| 证券代码：601012 | 证券简称：隆基绿能 | | 公告编号：2025-088 号 | | --- | --- | --- | --- | | 债券代码：113053 | 债券简称：隆 22 | 转债 | | | 债券代码：244101 | 债券简称：GK 隆基 | 01 | | 隆基绿能科技股份有限公司 关于提供担保的进展公告 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： 被担保人：隆基绿能科技股份有限公司（以下简称"公司"）的全资及 控股子公司。 一、担保进展概况 （一）提供担保情况 根据经营需要，公司及全资子公司近期提供担保情况如下： 1、公司为控股子公司西安隆基氢能科技有限公司（以下简称"隆基氢能"） 在银行申请的综合授信 9,000 万元提供连带责任保证担保，授信期限一年，担保 期限至主债务履行期限届满之日后三年止。 2、根据经营需要，公司为全资子公司隆基乐叶光伏科技有限公司（以下简 称"隆基乐叶"）、保山隆基硅材料有限公司、LONGi Solar Poland sp. z o. o.、 L ...

Core Viewpoint - The report highlights the competitive landscape and investment recommendations for the solar cell industry in China from 2025 to 2031, indicating a slight decline in production in September 2025 but an overall growth in the first nine months of the year [1] Industry Summary - In September 2025, China's solar cell (photovoltaic cell) production reached 70.87 million kilowatts, representing a year-on-year decrease of 1% [1] - Cumulatively, from January to September 2025, the total production of solar cells in China was 618.947 million kilowatts, showing a cumulative growth of 14% compared to the previous year [1] - The report includes a statistical chart of solar cell production in China from January to September 2020-2025, providing insights into production trends over the years [1] Company Summary - The report mentions several listed companies in the solar energy sector, including Longi Green Energy (601012), Tongwei Co., Ltd. (600438), Sungrow Power Supply Co., Ltd. (300274), JA Solar Technology Co., Ltd. (002459), Trina Solar Limited (688599), TBEA Co., Ltd. (600089), Chint Electric Co., Ltd. (601877), and TCL Zhonghuan Renewable Energy Technology Co., Ltd. (002129) [1]

Core Insights - The offshore photovoltaic industry is transitioning from demonstration to large-scale development, driven by supportive policies and the need to address land resource constraints [1][2][3] - The cumulative installed capacity of offshore photovoltaic in China is expected to exceed 60 million kilowatts by 2027, highlighting the rapid growth of this sector [3] - The integration of offshore photovoltaic with other industries such as wind power and aquaculture is becoming a key strategy for promoting the "Marine Power Nation" initiative [1][2] Industry Development - The offshore photovoltaic sector is gaining momentum due to increasing policy support and market interest, with a collaborative investment landscape involving state-owned enterprises and private companies [3][6] - Major state-owned enterprises like China Energy Investment Corporation and China Huaneng Group are leading large-scale project developments, while private firms like LONGi Green Energy and TCL Zhonghuan are focusing on equipment manufacturing and technological innovation [3][6] Economic and Technical Challenges - Despite its potential, the offshore photovoltaic industry faces significant challenges related to economic viability and construction costs due to harsh marine environments [4][5] - The need for improved system efficiency, safety, and reliability in offshore conditions is critical, necessitating long-term empirical testing and validation [4][5] Technological Innovations - Companies are actively pursuing technological breakthroughs to reduce costs and enhance the durability of offshore photovoltaic systems [6][7] - For instance, LONGi Green Energy's BC2.0 components can significantly reduce sea area usage and initial investment costs for offshore projects [6] - The introduction of the first 110 kV offshore photovoltaic transformer station by TBEA marks a significant advancement in the industry, enhancing energy collection and transmission efficiency [7][8] Operational Efficiency - The industry is exploring "minimal human, unmanned" smart management to lower lifecycle operation and maintenance costs [9] - Innovative integration models, such as "photovoltaic + wind power" and "photovoltaic + aquaculture," are enhancing the economic viability of offshore photovoltaic projects [9]

