Core Insights - The photovoltaic industry has shown signs of improvement in Q3 2025, with a significant reduction in net losses across the main industry chain, indicating the effectiveness of "anti-involution" measures [1][2][3] Financial Performance - In Q3 2025, 14 out of 21 listed photovoltaic companies reported a quarter-on-quarter increase in net profit, with major players like Daqo Energy and Shuangliang Eco-Energy turning losses into profits [1][2] - Daqo Energy reported Q3 revenue of 1.773 billion yuan, a year-on-year increase of 24.75% and a quarter-on-quarter increase of 214.93%, with a net profit of 73 million yuan [3] - The overall revenue of the 21 companies in the first three quarters of 2025 was 381.67 billion yuan, a year-on-year decrease of 17.05% [5] Market Dynamics - The photovoltaic industry is experiencing a price stabilization phase, particularly in the upstream sectors of silicon materials and wafers, which has contributed to the reduction in losses [2][3] - Despite the reduction in losses, the overall revenue decline is attributed to weak demand for new installations, with a significant drop in domestic installation capacity [4][5] Demand and Supply Outlook - The market is transitioning into Q4, traditionally a slow season for photovoltaic installations, with expectations of limited order growth for battery components [7] - The cumulative inventory pressure in silicon materials remains a concern, with expectations that industry inventory levels will exceed 400,000 tons by the end of 2025 [6][7]

Core Viewpoint - The photovoltaic industry is showing signs of recovery as companies' performance improves in the third quarter, driven by policy guidance and strategic adjustments within firms [1][2][3] Group 1: Performance Recovery - Several companies in the photovoltaic supply chain have reported improved performance, particularly in the silicon material sector, which has rebounded quickly [1] - Daqo New Energy Corp reported a revenue of 1.773 billion yuan in Q3, a year-on-year increase of 24.75%, and a net profit of 73.48 million yuan, recovering from a loss of 429 million yuan in the same period last year [1] - Doublegood Energy Systems Co. achieved a quarterly revenue of 1.688 billion yuan, a year-on-year decrease of 49.86%, but a net profit of 53.18 million yuan, up 164.75% [1][2] Group 2: Price and Cost Factors - The rise in polysilicon prices and a decrease in production costs are key factors driving the improved performance of silicon material companies in Q3 [2] - Tongwei Co. reduced its losses to 315 million yuan in Q3 from 2.363 billion yuan in Q2, indicating significant improvement [2] - GCL-Poly Energy Holdings Ltd. reported a profit of 960 million yuan in its photovoltaic materials business, contrasting sharply with a loss of 1.81 billion yuan in the same period last year [2] Group 3: Shift to Value Competition - The industry is transitioning from a "price war" to "value competition," with downstream component and integrated companies also showing signs of performance recovery [3][4] - LONGi Green Energy Technology Co. reported a 47.52% reduction in losses in the first three quarters of the year, focusing on customer-centered value creation and cost reduction [3] - JA Solar Technology Co. improved its gross margin to -0.88% in Q3, continuing a trend of improvement throughout the year [3] - Hongyuan Green Energy Co. achieved a revenue of 5.685 billion yuan in the first three quarters, a year-on-year increase of 6.54%, and a net profit of 235 million yuan, indicating a turnaround [4]

| 证券代码：600481 | 证券简称：双良节能 | 编号：2025-071 | | --- | --- | --- | | 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 关于接待机构调研情况的公告 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。 双良节能系统股份有限公司（以下简称"公司"）于 2025 年 10 月 29 日至 2025 年 10 月 31 日通过现场走访交流的形式接待了机构调研，现将主要情况公 告如下： 一、调研情况 1.调研时间：2025 年 10 月 29 日至 2025 年 10 月 31 日 2.调研形式：现场调研 3.调研地点：江苏省江阴市利港镇西利路 88 号公司总部 4.调研机构（按首字母拼音排序）：博道基金、长江证券、光合未来、古木 投资、国金证券、国信证券、禾昇投资、华泰证券、华商基金、磐厚动量、兴全 基金、鑫元基金、永赢基金、中海基金、中银证券 5.公司接待人员：董事长缪文彬、副总经理兼董事会秘书杨力康以及公司各 业务板块相关负责人 二、调研的 ...

