Core Insights - The 2025 Photovoltaic Green Supply Chain Seminar highlighted the progress of leading companies like Longi, Jinko, and Tongwei in promoting green low-carbon transformation, despite the ongoing increase in carbon emissions within the photovoltaic industry [1][2][4] Group 1: Industry Performance - In Q1 2025, China's total installed capacity for wind and solar power reached 74.33 million kilowatts, surpassing thermal power for the first time, with solar power alone accounting for 94.6 million kilowatts [2] - By the end of May 2025, China's solar installed capacity exceeded 100 million kilowatts, with Chinese solar components now representing 83.41% of the global market [2] - The evaluation covered 55 photovoltaic-related companies, revealing significant renewable energy utilization among 40 companies, which collectively used 57.1 million megawatt-hours of renewable energy in 2024, resulting in a reduction of over 32.55 million tons of CO2 equivalent [2] Group 2: Carbon Emissions and Goals - Despite advancements, carbon emissions from photovoltaic companies remain high, with 44 companies reporting a total of 105 million tons of CO2 equivalent emissions in the last year [3] - The total carbon emissions for 24 companies that disclosed data for three consecutive years increased from 45.23 million tons in 2022 to 70.57 million tons in 2024, marking a 46.6% increase from 2022 to 2023 [3] - Seven companies committed to achieving carbon neutrality across their value chains by 2050, while six companies included supply chain reduction targets [4] Group 3: Environmental Management - Over 80% of leading companies disclosed green supply chain management requirements, with 10 companies extending environmental risk management to raw material suppliers [6] - 12 companies reported violations related to emissions and water usage, indicating a need for improved compliance and environmental management practices [6] - 16 out of 31 companies involved in component production disclosed plans for waste component recycling, although most actions were concentrated in the European market [7] Group 4: Future Outlook and Recommendations - The report suggests that Chinese photovoltaic companies should focus on international standards regarding resource consumption, greenhouse gas emissions, and biodiversity to enhance their green competitiveness [8] - The industry is encouraged to accelerate its low-carbon transformation and collaborate on building a green low-carbon supply chain to address global environmental challenges [8]

融券方面，当日融券卖出1.76万股，净买入0.07万股。 本文源自：金融界 最近三个交易日，25日-29日，晶科能源分别获融资买入0.46亿元、0.24亿元、0.39亿元。 7月29日，沪深两融数据显示，晶科能源获融资买入额0.39亿元，居两市第539位，当日融资偿还额0.34 亿元，净买入466.02万元。 作者：智投君 ...

热门中概股中，金山云和小马智行初步收跌超8%，理想跌超6%，阿特斯太阳能、京东、百度、晶科能 源、阿里巴巴、贝壳、蔚来跌超2%，大全新能源涨1.9%，再鼎医药涨4.7%，逸仙电商涨5%。 纳斯达克金龙中国指数初步收跌1.3%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the photovoltaic industry [9] Core Insights - The current round of anti-involution in the photovoltaic sector is marked by a more mature and pragmatic approach compared to the previous round, initiated by a series of policy and corporate events starting from late June [3][6] - The government has shown increased attention and clearer communication regarding the photovoltaic industry, with higher-level officials participating in discussions and setting more stringent regulations [6][22] - Companies and industry associations are taking proactive steps to address issues, demonstrating a higher degree of consensus and commitment to compliance with pricing regulations [6][26] Summary by Sections Overview - The report highlights that the current anti-involution measures are more mature and pragmatic than previous efforts, with significant developments in both policy and corporate actions since late June [3][6] Government and Corporate Attitudes - Government officials have publicly emphasized the need to regulate low-price competition and improve product quality, with more structured meetings and discussions involving higher-level participants [6][18] - Companies have taken the initiative to propose practical solutions and have shown a stronger commitment to enforcing pricing regulations, leading to a more unified industry response [6][26] Capacity and Production Measures - The focus has shifted from quota-based production limits to a strategy of consolidating capacity, particularly in the silicon material sector, where leading companies are acquiring smaller firms to manage supply and demand effectively [6][28] Pricing Measures - The current measures extend price controls beyond just components to include silicon materials, silicon wafers, batteries, and modules, with a higher baseline price established compared to previous rounds [6][36] - Recent price increases have been observed across all segments, with silicon material prices rising significantly, indicating a recovery towards reasonable levels [7][42] Investment Opportunities - The report identifies significant investment opportunities in silicon materials and battery components, highlighting specific companies such as Tongwei Co., GCL-Poly Energy, and LONGi Green Energy as key players to watch [7][36]

