中金发布研报称，3Q25头部硅料企业有望实现量利齐升，价格上涨同时考虑持续降本和减值冲回影 响，头部棒状硅企业单硅料业务经营性亏损或有望大幅减少、不排除扭亏转正可能。4Q25是观测多晶 硅行业"反内卷"的重要时点，主要理由有以下三点：1)基本面层面，受三季度行业价格上涨预计硅料企 业财报端有望大幅减亏或实现扭亏为盈；2)市场层面，标杆成本价托底+枯水期减产下硅料价格仍有看 涨空间；3)政策层面，历经一个季度推进，硅料供给侧改革政策有望于年内出台。 风险因素 光伏供给侧改善不及预期，光伏需求不及预期。 向后看，短期内价格端和供给端维稳，建议关注硅料平台型公司进展可能带来的股价催化 根据InfoLink统计，受到近期光伏行业会议及枯水季来临影响，国内西南地区产能基地或于近日减产或 停产，预计10月硅料产量为13.33万吨，略高于同期下游预计排产需求。截至10月中旬，观察有关产能 整合等行业供给侧改革措施尚未落地，建议关注11月政策落地预期催化。中金维持此前观点：中长期行 业利润中枢有望回归合理盈利水平，而头部企业依靠成本优势，有望实现单位盈利/市占率提升。 标的方面 建议关注硅料板块龙头企业：通威股份（60043 ...

2025 年 10 月 21 日 行业研究/行业周报 电力设备及新能源行业近一年市场表现 投资要点 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 688303.SH | 大全能源 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 605117.SH | 德业股份 | 买入-A | | 300682.SZ | 朗新集团 | 买入-B | | 603688.SH | 石英股份 | 买入-A | | 601137.SH | 博威合金 | 买入-A | 电力设备及新能源 行业周报（20251013-20251019） 同步大市-A(维持) 智元发布机器人精灵 G2，国家发改委提出治理价格无序竞争 【山证太阳能】世界机器人大会超 1500 款机器人产品展出，光伏产业链价格持 稳 2025.9.9 肖索 执业登记编码：S07605 ...

证券之星消息，10月20日光伏设备板块较上一交易日下跌0.01%，隆基绿能领跌。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。光伏设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300080 | 易成新能 | 5.14 | 5.54% | 56.38万 | | 2.84亿 | | 688680 | 海优新材 | 43.82 | 4.96% | 3.37万 | | 1.45亿 | | 688556 | 高测股份 | 11.69 | 4.66% | 39.46万 | | 4.61亿 | | 301278 | 快可电子 | 34.98 | 3.92% | 1.67万 | | 5764.52万 | | 300051 | 斑→枝 | 6.42 | 3.72% | 10.89万 | | 6908.21万 | | 300316 | 晶盛机电 | 39.05 | 3.55% | 31.29万 | | 12.16亿 | ...

10月20日，大全能源盘中下跌2.01%，截至09:48，报27.82元/股，成交1.06亿元，换手率0.18%，总市值 596.80亿元。 资金流向方面，主力资金净流出538.04万元，特大单买入434.43万元，占比4.11%，卖出459.91万元，占 比4.35%；大单买入2430.34万元，占比22.97%，卖出2942.89万元，占比27.81%。 大全能源今年以来股价涨15.24%，近5个交易日涨3.54%，近20日跌8.79%，近60日涨7.58%。 今年以来大全能源已经1次登上龙虎榜，最近一次登上龙虎榜为7月2日，当日龙虎榜净买入5996.38万 元；买入总计1.40亿元 ，占总成交额比15.33%；卖出总计7958.62万元 ，占总成交额比8.74%。 大全能源所属申万行业为：电力设备-光伏设备-硅料硅片。所属概念板块包括：有机硅、多晶硅、光伏 玻璃、太阳能、融资融券等。 截至6月30日，大全能源股东户数3.51万，较上期减少2.64%；人均流通股15763股，较上期增加2.71%。 2025年1月-6月，大全能源实现营业收入14.70亿元，同比减少67.93%；归母净利润-11.47亿元， ...

长江下游一座面积230平方公里的江中小岛，走出了两位光伏大佬。一位是无锡尚德创始人、"光伏教父"施正荣，另一 位则是大全集团创始人、低调富豪徐广福。 施正荣是2000年后回国创业成功的海归企业家，鼎盛时期无数荣誉加身，贵为中国首富。如今，无锡尚德刚刚经历了第 二次破产重整。施正荣则早已退隐，2013他辞任董事长后这家公司就跟他没有任何关联了。 徐广福只有初中学历，他在改革开放的大潮中摸爬滚打，从乡镇企业家一路积累了上百亿财富。如今，83岁的徐广福仍 在大全能源(SH:688303)董事长的位置上坐镇，是光伏行业里还在一线拼杀的年纪最大的一员老将。 徐广福为人极其低调，很少公开露面。在他身上，积聚了老一辈企业家所独有的勤奋、朴实、拼搏精神。他是极度的风 险厌恶者，崇尚有多少钱办多大事，将守护资产负债表的安全作为企业经营的头等大事——大全能源的资产负债率长期 保持在10%以内，账上资金储备超百亿。 也正因为如此，在凶险异常、三天两头大洗牌的光伏行业，大全能源不仅活了下来，还一步步成长为"硅料四龙头"之 一。曾经有人评价，在眼下这轮史上最长的光伏寒冬中，很难说哪家硅料企业最先撑不住，但大全一定是最后一个倒下 的。 ...

