"BC技术是光伏的主要发展方向之一，具有重要战略意义。"中国可再生能源学会副理事长陈志敏在8月 2日2025 BC生态创新峰会期间举办的全球BC生态协同创新中心揭牌仪式上致辞道。 01 BC电池（Back Contact Cell）全称为背接触电池，其基型是IBC电池，即叉指式背接触电池 （Interdigitated Back Contact Cell）。 IBC电池最早由Schwartz和Lammert于1975年提出，是一种将电池的发射区电极和基区电极均设计于电 池背面的硅太阳电池。其发射极和背表面场以交叉的形式排布在电池背面，发射极和基极金属接触电极 也呈交叉状，正背面采用氧化层钝化，减少载流子复合。电池正面无栅线遮挡，外观精美。 BC技术与TOPCon、HJT、PERC等技术不同的地方在于，其主要通过背面图形化工艺将p+发射极、 n+背场区以及栅线放置于电池背面，是电池背面图形结构的变化。而其他三种电池技术路线则主要是 通过改变电池钝化的膜层结构，实现效率以及其他特性的改变。 据悉，上述会议期间，拉普拉斯新能源科技股份有限公司、陕西星北新能源科技有限公司、江阴海达新 能源材料有限公司签约加入隆基"众 ...

Core Viewpoint - The global energy transition is entering a critical phase, with China's photovoltaic (PV) industry shifting from "scale expansion" to "quality leap" [1][3][10] Industry Overview - China's PV industry has established the most competitive supply chain globally, maintaining the highest production and installation capacity for over a decade [2] - In the first half of 2025, China is expected to add 212.21 GW of new PV installations, a 107% year-on-year increase, with a global installation forecast of 570-630 GW, of which China will account for over 45% [2] Technological Advancements - The N-type battery has become the market mainstream, with TOPCon technology accounting for over 75% of production capacity [2] - Leading companies like Longi Green Energy and Aiko Solar are innovating with technologies such as HIBC and BC, achieving significant efficiency improvements [2][7] Market Challenges - The PV industry faces structural contradictions, including overcapacity and intense price competition, leading to significant price fluctuations and profit margin compression [4][5] - As of July 2024, the production capacity across the main industry chain is expected to exceed 1200 GW, while global demand is only around 580 GW, resulting in a supply-demand imbalance [4] Policy and Industry Response - A comprehensive "anti-involution" campaign is underway, focusing on policy guidance and industry self-regulation to combat low-price competition and promote quality improvement [6][7] - The Central Economic Committee has emphasized the need for a unified national market and the orderly exit of outdated production capacity [6] Future Outlook - The PV industry is expected to transition from "volume competition" to "technology competition," with a focus on specialized applications and market differentiation [8] - The industry is predicted to experience a consolidation phase, enhancing overall competitiveness and addressing excess capacity [8][9] - With ongoing policy support and technological breakthroughs, the domestic PV industry is anticipated to overcome current challenges and contribute significantly to global energy transition efforts [10]

Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Viewpoints - The report emphasizes the ongoing "anti-involution" trend in the photovoltaic industry, which is expected to drive price increases and improve profitability across the supply chain [16][36] - The energy storage sector is experiencing sustained demand growth, with significant project developments and favorable policy support [39][44] - The lithium battery segment shows stable demand, with advancements in solid-state technology and materials innovation [39][44] - The wind power sector is benefiting from increased offshore project activity and recovery in profitability [39][44] - The power equipment sector is seeing positive developments from high-voltage projects and international demand [39][44] - New directions in AI and robotics are highlighted as emerging investment opportunities, particularly in the context of increased capital expenditure from major manufacturers [39][44] Summary by Sections Photovoltaic - The photovoltaic industry is witnessing a price increase in key materials, with polysilicon prices rising to 49-55 CNY/kg and silicon wafer prices increasing by approximately 0.1 CNY per piece [22][25] - The government is pushing for the elimination of low-price competition and the orderly exit of outdated production capacity, with mergers and acquisitions in the polysilicon sector expected to progress in Q3 [16][36] - Recommended stocks include Tongwei Co., GCL-Poly, LONGi Green Energy, and Aiko Solar [16][36] Energy Storage - In H1 2025, major energy storage projects across 21 regions reached a total capacity of 124 GWh, with significant contributions from Inner Mongolia, Shandong, and Guangdong [41][42] - The report highlights the increasing stability of the energy storage market, with a positive outlook for domestic demand and pricing [39][44] - Recommended stocks include Sungrow Power Supply and Deye Technology [39][44] Lithium Batteries - The lithium battery sector is characterized by stable demand and a focus on solid-state battery technology, with companies like CATL and other second-tier players expected to benefit [39][44] - The report notes the importance of material innovations such as lithium metal anodes and nickel-iron current collectors [39][44] - Recommended stocks include CATL, Xiamen Tungsten, and Putailai [39][44] Wind Power - The offshore wind sector is accelerating project construction, with expectations for increased profitability in the second half of the year [39][44] - Recommended stocks include Mingyang Smart Energy and Zhongji Lingnan [39][44] Power Equipment - The report indicates that high-voltage projects have been approved, with overseas demand expected to rise [39][44] - Recommended stocks include Pinggao Electric and XJ Electric [39][44] New Directions - The report highlights advancements in humanoid robotics and AI applications, with significant capital expenditure from major companies [39][44] - Recommended stocks include Sanhua Intelligent Controls and Zhejiang Rongtai [39][44]