Core Viewpoint - The photovoltaic industry is showing significant signs of recovery, particularly among silicon material companies, which are leading the way in improved performance, while other segments like batteries, silicon wafers, and modules are also showing positive trends [2][4]. Group 1: Performance of Silicon Material Companies - Major silicon material companies such as Daqo Energy and Shuangliang Energy reported profitability in Q3 2025, with Daqo Energy achieving a revenue of 1.773 billion yuan, a year-on-year increase of 24.75%, and a net profit of 73.48 million yuan, ending a continuous loss since Q2 2024 [4][3]. - Shuangliang Energy also turned profitable in Q3, with a revenue of 1.688 billion yuan, a year-on-year decrease of 49.86%, but a net profit increase of 164.75% [4]. - Tongwei Co. reduced its losses significantly in Q3, with a loss of 315 million yuan compared to over 2 billion yuan in the previous quarter [4]. Group 2: Price and Cost Dynamics - The recovery in silicon material companies' performance is attributed to rising silicon prices and decreasing production costs, alongside favorable industry policies [5][6]. - The average selling price of multi-crystalline silicon increased significantly, with prices rising from 41,500 yuan per ton in Q3 2025 compared to 30,330 yuan per ton in Q2 2025, marking an increase of over 28% [5]. - Daqo Energy reported a unit sales price of 41.49 yuan per kilogram in Q3, while its cash cost decreased to 34.63 yuan per kilogram [5][6]. Group 3: Overall Industry Trends - Other segments of the photovoltaic supply chain, including battery and module manufacturers, are also experiencing reduced losses, indicating a broader industry recovery [9][10]. - For instance, Junda Co. reported a net loss of 155 million yuan in Q3, a reduction of 38.05% year-on-year, while Dongfang Risheng reported a net loss of 254 million yuan, down 57.39% year-on-year [9]. - TCL Zhonghuan's revenue for the first nine months of 2025 was 21.572 billion yuan, a decrease of 4.48%, but it also reported a reduced net loss of 5.777 billion yuan, indicating a trend towards recovery in the industry [10].

Group 1 - The HIT battery sector leads the market with an increase of 4.34% [1] - Canadian Solar (阿特斯) saw a significant rise of 19.0% [1] - Longi Green Energy (隆基绿能) increased by 9.31% [1] - Tongwei Co., Ltd. (通威股份) experienced a growth of 6.46% [1] - Other companies such as JA Solar (晶澳科技), Shuangliang Eco-Energy (双良节能), and TCL Zhonghuan (TCL中环) all rose by over 3% [1]

Core Viewpoint - The photovoltaic industry chain experienced a collective surge in stock prices, with several companies reaching their daily limit up, indicating strong market performance and investor interest [1][2]. Group 1: Stock Performance - Longi Green Energy reached the daily limit up with a trading volume exceeding 6 billion yuan [1]. - Other companies such as Canadian Solar, Tongrun Equipment, and Hongyuan Green Energy also hit the daily limit up, while Trina Solar saw an increase of over 10% [1]. - Notable stock price increases include: - Canadian Solar: +19.97% to 14.84 yuan - Trina Solar: +10.53% to 19.63 yuan - Tongrun Equipment: +10.01% to 19.34 yuan - Longi Green Energy: +10.00% to 20.79 yuan - Hongyuan Green Energy: +9.99% to 26.32 yuan [2].

Core Viewpoint - The photovoltaic industry chain experienced a collective surge on October 29, with several companies reaching their daily limit up, indicating strong market performance and investor interest in the sector [1]. Group 1: Company Performance - Longi Green Energy (隆基绿能) reached a limit up with a price increase of 10% to 20.79 [2]. - Canadian Solar (阿特斯) saw a significant rise of 19.97%, reaching a price of 14.84 [2]. - Trina Solar (天合光能) increased by 10.53%, with a current price of 19.63 [2]. - Tongrun Equipment (通润装备) also rose by 10.01%, reaching 19.34 [2]. - Hongyuan Green Energy (弘元绿能) increased by 9.99%, with a price of 26.32 [2]. - Other notable companies included Sungrow Power Supply (阳光电源) with a 9.70% increase to 181.97 and Aiko Solar (爱旭股份) with a 9.50% rise to 16.37 [2][3]. Group 2: Market Trends - The overall trend in the photovoltaic sector indicates a robust recovery and investor confidence, as evidenced by the significant price increases across multiple companies [1][2]. - The collective performance suggests a positive outlook for the industry, potentially driven by favorable market conditions and increasing demand for solar energy solutions [1].

