Investment Rating - The report rates the photovoltaic industry as "Overweight," indicating an expectation for the industry to outperform the overall market [4]. Core Insights - The establishment of a joint platform involving 17 major companies is expected to accelerate supply-side reforms in the polysilicon sector, which is crucial for addressing the industry's overcapacity and price wars [4]. - The "anti-involution" initiative has led to significant price recovery and profit restoration across the industry, with companies like Daqo New Energy and GCL-Poly Energy reporting a return to profitability in Q3 2025 [4]. - The report suggests that the joint platform will be completed by the end of 2025, supported by top-level policies, industry self-discipline, and technological advancements, which will further stabilize prices and profits [4]. Summary by Sections Industry Overview - The photovoltaic industry is experiencing a significant shift with the formation of a joint platform aimed at addressing supply-side issues, particularly in polysilicon production [4]. - The industry has faced severe price competition leading to losses, but recent collaborative efforts are expected to restore profitability [4]. Company Analysis - Key companies to watch include: 1. Polysilicon leaders: Tongwei Co., Daqo New Energy, and GCL-Poly Energy [4]. 2. Companies with independent alpha performance: Aiko Solar and LONGi Green Energy [4]. 3. Companies in auxiliary materials: Foster and Xinyi Glass, which are expected to benefit from the overall recovery in the sector [4]. Financial Metrics - The report includes a valuation table for key companies, highlighting their market capitalization and projected net profits for 2025 and beyond [5]. - For instance, Tongwei Co. has a market cap of 112 billion yuan with a projected net profit of -5.23 billion yuan for 2025, while Daqo New Energy is projected to recover to a profit of 1.36 billion yuan in 2026 [5].

Financial Performance - The company's operating revenue for Q3 2025 was approximately ¥18.10 billion, a decrease of 9.78% compared to the same period last year[4]. - The total profit for the period was a loss of approximately ¥1.42 billion, with a year-to-date loss of approximately ¥7.83 billion, reflecting the impact of intense competition in the photovoltaic industry[4][8]. - The net profit attributable to shareholders for Q3 2025 was a loss of approximately ¥834 million, compared to a loss of ¥1.26 billion in the same period last year, indicating a reduction in losses by about 34%[4][8]. - Total operating revenue for the first three quarters of 2025 was ¥50.91 billion, a decrease of 13.2% compared to ¥58.59 billion in the same period of 2024[20]. - Net profit for the first three quarters of 2025 was a loss of ¥3.45 billion, an improvement from a loss of ¥6.52 billion in 2024, indicating a 47.1% reduction in losses[22]. - The company reported a total comprehensive loss of ¥3.54 billion in 2025, compared to a loss of ¥6.61 billion in 2024, indicating a 46.5% reduction in comprehensive losses[22]. Cash Flow - The net cash flow from operating activities for the year-to-date period was approximately ¥1.82 billion, a significant improvement from a cash outflow of approximately ¥8.37 billion in the previous year[4][8]. - Cash flow from operating activities generated a net inflow of ¥1.82 billion in 2025, a significant recovery from a net outflow of ¥8.37 billion in 2024[25]. - The company's cash flow from operating activities for the first three quarters of 2025 showed a net decrease of CNY 1,347,829,484.69, compared to a decrease of CNY 5,366,777,930.35 in the same period of 2024[26]. - The company reported a total cash outflow from operating activities of CNY 102.51 billion, compared to CNY 88.66 billion in the previous period[34]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥153.97 billion, an increase of 0.74% from the end of the previous year[5]. - The company's total liabilities were RMB 96.13 billion, up from RMB 91.44 billion at the end of 2024[17]. - The company's total assets of the company as of September 30, 2025, amounted to CNY 89,570,458,071.78, up from CNY 82,563,514,716.98 at the end of 2024, indicating a growth of 8.1%[28]. - The company's total liabilities increased to CNY 31,201,596,958.57 as of September 30, 2025, compared to CNY 27,834,852,204.27 at the end of 2024, reflecting a rise of 12.7%[29]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 698,502, indicating a stable shareholder base[10]. - The equity attributable to shareholders decreased by 5.77% to approximately ¥57.38 billion compared to the end of the previous year[5]. - The company's total equity as of September 30, 2025, was CNY 58,368,861,113.21, an increase from CNY 54,728,662,512.71 at the end of 2024, representing a growth of 6.0%[30]. Operational Efficiency - The company has focused on enhancing management efficiency and cost control, leading to improved operational performance[13]. - The company's cash flow management and gross margin have improved, with losses narrowing quarter by quarter[13]. - The company's inventory as of September 30, 2025, was CNY 334,630,422.20, significantly higher than CNY 149,032,006.88 at the end of 2024, marking an increase of 124.5%[27]. Earnings and Expenses - The company reported a basic earnings per share of -¥0.11 for Q3 2025, an improvement from -¥0.17 in the same period last year[4]. - Basic earnings per share for the first three quarters of 2025 were -¥0.45, an improvement from -¥0.86 in 2024[22]. - Research and development expenses for the first three quarters of 2025 were CNY 733,317,884.17, an increase of 8.8% from CNY 674,211,778.95 in the same period of 2024[30]. - The company's financial expenses for the first three quarters of 2025 were CNY 331,937,021.25, a significant increase from CNY 6,151,488.88 in the same period of 2024[30].

