融券方面，大全能源1月29日融券偿还1300.00股，融券卖出837.00股，按当日收盘价计算，卖出金额 2.11万元；融券余量3.87万股，融券余额97.58万元，低于近一年20%分位水平，处于低位。 资料显示，新疆大全新能源股份有限公司位于新疆石河子市经济开发区化工新材料产业园北二十路66 号，成立日期2011年2月22日，上市日期2021年7月22日，公司主营业务涉及从事高纯多晶硅的研发、制 造与销售。主营业务收入构成为：高纯多晶硅97.95%，副产品及其他2.05%。 截至9月30日，大全能源股东户数4.00万，较上期增加14.07%；人均流通股53635股，较上期增加 240.25%。2025年1月-9月，大全能源实现营业收入32.43亿元，同比减少46.00%；归母净利润-10.73亿 元，同比增长2.36%。 1月29日，大全能源跌0.32%，成交额4.38亿元。两融数据显示，当日大全能源获融资买入额2940.45万 元，融资偿还4577.73万元，融资净买入-1637.27万元。截至1月29日，大全能源融资融券余额合计6.08 亿元。 分红方面，大全能源A股上市后累计派现97.43亿元。近三年 ...

Core Viewpoint - The photovoltaic industry is undergoing a deep reform to combat internal competition, with regulatory measures and policy adjustments reflecting a commitment to high-quality development. However, many companies are still facing significant losses, indicating that this battle is not a short-term fix but a necessary step to resolve structural issues within the industry [2][5]. Industry Performance - Major companies like Tongwei Co., Ltd. and LONGi Green Energy are projected to incur substantial losses in 2025, with estimated net losses of 9 to 10 billion yuan and 6 to 6.5 billion yuan respectively. Other companies such as JA Solar, JinkoSolar, and Trina Solar are also expected to report significant losses, highlighting the severe challenges faced by the industry [2][3]. - The average gross margin for the entire industry is only 3.64%, with many companies trapped in a cycle of "production equals loss" due to oversupply and rising raw material costs [3][4]. Causes of Losses - The industry's performance crisis is primarily attributed to excessive homogenous production capacity and fierce price competition, compounded by soaring raw material costs. The supply of silicon materials is projected to exceed global demand by more than double over the next three years, leading to a significant imbalance [3][4]. - The price of silver, a key material in photovoltaic cells, has surged by 231% in 2025, pushing companies to adopt cost-cutting measures at the expense of technological innovation and quality [4][5]. Recommendations for Improvement - Companies must shift their focus from price competition to technological innovation and quality improvement, investing in advanced battery technologies such as TOPCon, BC, and ABC to enhance efficiency and reduce costs [4][6]. - The industry needs to establish self-regulatory standards to combat unfair competition practices, such as selling below cost and misrepresenting product capabilities, while promoting collaboration among companies to consolidate resources [4][6]. Government Role - Government policies and regulatory actions are crucial for supporting the industry's reform efforts. A unified and clear policy direction is necessary to stabilize market expectations and foster industry consensus [5][6]. - Regulatory bodies should enhance oversight on low-price dumping and set higher energy consumption and environmental standards for mature production stages, while also optimizing bidding rules to prioritize technology and quality over price [5][6]. Future Outlook - The photovoltaic industry is at a critical juncture, with the potential for recovery as companies begin to reduce losses and improve profitability. Analysts suggest that the industry may see a turning point in profitability by early 2026 [6][7]. - A collaborative effort between companies and government is essential to ensure that innovation becomes the cornerstone of industry development, allowing China to transition from a manufacturing hub to a center of innovation in the global energy transformation [7].

企业作为市场主体，是反内卷的核心执行者，其自觉与努力决定着反内卷的实际成效，而当前全行业的 业绩困境，正是低价内卷叠加成本压力的集中恶果。2025年的光伏行业，鲜有企业能独善其身，从头部 龙头到细分领域玩家，业绩预亏成为行业常态，亏损规模与范围均创下历史新高—— 笔者认为，唯有企业筑牢自律自觉的根基，政府打出协同一致的政策组合拳，将反内卷坚持到底，才能 让光伏行业彻底走出低价厮杀的泥潭，回归技术创新与价值创造的核心赛道。 通威股份（600438.SH）预计2025年净亏损90亿~100亿元，隆基绿能（601012.SH）预亏60亿~65亿元， 两大龙头的巨亏直接折射出行业的严峻形势，其中隆基绿能明确提及四季度银浆、硅料成本大幅上涨进 一步推升了产品成本，加剧经营压力；晶澳科技（002459.SZ）、晶科能源（688223.SH）、天合光能 （688599.SH）归母净利润分别预亏45亿~48亿元、59亿~69亿元、超42亿元，组件赛道的价格战厮杀已 到白热化阶段，天合光能更坦言受硅料、银浆等原材料成本上涨影响，组件业务盈利能力同比下滑；硅 料龙头大全能源（688303.SH）持续亏损，虽三季度起硅料价格呈现恢 ...

