Core Viewpoint - The domestic photovoltaic demand in Q3 2025 has weakened due to the end of the rush for installation, but the financial performance of the main industry chain and glass segments has significantly improved, with a focus on potential price increases for components and further profit release for silicon material companies in Q4 2025 [1] Industry Summary - **Main Industry Chain Recovery**: The upstream of the main industry chain has significantly recovered, while the component prices are yet to show a clear upward trend. After the end of the rush for installation in the first half of 2025, photovoltaic demand has weakened, but the performance of silicon materials and silicon wafers has greatly improved due to anti-involution efforts [2] - **Stable Processing Fees and Glass Profit Improvement**: The shipment of slurry in Q3 2025 has slightly increased quarter-on-quarter, with overall gross margins remaining stable. Attention is drawn to the pace of mass production of low-cost metal slurry from this year to the first half of next year, as well as the second growth curve of leading companies. Leading glass and film companies have strengthened their advantages due to a higher proportion of overseas shipments and continuous cost reductions [3] - **High Demand for Energy Storage**: Despite a certain degree of weakness in inverter exports due to the European off-season in Q3 2025, domestic energy storage bidding has increased significantly year-on-year, driving demand for centralized inverters and energy storage systems. The large-scale energy storage market remains robust, with strong performance in emerging markets such as Australia and Southeast Asia [4] - **Focus on Q4 2025 Financial Recovery**: The overall profit and operating cash flow of the sector have improved significantly in Q3 2025. The average transaction price of silicon materials is expected to continue to rise quarter-on-quarter in Q4 2025, and with the support of anti-involution efforts, component prices are likely to gradually increase. The outlook for energy storage remains positive, with expectations of high growth in domestic large-scale energy storage installations and demand recovery in Europe [5] Company Recommendations - **Silicon Material Segment**: Recommended companies include Tongwei Co., Ltd. (600438), Daqo New Energy (688303) [6] - **High-Efficiency Component Leaders**: Recommended companies include JinkoSolar (688223), Aiko Solar (600732) [6] - **Copper Slurry and Second Growth Curve**: Recommended companies include Dike Co., Ltd. (300842), Juhe Materials (688503) [6] - **Glass Segment**: Recommended companies include Xinyi Solar (00968), Flat Glass Group (601865) [6] - **Energy Storage**: Recommended companies include Deye Technology (605117), Tongrun Equipment (002150), Ginlong Technologies (300763), Sangfor Technologies (300827), Yunnan Energy (688348), and Canadian Solar (688472) [6]

证券代码：600732 股票简称：爱旭股份编号：临2025－104 ● 预留授予限制性股票登记数量：393.45万股 上海爱旭新能源股份有限公司（以下简称"公司"）于2025年9月26日召开第九届董事会第四十一次会 议，审议通过了《关于向激励对象预留授予限制性股票与股票期权的议案》。根据《上海爱旭新能源股 份有限公司2025年限制性股票与股票期权激励计划》（以下简称"本次激励计划"或"《2025年激励计 划》"）的规定和公司2025年第一次临时股东会的授权，公司董事会已完成《2025年激励计划》中预留 授予限制性股票的登记工作，有关具体情况公告如下： 在本次激励计划预留授予董事会召开之后至本次激励计划预留授予限制性股票登记申请之前，由于1名 激励对象放弃出资，涉及调减4.80万股限制性股票，本次激励计划预留授予限制性股票数量由398.25万 股调整为393.45万股，授予人数由76人调整为75人。 7、各激励对象间的分配情况 预留授予限制性股票的激励对象共75人，各激励对象间的分配情况如下表所示： ■ 上海爱旭新能源股份有限公司 关于2025年限制性股票与股票期权激励计划预留授予限制性股票登记完成的公告 本公 ...

（编辑 任世碧） 证券日报网讯 11月18日晚间，爱旭股份发布公告称，根据《上海爱旭新能源股份有限公司2025年限制 性股票与股票期权激励计划》（简称"《2025年激励计划》"）的规定和公司2025年第一次临时股东会的 授权，公司董事会已完成《2025年激励计划》中预留授予限制性股票的登记工作。预留授予限制性股票 登记日：2025年11月17日；预留授予限制性股票登记数量：393.45万股。 ...

