term growth outlook for the PV industry [12].