Core Viewpoint - The photovoltaic industry is moving towards a "deeper water zone" as companies are ending patent disputes, signaling a shift away from internal competition and towards healthier industry practices [1][5]. Group 1: Patent Agreements - Longi Green Energy and Jinko Solar ended all global patent disputes in September 2022, marking a significant shift in the industry [5]. - Aiko Solar and TCL Zhonghuan recently signed a patent licensing agreement, resolving over two years of patent disputes, with a total licensing fee of 1.65 billion yuan, to be paid in installments from 2026 to 2030 [3][4]. - The licensing agreement allows Aiko Solar access to approximately 1,000 Maxeon patents, with no restrictions on production volumes, thus avoiding lengthy legal processes and focusing on development and innovation [3][4]. Group 2: Industry Implications - The resolution of patent disputes is expected to eliminate uncertainties for overseas clients, leading to price increases for Aiko Solar's products and the introduction of a 0.02 yuan per watt patent fee for downstream customers [4]. - TCL Zhonghuan views the agreement as a means to collaborate with industry partners to build a healthy competitive environment and enhance its market position in the BC battery component sector [4]. - The trend of major companies ending patent disputes is seen as a positive response to the "anti-involution" movement, promoting a more orderly and healthy development of the photovoltaic industry [5]. Group 3: Regulatory Environment - The Ministry of Industry and Information Technology emphasizes that 2026 will be a critical year for addressing internal competition in the photovoltaic industry, focusing on strengthening intellectual property protection and curbing infringement [6]. - The ministry plans to implement measures such as capacity regulation, quality supervision, and price enforcement to achieve a dynamic balance of supply and demand in the industry [6].

Market Overview - The A-share market saw the Shanghai Composite Index rise by 0.13% to 4,128.37 points, marking its sixth consecutive day of gains[16] - The Hang Seng Index increased by 0.58% to 27,183.15 points, with significant contributions from AI applications and entertainment sectors[11] - The Dow Jones Industrial Average closed at 50,188.1 points, up 0.1%, while the S&P 500 and Nasdaq fell by 0.3% and 0.6%, respectively[9] Currency and Commodity Insights - The US dollar index fell for the third consecutive day, reflecting a 1.5% decline year-to-date, amid weak retail sales data[24] - International oil prices saw a slight decrease, with NY crude oil down 0.62% to $63.96 per barrel[24] - The Chinese yuan's appreciation is driven by increasing overseas earnings of Chinese companies and a global distrust of the US dollar[5] Investment Strategy - Approximately 19% of industries are expected to see profit margin improvements due to the yuan's appreciation, with less negative impact on companies expanding capacity overseas[5] - The report suggests focusing on short-term market memory, profit margin changes, and policy shifts as key investment strategies[5] Key Economic Indicators - US retail sales stagnated in December, indicating weak consumer spending, which has led to increased expectations for interest rate cuts by the Federal Reserve[24] - The New York Fed reported that household loan default rates reached their highest level in nearly a decade in Q4 of the previous year[5]

中信证券发布研报称，在银价暴涨的背景下，光伏电池组件头部厂商有望加快贱金属浆料替代，带动行 业成本梯度分化加剧，叠加需求结构向高效产品持续升级，落后产能或面临加速淘汰压力；同时，爱旭 股份(600732.SH)带头打响光伏行业知识产权反内卷第一枪，具备核心技术和专利优势的头部厂商有望 脱颖而出。中信证券预计光伏电池组件行业"反内卷"有望迎来加速，推荐电池组件、浆料和设备龙头厂 商。 中信证券主要观点如下： 银价大幅上涨，贱金属浆料有望加快规模化导入，加快电池成本梯队分化。 据金投网数据，受供需及金融等多重因素驱动，白银现货价格由2025年中约0.8万元/kg快速上涨至2025 年底的1.6万元/kg，目前价格约1.9万元/kg，且后续价格仍有望保持强势。以目前主流TOPCon电池为 例，我们测算银价每上涨1000元/kg，对应银浆成本上涨约1分/W，目前银浆总成本已接近2毛/W。基于 金属化成本压力，在不同技术路线中贱金属浆料替代进程有望加快： 1）HJT头部厂商，凭借已成熟应用的低成本银包铜（含银量20%-30%）浆料优势，我们估计其用银量 有望降至4mg/W以内（较TOPCon低50%以上），在电池成本端 ...

