Investment Rating - The report suggests focusing on companies benefiting from supply-side reforms, technological iterations, and marginal changes in demand expectations, with a long-term view on efficient technologies and leading companies in the industry [4] Core Insights - The photovoltaic equipment industry index decreased by 6.19% during the week of January 26 to January 30, 2026, underperforming the broader market index by 5.18 percentage points [12][14] - Key companies in the photovoltaic equipment sector showed varied performance, with notable gains from Yamaton, Jincheng Co., and others, while significant losses were observed in Mingguan New Materials and others [17] - The report highlights the stability in prices of key materials such as silicon, wafers, and batteries, with slight increases in component prices [19] Summary by Sections Market Performance - The Shanghai Composite Index increased by 0.08%, while the photovoltaic equipment industry index fell by 6.19%, indicating a challenging week for the sector [12][14] Industry Chain Price Trends - As of January 21, 2026, the prices for key materials were as follows: silicon at 59 CNY/kg, wafers at 1.50 CNY/piece, batteries at 0.42 CNY/W, and components at 0.81 CNY/W, with a slight increase in component prices [19] Industry News - Guangdong province is advancing offshore photovoltaic construction as part of its action plan for high-quality marine economic development, promoting the integration of offshore wind and photovoltaic projects [26] - The National Energy Administration announced that by 2025, the country expects to add over 430 million kW of wind and solar capacity, with significant investments in renewable energy projects [27][28]

特斯拉创始人埃隆·马斯克团队秘访中国光伏企业的消息持续发酵，引发资本市场对光伏板块的高度关注。2月4日，万 得光伏指数大涨3.97%，成交额超1540亿元，市场情绪显著升温。 传闻中的核心企业之一晶科能源，有媒体报道称其近期确实与马斯克团队相关考察团有过接触，考察团重点了解了公 司的技术储备与生产设备。但《科创板日报》记者致电其证券部未能接通，公司尚未就此发布官方公告。 光伏设备龙头晶盛机电则对调研传闻未予证实，相关负责人表示"并不清楚"公司是否在调研范围内，相关信息需以官 方公告为准。针对市场热议的太空光伏概念，该负责人称，目前光伏行业成熟应用场景仍集中在地面，对于公司未来 是否布局该前沿领域，仅表示"需要关注未来的发展趋势"。 高测股份证实公司确与马斯克团队有过接触，但明确目前双方尚未达成任何合作。被问及具体时间、形式及潜在合作 内容时，该公司表示不便透露更多细节。 该工作人员表示，高测股份在光伏硅片切割环节拥有领先的专利与研发实力，其在专利与研发方面均处于行业领先地 位，具体体现在更低的切片成本、更薄的硅片切割能力，以及金刚线产品在机械化水平和质量方面的优势，并已进行 了多方面的前沿技术储备。 | 市场 ...

Core Viewpoint - The stock of Canadian Solar Inc. (阿特斯) has seen a 5.03% increase, reaching a price of 16.51 CNY per share, with a trading volume of 1.176 billion CNY and a turnover rate of 5.45%, resulting in a total market capitalization of 60.148 billion CNY [1] Company Overview - Canadian Solar Inc. is a major global manufacturer of photovoltaic (PV) modules, established on July 7, 2009, and listed on June 9, 2023. The company focuses on the research, production, and sales of crystalline silicon PV modules, aiming to provide reliable, technologically advanced, and cost-effective products [2] - The company's business extends into PV application solutions, including PV system business, large-scale energy storage systems, and EPC services for PV power plants. The PV system business primarily involves the production and sales of distributed PV system products and components, including distributed energy storage systems [2] - As of the end of 2021, the revenue composition of the company was as follows: PV module product revenue accounted for 68.22%, energy storage system product revenue for 21.04%, PV system product revenue for 6.05%, construction contract revenue for 2.57%, and other revenue for 2.12% [2] Shareholder Insights - Among the top circulating shareholders of Canadian Solar, one fund from GF Fund Management, the GF High-end Manufacturing Stock A (广发高端制造股票A), entered the top ten shareholders in the third quarter, holding 20.6317 million shares, which is 1.48% of the circulating shares. The estimated floating profit for today is approximately 16.2991 million CNY [3] - The GF High-end Manufacturing Stock A was established on September 1, 2017, with a current scale of 4.067 billion CNY. Year-to-date, it has experienced a loss of 1.2%, ranking 5113 out of 5562 in its category, while its one-year return is 18.26%, ranking 3413 out of 4285 [3] Fund Performance - The GF Zhongzheng Photovoltaic Leader 30 ETF (广发中证光伏龙头30ETF) has increased its holdings in Canadian Solar by 419,000 shares, totaling 1.0782 million shares, which represents 3.34% of the fund's net value. The estimated floating profit for today is around 851,800 CNY [5] - This ETF was established on November 16, 2022, with a current scale of 481 million CNY. Year-to-date, it has achieved a return of 18.26%, ranking 71 out of 5562, while its one-year return is 77.07%, ranking 258 out of 4285 [5]

