Group 1 - JinkoSolar announced a capital increase plan for its subsidiary JinkoSolar (Haining) Co., Ltd., introducing strategic investors including Xingyin Financial Asset Investment Co., Ltd. and China Orient Asset Management Co., Ltd. [2] - The valuation before the capital increase is set at 9.157 billion yuan, with the subsidiary's audited equity as of June 30, 2025, being 8.672 billion yuan [2]. - Strategic investors are expected to contribute up to 3 billion yuan in cash, acquiring a stake of no more than 24.6771% post-increase, primarily to repay financial and operational debts [2]. Group 2 - JinkoSolar's Haining subsidiary is primarily engaged in the research, production, and sales of solar cells and modules [2]. - Financial data shows that Haining JinkoSolar's revenues for 2024, the first half of 2025, and the first nine months of 2025 were 21.395 billion yuan, 12.414 billion yuan, and 16.761 billion yuan, respectively, with net profits of 1.044 billion yuan, 224 million yuan, and 29 million yuan [2]. - As of September 30, 2025, Haining JinkoSolar's total assets were 20.537 billion yuan, and total liabilities were 12.061 billion yuan [2]. Group 3 - The photovoltaic industry has been undergoing a deep adjustment period over the past two years, with some companies facing continuous losses and cash flow pressures [3]. - JinkoSolar previously disclosed that it expects to incur losses in its operating performance for 2025 [3]. Group 4 - As of January 16, 2026, JinkoSolar's stock price closed at 5.96 yuan per share, with a total market capitalization of 59.6 billion yuan [4].

Core Viewpoint - The 9th World Zhejiang Business Forum and the 2025 Shanghai Zhejiang Chamber of Commerce Annual Meeting highlighted the resilience of the global economy amidst trade policy adjustments and a surge in technological investments, with capital markets thriving and indices like the Shanghai Composite and NASDAQ reaching new highs [2][6]. Group 1: Economic Outlook - The global economy is expected to maintain steady growth in 2025, driven by adjustments in trade policies and a technological investment boom [2][6]. - The ongoing technological revolution is reshaping various aspects of social production and life at an exponential pace, particularly through the integration of artificial intelligence [2][6]. Group 2: Strategic Focus of the Chamber - The Shanghai Zhejiang Chamber of Commerce is committed to supporting member enterprises by embracing future opportunities and focusing on "focusing, deepening, and empowering" [2][6]. - The chamber is advancing initiatives in "technologization, globalization, ecological integration, and comprehensive service" to enhance innovation, facilitate international expansion, and provide better resources and services for enterprises [2][6]. Group 3: Achievements and Future Directions - In 2025, the chamber aims to drive innovation through "technologization," enhance internal and external circulation via "globalization," and foster collaborative development through "ecologization" [3][7]. - The chamber emphasizes the importance of building strong government-business relationships and providing precise services to support enterprises [3][7]. - Looking ahead to 2026, the chamber envisions a year of practical efforts and unity among Zhejiang merchants to navigate challenges and pursue new opportunities [3][7].

Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

Core Viewpoint - The photovoltaic (PV) module industry is experiencing an unexpected price surge in early 2026, driven by the impending cancellation of export tax rebates and rising costs of key materials like silver and aluminum, leading to significant profit compression and potential industry-wide upheaval [1][7][19]. Price Surge and Market Dynamics - Several distributed PV investment companies have reported sudden price increases on previously agreed contracts, with one leading manufacturer raising prices from 0.73 yuan/W to 0.8 yuan/W [2]. - On January 13, Trina Solar announced a collective price increase for various distributed PV module models, with official guidance prices ranging from 0.85 to 0.89+ yuan/W [2][3]. - A total of 12 module manufacturers raised their prices this week, with increases ranging from 0.04 to 0.15 yuan/W [4]. Cost Factors - The cancellation of export tax rebates, effective April 1, 2026, is a significant catalyst for the price increases, as companies rush to fulfill orders before the policy takes effect [7][8]. - The price of silver has surged over 150% in 2025, increasing its cost share in PV modules from approximately 17% to around 30%, making it the largest cost component [10][13]. - The rising prices of aluminum and other materials have further exacerbated cost pressures, with aluminum's cost share increasing from 8-12% to 12-15% [14][16]. Industry Overcapacity and Challenges - The PV industry is facing severe overcapacity, with silicon production capacity expected to cover more than double the global demand from 2025 to 2027, while actual demand is below 600 GW [17]. - Despite the overcapacity, over 40 billion yuan is still being invested in new PV projects, worsening the supply-demand imbalance [18]. - The cancellation of export tax rebates is anticipated to trigger a brutal industry-wide clearing, with many companies lacking competitive advantages likely to exit the market [19][24]. Financial Impact and Future Outlook - The removal of export tax rebates will significantly reduce profit margins for PV companies, with estimates indicating a profit reduction of 46-51 yuan per 210R module exported [24]. - Many companies are already reporting substantial losses, with projections indicating that the entire PV silicon industry could face losses amounting to hundreds of billions in 2025 [27][28]. - The industry is expected to undergo a significant consolidation, with over 30% of inefficient capacity being eliminated, allowing leading companies with strong technology and global presence to capture over 80% of the market share [29].

