Core Viewpoint - The recent surge in the photovoltaic (PV) equipment sector in the A-share market is driven by a series of favorable policies aimed at combating "involution" and promoting high-quality development within the industry [1][2]. Policy Background - The central government has intensified signals against "involution," with the Ministry of Industry and Information Technology (MIIT) mandating PV companies to report their cost prices, threatening penalties for those selling below cost [2][4]. - High-level meetings involving major PV companies indicate a strong governmental commitment to addressing disordered competition and enhancing product quality [2][4]. - The "anti-involution" measures have been a recurring theme in government discussions since last year, with multiple policy documents emphasizing the need for comprehensive regulation [2][4]. Industry Background - The PV industry is experiencing severe overcapacity, with significant price declines across the supply chain. In 2024, prices for polysilicon, silicon wafers, batteries, and modules are expected to drop by 39%, 50%, 40%, and 29% respectively [6][7]. - The industry's rapid expansion has led to a situation where many companies are selling products below cost, resulting in substantial losses. In 2024, major PV companies reported losses exceeding 600 billion yuan [6][7]. - The growth of the PV sector is notable, with projected installation capacity growth rates of 13.9%, 59.3%, 148.1%, and 28.3% from 2021 to 2024 [6]. Sichuan Countermeasures - Sichuan, a major player in the PV industry, is implementing strategies to address overcapacity while promoting technological upgrades and competitive advantages [9][10]. - The province is witnessing short-term challenges, including production cuts and layoffs, but long-term benefits are anticipated as companies stabilize and innovate [10][11]. - A combination of self-initiated production cuts and government policies aims to reduce capacity and enhance competitiveness [12][14]. Future Outlook - Despite current challenges, the PV industry is expected to rebound as the market corrects itself. The International Renewable Energy Agency projects that global PV installations will need to reach 18,200 GW by 2050 to meet carbon neutrality goals [14].

Core Viewpoint - The photovoltaic industry is facing severe price competition, leading to significant losses for companies, prompting a call for "anti-involution" measures to ensure sustainable development and product quality improvement [1][3][10]. Industry Overview - The Central Economic Committee has mandated the regulation of low-price competition in the photovoltaic sector, aiming to enhance product quality and facilitate the exit of outdated production capacity [1][10]. - The photovoltaic sector has seen a strong rebound in stock prices since early July, with companies like Tongwei Co., Ltd. and Longi Green Energy experiencing significant gains [1]. Financial Performance - Longi Green Energy reported a revenue of 82.58 billion yuan in 2024, a year-on-year decline of 36.23%, with losses exceeding 8.6 billion yuan, marking a staggering drop of 180.15% [3][6]. - The gross margin for Longi's silicon wafer and rod segments was reported at -14.31%, a decline of 30.19%, while the module and battery segments had a gross margin of only 6.27%, down 12.11% [5][6]. Market Dynamics - The photovoltaic industry is experiencing a supply-demand imbalance, leading to excessive competition and price drops that have resulted in many companies operating at a loss [3][7]. - The price of photovoltaic glass has significantly decreased, with a 24% drop for 2.0mm glass and an 18% drop for 3.2mm glass expected in the first half of 2025 [7][10]. Production Adjustments - In response to the ongoing price competition, major photovoltaic glass manufacturers have agreed to collectively reduce production by 30% starting in July [8][10]. - Many silicon wafer manufacturers are also planning to cut their operating rates by approximately 40% to mitigate losses and stabilize prices [10]. Regulatory Response - The manufacturing sector's recent meetings have emphasized the need for comprehensive governance of low-price competition and the promotion of product quality to achieve healthy and sustainable industry growth [1][10].

Fundraising Overview - Longi Green Energy Technology Co., Ltd. has been approved to publicly issue convertible bonds totaling RMB 7 billion, with a term of 6 years [1] - The actual issuance occurred on January 5, 2022, with 70 million bonds issued at a face value of RMB 100 each, resulting in net proceeds of approximately RMB 6.965 billion after deducting issuance costs [1] Fund Allocation Changes - The company has decided to terminate the investment in the Wuhu (Phase II) 15GW monocrystalline module project, reallocating the originally planned investment of RMB 1.08 billion to the Tongchuan Longi 12GW high-efficiency monocrystalline battery project [1] Fund Management and Oversight - A tripartite regulatory agreement was signed on July 8, 2025, between Longi Green Energy, its subsidiaries, and CITIC Bank to manage and oversee the fundraising for the Tongchuan project [2] - The agreement stipulates that the funds must be used solely for the designated project and outlines the responsibilities of each party involved in the management and oversight of the funds [3][4] Compliance and Reporting - The agreement includes provisions for regular reporting and oversight by the sponsor, ensuring compliance with relevant laws and regulations [4][5] - Any significant withdrawals from the special account must be reported to the sponsor, and failure to comply with the agreement can lead to termination of the agreement [4][5]

