以下文章来源于华夏能源网 ，作者www.hxny.com 华夏能源网 . 能源产业与财经信息服务平台 将投中网设为"星标⭐"，第一时间收获最新推送 等待机会重新起来。 作者丨 田思 作者丨 蒋波 王东 来源丨 华夏能源网 "所有企业都在承受着不可承受之痛，大家都在苦熬。"6月10日，中国机电产品进出口商会副会长 石永红在上海SNEC2025光伏展上说道。 这说出了广大光伏企业的真实状态和心声。 经过 7个季度的持续洗牌，一大批光伏企业倒下了，但产能依旧严重过剩。主要的龙头企业安然无 恙，按照业界调侃的每次寒冬"必死老大"的标准看，调整并没有到位。而那些暂时停产的"死而不 僵"的产能，随时在等待机会重开起来。 与此同时，今年上半年 "抢装潮"带动光伏装机再创新高，仅5月份光伏新增装机就高达92.92GW， 1-5月光伏新增装机198GW，相当于2024年光伏装机的七成。但是，如此强劲的装机还是没能拉起 来价格，光伏各产业链价格还在滑落，寒冬深不见底。 一边是艰难的产能出清，一边是见不到企稳希望的价格，整个光伏行业处在痛苦不堪的 "炼狱"之 中。没有谁会好过，也没有谁知道"炼狱"往下还有几层。大家只能在一点点失血 ...

Group 1: US-China Trade Relations - The US has lifted export restrictions on EDA software, ethane, and aircraft engines to China, following recent trade talks [1] - The Chinese Ministry of Commerce confirmed that both sides are working to implement the consensus reached during the June 5 call between the two countries' leaders [1][2] - The lifting of restrictions is seen as a positive signal for further cooperation and outcomes in US-China trade relations [2] Group 2: National Unified Market Construction - The Central Economic Commission of China has emphasized the need to deepen the construction of a national unified market, focusing on "five unifications and one openness" [3] - Specific measures include addressing low-price disorderly competition and promoting the integration of domestic and foreign trade [3][4] - The strategic upgrade reflects a shift from internal integration to external collaboration, aiming for long-term high-quality development [4] Group 3: Health Insurance and Innovative Drugs - The National Healthcare Security Administration has introduced measures to support the development of innovative drugs, including the establishment of a commercial health insurance directory for innovative drugs [5][6] - This directory will include high-value innovative drugs that exceed basic medical insurance coverage, alleviating pressure on the medical insurance fund [6] - The initiative aims to create a sustainable payment pathway for high-value innovative drugs while ensuring basic medical insurance focuses on essential coverage [6] Group 4: Foreign Investment Tax Incentives - The Chinese government has announced a tax credit policy for foreign investors reinvesting profits in domestic projects, effective from January 1, 2025, to December 31, 2028 [7] - This policy aims to encourage foreign investment by allowing a 10% tax credit on reinvested profits, which is a significant incentive compared to previous policies [7] - The move is part of broader efforts to stabilize foreign investment amid declining actual foreign capital usage in China [7] Group 5: Solar Industry Regulation - The Ministry of Industry and Information Technology has convened a meeting with 14 solar companies to address low-price competition in the solar industry [8][9] - The government aims to enhance product quality and facilitate the orderly exit of outdated production capacity to promote sustainable development [8] - The recent actions signal a strong commitment from the highest levels of government to tackle the issue of unhealthy competition in the solar sector [9] Group 6: Major Infrastructure Projects - The National Development and Reform Commission has allocated over 300 billion yuan to support the third batch of "two heavy" construction projects for 2025, totaling 800 billion yuan for the year [10][11] - These projects focus on critical areas such as ecological restoration, transportation infrastructure, and urban underground networks [10] - The coordinated fiscal and monetary policies aim to provide sufficient funding for these major projects, which are crucial for stabilizing investment growth [11] Group 7: Manufacturing Sector Performance - The manufacturing PMI for June rose to 49.7%, indicating a slight improvement in manufacturing activity, with production and new orders both showing positive trends [12][13] - Despite the increase, the PMI remains below the 50% threshold, suggesting that the recovery in the manufacturing sector is still fragile [12][13] - External uncertainties and fluctuating demand continue to pose challenges for the manufacturing industry, necessitating supportive macroeconomic policies [13] Group 8: US Tax and Spending Legislation - The US Congress has passed the "Big and Beautiful" tax and spending bill, which includes significant tax cuts and is expected to increase the federal deficit by approximately $3.3 trillion over the next decade [14][15] - The legislation has raised concerns among investors regarding its long-term fiscal implications, including potential cuts to federal assistance and increased national debt [14][15] - The market's reaction indicates growing apprehension about the sustainability of US fiscal policies and their impact on global investment strategies [15]