隆基绿能公告，第三季度营收为181.01亿元，同比下降9.78%；净利润亏损8.34亿元。前三季度营收为 509.15亿元，同比下降13.10%；净利润亏损34.03亿元。 ...

Market Overview - The photovoltaic equipment sector experienced a decline of 0.24% on October 30, with the leading stock, Micro导纳米, falling significantly [1][2] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the photovoltaic equipment sector included: - 阿特斯 (Artes) with a closing price of 16.25, up 9.50% and a trading volume of 2.2543 million shares, totaling 3.672 billion yuan [1] - 隆基绿能 (LONGi Green Energy) closed at 21.51, up 3.46% with a trading volume of 4.9254 million shares, totaling 10.674 billion yuan [1] - Conversely, significant decliners included: - 微导纳米 (Micro导纳米) which closed at 52.47, down 8.19% with a trading volume of 137,900 shares, totaling 732 million yuan [2] - 艾罗能源 (Airo Energy) closed at 71.13, down 7.78% with a trading volume of 107,100 shares, totaling 762 million yuan [2] Capital Flow - The photovoltaic equipment sector saw a net outflow of 4.537 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.768 billion yuan [2][3] - Specific stocks with notable capital flows included: - 安彩高科 (Anhui Ankai) with a net inflow of 31.5499 million yuan from institutional investors [3] - 艾罗能源 (Airo Energy) had a net inflow of 70.3969 million yuan from retail investors [3]

新华财经北京10月30日电（记者沈寅飞） 记者从中国能建获悉，近日，由中国能建国际集团、新能源 国际投资联盟主办，阳光电源承办的第二届第四次新能源国际投资联盟业务交流会暨联盟大会顺利举 行。来自政府部门、行业协会、国际机构及联盟成员企业的代表齐聚一堂，围绕"智领双碳能绘新篇"主 题，共同探讨全球新能源产业高质量发展的路径与机遇，深化国际合作，共谋绿色低碳未来。 中国能建海外运营总监、新能源国际投资联盟理事长吕泽翔在致辞中表示，联盟自成立以来，累计孵化 项目超40GW，打造了一批具有国际影响力的示范工程，为全球新能源发展提供了强劲支撑。面对新能 源产业新机遇与新挑战，他倡议，坚持理性经营、共赢合作，坚持创新引领、科技赋能，坚持可持续发 展、打造中国品牌。希望各方携手构建更加开放、协同、高效的国际新能源合作网络，实现全球绿色能 源发展共赢。 中国机电产品进出口商会副会长石永红认为，新能源国际投资联盟作为我国新能源对外投资合作领域的 首个全链条平台，为中国新能源企业开拓国际市场及绿色"一带一路"建设做出重要贡献。据机电商会统 计，2024年我国企业境外新能源新签项目314个，合同额合计412.1亿美元，其中超过一半 ...

Group 1 - The green energy ETF (562010) showed active performance on October 30, with an intraday price increase of over 3.1%, currently up 2.44% [1] - Major stocks in the ETF include Arctech, which surged over 11%, and Yongxing Materials, which rose more than 8% [1] - The National Development and Reform Commission proposed that by the end of the 14th Five-Year Plan, new electricity demand will primarily be met by clean energy, promoting the construction of wind and solar bases in Northwest China [1] Group 2 - The Ministry of Finance and other departments extended the VAT exemption for offshore wind power, encouraging resource allocation towards offshore wind energy and promoting the development of submarine cables and wind power equipment [1] - Customs data indicated that from January to September 2025, the export value of power equipment increased by 36.33% year-on-year, with transformers and switches performing well in African and Latin American markets [1] - According to招商证券, the lithium battery production in Q1 2025 is expected to remain strong, benefiting from domestic trade-in policies, with storage demand also showing good growth [1][2] Group 3 - The solid-state battery sector is experiencing frequent catalytic events, boosting the lithium battery sector's recovery and accelerating the industrialization process [2] - The State Grid's investment is projected to exceed 650 billion yuan for the first time, entering a high growth cycle [2] - The wind power industry has set a target of adding no less than 120 million kilowatts of new installed capacity during the 14th Five-Year Plan period, providing guidance for high-quality development [2]

