债券持有人会议通知 股票代码：601012 股票简称：隆基绿能 证券代码：113053 证券简称：隆 22 转债 关于适用简化程序召开隆基绿能科技股份有限公司 2021 年度公 开发行可转换公司债券 2025 年第一次债券持有人会议的通知 隆基绿能科技股份有限公司债券持有人： 隆基绿能科技股份有限公司（以下简称"隆基绿能"、"公司"或"发行人"） 于 2022 年 1 月 5 日公开发行面值总额 7,000,000,000.00 元可转换公司债券（以下 简称"本期债券"或"隆 22 转债"）。根据公司战略规划和经营需要，公司拟对 本期债券募集资金用途进行变更。本次募集资金投资项目的变更预计不会对公司 偿债能力和债券持有人权益保护造成重大不利影响。根据《公司债券发行与交易 管理办法》《隆基绿能科技股份有限公司公开发行可转换公司债券募集说明书》 《隆基绿能科技股份有限公司 A 股可转换公司债券持有人会议规则（2021 年 5 月）》，国信证券股份有限公司（以下简称"国信证券"）作为"隆 22 转债"的债 券受托管理人，现定于 2025 年 6 月 24 日至 2025 年 6 月 30 日召开适用简化程序 的隆基 ...

Group 1 - Longi Green Energy has announced the launch of its new HIBC technology and components at the 2025 SNEC exhibition, achieving a power output of over 700W and entering the "25%+ efficiency era" for photovoltaic modules [2] - The company currently has a 500MW pilot line for HIBC technology and is prepared for large-scale production based on market demand [2] - As of April 2025, the global contracted volume for HPBC 2.0 components has exceeded 30GW, indicating strong market acceptance [2] Group 2 - Experts predict that BC technology, as the ultimate technology for crystalline silicon batteries, has the potential for over tenfold growth in the next 3-5 years [3] - Longi Green Energy aims to leverage BC technology to recover from industry losses and return to a growth trajectory by 2025 [3] - Other companies, such as Aiko Solar and Sichuan Yingfa Ruineng Technology, are also focusing on BC technology to improve their operational conditions and profitability [3] Group 3 - The development of BC technology is expected to dominate the market in the next 5-10 years, with ongoing advancements anticipated in areas such as silver-free and all heterojunction BC technologies [4] - The integration of BC technology with perovskite tandem cells could provide significant competitive advantages if perovskite technology matures [4] Group 4 - The industry is reflecting on past development models due to supply-demand mismatches, with a growing emphasis on creating a sustainable ecosystem that respects patent technologies [5] - Longi Green Energy has initiated the BC ecosystem construction, collaborating with 191 global partners and achieving early revenue of 1.95 billion yuan [5] Group 5 - TOPCon technology remains the mainstream in the photovoltaic industry, but its rapid decline in benefits serves as a cautionary lesson [6] - The establishment of an orderly ecosystem for BC technology is crucial for protecting technological development and ensuring reasonable profits for industry partners [6]

Core Viewpoint - The photovoltaic industry must remain vigilant against potential technological devaluation and over-investment due to new technology spillover, as well as the risk of low-price competition being replicated in the energy storage sector [1][2][3]. Group 1: Industry Trends - The SNEC Shanghai Photovoltaic Exhibition showcased a significant number of companies presenting perovskite tandem cells/components and BC technology, indicating a trend towards embracing new technologies [2]. - Major companies like LONGi Green Energy, GCL-Poly, JinkoSolar, and others are investing heavily in upgrading their production lines, with costs reaching tens of millions of yuan per GW to maintain competitiveness [3]. - The exhibition saw a notable increase in foreign participation, with approximately 500,000 attendees, reflecting a growing international interest in the photovoltaic sector [5]. Group 2: Market Dynamics - The industry is experiencing a shift where the low-price competition model from the photovoltaic sector is being adopted in the energy storage market, leading to a significant drop in profit margins [4]. - The energy storage market is witnessing a trend of price reductions, with some products priced below $120 per KWh, which has decreased profit margins from 40% to 20-30% [4]. - Despite a perceived recovery in the market, the industry is still on the brink of capacity clearance, with production rates in the downstream component sector dropping below 50% [6]. Group 3: Regulatory Environment - Regulatory bodies are actively seeking solutions to mitigate "involutionary competition" within the photovoltaic industry, indicating a proactive approach to industry challenges [6].