Group 1 - The company has agreed to acquire 100% equity of Longi Green Energy Photovoltaic Engineering Co., Ltd. for a cash consideration of RMB 68,488,960 [2] - The acquisition was completed with the necessary business registration changes on April 25, 2022, and the target company was included in the company's consolidated financial statements [2] - A price adjustment of RMB 7,626,300 was agreed upon, resulting in a final acquisition price of RMB 59,731,385, to be settled by July 15, 2025 [3] Group 2 - The price adjustment does not require special board or independent director meetings for approval and will not necessitate retrospective adjustments to previously disclosed financial reports [4] - The adjustment is based on the audited net assets of the target company as of the transaction benchmark date, with specific provisions for existing and in-progress projects [3]

Core Points - The "One Big Beautiful Bill Act" has been passed by both houses of Congress and awaits President Trump's signature to become law [1][2] - The act will terminate investment tax credits (ITC) and production tax credits (PTC) for solar projects seven years earlier than originally planned, ending in 2025 instead of 2032 [2][3] Industry Impact - The passage of the act is expected to increase construction costs for wind and solar projects in the U.S. by 10% to 20%, according to Rhodium Group [3] - The uncertainty created by the new policy may deter investment in renewable energy projects that rely on subsidies, potentially leading to a "chilling effect" on the sector [3] - Projects that face delays due to various uncontrollable factors may lose their eligibility for subsidies, further discouraging developers and financiers [3] Company Responses - Trina Solar has stated that it has recovered all investment costs in its U.S. factory through a partnership with FREYR and does not foresee significant impacts from the subsidy reductions [4] - Longi Green Energy reported that its joint venture factory in the U.S. is operating well, with products being manufactured locally, ensuring better supply stability [4] - Companies are advised to prepare for a loss of support for clean energy projects in the U.S. and to diversify their international investments [4] Market Trends - Chinese solar and storage companies are increasingly looking to invest in the Middle East, with TCL Zhonghuan planning a $2.08 billion investment in Saudi Arabia for a 20GW solar wafer project [5] - JinkoSolar has announced a $985 million joint venture in Saudi Arabia to build a 10GW high-efficiency solar cell and module project [5] - Other leading companies in the solar industry have also announced plans for factories in the Middle East [5]

Core Viewpoint - The recent meeting organized by the Ministry of Industry and Information Technology (MIIT) aims to address the challenges of low-price competition and promote capacity optimization in the photovoltaic (PV) industry, creating structural opportunities for leading companies [1][2][3]. Industry Summary - The PV industry is currently experiencing a significant supply-demand imbalance, leading to persistent low prices and losses across the sector for seven consecutive quarters [3][4]. - The MIIT emphasized the need for companies to innovate, maintain quality standards, and enhance international cooperation to strengthen China's position in the global PV market [1][3]. - Leading companies are encouraged to take the initiative in capacity consolidation to avoid disorderly competition and to protect innovation and intellectual property [2][3]. Company Summary - Longi Green Energy plans to leverage its technological advantages to accelerate the commercialization of high-efficiency products and address the price competition issue through differentiated technology [2]. - JinkoSolar highlighted the urgency of addressing "involution" in the industry and suggested controlling new capacity and guiding prices back to rational levels [3][4]. - The industry experts propose measures such as establishing quality standards, enhancing technology parameters, and promoting the exit of outdated capacities to restore market order [4][5].

正券 CGS 行业点评报告 ·电力设备及新能源 破除光伏内卷式竞争,政策供给侧改 2025年7月2日 光伏 推荐 维持 分析师 曾韬 ☎：010-8092-7653 网：zengtao_yj @chinastock.com.cn 分析师登记编码：S0130525030001 黄林 ☎: 010-8092-7627 网: huanglin_yj@chinastock.com.cn 分析师登记编码：S0130524070004 相对沪深 300 表现图 资料来源：ifind，中国银河证券研究院 相关研究 1、【银河电新】风光储电行业_2025 年中期投资策 略：结构分化,聚焦新技术与非美出口 0618 2、【银河电新】全国两会前瞻_新能源新动能迈向新 周期, AI+引领浪潮 250225 3、【银河电新】中央经济工作会议解读_整治"内卷 式"竞争,新能源新动能迈向新周期 241213 4、【银河电新】行业点评_新能源底部向上可期 240929 www.chinastock.com.cn 证券研究报告 2025-7-2 0 事件:今日太阳能指数 CI005286.CI 上涨 4.1%,其中大全能源涨幅达 15.7% ...

| 股票代码:601012 | 股票简称:隆基绿能 | | 公告编号:临 2025-065 | 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"）的全资和 控股子公司，以及"和美乡村"整村分布式光伏业务客户。 对外担保逾期的累计数量：0 风险提示：本次新增担保包括担保对象最近一期资产负债率超过70%的情 形，敬请投资者注意相关风险。 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新材料有限公司在招商银行西安分行申 请的 1,000 万元综合授信额度提供连带责任保证担保，授信期限 1 年。 2、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"）、 西安隆基清洁能源有限公司（以下简 ...

