中经记者 张英英 吴可仲 北京报道 9月1日下午，隆基绿能（601012.SH）召开2025年上半年业绩说明会。隆基绿能董事长钟宝申就公司经 营状况及行业发展趋势回应了投资者关切。 《中国经营报》记者从会上获悉，钟宝申明确表示对四季度实现主营业务盈亏平衡目标充满信心。 钟宝申提到，在年初投资者交流会上，隆基绿能的目标是争取三季度或四季度主营业务毛利和费用打 平。从目前情况来看，三季度可能实现不了，公司对四季度实现该目标充满信心。"换句话说，四季度 能够实现主营业务盈亏平衡，有很大概率实现目标。"钟宝申说。 "对于这一目标的实现途径，公司将主要聚焦提高毛利和降低费用两个方面。"钟宝申称，目前降低费用 已经相对有限，公司会继续努力。接下来，重点是通过BC产品提高毛利水平。随着6月以后相关产能和 销售占比的提高，平均毛利水平也将相应提升。 钟宝申强调："目前隆基绿能关注的一个指标是毛利率，即BC技术产品的毛利率要比TOPCon技术产品 的毛利率高多少。公司希望相比市场上主要技术产品能显著提高毛利率。" 2025年上半年，光伏产品价格受行业供需错配影响仍位于底部位置。尽管"抢装潮"短期刺激价格回升， 但随着"抢装潮" ...

Group 1 - As of September 1, the A-share market's margin trading balance reached a historical high of 22,969.91 billion yuan, with the financing balance at 22,808.29 billion yuan, surpassing the previous peak on June 18, 2015 [1][2] - Since the beginning of the year, the A-share financing balance has increased by 4,266.84 billion yuan, with the electronic industry seeing an increase of over 950 billion yuan [1][9] - The top stock for net buying in the A-share market is Xinyi Sheng (300502), while the largest net selling stock is Muyuan Foods (002714) [1][9] Group 2 - The margin trading activity in the A-share market has been active, with the margin trading amount accounting for over 10% of the total A-share trading volume for 16 consecutive trading days from August 11 to September 1, peaking at 11.66% on September 1 [5] - The margin trading balance accounted for 2.42% of the A-share circulating market value as of September 1 [5] - Despite the historical highs in margin trading and financing balances, the ratios of margin trading amount to total trading volume and margin balance to circulating market value are still below their historical peaks [5] Group 3 - As of September 1, the electronic industry leads in margin trading balance among 31 sectors, with a total of 3,126.49 billion yuan, followed by non-bank financials at 1,805.59 billion yuan and the computer industry at 1,792.11 billion yuan [6][7] - Other sectors with margin trading balances exceeding 1,000 billion yuan include electric equipment, pharmaceutical biology, machinery, automotive, and non-ferrous metals [6] Group 4 - The top ten stocks with the highest net buying amounts this year include Xinyi Sheng, Shenghong Technology, BYD, and others, with Xinyi Sheng seeing a net buying of 108.26 billion yuan [10][11] - The stocks with the highest net selling amounts include Muyuan Foods, Kunlun Wanwei, and Luzhou Laojiao, with Muyuan Foods experiencing a net selling of 15.04 billion yuan [12][13]

Group 1: ETF Performance - The New Energy ETF has a recent trading volume of 4.6% and a transaction value of 45.71 million yuan, with an average daily transaction of 88.03 million yuan over the past week [2] - The latest scale of the New Energy ETF reached 985 million yuan, marking a three-month high, with a significant increase of 60 million shares over the past week [2] - The New Energy ETF has seen a net inflow of 75.97 million yuan, and its net value has increased by 17.29% over the past six months [2] Group 2: Historical Returns - Since its inception, the New Energy ETF has recorded a highest monthly return of 25.07%, with the longest consecutive monthly gains being four months and a maximum increase of 31.31% [2] - The average return during the rising months is 8.03%, and the ETF has outperformed its benchmark with an annualized return of 7.93% over the last three months [2] Group 3: Market Dynamics - The domestic photovoltaic glass market has seen good overall transactions, with inventory continuously decreasing and order prices increasing in September [4] - The price of 2.0mm coated glass has risen from 11 yuan/square meter to 13 yuan/square meter, reflecting an 18.18% month-on-month increase, while 3.2mm coated glass prices increased from 18.5-19 yuan/square meter to 20 yuan/square meter, a 6.67% rise [4] Group 4: Cost and Pricing Trends - Since late August, prices for silicon materials, silicon wafers, and battery cells have risen, along with increases in auxiliary materials like photovoltaic adhesive films and glass, providing cost support [5] - The recent bidding prices for component procurement have increased, driven by costs, although demand has not shown significant improvement, leading to a potential ongoing negotiation on actual transaction prices [5] Group 5: Key Stocks in the Index - The top ten weighted stocks in the China Securities New Energy Index include CATL, Sungrow, LONGi Green Energy, China Nuclear Power, and others, collectively accounting for 42.78% of the index [5]

