11月10日，《自然》在线刊发隆基绿能联合苏州大学、西安交通大学等研究团队在硅基叠层电池研究方 向的进展。团队研发的超薄晶硅-钙钛矿叠层电池，经美国国家可再生能源实验室（NREL）认证，小面 积器件效率达33.4%；经德国弗劳恩霍夫太阳能研究所认证，商业尺寸硅片级柔性叠层电池效率达 29.8%。这是全球光伏领域首个经权威机构认证的柔性晶硅-钙钛矿叠层电池效率世界纪录。 近日，隆基绿能等在学术期刊《自然》上发表了两项研究成果，展示了我国光伏行业在前沿技术领域取 得的新进展。 创纪录效率的柔性叠层电池 11月13日，《自然》在线刊发隆基绿能联合中山大学、兰州大学团队研发的非晶-多晶杂化背接触结构 （HIBC）电池研究成果。背接触结构太阳电池通过将N型、P型接触区域及电极全部置于电池背面，最 大限度地减少正面的遮光损失。团队在隆基绿能自研的工业级泰睿硅片上实现了27.81%的认证效率、 87.55%的填充因子，两项指标均创造了新世界纪录。值得注意的是，杂化背接触结构是由我国团队首 创且经过验证的全新高效电池技术，具有完备的自主知识产权。团队开发的激光诱导局域晶化技术、原 位边缘钝化技术等均具备与现有生产线兼容的优势 ...

11月18日，三大指数涨跌不一，截至发稿上证综指下跌0.21%，深证成指上涨0.15%，创业板指上涨 0.29%。中证光伏产业指数(931151.CSI)下跌0.3%，该指数成分股中，科士达上涨超4%，钧达股份上涨 近4%，晶科能源、罗博特科与天合光能上涨超3%。 相关ETF方面，光伏50ETF（516880）下跌0.46%。资金流向方面，该ETF上个交易日(11月17日)净流入 额为2781.02万元，截至上个交易日，已连续5个交易日获资金净流入，累计净流入额为1.59亿元。该 ETF最新流通份额为24.34亿份，最新流通规模为21.15亿元。 中泰证券在近期研报中称，光伏"反内卷"持续释放积极信号、供给侧结构性改革相关举措有望逐步落 地，光伏行业基本面预期反转向上。 （文章来源：21世纪经济报道） 通威刘汉元谈光伏"反内卷"：既要反垄断又要反过度竞争。据经济观察报，光伏行业已先后推出数轮行 业自律措施，最新的规划是在硅料行业成立一家平台公司。该计划拟由平台公司出资收购业内硅料产 能，并进行统一运行，以此避免行业陷入过度竞争。通威集团董事局主席刘汉元称，推动"硅料收储"： 一是要解决观念和理念问题，在"反内 ...

Group 1 - Citigroup upgraded Longi Green Energy's rating from "Sell" to "Buy," stating that "the most difficult period has passed" due to an increase in the proportion of module sales expected to improve the company's profitability [1] - Analysts, including Pierre Lau, forecast that Longi Green Energy's losses will narrow in 2025, with a potential return to profitability in 2026, primarily driven by improved profit margins in module sales [1] - Citigroup raised Longi Green Energy's target price by 86% from 14 yuan to 26 yuan [1] Group 2 - Huazhong Securities maintained a "Buy" rating on Longi Green Energy, suggesting that the company is likely to be among the first to achieve profit improvement as it navigates through the cycle [2]

花旗集团将隆基绿能的评级从"卖出"上调至"买入"，称"最困难的时期已过"，因为组件销售占比提升有 望改善该公司的盈利能力。包括PierreLau在内的分析师在报告中写道，花旗预计隆基绿能2025年亏损将 收窄，2026年有望实现盈利，这主要得益于组件销售利润率的改善。花旗同时将隆基绿能的目标价从14 元上调86%至26元。 ...

花旗：将隆基绿能的评级上调至买入，目标价从14元上调86%至26元。 ...

历经两年多的深度调整，在2025下半年，光伏行业终于迎来了期盼已久的周期拐点。 随着国家层面自上而下重拳整治行业"内卷化"竞争，一系列旨在推动产能出清、引导有序发展的政策组 合拳持续发力，为陷入低价恶性循环的光伏市场注入了强大的修复动能。 当前，行业正展现出清晰的困境反转态势：产业链价格触底反弹，企业盈利水平显著改善，二级市场板 块指数自底部强势回升，一场由"政策引导"与"市场自律"共同驱动的供给侧改革已进入实质性阶段。 而从投资视角审视，当前光伏板块也正罕见地处于"盈利、持仓、估值"三重底部叠加的历史性机遇期， 为其后续的成长回归奠定了坚实投资基础。 眼下，一些基金公司正顺势把握光伏新周期机遇。例如11月18日上市的光伏ETF华夏（515370），便为 投资者提供了一个聚焦光伏全产业链龙头、一键布局行业复苏红利的便捷工具。 光伏"反内卷"成效初显 不过面对这一行业困境，自去年以来，国家已开始积极施为，以密集的整治信号推动光伏行业从无序竞 争迈向规范发展。 2024年下半年起，国家政策多次释放了对光伏市场的整治信号。从去年7月中共中央政治局会议首次提 及"防止内卷式竞争"，到同年12月的中央经济工作会议提出综 ...

