36氪获悉，爱企查App显示，近日，海口电乐多新能源有限公司成立，法定代表人为毛银华，注册资本 为1000万元人民币，经营范围包括离岸贸易经营；发电业务、输电业务、供（配）电业务；光伏设备及 元器件制造等。股东信息显示，该公司由固德威控股的江苏昱德新能源科技有限公司全资持股。 ...

人民财讯11月6日电，企查查APP显示，近日，海口电乐多新能源有限公司成立，法定代表人为毛银 华，注册资本为1000万元，经营范围包含：离岸贸易经营；发电业务、输电业务、供(配)电业务；光伏 设备及元器件制造等。企查查股权穿透显示，该公司由固德威控股江苏昱德新能源科技有限公司全资持 股。 ...

截至9月30日，固德威股东户数1.87万，较上期增加17.17%；人均流通股12972股，较上期减少14.59%。 2025年1月-9月，固德威实现营业收入61.94亿元，同比增长25.30%；归母净利润8111.98万元，同比增长 837.57%。 分红方面，固德威A股上市后累计派现5.38亿元。近三年，累计派现3.27亿元。 机构持仓方面，截止2025年9月30日，固德威十大流通股东中，汇丰晋信低碳先锋股票A（540008）位 居第六大流通股东，持股497.58万股，相比上期减少6.03万股。香港中央结算有限公司位居第八大流通 股东，持股305.06万股，相比上期减少35.57万股。广发高端制造股票A（004997）位居第九大流通股 东，持股260.02万股，相比上期减少368.14万股。光伏ETF（515790）位居第十大流通股东，持股 192.43万股，相比上期减少6.77万股。 固德威今年以来股价涨56.72%，近5个交易日涨3.60%，近20日涨0.71%，近60日涨45.75%。 资料显示，固德威技术股份有限公司位于江苏省苏州市高新区塔园路93号，成立日期2010年11月5日， 上市日期2020 ...

Core Insights - The photovoltaic industry has shown significant improvement in Q3 2025, with many companies turning losses into profits, indicating a positive trend that is expected to continue [1][22] - The future evolution of the photovoltaic industry is determined by "storage capacity" for mid-term valuation and the integration of AI in data centers for long-term success [1][23] Industry Overview 1. Silicon Material - GCL-Poly's Q3 profit from photovoltaic materials reached approximately 960 million yuan, a significant recovery from a loss of 1.81 billion yuan in the same period last year [2] - Tongwei and Daqo New Energy also reported substantial improvements, with Daqo achieving a profit of 73 million yuan in Q3 [2] - The silicon material sector has seen a price surge, with futures prices rising from 30,000 yuan/ton in Q2 to 58,000 yuan/ton in Q3, indicating a strong recovery [2][4] 2. Silicon Wafer - Second-tier silicon wafer companies like Hongyuan Green Energy and Shuangliang Energy have turned profitable, with Hongyuan reporting a profit of 500 million yuan in Q3 [7] - Longi Green Energy has also shown a notable reduction in losses, approaching breakeven [8] 3. Battery Components - Battery component manufacturers, including Longi, Jinko, Trina, and Tongwei, have reported improvements, except for JA Solar, which saw a decline in Q3 performance [10] 4. Inverters - Most inverter companies have experienced profit growth, driven by the expanding energy storage market, with Sungrow reporting a net profit of 11.8 billion yuan [14] - However, companies like Hemai and YN Energy faced losses due to weak demand in the European residential market [12][14] 5. Auxiliary Materials - The auxiliary materials sector, particularly the film industry, faced a challenging period in Q3, but prices have started to recover, indicating a potential turnaround [15][16] - Foster's overseas market share has increased significantly, contributing to its revenue growth [16] 6. Photovoltaic Equipment - Overall profits in the photovoltaic equipment sector are declining, but many companies still maintain good profitability [18] - Companies like Jiejia Weichuang and Maiwei are actively expanding into overseas markets, which is becoming a new growth point [19] Key Recognitions from Q3 Reports - The darkest period for the photovoltaic industry appears to be over, with most companies showing improved performance [22] - The demand for energy storage has exceeded expectations, with significant growth projected for the global storage market [23][25] - The residential market is showing signs of weakness, prompting companies to shift focus towards commercial markets [26][27] - Leading companies are beginning to demonstrate robust operational performance, indicating a shift towards a more competitive landscape [28][29] - New technologies that align with the AI era are expected to gain traction, enhancing the commercial value of photovoltaic products [31]

