Core Insights - The 18th International Solar Photovoltaic Exhibition in Shanghai showcased a significant increase in the presence of energy storage companies, indicating a growing trend towards integrated solar and storage solutions [1] - Major industry players like TCL Zhonghuan, JinkoSolar, and Tongwei showcased BC technology products, although most are still in the preparation stage for mass production [2][3] - The exhibition highlighted the trend of solar storage integration, with many companies presenting differentiated solar-storage solutions [6] Group 1: Technology and Product Innovations - BC technology products were prominently featured by industry giants, with TCL Zhonghuan planning to start mass production in Q3, while only a few companies like Longi Green Energy and Aiko Solar have achieved this [2] - TOPCon technology remains the mainstream product, accounting for over 70% of the global market, while BC technology is primarily targeted at price-insensitive regions like Northern and Western Europe [3] - New solar products such as solar tiles and flexible modules were introduced, with companies like Trina Solar and LONGi showcasing innovations that cater to aesthetic and functional needs [4][5] Group 2: Market Trends and Competition - The solar storage market is becoming increasingly competitive, with many solar companies diversifying into storage to improve profitability, as standalone solar products have been unprofitable [6] - Companies are exploring overseas markets due to saturation in the domestic market, with many reporting that international sales are more profitable [8][9] - The demand for storage solutions is rising, particularly in overseas markets, with companies like Suzhou Guding noting that 60% of their orders now come from abroad [8] Group 3: Challenges and Future Outlook - The solar industry is facing intense competition, leading to price wars that have affected profitability across the board, particularly in the component sector [10][11] - The solar glass industry is struggling with many companies operating at breakeven due to price pressures from the component market [11] - Despite the challenges, the overall demand for solar and storage solutions continues to grow, with companies adapting to market conditions and exploring new opportunities [7][10]

Core Viewpoint - The photovoltaic industry is experiencing intensified competition, with technological innovation and cost reduction becoming the main themes for development. Perovskite solar cells are seen as a crucial technology to break through the efficiency bottleneck of traditional photovoltaics, with significant investments from major companies in this area [1][3]. Industry Developments - Perovskite solar cells have advantages such as high photoelectric conversion efficiency, adjustable bandgap, and substantial cost reduction potential. The theoretical maximum efficiency for single-junction perovskite cells is 33%, while perovskite tandem cells could exceed 40% [1]. - Major companies like Longi Green Energy, JinkoSolar, GCL-Poly, and Trina Solar are actively investing in the research and development of perovskite-silicon tandem cells, transitioning from experimental to pilot production lines [1][2]. Company Strategies - Longi Green Energy has proposed a "dual-wheel drive" strategy focusing on innovation and collaboration, with significant investments in cutting-edge fields such as perovskite technology [2]. - Trina Solar anticipates that perovskite-silicon tandem cell technology will become mainstream, with expected efficiency improvements of 4 percentage points over current crystalline silicon cells [2]. - JinkoSolar is leveraging AI technology to accelerate the development of tandem cells, achieving an experimental efficiency of 34.22% for perovskite-silicon tandem cells [2]. Investment and Funding - Maiwei Co., a leading photovoltaic equipment manufacturer, plans to raise 1.967 billion yuan through convertible bonds for the industrialization of perovskite tandem solar cell equipment, reflecting the growing investment demand in this sector [3]. - GCL-Poly has initiated a 10 billion yuan perovskite industry fund and a 3 billion yuan perovskite equipment fund, indicating a comprehensive approach to commercializing perovskite technology [3]. Commercialization Outlook - Despite existing challenges in mass production, such as stability and cost reduction, there is a consensus that perovskite technology is the future of photovoltaics. Companies are accelerating the industrialization process through various models [3][4]. - The integration of perovskite with silicon cells is seen as a key development, with potential efficiency improvements of 50% and cost reductions of 20% compared to traditional components [4]. Policy Support - The Chinese government has introduced multiple policies to support the development of the perovskite solar cell industry, emphasizing the need to master new generation high-efficiency and low-cost photovoltaic technologies [5]. - The ongoing collaboration between leading companies and research institutions is expected to further enhance the commercialization prospects of perovskite solar cells [5].