长江商报消息 ●长江商报记者 潘瑞冬 光伏史上最大一笔专利许可费诞生。 日前，光伏巨头爱旭股份（600732.SH）与TCL中环子公司达成一项专利授权，金额高达16.5亿元。爱 旭股份将获得对方除美国外的全部BC电池及组件专利授权，化解双方此前的专利争议，减少海外市场 不确定性。 值得注意的是，本次许可为非独占许可，存在Maxeon向第三方授权的可能，且协议到期后若未续约， 或再度引发专利争议。 ABC组件销量同比翻倍 爱旭股份于2009年成立，2019年9月借壳ST新梅登陆A股市场，公司聚焦光伏发电核心产品的研发制造 和光储用一体化整体解决方案，主要为客户提供太阳能电池、ABC组件和场景化的解决方案，其产品 远销至全球110多个国家和地区。 近年来，受全球光伏市场竞争加剧和产品价格持续下滑的影响，爱旭股份业绩承压。2024年，爱旭股份 实现营收111.55亿元，同比下降58.94%；归母净利润-53.19亿元，同比盈转亏。2025年全年，公司仍为 亏损状态，预计归母净利润为-12亿元至-19亿元，但同比减亏约64%至77%。 长江商报记者注意到，爱旭股份ABC组件业务高速增长，市占率持续提升，2025年公司 ...

Core Viewpoint - The photovoltaic industry is moving towards a healthier competitive environment as companies are ending patent disputes, signaling a shift away from "internal competition" and towards collaboration for innovation and market stability [3][5][6]. Group 1: Patent Agreements - Longi Green Energy and JinkoSolar ended all global patent disputes in September 2022, marking a significant shift in the industry [5]. - Aiko Solar and TCL Zhonghuan recently signed a patent licensing agreement worth a total of 1.65 billion yuan, with payments scheduled from 2026 to 2030 [4]. - Aiko Solar will gain access to approximately 1,000 Maxeon patents, allowing for greater focus on development and innovation without the burden of ongoing legal disputes [4][5]. Group 2: Industry Response and Future Outlook - The resolution of patent disputes is seen as a positive response to the "anti-involution" movement within the photovoltaic sector, promoting healthy competition and innovation [5][6]. - Industry leaders have publicly opposed "patent wars," emphasizing the need to focus on technological advancement rather than legal conflicts [6]. - The Ministry of Industry and Information Technology has identified 2026 as a critical year for addressing internal competition in the photovoltaic industry, with a focus on strengthening intellectual property protection [7]. Group 3: Market Dynamics - The ongoing patent disputes had previously caused uncertainty among overseas clients regarding the procurement of ABC components, which is expected to improve following the licensing agreements [5]. - The agreements are anticipated to allow companies to raise prices on battery and component products, with Aiko Solar planning to charge a royalty fee of 0.02 yuan per watt [5]. - The industry is currently facing challenges related to supply-demand mismatches, and the Ministry plans to implement measures to achieve dynamic balance in the market [7].

行 业 及 产 业 电力设备/ 光伏设备 2026 年 02 月 10 日 爱旭股份与 Maxeon 达成专利许 研究支持 李冲 A0230524070001 lichong@swsresearch.com 联系人 李冲 A0230524070001 lichong@swsresearch.com 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 马天一 A0230525040004 maty@swsresearch.com 李冲 A0230524070001 lichong@swsresearch.com 行业点评 ⚫ 事件：爱旭股份与 Maxeon 达成"5 年期 16.5 亿元"的 BC 专利许可，核 心条款为爱旭与 Maxeon 签署 BC 电池与组件专利许可，期限五年、总额 16.5 亿元，许可区域为全球（美国除外），性质为非独家授权，双方同步 撤回相关未决诉讼。该许可协议将推动光伏"反内卷"路径从价格自律转向 知识产权法治化。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bos ...

2026.02. 10 TCL中环子公司Maxeon在BC电池组件等领域具备全球范围内超千项已授权专利，覆盖BC领域的核 心技术和关键环节。 TCL中环认为："本次交易有助于公司协同产业链伙伴共建BC电池技术生态，以差异化产品技术、 优质知识产权助力行业破除内卷式竞争，推动行业健康有序发展。同时也有助于公司推动适度一体化 战略，强化公司在BC电池组件端的市场地位和竞争优势。" 本文字数：1837，阅读时长大约4分钟 作者 | 第一财经 陆如意 光伏"反内卷"持续走向"深水区"，一大信号是光伏公司接连选择结束专利"缠斗"。 继隆基绿能（601012.SH）与晶科能源（688223.SH）于去年9月底宣布结束全球范围内全部专利 纠纷法律程序后，爱旭股份（600732.SH）和TCL中环（002129.SZ）近日也官宣签订《专利许可 协议》，各自撤回或终止所有与许可专利及许可产品相关的、双方之间进行中或未决的法律程序。至 此，这两家公司为期超过两年的专利"缠斗"画上句号。 签订巨额BC专利许可协议 据第一财经记者了解，两家公司的许可费用总计16.5亿元，其中2.50亿元于2026年支付，剩余许可 费分别于2027年 ...