（文章来源：每日经济新闻） 每经AI快讯，1月26日，纳斯达克中国金龙指数跌超0.5%，名创优品跌4.08%，再鼎医药跌4.36%，大全 新能源跌2.80%，小鹏汽车跌2.70%，百度跌2.51%。 ...

Core Viewpoint - The photovoltaic (PV) sector in A-shares has seen a significant surge, with multiple stocks experiencing a 20% increase, driven by Elon Musk's endorsement of space photovoltaics at the Davos Forum. However, the industry faces a harsh reality of prolonged losses, overcapacity, and persistent price pressures, with major companies expected to report substantial losses in 2025 [3][4][5]. Group 1: Industry Performance and Financial Outlook - A total of 32 listed PV companies have issued profit warnings, with 23 companies, over 70%, expected to incur losses in 2025 [5]. - Major players like Tongwei Co. are projected to face losses between 9 billion to 10 billion yuan, a significant increase from the previous year's loss of 7.04 billion yuan, marking it as the only company with a projected loss exceeding 10 billion yuan [5][6]. - Trina Solar and JinkoSolar are also expected to report substantial losses, with Trina Solar's losses estimated at 6.5 billion to 7.5 billion yuan, up from 3.44 billion yuan the previous year [5][6]. Group 2: Market Dynamics and Challenges - The PV industry is grappling with a dual weakness in supply and demand, leading to significant price declines across the supply chain, including silicon materials, cells, and modules [8][9]. - The rapid expansion of manufacturing capacity in recent years has coincided with a slowdown in global demand, resulting in severe supply-demand imbalances [9]. - The cost of key raw materials, particularly silver, has surged, further straining the profitability of PV companies. Silver prices have increased by over 118% since October of the previous year, significantly impacting production costs [9][10]. Group 3: Future Industry Prospects - The path to recovery for the PV industry hinges on supply-side reforms, including capacity utilization improvements and the elimination of outdated production capabilities [10]. - The industry must address the current overcapacity and restore a healthy balance between supply and demand to improve product pricing and overall profitability [10].

这既是一场残酷的生存淘汰赛，也是一次深度的产业格局重 构。光伏行业的下一站，必将在这一轮激烈洗牌后重新锚定。 作者：蔡越坤 封图：图虫创意 2025年的光伏行业，交出了一份令人触目惊心的成绩单。 2026年1月22日，晶科能源（688223.SH）披露，预计2025年归母净利润亏损59亿元至69亿 元；此前数日的公告显示，天合光能（688599.SH）预亏65亿元至75亿元，创上市以来最大亏损 纪录；通威股份（600438.SH）预亏90亿元至100亿元，隆基绿能（601012.SH）预亏60亿元 到65亿元，TCL中环（002129.SZ）预亏82亿元至96亿元、晶澳科技（002459.SZ）预亏45亿 元至48亿元，爱旭股份（600732.SH）、钧达股份（002865.SZ）和大全能源（688303.SH） 也预计亏损超过10亿元…… 龙头企业预亏合计达数百亿元，处在反内卷当中的光伏业仍未走出亏损泥潭。 "现在的光伏圈，与其说是'红海'，不如说是'血海'。"作为一名入行近十年的从业者，李帅如此感 慨光伏行业的现状。在他的记忆中，2022年光伏全行业利润丰厚；但在短短四年内，行业经历了 从顶峰到谷底的剧烈 ...

近日，A股光伏板块全线爆发，多只个股上演20%涨停潮，连城数控（920368.BJ）、欧普泰 （920414.BJ）更是录得"30cm"涨停，港股市场太阳能概念股亦同步共振。引爆行情的是美国富豪马斯 克在达沃斯论坛上对太空光伏的最新力挺，其为低迷已久的光伏板块注入了强烈的题材预期。 然而，掀开概念炒作的表层，光伏行业面临的却是连续两年半的普遍亏损、产能阶段性过剩与产品价格 持续承压的"弱现实"。第一财经记者根据已披露的2025年业绩预告统计发现，包括通威股份 （600438.SH）、晶科能源（688223.SH）、天合光能（688599.SH）、晶澳科技（002459.SZ）、TCL中 环（002129.SZ）、钧达股份（002865.SZ）在内的多家光伏制造巨头，预计2025年净利润亏损幅度进一 步加剧，预亏金额在40亿元到100亿元区间。 仅少数光伏企业如大全能源（688303.SH）、隆基绿能（601012.SH）、双良节能（600481.SH）等同比 实现减亏。在强预期炒作与弱现实基本面的显著背离下，行业资产负债表持续承压，结构性修复迫在眉 睫。 业内人士普遍认为，太空光伏的发展路径存在较高不确定性， ...

