Group 1 - The core viewpoint of the article emphasizes that the "anti-involution" trend is reshaping supply and demand in the photovoltaic (PV) industry, accelerating the parity of solar storage in core markets and opening up new scenarios for future demand [1][3][5] - Global demand for solar energy is expected to grow significantly, with projected new installations of approximately 600GW in 2025 and 610GW in 2026, reflecting year-on-year growth rates of about 13.21% and 1.67% respectively [3][6] - The domestic and overseas production capacity is rapidly increasing, leading to a significant oversupply in the PV industry, which has resulted in continuous price declines and losses for many companies [5][6] Group 2 - The penetration rate of low-silver and silver-free technologies is expected to rise quickly, with leading companies likely to recover profitability ahead of the industry [1][22] - The article highlights that the profitability of auxiliary material companies is expected to improve as they diversify their business, with a focus on non-PV sectors [1][36] - The article identifies key beneficiaries in the market, including companies that lead in low-silver and silver-free technology iterations, such as Longi Green Energy and JinkoSolar, which are expected to benefit from cost advantages [1][46] Group 3 - The article discusses the impact of rising silver prices on the cost structure of solar cell manufacturers, indicating that the cost of silver paste is becoming a critical factor for cost reduction [22][23] - The introduction of new technologies, such as high-copper and pure copper solutions, is accelerating in the industry, which is expected to enhance efficiency and reduce costs [25][27] - The demand for space photovoltaics is anticipated to grow due to an increase in space launch missions, with a projected 263 launches in 2024, indicating a strong short-term demand for solar wings in low Earth orbit [29] Group 4 - The article notes that the profitability of battery materials is expected to improve as the pressure from the main chain eases, with low-silver and silver-free iterations likely to bring new benefits [36][39] - The photovoltaic glass sector is also expected to see a recovery in profitability due to industry self-discipline and a reduction in supply, with prices showing signs of recovery [41][46] - The article concludes with investment recommendations, suggesting that companies leading in low-silver and silver-free technology, as well as those involved in energy storage, are well-positioned to benefit from the ongoing market changes [46]

北京商报讯（记者 马换换 李佳雪）1月21日晚间，光伏组件龙头厂商晶科能源（688223）披露公告称， 公司预计2025年实现归属净利润为-69亿元到-59亿元。而在2024年，晶科能源实现归属净利润约为 9892.76万元，2025年预计净利同比转亏。 晶科能源表示，报告期内，全球光伏产业链价格波动加剧，叠加海外市场贸易保护政策扰动，光伏组件 一体化各环节的盈利水平总体承压。报告期内，光伏组件价格整体处于低位，公司高功率产品出货占比 仍较低，同时公司对出现减值迹象的长期资产进行减值测试，将按照企业会计准则计提资产减值准备， 对业绩有一定影响，综合导致全年经营业绩出现亏损。 近期，晶科能源还披露了一则公告称，公司控股子公司晶科能源（海宁）有限公司（以下简称"海宁晶 科"）拟引入战略投资者实施增资扩股，各方拟合计以现金增资不超过30亿元。对于增资款项用途，晶 科能源坦言主要用于海宁晶科偿还金融负债或经营性负债等。 二级市场上，近日晶科能源股价接连走低，经统计，在1月13日—21日这7个交易日，公司区间累计跌幅 13.44%。截至1月21日收盘，晶科能源股价报5.54元/股，总市值约为554.3亿元。 ...

每经AI快讯，晶科能源1月21日晚间发布业绩预告，预计2025年年度实现归属于母公司所有者的净利润 为-69亿元到-59亿元。业绩变动主要原因是，报告期内，全球光伏产业链价格波动加剧，叠加海外市场 贸易保护政策扰动，光伏组件一体化各环节的盈利水平总体承压。面对行业波动，公司坚持稳健经营、 技术引领，发布了行业领先的新一代"飞虎3"高效组件产品，并持续推动产能技术升级改造，同时储能 业务取得快速发展，光储协同优势成效显著。但报告期内，光伏组件价格整体处于低位，公司高功率产 品出货占比仍较低，同时基于谨慎性原则，公司对出现减值迹象的长期资产进行减值测试，经过审慎评 估将按照企业会计准则计提资产减值准备，对业绩有一定影响，综合导致全年经营业绩出现亏损。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经头条（nbdtoutiao）——特朗普强要格陵兰岛，丹麦一养老基金率先清仓美债，美国资产全线下 跌！欧洲手握"金融核按钮"，双方会"鱼死网破"吗？专家解读→ （记者 张明双） ...