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - Recent developments in domestic deep-sea wind power indicate a positive trend, with significant project approvals and regulatory support [5][10] - The report highlights the approval of a private placement by Aishuo Co., which aims to raise up to 3.5 billion yuan for expanding BC battery production capacity, reflecting a bullish outlook on the BC battery sector [5] - The report emphasizes the potential growth in the deep-sea wind power sector, driven by favorable policies and technological advancements [5][10] Summary by Sections Wind Power - The approval of the 500MW offshore wind power project by Goldwind Technology marks a significant step forward, with a total investment of approximately 571.37 million yuan and a planned operational start in November 2025 [10] - The Shandong provincial government is seeking opinions on a pricing mechanism that categorizes bidding for deep-sea wind power separately, which could encourage further development in this area [10] - The wind power index decreased by 1.53% this week but outperformed the CSI 300 index by 0.22 percentage points, with a current overall PE ratio of 20.57 [11] Photovoltaics - Aishuo Co. received approval for a private placement to raise funds for BC battery capacity expansion, which is expected to enhance its financial strength and competitive position in the market [5] - The report notes a positive trend in profitability for Aishuo Co., with a significant turnaround in the second quarter [5] Energy Storage & Hydrogen - The successful delivery of the world's first 30MW pure hydrogen gas turbine, "Jupiter One," represents a milestone in hydrogen power generation in China, with plans for a demonstration project expected to start in August [6] - The report suggests that the electric-hydrogen-electric model will support the growth of renewable energy, with the pure hydrogen gas turbine being a key component [6] Investment Recommendations - The report recommends focusing on investment opportunities in the domestic offshore wind sector, including companies like Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [6] - In the photovoltaic sector, it suggests monitoring structural opportunities related to the BC battery trend, with recommended stocks including Dier Laser and Aishuo Co. [6] - For energy storage, it highlights the potential in overseas markets and recommends companies like Sungrow Power Supply and Haibo Technology [6] - In hydrogen energy, it advises focusing on companies involved in green hydrogen project investments, recommending Jidian Co. [6]