证券代码：600732 股票简称：爱旭股份 编号：临 2025－104 上海爱旭新能源股份有限公司 关于 2025 年限制性股票与股票期权激励计划 预留授予限制性股票登记完成的公告 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： 2、实际授予数量：393.45 万股 3、实际授予人数：75 人 4、授予价格：5.68 元/股 5、股票来源：公司从二级市场回购的本公司人民币 A 股普通股股票 人调整为 75 人。 上海爱旭新能源股份有限公司（以下简称"公司"）于 2025 年 9 月 26 日召开 第九届董事会第四十一次会议，审议通过了《关于向激励对象预留授予限制性股票 与股票期权的议案》。根据《上海爱旭新能源股份有限公司 2025 年限制性股票与股 票期权激励计划》（以下简称"本次激励计划"或"《2025 年激励计划》"）的规 定和公司 2025 年第一次临时股东会的授权，公司董事会已完成《2025 年激励计划》 中预留授予限制性股票的登记工作，有关具体情况公告如下： 一、限制性股票的授予结果 1、授予日：20 ...

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, with signs of recovery in profitability and stable growth in the wind power sector [1][5]. Core Insights - The renewable energy sector reported a revenue of 11,722 billion yuan for Q1-3 2025, a year-on-year decrease of 1%, and a net profit of 242 billion yuan, down 19% year-on-year. In Q3 2025, revenue was 4,138 billion yuan, up 2% year-on-year, and net profit was 118 billion yuan, up 41% year-on-year [2][7]. - The photovoltaic segment experienced a significant reduction in losses, with Q3 2025 revenue at 2,315 billion yuan, down 8% year-on-year, but net profit surged to 28.4 billion yuan, a year-on-year increase of 1,495% [2][37]. - The wind power segment showed robust growth, with Q3 2025 revenue of 1,135 billion yuan, up 22% year-on-year, and net profit of 50 billion yuan, up 33% year-on-year [2][16]. Summary by Sections Revenue and Profitability - The renewable energy sector's revenue for Q1-3 2025 was 11,722 billion yuan, with a net profit of 242 billion yuan. Q3 2025 saw a revenue of 4,138 billion yuan and a net profit of 118 billion yuan, marking a significant recovery [2][15]. - The photovoltaic sector's revenue for Q1-3 2025 was 6,640 billion yuan, with a net loss of 43 billion yuan. In Q3 2025, revenue was 2,315 billion yuan, and net profit was 28.4 billion yuan, indicating a strong recovery [2][37]. Segment Performance - The photovoltaic segment's Q3 2025 performance showed a revenue decline of 8% year-on-year but a remarkable net profit increase of 1,495%. The wind power segment continued to grow, with a 22% revenue increase year-on-year [2][16][37]. - The report highlights that the profitability of the wind power segment is improving, with a notable increase in gross margins due to price adjustments and operational efficiencies [2][16]. Market Trends - The report notes a gradual recovery in demand for household energy storage, with significant growth expected in commercial and large-scale storage solutions. The anticipated installation capacity for 2025 is around 150 GWh, representing a year-on-year increase of over 40% [2][6]. - The photovoltaic industry is undergoing a restructuring process, with upstream profitability recovering as prices for silicon materials rise. This trend is expected to continue into 2026, leading to a reshaped industry ecosystem [2][6]. Recommendations - The report recommends focusing on high-growth areas such as inverters and mounting systems, as well as leading photovoltaic companies with cost advantages and strong distribution channels [2][6].

证券代码：600732 证券简称：爱旭股份 公告编号：临 2025－103 上海爱旭新能源股份有限公司 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： 会议召开时间：2025 年 11 月 21 日(星期五) 下午 14:00-15:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 14 日(星期五)至 11 月 20 日(星期四)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 IR@aikosolar.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 上海爱旭新能源股份有限公司（以下简称"公司"）已于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年三季度经营成 ...