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、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 （1）经财务部门初步测算，预计 2025 年年度实现归属于母公司所有者的净 利润为-690,000.00 万元到-590,000.00 万元。 （2）预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益的净利 润为-780,000.00 万元到-670,000.00 万元。 证券代码：688223 证券简称：晶科能源 公告编号：2026-007 债券代码：118034 债券简称：晶能转债 晶科能源股份有限公司 2025 年年度业绩预告 报告期内，全球光伏产业链价格波动加剧，叠加海外市场贸易保护政策扰动， 光伏组件一体化各环节的盈利水平总体承压。面对行业波动，公司坚持稳健经营、 技术引领，发布了行业领先的新一代"飞虎 3"高效组件产品，并持续推动产能 技术升级改造，同时储能业务取得快速发展，光储协同优势成效显著。但报告期 内，光伏组件价格整 ...

格隆汇1月21日丨晶科能源(688223.SH)公布，经财务部门初步测算，预计 2025 年年度实现归属于母公 司所有者的净利润为-69亿元到-59亿元。预计 2025 年年度实现归属于母公司所有者的扣除非经常性损 益的净利润为-780,000.00万元到-670,000.00万元。 ...

每经AI快讯，1月21日，晶科能源(688223.SH)公告称，预计2025年年度实现归属于母公司所有者的净利 润为-69亿元到-59亿元。上年同期为盈利9892.76万元。面对行业波动，公司发布了行业领先的新一 代"飞虎 3"高效组件产品，并持续推动产能技术升级改造，同时储能业务取得快速发展，光储协同优势 成效显著。报告期内，光伏组件价格整体处于低位，公司高功率产品出货占比仍较低，同时基于谨慎性 原则，公司对出现减值迹象的长期资产进行减值测试，经过审慎评估将按照企业会计准则计提资产减值 准备，对业绩有一定影响，综合导致全年经营业绩出现亏损。 ...

晶科能源公告，预计2025年年度实现归属于母公司所有者的净利润为亏损59~69亿元，去年同期利润总 额为亏损7705.66万元。本期业绩变化的主要原因为，全球光伏产业链价格波动加剧，叠加海外市场贸 易保护政策扰动，光伏组件一体化各环节的盈利水平总体承压，光伏组件价格整体处于低位，公司高功 率产品出货占比仍较低，同时基于谨慎性原则，公司对出现减值迹象的长期资产进行减值测试，经过审 慎评估将按照企业会计准则计提资产减值准备，对业绩有一定影响，综合导致全年经营业绩出现亏损。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights that the development of reusable rocket technology has significantly reduced launch costs, creating a golden opportunity for space photovoltaics [5] - The competition in commercial space between China and the US is accelerating, with low Earth orbit (LEO) communication satellites driving short-term demand for solar wings [5] - AI giants are increasingly recognizing the potential of deploying computing power in space, which is expected to benefit space photovoltaics [5] - The report emphasizes the importance of gallium arsenide as the current mainstream technology for space photovoltaics, while also highlighting the potential of silicon-based batteries and perovskite technology in the long term [5] - Investment recommendations include focusing on HJT/perovskite equipment suppliers and companies covering various segments of the photovoltaic supply chain [5] Summary by Sections 1. Space Photovoltaics: The Main Energy Source in Space - Space photovoltaics convert solar energy into electrical energy in space environments, which are harsher than ground conditions [12][13] - Solar panels are the core component of spacecraft power systems, essential for converting solar energy into the electricity needed for satellite operations [12][13] 2. Downstream Scenarios: Commercial Space Boom Leading to a Trillion-Dollar Market - The report notes a significant increase in global satellite launches since 2020, with a projected 4000 launches by 2025, driven by reduced costs from reusable rockets [38] - The US currently dominates the satellite market, with 11,688 satellites in orbit, while China and Russia lag behind [38] - The competition for orbital resources is intensifying, with both the US and China making substantial satellite deployment plans [44][45] 3. Technology Pathways: Gallium Arsenide as the Current Mainstream, with Potential for Silicon-Based Batteries and Perovskite Breakthroughs - Gallium arsenide solar cells are currently the most efficient option for space applications, with over 30% efficiency [65] - The report discusses the evolution of solar cell technologies, including silicon and multi-junction cells, and the potential for future advancements in perovskite technology [65] 4. Investment Recommendations: Focus on HJT/Perovskite Core Equipment Suppliers - Companies such as Maiwei, Aotwei, and Jiejia Weichuang are highlighted as key players in the HJT/perovskite equipment supply chain [5] - The report suggests monitoring companies that cover the entire photovoltaic supply chain, including polysilicon, batteries, and modules [5]