开源证券在研报中指出，当前光伏行业多环节产品价格已跌破现金成本线，深化供给侧改革诉求迫切。 在此背景下，头部光伏玻璃企业计划自7月开始集体减产，头部硅料企业正主动推进多晶硅产能整合， 企业行为契合政策导向，推动行业供需结构改善。 实际上，自去年以来，主管部门、行业协会等密集发声，释放光伏产业"反内卷"信号。 2024年10月14日，中国光伏行业协会联合16家光伏头部企业召开"防止恶性竞争"座谈会，达成共识强化 行业自律；2025年2月25日，市场监管总局召开部分企业公平竞争座谈会，天合光能、晶澳科技 （002459）、隆基绿能（601012）等7家企业有关负责人围绕整治"内卷式"竞争进行深入交流。 近期，国内多个制造业领域掀起"反内卷"行动，光伏产业链企业也计划减产。 7月3日，中国有色金属工业协会硅业分会发文称，7月开始，主要硅片厂商计划降低开工率4成左右。因 此，在政策陆续落地和硅片企业减产挺价情形下，硅片价格有触底企稳动力。 据工信部网站，7月3日，工业和信息化部党组书记、部长李乐成主持召开第十五次制造业企业座谈会， 聚焦加快推动光伏产业高质量发展，听取光伏行业企业及行业协会情况介绍和意见建议。 会上， ...

本轮行业出清的节奏严重滞后，无序竞争、低效产能难以退出，行业的复杂性远远超出了市场经济的规 律。 光伏"反内卷"正在从最高层推进，整治决心空前。 继人民日报发文点名光伏后，7月3日工信部召开第十五次制造业企业座谈会，针对光伏行业发展提出多 项举措，包括治理低价无序竞争：强调依法依规、综合治理行业低价竞争问题，引导企业提升产品品 质，推动落后产能有序退出，实现健康可持续发展等等。 工信部上一次举行光伏行业专项座谈会是2023年11月，同时，通威集团董事局主席刘汉元、隆基绿能董 事长钟宝申、天合光能董事长高纪凡等头部光伏企业负责人参会。 本轮行业出清的节奏严重滞后，无序竞争、低效产能难以退出，行业的复杂性远远超出了市场经济的规 律。尽管减产预期不断升温，本周光伏产业链多环节价格继续承压，尤其受抢装结束后需求低迷影响， 对比抢装潮前（2月底）数据，硅片价格下跌约20%，硅料跌幅达到16%，几乎所有品种的价格都跌破2 月底。 供需两端来看，由于需求增速下滑，光伏行业困境反转主要依赖供给侧改革。伴随整治无序竞争信号加 强，市场对后续针对性的实质性政策出台，推动供给侧改革抱有强预期。 InfoLink在本周价格评析中表示 ...

"在中央全力整治'内卷式'竞争的关键时间点，我应邀参加工信部李乐成部长主持召开的光伏行业企业 座谈会并发言，会议给予行业巨大的信心。"7月3日晚间，天合光能董事长高纪凡转发工信部文章时在 其微信朋友圈写道。 就在高纪凡更新上述微信朋友圈状态的十多分钟前，工信部官方微信公众号"工信微报"发布文章《工业 和信息化部召开光伏行业制造业企业座谈会》，指出7月3日工业和信息化部党组书记、部长李乐成主持 召开第十五次制造业企业座谈会，聚焦加快推动光伏产业高质量发展，听取光伏行业企业及行业协会情 况介绍和意见建议。 会上，14家光伏行业企业及光伏行业协会负责人作交流发言，介绍企业基本情况、面临的困难和问题， 提出政策建议。 再次举行光伏专项座谈会 结合"工信微报"同步披露的会议照片，目前已经确认参会的光伏企业负责人包括通威集团董事局主席刘 汉元、TCL中环董事长李东生、隆基绿能董事长钟宝申、天合光能董事长高纪凡、晶科能源董事长李仙 德、协鑫集团董事局主席朱共山、阳光电源董事长曹仁贤、晶澳科技执行总裁杨爱青、华晟新能源董事 长徐晓华、高景太阳能董事长徐志群、爱旭股份董事长陈刚、正泰新能源董事长陆川等。 在本次座谈会上，工业和 ...