Core Viewpoint - The domestic photovoltaic industry leaders Longi Green Energy and JinkoSolar have reached a settlement regarding global patent disputes, agreeing to end all ongoing legal proceedings and establish cross-licensing arrangements for certain core patents [1]. Summary by Relevant Sections - **Settlement Details** - Longi Green Energy and JinkoSolar have agreed to terminate all global patent litigation and have made commercial arrangements for cross-licensing of some core patents [1]. - **Market Reaction** - Following the announcement, JinkoSolar's stock in the U.S. pre-market trading rose nearly 4%, with the latest increase recorded at 1.74% [1].

Investment Rating - The report recommends a positive outlook for the photovoltaic (PV) industry, highlighting that the current position is worth close attention as the industry is expected to experience a turnaround due to various favorable factors [2][3]. Core Viewpoints - The report emphasizes that the "anti-involution" measures being implemented by the government are expected to have a very positive impact on the PV sector, leading to a reversal of the current difficulties faced by the industry [2][3]. - The PV industry is currently at a historical low, with significant potential for improvement as policies and performance indicators begin to shift positively [2][3]. Summary by Sections 1. Photovoltaic as a Key Industry for "Anti-Involution" - The government is intensifying efforts to prevent "involution" in the PV sector, which has been characterized by irrational competition and price wars [7][12]. - The report notes that from the beginning of 2025, prices across the PV industry chain have been under pressure, with a continuous decline observed for 10 weeks, indicating a need for stabilization [7][12]. 2. Multi-faceted Approach for Industry Recovery - The industry is expected to benefit from supply-side adjustments, including capacity consolidation and self-regulation to alleviate excess supply [21][22]. - Policy measures are being introduced to regulate industry standards and improve legal frameworks, which will help curb unfair pricing practices [21][22]. - Demand-side mechanisms, such as the introduction of stable electricity pricing, are anticipated to stabilize market expectations [21][22]. 3. Photovoltaic Sector at Historical Low, Worth Attention - The report highlights that the market capitalization of public funds in the PV equipment sector has dropped to 23.94 billion yuan, representing only 2.1% of the circulating market, indicating a significant retreat to levels seen in 2018 [2][3]. - The report suggests that as policy and performance inflection points approach, the valuation of the PV industry is likely to improve, making it a focal point for investors [2][3]. 4. Recommended Stocks - The report provides a list of recommended stocks across various segments of the PV industry, including polysilicon, energy storage, leading companies in each segment, and integrated module manufacturers [2][3].

两家公司表示，结束在全球范围内正在进行的全部专利纠纷法律程序，并就双方各自持有的部分核心专 利的交叉授权许可达成相关商业安排。（第一财经记者 陆如意） 9月19日晚间，第一财经记者从隆基绿能与晶科能源官微获悉，双方及双方关联公司在全球范围内正在 进行的相关专利主张和法律事项已达成和解协议。 ...

9月19日晚间，第一财经记者从隆基绿能与晶科能源官微获悉，双方及双方关联公司在全球范围内正在 进行的相关专利主张和法律事项已达成和解协议。两家公司表示，结束在全球范围内正在进行的全部专 利纠纷法律程序，并就双方各自持有的部分核心专利的交叉授权许可达成相关商业安排。（第一财经记 者 陆如意） ...

Core Viewpoint - Longi Green Energy and Jinko Solar have reached a settlement agreement regarding ongoing patent claims and legal matters globally, agreeing to end all patent dispute legal proceedings and establish commercial arrangements for cross-licensing of certain core patents held by both parties [1] Summary by Relevant Categories Company Developments - Longi Green Energy and Jinko Solar have announced a resolution to their patent disputes, which indicates a significant step towards collaboration in the solar energy sector [1] - The agreement includes the termination of all ongoing patent litigation globally, suggesting a shift in focus from legal battles to potential cooperative ventures [1] Industry Implications - The settlement may lead to enhanced innovation and development within the solar energy industry, as both companies can now leverage each other's patented technologies [1] - This resolution could set a precedent for other companies in the solar sector, promoting a more collaborative environment rather than competitive litigation [1]

根据和解协议，双方同意：结束在全球范围内正在进行的全部专利纠纷法律程序，并就双方各自持有的 部分核心专利的交叉授权许可达成相关商业安排。 （文章来源：新华财经） 新华财经北京9月19日电 新华财经今日获悉，国内光伏行业两大龙头隆基绿能与晶科能源已就全球专利 互诉达成和解。 ...

