（潍柴进博会展台。企业供图） 中经记者 夏治斌 石英婧 上海报道 记者在现场注意到，法国博杜安此次展出的全新一代16M23高端艇用动力，最大功率2000kW，采用相 继增压控制技术、高压喷射技术，并通过先进仿真技术优化燃烧效率；核心零部件安全系数高，大量采 用铸铝及合金材料减轻重量，排气系统的三层壁隔热技术可降低机舱辐射散热，低噪声设计更贴合船舶 应用场景，广泛适用于公务船、游艇、客船等。 德国林德物料搬运是工业车辆和供应链解决方案领域的供应商，其在此次进博会上重点展示林德叉车及 数字化物流技术。依托"用科技创造物流高效生产"的理念，林德（中国）已推出AGV自动搬运机器 人、数字化车队管理系统，以及锂电、氢燃料电池等新能源解决方案，实现"从单点设备到万物互 联""从产品到硬件+数字化/自动化+应用场景"的转型。 此外，美国德马泰克此次通过虚拟与现实物流系统（VRH），让观众"零距离"感受全系列智慧物流解决 方案——从托盘堆垛机、多层穿梭车，到高速分拣机、自动拆码垛机器人，其模块化设计可根据客户需 求定制，且能在黑灯仓的常温、冷藏或冷冻环境中持续作业。 记者了解到，德国LHY此次展出的挖掘机液压动力总成，是其" ...

（来源：光伏Time） 撰文|临渊 核心环节两极分化，配套产业调头下滑。 出品|光伏Time 压抑已久的光伏行业终于迎来大爆发了吗？恐怕不尽然。 遥想去年第三季度，在突如其来的寒冬之中几番挣扎的光伏行业，在历经三个季度的惨淡经营之后，已经可以算是在无奈"躺平"之中交出持续巨亏的第三 季度财报。 彼时，自年初便已初露端倪的艰难处境再度呈现，但已经没有了全产业链天价亏损的半年报第一次袭来那么震撼人心。 时隔一年，"反内卷"之声不绝于耳的光伏行业，似乎正在迎来触底反弹的关键时刻。 综合 InfoLink Consulting相关统计数据，第三季度 光伏产业 链"硅料-硅片- 电池 片-组件"四大核心环节价格涨幅平均值接近35%，创下三年来最好单季成 绩。 过去在跌破底价的降价潮中苦苦挣扎的光伏企业，第三季度经营状况明显好转，上市公司普遍显露减亏迹象，甚至已经有不少企业实现扭亏为盈。 与此同时， 新能源 加码预期下的光伏板块也接连迎来几轮股价大爆发。更有 阳光电源 （300274）总市值9月24日首破3000亿元大关，到10月30日收盘市 值已正式突破4000亿元。 一切迹象似乎都在表明，光伏行业已然有所回暖。然而不 ...

截至10月31日，A股上市光伏公司均完成了三季报的公布。整体来看，亏损仍是行业主旋律。 华夏能源网（公众号hxny3060）统计，今年第三季度，隆基绿能(SH:601012)、晶科能源(SH:688223)、天合光能(SH:688599)、晶 澳科技(SZ:002459)、通威股份(SH:600438)、TCL中环(SZ:002129)以及爱旭股份(SH:600732)7家龙头合计亏损64.82亿元。前三季 度，这7家企业更是合计亏损了269.27亿元。 不过可喜的是，相比上半年，这7家龙头企业中的多数已经减亏，且减亏幅度明显增大。 龙头企业具有很强的标杆意义。这表明整个光伏行业已走在触底回稳的路上，光伏行业的转折点已然来临。 龙头减亏力度显著大于上半年 在隆基绿能、晶科能源、天合光能、晶澳科技、通威股份、TCL中环和爱旭股份这7家龙头企业中，今年第三季度，有3家的单 季亏损超10亿。分别是，TCL中环亏损15.34亿元，天合光能亏损12.83亿元，晶科能源亏损10.12亿元。此外隆基绿能、通威股份 分别亏损了8.34亿元和3.15亿元。 | | | 2025年光伏龙头单季利润变化一览表 | | | --- ...

证券代码：600732 股票简称：爱旭股份 编号：临 2025－101 上海爱旭新能源股份有限公司 关于为子公司提供担保的进展公告 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： 担保对象及基本情况 | | 被担保人名称 | 浙江爱旭太阳能科技有限公司（以 下简称"浙江爱旭"） | | | --- | --- | --- | --- | | | 本次担保金额 | 亿元 0.26 | | | 担保对象 | 实际为其提供的担保余额 | 113.35 亿元（含本次） | | | | 是否在前期预计额度内 | 是 □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 否 | □不适用：_________ | 一、担保情况概述 （一）担保的基本情况 近日，上海爱旭新能源股份有限公司（以下简称"公司"）与中国进出口银 行浙江省分行签署《保证合同》，为浙江爱旭在该行办理的综合授信业务提供 0.26 亿元的连带责任保证担保。 （二）内部决策程序 公司于 2025 年 4 月 28 日召开的第九 ...

