Core Viewpoint - The interview with the Secretary of the Board of JinkoSolar highlights the company's innovative strategies and commitment to addressing challenges in the photovoltaic industry, particularly focusing on technological advancements and sustainable practices [4][12]. Company Overview - JinkoSolar is a globally recognized solar technology company, listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2022, and has been a leader in solar module shipments for six consecutive years [4]. - The company's main products include photovoltaic modules, battery cells, and silicon wafers, with a strong focus on N-type advanced production capacity [4][7]. Financial Performance - In 2024, JinkoSolar's module shipment volume is projected to reach 92.87 GW, with N-type module shipments accounting for 88% [4]. - The company reported a revenue of 92.471 billion yuan and invested 4.407 billion yuan in R&D, with over 4,400 patent applications [4]. Industry Challenges and Strategies - The photovoltaic industry faces supply-demand imbalances, necessitating strict control over new capacity while innovating existing capacity to enhance competitive differentiation [2][7]. - JinkoSolar plans to upgrade over 40% of its production capacity by the end of 2025 to meet the demand for higher power modules [7]. Technological Innovation - The core of new productive forces in the photovoltaic industry is driven by technological innovation, including breakthroughs in high-efficiency battery technologies and smart manufacturing [6][11]. - JinkoSolar has achieved significant advancements, such as a maximum power output of 670W and a conversion efficiency of 24.8% for its third-generation Tiger Neo module [10][11]. R&D and ESG Commitment - The company has committed nearly 17 billion yuan to R&D from 2022 to 2024, representing over 5% of its revenue, and employs nearly 2,000 R&D personnel [11]. - JinkoSolar is a leader in ESG practices, being the first solar company to join the RE100 and EP100 initiatives, and has achieved all targets set by the Science Based Targets initiative (SBTi) [12]. Market Position and Future Outlook - JinkoSolar aims to expand its energy storage business significantly, targeting a shipment goal of 6 GWh by 2025, which is nearly five times the 2024 target [8]. - The company is enhancing its global manufacturing and investment strategies to mitigate market uncertainties and reduce reliance on single markets [10].

证券代码：688223 证券简称：晶科能源 公告编号：2025-040 债券代码：118034 债券简称：晶能转债 晶科能源股份有限公司 关于开展套期保值业务的进展公告 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。 （二）期货套期保值业务情况概述 公司对生产所用的铜、铝、白银、锡、多晶硅等商品进行套期保值，旨在降 低原料市场价格波动对公司生产经营成本的影响，以保证公司原材料供应和正常 生产。公司于 2024 年 12 月 10 日召开第二届董事会第十三次会议、第二届监事 会第九次会议，审议通过了《关于 2025 年度开展期货套期保值业务的议案》， 同意公司在 2025 年度开展与生产经营相关产品的套期保值业务，所需保证金最 高占用额度不超过人民币 6.6 亿元（不含期货标的实物交割款项）。前述额度在 期限内可循环滚动使用，公司及子公司生产经营相关的原材料，包括但不限于铜、 铝、白银、锡等商品品种。具体详见公司 2024 年 12 月 11 日通过上海证券交易 所网站（www.sse.com.cn）披露的《晶科能源股份有限 ...

| 证券代码：688223 | 证券简称：晶科能源 | 公告编号：2025-040 | | --- | --- | --- | | 债券代码：118034 | 债券简称：晶能转债 | | 晶科能源股份有限公司 关于开展套期保值业务的进展公告 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。 一、开展套期保值业务情况概述 （一）外汇套期保值业务情况概述 鉴于晶科能源股份有限公司（以下简称"公司"）出口业务的外币交易金额 款项通过外币结算，由于国际政治、经济环境等多重因素的影响，美元、欧元等 币种对人民币的市场汇率波动较大。为有效防范并降低外汇市场波动风险，公司 及子公司于 2025 年度开展外汇衍生品交易业务，以降低汇率大幅波动可能对公 司经营业绩带来的影响。公司于 2024 年 12 月 10 日召开第二届董事会第十三次 会议、第二届监事会第九次会议，审议通过了《关于 2025 年度开展外汇衍生品 交易的议案》，同意公司根据实际经营需要于 2025 年度开展外汇衍生品交易业 务，任意时点交易最高余额不超过等值 25 亿美元。 ...