Core Viewpoint - The SNEC PV Power Expo 2025 highlighted the solar industry's transition to becoming a primary energy source, emphasizing the need for innovation and collaboration to address challenges in the sector [1][2]. Group 1: Industry Trends - The solar industry is at a critical turning point in 2025, with a historical mission to drive global energy transition [2]. - Key themes at the expo included "deep adjustment," "capacity clearing," and "innovative breakthroughs" [1]. - The industry is experiencing a deep adjustment phase, with significant changes in various business models and a mismatch between supply and demand affecting innovation [3]. Group 2: Company Initiatives - Longi Green Energy aims to build a BC ecosystem by collaborating with various partners in the industry to promote innovation and sustainable development [4][6]. - The company emphasizes an open ecosystem, encouraging collaboration with partners who share similar values while protecting intellectual property [4][6]. - Longi Green Energy's founder, Li Zhenguo, expressed the goal of creating a development model based on "independent innovation + collaborative cooperation + intellectual property protection + business protection" [6]. Group 3: Collaborations and Partnerships - Longi Green Energy is collaborating with leading companies in the photovoltaic sector, such as Emperor Laser and Xiaoniu Automation, to foster innovation [2][6]. - The BC ecosystem is open to any valuable innovative ideas, promoting genuine cooperation that benefits both parties [6]. - The importance of a robust supply chain and collaborative partnerships is highlighted as essential for the success of new technologies in the industry [4].

Core Viewpoint - Longi Green Energy Technology Co., Ltd. has decided not to exercise the downward adjustment of the conversion price for the "Long 22 Convertible Bond" despite triggering the conditions for such an adjustment due to the stock price being below 85% of the current conversion price for fifteen trading days [1][5]. Group 1: Convertible Bond Overview - The company issued 70 million convertible bonds on January 5, 2022, with a total amount of 700 million yuan and a maturity of six years [2]. - The initial conversion price was set at 82.65 yuan per share, with the latest conversion price adjusted to 17.50 yuan per share [3][4]. Group 2: Downward Adjustment Conditions - The downward adjustment clause for the conversion price is triggered when the stock price is below 85% of the current conversion price for at least fifteen trading days within any thirty-day period [5]. - As of April 29, 2025, the stock price has been below the threshold, triggering the adjustment clause [5]. Group 3: Decision on Adjustment - The board of directors has decided not to exercise the right to adjust the conversion price at this time, and will not propose an adjustment in the next three months, even if the conditions are met again [2][6]. - The next period for potential adjustment will be recalculated starting from September 14, 2025 [5].

| 股票代码:601012 | 股票简称:隆基绿能 | | 公告编号:临 2025-054 | 号 | | --- | --- | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 22 | 转债 | | | 隆基绿能科技股份有限公司 关于暂不向下修正"隆 22 转债"转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 自 2025 年 4 月 29 日起至 2025 年 6 月 13 日，隆基绿能科技股份有限公 司（以下简称"公司"）股票收盘价已有十五个交易日低于当期转股价格的 85% （14.88 元/股），已触发"隆 22 转债"的转股价格向下修正条款。 经公司第五届董事会 2025 年第六次会议审议通过，公司董事会决定本次 暂不行使"隆 22 转债"转股价格向下修正的权利，且在未来 3 个月内（即 2025 年 6 月 14 日至 2025 年 9 月 13 日），如再次触发"隆 22 转债"转股价格向下修 正条款，公司亦不提出向下修正方案。下一触发转股价格修 ...

| 股票代码:601012 | 股票简称:隆基绿能 | 公告编号:临 | 2025-053 号 | | --- | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 22 转债 | | | 隆基绿能科技股份有限公司 第五届董事会 2025 年第六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 隆基绿能科技股份有限公司（以下简称"公司"）第五届董事会 2025 年第六 次会议于 2025 年 6 月 13 日以通讯表决的方式召开。会议由董事长钟宝申先生召 集。会议应出席董事 8 人，实际出席董事 8 人。本次会议符合《公司法》《公司 章程》的相关规定，所形成的决议合法有效。经与会董事审议和投票表决，会议 决议如下： 审议通过《关于暂不向下修正"隆 22 转债"转股价格的议案》 具体内容详见公司同日披露的《关于暂不向下修正"隆 22 转债"转股价格 的公告》。 关联董事钟宝申回避表决。 表决结果：7 票同意，0 票反对，0 票弃权。 特此公告。 隆基绿能科技股份有限公司董事会 二零二 ...

Core Viewpoint - Longi Green Energy has developed a 500MW HIBC pilot line, which aids in expanding better process windows and evaluating various impacts on production processes, paving the way for future large-scale GW-level production lines [1] Group 1: HIBC Technology and Product Launch - Longi Green Energy introduced its third-generation BC technology HIBC at the SNEC 2025 exhibition, with components exceeding 700W power and achieving a power density of 259W/㎡ and an efficiency of 25.9% [1] - The HIBC technology combines high-temperature and low-temperature passivation, offering both efficiency and cost advantages [2] - Longi's HIBC solar cells achieved a world record conversion efficiency of 27.81% certified by ISFH [2] Group 2: Market Strategy and Production Plans - Longi Green Energy plans to gradually introduce HIBC products to the domestic commercial market after launching in Europe, targeting the high-end residential market first [2] - The company is considering building new HIBC production lines due to the need for upgrades in existing production lines, which may delay delivery times [8] - Longi has achieved complete silver-free production in laboratory stages and plans to launch mass production of silver-free components by Q4 2025 or Q1 2026 [8] Group 3: Cost Reduction and Future Outlook - The HIBC technology allows for significant cost reductions, with the potential for further savings through the use of copper paste instead of aluminum paste, estimated to lower manufacturing costs by a few cents per watt [9] - Experts believe that HIBC technology represents the ultimate technology for crystalline silicon batteries and will dominate the market for the next five years or longer [6]

