三、机构解读 一、行情 1月28日，云计算概念大涨，美利云一字涨停，网宿科技、欧陆通等涨超10%，首都在线等跟涨。 | 股票名称 | 最新价= | 涨跌幅 = | 换手落 | | --- | --- | --- | --- | | 美利云 000815.SZ 扭亏 | | 首板 | | | | 14.28 | +10.02% | 7.80' | | 公司数据中心业务涵盖机架出租、网络接入及机架运行维护等服务 | | 09:44 涨停 | | | 网宿科技 300017.SZ 减持 | | | | | IT基础平台服务提供商;公司提供DC和液冷节能解决方案,子公司绿色云图自主研发的 | | | | | 液冷技术,能够为企业提供更节能、高效的液冷数据中心建设及改造方案,包括微型液冷 | | | | | 数据中心解决方案、中大型数据中心解决方案及集装箱数据中心解决方案;另外,提供托 | 16.04 | +18.46% | 26.14 | | 管空间租用、托管带宽租用、数据中心托管服务及企业级互联网通信整体解决方案;子公 | | | | | 司爱捷云瞄定算力云定位,以统一架构为客户提供从轻量超融合云到大规模全栈企业云 ...

Core Viewpoint - The photovoltaic industry is undergoing a deep reform to combat internal competition, with regulatory measures and policy adjustments reflecting a commitment to high-quality development. However, many companies are still facing significant losses, indicating that this battle is not a short-term fix but a necessary step to resolve structural issues within the industry [2][5]. Industry Performance - Major companies like Tongwei Co., Ltd. and LONGi Green Energy are projected to incur substantial losses in 2025, with estimated net losses of 9 to 10 billion yuan and 6 to 6.5 billion yuan respectively. Other companies such as JA Solar, JinkoSolar, and Trina Solar are also expected to report significant losses, highlighting the severe challenges faced by the industry [2][3]. - The average gross margin for the entire industry is only 3.64%, with many companies trapped in a cycle of "production equals loss" due to oversupply and rising raw material costs [3][4]. Causes of Losses - The industry's performance crisis is primarily attributed to excessive homogenous production capacity and fierce price competition, compounded by soaring raw material costs. The supply of silicon materials is projected to exceed global demand by more than double over the next three years, leading to a significant imbalance [3][4]. - The price of silver, a key material in photovoltaic cells, has surged by 231% in 2025, pushing companies to adopt cost-cutting measures at the expense of technological innovation and quality [4][5]. Recommendations for Improvement - Companies must shift their focus from price competition to technological innovation and quality improvement, investing in advanced battery technologies such as TOPCon, BC, and ABC to enhance efficiency and reduce costs [4][6]. - The industry needs to establish self-regulatory standards to combat unfair competition practices, such as selling below cost and misrepresenting product capabilities, while promoting collaboration among companies to consolidate resources [4][6]. Government Role - Government policies and regulatory actions are crucial for supporting the industry's reform efforts. A unified and clear policy direction is necessary to stabilize market expectations and foster industry consensus [5][6]. - Regulatory bodies should enhance oversight on low-price dumping and set higher energy consumption and environmental standards for mature production stages, while also optimizing bidding rules to prioritize technology and quality over price [5][6]. Future Outlook - The photovoltaic industry is at a critical juncture, with the potential for recovery as companies begin to reduce losses and improve profitability. Analysts suggest that the industry may see a turning point in profitability by early 2026 [6][7]. - A collaborative effort between companies and government is essential to ensure that innovation becomes the cornerstone of industry development, allowing China to transition from a manufacturing hub to a center of innovation in the global energy transformation [7].