证券日报网讯爱旭股份（600732）11月5日在互动平台回答投资者提问时表示，公司在行业内率先发明 高良率、低成本的铜电镀无银金属化方案并早在2年前就已应用于珠海10GW级量产线。近年来，公司 持续对该技术进行技术升级，在产品效率、生产成本、投资支出方面不断优化，目前较行业普遍采用的 银浆印刷方案有显著材料成本优势，且使产品具备更高效率、更强抗隐裂特性等优势。未来，公司计划 在济南基地上线第三代铜电镀无银金属化技术，其产品转换效率、双面率还将获得进一步的提升。 ...

（记者 曾健辉） 每经AI快讯，有投资者在投资者互动平台提问：请问银价一直在上涨，ABC无银方案的是否有进展 呢？ 爱旭股份（600732.SH）11月5日在投资者互动平台表示，公司在行业内率先发明高良率、低成本的铜电 镀无银金属化方案并早在2年前就已应用于珠海10 GW级量产线。近年来，公司持续对该技术进行技术 升级，在产品效率、生产成本、投资支出方面不断优化，目前较行业普遍采用的银浆印刷方案有显著材 料成本优势，且使产品具备更高效率、更强抗隐裂特性等优势。未来公司计划在济南基地上线第三代铜 电镀无银金属化技术，其产品转换效率、双面率还将获得进一步的提升。 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the solar industry, with specific ratings of "Buy-A" and "Buy-B" assigned to various stocks [1]. Core Insights - In September 2025, domestic photovoltaic (PV) installations decreased by 53.8% year-on-year, totaling 9.7GW, while cumulative installations from January to September reached 240.27GW, reflecting a 49.3% increase year-on-year [2][12]. - The export value of PV components in September was 199.8 billion yuan, marking a 39.0% year-on-year increase, despite a 4.7% decrease from the previous month. Cumulative exports for the first nine months were 1,521.8 billion yuan, down 13.3% year-on-year [2][15]. - Inverter exports also showed growth, with a September export value of 50.8 billion yuan, up 5.0% year-on-year, but down 19.2% month-on-month. Cumulative inverter exports for January to September reached 484.9 billion yuan, a 7.7% increase year-on-year [3][25]. - Solar power generation in September increased by 21.1% year-on-year, contributing to 5.63% of the total national power generation, which was 8,262 billion kilowatt-hours, a 1.5% increase year-on-year [4][39]. Summary by Sections Installation - In September 2025, domestic PV installations were 9.7GW, down 53.8% year-on-year, but up 31.2% month-on-month. Cumulative installations for the first nine months were 240.27GW, up 49.3% year-on-year [2][12]. Exports - PV component exports in September were valued at 199.8 billion yuan, a 39.0% increase year-on-year, but a 4.7% decrease month-on-month. Cumulative exports for January to September were 1,521.8 billion yuan, down 13.3% year-on-year [2][15]. - Inverter exports in September totaled 50.8 billion yuan, up 5.0% year-on-year, but down 19.2% month-on-month. Cumulative exports for the first nine months reached 484.9 billion yuan, a 7.7% increase year-on-year [3][25]. Power Generation - Solar power generation in September was 464.8 billion kilowatt-hours, reflecting a 21.1% year-on-year increase and accounting for 5.63% of the total national power generation [4][39]. Investment Recommendations - The report recommends focusing on companies in various sectors: new technology (Aixu Co., Longi Green Energy), supply side (Daqo New Energy, Flat Glass Group), energy storage (Sungrow Power Supply, DeYuan Co.), electricity market (Langxin Group), domestic substitution (Quartz Co.), and overseas expansion (Hengdian East Magnetic, Bowei Alloy) [4][43].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1]. Core Viewpoints - The report highlights the recent market performance of the power equipment and new energy industry over the past year, indicating a stable outlook amidst ongoing developments in technology and policy [1]. - It emphasizes the importance of multi-energy integration, including wind, solar, water, and nuclear energy, as outlined in the "14th Five-Year Plan" [4]. - The report notes that the National Energy Administration has set key tasks for the "14th Five-Year" period, focusing on expanding new energy supply, promoting integrated development, and enhancing consumption levels [3]. Summary by Relevant Sections Preferred Stocks - The report lists several preferred stocks with ratings, including: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Co., Ltd. (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Bowei Alloy (601137.SH) - Buy - A [2]. Price Tracking - The report provides price tracking for various components in the industry: - Polysilicon prices remain stable at 52.0 CNY/kg for dense materials and 50.0 CNY/kg for granular silicon [5]. - Silicon wafer prices are stable, with 182-183.75mm N-type wafers priced at 1.35 CNY/piece and 210mm N-type wafers at 1.70 CNY/piece [6]. - Battery cell prices show a slight decrease for 182-183.75mm N-type cells to 0.310 CNY/W, while 210mm N-type cells remain stable [6]. - Module prices are stable across various types, with 182*182-210mm TOPCon double-glass modules priced at 0.693 CNY/W [7]. Investment Suggestions - The report recommends focusing on specific sectors: - BC new technology direction: Aishuo Co., Ltd., Longi Green Energy - Supply-side direction: Daqian Energy, Fulete - Light storage direction: Sungrow Power Supply, Deye Co., Ltd. - Power market direction: Langxin Group - Domestic substitution direction: Quartz Co., Ltd. - Overseas layout direction: Hengdian East Magnet, Bowei Alloy [8].