Core Viewpoint - The patent disputes between Aiko Solar and TCL Zhonghuan's subsidiary Maxeon have concluded, signaling a shift in the photovoltaic industry towards ending internal competition and fostering healthy development [1][3]. Group 1: Patent Licensing Agreement - Aiko Solar and Maxeon signed a patent licensing agreement worth a total of 1.65 billion yuan, with 250 million yuan to be paid in 2026 and the remainder to be paid in installments from 2027 to 2030 [2]. - Aiko Solar will receive approximately 1,000 past and future patents related to BC batteries and components, with no sales limits imposed on Aiko's BC components and batteries by Maxeon [2][3]. - The agreement allows both companies to terminate all pending or potential patent disputes, enabling Aiko Solar to focus on business development and technological innovation [2]. Group 2: Industry Implications - The resolution of patent disputes is expected to eliminate uncertainties that previously affected overseas customers' purchasing decisions regarding ABC components [3]. - Following the agreement, Aiko Solar plans to increase prices for its battery and component products and will charge downstream customers a royalty fee of 0.02 yuan per watt [3]. - The collaboration is seen as a way to promote healthy competition in the photovoltaic industry and to shift the market dynamics towards a more regulated and law-abiding environment [2][3]. Group 3: Industry Trends - The trend of major companies ending patent disputes is viewed as a positive response to the industry's "anti-involution" movement, indicating a shift towards healthier and more orderly development [3][4]. - The Ministry of Industry and Information Technology has emphasized the importance of strengthening intellectual property protection and curbing infringement behaviors as part of the industry's governance efforts [5]. - The industry is currently undergoing a deep adjustment period, with significant challenges remaining in balancing supply and demand, necessitating coordinated efforts to improve market conditions [5].

Group 1: AIDC and Power Supply Innovations - The global AIDC demand is experiencing significant growth, with major cloud companies increasing their capital expenditures. In FY2025, the top three global cloud providers are expected to collectively spend nearly $300 billion [3][19] - High Voltage Direct Current (HVDC) is becoming the preferred solution for next-generation data center power supply, as it enhances power efficiency and reduces material usage. The global HVDC market is projected to reach approximately $30 billion by 2027 [4][59] - Key recommendations for HVDC and Storage Solutions include companies like Zhongheng Electric and Siyuan Electric, with additional attention on Keda Data, Kstar, and others [10][65] Group 2: Photovoltaic Industry Trends - The photovoltaic industry is transitioning towards high-quality development, with supply-demand dynamics expected to gradually improve. In 2025, domestic photovoltaic installations are projected to reach a record high, although global installation growth is anticipated to slow down post-2026 [5][6] - The industry is actively reducing operating rates to improve supply-demand structures, with significant declines in operating rates for polysilicon and other segments noted [6][7] - Key recommendations in the photovoltaic sector focus on supply-side improvements and new technologies, with companies like Flat Glass and Quartz Holdings highlighted for their potential [11][10]

Investment Rating - The industry investment rating is maintained at "Synchronize with the market - A" [1] Core Insights - SpaceX's application for deploying a satellite system with up to 1 million satellites has been accepted by the FCC, which aims to support advanced AI models and related applications [2] - The utilization rate of photovoltaic power generation is projected to reach 94.8% by 2025, with wind power utilization at 94.3% [3] - The National Energy Administration announced that by December 2025, there will be 6,190 new registered photovoltaic power generation projects [4] Summary by Relevant Sections Stock Recommendations - Recommended stocks include: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Haibo Technology (688411.SH) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Longxin Technology (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [3][4] Market Performance - The report indicates a 7.4% year-on-year increase in the national electricity market transaction volume by 2025 [4] - The report highlights a stable price trend for polysilicon, silicon wafers, battery cells, and modules, with no significant fluctuations observed [5][7][8] Investment Suggestions - Key investment directions include: - BC new technology: Aishuo Co., Ltd. - Supply-side focus: Daqo New Energy, Flat Glass Group - Energy storage direction: Haibo Technology, Sungrow Power Supply - Market-oriented direction: Longxin Group - Domestic substitution direction: Quartz Co., Ltd. - Attention to space photovoltaic: Liancheng CNC, Dike Co., Ltd., Longi Green Energy, and others [9]