Core Viewpoint - Daqo Energy's stock price has shown volatility, with a year-to-date increase of 20.67% but a recent decline in revenue and profit margins, indicating potential challenges ahead for the company [2][3]. Financial Performance - As of June 30, 2025, Daqo Energy reported a revenue of 1.47 billion yuan, a year-on-year decrease of 67.93%, and a net profit of -1.15 billion yuan, down 71.10% year-on-year [2]. - The company has cumulatively distributed 9.743 billion yuan in dividends since its A-share listing, with 8.588 billion yuan distributed over the past three years [3]. Stock Market Activity - Daqo Energy's stock price fell by 2.02% on October 17, 2023, trading at 29.13 yuan per share with a total market capitalization of 62.49 billion yuan [1]. - The stock has experienced a 5.39% increase over the last five trading days but a 5.58% decrease over the past 20 days [2]. Shareholder Composition - As of June 30, 2025, Daqo Energy had 35,100 shareholders, a decrease of 2.64% from the previous period, with an average of 15,763 shares held per shareholder, an increase of 2.71% [2]. - The largest shareholder is the Huaxia SSE Sci-Tech Innovation Board 50 ETF, holding 35.56 million shares, while the Hong Kong Central Clearing Limited has increased its holdings by 8.75 million shares [3].

Core Insights - The photovoltaic equipment sector saw a 1.01% increase on October 16, with Sungrow Power leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Sector Performance - Sungrow Power (300274) closed at 163.00, up 7.66%, with a trading volume of 1.2828 million shares and a transaction value of 20.459 billion [1] - Longi Green Energy (601012) closed at 20.25, up 2.69%, with a trading volume of 3.5606 million shares and a transaction value of 7.120 billion [1] - Daqo New Energy (688303) closed at 29.73, up 2.41%, with a trading volume of 248,800 shares and a transaction value of 730 million [1] - Tongwei Co. (600438) closed at 24.84, up 1.93%, with a trading volume of 1.2898 million shares and a transaction value of 3.169 billion [1] - Other notable performers include *ST Quannetwork (300093) at 13.18 (+1.54%), and Deye Technology (605117) at 75.10 (+0.67%) [1] Capital Flow - The photovoltaic equipment sector experienced a net outflow of 939 million from institutional investors, while retail investors saw a net inflow of 1.013 billion [2] - Notable declines in other sectors included *ST Muban (603398) down 4.96% and Weidao Nano (688147) down 3.69% [2]

Group 1 - The core viewpoint of the news highlights the performance of the photovoltaic ETF (159857) and the entrepreneurial board ETF Tianhong (159977), indicating significant growth and investor interest in these funds [3][4]. - As of October 15, the photovoltaic ETF (159857) has seen a weekly increase of 0.49%, with a notable trading volume of 1.79 billion yuan and a net inflow of 6.36 million yuan [3]. - The photovoltaic ETF (159857) has achieved a one-year scale growth of 706 million yuan, reflecting strong market demand [3]. Group 2 - The entrepreneurial board ETF Tianhong (159977) has experienced a scale growth of 797 million yuan over the past three months, with a significant increase in share volume [4]. - The latest net inflow for the entrepreneurial board ETF Tianhong (159977) is 6.19 million yuan, contributing to a total inflow of 302 million yuan over the last 16 trading days [4]. - The photovoltaic ETF (159857) closely tracks the CSI Photovoltaic Industry Index, which includes representative companies across the photovoltaic industry chain [4]. Group 3 - Recent reports indicate that regulatory authorities may soon release a document to strengthen photovoltaic capacity control, aiming to balance supply and demand in the industry [4]. - The National Development and Reform Commission has issued a draft on renewable energy consumption targets, which aligns with global climate change initiatives and aims to enhance green energy consumption [5].

Core Viewpoint - Daqo Energy's stock price has shown a year-to-date increase of 22.74%, with recent fluctuations indicating a mixed performance in the short term [2] Financial Performance - As of June 30, 2025, Daqo Energy reported a revenue of 1.47 billion yuan, a year-on-year decrease of 67.93%, and a net profit attributable to shareholders of -1.15 billion yuan, down 71.10% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 9.743 billion yuan, with 8.588 billion yuan distributed over the past three years [3] Stock Market Activity - Daqo Energy's stock price increased by 2.07% on October 16, reaching 29.63 yuan per share, with a trading volume of 355 million yuan and a turnover rate of 0.57% [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 599.638 million yuan on July 2 [2] Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 2.64% to 35,100, with an average of 15,763 circulating shares per person, an increase of 2.71% [2] - The largest circulating shareholder is the Huaxia SSE Sci-Tech Innovation Board 50 ETF, holding 35.5622 million shares, a decrease of 727,900 shares from the previous period [3]

Core Viewpoint - The photovoltaic sector experienced a rebound after a dip, with several companies, including Shuangliang Energy, hitting the daily limit increase. This follows reports of potential regulatory measures aimed at controlling production capacity across the entire industry chain, including restrictions on operating rates and a ban on new capacity additions [1] Group 1: Market Performance - Shuangliang Energy reached the daily limit increase, indicating strong market interest [1] - Other companies such as Guosheng Technology, Yaopi Glass, and Trina Solar also saw significant gains, reflecting a positive sentiment in the sector [1] Group 2: Regulatory Environment - Regulatory authorities are expected to release a document that will impose restrictions on the existing production capacity utilization rates across the photovoltaic industry [1] - The document will also prohibit the addition of new production capacity, which could impact future growth prospects for companies in the sector [1]