Group 1 - The core viewpoint of the news highlights the active performance of the green energy ETF (562010), with a notable increase of 2.1% in intraday trading, driven by strong performances from key stocks like Arctech, which rose by 9.03% [1] - The "Power Equipment Industry Stabilization and Growth Work Plan (2025-2026)" was issued, aiming to promote a green low-carbon energy structure and establish a new power system, with an annual revenue growth target of around 7% for the advanced manufacturing cluster in the power equipment sector [1] - The term "semi-solid battery" is expected to be standardized as "solid-liquid battery," with industry expectations for semi-solid batteries to enter the industrialization phase by 2026 [1] Group 2 - Tesla's electric vehicle sales have reached a quarterly historical record, with strong overseas energy storage demand driving an increase in installed capacity and supply chain growth [2] - The wind power sector is set to benefit from the "Wind Energy Beijing Declaration 2.0," which outlines new installed capacity targets for the 14th Five-Year Plan, alongside deep-sea planning and overseas orders [2] - In the photovoltaic sector, the recovery in silicon material and wafer prices is expected to lead to profitability improvements in the module segment, while BC battery efficiency optimization is creating a premium advantage [2] Group 3 - The green energy ETF (562010) passively tracks the green energy index, with its top ten weighted stocks including CATL, BYD, and Longi Green Energy [2]

Group 1 - The green energy ETF (562010) showed active performance with an intraday price increase of 2.15% as of October 30 [1] - Among the constituent stocks, Aters performed the strongest with a rise of 9.03%, followed by Goldwind Technology and Tianci Materials with increases of 7.02% and 6.9% respectively [1] - Conversely, Deye shares experienced a significant decline of 8.25%, while Jiejia Weichuang and Robotech saw decreases of 2.88% and 2.67% respectively [1] Group 2 - On October 23, XINWANDA launched a new generation of polymer all-solid-state batteries, "Xin·Bixiao," achieving an energy density exceeding 400 Wh/kg and a cycle life of 1200 weeks under low external pressure [1] - Shanlin Group signed a procurement agreement worth 4 billion yuan for solid-state cells and energy storage equipment with Weilan New Energy, focusing on the new energy storage market [1] - Huafu Securities noted that the completion of the Long Electric into Zhejiang ultra-high voltage project by the end of next year will benefit the power equipment industry through accelerated construction [1] - According to招商证券, the lithium battery equipment industry is expected to recover in 2025, driven by new demand for equipment from solid-state battery technology [1] Group 3 - The green energy ETF passively tracks the green energy index, with the top ten weighted stocks including CATL, BYD, Changjiang Power, Sungrow Power, Yiwei Lithium Energy, LONGi Green Energy, Huayou Cobalt, Ganfeng Lithium, Xianlead Intelligent, and Tongwei Co [2]

Core Insights - The renewable energy sector in China is experiencing significant growth, with the China Renewable Energy Index rising by 1.28% as of October 30, 2025, and key stocks like LONGi Green Energy and CATL showing substantial gains [1][2] - The National Grid Energy Research Institute predicts that during the 14th Five-Year Plan period, China's renewable energy generation will maintain a high growth rate, with an average annual new installed capacity expected to reach 300 million kilowatts [2] - The total installed capacity of renewable energy in China is projected to exceed 3 billion kilowatts by 2030, doubling the current scale [2] Market Performance - As of October 29, 2025, the renewable energy ETF has seen a net value increase of 68.45% over the past six months, ranking 313 out of 3838 in the index stock fund category, placing it in the top 8.16% [1] - The ETF has recorded a weekly increase of 9.97% and a monthly share growth of 11 million shares, indicating strong investor interest [1] - The ETF's highest single-month return since inception was 25.07%, with an average monthly return of 8.85% [1] Stock Performance - The top ten weighted stocks in the China Renewable Energy Index as of September 30, 2025, include CATL, Sungrow Power Supply, and EVE Energy, collectively accounting for 45.2% of the index [4] - Notable stock performances include CATL with a 1.58% increase and Sungrow Power Supply with a 3.32% increase [4]

Core Viewpoint - The photovoltaic ETF (159857) has shown significant growth, with a 1.17% increase on October 30, 2025, and a weekly increase of 11.57%, indicating strong investor interest and market recovery in the solar energy sector [2][3]. Product Highlights - The photovoltaic ETF (159857) is characterized by a large scale and superior liquidity, with over 70,000 investors holding shares, making it an efficient tool for investors to capitalize on the global renewable energy revolution and the photovoltaic industry's core assets [2]. - The ETF has seen a significant increase in scale, growing by 94.04 million yuan in the past week [2]. Related Events - A coalition of 17 leading photovoltaic companies, including Longi Green Energy and Tongwei Co., has been formed to establish a storage platform aimed at reducing excessive competition in the industry through joint storage and production cuts, promoting high-quality development [2][3]. - The coalition may include downstream companies like TCL, which could help balance silicon material price fluctuations and component cost issues, ensuring supply chain stability [3]. Institutional Perspectives - According to Industrial Securities, Q3 performance for some photovoltaic companies has shown significant improvement, with GCL-Poly Energy reporting a substantial turnaround in profits for Q3 2025, and Tongwei Co. showing a notable reduction in losses [3]. - The photovoltaic industry is expected to benefit from both performance improvements and the positive impacts of the anti-involution measures, suggesting a favorable environment for investment in the sector [3].