Core Viewpoint - The stock of Shuangliang Energy has shown a significant increase in trading activity and price performance, indicating positive market sentiment and potential investment interest in the company [1][2]. Financial Performance - As of the first nine months of 2025, Shuangliang Energy reported a revenue of 6.076 billion yuan, a year-on-year decrease of 41.27%. The net profit attributable to shareholders was -544 million yuan, reflecting a year-on-year increase of 59.42% [2]. - The company has cumulatively distributed 4.089 billion yuan in dividends since its A-share listing, with 1.16 billion yuan distributed over the past three years [3]. Stock Market Activity - On October 29, Shuangliang Energy's stock price rose by 2.01%, reaching 6.60 yuan per share, with a trading volume of 200 million yuan and a turnover rate of 1.64%. The total market capitalization stood at 12.367 billion yuan [1]. - The stock has increased by 20.00% year-to-date, with a 2.17% rise over the last five trading days, 14.98% over the last 20 days, and 11.49% over the last 60 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders of Shuangliang Energy was 112,800, an increase of 4.93% from the previous period. The average number of circulating shares per shareholder was 16,611, a decrease of 4.70% [2]. - Notable institutional shareholders include Hong Kong Central Clearing Limited, which holds 27.8148 million shares, and new entrants such as Changxin Jinli Trend Mixed A and Everbright Prudential Credit Enhanced Bond A [3].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The US government shutdown continues, causing the US dollar index to fluctuate. The stock market shows different trends, with US stock indices rising due to tech companies' capital expansion, while the Shanghai Composite Index faces a resistance level after breaking through 4000 points. [1][2][3] - In the commodity market, factors such as supply - demand relationships, policy rumors, and corporate actions affect prices. For example, rumors of China's control over syrup imports are beneficial to the domestic sugar market, and the short - term de - stocking of lithium carbonate supports its price. [4][5] 3. Summary by Directory 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - The US government shutdown may last until November, leading to various negative impacts. The US consumer confidence index in October was 94.6. Gold prices fluctuated downward, breaking through the $4000 mark. Short - term gold lacks upward momentum and may still decline. [12][13] - Investment advice: Wait for a better time to buy gold as it has not stabilized yet. [13] 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - South Korea's business confidence index declined in October. The US House Speaker poured cold water on Trump's 2028 candidacy. The US Senate failed to pass a bill to end the government shutdown. The US government shutdown continues, putting downward pressure on the US dollar index, which is expected to fluctuate. [14][15] - Investment advice: Expect the US dollar to trade in a range. [16] 3.1.3 Macro Strategy (Stock Index Futures) - The full text of the "15th Five - Year Plan" was released, setting economic and social development goals and promoting the development of strategic emerging industries. The Shanghai Composite Index broke through 4000 points but then declined. It may be a short - term resistance level, but there may be medium - term upward momentum. [16][17] - Investment advice: Allocate evenly among long positions in various stock indices. [17] 3.1.4 Macro Strategy (US Stock Index Futures) - OpenAI reached an agreement to transform into a for - profit organization, with Microsoft holding 27% of the shares. The US private sector's average new jobs in the past four weeks were about 14,250. The market is turning cautious before the interest rate meeting, but tech giants' capital expansion supports the index. [18][19] - Investment advice: Be bullish on US stocks with a bias towards a long - position strategy. [19] 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 7 - day reverse repurchase operation of 4753 billion yuan. The bond market is expected to be slightly weak in the short term, but there will be better buying opportunities. In November, with weak fundamentals and expected central bank actions, broad - based monetary policy may drive the bond market. [20] - Investment advice: Look for opportunities to go long on treasury bond futures at low prices. [21] 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Meal) - ANEC expects Brazil's soybean exports in October to be 7 million tons. Affected by the expected Sino - US agreement, CBOT soybean prices rose, driving up the cost of imported soybeans and soybean meal prices in China. [22] - Investment advice: Monitor Sino - US leaders' meetings and China's actual purchases of US soybeans as soybean meal prices follow the external market and import costs. [22] 3.2.2 Agricultural Products (Sugar) - Pakistan is facing a sugar crisis, and the government is accused of yielding to sugar mills. Brazil's increased corn - ethanol production has pressured