Group 1 - Zairun New Energy focuses on the research and development of perovskite battery core materials and equipment, with a strong emphasis on high-purity and high-stability products suitable for large-scale production [1] - The company has completed multiple pilot tests and its product performance has been validated by third-party authorities [1] - Zairun's high-radiation-resistant perovskite precursor materials enhance battery stability in extreme space environments, positioning the company to become a core supplier in the space photovoltaic supply chain [1] Group 2 - Aotwei is a leading domestic photovoltaic equipment enterprise, with early layouts in perovskite production line equipment and technology covering key processes such as laser etching and thin film deposition [2] - The company's self-developed laser repair equipment significantly improves battery yield and is at the forefront of industry standards [2] - Aotwei's equipment optimizes battery manufacturing processes to meet the stringent requirements of space photovoltaic applications, potentially making it a core supplier in this sector [2] Group 3 - Haiyou New Materials is a core supplier of photovoltaic packaging materials, focusing on the development of POE films and back sheets for perovskite batteries [3] - The company has developed radiation-resistant packaging films that ensure long-term stable operation of perovskite batteries in space environments [3] - As the space photovoltaic market scales, Haiyou is positioned to become a key supplier of packaging materials for perovskite batteries [3] Group 4 - Gaoce Co., Ltd. is a leading domestic company in photovoltaic cutting equipment and silicon wafer processing, actively developing ultra-thin silicon cutting technology for perovskite batteries [4] - The company's ultra-thin silicon wafers, with thicknesses as low as 50μm, meet the lightweight requirements of perovskite batteries [4] - Gaoce's technology supports the stringent demands of space photovoltaic applications, positioning it to become a core supplier of silicon wafers for perovskite batteries [4]

Core Viewpoint - The article highlights the emerging trend of "space photovoltaics" in the A-share market, driven by the rapid development of commercial aerospace and the need for upgraded power systems in satellite constellations [1]. Industry Chain - The space photovoltaic industry chain includes various components such as photovoltaic auxiliary materials, photovoltaic cells, and photovoltaic equipment, with key players like Double Good Energy, Junda Co., and Trina Solar [3]. Institutional Interpretation - As China's low-orbit satellite constellations enter a phase of intensive deployment, the industry is expected to undergo significant transformation, with a focus on manufacturing and technological advancements [4][11]. Market Potential - Space photovoltaics are projected to achieve commercialization within the next 10 to 15 years, with the Chinese low-orbit satellite photovoltaic market expected to exceed $3 billion by 2030. If the deployment reaches 100GW for space data centers, the global market could reach between $500 billion to $1 trillion [5][12]. Technological Advantages - Space photovoltaics can generate power continuously, unaffected by day-night cycles or weather changes, achieving 7-10 times the annual generation hours and energy density compared to ground-based photovoltaics [10]. Recent Developments - The recent acquisition of xAI by SpaceX aims to create a vertically integrated innovation engine, which is expected to enhance SpaceX's space computing capabilities, directly benefiting the space photovoltaic industry [9].

从基金十大重仓股角度 数据显示，广发基金旗下1只基金重仓阿特斯。广发中证光伏龙头30ETF（560980）四季度增持41.9万 股，持有股数107.82万股，占基金净值比例为3.34%，位居第九大重仓股。根据测算，今日浮盈赚取约 83.02万元。 广发中证光伏龙头30ETF（560980）成立日期2022年11月16日，最新规模4.81亿。今年以来收益 12.82%，同类排名123/5562；近一年收益68.92%，同类排名324/4285；成立以来亏损19.63%。 数据显示，广发基金旗下1只基金位居阿特斯十大流通股东。广发高端制造股票A（004997）三季度新 进十大流通股东，持有股数2063.17万股，占流通股的比例为1.48%。根据测算，今日浮盈赚取约 1588.64万元。 广发高端制造股票A（004997）成立日期2017年9月1日，最新规模40.67亿。今年以来亏损3.51%，同类 排名5385/5562；近一年收益15.5%，同类排名3486/4285；成立以来收益41.16%。 广发高端制造股票A（004997）基金经理为郑澄然。 截至发稿，郑澄然累计任职时间5年261天，现任基金资产总规模1 ...

