Core Insights - Longi Green Energy has achieved a significant breakthrough in solar technology with its silicon-perovskite tandem solar cells, reaching a conversion efficiency of 33% for a large area of 260.9 cm², marking a nearly 20% improvement over traditional single-junction cells [1][2] - The efficiency of BC (back contact) solar cell modules has surpassed 26%, demonstrating Longi's strong expertise in back contact technology and pushing the efficiency limits of silicon modules beyond 27% [1][2] - These advancements have been officially recognized in the latest edition of the "Solar Cell Efficiency Table," which is considered the gold standard for solar technology progress [1] Industry Context - The Chinese photovoltaic industry has become a "national business card," leading globally in technology, quality, and cost [1] - Longi Green Energy is positioned as a leader in technological innovation within the industry, having transitioned from multi-crystalline to mono-crystalline technology and now exploring cutting-edge fields like perovskite and BC cells [1] - The 2025 SNEC conference highlighted the rapid technological advancements in China's photovoltaic sector, with experts noting that the industry has entered an "unmanned zone" of development [2] Strategic Initiatives - Longi has introduced a dual-driven strategy of "innovation + collaboration," focusing on increasing investments in frontier areas such as BC, perovskite, and hydrogen energy while fostering an open innovation ecosystem with global partners [4] - The company showcased its latest BC battery and flexible packaging technology through a solar-powered racing car, Infinite Apollo, in collaboration with Belgium's Innoputs Solar Team, exemplifying innovative applications of solar technology in transportation [4] - Longi's founder emphasized the importance of making green energy a part of everyday life, positioning the company's recent achievements as milestones in accelerating global energy transition [4]

Core Insights - Longi Green Energy announced two groundbreaking technological advancements at the 2025 SNEC International Solar Energy Conference, achieving a record conversion efficiency of 33% for large-area silicon-perovskite tandem solar cells and a 26% efficiency for BC battery modules, marking a significant milestone in global photovoltaic technology [1][2][4] Group 1: Technological Breakthroughs - The silicon-perovskite tandem solar cell achieved a conversion efficiency of 33% at a size of 260.9 cm, representing a nearly 20% improvement over traditional single-junction cells, paving the way for reduced photovoltaic generation costs [2] - The BC battery module's efficiency reached 26%, demonstrating Longi's strong foundation in back-contact battery technology and pushing the efficiency limit of silicon modules beyond 27% [2] Group 2: Innovation and Collaboration - Longi's strategy emphasizes "innovation + collaboration," focusing on investments in cutting-edge fields such as BC, perovskite, and hydrogen energy while fostering an open innovation ecosystem with global partners [3] - The company showcased its latest BC battery and flexible packaging technology through a solar-powered racing car, Infinite Apollo, in collaboration with Belgium's Innoputs Solar Team, highlighting the innovative potential of the "photovoltaics + transportation" paradigm [3] Group 3: Industry Impact - Longi's achievements signal a transformative shift in the solar energy sector, reinforcing China's position as a leader in photovoltaic technology and accelerating the transition to a zero-carbon future [4] - The advancements are seen as milestones not only for Longi but also as accelerators for global energy transformation, with a mission to integrate green energy into everyday life [4]

Core Insights - Longi Green Energy announced two significant technological breakthroughs at the 2025 SNEC International Solar Energy and Smart Energy Conference, showcasing advancements in solar cell efficiency [1] Group 1: Technological Achievements - Longi Green Energy's self-developed large-area (260.9 cm) silicon-perovskite tandem solar cell achieved a conversion efficiency of 33%, setting a new global record for large-area tandem cell efficiency [1] - The efficiency of Longi Green Energy's BC solar cell module surpassed 26%, indicating a strong performance in the solar technology sector [1] Group 2: Industry Recognition - Both technological achievements have been included in the 66th edition of the "Solar Cell Efficiency Table," highlighting China's leading position in photovoltaic technology on a global scale [1]