Core Insights - Offshore photovoltaic (PV) development is accelerating towards large-scale implementation, driven by supportive policies and the need to address land resource constraints in onshore PV projects [1][2][3] Industry Trends - The transition from onshore to offshore PV is becoming a new path for the industry, addressing issues such as land scarcity and increasing electricity consumption pressure [2] - By 2027, the cumulative installed capacity of offshore PV in China is expected to exceed 60 million kilowatts, highlighting the rapid growth of this sector [3] Market Dynamics - The investment landscape is evolving with a mix of state-owned enterprises and private companies participating in offshore PV projects, creating a collaborative investment environment [3] - Major state-owned enterprises like China Energy Investment Corporation and China Huaneng Group are leading large-scale project developments, while private firms like LONGi Green Energy and TCL Zhonghuan are focusing on equipment manufacturing and technological innovation [3] Technological Challenges - Offshore PV faces significant economic and technical challenges, including harsh marine environments that demand high durability and reliability from components [4][7] - The industry is still in its early stages, requiring advancements in system efficiency, safety, and operational maintenance capabilities [4][5] Innovations and Solutions - Companies are actively pursuing technological breakthroughs to reduce costs and improve the economic viability of offshore PV projects [6][9] - For instance, LONGi Green Energy's BC2.0 components can significantly reduce sea area usage and initial investment costs for offshore projects [6] Collaborative Development - The integration of offshore PV with other industries, such as wind power and aquaculture, is enhancing economic efficiency and resource utilization [9][10] - Innovative construction methods and smart management solutions are being explored to lower operational costs and improve project efficiency [8][9] Regional Developments - Coastal regions like Shandong, Jiangsu, Zhejiang, and Shanghai are accelerating their offshore PV initiatives, indicating a growing regional focus on this sector [10] Future Outlook - The offshore PV industry is entering a new phase characterized by technological maturity, market-driven cost structures, and diversified applications [11]

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1] Core Viewpoints - The power equipment and new energy industry has shown significant market performance over the past year, with a focus on enhancing the utilization of renewable energy through new pricing mechanisms [1][4] - The report highlights the recent order of 143 million yuan received by UBTECH for humanoid robots, indicating strong demand in the robotics sector [3] - The National Development and Reform Commission (NDRC) is actively addressing issues of price disorder in certain industries, which may impact market dynamics [3] Summary by Relevant Sections Market Performance - The power equipment and new energy industry has experienced notable developments, including the introduction of new pricing methods aimed at promoting renewable energy consumption [4] Company Orders - UBTECH's total order amount for humanoid robots in 2025 has reached 1.3 billion yuan, showcasing robust growth in this segment [3] Pricing Trends - The report provides insights into the pricing of polysilicon, silicon wafers, battery cells, and modules, indicating stability in polysilicon prices and a downward trend in silicon wafer and battery cell prices due to high inventory levels [5][7][8] Investment Recommendations - The report recommends several companies for investment based on their strategic positioning in the industry, including Aikang Co., Longi Green Energy, and Daqo New Energy, among others [6][9]

Investment Rating - The report maintains a "Strong Buy" rating for the renewable energy sector, particularly highlighting the wind and solar segments as outperforming the market [2]. Core Insights - The report emphasizes the significant contracts emerging in the energy storage supply chain, with Longi signing a major project in the Middle East for BC components, indicating strong international demand [6][7]. - The wind power index has shown a 4.06% increase, outperforming the CSI 300 index by 2.42 percentage points, reflecting a positive market sentiment [5][11]. - The report notes that the domestic wind turbine bidding prices are stabilizing, which is expected to improve the profitability of turbine manufacturers [7]. Summary by Sections Wind Power - The Waning Floating Project has completed its cable procurement, with the project expected to be operational by 2027, marking a significant milestone in China's offshore wind development [10]. - The wind power index has increased by 4.06% this week, with a current PE_TTM valuation of approximately 25.13 times [11]. - Key companies in the wind sector, such as Goldwind Technology and Mingyang Smart Energy, are recommended for investment due to their expanding overseas markets and improving profitability [7][15]. Solar Power - Longi Green Energy has signed a cooperation agreement for a 1.5GW solar project in Abu Dhabi, showcasing its competitive edge in both domestic and international markets [6]. - The solar equipment index has risen by 4.18%, with the current PE_TTM valuation around 44.19 times, indicating strong market performance [5]. Energy Storage & Hydrogen - The energy storage supply chain is witnessing large-scale contracts, with Dragon Power Technology and Chuangneng New Energy agreeing to a significant procurement deal, highlighting the trend of securing supply chains amid rising demand [7]. - The energy storage index has increased by 4.79%, with a current PE_TTM of 30.73 times, reflecting a robust market outlook [5]. - Companies like Sungrow Power and Haibo Technology are recommended for their strong market positions and growth potential in the energy storage sector [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 殷高峰 "基地建成以来已为国内外300多家光伏企业提供了检测、实证、科研、标准、培训等技术服务，现场检 测验收服务覆盖全国十余个省级单位的数千个光伏电站。"国家光伏质检中心首席技术官王炳楠在接受 《证券日报》记者采访时表示，国家光伏质检中心已与10多个国内外认证机构实现互认合作，以户外实 证检测助力中国光伏产品拓展海外市场。 此次银川基地开放日活动探访的重点之一就是当前光伏市场上最主流的，代表新一代光伏技术的 TOPCon组件和BC组件的户外实证情况。 "户外实测环境上包括风速、风向、环境温度、环境湿度，大气压、降雨量等，在同等条件下，测试组 件实时的电压、电流、功率、发电量以及组件的温度等。"银川基地系统运维主管汪建国对《证券日 报》记者表示，经过近一年的测试，在相同的条件下，对比平均单块直流累计发电量，隆基绿能科技股 份有限公司（以下简称"隆基绿能"）的TOPCon组件样品平均发电908kWh，而BC组件样品平均发电 965kWh，相比有近6.3%的增益提升。 "户外实证的核心意义在于通过真实环境数据验证技术性能，填补行业 ...

