Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 7.35 yuan, while the current stock price is 6.18 yuan [5]. Core Insights - The company has signed a strategic cooperation agreement with Jingtai Technology to develop AI+robotics high-throughput perovskite solar cell technology, aiming to enhance competitive advantages in photovoltaic products [1][2]. - The perovskite tandem technology is seen as a key direction for the future of the photovoltaic industry, with the company achieving a new breakthrough in conversion efficiency of 34.76% for its TOPCon-based perovskite tandem cells [3]. - The energy storage business is expected to turn profitable soon, with a projected shipment volume of 3.3 GWh in the first three quarters of 2025 and plans for significant growth in 2026 [4]. Summary by Sections Strategic Cooperation - The collaboration aims to create the world's first AI-driven, robot-executed, and data-feedback closed-loop manufacturing line for tandem solar cells, significantly improving research and development efficiency [2]. - The new experimental line is expected to achieve a throughput of 1000 cells per day, enhancing R&D efficiency by a factor of 100 [2]. Technological Advancements - The company has improved its TOPCon cell efficiency to 27.79% and plans to upgrade 40%-50% of its existing capacity by the end of 2025, with mainstream models exceeding 640W [3]. - The strategic partnership is crucial for consolidating the company's long-term technological advantages and capturing the next generation of technology leadership [3]. Energy Storage Business - The company is deepening its strategic layout in the new energy storage sector, with a focus on large-scale and commercial energy storage projects, achieving an international order ratio of approximately 80% [4]. - The energy storage business is anticipated to contribute stable profits starting in 2026, supported by a production capacity of 17 GWh for system integration and 5 GWh for cell self-supply [4]. Financial Projections - The company is projected to have net profits of -4.5 billion yuan in 2025, followed by 2.13 billion yuan in 2026 and 3.57 billion yuan in 2027, indicating a significant turnaround [9]. - The company is compared with peers like Longi Green Energy, JA Solar, and Trina Solar, highlighting its leading position in TOPCon technology and rapid growth in the energy storage sector [9].

可以看出，若不能提高光伏产品价格以弥补出口退税政策调整的影响，光伏厂商业绩或将受到冲击。 据了解，2025年上半年，晶科能源海外业务占比超六成。其表示，公司凭借前瞻性的全球布局战略，不 仅深耕海外传统光伏市场，更敏锐捕捉海外高增长市场，实现2025年上半年逾六成的海外出货。公司在 日本光伏组件市场多年保持出货冠军，在沙特地区的市场份额大幅高于同业，在中东、东南亚、拉美区 域的多个光伏新兴市场实现市占率领跑。2025年上半年，公司在巴基斯坦的组件出货量便已达到2024年 全年的出货水平。 2025年上半年，晶科能源应收出口退税款期末账面价值为9.13亿元。 同期，天合光能境外业务收入为147.67亿元，占营收比例约为48%。2025年上半年，天合光能应收增值 税出口退税期初账面价值为0.21亿元。关于期末账面价值，天合光能并未列明。 晶澳科技境外业务占比同样接近五成。据2025年半年报，其境外业务收入118.42亿元，占比约为 49.54%。2025年上半年，晶澳科技应收出口退税款期初账面价值为0.18亿元，期末账面价值为0.25亿 元。 同期，隆基绿能光伏产品分部中，境外业务收入为123.68亿元，占光伏产品 ...

Group 1 - The Ministry of Finance and the State Taxation Administration announced the cancellation of the export VAT rebate for photovoltaic products starting April 1, 2026, reducing the rebate rate from 9% to 0% [1] - In the first ten months of 2025, photovoltaic exports reached $24.42 billion, which would result in a loss of approximately $2.2 billion (around 15.3 billion RMB) in rebates for large exporting companies [1] - If companies cannot raise prices to offset the impact of the export tax policy adjustment, their performance may be adversely affected [1] Group 2 - JinkoSolar's overseas business accounted for over 60% of its total shipments in the first half of 2025, maintaining a leading position in various international markets [2] - Trina Solar reported overseas revenue of 14.767 billion RMB, making up about 48% of its total revenue in the same period [2] - JA Solar's overseas business revenue was approximately 11.842 billion RMB, accounting for about 49.54% of its total revenue [2] Group 3 - Among the four major photovoltaic manufacturers, JinkoSolar has the highest proportion of overseas business, followed by Trina Solar and JA Solar, with LONGi Green Energy having the lowest [3] - Trina Solar's energy storage segment has made significant progress in expanding overseas markets, with a successful shipment of a 1.2 GWh energy storage system to Chile in July 2025 [3] - The export VAT rebate for battery products will be reduced from 9% to 6% starting April 1, 2026, and will be completely eliminated by January 1, 2027, providing a longer buffer period compared to photovoltaic products [3] Group 4 - The cancellation of export rebates may benefit manufacturers with a higher proportion of overseas production capacity [3] - Companies are increasingly establishing overseas production facilities, with JinkoSolar actively promoting global production and sales, including setting up factories in Southeast Asia and the U.S. [5]

Core Viewpoint - JinkoSolar has announced a strategic partnership with Jingta Technology to establish a joint venture focused on the research and development of AI-based high-throughput perovskite tandem solar cells, aiming to innovate photovoltaic technology through "AI + robotics" [1] Group 1: Stock Performance - Jingta Holdings (02228) saw its stock price increase by over 7%, reaching HKD 12.16, with a trading volume of HKD 813 million [1] Group 2: Strategic Partnership - JinkoSolar and Jingta Technology have signed a strategic cooperation agreement to collaborate on next-generation photovoltaic technologies, specifically in perovskite tandem solar cells [1] - The partnership aims to accelerate the research and industrialization of disruptive technologies in the solar energy sector [1] Group 3: Financial Actions - Jingta Holdings proposed to issue HKD 28.66 billion in zero-coupon convertible bonds maturing in 2027, with an initial conversion price of HKD 13.85, representing a 20% premium over the closing price on January 7 [1] - The proceeds from the bond issuance are intended to enhance the company's domestic and international R&D capabilities, commercial capabilities, and expand its business development and marketing teams [1]