Core Viewpoint - The optoelectronic new materials industry is experiencing significant growth in China, driven by advancements in technology and increasing market demand, particularly in solar cells, optical communication, and display technologies [1][4][23]. Industry Definition and Classification - Optoelectronic materials are defined as materials that can generate, convert, transmit, process, and store optical signals, encompassing categories such as semiconductor optoelectronic materials, organic semiconductor materials, inorganic crystals, quartz glass, infrared materials, laser materials, and nonlinear optical materials [2][4]. Industry Development Status - The number of patents for optoelectronic new materials in China reached 122 in 2022, but has seen a decline in recent years, with projections of 99 in 2023 and 76 in 2024, and only 11 by May 21, 2025 [1][4]. - The optoelectronic materials sector is crucial for the advancement of the optoelectronic industry, with applications in solar cells, optical communication, and displays [4]. Industry Chain - The industry chain consists of upstream core raw materials (basic chemicals, rare metals, targets), midstream production of optoelectronic materials and devices, and downstream applications in high-growth areas such as photovoltaic power generation and optical communication [6][8]. Semiconductor Materials - The semiconductor materials market in China is projected to reach approximately 147 billion yuan in 2024 and about 164.69 billion yuan in 2025, accounting for around 27.24% and 27.20% of the electronic materials market, respectively [8]. Optical Communication - The optical communication market in China is expected to grow from 139 billion yuan in 2023 to approximately 175 billion yuan by 2025, driven by advancements in 5G, cloud computing, and big data technologies [10]. Competitive Landscape - Major companies in the optoelectronic new materials industry include BOE Technology Group, Longi Green Energy, Jiangfeng Electronics, Sanan Optoelectronics, and others, reflecting a diverse and international competitive landscape [12][14]. Representative Companies - **BOE Technology Group**: A leading global company in semiconductor display products, with over 100,000 patents and significant market share in LCD and OLED technologies [14][15]. - **Shaanxi Lait Optoelectronic Materials Co., Ltd.**: Focuses on OLED organic light-emitting materials, with a revenue of 442 million yuan in 2024, reflecting a strong growth trajectory [17][19]. - **Ningbo Jiangfeng Electronics**: Specializes in ultra-pure metal sputtering targets, with a revenue of 2.333 billion yuan in 2024, highlighting its strong market position [21]. Industry Development Trends - The demand for optoelectronic materials is expected to continue growing, with advancements in silicon-based solar cells and organic light-emitting diodes (OLEDs) leading the way [23]. - Future developments will focus on higher performance, lower costs, and multifunctionality, with new materials such as perovskite solar cells and quantum dot emitters gaining traction [23].

日度报告——综合晨报 洛杉矶骚乱事件持续发酵 [T报ab告le_日R期an：k] 2025-06-11 宏观策略（外汇期货(美元指数)） 美总统特朗普：洛杉矶骚乱事件是"外国入侵" 特朗普把洛杉矶骚乱事件定义为外国入侵，这意味着短期内事 态可能进一步升级，美元指数短期震荡。 宏观策略（国债期货） 央行开展了 1986 亿元 7 天期逆回购操作 后续债市走牛已经成为市场一致预期，若资金面持续处于均衡 偏松的状态上，市场可能会抢跑。 综 宏观策略（股指期货） 合 国家领导人同韩国总统李在明通电话 晨 报 6 月 10 日下午 A 股突发跳水，股债商汇均有所表现。市场对于 中美会谈的预期有所恶化。当期阶段，由于估值水平较高，因 此利空扰动带来的波动将加大。 农产品（生猪） 傲农生物：2025 年 5 月生猪销量同比增加 9.38% 从中长期视角来看，能繁母猪存栏与仔猪落地情况均指向养殖 行业仍处于中长期过剩的格局，除非重大疫病冲击。 黑色金属（铁矿石） 郑州：将暂停消费品以旧换新家电产品补贴申领 需求下滑可控下短期下跌急速预计较为平缓。整体工业品情绪 低迷，叠加自身季节性压力，预计矿价延续弱势。 能源化工（PTA） ...