Group 1 - The core achievement in solar technology is the development of perovskite micro-modules by NREL and CubicPV, which have achieved a world record efficiency of 24.0% for photovoltaic conversion [1] - The performance of the photovoltaic industry is reflected in the 中证光伏产业指数 (CSI Photovoltaic Industry Index), which has seen a decline of 0.58% as of July 15, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks include 横店东磁 (9.98% increase), 科华数据 (6.85% increase), and 罗博特科 (1.75% increase), while the worst performers include 协鑫集成 (4.83% decrease) and 双良节能 (3.98% decrease) [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index account for 55.39% of the index, with major companies including 阳光电源, 隆基绿能, and TCL科技 [2]

(活力中国调研行)中国光伏产业跃迁：从世界工厂到全球技术枢纽 他透露，晶科能源已在马来西亚、越南、美国、沙特阿拉伯等国家投资设立制造基地，并在德国、巴 西、日本等国建立本地化营销和服务网络。 中国各大光伏企业也纷纷在全球投建生产基地。今年6月，隆基绿能宣布与印尼国家石油公司新能源与 可再生能源子公司达成战略合作，正式启动建设印尼先进光伏组件制造基地项目，该工厂年产能预计达 1.6GW(吉瓦)。今年5月，红太阳新能源与尼日利亚某集团正式签署卡诺(Kano)州600MW(兆瓦)光伏组件 工厂整线建设协议，这是尼日利亚首条本土化光伏组件生产线。去年12月，晶澳科技宣布拟投资建设阿 曼年产6GW高效太阳能电池和3GW高功率太阳能组件项目，投资总额近40亿元人民币。去年7月，TCL 中环称，拟在沙特成立合资公司建设光伏晶体晶片项目，总投资金额约为20.8亿美元。 中新社江西上饶7月14日电 (记者 庞无忌 李韵涵)位于江西上饶的晶科智慧大工厂被视为光伏行业的一 个"超级引擎"。记者日前走访这一工厂时看到，长达一公里的生产车间内，"人"并非主角。AGV无人小 车(自动导向车)穿梭往来、机械臂伸缩移动、传送带滚动向前，组成 ...

Group 1 - The core viewpoint is that the photovoltaic industry is experiencing a significant price increase in silicon wafers, with various sizes seeing price hikes between 8% and 11.7% [1] - The photovoltaic industry index (931151) has shown strong performance, with component stocks such as Hongyuan Green Energy (603185) and Xiexin Integration (002506) rising by 6.84% and 6.15% respectively [1] - The photovoltaic ETF fund (159863) has also increased by 1.26%, reflecting the overall positive trend in the industry [1] Group 2 - The current focus for the photovoltaic industry is to break away from "involutionary" competition, which is crucial for policy and corporate self-rescue [2] - This transformation is expected to shift the industry from "price wars" to "quality for price," allowing for the orderly exit of backward production capacity [2] - The top ten weighted stocks in the photovoltaic industry index account for 55.39% of the index, indicating a concentration of market influence among leading companies [3]

Core Viewpoint - The photovoltaic industry chain has returned to the market spotlight after four years, with significant stock price increases across various segments, indicating a strong market recovery and investor interest [1][2][4]. Summary by Sections Market Performance - On July 8, A-share photovoltaic concept stocks saw three stocks hit the 20% daily limit, with nearly 30 stocks rising over 10%, showcasing a rare market phenomenon [1]. - As of July 9, nearly 70 photovoltaic concept stocks had increased by over 10% in July, with 25 stocks rising over 20%, marking it as a significant month for the sector [8]. Price Trends and Influences - The recent surge in the photovoltaic industry began in late June following important government commentary on "anti-involution" and subsequent meetings [5]. - Key stocks like Xinling Electric and Yamaton have shown remarkable price increases, with Xinling Electric rising 62.45% over five trading days [9][10]. - The price of polysilicon, a critical material for photovoltaic cells, has seen a significant increase, with a recent rise of 7% and a cumulative increase of over 30% [11]. Industry Dynamics - The photovoltaic industry is experiencing a strong recovery driven by policy support and rising material prices, leading to a high degree of certainty in valuation recovery [14]. - Historical patterns indicate that the industry has undergone several supply contraction cycles, suggesting potential for further price increases [17][18]. Valuation and Investment Opportunities - The photovoltaic sector has faced significant valuation pressures, with many companies experiencing up to 80% declines since their peak in 2021 [19][20]. - Despite the challenges, there are signs of stabilization, with industry losses narrowing and potential for performance recovery among leading companies [21][22]. - The photovoltaic ETF has outperformed many individual stocks, indicating a favorable investment vehicle for exposure to the sector [23]. Broader Implications - The "anti-involution" trend is not limited to photovoltaics but extends to other sectors such as construction materials and chemicals, suggesting a broader market recovery [24][25]. - The potential for significant investment opportunities exists, particularly for leading companies and those with competitive advantages in the current market environment [26].