金融界2025年8月4日消息，国家知识产权局信息显示，浙江爱旭太阳能科技有限公司、广东爱旭科技有 限公司、天津爱旭太阳能科技有限公司、深圳爱旭数字能源技术有限公司、珠海富山爱旭太阳能科技有 限公司、山东爱旭太阳能科技有限公司、滁州爱旭太阳能科技有限公司取得一项名为"太阳能电池及电 池组件"的专利，授权公告号CN223182591U，申请日期为2024年09月。 深圳爱旭数字能源技术有限公司，成立于2022年，位于深圳市，是一家以从事零售业为主的企业。企业 注册资本65000万人民币。通过天眼查大数据分析，深圳爱旭数字能源技术有限公司共对外投资了2家企 业，参与招投标项目1次，财产线索方面有商标信息25条，专利信息459条，此外企业还拥有行政许可8 个。 珠海富山爱旭太阳能科技有限公司，成立于2021年，位于珠海市，是一家以从事电力、热力生产和供应 业为主的企业。企业注册资本450000万人民币。通过天眼查大数据分析，珠海富山爱旭太阳能科技有限 公司参与招投标项目107次，专利信息1038条，此外企业还拥有行政许可314个。 山东爱旭太阳能科技有限公司，成立于2023年，位于济南市，是一家以从事其他制造业为主的 ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The sales of new energy vehicles (NEVs) in July were impressive, with the State Council's meeting emphasizing the need to regulate competition in the NEV industry, which is expected to benefit the sector's development. The introduction of new models in the second half of the year is anticipated to sustain high growth in domestic NEV sales, driving demand for batteries and materials [1][2]. - In the solid-state battery sector, Guoxuan High-Tech has officially initiated the design work for its first-generation solid-state battery production line, indicating a clear trend towards industrialization in this area. Attention should be paid to the progress of related materials and equipment companies [1][2]. - In the photovoltaic sector, the central economic work conference has called for a comprehensive rectification of "involutionary" competition, aiming to guide companies to enhance product quality and facilitate the orderly exit of outdated capacities. The Ministry of Industry and Information Technology has issued a notice regarding energy-saving supervision tasks for the polysilicon industry in 2025, maintaining a focus on energy consumption [1][2]. Summary by Sections Industry Overview - The electric equipment and new energy sector experienced a decline of 2.62% this week, with the wind power sector slightly increasing by 0.06%. The NEV index fell by 0.30%, while the lithium battery index saw a significant drop of 6.26% [2][10][13]. Key Industry Information - NEV deliveries in July included BYD with 344,300 units (up 1% year-on-year), Leap Motor with 50,100 units (up 127%), and Xpeng with 36,700 units (up 229%). However, Li Auto and NIO saw declines of 40% and 3%, respectively [2][27]. - The Ministry of Industry and Information Technology has issued a notice for energy-saving supervision in the polysilicon industry, and the China Electricity Council predicts an addition of 400 GW of new energy generation capacity by 2025 [2][27]. Company Developments - Contemporary Amperex Technology Co., Ltd. (CATL) reported a 33.33% year-on-year increase in net profit to CNY 30.485 billion for the first half of the year [30]. - Container Technology Co., Ltd. announced a stock issuance plan approved by the China Securities Regulatory Commission [30]. - The report highlights various companies' performance, including a significant loss reported by Rongbai Technology and a profit increase for Hongfa Technology [30]. Price Observations - The report notes that the prices of polysilicon and photovoltaic materials have shown fluctuations, with polysilicon prices stabilizing around CNY 49-55 per kg for dense materials and CNY 43-46 per kg for granular materials [15][19]. - The average price of silicon wafers has increased, with 183N wafers rising to CNY 1.20 per piece and 210N wafers reaching CNY 1.55 per piece [16][21]. Market Dynamics - The report emphasizes the importance of supply chain adjustments and the impact of international policies on pricing and demand in the photovoltaic sector, particularly in relation to the U.S. market [20][24].

Group 1 - The United States will implement "reciprocal tariffs" starting August 7, which may impact trade dynamics [1] - Key financial reports are expected from companies such as AMD, Micron Technology, Novo Nordisk, and Eli Lilly [1] - The 2025 World Robot Expo will open in Beijing, highlighting advancements in robotics [1] Group 2 - On August 4, the Eurozone's Sentix Investor Confidence Index and the U.S. factory orders for June will be released [2] - On August 5, China will publish the July S&P Global China PMI, and the U.S. will release the July ISM Non-Manufacturing Index [2] - On August 6, financial results from AMD, McDonald's, and Novo Nordisk will be disclosed [2] - On August 7, the U.S. will begin implementing "reciprocal tariffs," and the Bank of England will announce its policy interest rate [2] - On August 8, the U.S. is requesting a resolution between Russia and Ukraine by August 8 [2] - On August 9, China will release July CPI and PPI data [2]

