Group 1 - The core viewpoint is that supply-side reform, technological transformation, and overseas changes are the current focal points in the photovoltaic industry, which is experiencing a cash flow loss across the main chain and is at the bottom of the profit cycle [1] - The photovoltaic industry is expected to gradually recover due to enhanced expectations of supply-side reform, with policies aimed at controlling capacity growth and expanding demand to stabilize prices and return to reasonable profit levels [1] - The industry is transitioning from "scale expansion" to "quality first," focusing on high-quality development, energy consumption control, and technological innovation to accelerate industry clearing and promote stable development [1] Group 2 - The European commercial storage market is expected to see significant growth, with installed capacity projected to double from 2.7 GWh in 2024 to 5.4 GWh in 2025, and reach 19.5 GWh by 2028, reflecting a compound annual growth rate of 64% from 2024 to 2028 [2] - The demand for inverters is anticipated to increase during peak seasons, driven by the growth in commercial storage installations in Europe [2] Group 3 - Technological advancements such as BC, HJT, and copper paste are driving the industry forward, with companies like Aiko and Longi leading in BC technology, and the introduction of pure copper paste expected to accelerate the iteration of new technologies [3] - The price of silver paste constitutes over 50% of the non-silicon cost of batteries, making the development of silver reduction technologies a priority for major manufacturers [3] Group 4 - The photovoltaic industry has a high level of domestic production capacity, with significant progress in domestic quartz sand resources, which are crucial for the industry [4] - The discovery of high-purity quartz resources in regions like Henan and Xinjiang is expected to accelerate the domestic replacement of imported materials [4] Group 5 - Investment recommendations include focusing on the inverter segment due to stable demand and performance, with specific companies highlighted for potential investment [5] - Attention is also drawn to technological advancements in BC, HJT, and low-silver technologies, with several companies recommended for investment based on their progress in these areas [5] - The domestic replacement of quartz sand and the overseas battery capacity gap are additional areas of focus for investment opportunities [5]

Economic Information - A significant number of cross-border ETFs have issued premium risk warnings, with over 80 funds reporting such warnings since May, primarily for ETFs investing in the US, Saudi Arabia, and Germany [2] - Meituan's CEO Wang Xing stated that the company will spare no effort to win competition against JD.com's 10 billion subsidy for food delivery, emphasizing the potential of the industry despite recognizing some irrational subsidies leading to low quality and prices [2] Company Alerts - Zhongyida announced that it will apply for a trading suspension if significant abnormalities in stock trading continue [4] - Longi Green Energy's Li Zhenguo has resigned from his position as General Manager and legal representative [4] - Several companies, including Yihua, Huatu Shanding, and Meilian New Materials, have announced plans for significant share reductions by major shareholders [4][6] Overseas Alerts - German Chancellor Merz confirmed that Germany and EU countries will continue to support Ukraine without restrictions on the range of weapon assistance, with Germany joining allies in providing cruise missiles [3] - UBS downgraded the dollar rating to "unattractive," advising investors to reduce excess dollar cash and diversify into other currencies like yen, euro, pound, and Australian dollar [3] Market Trends - The global thermal coal market is facing a "perfect storm," with prices dropping to a four-and-a-half-year low, only a quarter of the peak levels seen during the 2022 energy crisis [5]

Group 1: Corporate Governance and Market Dynamics - The Chinese government has issued opinions to enhance the modern enterprise system, focusing on improving corporate governance structures and supporting both state-owned and private enterprises [1] - The opinions emphasize the importance of independent directors and the introduction of institutional investors with over 5% shareholding to enhance corporate governance [1] - A total of over 500 listed companies in the A-share market are set to distribute more than 58.5 billion yuan in cash dividends, indicating a strong trend in shareholder returns [2] Group 2: Automotive Industry Trends - The automotive market is experiencing heightened competition, with a product competitiveness index of 85.5 for April 2025, driven by consumer stimulus policies and promotional activities [3] - Car manufacturers are actively implementing strategies to increase market share, including trade-in subsidies and promotional financing options [3] Group 3: Fund Management and Investment Trends - The issuance of equity funds is on the rise, with 16 new floating management fee funds set to launch, indicating a strong interest from investors [4] - The private equity industry has seen its management scale exceed 20 trillion yuan, attributed to a recovering issuance market and improved performance [5] Group 4: Commodity Prices and Industry Outlook - The tungsten industry is witnessing a price surge, with black tungsten concentrate prices reaching 165,500 yuan per ton, driven by supply-demand dynamics [6] - The paper pulp market is entering a phase of tentative recovery, with domestic pulp production capacity increasing as companies pursue integrated projects [13] Group 5: Currency and Market Impact - The renminbi has reached a six-month high against the US dollar, which is expected to benefit the Chinese stock market as capital flows shift towards non-US assets [7] - Goldman Sachs reports that a 1% appreciation of the renminbi could lead to a 3% increase in Chinese stock prices, highlighting the positive correlation between currency strength and market performance [7] Group 6: Corporate Leadership Changes - Longi Green Energy has announced significant management changes, with founder Li Zhenguo stepping back and his daughter being nominated for the board, indicating a strategic shift in leadership focus [9] - The company aims to leverage dual leadership in strategy and technology to navigate the challenges in the photovoltaic industry [9]