新华财经北京1月27日电近日，双良节能发布的2025年度业绩预告显示，2025年公司归母净利润为亏损 7.8亿元到10.6亿元，同比2024年大幅减亏。从行业业绩预告整体情况来看，光伏行业多家企业2025年第 四季度出现亏损，业内认为与光伏行业四季度的淡季特征相关。 对比此前已披露业绩预告的光伏行业龙头企业，头部企业亏损额处于40亿至100亿元区间，双良节能同 期亏损规模相对较小，核心原因或是公司硅片业务具备成本竞争优势。公司在零碳园区、核心装备、新 兴赛道布局等领域的突破进展，为长期增长注入了动能，同时，传统光伏板块与绿氢等新兴赛道的协同 发力也进一步巩固了增长基础。 多领域突破注入增长动能 此外，公告显示双良节能在报告期内计提了固定资产减值准备，这可能也是公司四季度出现亏损的重要 因素。在业绩改善的背后，公司在零碳园区、核心装备、新兴赛道布局等领域的突破进展，叠加行业政 策与市场利好，为长期增长注入了动能，也进一步提升了市场信心。 作为数字化驱动的全生命周期碳中和解决方案服务商，双良节能的零碳园区整体解决方案已获得行业认 可。近期，包头稀土高新区国家级零碳园区建设推进会选址双良新能源光伏产业园，标志着公司 ...

企业作为市场主体，是反内卷的核心执行者，其自觉与努力决定着反内卷的实际成效，而当前全行业的 业绩困境，正是低价内卷叠加成本压力的集中恶果。2025年的光伏行业，鲜有企业能独善其身，从头部 龙头到细分领域玩家，业绩预亏成为行业常态，亏损规模与范围均创下历史新高—— 笔者认为，唯有企业筑牢自律自觉的根基，政府打出协同一致的政策组合拳，将反内卷坚持到底，才能 让光伏行业彻底走出低价厮杀的泥潭，回归技术创新与价值创造的核心赛道。 通威股份（600438.SH）预计2025年净亏损90亿~100亿元，隆基绿能（601012.SH）预亏60亿~65亿元， 两大龙头的巨亏直接折射出行业的严峻形势，其中隆基绿能明确提及四季度银浆、硅料成本大幅上涨进 一步推升了产品成本，加剧经营压力；晶澳科技（002459.SZ）、晶科能源（688223.SH）、天合光能 （688599.SH）归母净利润分别预亏45亿~48亿元、59亿~69亿元、超42亿元，组件赛道的价格战厮杀已 到白热化阶段，天合光能更坦言受硅料、银浆等原材料成本上涨影响，组件业务盈利能力同比下滑；硅 料龙头大全能源（688303.SH）持续亏损，虽三季度起硅料价格呈现恢 ...

1月23日，双良节能系统股份有限公司发布2025年度业绩预告，公司整体亏损幅度显著收窄。从行业业 绩预告整体情况来看，光伏行业多家企业2025年第四季度出现亏损，业内认为应与光伏行业四季度的淡 季特征相关。对比此前已披露业绩预告的光伏行业龙头企业，头部企业亏损额处于40亿至100亿元区 间，双良节能同期亏损规模相对较小，核心原因应是公司硅片业务具备成本竞争优势。此外，公告显示 双良节能在报告期内计提了固定资产减值准备，此举充分体现公司财务操作的谨慎性原则，而该项计提 也应是公司四季度出现亏损的重要因素。在业绩改善的背后，公司在零碳园区、核心装备、新兴赛道布 局等领域的突破进展，叠加行业政策与市场利好，正为长期增长注入强劲动能，进一步提升了市场信 心。 转自：新华财经 作为数字化驱动的全生命周期碳中和解决方案服务商，双良节能的零碳园区整体解决方案已获得行业高 度认可。近期，包头稀土高新区国家级零碳园区建设推进会选址双良新能源光伏产业园，标志着公司在 国家级零碳园区建设中的重要地位。该产业园已建成 24MW 屋顶光伏绿电直联项目并成功并网， 30MW绿电直联项目及600MW国电风光储绿电直供项目预计2026年实现 ...