Key Insights - The external environment continues to improve, with market risk appetite steadily increasing. The Hong Kong stock market experienced adjustments in October, but there has been significant progress in US-China trade negotiations, with both sides reaching a "basic consensus" on key issues such as tariffs and export controls [1] - The Federal Reserve lowered interest rates by 25 basis points in October and announced a pause in balance sheet reduction in December, confirming further easing signals. Meanwhile, mainland China's policies remain consistent and stable, with the Fourth Plenary Session of the Communist Party formally approving the "14th Five-Year Plan," providing policy anchoring for the fundamentals of the Hong Kong stock market [1][2] Monthly Stock Picks - The report highlights three major variables to watch in November: 1) The pace of Federal Reserve rate cuts, with Powell's latest statement indicating that a December cut is "far from a done deal," leading to potential market volatility; 2) Progress in US-China relations and the specifics of the framework agreement; 3) Developments in mainland China's growth stabilization policies [2] - The report emphasizes a focus on "technology growth + defensive stability," balancing offensive and defensive strategies in industry allocation [3] Company-Specific Insights - Futu Holdings (FUTU US), Prosperity Industrial Trust (778 HK), and Alibaba (BABA US/9988 HK) are among the highlighted stocks for November, indicating a focus on quality targets in the technology and defensive sectors [3] - Nvidia (NVDA US) announced numerous collaboration projects at the GTC conference, projecting a market opportunity of $500 billion over the next two years, with a target price raised to $240, indicating a potential upside of 15.9% [5][6] - Longyuan Power (916 HK) reported a net profit decline of 19.8% year-on-year for the first three quarters, but the recovery of subsidy amounts exceeded expectations, with a total new installed capacity of 2.27 GW [16] Industry Trends - The report notes that the healthcare sector's performance has been mixed, with the Hang Seng Healthcare Index declining by 0.9%. However, there is a positive outlook for innovative drugs and CXO companies, with recommendations for specific stocks like 3SBio and WuXi AppTec [17][18] - The report highlights that the beer market in mainland China is expected to take time to recover, but long-term confidence in Budweiser APAC's premiumization strategy remains strong [13][14]

Summary of Conference Call on Photovoltaic Industry's Anti-Competition Measures Industry Overview - The conference focused on the photovoltaic (PV) industry, particularly discussing the recent anti-competition measures and market dynamics within the sector [1][2]. Key Points and Arguments 1. **Market Recovery and Policy Support**: The market has shown a positive recovery, driven by recent policy announcements aimed at eliminating barriers to a unified national market and addressing excessive competition [1][2]. 2. **Formation of Industry Alliances**: 17 leading companies in the silicon material sector are forming a coalition to stabilize prices and reduce production capacity, with expectations to complete this by the end of the year [2][3]. 3. **Price Recovery Indicators**: The third quarter has shown signs of improvement in the PV supply chain, particularly due to the recovery in prices of silicon materials, which is expected to continue as production cuts are anticipated in November [3][4]. 4. **Impact of Policy Changes**: The introduction of stricter regulations against below-cost pricing has led to a significant increase in silicon prices, from around 30,000 to over 50,000 [6][15]. 5. **Performance of Key Companies**: Major companies like Xiexin and Tongwei reported significant improvements in their financial performance in Q3, indicating a recovery in the industry [8][18]. 6. **Investment Recommendations**: Analysts recommend focusing on companies with strong cyclical attributes in the silicon material and PV glass sectors, including Tongwei, Daqo, and Xiexin [9][23]. 7. **Technological Advancements**: The industry continues to see technological progress, which is expected to create a competitive edge for companies that can innovate and maintain high margins [9][20]. 8. **Long-term Market Dynamics**: The anticipated supply-side reforms in the silicon sector are expected to lead to a more balanced supply-demand situation, which will benefit downstream companies and prevent a return to cutthroat competition [19][21]. Additional Important Insights - **Regulatory Environment**: The government's commitment to creating a unified market and addressing local protectionism is crucial for the long-term health of the PV industry [7][22]. - **Market Sentiment**: The recent media coverage and government announcements have sparked renewed investor interest and optimism regarding the anti-competition measures [2][4]. - **Financial Health of the Sector**: Many companies are showing signs of financial recovery, with improved profit margins and reduced losses compared to previous quarters [8][22]. This summary encapsulates the key discussions and insights from the conference call regarding the photovoltaic industry's current state and future outlook, emphasizing the importance of policy support and industry collaboration in fostering a healthier market environment.