Core Viewpoint - The photovoltaic industry is facing a dilemma between the urgency to export before the VAT export tax rebate is canceled on April 1, 2026, and the rising costs of raw materials, which are causing hesitation in production decisions [1][2]. Group 1: Export Urgency and Raw Material Costs - Companies are under pressure to complete exports before the VAT export tax rebate is removed, leading to potential missed orders if not acted upon quickly [1]. - The rising prices of raw materials such as silver and aluminum are significantly impacting production budgets, causing companies to reconsider their production plans [1][2]. - The price of battery cells has increased by over 0.1 yuan per watt in the last two months, leading to a halt in procurement by many manufacturers [2]. Group 2: Inventory and Production Challenges - Companies with large inventories of components produced at lower costs are in a favorable position, while those with low inventories face challenges in sourcing high-cost battery cells for production [2][3]. - The domestic component prices are highly volatile, influenced by the rising costs of metals and the impending cancellation of the VAT export tax rebate [3]. Group 3: Market Uncertainty and Decision-Making - The uncertainty in overseas markets is making it difficult for manufacturers to decide on export strategies, compounded by financial constraints [3][4]. - Some traders are resorting to shipping products overseas for simple packaging to avoid high tariffs, raising questions about future stockpiling strategies [3]. Group 4: Impact on Market Dynamics - The cancellation of the VAT export tax rebate is expected to push companies towards technological innovation and improving product value to manage cost pressures [5]. - Companies with established overseas production capabilities, such as JinkoSolar, are likely to benefit from the policy changes, as they have mechanisms in place to adjust pricing in response to market fluctuations [5].

天眼查显示，近日，上饶晶科能源伍号智造有限公司成立，法定代表人为陈经纬，注册资本1000万人民 币，由晶科能源股份有限公司全资持股。 企业名称上饶晶科能源伍号智造有限公司法定代表人陈经纬注册资本1000万人民币国标行业制造业>电 气机械和器材制造业>其他电气机械及器材制造地址江西省上饶经济技术开发区经开大道88号7栋上饶 综合保税区保税仓库企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2026-1-12至 无固定期限登记机关上饶市市场监督管理局 序号股东名称持股比例1晶科能源股份有限公司100% 来源：市场资讯 经营范围含光伏设备及元器件制造，光伏设备及元器件销售，货物进出口，技术进出口（除依法须经批 准的项目外，凭营业执照依法自主开展经营活动） ...

Core Viewpoint - The concept of "space photovoltaics" is gaining traction among major solar companies, with a focus on perovskite tandem solar cells as a potential game-changer in the space energy sector [1][3][11] Group 1: Industry Developments - HaiMoxing claims to be a core supplier of laser equipment for JinkoSolar and Trina Solar, actively collaborating on the development of perovskite tandem solar cells [1][13] - JinkoSolar's chairman, Li Xiande, emphasized the need to explore market opportunities in space photovoltaics, while Trina Solar's chairman, Gao Jifan, announced plans to accelerate the commercialization of perovskite technology [3][11] - The Starship rocket is theoretically capable of deploying 300-500 GW per year, with plans to launch 1 million tons of satellites annually, each providing 100 kW of AI computing power, potentially adding 100 GW of computing capacity each year [1][3] Group 2: Technical Advantages of Perovskite - Perovskite solar cells are lightweight, with a weight reduction of over 90% compared to gallium arsenide and 92% compared to crystalline silicon, allowing for significant cost savings in satellite launches [4][12] - The energy output of perovskite cells can reach 10-30 W/g, compared to 3.8 W/g for gallium arsenide and 0.38 W/g for crystalline silicon, making them a more efficient option for space applications [4][12] - Perovskite cells are less affected by environmental factors in space, which could enhance their stability and longevity compared to traditional materials [4][12] Group 3: Collaborations and Industry Alliances - HaiMoxing is deeply involved in R&D partnerships with leading solar companies, positioning itself to capture future market opportunities in perovskite technology [14] - Other companies, such as Junda Co. and Aerospace Hongtu, are forming strategic alliances to develop perovskite applications for space energy solutions [14] - A growing number of laser equipment manufacturers, including Dier Laser and Qinghong Laser, are making advancements in perovskite technology, indicating a competitive landscape in this emerging field [6][14] Group 4: Challenges Ahead - Despite the promising outlook, the large-scale application of perovskite technology in space photovoltaics faces significant challenges, including the need for extensive in-orbit data validation and the development of consistent packaging and aerospace-grade standards [9][18] - The path to achieving substantial orders and revenue contributions remains long for laser equipment manufacturers involved in this sector [18]

本文源自：市场资讯 作者：情报员 国家知识产权局信息显示，浙江晶科能源有限公司取得一项名为"光伏组件"的专利，授权公告号 CN119789546B，申请日期为2025年1月。 天眼查资料显示，浙江晶科能源有限公司，成立于2006年，位于嘉兴市，是一家以从事电气机械和器材 制造业为主的企业。企业注册资本271434.298547万人民币。通过天眼查大数据分析，浙江晶科能源有 限公司共对外投资了9家企业，参与招投标项目97次，专利信息2661条，此外企业还拥有行政许可35 个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 ...

企查查APP显示，近日，上饶晶科能源伍号智造有限公司成立，经营范围包含：光伏设备及元器件制 造，光伏设备及元器件销售，货物进出口，技术进出口。企查查股权穿透显示，该公司由晶科能源全资 持股。 ...

本文源自：市场资讯 作者：情报员 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，浙江晶科能源有限公司取得一项名为"太阳能电池片及光伏组件"的专利，授 权公告号CN120603379B，申请日期为2025年8月。 天眼查资料显示，浙江晶科能源有限公司，成立于2006年，位于嘉兴市，是一家以从事电气机械和器材 制造业为主的企业。企业注册资本271434.298547万人民币。通过天眼查大数据分析，浙江晶科能源有 限公司共对外投资了9家企业，参与招投标项目97次，专利信息2661条，此外企业还拥有行政许可35 个。 ...