Core Viewpoint - The photovoltaic (PV) module industry is experiencing an unexpected price surge at the beginning of 2026, driven by factors such as the impending cancellation of export tax rebates and rising costs of key materials like silver and aluminum, leading to significant profit compression in the industry [2][9][18]. Price Surge and Market Dynamics - Several PV module manufacturers have announced price increases, with some companies raising prices from 0.73 yuan/W to 0.8 yuan/W, and the official guidance price for distributed PV modules now ranges from 0.85 to 0.89 yuan/W [4][6]. - A total of 12 module manufacturers raised their prices this week, with increases ranging from 0.04 to 0.15 yuan/W [6][7]. - Reports indicate that some companies are delaying deliveries and demanding price hikes, causing significant disruptions for downstream companies [7][18]. Reasons for Price Increases - The cancellation of export tax rebates is a major catalyst for the price surge, with the Ministry of Finance announcing the phased removal of VAT export rebates for PV products starting April 1, 2026 [9][10]. - The price of silver has skyrocketed, increasing from 7,600 yuan/kg at the beginning of 2025 to 23,688 yuan/kg by the end of the year, resulting in a cost increase of at least 0.16 yuan per watt for PV cells [11][13]. - The cost share of silver in PV modules has risen from approximately 17% to around 30%, surpassing silicon as the largest cost component [13]. Industry Challenges and Overcapacity - The PV industry is facing severe overcapacity, with silicon production capacity expected to cover more than double the global demand from 2025 to 2027, while actual demand is below 600 GW [19][20]. - The cancellation of export tax rebates is expected to trigger a violent market clearing in 2026, as many companies will struggle with cash flow and rising costs [21][27]. - The industry is projected to experience significant losses, with estimates suggesting that the entire PV silicon industry could face losses amounting to hundreds of billions in 2025 [28][29]. Future Outlook and Investment Strategy - The anticipated market clearing in 2026 is expected to eliminate over 30% of inefficient capacity, concentrating resources among leading companies with vertical integration and core technologies [31]. - Investors are advised to avoid high-debt, non-competitive small and medium enterprises, focusing instead on companies with stable cash flow, strong technology, and global presence [32].

在白银涨价、抢出口的行业背景下，光伏组件龙头晶科能源（SH688223，股价5.96元，市值596亿元） 有了大动作。 1月16日晚间，晶科能源公告称，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"） 拟实施增资扩股并引入兴银金融资产投资有限公司（以下简称"兴银资产"）、中国东方资产管理股份有 限公司（以下简称"东方资产"）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24.6771%，增资款项主要用于海宁晶科偿还金融负债或经营性负债 等。 这是继通威股份之后，又一光伏巨头利用子公司增资扩股进行融资。若此次顺利完成增资扩股，或有助 于为晶科能源后续技术迭代腾挪出必要空间，特别是新一代高效TOPCon（隧穿氧化层钝化接触）组件 和TOPCon银包铜技术，这些技术都需要投入大量资本。 从这点来看，这将是晶科能源从"内卷"红海突围的重要举措。子公司引入战投 截至2025年6月30日，海宁晶科经审计所有者权益为86.72亿元。经以第三方评估机构出具的评估报告为 基础，综合考虑海宁晶科市场竞争力以及增资扩股过渡期损益等因素，并与战略投资者协商，本次拟以 增资 ...