Group 1 - The latest stock price of JinkoSolar is 5.57 yuan, an increase of 1.46% compared to the previous trading day [1] - The opening price was 5.50 yuan, with a highest point of 5.58 yuan and a lowest point of 5.44 yuan, with a trading volume of 696,074 hands and a transaction amount of 383 million yuan [1] - JinkoSolar operates in the photovoltaic equipment industry, focusing on the research, production, and sales of photovoltaic products, including silicon rods, wafers, cells, and modules [1] Group 2 - JinkoSolar has established a partnership with Metlen Group to participate in a 1.6GWh energy storage project in Chile, which is one of the large-scale energy storage projects in emerging markets scheduled for delivery in the first half of 2025 [1] - In the first half of 2025, global energy storage battery shipments are expected to increase by 106% year-on-year, with domestic manufacturers accounting for 97.67% of the total shipments [1] - On July 29, JinkoSolar saw a net inflow of 39.61 million yuan in main funds, representing 0.07% of its circulating market value [1]

天眼查商业履历信息显示，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1000519.9351万人民币，实缴资本800000万人民币。公司法 定代表人为李仙德。 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1570次，知识 产权方面有商标信息748条，专利信息2683条，此外企业还拥有行政许可71个。 资金流向方面，今日主力资金净流入3960.68万元，占比成交额10.33%。其中，超大单净流入59.53万 元、占成交额0.16%，大单净流入3901.14万元、占成交额10.18%，中单净流出流出2318.67万元、占成 交额6.05%，小单净流出1642.00万元、占成交额4.28%。 晶科能源最新一期业绩显示，截至2025一季报，公司营业总收入138.43亿元、同比减少40.03%，归属净 利润138971.36万元，同比减少218.20%，扣非净利润186635.26万元，同比减少1075.63%，流动比率 1.407、速动比率1.128、资产负债率72.72%。 金融界消息 截至2025年7月29日收盘 ...

Group 1 - JinkoSolar has been awarded the highest "AAA" rating by PV Tech for the second consecutive quarter, achieving a score of 9.6, the highest globally, reinforcing its leading position in the photovoltaic industry [1] - The company has maintained its top position in global module shipments, with a cumulative shipment of over 320GW by the end of Q1 2025, and has been the global leader in module shipments for six consecutive quarters [1] - In the first half of 2025, JinkoSolar achieved a shipment volume of over 41GW, further solidifying its market leadership [1] Group 2 - JinkoSolar plans to strengthen its global market position with the launch of the new Tiger Neo 3.0 module, which features advanced N-type TOPCon technology, with a maximum power output of 670W and an efficiency of 24.8% [2] - The Tiger Neo 3.0 module boasts a high bifacial rate of 85%-90% and a back-side energy gain of 10%-30% in high-reflective ground scenarios, contributing to optimized levelized cost of electricity [2] - The module has a low temperature coefficient of -0.26%, with first-year degradation below 1% and an average annual linear degradation of only 0.35%, ensuring high returns over its lifecycle [2]