Core Viewpoint - The Chinese photovoltaic (PV) industry is facing a critical supply-side reform, with expectations of production cuts and stricter policies to curb below-cost sales, aiming to improve industry profitability and stability [3][4][5]. Industry Summary - A significant decline was observed in the A-share market on June 19, with a total trading volume of 1.28 trillion yuan and over 4,600 stocks falling [1]. - The photovoltaic sector, particularly low-fee ETFs, experienced a downturn, with the leading ETF (516290) dropping by 1.49% [1][6]. - Major companies in the PV sector, such as 阳光电源 (Sungrow Power), 德业股份 (Deye), and 晶澳科技 (JA Solar), reported declines exceeding 3% in their stock prices [6]. Production and Policy Changes - The China Photovoltaic Industry Association held a meeting focusing on "production limits to maintain prices," indicating a projected reduction in operating rates by 10%-15% in Q3 [2][3]. - A third-party audit group will conduct comprehensive audits to identify evidence of below-cost sales, with various measures planned against non-compliant companies [2][3]. Technological Advancements - The industry is witnessing a push for supply-side reform, with leading companies advocating for market-driven consolidation and technological upgrades to phase out outdated capacities [4][5]. - New technologies, such as TOPCon and perovskite, are gaining attention, with several companies showcasing advancements in efficiency and production capabilities at the SNEC conference [5]. Market Outlook - The PV sector is expected to experience a fundamental recovery, with signs of a potential turning point in market sentiment as production cuts and technological advancements take effect [7]. - The low-fee photovoltaic ETF (516290) is highlighted as a favorable investment option, with management fees significantly lower than the market average [7].

Energy Transition Acceleration - China's total investment in energy transition is projected to reach $818 billion in 2024, surpassing the combined investments of the US, EU, and UK, marking a 20% increase from 2023 [2] - By the end of 2024, China's renewable energy installed capacity is expected to reach 1.889 billion kilowatts, accounting for 56% of the total, doubling from the end of the 13th Five-Year Plan [2] - Wind power capacity is projected to reach 521 million kilowatts, maintaining the global lead for 15 consecutive years, while solar power capacity is expected to hit 887 million kilowatts, leading globally for 10 years [2] Renewable Energy Development - As of February 2024, the combined installed capacity of wind and solar power in China reached 1.456 billion kilowatts, exceeding that of thermal power [3] - Hydropower is expected to reach an installed capacity of 436 million kilowatts by the end of 2024, a 17.77% increase from the end of 2020 [3] - The coal power sector has achieved over 95% ultra-low emissions units, with coal consumption per unit of power supply reduced to 303.21 grams of standard coal per kilowatt-hour, a 7.5% decrease from 2020 [3] Technological Innovation - Technological innovation is identified as the core driver of energy industry transformation, with a focus on advanced renewable energy, safe and efficient nuclear energy, and energy digitalization [4] - In 2024, the average conversion efficiency of PERC p-type monocrystalline solar cells reached 23.5%, a 0.7 percentage point increase from 2020 [4] - The offshore wind power sector is experiencing a trend towards larger and more advanced products, with the share of newly installed offshore wind turbines with a capacity of 10 megawatts or more rising from 12.1% in 2022 to 58% in 2024 [4] Energy Industry Chain Development - China's energy industry chain has achieved a leap from low-end manufacturing to high-end innovation, establishing a complete industrial system in solar, wind, and energy storage [7] - In 2023, China's global market shares for polysilicon, silicon wafers, solar cells, and modules reached 91.6%, 97.9%, 91.9%, and 84.6%, respectively, with significant increases from 2020 [7] - Leading companies like Tongwei Co. and Longi Green Energy have shown substantial growth in production, with Tongwei's polysilicon output reaching 594,800 tons, a 5.9-fold increase from 2020 [7] Regional Collaboration and International Cooperation - Significant progress has been made in regional collaboration and international cooperation in the energy sector, contributing to energy security and global energy transition [9] - By the end of 2024, the first batch of 50 renewable energy base projects in the western region is expected to be operational, with an installed capacity exceeding 90 million kilowatts [9] - China has engaged in green energy project cooperation with over 100 countries, with notable projects like the ±800 kV high-voltage direct current transmission project in Brazil being completed [10]