根据上海爱旭新能源股份有限公司（以下简称"公司"）2025年第一次临时股 东会的授权，公司于2025年9月26日召开第九届董事会第四十一次会议，审议通过了 《关于向激励对象预留授予限制性股票与股票期权的议案》，同意以2025年9月26日 为预留授予日，向符合条件的76名激励对象授予398.25万股限制性股票，授予价格为 5.68元/股。具体详见公司于2025年9月27日在上海证券交易所网站（www.sse.com.cn） 披露的《关于向激励对象预留授予限制性股票与股票期权的公告》（公告编号：临 2025-093）。 目前预留授予限制性股票的激励对象已完成缴款。在缴款过程中，因1名激励对 象放弃出资，涉及调减4.80万股限制性股票，实际共有75名激励对象完成认购393.45 万股限制性股票。容诚会计师事务所（特殊普通合伙）于2025年10月24日出具了《上 海爱旭新能源股份有限公司验资报告》（容诚验字[2025]518Z0136号），截至2025 年10月20日止，公司已收到激励对象缴纳的限制性股票认购款合计人民币2,234.7960 万元。 本次授予75名激励对象限制性股票共计393.45万股，股份来源为公司 ...

Group 1 - The core viewpoint of the articles revolves around the recent rumors regarding the photovoltaic industry, which led to a significant decline in stock prices of major companies in the sector, with some experiencing a drop of over 5% in a single day [1] - The rumors included claims about a company secretary stating that certain industry self-regulation initiatives were failing, raising concerns about the progress of self-regulatory mechanisms within the photovoltaic industry [1] - In response to the rumors, major companies like JA Solar issued urgent clarifications, denying the statements attributed to them and emphasizing the importance of relying on official channels for accurate information [1] Group 2 - The photovoltaic industry has faced significant losses over the past two years due to supply-demand mismatches and low-price competition, prompting a "anti-involution" initiative that began in the second half of 2024 [2] - The initiative includes measures such as production cuts and price controls to ensure that prices do not fall below production costs, with a focus on the upstream polysilicon segment, which is critical for the overall supply-demand balance [2] - Despite some leading polysilicon companies like GCL-Poly and Daqo Energy achieving profitability by Q3 2025, many downstream companies in the silicon wafer, cell, and module sectors continue to report losses [2]

Core Viewpoint - Recent rumors regarding the failure of the silicon material storage platform have caused significant turmoil in the photovoltaic industry, leading to a sharp decline in the stock prices of various solar companies [3][4]. Group 1: Market Reaction - On November 12, stock prices of major photovoltaic companies dropped significantly, with notable declines including: - Aiko Technology down 14.33% - Tongwei Co. down 6.06% - Longi Green Energy down 7.35% - JA Solar down 6.84% - Daqo New Energy down 8.76% [3]. Group 2: Industry Response - The China Photovoltaic Industry Association issued a statement on November 12, refuting the rumors and emphasizing that the industry is working steadily towards its goals, urging caution against misinformation [4]. - JA Solar representatives expressed confidence in the photovoltaic industry's policies against "internal competition" and support for the establishment of the storage platform, while acknowledging the need for collaboration to overcome challenges [4].

Core Insights - The perovskite solar cell sector has seen significant stock price increases, with companies like Zhonglai Co. rising by 20% and several others experiencing gains of over 10% due to advancements in perovskite solar technology [1][2]. Industry Developments - A research team from the Chinese Academy of Sciences has developed a perovskite solar cell prototype with a conversion efficiency of 27.2%, marking a critical step towards industrialization [2]. - The first GW-level perovskite photovoltaic module production line has commenced operations in Wuxi, Jiangsu, capable of producing approximately 1.8 million perovskite solar modules annually [2]. Market Trends - The perovskite solar cell technology is recognized as a potential next-generation photovoltaic technology due to its high theoretical conversion efficiency and low material costs [3]. - The industry is experiencing a shift towards supply chain autonomy and technological advancements, with significant milestones being achieved in production capabilities [4]. Investment Opportunities - Analysts suggest focusing on companies benefiting from supply-side reforms and technological upgrades, including Longi Green Energy, JA Solar, and JinkoSolar [4]. - The ongoing development of perovskite technology is expected to create long-term growth opportunities for firms like Maiwei Co. and Aisxu Co. [4].