Group 1 - Canada will grant China an annual quota of 49,000 electric vehicles, which will enjoy a 6.1% Most Favored Nation tariff rate, with the quota increasing at a certain rate each year [1] - The Ministry of Commerce of China expects both countries' industries to seize opportunities for mutual benefit and win-win cooperation [1] - The State Council of China is focusing on boosting consumption and supporting new service consumption growth points, aiming to enhance service quality and consumer willingness [1] Group 2 - The China Securities Regulatory Commission (CSRC) is strengthening market monitoring and regulation to prevent excessive speculation and market manipulation [1] - The CSRC is drafting a trial management method for derivative trading, emphasizing prudent regulation and maintaining reasonable leverage levels in the derivatives market [1] - The market supervision authority approved the acquisition of Dole Group by American Axle Manufacturing with additional restrictive conditions to ensure fair competition in the automotive parts sector [2] Group 3 - TCL Zhonghuan signed a cooperation framework agreement to invest in a new energy project [4] - Huatai Hotel's controlling shareholder is planning a merger and reorganization, which may lead to a change in actual control [4] - Cheng Tian Wei Ye plans to raise no more than 800 million yuan through a private placement for liquid cooling system projects [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688223 证券简称：晶科能源 公告编号：2026-006 债券代码：118034 债券简称：晶能转债 晶科能源股份有限公司 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 被担保人名称：晶科能源股份有限公司（以下简称"公司"）合并报表范围内下属子公司，被担保人中 无公司关联方。 ● 本次担保发生额：公司本次公告担保金额合计为人民币18.46亿元。截至本公告披露日，公司对控股 子公司提供的担保总额为475.14亿元。 ● 本次公告担保是否有反担保：无。 ● 本次公告担保已经过公司股东会审议及批准。 一、担保情况概述 为满足公司及相关子公司经营发展需要，公司为子公司向金融机构申请融资提供连带责任保证担保，本 次公告担保金额合计为人民币18.46亿元，具体如下： 1、山西晶科能源贰号智造有限公司（以下简称"山西晶科贰号智造"）向兴业银行股份有限公司太原分 行申请经营周转类组合债项授信敞口额度不超过人民币3亿元，授信期限不超 ...

专题：第九届世界浙商上海论坛暨2025上海市浙江商会年会 来源：上海市浙江商会 "奔涌"，是浙商与时代同频的脉搏，也是商海砥砺铸就的精神图腾。 1月18日，第九届世界浙商上海论坛暨2025上海市浙江商会年会将于上海国际会议中心开幕。本届论坛 以"奔涌"为主题，聚焦中国经济浪潮中浙商的韧性、创新与抱负，持续推动科学家与企业家"双向奔 赴"。 我们特别邀请了郑庆华、王建宇、郭广昌、陆朝阳、谢欣、朱军红、赵延平、任斌等院士专家、技术先 锋及知名企业家作交流分享，为浙商"奔涌"向前，迈向高质量发展带来新的时代注解。 论坛抢先看 -奔腾- 郑庆华 中国工程院院士，同济大学党委书记 AI+概念不断深入人心，从数据流演变到物理交互，AI的应用如何为世界的变革注入澎湃动力？ 谢 欣 飞书CEO 近年来，AI正在"更懂你的业务"，这位贯彻"AI-first"理念的企业家将带来行业的思考与实践。 -奔赴- 王建宇、陆朝阳、朱军红、赵延平、任 斌 从浩瀚宇宙到微观粒子，从苍穹之眼到大地脉动，我们看到了硬科技赛道上"奔赴"的多元图景，既有科 学家的执着探索，也有企业家的务实创新，更有科技与产业协同的强大合力。 -奔流- 王均金 商会 ...

晶科能源表示，公司就该部分股权放弃优先认购权。本次增资完成后，公司将直接及间接持有海宁晶科 股份比例不低于68.9419%，海宁晶科将继续纳入公司合并报表范围中。 北京商报讯（记者 王蔓蕾）1月16日晚间，晶科能源（688223）披露公告称，公司控股子公司海宁晶科 拟通过增资扩股方式引入兴银资产、东方资产等战略投资者，各方拟合计以现金增资不超过人民币30亿 元，预计合计取得海宁晶科增资后的股权比例不超过24.6771%，增资款项主要用于海宁晶科偿还金融 负债或经营性负债等。 ...