6月7日，光伏龙头公司隆基绿能公告将遭高瓴资本旗下HHLR 管理有限公司（以下简称"HHLR"）减持 至5%以下。 2020年12月，高瓴资本以每股70元的价格受让隆基绿能6%股份，成为后者第二大股东。而今随着光伏 行业产能过剩愈演愈烈，隆基绿能股价如今仅为14元左右，此次减持发生时高瓴已浮亏近百亿。 早在2023年，隆基绿能股价跌至40元左右时，HHLR就曾尝试减持隆基绿能股份至5%，却因减持方式 违规而未能成行。南都湾财社记者也就未来HHLR是否将进一步减持隆基绿能股票等问题向高瓴投资发 去采访函，截至发稿时未获回应。 行业整体供过于求 进一步减持将无需披露 高瓴投资浮亏近百亿 隆基绿能发布的《股东减持股份计划公告》显示，HHLR 拟自本公告披露之日起 15 个交易日后的 3个 月内，通过集中竞价交易方式减持其持有的公司股份不超过37,890,248股。当前HHLR持有隆基绿能 416,460,085股，持股比例为5.50%，减持计划相关风险提示显示，本次减持计划实施后，减持股东将不 再为公司持股5%以上股东。 公开资料显示，HHLR是高瓴旗下专注二级市场投资的基金管理平台，由独立的二级投资团队负责管理 ...

Group 1 - The article discusses the impact of the conflict between Israel and Iran on global energy markets, highlighting that a strike on Iranian nuclear facilities led to a significant spike in Brent crude oil prices by 13%, the highest since the Russia-Ukraine conflict [5][7] - The importance of the Strait of Hormuz is emphasized, as it is a critical passage for 20% of the world's oil and 25% of liquefied natural gas (LNG) trade, with major implications for global energy supply if it were to be blocked [12][9] - The article outlines the vulnerabilities of modern industrial supply chains, particularly how disruptions in the Strait of Hormuz can affect various sectors, including energy-intensive manufacturing in Germany and the solar glass industry in China [8][7] Group 2 - The article details the potential for crisis arbitrage, noting that companies like LONGi Green Energy are capitalizing on the situation by securing contracts for solar projects in the Middle East, reflecting a shift towards energy independence in the region [18][19] - There is a surge in demand for safe-haven assets such as gold and U.S. Treasury bonds, indicating a strong market reaction to geopolitical tensions [22][24] - The military sector is also seeing increased interest, with companies like Hongdu Aviation receiving orders for military equipment from Middle Eastern countries, showcasing a growing demand for defense capabilities [25][27] Group 3 - The article suggests that China should consider a "dual-loop design" for energy supply routes to mitigate risks associated with the Strait of Hormuz, including potential pipeline projects to bypass the strait [29][30] - It highlights the need for technological advancements and local supply chain adaptations in response to potential disruptions, such as the reliance on strontium ore from Iran for manufacturing permanent magnet motors [30][17] - The article concludes that the ongoing conflict is reshaping global business dynamics, emphasizing the importance of energy sovereignty and the need for companies to possess physical, financial, and political capital to survive in a changing landscape [34][33]