截至发稿，郭雪松累计任职时间6年53天，现任基金资产总规模13.13亿元，任职期间最佳基金回报 101.76%， 任职期间最差基金回报-3.63%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，工银瑞信基金旗下1只基金重仓固德威。工银银和利混合（001722）三季度持有股数6.22万 股，占基金净值比例为0.82%，位居第九大重仓股。根据测算，今日浮盈赚取约18.91万元。 工银银和利混合（001722）成立日期2016年12月29日，最新规模4.89亿。今年以来收益17.79%，同类排 名4561/8150；近一年收益20.93%，同类排名3791/8043；成立以来收益95.3%。 工银银和利混合（001722）基金经理为郭雪松。 11月5日，固德威涨5.02%，截至发稿，报63.54元/股，成交4.92亿元，换手率3.31%，总市值154.40亿 元。 资料显示，固德威技术股份有限公司位于江苏省苏州市高新区塔园路93号，成立日期20 ...

11月5日，固德威盘中上涨2.10%，截至11:19，报61.77元/股，成交3.00亿元，换手率2.04%，总市值 150.10亿元。 分红方面，固德威A股上市后累计派现5.38亿元。近三年，累计派现3.27亿元。 资金流向方面，主力资金净流出931.58万元，特大单买入769.24万元，占比2.56%，卖出1934.32万元， 占比6.45%；大单买入5728.54万元，占比19.10%，卖出5495.04万元，占比18.32%。 机构持仓方面，截止2025年9月30日，固德威十大流通股东中，汇丰晋信低碳先锋股票A（540008）位 居第六大流通股东，持股497.58万股，相比上期减少6.03万股。香港中央结算有限公司位居第八大流通 股东，持股305.06万股，相比上期减少35.57万股。广发高端制造股票A（004997）位居第九大流通股 东，持股260.02万股，相比上期减少368.14万股。光伏ETF（515790）位居第十大流通股东，持股 192.43万股，相比上期减少6.77万股。 固德威今年以来股价涨51.03%，近5个交易日涨4.34%，近20日跌4.51%，近60日涨41.77%。 责任编辑 ...

人民财讯11月4日电，固德威(688390)11月4日于互动平台表示，公司暂不涉及固态电池领域的相关业 务。 ...

证券研究报告·公司点评报告·光伏设备 固德威（688390） 股价走势 2025 年三季报点评：储能大幅环增，业绩拐 点已现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,353 | 6,738 | 9,189 | 10,642 | 12,083 | | 同比（%） | 56.10 | (8.36) | 36.38 | 15.81 | 13.54 | | 归母净利润（百万元） | 852.10 | (61.81) | 230.13 | 469.77 | 712.79 | | 同比（%） | 31.24 | (107.25) | 472.31 | 104.14 | 51.73 | | EPS-最新摊薄（元/股） | 3.51 | (0.25) | 0.95 | 1.94 | 2.94 | | P/E（现价&最新摊薄） | 16.87 | (232.52) | 62.45 | 30.59 | 20.16 | [ ...