Group 1: Market Performance - The Zhongzheng Photovoltaic Industry Index (931151) decreased by 1.66% as of June 13, 2025, with component stocks showing mixed results [1] - The Zhongzheng New Energy Vehicle Industry Index (930997) fell by 1.47% on the same date, with leading stocks experiencing gains while others declined [1] - The Photovoltaic ETF (516180) dropped by 1.49%, currently priced at 0.53 yuan, while the New Energy Vehicle ETF (515700) decreased by 1.30%, priced at 1.6 yuan [1] Group 2: Trading Activity - The New Energy Vehicle ETF had a turnover rate of 1.05% with a transaction volume of 23.2484 million yuan, and its average daily transaction volume over the past year was 66.6472 million yuan [2] - The Automotive Parts ETF (159306) experienced a turnover rate of 4.55% with a transaction volume of 1.1593 million yuan, and its average daily transaction volume over the past year was 2.4521 million yuan [5] Group 3: Fund Growth and Investment Trends - The New Energy Vehicle ETF saw a significant growth in scale, increasing by 9.6525 million yuan over the past week, ranking in the top half among comparable funds [2] - The Automotive Parts ETF also experienced notable growth, with an increase of 3.3058 million yuan in scale over the past week, ranking in the top quarter among comparable funds [5][6] Group 4: Industry Insights - East Asia Securities noted that new policies have driven a "531" rush in the photovoltaic sector, leading to profit recovery across the supply chain, but demand may decline significantly in the second half of the year due to uncertainties in electricity prices and expected decreases in overall grid connection prices [3] - The photovoltaic industry is currently facing an oversupply situation, and the clearance of outdated capacity is expected to take time, with the recovery of profits in the supply chain remaining uncertain [3] Group 5: Index Composition - The top ten weighted stocks in the Zhongzheng New Materials Theme Index (H30597) include Ningde Times, North Huachuang, and Wanhuah Chemical, accounting for 52.54% of the index [10] - The top ten weighted stocks in the Zhongzheng Automotive Parts Theme Index (931230) include Huichuan Technology, Fuyao Glass, and Sanhua Intelligent Control, making up 43.86% of the index [10][11]

重仓股战绩回顾：其管理的金信转型创新成长混合发起式A在2019年第三季度调入隆基股份，调入当季 均价243.55，连续持有2年又1个季度后，在2021年第四季度调出，调出当季均价1193.4，估算收益率为 390.0%（估算收益率按后复权的调入调出季度均价算出）。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 基金代码 | 基金名称 | 规模(亿元) | 任职时间 | 任职回报 | | --- | --- | --- | --- | --- | | 002810 | 金信转型创新成长混合发起式A | 1.20 | 2018-03-05 ~ 2022-01-19 | 74.48% | | 002862 | 金信量化精选混合A | 0.31 | 2019-08-06 ~ 2022-08-26 | 112.21% | | 005117 | 金信价值精选混合A | 0.65 | 2020-12-11 ~ 2022-01-05 | 19.44% | | 005118 | 金信价值精选混合C | 0.04 | 2020-12-11 ~ 2 ...

全国首例上市公司董监高违反公开承诺案赔偿款已全额支付 近日，上海金融法院依法审结的原告刘某某、郑某某诉被告上海金某泰化工股份有限公司、袁某、罗某证券虚 假陈述责任纠纷案生效。该案系2019年修订《中华人民共和国证券法》以来，全国首例因上市公司董监高未履 行公开增持承诺引发的证券侵权纠纷案件。今年4月25日，上海金融法院公开宣判该案，判令被告袁某、罗某 共同赔偿原告刘某某投资损失50.61万元，共同赔偿原告郑某某投资损失27.74万元。案件宣判后，各方当事人 均服判息诉。被告袁某、罗某表示，愿意主动履行一审法院生效判决。日前，两被告已向两原告全额支付赔偿 款。对于其他投资者涉诉案件，两被告表示愿意在损失核定后，优先通过调解方式化解纠纷。 欧盟将对两家中国小型银行实施制裁，外交部回应 据环球网，12日，外交部发言人林剑主持例行记者会。彭博社记者提问，据报道，欧盟将对两家中国小型银行 实施制裁，因为它们为俄罗斯绕过欧盟现有贸易限制提供便利。中方对此有何评论？林剑对此表示，中方一贯 反对没有国际法依据、未经联合国安理会授权的单边制裁和长臂管辖。当前，包括欧美在内的大多数国家都在 同俄罗斯开展贸易，中俄企业的正常交往合 ...