晶泰科技与晶科能源此次携手合作，将通过AI+机器人的智能化研发范式，以具有竞争力的光伏产品为 目标，共建下一代光伏实验室。双方将结合晶科的产业经验数据、晶泰的文献挖掘数据与自动化实验平 台生成的高精度数据，首次将上百种钙钛矿材料配方与复杂的薄膜制备工艺参数编码化，为项目建立专 属化的钙钛矿-晶硅叠层实验数据库。基于数据库中的材料结构、配方、工艺、表征、器件性能等关键 参数，晶泰科技将开发专属小模型与大语言模型驱动的AI研发引擎，整合多任务的深度学习模型与物 理约束(Physics-informed)的机器学习模型，实现多模态AI推理和进化迭代循环。这一AI引擎将专注于叠 层结构设计、材料筛选、电学与光学性能预测、工艺参数优化等关键任务，持续迭代出更优越的钙钛矿 叠层电池设计。 此次合作还将构建业内首条千平米级AI高通量叠层太阳能电池实验线，实验通量预计将达到1000片/ 天，带来实验通量的百倍级提升，驱动算法设计到实验验证的极速迭代。机器人工作站可自动执行前驱 体合成、薄膜制备与原位表征等关键步骤，生成的实验数据经编码化后再实时反馈给专属数据库与AI 引擎，以"设计-实验-反馈-优化"的闭环机制，一站式完成材 ...

来源：新浪证券-红岸工作室 1月8日，晶科能源涨5.27%，成交额16.13亿元。两融数据显示，当日晶科能源获融资买入额1.85亿元， 融资偿还1.56亿元，融资净买入2929.09万元。截至1月8日，晶科能源融资融券余额合计11.14亿元。 融资方面，晶科能源当日融资买入1.85亿元。当前融资余额11.09亿元，占流通市值的1.73%，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1月8日融券偿还6.79万股，融券卖出16.36万股，按当日收盘价计算，卖出金额 104.53万元；融券余量72.73万股，融券余额464.72万元，超过近一年90%分位水平，处于高位。 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9月30日，晶科能源股东户数7.73万，较上期增加4.14%；人均流通股129456股，较 ...

国家知识产权局信息显示，晶科能源股份有限公司取得一项名为"一种光伏层压机及光伏组件电注入方 法"的专利，授权公告号CN118472108B，申请日期为2024年5月。 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。 来源：市场资讯 天眼查资料显示，晶科能源股份有限公司，成立于2006年，位于上饶市，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1000520.2678万人民币。通过天眼查大数据分析，晶科能源股份有限 公司共对外投资了53家企业，参与招投标项目1646次，财产线索方面有商标信息746条，专利信息2901 条，此外企业还拥有行政许可70个。 晶科能源（海宁）有限公司，成立于2017年，位于嘉兴市，是一家以从事电力、热力生产和供应业为主 的企业。企业注册资本357000万人民币。通过天眼查大数据分析，晶科能源（海宁）有限公司参与招投 标项目56次，专利信息909条，此外企业还拥有行政许可72个。 ...

Group 1 - The photovoltaic equipment sector is experiencing localized weakness, with significant declines in stock prices [1] - Hongyuan Green Energy has hit the daily limit down, while Daqo Energy has dropped over 6% [1] - Other companies such as Aotwei, Tongwei Co., and JinkoSolar are also seeing declines in their stock prices [1]

Core Viewpoint - JinkoSolar has announced a strategic partnership with Jingtai Technology to establish a joint venture focused on the research and development of AI-based high-throughput perovskite tandem solar cells, marking a significant collaboration in next-generation photovoltaic technology [1] Group 1: Strategic Partnership - JinkoSolar and Jingtai Technology will collaborate to advance the development of perovskite tandem solar cells using AI technology [1] - The partnership aims to reshape the photovoltaic research paradigm through "AI + robotics," accelerating the development and commercialization of disruptive technologies [1] Group 2: Financial Developments - JinkoSolar plans to issue zero-coupon convertible bonds worth 28.66 billion HKD, maturing in 2027, with an initial conversion price of 13.85 HKD per share, representing a 20% premium over the closing price of 11.54 HKD on January 7 [1] - The proceeds from the bond issuance will be used to enhance the company's domestic and international R&D capabilities, improve commercialization efforts, expand business development and marketing teams, and build facilities to increase delivery and R&D capabilities [1]

Group 1 - The core viewpoint of the article highlights that Jingtai Holdings (02228) experienced a significant stock increase of over 7%, reaching HKD 12.16, with a trading volume of HKD 813 million [1] - JinkoSolar has announced a strategic cooperation agreement with Jingtai Technology to establish a joint venture focused on the research and development of AI-based high-throughput perovskite tandem solar cells [1] - This collaboration marks the beginning of in-depth synergy between the two companies in the next-generation photovoltaic technology sector, aiming to reshape photovoltaic research paradigms through "AI + robotics" [1] Group 2 - Jingtai Holdings proposed the issuance of HKD 28.66 billion zero-coupon convertible bonds maturing in 2027, with an initial conversion price of HKD 13.85, representing a premium of approximately 20% over the closing price of HKD 11.54 on January 7 [1] - The proceeds from the bond issuance are intended to enhance the company's domestic and international R&D capabilities, improve commercialization abilities, expand business development and marketing teams, and build facilities to increase domestic and international delivery and R&D capabilities [1]