1月23日，A股三大指数震荡整理，科创50ETF（588000）午后探底回升，翻红走强，涨幅为0.43%，成 交额超35亿元，交投活跃度显著提升。盘面上，光伏多股大涨，晶科能源涨停，天合光能大涨 14.92%，国博电子上涨13.83%，阿特斯上涨10.51%，中控技术、大全能源涨超7%。 科创50ETF（588000）追踪科创50指数，指数持仓电子行业超70%，与当前人工智能、机器人等前沿产 业的发展方向高度契合。同时涉及医疗器械、软件开发、光伏设备等多个细分领域，硬科技含量高，看 好中国硬科技长期发展前景的投资者建议持续关注。 消息面上，1月20日，天合光能发布了最新的分布式光伏普通组件指导价格，再度上调3分/W，报价区 间锁定在0.88元—0.92元/W。这已是天合光能进入2026年以来的第三次价格调整，不到一个月，普通组 件价格已累计上涨6分/W。轻质单玻组件的报价已突破1.08元/W的高位，标志着主流光伏组件价格再次 回到"1元时代"。 （文章来源：每日经济新闻） 展望后市，有券商研报表示，我国20万颗卫星申报推动商业航天全产业链加速，带动太空光伏需求爆 发；数量上，万颗级星座规划使光伏电池需求成倍增 ...

本报（chinatimes.net.cn）记者李佳佳 李未来 北京报道 光伏企业的业绩，一直是行业冷暖的"温度计"。 2025年，这份"体检报告"依然不容乐观。从硅料、硅片到电池片、组件，四大主环节企业几乎全线亏 损；就连设备、玻璃、胶膜、银浆等配套企业，也大多在"失血"。过去两年，业内将其称为光伏行业 的"至暗时刻"。正因如此，市场对"行业何时见底回暖"的呼声越来越高。 虽然全行业都在亏，但不同环节表现大不相同，上游硅料企业下半年已开始回暖。大全能源 （688303.SH）业绩预告显示，公司2025年净亏损10亿元到13亿元，亏损幅度同比收窄52.17%到 63.21%。 大全能源表示，2025年，随着行业政策引导的持续深化，国内多晶硅价格自第三季度起呈现恢复性上 涨，但多晶硅产业整体仍面临高库存与弱需求的现实挑战。业绩预告期内，公司实现了生产成本的降低 与运营效率的提升，为改善盈利水平提供了重要支撑。同时，受资产减值因素变动的影响，公司净亏损 较上年同期大幅收窄。 伴随三季度多晶硅价格提升，硅料巨头通威股份（600438.SH）下半年硅料业务也实现了经营性盈利， 全年实现同比减亏约6亿元。 然而，硅料环节 ...

智通财经记者｜马悦然 光伏企业仍深陷寒冬，大幅亏损还在持续。 1月21日晚，随着晶科能源(688223.SH)业绩预告的披露，光伏企业龙头去年净利润情况悉数公布。智通财经统计的12家 主产业链企业中，仅弘元绿能(603185.SH)全年盈利，其余企业亏损值上限合计超过500亿元。 | | 部分光伏企业2025年业绩预告情况 | | | --- | --- | --- | | 变业 | 2025年净利润预告亏损值 单位： 亿元 | 2024年亏损值 单位: 亿元 | | 通威股份 | 90-100 | 70.39 | | TCL中环 | 82-96 | 98.18 | | 天合光能 | 65-75 | 34.43 | | 晶科能源 | 59-69 | 盈利0.99 | | 隆基绿能 | 60-65 | 86.18 | | 晶澳科技 | 45-48 | 46.56 | | 爱旭股份 | 12-19 | 53.19 | | 大全能源 | 10-13 | 27.18 | | 京运通 | 12.3-17.4 | 23.61 | | 钧达股份 | 12-15 | 5.91 | | 国晟科技 | 3.25-6.5 | 1. ...