Core Viewpoint - The solar photovoltaic (PV) industry in China has become a leading global sector, with significant contributions from outdoor testing bases like the Yinchuan base, which supports technological advancements and market expansion [1][4]. Industry Overview - The Yinchuan outdoor testing base is the largest third-party facility in China, established in 2016, providing comprehensive technical services to over 300 PV companies [4]. - China's PV products have consistently exported over 200 billion yuan annually from 2021 to 2024, highlighting the industry's growth [1]. Technological Advancements - The rapid iteration of PV technology necessitates real-world testing, with the Yinchuan base serving as a critical platform for validating new technologies [2][4]. - The base has accumulated over 50 billion data points, aiding in research and standardization projects, and has published significant environmental monitoring reports [5]. Performance Testing - Recent tests showed that Longi Green Energy's TOPCon components generated an average of 908 kWh, while BC components produced 965 kWh, indicating a 6.3% performance improvement for BC technology [5]. - The outdoor testing environment measures various factors such as wind speed, temperature, and humidity to assess component performance under real conditions [5]. Competitive Advantages - Longi Green Energy's Hi-MOX10 "three-proof" components have received the first global certification for their unique features, focusing on fire prevention, shading resistance, and dust accumulation [6][10]. - The "three-proof" components demonstrated superior performance in scenarios with shading and dust, with a 48.87% increase in power generation compared to TOPCon components under specific conditions [8][9]. Market Position - Longi Green Energy maintains a leading position in the distributed PV market, with over 70% of its shipments consisting of "three-proof" components, emphasizing a strategy focused on differentiation and technological innovation [10]. - The company aims to shift the competitive landscape from price-based competition to one centered on technology and value, promoting high-quality development in the PV industry [10].

Core Viewpoint - The company emphasizes the importance of technological innovation and cost advantages in the photovoltaic industry, which will solidify its leading position in the future energy system [2] Industry Development - The global energy transformation is expected to drive the Chinese energy industry chain towards intelligent, green, and integrated development [2] - The photovoltaic industry is projected to play a central role in the future energy landscape due to its technological advancements and cost benefits [2] Company Strategy - The company plans to focus on technological innovation and product research and development to address customer pain points [2] - The company aims to provide more efficient, reliable, and safe photovoltaic products for the global market while expanding diverse photovoltaic application scenarios [2] - The company will deepen the integration of photovoltaic, energy storage, and hydrogen energy businesses to offer comprehensive energy solutions that include solar, storage, and hydrogen [2]

Core Viewpoint - The photovoltaic industry is currently facing a significant supply-demand mismatch, and is undergoing a critical transformation from "homogeneous price competition" to "differentiated value creation" driven by technology [1] Industry Summary - The photovoltaic industry is experiencing a transition characterized by a shift from price-based competition to a focus on creating differentiated value [1] - Technology is identified as the core driver to break the internal competition and reshape the industry landscape [1] Company Summary - The company will continue to rely on technological innovation as the primary driver for its future development [1] - The innovation direction will be further expanded, focusing on improving product conversion efficiency and reducing production costs [1] - The company plans to further explore scenario-based applications in the photovoltaic sector [1]