Core Insights - Trina Solar has recently announced significant overseas energy storage contracts, totaling 2.66 GWh, indicating a strong entry into the energy storage market by major photovoltaic manufacturers [1] - Longi Green Energy's acquisition of the energy storage company Jingkong Energy marks a pivotal moment as the top photovoltaic manufacturers collectively enter the energy storage sector [1][3] - The energy storage market is becoming increasingly competitive, with different strategies being adopted by various companies, highlighting a shift from traditional photovoltaic manufacturing to integrated energy solutions [7] Company Strategies - Longi Green Energy has been hesitant about entering the energy storage market but has now taken a significant step by acquiring Jingkong Energy, which will enhance its capabilities in the energy storage sector [3][6] - Canadian Solar has been proactive in the energy storage market, achieving 4.5 billion yuan in revenue from energy storage in the first half of the year, accounting for 21.04% of its total revenue, with a gross margin of 31.42% [4] - Trina Solar aims to become a leader in the energy storage industry, with plans to achieve over 100 billion yuan in sales within the next 5-8 years, and has already established significant production capacity [5] Market Dynamics - The energy storage industry is experiencing intense competition, with companies focusing on technology, production capacity, and market channels [6][7] - Longi Green Energy's late entry into the energy storage market has led it to pursue acquisitions as a more cost-effective strategy compared to building its own production capacity [6] - The collective shift of photovoltaic companies into the energy storage market is driven by the need to address the intermittency of solar power generation and to enhance profitability through integrated energy solutions [7]

证券时报·数据宝统计显示，隆基绿能今日收盘价为21.15元，下跌2.49%，日换手率为2.29%，成交额为 36.94亿元，全天主力资金净流出3.45亿元，近5日该股累计下跌5.75%，近5日资金合计净流出24.46亿 元。 两融数据显示，该股最新融资余额为55.18亿元，近5日增加1.46亿元，增幅为2.72%。 隆基绿能11月18日大宗交易平台出现一笔成交，成交量40.00万股，成交金额846.00万元，大宗交易成交 价为21.15元。该笔交易的买方营业部为申万宏源证券有限公司证券投资总部，卖方营业部为国联民生 证券股份有限公司总部。 进一步统计，近3个月内该股累计发生13笔大宗交易，合计成交金额为1.00亿元。 机构评级来看，近5日共有1家机构给予该股评级，预计目标价最高的是国泰海通证券，11月12日国泰海 通证券发布的研报预计公司目标价为26.00元。（数据宝） 11月18日隆基绿能大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元 ...

Core Insights - The photovoltaic industry is experiencing significant price declines due to excessive competition, leading to a focus on "anti-involution" as a key theme for 2023 [1][5][6] - The energy storage sector is showing signs of recovery, partly driven by falling prices in the photovoltaic supply chain, although some industry players remain cautious about market conditions [3][4][10] Industry Overview - The "2025 8th China International Photovoltaic and Energy Storage Industry Conference" highlighted the need for companies to maintain a broader perspective while competing, ensuring the overall health of the industry ecosystem [3][6] - The photovoltaic industry is currently facing a supply-demand imbalance, with prices for polysilicon, silicon wafers, batteries, and modules dropping approximately 10%, 20%, 15%, and 2% respectively since the beginning of the year [5][12] Company Strategies - Companies are focusing on cost reduction and efficiency improvements while also increasing innovation to survive in a challenging market [4][11] - The production capacity of major companies, such as Meike Co., is currently at 60 GW, primarily in the silicon wafer sector, indicating a supply surplus [4] Market Dynamics - The energy storage market is experiencing high demand, particularly for lithium iron phosphate batteries, driven by changes in clean energy integration costs [10][11] - The anticipated growth in energy storage installations is significant, with projections indicating that by the end of 2024, new energy storage installations will reach 73.76 million kW, accounting for over 40% of global installations [11] Technological Advancements - New technologies in photovoltaic cells, such as perovskite and various combinations of existing technologies, are being explored, with the next five years seen as critical for assessing their viability [9][12] - The industry is urged to focus on core technology independence to enhance competitiveness and ensure sustainable growth [12][13] Future Outlook - The photovoltaic industry is expected to evolve towards a more integrated energy system, combining generation, storage, and consumption, particularly in regions with high renewable energy output [15] - The establishment of a fair and efficient market mechanism for energy resources is deemed essential for the sustainable development of the industry [13][15]