Core Viewpoint - The recent surge in the photovoltaic (PV) equipment sector in the A-share market is driven by a series of favorable policies aimed at combating "involution" and promoting high-quality development within the industry [1][2]. Policy Background - The central government has intensified signals against "involution," with the Ministry of Industry and Information Technology (MIIT) mandating PV companies to report their cost prices, threatening penalties for those selling below cost [2][4]. - High-level meetings involving major PV companies indicate a strong governmental commitment to addressing disordered competition and enhancing product quality [2][4]. - The "anti-involution" measures have been a recurring theme in government discussions since last year, with multiple policy documents emphasizing the need for comprehensive regulation [2][4]. Industry Background - The PV industry is experiencing severe overcapacity, with significant price declines across the supply chain. In 2024, prices for polysilicon, silicon wafers, batteries, and modules are expected to drop by 39%, 50%, 40%, and 29% respectively [6][7]. - The industry's rapid expansion has led to a situation where many companies are selling products below cost, resulting in substantial losses. In 2024, major PV companies reported losses exceeding 600 billion yuan [6][7]. - The growth of the PV sector is notable, with projected installation capacity growth rates of 13.9%, 59.3%, 148.1%, and 28.3% from 2021 to 2024 [6]. Sichuan Countermeasures - Sichuan, a major player in the PV industry, is implementing strategies to address overcapacity while promoting technological upgrades and competitive advantages [9][10]. - The province is witnessing short-term challenges, including production cuts and layoffs, but long-term benefits are anticipated as companies stabilize and innovate [10][11]. - A combination of self-initiated production cuts and government policies aims to reduce capacity and enhance competitiveness [12][14]. Future Outlook - Despite current challenges, the PV industry is expected to rebound as the market corrects itself. The International Renewable Energy Agency projects that global PV installations will need to reach 18,200 GW by 2050 to meet carbon neutrality goals [14].

Core Points - Jiangxi Shangrao Comprehensive Bonded Zone officially commenced operations on July 8, 2023, focusing on industries such as photovoltaic and new energy vehicles [1][3] - The zone covers a total planned area of 0.55 square kilometers and is divided into five functional areas, with the first phase expected to be completed by March 2025 [1] - The first business transaction involved JinkoSolar Co., Ltd., which declared three trucks of N-type photovoltaic components valued at 67,000 yuan, marking the first operational activity in the zone [3] Industry Development - The Shangrao Comprehensive Bonded Zone aims to establish a "bonded+" industrial ecosystem by attracting projects related to cross-border e-commerce, manufacturing, logistics, bonded warehousing, testing and maintenance, and research and design [4] - The efficient entry process for goods is supported by a strict process control system, ensuring smooth customs clearance and data interoperability across the supply chain [3]

Group 1 - The photovoltaic ETF fund (159863.SZ) has increased by 5.08%, with major components such as Sungrow Power (up 8.98%), Longi Green Energy (up 6.08%), Tongwei Co. (up 10.00%), Daqo New Energy (up 14.84%), and TBEA Co. (up 3.02%) [1] - There are rumors that silicon material does not have a guiding price and cannot be sold below their full cost, with policies reiterating "supply-side expectations rising" [1] - The photovoltaic industry is currently undergoing a clearing process that can be categorized into financial, policy, and technical clearings, with expectations of challenges in domestic demand in Q3 and an anticipated increase in polysilicon production in July [1] Group 2 - Zhongyi Securities' strategy team notes that the current market environment is similar to the end of 2014, with investors having accumulated profit effects in the industry, and policy expectations stabilizing [1] - China Post Securities highlights that the photovoltaic industry has been officially named for "involution-style" competition, with leading photovoltaic glass companies planning to collectively reduce production by 30% starting in July [2] - The Ministry of Industry and Information Technology has signaled stronger regulatory measures, requiring companies to report cost prices and planning to impose heavy penalties on low-price sales, indicating an escalation in industry governance [2]