sugar prices. India announced an 11 - month sugar domestic sales quota of 2 million tons. Rumors of China's control over syrup and premixed powder imports may benefit the domestic sugar market. [23][25][27] - Investment advice: The rumors are positive for Zhengzhou sugar in the short term. The price may fluctuate, and attention should be paid to relevant policies at the national sugar conference. [28] 3.2.3 Agricultural Products (Pigs) - Shennong Group's full - cost in September was 12.5 yuan/kg. Market sentiment for secondary fattening has increased, driving up prices slightly. However, due to insufficient capacity reduction and speculative demand, the supply - surplus situation remains. [29][31] - Investment advice: Short - sell near - month contracts on rebounds and focus on the LH2603 contract. Consider reverse - spread opportunities. [31] 3.2.4 Agricultural Products (Jujubes) - The price of jujubes in Hebei's Cui'erzhuang market has weakened. The futures price of the main contract has declined. The supply is in the normal drying period, and the demand is weak. [31][32] - Investment advice: Adopt a wait - and - see approach and focus on price negotiations and acquisition progress in the production areas. [32] 3.2.5 Black Metals (Steam Coal) - The steam coal market in northern ports remained stable on the 28th. With the end of the railway maintenance, port inventories may accumulate. Coastal power consumption has declined seasonally, and coal prices may weaken slightly in 1 - 2 weeks but remain strong in the fourth quarter. [33] - Investment advice: Expect steam coal prices to weaken slightly in the short term but remain strong in the fourth quarter. [33] 3.2.6 Black Metals (Iron Ore) - Onslow Iron has been operating at full capacity for three months. Iron ore prices are in a volatile range. Demand is weak, but there is still some spot buying. The price is expected to remain volatile with upward pressure. [34] - Investment advice: Iron ore prices are expected to remain volatile in the short term, with limited upside. [34] 3.2.7 Agricultural Products (Corn Starch) - Corn starch enterprises in different regions had varying theoretical profits on October 28. The 11 - contract CS - C spread fluctuated narrowly. The 01 - contract may see a spread repair similar to the 11 - contract. [35][36] - Investment advice: Expect a spread - repair market for the 01 - contract similar to the 11 - contract. [36] 3.2.8 Agricultural Products (Corn) - Domestic corn prices are weak, with prices in ports and Northeast deep - processing plants falling, and prices in North China deep - processing plants fluctuating. Futures prices are narrowly volatile. [37] - Investment advice: Adopt a wait - and - see approach in the short term as short - selling has a poor risk - return ratio, and it may be too early to go long. [38] 3.2.9 Black Metals (Rebar/HRC) - The production schedules of major white - goods in November 2025 have decreased. Chongqing Iron and Steel has changed its controlling shareholder. The steel price is volatile, with limited upward momentum due to weakening demand and inventory pressure. [39][40][41] - Investment advice: Adopt a range - trading approach and be cautious about upward rebounds. [42] 3.2.10 Non - Ferrous Metals (Polysilicon) - Shuangliang Energy Saving's Q3 report shows a significant reduction in losses. Polysilicon spot prices are stable, with some orders being delivered. Terminal demand has weakened since late October, but considering upstream inventory and ongoing policies, prices are expected to remain stable. [43][44] - Investment advice: Buy on dips if the futures price is at a discount to the spot price. Take profits if the futures price is at a significant premium. [45] 3.2.11 Non - Ferrous Metals (Lead) - The LME lead 0 - 3 spread was at a discount of $33.8/ton on October 27. The LME inventory decreased, and the outer - market price rose. The domestic lead price was slightly affected, with short - term supply shortages and long - term demand uncertainties. [46] - Investment advice: Be cautious when going long on lead in the short term. Consider positive - spread opportunities for the spread and be cautious in cross - border trading. [47] 3.2.12 Non - Ferrous Metals (Zinc) - The LME zinc 0 - 3 spread was at a premium of $212.89/ton on October 27. Peru and Chile's zinc concentrate exports have changed. The LME inventory decreased, and the domestic zinc market has supply and demand challenges. The zinc price may be volatile and slightly bullish in the short term. [48][49][51] - Investment advice: Adopt a wait - and - see approach for single - side trading. Look for medium - term positive - spread opportunities and be cautious in cross - border trading. [51] 3.2.13 Non - Ferrous Metals (Industrial Silicon) - In October, the operating rate and output of industrial silicon in Yunnan decreased. The inventory is expected to be difficult to deplete in November and may decrease in December. [52][53] - Investment advice: Buying industrial silicon at low prices may be more cost - effective. [54] 3.2.14 Non - Ferrous Metals (Copper) - Anglo American's