Group 1 - Company Aishuo Co., Ltd. (爱旭股份) reported a closing price of 14.64 yuan as of August 1, 2025, down 0.88% from the previous week [1] - The company's market capitalization is currently 26.737 billion yuan, ranking 14th out of 63 in the photovoltaic equipment sector and 615th out of 5149 in the A-share market [1] - The stock reached a peak price of 15.31 yuan and a low of 13.83 yuan during the week [1] Group 2 - Aishuo Co., Ltd. has received approval from the China Securities Regulatory Commission to issue up to 547,982,715 shares, raising a total of no more than 3.5 billion yuan [2] - The funds raised will primarily be used for the Yiwu Phase VI 15GW high-efficiency crystalline silicon solar cell project and to supplement working capital [2] - The issuance will target no more than 35 specific investors, with the price set at no less than 80% of the average trading price over the 20 trading days prior to the pricing date [2] Group 3 - Aishuo Co., Ltd. provided a joint liability guarantee for a comprehensive credit facility of 14 billion yuan for its subsidiary Zhejiang Aishuo Solar Technology Co., Ltd. [3] - The total amount of guarantees provided by the company and its subsidiaries is 23.881 billion yuan, which accounts for 671.90% of the latest audited net assets [3] - Zhejiang Aishuo reported total assets of 28.947 billion yuan, total liabilities of 21.767 billion yuan, and a net profit of -315 million yuan as of March 31, 2025 [3]

Core Viewpoint - Shanghai Aisuo New Energy Co., Ltd. (Aisuo) has received approval from the China Securities Regulatory Commission (CSRC) for a private placement to raise 3.5 billion yuan, primarily aimed at enhancing its production capacity in the high-efficiency crystalline silicon solar cell sector and improving its financial position [2][3][4]. Fundraising Details - Aisuo plans to raise a total of 3.5 billion yuan, with 3 billion yuan allocated for the Yiwu Phase VI 15GW high-efficiency crystalline silicon solar cell project and 500 million yuan for working capital [3][4]. - The fundraising process involves issuing shares to no more than 35 specific investors, mainly from financial institutions, and all subscriptions will be made in cash [3][4]. Financial Performance - Aisuo's revenue has declined in recent years, with reported figures of 35.075 billion yuan in 2022, 27.17 billion yuan in 2023, and an estimated 11.155 billion yuan in 2024. The net profit attributable to shareholders has also decreased significantly, showing a loss of 5.319 billion yuan in 2024 [5]. - However, in the first half of 2025, the company's losses narrowed considerably, with a net profit loss ranging from 170 million yuan to 280 million yuan, indicating a potential turnaround [5]. Debt Situation - Aisuo's total liabilities reached approximately 29.57 billion yuan by the end of 2024, with a high asset-liability ratio of 85.65%. The current liabilities accounted for 61.03% of the total liabilities [5][6]. - The company aims to reduce its debt ratio to below 75% by next year, despite acknowledging that its reported debt levels may be inflated due to government subsidies classified as liabilities [6]. BC Technology Development - Aisuo has made significant progress in the production of N-type ABC components, with the Yiwu Phase VI project expected to accelerate its capacity in BC technology [7][8]. - The company has achieved initial large-scale production of ABC batteries and is experiencing increased customer recognition and demand, particularly in overseas markets [7][8]. - The global BC capacity is projected to reach nearly 100GW by the end of 2025, with Aisuo contributing 18GW of that capacity [8].

Core Viewpoint - Shanghai Aiyu New Energy Co., Ltd. has signed a guarantee contract with the Export-Import Bank of China, Zhejiang Branch, providing a joint liability guarantee of 140 million yuan for its subsidiary, Zhejiang Aiyu Solar Technology Co., Ltd. [2][4] Group 1: Guarantee Details - The guarantee amount provided is 140 million yuan [2][4] - The total external guarantee limit for the company in 2025 is set at 36.2 billion yuan, valid until the annual shareholders' meeting [3][4] - As of the announcement date, the cumulative guarantees provided by the company and its subsidiaries amount to 23.881 billion yuan, which is within the authorized limit [3][5] Group 2: Guarantee Agreement Content - The creditor is the Export-Import Bank of China, Zhejiang Branch, and the debtor is Zhejiang Aiyu Solar Technology Co., Ltd. [4] - The guarantee covers all debts owed by the debtor to the creditor, including principal, interest, penalties, and other related costs [4] - The guarantee period is three years from the maturity of the main contract [4] Group 3: Company Financial Health - The total amount of guarantees provided by the company represents 671.90% of the latest audited net assets [5] - The actual debt balance under the guarantees is 14.314 billion yuan [5] - There are no overdue guarantees as of the announcement date [6]