Summary of Conference Call on Photovoltaic Industry's Anti-Competition Measures Industry Overview - The conference focused on the photovoltaic (PV) industry, particularly discussing the recent anti-competition measures and market dynamics within the sector [1][2]. Key Points and Arguments 1. **Market Recovery and Policy Support**: The market has shown a positive recovery, driven by recent policy announcements aimed at eliminating barriers to a unified national market and addressing excessive competition [1][2]. 2. **Formation of Industry Alliances**: 17 leading companies in the silicon material sector are forming a coalition to stabilize prices and reduce production capacity, with expectations to complete this by the end of the year [2][3]. 3. **Price Recovery Indicators**: The third quarter has shown signs of improvement in the PV supply chain, particularly due to the recovery in prices of silicon materials, which is expected to continue as production cuts are anticipated in November [3][4]. 4. **Impact of Policy Changes**: The introduction of stricter regulations against below-cost pricing has led to a significant increase in silicon prices, from around 30,000 to over 50,000 [6][15]. 5. **Performance of Key Companies**: Major companies like Xiexin and Tongwei reported significant improvements in their financial performance in Q3, indicating a recovery in the industry [8][18]. 6. **Investment Recommendations**: Analysts recommend focusing on companies with strong cyclical attributes in the silicon material and PV glass sectors, including Tongwei, Daqo, and Xiexin [9][23]. 7. **Technological Advancements**: The industry continues to see technological progress, which is expected to create a competitive edge for companies that can innovate and maintain high margins [9][20]. 8. **Long-term Market Dynamics**: The anticipated supply-side reforms in the silicon sector are expected to lead to a more balanced supply-demand situation, which will benefit downstream companies and prevent a return to cutthroat competition [19][21]. Additional Important Insights - **Regulatory Environment**: The government's commitment to creating a unified market and addressing local protectionism is crucial for the long-term health of the PV industry [7][22]. - **Market Sentiment**: The recent media coverage and government announcements have sparked renewed investor interest and optimism regarding the anti-competition measures [2][4]. - **Financial Health of the Sector**: Many companies are showing signs of financial recovery, with improved profit margins and reduced losses compared to previous quarters [8][22]. This summary encapsulates the key discussions and insights from the conference call regarding the photovoltaic industry's current state and future outlook, emphasizing the importance of policy support and industry collaboration in fostering a healthier market environment.

Core Viewpoint - The photovoltaic industry is experiencing a significant performance restructuring, with major companies in key sectors such as equipment, inverters, junction boxes, and mounting brackets facing declining profits and some even reporting losses, indicating a shift in the industry's profitability logic [1] Equipment Sector - Equipment suppliers are seeing the most pronounced decline, with several leading companies reporting both revenue and net profit decreases in Q3 [2] - Jiejia Weichuang (捷佳伟创) reported Q3 revenue of 4.734 billion yuan, a decrease of 17.26% year-on-year, and net profit of 858 million yuan, a sharp decline from previous growth rates [2] - Jing Sheng Machinery (晶盛机电) experienced a dramatic drop in Q3 revenue to 2.474 billion yuan, down 42.87%, and net profit of 262 million yuan, down 69.65% [2] - Maiwei Co., Ltd. (迈为股份) reported Q3 revenue of 1.991 billion yuan, a decline of 31.3%, and net profit of 269 million yuan, down 9.42% [4][5] - Aotewei (奥特维) saw its Q3 revenue drop to 1.292 billion yuan, down 48.65%, with net profit plummeting 90.04% to 50 million yuan [6] Inverter Sector - The inverter industry is experiencing a bifurcated performance, with some companies like Sungrow (阳光电源) and GoodWe (固德威) reporting significant profit increases, while others face profit declines [7] - Sungrow achieved a net profit of 4.147 billion yuan in Q3, up 57.04% year-on-year, while GoodWe's net profit surged by 200.83% [7] - Conversely, companies like Jinlang Technology (锦浪科技) and Deye (德业股份) reported net profit declines of 16.85% and 17.84%, respectively [7] Junction Box Sector - The junction box sector has also seen significant profit declines, with Zairun New Energy (泽润新能) reporting a net loss of approximately 3.856 million yuan in Q3, a 115.93% year-on-year drop [8] - Kuai Ke Electronics (快可电子) reported Q3 revenue of 328 million yuan, up 66.1%, but net profit decreased by 64.47% [8] Mounting Bracket Sector - The mounting bracket sector is facing similar challenges, with Qingyuan Co. (清源股份) reporting Q3 revenue of 470 million yuan, a 5.47% increase, but net profit down 73.94% [8] - Leading company Zhongxinbo (中信博) reported a net profit decline of 74.49% year-on-year, with Q3 losses reaching 48.39 million yuan, a 119.76% drop [9][10] Overall Industry Outlook - The overall profitability of the photovoltaic equipment, inverter, junction box, and mounting bracket sectors is declining, with industry experts indicating that the stability of returns from photovoltaic power stations is not as strong as before, complicating investment decisions [10]