Group 1 - Zijin Mining plans to spin off its subsidiary Zijin Gold International for listing on the Hong Kong Stock Exchange, with a proposed issuance of no more than 15% of the total share capital post-issue [2] - Zijin Gold International, established in 2007, focuses on gold exploration, mining, processing, and sales, with total assets of 39.188 billion yuan, revenue of 21.268 billion yuan, and net profit of 4.458 billion yuan projected for 2024 [2] - Longi Green Energy's CEO Li Zhenguo resigns from his position to focus on R&D and technology management, while continuing as the head of the Central Research Institute [3] Group 2 - Foton Motor and EVE Energy plan to jointly invest 500 million yuan to establish a new energy technology company to expand their new energy heavy truck business [4] - Shandong Shanda Power's IPO registration has been approved, with an expected fundraising of 500 million yuan [6] - Guoen Co. plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international capital operation platform [7] Group 3 - JA Solar has submitted its H-share issuance application to the China Securities Regulatory Commission, which has been accepted [8] - Yongxi Electronics' convertible bond registration has been approved, aiming to raise up to 1.165 billion yuan for advanced packaging technology and working capital [10] - Longyuan Construction's private placement registration has been approved, with a fundraising target of 1.846 billion yuan [11] Group 4 - Hongsheng Environmental's controlling shareholder was taken into custody by law enforcement, but the company’s operations remain normal [13] - Yiming Pharmaceutical's controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [16] - Dongfang Co. has elected Zhang Xiaofan as the chairman of its seventh board of directors [22]

接任总经理的钟宝申与李振国同为兰州大学物理系校友，二人自创业初期便形成管理分工：钟宝申主导战略决策与资本运作，李振国侧重技术研发与生 产管理 。此次人事调整后，钟宝申将兼任总经理，而李振国则聚焦隆基中央研究院工作，该机构曾孵化出BC、钙钛矿叠层等核心技术。 【DT新材料】 获悉， 5月26日 ， 隆基绿能 公告称，公司董事会于5月23日收到董事、总经理李振国提交 的书面辞任报告，李振国将专注于公司研发和科技管理工作，申请辞去公司董事、总经理及法定代表人职务。 辞任后，李振国将聚焦中央研究院院长及科技管理中心首席技术官角色，全面主导公司研发体系与前沿技术攻关，持续支持公司长期发展。本次 调整后，将由公司董事长钟宝申兼任公司总经理，并根据《公司法》《公司章程》的规定担任法人，董事长将负责公司生产经营管理。 李振国先生，1968年5月生，现年57岁。 1990年毕业于兰州大学物理系半导体材料专业。1992年，他辞职创业，2000年创办了西安新盟电子科技有 限公司，该公司后来成为隆基绿能的前身。2006年，李振国将公司更名为隆基股份，并邀请了钟宝申等校友加入，共同推动公司发展。 此前，隆基绿能发布的2024年年报，2 ...

Core Viewpoint - The photovoltaic industry is experiencing a turning point in 2024, driven by technological iteration and policy adjustments, leading to a shift from low-cost competition to technological collaboration [1][6]. Group 1: Industry Performance - In 2024, 26 photovoltaic companies achieved revenue exceeding 10 billion yuan, with major players like TBEA, JinkoSolar, and Tongwei surpassing 90 billion yuan in revenue, while Longi Green Energy and Trina Solar exceeded 80 billion yuan [2]. - Among the 95 A-share listed photovoltaic companies, 33 reported revenue growth, but many faced revenue declines and net profit drops, indicating a structural challenge in the industry [1][2]. Group 2: Profit Distribution - The profit distribution within the photovoltaic supply chain has become highly polarized, with inverter and equipment manufacturers emerging as the biggest winners, while the module segment faces significant losses [3]. - Sunshine Power reported a net profit of 11.036 billion yuan, up 16.9%, while leading module manufacturers like JinkoSolar barely managed a profit of 0.99 million yuan, with others like Longi and Trina facing losses [3]. Group 3: Technological Advancements - The industry is entering a phase where innovation is crucial for survival, with N-type technology becoming a key differentiator [4][5]. - JinkoSolar achieved significant success with N-type TOPCon technology, shipping 92.87 GW of modules, of which 81.29 GW were N-type, representing 88% of their total shipments [4]. Group 4: Policy and Market Dynamics - The Chinese government is implementing stricter regulations to control low-efficiency production capacity, which is expected to reshape the industry landscape by 2025 [6]. - The market anticipates a potential turning point in 2025, with predictions of increased demand and a tightening supply of components, which may lead to a rebound in prices [6][7]. Group 5: Future Outlook - Companies are focusing on upgrading their production capacities and investing in R&D to maintain competitive advantages, with JinkoSolar planning to complete over 40% of its capacity upgrades by 2025 [7]. - The industry is expected to emerge from a period of adjustment, with leading companies likely to navigate through the cycle successfully due to their advanced capacities and global strategies [6][7].