东方金诚国际信用评估有限公司关于晶科能源股份有限公司 2025 年半年度业绩亏损的关注公告 1 东方金诚公告【2025】0375 号 东方金诚国际信用评估有限公司（以下简称"东方金诚"）受托对晶科能源股份有限公司（以 下简称"晶科能源"或"公司"）及其发行的"晶科能源股份有限公司向不特定对象发行可转换公 司债券"（以下简称"晶能转债"）进行了信用评级。2025 年 6 月 20 日，东方金诚对晶科能源主 体及"晶能转债"进行了定期跟踪评级，维持晶科能源主体信用等级为 AA+，评级展望稳定，维持 "晶能转债"信用等级为 AA+，评级结果自评级报告日起至到期兑付日有效。 东方金诚关注到，晶科能源于 2025 年 8 月 28 日发布《晶科能源 2025 年半年度报告》，数据 显示，2025 年 1～6 月，公司营业收入 318.31 亿元，利润总额-42.16 亿元，归属于上市公司股东的 净利润-29.09 亿元，归属于上市公司股东的扣除非经常性损益的净利润-31.75 亿元。 上述事项发生后，东方金诚通过向企业电话沟通、查询公开资料等方式了解到，公司业绩变动 原因主要为：光伏市场竞争加剧、海外贸易政策变化、光伏 ...

2025年6月20日，东方金诚对晶科能源主体及"晶能转债"定期跟踪评级，维持主体和债项信用等级为 AA+，评级展望稳定。8月28日晶科能源发布的半年度报告显示，1 - 6月营收318.31亿元，利润总额 - 42.16亿元，归母净利润 - 29.09亿元等。业绩变动主因光伏市场竞争加剧、海外贸易政策变化、产品价 格下跌。不过上半年公司组件出货量仍居行业第一，未来将推进多项举措改善盈利。东方金诚将持续关 注后续进展及对信用等级等可能产生的影响。 ...

国内市场综述 3. 上海经信委发布《上海市促进高成长企业加快发展 管理实施细则（征求意见稿）》 风险提示 冲高回落 震荡走弱 周四（9 月 18 日）大盘冲高回落，震荡走弱。截至收 盘，上证综指收于 3831.66 点，下跌 1.15%；深成指 收于 13075.66 点，下跌 1.06%；科创 50 上涨 0.72%； 创业板指下跌 1.64%，万得全 A 成交额共 31666 亿元， 较前一日大幅上升。 行业方面，30 个中信一级行业有 3 个上涨，其中有色 金属、综合金融及非银行金融跌幅居前，仅有电子、 消费者服务及通信小幅收涨。概念方面，光模块、覆 铜板及半导体设备等指数表现活跃。 海外市场综述 美国三大股指全线收涨，英特尔涨超 22% 周四（9 月 18 日），美国三大股指全线收涨，道指涨 0.27%，标普 500 指数涨 0.48%，纳指涨 0.94%。卡特 彼勒、英伟达涨超 3%，领涨道指。万得美国科技七巨 头指数涨 0.61%，谷歌涨 1%，脸书涨 0.58%。芯片股 普遍上涨，英特尔涨超 22%，应用材料涨逾 6%。中概 股多数下跌，极氪跌超 5%，晶科能源跌近 5%。 新闻精要 1. 中美 ...

来源：新浪证券-红岸工作室 9月18日，晶科能源跌2.55%，成交额8.42亿元。两融数据显示，当日晶科能源获融资买入额1.12亿元， 融资偿还8677.72万元，融资净买入2562.01万元。截至9月18日，晶科能源融资融券余额合计9.63亿元。 融资方面，晶科能源当日融资买入1.12亿元。当前融资余额9.61亿元，占流通市值的1.80%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，晶科能源9月18日融券偿还4.43万股，融券卖出200.00股，按当日收盘价计算，卖出金额 1070.00元；融券余量32.88万股，融券余额175.89万元，低于近一年10%分位水平，处于低位。 资料显示，晶科能源股份有限公司位于上海市闵行区申长路1466弄1号晶科中心，成立日期2006年12月 13日，上市日期2022年1月26日，公司主营业务涉及太阳能光伏组件、电池片、硅片的研发、生产和销 售以及光伏技术的应用和产业化,并以此为基础向全球客户提供高效、高质量的太阳能光伏产品。主营 业务收入构成为：产品销售100.00%。 截至6月30日，晶科能源股东户数7.42万，较上期增加0.89%；人均流通股134811 ...