Market Overview - US stock indices experienced a significant decline, with the Dow Jones falling by 870 points (1.76%), the S&P 500 down by 143.15 points (2.06%), and the Nasdaq dropping by 561.07 points (2.39%) [1] - The Chicago Board Options Exchange Volatility Index (VIX), known as Wall Street's "fear index," surged above 20, reaching recent highs [1] Technology Sector - Major tech stocks saw substantial losses, with Nvidia and Tesla both dropping over 4%, while Apple and Amazon fell more than 3% [2][3] - Nvidia's stock price was reported at $178.07, down 4.38%, and Tesla at $419.25, down 4.17% [3] Streaming and Media - Netflix's post-market decline expanded to nearly 5% due to disappointing first-quarter earnings outlook and adjustments to its acquisition proposal for Warner Bros. assets to an all-cash offer totaling $82.7 billion [4] Semiconductor Industry - The semiconductor sector faced widespread declines, with Broadcom and Skyworks Solutions dropping over 5%, while TSMC fell more than 4% [4] Banking Sector - Bank stocks also fell across the board, with Citigroup down over 4% and JPMorgan and Morgan Stanley both declining more than 3% [4] Chinese Stocks - Chinese stocks mostly declined, with JinkoSolar down 12.5% and CenturyLink down over 10% [4][5] Bond Market - US Treasury yields rose to a four-month high, while the dollar index fell by 0.41%, marking its worst two-day performance in about a month [6] Precious Metals - Gold and silver prices reached new highs, with spot gold exceeding $4,763 per ounce and silver surpassing $94 per ounce [8][9] Cryptocurrency Market - The cryptocurrency market experienced a significant downturn, with Bitcoin dropping below $90,000 and Ethereum falling below $3,000, affecting approximately 163,000 traders [10][11]

财务数据显示，截至2025年9月30日，海宁晶科资产总额约为205.37亿元，负债总额约为120.61亿元，经 计算，公司资产负债率约为58.73%。2024年及2025年前三季度，海宁晶科营收分别约为213.95亿元、 167.61亿元，净利润分别约为10.44亿元、2882.63万元。 又一家光伏巨头欲借子公司增资扩股进行融资。光伏组件龙头厂商晶科能源近日披露公告称，控股子公 司晶科能源（海宁）有限公司（以下简称"海宁晶科"）拟引入战略投资者实施增资扩股，各方拟合计以 现金增资不超过30亿元。对于增资款项用途，晶科能源方面坦言，将主要用于海宁晶科偿还金融负债或 经营性负债等。晶科能源子公司拟引入战投的背后，截至2025年前三季度末，海宁晶科、晶科能源的资 产负债率分别为58.73%、74.48%。 公告显示，海宁晶科拟实施增资扩股并引入兴银金融资产投资有限公司、中国东方资产管理股份有限公 司等战略投资者，各方拟合计以现金增资不超过30亿元，预计合计取得海宁晶科增资后的股权比例不超 过24.67%。 晶科能源方面告诉北京商报记者，海宁晶科主要涉及公司高效N型TOPCon产能，具有行业领先的技术 和成本优势； ...