作 者丨曹恩惠 编 辑丨骆一帆 5月26日，千亿光伏巨头隆基绿能（601012.SH）公布了一项重大人事变动调整，事关该公司 实际控制人李振国。 隆基绿能发布人事调整公告 图片来源：公告 公告显示，隆基绿能董事会于2025年5月23日收到李振国提交的书面《辞任报告》， 李振国 将专注于公司研发和科技管理工作，申请辞去公司董事、总经理及法定代表人职务 。辞任 后，李振国将继续担任公司中央研究院院长、科技管理中心首席技术官，带领团队聚焦光伏 前沿技术攻关，支持公司长期发展。 李振国辞职后，隆基绿能现任董事长钟宝申将成为公司法定代表人及总经理 。 与此同时，由于李振国同事辞任董事职务，隆基绿能已于5月26日召开了第五届董事会2025年 第五次会议，审议通过了《关于选举公司第六届董事会非独立董事候选人的议案》。其中， 李振国、李喜燕夫妇之女李姝璇走向台前，成为第六届董事会非独立董事候选人之一 。 1968年出生的李振国，是隆基绿能的创始人之一。与钟宝申、李春安同为兰州大学1986级物 理系校友，三人创办隆基绿能的故事，已经成为行业佳话。 名利场中空扰扰，十年南北东西道。 过去几年，中国光伏行业的迅猛式发展，使得包括隆 ...

以下文章来源于e公司 ，作者证券时报 刘灿邦 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价 的主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 光伏龙头隆基绿能（601012）迎来重大人事变动。 隆基绿能最新公告显示，公司创始人李振国已申请辞去公司董事、总经理及法定代表人职务，公司董事长钟宝申将兼任总经理一职，并接任公司的法定代表人。 | 股票代码:601012 | 股票简称:隆基绿能 公告编号:临 2025-045 号 | | --- | --- | | 债券代码:113053 | 债券简称:隆 22 转债 | 截至5月26日收盘，隆基绿能报14.99元/股，最新市值为1136亿元。 隆基绿能方面人士透露，此次管理层分工明确后，钟宝申负责的战略落地与李振国主导的技术研发将形成"双轮驱动"，前者保障经营效率与市场响应速度，后者专 注突破技术瓶颈，为长期增长提供动能。 光伏行业还处于深度调整期，包括隆基绿能在内的多数厂商在2024年及今年一季度经历了持续亏损。与其他龙头 ...

Group 1 - Longi Green Energy (隆基绿能) announced a significant personnel change, with Li Zhenguo resigning from his positions as director, general manager, and legal representative to focus on R&D and technology management [2] - Following Li Zhenguo's resignation, Zhong Baoshan has officially taken over as the general manager and legal representative of Longi Green Energy [2] - The company stated that this change will not affect daily operations, and the strategic direction remains consistent [2] Group 2 - Li Zhenguo and his wife, Li Xiyan, hold a combined 19.1% stake in Longi Green Energy, making them the controlling shareholders and actual controllers of the company [2] - Li Shuxuan, the daughter of Li Zhenguo and Li Xiyan, has been nominated as a candidate for the sixth board of directors, marking her first public appearance [4] - Li Shuxuan holds a bachelor's degree in engineering from Central South University and a master's degree in engineering from the University of Hong Kong, with previous experience at China Everbright Bank and currently serving as the brand promotion manager at Xi'an Juzhi Biotechnology Co., Ltd. [4][5]

3、第三轮第四批中央生态环境保护督察全面启动。8个中央生态环境保护督察组将分别对山西、内蒙 古、山东、陕西、宁夏5省（区）开展督察，统筹开展黄河流域督察和省域督察，同时对中国华能集团 有限公司、中国大唐集团有限公司、国家电力投资集团有限公司3家中央企业开展督察，进驻时间约1个 月。 4、对于京东百亿补贴对美团外卖业务造成的影响，美团CEO王兴回应称美团"将不惜代价赢得竞 争。"美团表示，当前行业竞争中，有些补贴是非理性的，伴随着低质量和低价格。 5、隆基绿能：李振国辞去总经理及法定代表人职务。中毅达：如后续公司股票交易进一步出现重大异 常，将依规申请停牌核查。4连板汇得科技：全资子公司"年产60万吨聚氨酯新材料项目"已获得项目建 设用地。2连板融发核电：不存在处于筹划阶段的重大事项。哈焊华通：公司产品可以用于可控核聚变 项目 但目前用于该领域的产品收入占比较小。12天8板苏州龙杰：公司TTM市盈率略高于行业中值水 平。 智通财经5月26日晚间新闻精选 1、中办、国办：国有企业要根据功能定位逐步调整优化股权结构；引导企业基于战略导向厘清主责主 业，防止盲目多元化扩张、无序扩张。 2、高盛首席中国股票策略师表示， ...