6月6日，隆基绿能发布公告称，股东之一HHLR管理有限公司（下文简称：HHLR）拟自公告披露的15 个交易日后的3个月内，通过集中竞价的方式减持其所持有的不超过37，890，248股，不超过公司总股 本的0.5%。公开信息显示，HHLR是高瓴资本旗下专注二级市场的投资基金。若按照最新收盘价简单推 算，高瓴此番减持或将套现5.49亿元，交易完成后HHLR将不再是持股5%以上的股东。 综合而言，高瓴资本投资隆基绿能，这笔交易的初始投资成本和购回成本合计171.20亿元，分红收益和 两轮减持套现共37.97亿元，叠加最新减持后持仓市值54.82亿元，总计也不过92.79亿元，浮亏78.41亿 元。受光伏行业产能过剩和"价格战"影响，隆基绿能业绩近年来持续低迷，2024年营收下降近四成、归 母净亏损达86.18亿元，股价更是一路下探至12.63元/股，较最高点蒸发近80%。 责任编辑：公司观察 高瓴资本与隆基绿能的关系最早可追溯回2020年末。彼时，高瓴通过协议转让方式从原股东李春安手中 接过了2.26亿股股份，约占公司总股本的6.0%，每股对价为70元，投资总成本高达158.41亿元。2021- 2022年，隆基绿 ...

2、上交所近日召开高分红重回报暨上市公司价值提升座谈会。上交所相关负责人表示，未来，上交所 将推动上市公司进一步加大分红力度，增加分红频次，用好回购、并购重组、投资者交流等市值管理工 具，持续提升公司投资价值。 3、商务部新闻发言人6月7日就中重稀土出口管制措施答记者问表示，对稀土实施出口管制符合国际通 行做法，中方已依法批准一定数量的合规申请。中方愿就此进一步加强与相关国家的出口管制沟通对 话，促进便利合规贸易。 智通财经6月9日早间新闻精选 1、外交部发言人6月7日宣布，应英国政府邀请，中共中央政治局委员、国务院副总理何立峰将于6月8 日至13日访问英国。其间，将与美方举行中美经贸磋商机制首次会议。 11、龙佰集团公告，拟回购5亿元至10亿元公司股份。 12、蓝色光标公告，筹划发行H股股票并在香港联交所主板挂牌上市；石头科技公告，拟发行H股股票 并在香港联交所上市。 13、隆基绿能公告，股东HHLR拟减持不超过0.5%公司股份；德赛西威公告，股东惠创投和神华投资拟 分别减持3%和1.45%公司股份；若羽臣公告，朗姿股份计划减持不超3%公司股份；阿特斯公告，股东 元禾重元拟减持不超过3%公司股份。 14、据 ...

Core Viewpoint - The international photovoltaic market has seen significant activity in May, with major companies signing overseas orders totaling over 4GW, primarily from countries such as Germany, Sweden, Poland, Pakistan, Australia, Zimbabwe, Zambia, and Peru [1] Group 1: Company Activities - Tongwei Co., Ltd. signed a strategic cooperation agreement with BayWa r.e. Solar Trade Holding GmbH for project development and system integration, and also secured a supply agreement for Eastern Europe with INFO-Telecom [2] - Aiko Solar successfully signed a 1GW centralized order with overseas clients, including significant projects in Europe and Africa, and has made substantial progress in the centralized market with its ABC components [3] - GCL-Poly Energy signed project cooperation agreements with Galp and Unigea, marking a significant step in its global strategy [4] - Chint New Energy established a three-year strategic partnership with Belectric to supply photovoltaic modules for ground station projects in Europe [5][6] - TCL Solar signed a strategic distribution agreement with Power & Sun Solar Equipments Trading LLC to supply 300MW of high-efficiency photovoltaic modules to the Middle East, Africa, and Eurasia [7] - LONGi Green Energy signed a strategic cooperation agreement with ENGIE and China Power Construction Corporation to provide over 1GW of high-efficiency Hi-MO 9 modules [8] - Hanwha Energy signed a 250MW annual supply framework agreement with PV CONSULT LTD in Bulgaria and established multiple strategic partnerships in Europe [9][10] - Huasheng New Energy reached an exclusive strategic cooperation with Next2Sun to promote the Kunlun series horizontal modules in Europe [11] - JA Solar signed MOU agreements with Australian companies NSEG and YES Group to supply a total of 250MW of high-efficiency photovoltaic modules by 2025 [12] - Seraphim signed a 250MW framework agreement with Barzaei Halwan in Iraq to support renewable energy infrastructure development [13] - Gaojing Solar signed a strategic cooperation agreement with Grodno S.A. in Poland, setting a 200MW annual cooperation target [14] - Sumida Huailun signed photovoltaic carport project agreements totaling 116MW with German EPC companies [15]