Group 1 - The core theme of the recent meeting held by the China Photovoltaic Industry Association is "production limits to maintain prices," with expectations of a 10%-15% reduction in operating rates in the third quarter [2] - A strict policy against "selling below cost" is being implemented, with third-party audits to investigate low-price sales and measures against companies engaging in substandard product sales [2] - The photovoltaic industry is currently facing supply-demand imbalances, price fluctuations, and performance losses, necessitating the accelerated elimination of excess capacity [2] Group 2 - In the A-share photovoltaic supply chain, 18 out of 21 listed companies reported losses in their first-quarter net profits, with larger manufacturers experiencing more severe losses [2] - Major companies such as Tongwei Co., Ltd. reported a loss of 2.61 billion yuan, while TCL Zhonghuan and Longi Green Energy each faced losses nearing 2 billion yuan [2] - Industry organizations have been actively taking measures, including setting minimum price standards for components and enhancing technical standards to combat vicious competition [2] Group 3 - The photovoltaic industry chain prices are under pressure, with a slight decline observed since June 16, indicating that the effectiveness of production cuts remains to be seen [3][4] - The average transaction price for 183N silicon wafers has dropped to the range of 0.9 to 0.91 yuan, with some quotes falling below 0.9 yuan [4] - The price of polysilicon has also decreased due to weak downstream demand and significant price drops in silicon wafer products, leading to severe price pressure on new contracts [5] Group 4 - The number of new polysilicon contracts has decreased significantly post-exhibition, with major manufacturers struggling to make sales at current low prices [5] - The decline in polysilicon prices is attributed to the rapid drop in downstream silicon wafer prices and the expectation of increased production capacity among polysilicon manufacturers [5] - Currently, all 11 polysilicon production companies are operating at reduced capacity, indicating a cautious approach to market conditions [5]

Group 1 - The core viewpoint is that the recent increase in polysilicon futures prices has positively influenced the sentiment in the photovoltaic sector, with notable stock performances from companies like Foster, which hit the daily limit up [1] - As of July 29, 2025, the CSI Photovoltaic Industry Index (931151) rose by 0.37%, with key stocks such as Foster increasing by 9.21%, and other companies like Dier Laser and Daquan Energy also showing significant gains [1] - The Photovoltaic ETF Fund (516180) increased by 0.33%, with a recent price of 0.61 yuan, and has seen a cumulative increase of 1.50% over the past week, ranking 3rd out of 10 comparable funds [1] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include companies like Sungrow Power, LONGi Green Energy, and TCL Technology, which collectively account for 55.39% of the index [2]

Core Viewpoint - The "anti-involution" movement in the photovoltaic industry has been elevated to a high level since early July, with initial effects seen in the price transmission along the supply chain, starting from silicon materials [2][3]. Industry Overview - Silicon materials are at the top of the photovoltaic supply chain, leading to price increases in silicon wafers, which then transmit to the midstream solar cell segment. However, the component price feedback is weak, with downstream investors still demanding low prices, creating uncertainty in further price transmission [2][3]. - According to Zhongjin Securities, companies purchasing silicon materials are primarily buying in small batches, with many still in a wait-and-see mode, indicating a lack of large-scale transactions [2]. Challenges in the Supply Chain - The most challenging segments in the supply chain are silicon wafers, solar cells, and components, with new production capacities still being introduced in some areas. The component sector faces difficulties due to the high number of participating manufacturers, requiring a market-driven approach to clear excess capacity, which will take time [3][6]. - A significant reduction in production capacity is necessary, with at least one-third needing to be cleared to address the overcapacity issue effectively [8]. Market Dynamics - The global demand for photovoltaic installations is projected to reach 530 GW in 2024 and 570-630 GW in 2025, while supply capacities for silicon materials, silicon wafers, solar cells, and components are expected to be 339.4 million tons, 1394.9 GW, 1426.7 GW, and 1388.9 GW respectively in 2024 [5][6]. - The price transmission from upstream to downstream is essential; without it, the efforts to combat "involution" will not yield results. A lack of downstream demand will lead to a stalemate, creating a "cold" situation at both ends of the supply chain [6][7]. Product Development and Strategy - The company emphasizes the need for high-performance products to regain pricing power and enhance customer value. Their Neo 3.0 component boasts a 27% battery efficiency and 670W front power, aiming to provide better investment value and quicker cost recovery for customers [7]. - The market will likely see a shift towards high-performance, reasonably priced competitive products as a means to clear excess capacity, driven by policy intervention and market selection [9]. Future Outlook - The industry is expected to face more challenges ahead, described as the "darkest hour before dawn," with the success of the "anti-involution" efforts hinging on the determination to restrict new production capacities and the consensus among downstream customers [8][10].