隆基绿能 摘要 2025 年上半年光伏产业链价格触底，虽有短暂回升，但随后快速回落， 行业大面积亏损持续。隆基绿能通过改善内部运营，期间费用和资产减 值损失大幅下降，净亏损同比收窄约 51%，经营性现金流净额同比改善 达 92%。 隆基绿能 2025 年第二季度营收 191.6 亿元，环比增长约 40%，净亏 损环比收窄 21%，经营性现金流净额和综合毛利率转正。硅片出货量同 比增长 17%至 52.08GW，组件出货量同比增长 26%至 39.57GW，高 效 HPBC2.0 组件上半年出货约 4GW。 隆基绿能持续技术创新，截至 2025 年 6 月末，已获专利超 3,500 项， BC 电池组件专利 480 项。Hibc 电池研发效率达 27.81%，BC 组件效 率突破 26%，晶硅钙钛矿叠层电池转换效率达 33%，技术优势显著。 隆基绿能认为应通过技术进步鼓励先进产能，淘汰落后产能，以保持产 业持续技术进步。BC 产品在分布式场景中具有节约屋顶资源、可靠性、 美观等多重优势，全场景均具备一定溢价能力。 Q&A 2025 年上半年全球光伏市场的需求和发展态势如何？ 2025 年上半年，全球光伏市场需求 ...

Group 1 - In the first half of the year, A-share listed companies reported a total net profit attributable to shareholders of 2.99 trillion yuan, a year-on-year increase of 2.45%, with nearly 77% of stocks achieving profitability and about 46% showing positive net profit growth [2] - The agricultural, forestry, animal husbandry, fishery, steel, building materials, computer, and non-ferrous metals sectors experienced rapid performance growth, while the real estate sector showed significant losses [2] - BYD's new energy vehicle sales in August reached 373,600 units, slightly up from 373,100 units in the same month last year, with cumulative sales from January to August totaling 2.864 million units, representing a year-on-year growth of 23% [10] Group 2 - New energy vehicle manufacturers such as Leap Motor, Xpeng Motors, and NIO reported record monthly delivery numbers, while Li Auto experienced a decline in monthly deliveries for three consecutive months due to product transitions and adjustments in its sales and service system [5] - Longi Green Energy has invested in a storage company, Suzhou Jingkong Energy Technology Co., Ltd., and is in discussions to acquire another storage company [7] - Chengdu Huamei announced the release of a 4-channel 12-bit 40G high-precision RF direct sampling ADC chip and has received intention orders [9] Group 3 - Heng Rui Pharmaceutical announced that its innovative drug, Zemeituosita Tablets, has received conditional approval for market launch [8] - Yuan Dong Bio announced that its sodium nafamostat oral disintegrating tablets have obtained a drug registration certificate, making it the first domestic generic drug approved for market [11] - Guizhou Moutai announced that its controlling shareholder, Moutai Group, increased its stake by purchasing 67,821 shares, accounting for 0.0054% of the company's total share capital [12] Group 4 - Yonghui Supermarket announced an adjustment to its plan for issuing A-shares to specific targets, with the total fundraising amount adjusted to no more than 3.114 billion yuan [13] - Su Da Weige announced plans to acquire up to 51% of Changzhou Weipu's equity for no more than 510 million yuan [16] - The company Zongtai Auto announced that its subsidiary's assets are under compulsory execution, and it will not be able to resume production this year [15]