光伏设备 《光伏反内卷深度：反内卷持续深化， 关 注 贝 塔 修 复 — 行 业 深 度 报 告 》 -2025.9.3 《光伏技术深度系列（一）：BC 盈利 拐点率先而至，"反内卷"时代未来可 期—行业深度报告》-2025.7.28 太空光伏深度报告：光伏向空，志在星海 ——行业深度报告 2026 年 01 月 26 日 | 殷晟路（分析师） | 周航（联系人） | | --- | --- | | yinshenglu@kysec.cn | zhouhang1@kysec.cn | | 证书编号：S0790522080001 | 证书编号：S0790125050020 | 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2025-01 2025-05 2025-09 光伏设备 沪深300 相关研究报告 《光伏出口退税将全面取消，倒逼行 业高质量发展 —行业点评报告》 -2026.1.11 太空迈入晶硅时代 太空高能宇宙辐射、±150℃极端温差循环、高真空散热受限等极端环境，对光伏 电池的转换效率、寿命及材料结构提出严苛要求。现阶段 III-V 族多结光伏电 ...

Market Overview - The market is experiencing a unique situation where indices are rising, but individual stock sentiment has been lukewarm, indicating a clear cooling of market enthusiasm [1] - Despite maintaining trading volumes above 2 trillion yuan for over 20 consecutive trading days, there are signs of main funds reducing their holdings in broad-based ETFs, suggesting a cautious approach to the current market [1] Precious Metals Sector - The recent surge in the precious metals sector is driven by three core factors: enhanced financial attributes, industrial demand resonance, and supportive funding conditions, alongside geopolitical and policy cycle benefits [1] - Gold and silver have distinct upward trends, with gold's appeal as a "super-sovereign credit asset" becoming more pronounced as global central banks continue to increase their gold reserves [1] - The global central bank gold reserve ratio is projected to rise to 25.94% by January 2026, with China increasing its gold holdings for 14 consecutive months [1] Economic Indicators - Major economies are showing signs of weak recovery, compounded by trade tensions between the US and Europe, which further enhance the safe-haven value of precious metals [3] - The price of gold has surpassed $5,000 per ounce for the first time, with silver futures also experiencing significant gains, reflecting a broader trend of rising commodity prices [3][5] Sector Performance - The rare metals, gold concepts, and insurance sectors are performing strongly, while sectors like sports, aerospace equipment, and military industries are lagging [3] - The solar photovoltaic sector is also seeing substantial gains, with companies like Mingyang Smart Energy and others reaching their daily price limits [3] Index Movements - The Shanghai Composite Index opened high but faced volatility, indicating a mixed performance in individual stocks despite overall index gains [5] - The ChiNext Index showed weakness, with many small and medium-sized stocks struggling, reflecting a challenging environment for growth in this segment [5]

（文章来源：证券时报网） 数据宝统计，截至10:08，双良节能成交额16.16亿元，创2024年11月7日以来新高。最新股价上涨 4.71%，换手率10.22%。上一交易日该股全天成交额为4.47亿元。（数据宝） ...

2026.01.26 本文字数：488，阅读时长大约1分钟 作者 |一财阿驴 09:25 A股开盘丨三大股指集体高开 光伏产业链再度走强 三大股指集体高开，沪指涨0.21%，深成指涨0.37%，创业板指涨0.48%。科创综指涨0.04%。光伏产业 链再度走强，太空光伏概念股领涨；黄金、锂矿、人形机器人、AI应用题材活跃。商业航天概念股局 部回调。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 科创综指 | | 4144.78 | 14492.42 | 1900.54 | | +8.61 +0.21% | +52.77 +0.37% | +0.76 +0.04% | | 万得全A | 创业板指 | 北证50 | | 6915.80 | 3365.61 | 1593.07 | | +22.69 +0.33% | +16.10 +0.48% | +4.41 +0.28% | 大肚能装得下咖啡奶茶 也盛满"吨吨吨"的畅快 2026，愿阿驴的每日祝福 太空光伏概念继续大幅高开，明阳智能、拓日新能、协鑫集成、钧达股份、双良节能封涨停，东方日 升、欧普泰 ...

转自：证券时报 转自：证券时报 人民财讯1月26日电，光伏板块延续涨势，钧达股份3连板，协鑫集成、双良节能2连板，东方日升涨超 15%。 人民财讯1月26日电，光伏板块延续涨势，钧达股份3连板，协鑫集成、双良节能2连板，东方日升涨超 15%。 ...