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。 一、募集资金的基本情况 | 股票代码:601012 | 股票简称：隆基绿能 | 公告编号: | 临 | 2025-067 号 | | --- | --- | --- | --- | --- | | 债券代码:113053 | 债券简称：隆 22 转债 | | | | 隆基绿能科技股份有限公司 关于签订募集资金专户存储三方监管协议的公告 根据中国证券监督管理委员会于 2021 年 11 月 9 日签发的证监许可 [2021]3561 号文《关于核准隆基绿能科技股份有限公司公开发行可转换公司债 券的批复》，隆基绿能科技股份有限公司（以下简称"公司"或"甲方"）获准向 社会公开发行面值总额 7,000,000,000.00 元可转换公司债券，期限 6 年。本公 司已于 2022 年 1 月 5 日实际发行 7,000 万张可转换公司债券，每张面值 100 元， 募集资金总额人民币 7,000,000,000.00 元，扣除发生的承销佣金及其他发行费 用后实际净募集资金共计人民币 6,9 ...

Group 1 - The perovskite battery sector has seen significant stock price increases, with a sector index rise of 3.74% from July 6 to July 8, and a cumulative increase of 7.48% over the past seven trading days [1] - Perovskite tandem batteries have surpassed the efficiency limits of single-junction cells, with theoretical efficiency limits of 33% for single-junction perovskite cells and over 40% for perovskite tandem cells, compared to 28.7%, 28.5%, and 29.1% for TOPCon, HJT, and IBC cells respectively [1][2] - The perovskite battery technology is entering the industrialization phase, with leading companies establishing GW-level production lines, and at least three such lines expected to be operational by 2025 [2][3] Group 2 - Perovskite batteries offer multiple advantages over traditional silicon cells, including higher theoretical conversion efficiency, lower production costs, better stability in various environmental conditions, and diverse application fields [2] - The market for perovskite battery equipment is projected to exceed 100 billion yuan by 2026 and could surpass 900 billion yuan by 2030 [2] - Companies like LONGi Green Energy and Shenzhen Jiejia Weichuang Energy Equipment Co., Ltd. are actively involved in the research and development of perovskite solar cell technologies, with LONGi having achieved a conversion efficiency of 34.85% for its perovskite and silicon experimental cells [3][4]

Core Viewpoint - The silicon energy concept sector has shown significant growth, with a 4.02% increase, ranking second among concept sectors, driven by strong performances from several companies [1][2]. Group 1: Sector Performance - As of July 8, the silicon energy concept sector saw 39 stocks rise, with notable gains from Yicheng Optoelectronics, Oujing Technology, and Hongyuan Green Energy, which hit the daily limit up [1]. - The top gainers in the sector included Daqo New Energy, Dongyue Silicon Material, and Silicon Treasure Technology, with increases of 11.72%, 10.94%, and 7.53% respectively [1]. Group 2: Capital Inflow - The silicon energy concept sector experienced a net capital inflow of 2.242 billion yuan, with 29 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflows [2]. - Tongwei Co. led the net capital inflow with 636 million yuan, followed by Longi Green Energy, Shuangliang Energy, and Yicheng Optoelectronics with inflows of 517 million yuan, 229 million yuan, and 162 million yuan respectively [2]. Group 3: Stock Performance Metrics - The stocks with the highest net inflow ratios included Oujing Technology, Yicheng Optoelectronics, and Tongwei Co., with net inflow ratios of 30.55%, 24.31%, and 22.69% respectively [3]. - Notable stock performances included Tongwei Co. with a 10.00% increase and a turnover rate of 3.22%, and Longi Green Energy with a 6.46% increase and a turnover rate of 2.94% [3].