Key Points - The US stock market is closed due to Labor Day [1] - Trump may announce a housing emergency in the US this fall [2] - Elon Musk emphasized that expanding Full Self-Driving (FSD) and Optimus robots is crucial for Tesla's future, with about 80% of Tesla's value depending on Optimus [2] - Gold prices have risen over 0.8%, nearing historical highs, while silver has surpassed $40 for the first time since 2011 [2] - Google has reportedly completed the development of its own AI glasses [2] - Evercore ISI strategists predict the S&P 500 index will reach 7,750 points by the end of 2026, a 20% increase from last Friday's closing level [3] Domestic Major Events - China's September 3 military parade will consist of a review and a display, lasting approximately 70 minutes [4] - Wang Yi introduced eight major outcomes from the Shanghai Cooperation Organization (SCO) Tianjin Summit, including support for a fair multilateral trade system and the establishment of the SCO Development Bank [4] - The National Standardization Administration and the Ministry of Industry and Information Technology issued a plan to establish a high-quality standard system for industrial mother machines by 2026 [5] - The Ministry of Transport has approved the implementation of "Artificial Intelligence + Transportation" guidelines, indicating increasing innovation in smart transportation and logistics [6] Company Announcements - Morgan Stanley stated that Alibaba has become China's best AI enabler, expecting Alibaba Cloud's revenue growth to accelerate to over 30% this fiscal quarter [7] - UBTECH's CEO announced that humanoid robots have entered broader industry scenarios, with an expected annual production capacity exceeding 1,000 units [8] - Alibaba responded to claims of large-scale procurement from Cambricon, asserting support for domestic products [9] - Beijing Data Group is expected to be officially listed soon [10] - Yushutech announced a patent for digital twin robot motion control, enabling complex stage performances [11] - Tencent released its latest open-source translation model [12] - Hongmeng Zhixing reported that 44,579 new cars were delivered in August, with cumulative deliveries surpassing 900,000 [13] - Robotaxi GXR from Wenyan Zhixing has arrived in Singapore and has begun testing [14] - Longi Green Energy has reportedly invested in a storage company and is considering acquiring another [14] - JD Group made a voluntary public acquisition offer to CECONOMY AG [15] - BYD reported August sales of 373,626 new energy vehicles, nearly unchanged from the same period last year [15] Market Insights - Evercore ISI predicts a 20% increase in the S&P 500 index by the end of 2026 [3] - The market is expected to continue a trend of oscillating upward as the Federal Reserve approaches a rate cut in September [16] - The National Internet Information Office and other departments have implemented a new regulation on AI-generated content, effective September 1 [17] - The National Standardization Administration and the Ministry of Industry and Information Technology have issued a plan for a high-quality standard system for industrial mother machines, aiming for completion by 2026 [18] - The price of polysilicon has surged, with major domestic companies raising their prices due to market conditions [19] - The solar industry is expected to see price elasticity due to supply-side reforms and environmental regulations [19] Company Developments - Su Da Weige plans to acquire up to 51% of Changzhou Weipu Semiconductor Equipment Co., Ltd. for no more than 510 million yuan [22] - Tianqi Co., Ltd. signed a strategic cooperation framework agreement with Yiwei Lithium Energy to build a closed-loop system for lithium battery lifecycle management [22] - Samsung Medical signed a contract for an intelligent meter project in Egypt worth $58.8 million [23] - Longi Green Energy aims to balance gross profit and expenses in the fourth quarter [25] - China Shipbuilding Industry Corporation's A-shares will be delisted on September 5 [25]

摩根士丹利将隆基绿能评级下调至低配，目标价14.01元。 ...

| | | EP J E N / | | BUIL | | | --- | --- | --- | --- | --- | --- | | | | 年内跑输 | 机构一致预测 | 机构一致预测 | | | 代码 | 简称 | 行业指数 | 2025年净利润 | 2026年净利润 | 行业 | | | | (自分点) | 增幅(%) | 增幅(%) | | | 300623 | 捷捷微电 | 37.95 | 34.40 | 34.15 | 电子 | | 301269 | 华大九天 | 23.82 | 82.78 | 51.36 | 计算机 | | 688525 | 佰维存储 | 22.15 | 140.65 | 80.38 | 电子 | | 688012 | 中微公司 | 22.12 | 44.43 | 40.20 | 电子 | | 300418 | 昆仑万维 | 21.52 | 75.94 | 116.45 | 传媒 | | 601933 | 永辉超市 | 21.24 | 63.11 | 217.45 | 商贸零售 | | 300229 | 拓 尔 思 | 20.40 | 165.33 | 35.25 | 计 ...

Core Viewpoint - Longi Green Energy, a leading photovoltaic company, is beginning to enter the energy storage sector by investing in a storage company, Suzhou Jingkong Energy Technology Co., Ltd. [1] Group 1: Company Actions - Longi Green Energy has reportedly acquired a stake in Suzhou Jingkong Energy Technology Co., Ltd. [1] - The company is also in discussions to potentially acquire another energy storage firm, with negotiations still ongoing [1] - Longi Green Energy has been evaluating the energy storage business, although specific outcomes remain unclear [1] Group 2: Communication and Response - Initial inquiries to Longi Green Energy's office regarding the investment in Jingkong Energy were met with a lack of confirmation [1] - A follow-up call resulted in a response indicating that the company could not provide any comments on the matter [1] - Attempts to contact Jingkong Energy for further information were unsuccessful, as no one answered the phone [1]

Group 1 - Longi Green Energy is the only company among the top four global component manufacturers that has not yet entered the energy storage business [1] - Longi Green Energy has recently acquired a stake in Suzhou Jingkong Energy Technology Co., Ltd., a storage company [1] - The company is also in discussions to potentially acquire another energy storage firm, with negotiations still ongoing [1]