Q3 copper production increased, and an Australian investment company is involved in the strategic metals market. The macro environment supports copper prices, but high prices have affected downstream restocking. The spot price may remain at a discount. [55][56] - Investment advice: Adopt a buy - on - dips strategy for single - side trading and a wait - and - see approach for spreads. [57] 3.2.15 Non - Ferrous Metals (Lithium Carbonate) - Albemarle simplifies its business by selling a stake in Ketjen. Lithium carbonate inventory is decreasing, and the price is supported in the short term, but further upward movement depends on supply disruptions. [58][59] - Investment advice: Use a range - trading strategy in the short term and consider short - selling opportunities when demand peaks. Take profits on the LC2511 - LC2601 reverse - spread and look for positive - spread opportunities for LC2601 against more distant contracts. [59] 3.2.16 Non - Ferrous Metals (Nickel) - The SHFE nickel futures warehouse receipts increased on October 28. The short - term market is affected by Sino - US relations and the interest - rate cycle. The global nickel inventory is accumulating, and the price may fluctuate within a narrow range above the cost. [60][61] - Investment advice: Consider going long on nickel at low prices for allocation purposes. Speculators can consider selling out - of - the - money puts and buying deep - out - of - the - money calls. [61] 3.2.17 Energy and Chemicals (Crude Oil) - The US API crude oil inventory decreased. Oil prices fell, and the risk premium has declined. The impact of sanctions on Russian oil supply is uncertain. [62][63] - Investment advice: Expect crude oil prices to fluctuate in the short term and monitor geopolitical situations. [63] 3.2.18 Energy and Chemicals (Methanol) - Iran's Marjan methanol plant has restarted. Methanol prices have fallen with increased positions. The market is bearish, and the price may continue to decline. [64] - Investment advice: Hold short positions and consider adding short positions for aggressive investors. Set a profit - taking target between 2150 - 2200 yuan/ton. [65] 3.2.19 Energy and Chemicals (Pulp) - The price of imported wood pulp in the spot market is stable, with some varieties showing a strengthening trend. The futures price is volatile. The market may have limited upward space due to poor supply - demand fundamentals. [66][67] - Investment advice: The pulp price may be relatively strong in the short term, but the upward space is limited. [67] 3.2.20 Energy and Chemicals (Caustic Soda) - The price of high - concentration caustic soda in Shandong has declined. The supply is sufficient, and the demand is limited. The price of caustic soda may continue to fall. [68][69] - Investment advice: Short - sell caustic soda at high prices but be cautious when chasing short positions due to the large discount in the futures price and potential demand from new alumina capacity. [69] 3.2.21 Energy and Chemicals (Soda Ash) - The soda ash market in the Shahe area is fluctuating. The supply is increasing, and the demand is average. High inventory levels are suppressing the price. [70] - Investment advice: The downward space for soda ash is limited in the short term, and attention should be paid to coal prices and new - capacity releases. [70] 3.2.22 Energy and Chemicals (Float Glass) - The price of float glass in the Shahe market is stable. The futures price has rebounded due to short - covering. The supply is relatively stable, and the demand is weak. [71][72] - Investment advice: Adopt a wait - and - see approach as the terminal demand is weak, and short - selling at the current level is risky due to potential policy impacts and the futures discount to the spot price. [72] 3.2.23 Energy and Chemicals (Carbon Emissions) - The CEA closing price on October 28 was 51.73 yuan/ton, a 3.69% decline. The trading volume has increased slightly, but the price has fallen significantly. The supply - demand structure is balanced and loose, and the price may fluctuate widely during the compliance period. [73] - Investment advice: Expect CEA prices to fluctuate widely in the short term. [74] 3.2.24 Shipping Index (Container Freight Rates) - A collision accident occurred to a 13,000 TEU container ship in the Pearl River Estuary. The MSK W46 line's opening price decreased, and other shipping companies may follow suit in November. The 12 - contract price may face resistance to upward breakthroughs. [75] - Investment advice: Adopt a range - trading strategy and avoid chasing long positions at the current level. [76]

| 证券代码：600481 | 证券简称：双良节能 | 公告编号：2025-070 | | --- | --- | --- | | 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 关于召开2025年第三季度业绩说明会的公告 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法律责任。 重要内容提示： 一、说明会类型 四、投资者参加方式 投 资 者 可 于 2025 年 11 月 05 日 （ 星 期 三 ） 09:30-10:30 通 过 网 址 https://eseb.cn/1sIa7vLOkuI 或使用微信扫描下方小程序码即可进入参与互动交 流。投资者可于 2025 年 11 月 05 日前进行会前提问，公司将通过本次业绩说明 会，在信息披露允许范围内就投资者普遍关注的问题进行回答。 双良节能系统股份有限公司（以下简称"公司"）已于 2025 年 10 月 24 日 在上海证券交易所网站（www.sse.com.cn）披露了公司 2025 年第三季度报告。 为便于广大投资者更加全面深入地了解公司经营业 ...