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 industry has shown significant developments, including a major order for humanoid robots from a leading AI model company, valued at over 50 million RMB, highlighting the integration of AI and robotics [2] - The Central Economic Work Conference has set the agenda for 2026, focusing on energy independence and green transformation, which will drive the demand for renewable energy solutions [4] - The report emphasizes the importance of optimizing market pricing for centralized renewable energy generation, as outlined by the National Development and Reform Commission and the National Energy Administration [5] Summary by Relevant Sections Stock Recommendations - Recommended stocks include: - Aiyu Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqo New Energy (688303.SH) - Buy - B - Haibo Innovation (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Deye Technology (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A [3][4][7] Price Tracking - The average price of polysilicon remains stable at 52.0 RMB/kg, while the average price of silicon wafers and battery cells has shown signs of stabilization after previous declines [6][8][9] Investment Suggestions - Key recommendations focus on various sectors: - BC new technology: Aiyu Co., Ltd., Longi Green Energy - Supply-side: Daqo New Energy, Fulete - Energy storage: Haibo Innovation, Sungrow Power Supply, Deye Technology - Market-oriented: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Overseas expansion: Hengdian East Magnet, Bowei Alloy [10]

Core Viewpoint - Aiko Solar denies allegations of patent infringement made by Maxeon Solar in a lawsuit filed in Germany, asserting that their ABC products do not violate the EP2297789 patent [1] Group 1: Company Response - Aiko Solar has issued a statement regarding the lawsuit, emphasizing that they have verified through their intellectual property team and European legal partners that their ABC products fundamentally differ from the EP2297789 patent [1] - The company plans to actively respond to the lawsuit and collaborate closely with global partners to defend their rights [1] - Aiko Solar commits to providing timely updates on the progress of the lawsuit [1] Group 2: Legal Context - The lawsuit was filed by Maxeon Solar in the Munich District Court, alleging infringement of the EP2297789 patent [1] - The EP2297789 patent is related to a patent (EP2297788) that was previously rejected by a Dutch court in a temporary injunction request by Maxeon Solar [1]

Core Viewpoint - Aiko Solar has issued a statement regarding a new patent infringement lawsuit filed by Maxeon Solar in a Munich court, claiming that Aiko's ABC products infringe on its EP2297789 patent, which is related to a previously rejected request for a temporary injunction in the Netherlands [1] Group 1 - Aiko Solar is aware of the lawsuit and has confirmed through its intellectual property team and European legal partners that its ABC products fundamentally differ from Maxeon's EP2297789 patent technology, indicating no infringement [1] - The company plans to actively respond to the lawsuit and collaborate closely with global partners to defend its legitimate rights [1]

Industry Overview - The establishment of the polysilicon capacity integration acquisition platform is seen as a key measure to address the "involution" and vicious competition within the photovoltaic industry [1] - The platform adopts a dual approach of "debt acquisition + flexible capacity reduction," aiming to tackle the industry's overcapacity and low-price competition [1] - Current oversupply in the photovoltaic sector has led to significant price competition, with domestic polysilicon production in November at approximately 114,900 tons, a 15.9% month-on-month decrease [1] Market Dynamics - The platform is expected to stabilize the mainstream price of polysilicon above 60,000 yuan per ton, while the current average transaction price for n-type polysilicon is 53,200 yuan per ton, indicating potential for price recovery [2] - The integration platform is anticipated to usher in a new phase of "market-oriented operation + industry collaborative regulation" for the polysilicon sector [2] Growth Opportunities - The photovoltaic industry is expected to see price increases driven by supply-side reforms, new technologies, and the industrialization opportunities of perovskite technology [2][3] - Longi Green Energy has set ambitious profit targets for 2026-2028, with a projected net profit of no less than 3 billion yuan in 2026 and 6 billion yuan in 2028, alongside a significant increase in BC component production capacity [2][4] Technological Trends - The industrialization of new technologies such as perovskite is accelerating, presenting opportunities for related equipment manufacturers [3] - The BC battery technology is highlighted as a crucial factor for leading companies to achieve profit recovery [3] Company Insights - Longi Green Energy is recognized as a leader in the photovoltaic industry, with a strong presence in the downstream sectors of silicon wafers and modules [4] - Aiko Solar is identified as a core player in the photovoltaic cell segment [5]