2026年1月9日，财政部税政司官网发布《关于调整光伏等产品出口退税政策的公告》，宣告自2026年4月1日起，取 消光伏等产品增值税出口退税。根据清单，具体涉及产品达249种，从六氟磷酸锂、球化石墨等原材料，到电池组 件一应俱全。 这意味着，这些光伏组件龙头企业，虽然正面临着激烈的竞争，但均还有着一定的资金安全垫，以支撑其熬过内 卷。当然，不同企业在债务结构、存货管理、股权融资空间等方面，还是有着不小的差异。 资产负债率均高企，晶澳、天合短期借款偏多 光伏组件是典型的重资产行业，业内企业资产负债率普遍较高。 2025年3季度末，晶科能源、晶澳科技、天合光能、通威股份资产负债率均超过70%，晶澳科技、天合光能更是接 近78%。隆基绿能相对偏低，但亦有62.43%。 | 2025年 三季度 | 资产负债率 | 货币资金 | 现金及现金 等价物余额 | 短期借款 | 一年内到期 非流动负债 | | --- | --- | --- | --- | --- | --- | | 昌科能源 | 74. 48% | 275. 91 亿元 | 221. 8 亿元 | 20.65亿元 | 87.33亿元 | | 降基绿能 | 6 ...

Group 1 - JinkoSolar's stock increased by 3.56% on January 12, with a trading volume of 1.559 billion yuan, and a net financing purchase of 6.2815 million yuan for the day [1] - As of January 12, the total margin balance for JinkoSolar was 1.085 billion yuan, which is 1.69% of its circulating market value, indicating a high level compared to the past year [1] - The company repaid 69,700 shares of margin loans and sold 352,800 shares on January 12, with a selling amount of 2.2582 million yuan, reflecting a high margin balance [1] Group 2 - As of September 30, JinkoSolar had 77,300 shareholders, an increase of 4.14%, while the average circulating shares per person decreased by 3.97% [2] - For the period from January to September 2025, JinkoSolar reported a revenue of 47.986 billion yuan, a year-on-year decrease of 33.14%, and a net profit attributable to shareholders of -3.92 billion yuan, a significant decline of 422.67% [2] Group 3 - JinkoSolar has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed over the past three years [3] - As of September 30, 2025, the second-largest circulating shareholder was Hong Kong Central Clearing Limited, holding 306 million shares, a decrease of 132 million shares from the previous period [3] - The sixth-largest circulating shareholder, E Fund's SSE STAR 50 ETF, held 147 million shares, down by 18.2429 million shares, while the eighth-largest, Huaxia's SSE STAR 50 ETF, held 141 million shares, a decrease of 7.88863 million shares [3]

Macroeconomic Insights - The US unemployment rate fell to 4.4% in December, down from a revised 4.5% in November, indicating a temporary halt in concerns over job market deterioration[11] - The US manufacturing PMI declined while the services PMI increased, reflecting mixed economic signals[7] - Consumer confidence in the US continued to recover in January, with inflation expectations slightly rising[7] Market Trends - Risk assets generally rose in the week of January 2-9, 2026, with major economies' stock markets and commodity prices increasing[7] - The 10-year US Treasury yield rose by 5.7%, while domestic 10Y government bond futures prices fell by 0.1%[7] - The dollar index increased by 0.7%, with the USD/CNY exchange rate at 6.98, indicating a slight appreciation of the yuan[7] Sector Performance - The AI application sector is expected to see significant growth, with a projected compound annual growth rate (CAGR) of over 35% for the AI industry and over 63% for the large model market[23] - The consumer electronics sector, particularly smart glasses, is experiencing rapid growth, with a projected 110% year-on-year increase in global shipments in the first half of 2025[38] Investment Recommendations - It is advised to overweight A/H shares due to multiple factors supporting Chinese equity performance, including an expected expansion of the fiscal deficit and a more aggressive economic policy[18] - Gold is recommended for overweight allocation due to its strong resilience and safe-haven attributes amid rising geopolitical uncertainties[20] - The report suggests a cautious approach to oil investments, recommending a lower allocation due to expected price pressures from geopolitical events and US policy directions[20]

1月9日，财政部、税务总局发布《关于调整光伏等产品出口退税政策的公告》，宣布自2026年4月1日起，取消光伏产品增值税出口退税。这意味着光伏 的"退税补贴时代"即将结束。 源：中华人民共和国财政部 出口退税指退返出口企业在国内缴纳的增值税，由于企业在海外国家还要缴税，为避免重复缴税，提振产品国际竞争力，中国自1985年开始实施出口退税 政策。 现行光伏产品的增值税出口退税的税率为9%。2024年11月15日，财政部、税务总局发布关于调整出口退税政策的公告称，2024年12月1日起，光伏产品出 口退税从13%下降至9%。 行业分析机构SMM分析，此次出口退税明确取消时间后，光伏产品尤其以光伏组件产品受到冲击最大，其主要影响为企业直接成本增加以及价格竞争力 度下降。"相当于每块210R组件，出口利润将减少46~51元/块，企业出口毛利率将被压缩，企业出口成本增加。"SMM光伏分析师郑天鸿表示。 中国光伏行业协会指出，自2024年以来，我国光伏产品在海外市场面临日益激烈的恶性竞争，出口价格持续走低，呈现"量增价减"态势。部分企业在出口 过程中，不仅低价竞争还将出口退税额折算为对外议价空间，导致原本用于对冲国内增值税 ...