Group 1 - Citi upgraded Longi Green Energy to a "Buy" rating with a target price of 26 RMB, indicating a potential increase of 20% [1]

Group 1 - Citi upgraded Longi Green Energy to a "Buy" rating with a target price of 26 RMB, indicating a potential upside of 20% [1]

Core Viewpoint - Longi Green Energy has released its "2024-2025 Longi Green Energy Climate Action White Paper," outlining its strategic ambition to achieve net-zero emissions across the entire value chain by 2050, aligning with international disclosure frameworks [1][2]. Group 1: Scientific Goals and Emission Reduction Pathways - Longi aims to reduce Scope 1 and Scope 2 emissions by 60% and Scope 3 emissions intensity by 52% by 2030, compared to 2020 levels [2]. - The company has established a detailed reduction pathway consisting of five pillars: operational decarbonization, value chain collaboration, product carbon footprint management, climate solution development, and just transition promotion [2]. - In 2024, Longi's total operational carbon emissions are projected to be 3,184,782 tons of CO2 equivalent, reflecting a 23.8% increase from 2020 but a 37% decrease from the peak in 2023 [2]. Group 2: Energy Efficiency and Renewable Energy Usage - Longi implemented 477 energy-saving projects in 2024, expected to save 426 million kWh of electricity, equivalent to a reduction of 250,000 tons of CO2 [3]. - The company achieved a 10.7% year-on-year decrease in overall electricity consumption per unit, with significant reductions across various manufacturing stages [3]. - In 2024, Longi utilized 4.746 billion kWh of renewable electricity, accounting for 47.5% of total electricity consumption, an increase of 5.7 percentage points from 2020 [3]. Group 3: Supply Chain and Product Carbon Footprint - Scope 3 emissions represent nearly 90% of Longi's total value chain emissions, making it a critical area for achieving net-zero goals [4]. - In 2024, Longi's Scope 3 emissions totaled 2,734,000 tons of CO2 equivalent, with purchased goods and services accounting for 84% of this figure [4]. - Longi launched a "Green Supply Chain Empowerment Program" to encourage 50 suppliers to conduct carbon audits [4]. Group 4: Technological Advancements and Diverse Applications - Longi's monocrystalline silicon cell efficiency reached 27.81%, and the efficiency of the perovskite-silicon tandem cell reached 35%, both setting new world records [4]. - The company is diversifying its applications through BIPV, photovoltaic + agriculture, and photovoltaic + hydrogen projects, demonstrating adaptability in extreme climate conditions [4]. Group 5: Governance and Financial Planning - Longi has established a governance structure centered around its board and sustainability committee, linking climate performance to management compensation [5]. - The company has integrated its climate strategy into its budgeting system and conducted its first ESG dual materiality assessment in 2024, identifying "climate change response" and "energy management" as core financial issues [5]. Group 6: Global Collaboration and Commitment - Longi emphasizes the need for global collaboration in addressing climate change, advocating for open innovation, energy equity, and enhanced global cooperation [6]. - The company is transitioning from a photovoltaic product supplier to a builder and advocate of a zero-carbon energy ecosystem, showcasing its commitment to sustainable development [7].

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Views - The price of photovoltaic silicon wafers continues to be under pressure due to reduced demand from downstream battery segments, leading to a significant decrease in orders and subsequent price drops. Some second and third-tier companies are forced to clear inventory, causing further price declines. A slight rebound in N-type 183mm silicon wafer prices was noted after several companies attempted to stabilize prices [4][2]. - In the industrial gas sector, the price of liquid argon has increased by 7.94% to 829 RMB/ton, while the prices of liquid oxygen and nitrogen have decreased by 2.54% and 4.6%, respectively. The overall price trend is stable, with no significant upward pressure expected in the near future [4][2]. - The automotive market saw a slight decline in retail sales in early November, with a year-on-year decrease of 19%. However, long-term growth in sales is anticipated due to upcoming tax incentives for electric vehicles [4][2]. Summary by Sections Market Overview - The mechanical equipment, electric power equipment, and automotive industry indices experienced declines of -2.22%, -0.8%, and -2.11%, respectively, ranking 28th, 23rd, and 26th among 31 first-level industries [9][1]. Industry News and Key Company Announcements - Longi Green Energy plans to acquire approximately 61.9998% of Suzhou Jingkong Energy Technology Co., Ltd., marking its entry into the energy storage sector [22][2]. - The domestic inventory of photovoltaic components has continued to decline, with a 0.6GW reduction noted in the second week of November [22][2]. - The Inner Mongolia government has outlined plans to significantly develop renewable energy, aiming for over 300 million kW of installed renewable energy capacity by 2030 [22][2].