Investment Rating - The report maintains a positive outlook on the photovoltaic industry in Xinjiang, suggesting a "Buy" rating for investments in the sector. Core Insights - Xinjiang possesses unique advantages in solar energy resources, land availability, and supportive policies, facilitating the rapid development of a complete photovoltaic industry chain [2][3][4]. - The current phase of upstream overcapacity suggests a strategic focus on midstream high-efficiency manufacturing segments, which are expected to recover in valuation as construction accelerates [3][4]. - The "East Data West Computing" initiative and the expansion of green data centers in the region are expected to enhance local energy consumption and alleviate transmission bottlenecks, improving the economic viability of photovoltaic projects [3][4]. - The dual security value of energy and industry highlights Xinjiang's strategic importance in national clean energy initiatives, enhancing the resilience of China's renewable supply chain [3][4]. Summary by Sections Introduction - The global energy transition is accelerating, with a shift from fossil fuels to clean energy becoming irreversible. Photovoltaic power is a key player in this transition due to its zero carbon emissions and renewable nature [5][6]. Resource Endowment and Advantages of Xinjiang's Photovoltaic Industry - Xinjiang has abundant solar resources, with annual sunshine hours significantly exceeding the national average, making it a prime location for large-scale photovoltaic projects [7][9]. - The region's vast, flat, and largely unutilized land provides ideal conditions for the installation of photovoltaic systems, reducing development costs [13][14]. - Strong government policies at both national and local levels support the growth of the photovoltaic industry, ensuring resource optimization and sustainable development [16][17]. Current Development Status of Xinjiang's Photovoltaic Industry - Xinjiang is a major base for industrial silicon and polysilicon production, with significant contributions to national output [20][24]. - The midstream sector has seen advancements in the manufacturing of key components, such as monocrystalline silicon rods and photovoltaic modules, although capacity still lags behind demand [30][34]. - Large-scale photovoltaic projects have been established, with total installed capacity exceeding 56.66 million kilowatts, marking Xinjiang as a leader in clean energy production [38][40]. Key Companies and Projects - Xinjiang Daqo New Energy Co., Ltd. is a leading player in the polysilicon market, with a production capacity of 305,000 tons, positioning it among the top tier in the industry [46][49]. - New Special Energy Co., Ltd. focuses on polysilicon production and has expanded its capacity to 300,000 tons per year, while also exploring various operational models for renewable energy projects [57][59]. - Hoshine Silicon Industry Co., Ltd. is developing an integrated industrial park to enhance efficiency across the photovoltaic supply chain, contributing to the region's competitive edge [66].

证券研究报告 | 行业周报 gszqdatemark 2025 06 15 年 月 日 电力设备 冠鸿智能 0.2GWh 全固态电池产线签约，强调 Q2 海风业绩拐点 光伏：终端需求疲软，6 月组件开工率或有所下降。根据本周索比咨询数 据，6 月以来，组件价格还在下行，本周地面电站 TOPCon 210 双面 0.670 元/W，TOPCon 矩形双面 0.665 元/W，HJT 矩形双面 0.730 元/W。6 月目 前组件开工率或有所下调，环比下降 15~20%。在组件排产走入的背景下， 关注后续辅材价格是否会有所下行。核心关注两大方向：1）供给侧偏刚 性、后续需求复苏后价格弹性更大的硅料和玻璃，核心关注协鑫科技、通 威股份、福莱特等。2）新技术背景下带来的中长期成长性机会，核心关注 爱旭股份、聚和材料等。 风电&电网：强调 Q2 海风业绩拐点，关注深远海启动。二季度海上风电 单桩发运显著，据我们统计，在 2025 年开工的海上风电项目，截至目前 总计达 8GW。此外，约 2.55GW 的海上风电项目在 2025 年内实现并网。 据我们统计，在 2025 年下半年有望开工海上风电项目，或达 4.6GW，多 ...

Core Viewpoint - The company aims to build a new ecosystem in the photovoltaic industry, distinct from the past decade, by focusing on technological breakthroughs and collaboration with capable partners [1][2]. Group 1: Leadership Changes and Focus - Li Zhengguo has stepped down as CEO of Longi Green Energy but continues to lead the Central Research Institute and serves as Chief Technology Officer [1]. - The transition in leadership is seen as a strategic move to concentrate efforts on research and development, which Li believes is crucial for both the company and the industry [1][2]. Group 2: Technological Innovations - Longi Green Energy has introduced the HIBC (Hybrid Interdigitated Back-Contact) technology, achieving a module efficiency close to 26% through large-scale production [1]. - The company is collaborating with partners like Yingfa to enhance battery line management and production efficiency, aiming to create a more robust BC ecosystem [2]. Group 3: Industry Dynamics and Strategy - The photovoltaic industry is undergoing a deep adjustment phase, with a shift from a shortage to a surplus, which necessitates protecting technological innovations [2]. - Longi Green Energy has established partnerships to enhance BC technology standards and aims to increase its HPBC 2.0 production capacity to 50GW by the end of 2025 [3]. Group 4: Production and Market Outlook - In 2024, Longi Green Energy achieved a silicon wafer shipment of 108.46GW and expects to reach 120GW in 2025, with over 25% of component shipments being BC components [3]. - The cost gap between BC and TOPCon technologies has narrowed to 0.05 yuan/W, with expectations of cost parity by 2025 [3].