Core Viewpoint - The article emphasizes the investment strategy of "buying primary assets in the secondary market," which is a value investment approach that can yield excess returns by identifying undervalued stocks that exhibit characteristics of primary market investments [2][5]. Group 1: Concept of "Buying Primary Assets in the Secondary Market" - The primary market serves as a "incubation ground" for capital, where investors support companies' growth from inception, while the secondary market acts as a "trading venue" where stock prices can be distorted by emotions and external factors [4][5]. - This strategy involves identifying companies engaged in value-creating activities such as technological research, mergers and acquisitions, and market expansion, but whose stock prices do not yet reflect their long-term value [5][6]. Group 2: Identifying Investment Opportunities - Key indicators for identifying suitable investments include significant asset restructuring, major technological breakthroughs, and the exploration of new business avenues [7]. - Investors should be cautious of "hype-driven" stocks that lack substantial investment in genuine growth initiatives, distinguishing between companies with real financial commitments and those merely riding trends [7]. Group 3: Market Mispricing and Management Insight - Look for stocks with price-to-earnings (PE) ratios below 70% of the industry average or market capitalizations below their replacement costs, as these may indicate mispricing [8]. - Assess management's "primary market thinking" by examining their professional backgrounds and the proportion of shares they hold, with a higher ownership stake (over 30%) suggesting stronger alignment of interests [9]. Group 4: Conclusion and Investment Philosophy - The essence of the primary market is "value discovery," while the secondary market offers opportunities for "price negotiation." The intersection of these two aspects can lead to excess returns [11]. - When observing a company investing heavily in research and development or acquiring assets at low prices while its stock price declines, it may present an opportunity to "buy primary assets in the secondary market" [11].

在光伏行业深度调整中遭遇困境的千亿巨头隆基绿能，又迎来了一则重要股东的减持公告。 6月6日晚间，隆基绿能发布公告称，第二大股东 高瓴资本旗下 HHLR 管理有限公司拟减持不超过3789万股， 即不超过0.5%公司股份。 值得注意的是，隆基绿能此前刚经历重大人事变动，掌舵人李振国辞去公司董事、总经理及法定代表人职务， 将专注投入公司研发和科技管理工作。 截至目前，隆基绿能市值为1097亿元，仅为巅峰期的20%。五年前，在光伏行业一片荣景中，HHLR"入驻"隆 基股份，此番减持备受关注。 HHLR拟减持不超0.5% 6月6日晚间，光伏巨头隆基绿能发布公告称，HHLR管理有限公司拟自公告披露之日起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3789.02万股(即不超过公司总股本的0.5%)。 有行业人士表示，此番减持后，HHLR的持股比例将降至5%，还是4.99%，值得关注。若是持股5%以下的股 东，后续减持上市公司将不用公告，隆基绿能的二季度报告或将揭晓。 据券商中国记者了解，若剔除此前涉嫌的违规减持事件，这应该是HHLR持有隆基绿能4年多以来首次减持隆 基绿能。 2020年12月2 ...