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Viewpoints - The establishment of Beijing Guanghe Qiancheng Technology Co., Ltd., a national-level operation platform for polysilicon capacity integration and strategic storage, is expected to fundamentally change the competitive landscape of the polysilicon industry [6] - The main mission of this platform is to adjust and stabilize industry capacity and products through market-oriented methods, with mainstream polysilicon prices expected to stabilize above 60,000 RMB per ton [6] - Major photovoltaic companies are optimistic about profitability in 2026, as indicated by Longi Green Energy's employee stock ownership plan [6] Summary by Sections Industry Performance - In the past 12 months, the industry has shown a relative return of -9.36% over one month, 6.86% over three months, and 0.92% over twelve months, with absolute returns of -11.56%, 10.16%, and 15.84% respectively [3] Market Dynamics - The polysilicon market is entering a new phase characterized by "market-oriented operations + industry collaborative regulation" [6] - In November, domestic polysilicon production was approximately 114,900 tons, a significant decrease of 15.9% month-on-month, with expectations for December production to remain below 120,000 tons [6] Investment Recommendations - Suggested stocks to focus on include Tongwei Co., Daqo New Energy, TCL Zhonghuan, and Shuangliang Eco-Energy for supply-demand improvement [6] - For new technology routes in BC batteries, recommended stocks include Longi Green Energy, Aiko Solar, Dier Laser, Juhua Materials, and Boqian New Materials [6]

Core Viewpoint - Aixiang Co., Ltd. announced a procurement contract for photovoltaic cell wet production equipment, indicating a strategic move to enhance its production capabilities in the solar energy sector [2] Group 1: Company Announcement - Aixiang's subsidiary, Shandong Aixiang Solar Technology Co., Ltd., signed a contract with Suzhou Puit Automation System Co., Ltd. for the purchase of 15 sets (25 units) of photovoltaic cell wet production equipment [2] - The total contract amount is 55.08 million yuan (including tax), which constitutes a related party transaction [2] - This related party transaction has been approved by the company's 9th Board of Directors and the 9th Supervisory Board, pending approval from the shareholders' meeting [2]

Core Viewpoint - Aishuo Co., Ltd. (600732.SH) announced that its subsidiary, Shandong Aishuo Solar Technology Co., Ltd., signed a procurement contract with Suzhou Puit Automation System Co., Ltd. for the purchase of 15 sets (25 units) of wet process production equipment for photovoltaic cells, with a total contract value of 55.08 million yuan (including tax), constituting a related party transaction [1] Group 1 - The contract involves the procurement of wet process production equipment specifically for photovoltaic cells [1] - The total value of the contract is 55.08 million yuan, which is approximately 8.5 million USD [1] - This transaction is classified as a related party transaction, indicating a connection between the companies involved [1]

Core Viewpoint - Aixiang Co., Ltd. (600732.SH) announced a significant procurement contract for photovoltaic cell wet production equipment, indicating a strategic move to enhance its production capabilities in the solar energy sector [1] Group 1: Company Overview - Aixiang's subsidiary, Shandong Aixiang Solar Technology Co., Ltd., signed a procurement contract with Suzhou Puit Automation System Co., Ltd. [1] - The contract involves the purchase of a total of 15 sets (25 units) of wet production equipment for photovoltaic cells [1] Group 2: Financial Details - The total contract amount is 55.08 million yuan (including tax), which constitutes a related party transaction [1]

Group 1 - The core point of the article is that Aishuo Co., Ltd. (SH 600732) held its 43rd meeting of the 9th Board of Directors on December 9, 2025, where it reviewed proposals including the election of independent directors for the 10th Board [1] - For the year 2024, Aishuo's revenue composition is heavily weighted towards the renewable energy sector, accounting for 98.49%, while other businesses contribute only 1.51% [1] - As of the report, Aishuo's market capitalization stands at 27.7 billion yuan [1]

Core Viewpoint - Aixi Co., Ltd. (600732.SH) has signed a procurement contract with Suzhou Puit for the purchase of 15 sets (25 units) of wet process production equipment for photovoltaic cells, totaling 55.08 million yuan (including tax), which constitutes a related party transaction [1] Group 1 - The total amount of the contract for the equipment procurement is 55.08 million yuan (including tax) [1] - In the past twelve months, the company and its subsidiaries have engaged in 13 related party transactions with the same related party, with a total authorized or signed contract amount of 125 million yuan (including tax) [1]