Market Overview - The Shanghai Composite Index rose by 0.70% on July 8, with 29 out of the 31 sectors in the Shenwan classification experiencing gains, led by the communication and power equipment sectors, which increased by 2.89% and 2.30% respectively [1] - The net inflow of capital in the two markets reached 15.45 billion yuan, with 14 sectors seeing net inflows, particularly the electronics sector, which had a net inflow of 7.44 billion yuan and a daily increase of 2.27% [1] Power Equipment Sector - The power equipment sector saw a daily increase of 2.30%, with a net capital inflow of 3.678 billion yuan. Out of 358 stocks in this sector, 280 rose, 9 hit the daily limit, and 70 fell [2] - Among the stocks with significant net inflows, Tongwei Co. led with a net inflow of 636 million yuan, followed by Longi Green Energy and Sungrow Power Supply with inflows of 517 million yuan and 470 million yuan respectively [2] - The sector also had stocks with notable net outflows, with Rongfa Nuclear Power leading at 459 million yuan, followed by Changcheng Electric and Weike Technology with outflows of 262 million yuan and 93.9 million yuan respectively [4] Capital Flow in Power Equipment Sector - The top stocks by capital inflow in the power equipment sector included: - Tongwei Co. (10.00% increase, 635.72 million yuan inflow) - Longi Green Energy (6.46% increase, 516.86 million yuan inflow) - Sungrow Power Supply (9.45% increase, 469.71 million yuan inflow) [2] - The top stocks by capital outflow included: - Rongfa Nuclear Power (-3.15% decrease, 459.17 million yuan outflow) - Changcheng Electric (1.39% increase, 262.14 million yuan outflow) - Weike Technology (-3.43% decrease, 93.9 million yuan outflow) [4]

中国资产全线爆发，沪指续创年内新高。 A股今日(7月8日)全线走高，沪指再次逼近3500点，创业板指大涨超2%；港股亦走强，恒生指数涨逾1%，恒生科技指数涨近2%。 具体来看，沪指盘中在券商、石油等板块的带动下强势上扬，再次逼近3500点大关，续创年内新高，深证成指、创业板指均走强。截至收盘，沪指涨 0.7%报3497.48点，深证成指涨1.47%报10588.39点，创业板指涨2.39%报2181.08点，科创50指数涨1.4%，沪深北三市合计成交14747亿元，较此前一日增 加近2500亿元。 场内近4300股飘红，钢铁、有色、化工、石油等资源股集体上扬，柳钢股份（601003）、杭钢股份（600126）、屹通新材（300930）等涨停；AI产业链 股爆发，逸豪新材（301176）、奕东电子（301123）20%涨停，景旺电子（603228）再创新高；光伏产业链股崛起，首航新能（301658）、国际复材 （301526）20%涨停，亚玛顿（002623）、通威股份（600438）、钧达股份（002865）等十余股均涨停；消费电子概念活跃，工业富联（601138）涨停， 最新市值超5200亿元。 港股方面， ...

中国资产全线爆发，沪指续创年内新高。 A股今日（7月8日）全线走高，沪指再次逼近3500点，创业板指大涨超2%；港股亦走强，恒生指数涨逾1%，恒生科技指数涨近2%。 具体来看，沪指盘中在券商、石油等板块的带动下强势上扬，再次逼近3500点大关，续创年内新高，深证成指、创业板指均走强。截至收盘，沪指涨0.7%报 3497.48点，深证成指涨1.47%报10588.39点，创业板指涨2.39%报2181.08点，科创50指数涨1.4%，沪深北三市合计成交14747亿元，较此前一日增加近 2500亿元。 场内近4300股飘红，钢铁、有色、化工、石油等资源股集体上扬，柳钢股份、杭钢股份、屹通新材等涨停；AI产业链股爆发，逸豪新材、奕东电子20%涨 停，景旺电子再创新高；光伏产业链股崛起，首航新能、国际复材20%涨停，亚玛顿、通威股份、钧达股份等十余股均涨停；消费电子概念活跃，工业富联 涨停，最新市值超5200亿元。 港股方面，胜利证券大涨超30%，国泰君安国际涨超28%，申万宏源香港涨近20%。此外，金涌投资飙涨超530%，盘中一度涨超650%。据悉，公司与 AnchorX达成战略合作，其中包括稳定币应用场景拓展等探 ...

钙钛矿电池概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 600438 | 通威股 份 | 10.00 | 3.22 | 63572.01 | 22.69 | | 601012 | 隆基绿 能 | 6.46 | 2.94 | 51686.33 | 14.34 | | 002865 | 钧达股 份 | 10.00 | 10.25 | 20014.30 | 21.00 | | 002218 | 拓日新 能 | 10.06 | 4.94 | 13702.45 | 54.80 | | 002623 | 亚玛顿 | 10.01 | 23.35 | 12146.31 | 11.84 | | 002008 | 大族激 光 | 3.14 | 2.99 | 8434.15 | 12.00 | | 300118 | 东方日 | 6.21 | 11.99 | 7922.72 | 6.83 | | | 升 | | | | | | ...