Group 1 - Longi Green Energy executed a block trade of 400,000 shares on November 18, with a transaction value of 8.46 million yuan, accounting for 0.23% of the total trading volume for the day [1] - The transaction price was 21.15 yuan, which was in line with the market closing price of 21.15 yuan [1] Group 2 - The trading details include a transaction date of November 18, with the stock code 601012 for Longi Green Energy, and a total transaction amount of 8.46 million yuan for 400,000 shares [2]

Core Viewpoint - The photovoltaic industry is experiencing a supply-demand expectation gap, with ongoing "anti-involution" actions on the supply side. China is proactive in energy transition, and related supportive measures are expected to be released intensively, potentially improving demand earlier than anticipated [1] Group 1: Industry Overview - In the first nine months of 2025, the cumulative newly installed capacity in the photovoltaic industry reached 240.3 GW, representing a year-on-year increase of 49.3%, with a consumption rate of 95% [1] - The installation in September was 9.7 GW, a year-on-year decrease of 53.8%, primarily due to the rush for installations caused by the deadline of Document 136 [1] - The overall photovoltaic installation for 2025 is expected to reach 300 GW, supported by the gradual adaptation and optimization of the mechanism electricity price model [1] Group 2: Supply and Demand Dynamics - The "anti-involution" policies on the supply side are continuously promoting improvements, and with China's submission of NDC 3.0, it is anticipated that related supportive measures will be released intensively [1] - The consumption capacity of large bases is expected to be accelerated, providing support for overall demand in 2026, thereby increasing the expectation gap [1] - The proportion of wind and solar power generation is continuously increasing, with expectations that it will exceed 20% for the entire year [1] Group 3: Investment Recommendations - The report suggests focusing on integrated components, specifically recommending companies such as Longi Green Energy (601012.SH) and JinkoSolar (688223.SH) [1]

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 ...

Group 1 - The three major indices showed mixed performance, with the Shanghai Composite Index down 0.21%, the Shenzhen Component Index up 0.15%, and the ChiNext Index up 0.29% [1] - The CSI Photovoltaic Industry Index (931151.CSI) decreased by 0.3%, while key stocks such as Kstar, Junda, JinkoSolar, Roborock, and Trina Solar saw increases of over 3% [1] - The Photovoltaic 50 ETF (516880) experienced a decline of 0.46%, but recorded a net inflow of 27.81 million yuan on the previous trading day, marking five consecutive days of net inflows totaling 159 million yuan [1] Group 2 - Tongwei's Chairman Liu Hanyuan emphasized the need for the photovoltaic industry to combat excessive competition and promote self-discipline, suggesting the establishment of a platform company to manage silicon material capacity [1] - The recent self-regulatory measures in the photovoltaic industry aim to prevent over-competition, with a focus on "silicon material storage" to address dynamic demand changes [1] - According to a recent report from Zhongtai Securities, the ongoing "anti-involution" efforts in the photovoltaic sector are releasing positive signals, indicating an upward reversal in the industry's fundamentals [2]

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]

Core Viewpoint - Citigroup upgraded Longi Green Energy's rating from "Sell" to "Buy," stating that "the most difficult period is over" due to an increase in the proportion of module sales, which is expected to improve the company's profitability [1] Summary by Relevant Categories Company Performance - Analysts, including Pierre Lau, indicated that Citigroup expects Longi Green Energy's losses to narrow in 2025, with a potential return to profitability in 2026, primarily driven by improved profit margins in module sales [1] Price Target Adjustment - Citigroup raised Longi Green Energy's target price by 86% from 14 yuan to 26 yuan [1]

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。 ...