1月30日，光伏行业最后一批业绩预告揭晓。在此之前，A股已有24家光伏企业披露了业绩预告数据。 统计显示，其中13家企业净利润亏损较2024年明显收窄，但行业整体仍处于周期底部，企业经营承压态 势尚未根本扭转。在此背景下，阿特斯公布2025年度业绩预告，预计2025年实现归母净利润为人民币9 亿元-11亿元，业绩在行业里凸显韧性。 01 行业转折：寒冬中的曙光 光伏行业的"寒冬"正在出现微弱转机。根据同花顺iFinD数据，已披露2025年度业绩预告的24家光伏公 司中，超过半数实现减亏。 这一趋势背后，是行业从无序扩张向理性发展的艰难转型。2025年下半年以来，"反内卷"政策推动行业 自律，多家光伏企业落实了减产计划，部分玻璃企业减产规模达30%。 市场的反馈也逐渐显现。相比2025年中期0.6元/瓦左右的极端低价，目前头部厂TOPCon组件报价已普 遍抬升至0.85—0.90元/W……种种迹象都表明最困难的时期已经过去了。 然而值得关注的是，巨头们已将目光投向2026年。隆基绿能在《2025年员工持股计划》中明确提出， 2026年考核目标为年度净利润翻正。天合光能同样在近期发布的激励计划中将2026年至20 ...

Investment Rating - The investment rating for the industry is "Strongly Recommended" for key companies such as Ningde Times, Yiwei Lithium Energy, and Sungrow Power Supply [1]. Core Insights - The recent release of the national capacity price policy for energy storage marks a significant step towards high-quality development in the energy storage sector. This policy establishes a capacity price mechanism for independent energy storage stations that support the safe operation of the power system [6][7]. - The capacity price will be based on local coal power capacity price standards and adjusted according to peak capacity, which is essential for ensuring stable power supply and promoting investment in energy storage [10][11]. - The demand for long-duration energy storage is expected to increase significantly, with independent energy storage becoming a major contributor to new installations [9][16]. Industry Overview - The industry comprises 308 listed companies with a total market capitalization of 7,610.8 billion [2]. - The energy storage sector is experiencing rapid growth, with cumulative installed capacity expected to reach 136 GW/351 GWh by 2025, reflecting an 80% year-on-year increase in new installations [9][10]. Key Companies and Financial Metrics - **Ningde Times (300750.SZ)**: Market Cap: 1611.1 billion, 2024 EPS: 11.5, 2025 EPS: 14.9, 2025 PE: 23, PB: 5, Investment Rating: Strongly Recommended [1]. - **Yiwei Lithium Energy (300014.SZ)**: Market Cap: 132.3 billion, 2024 EPS: 2.0, 2025 EPS: 2.2, 2025 PE: 28, PB: 3, Investment Rating: Strongly Recommended [1]. - **Sungrow Power Supply (300274.SZ)**: Market Cap: 313.1 billion, 2024 EPS: 5.3, 2025 EPS: 5.9, 2025 PE: 26, PB: 7, Investment Rating: Strongly Recommended [1]. - **Huaibei Technology (688411.SH)**: Market Cap: 43.0 billion, 2024 EPS: 4.9, 2025 EPS: 5.5, 2025 PE: 43, PB: 10, Investment Rating: Not Rated [1]. - **Shenghong Co., Ltd. (300693.SZ)**: Market Cap: 11.9 billion, 2024 EPS: 1.4, 2025 EPS: 1.5, 2025 PE: 25, PB: 6, Investment Rating: Strongly Recommended [1]. - **Kehua Data (002335.SZ)**: Market Cap: 32.2 billion, 2024 EPS: 0.7, 2025 EPS: 1.2, 2025 PE: 53, PB: 5, Investment Rating: Strongly Recommended [1]. Market Performance - The absolute performance of the energy equipment and new energy sector has shown significant growth, with a 12-month increase of 59.4% [4].

Investment Rating - The report recommends an "Overweight" rating for the energy storage sector [2][3]. Core Insights - The introduction of the first national capacity price policy for energy storage is expected to enhance economic viability across the country, leading to significant growth in the domestic energy storage market over the next few years [3][5]. - The capacity price mechanism is crucial for the economic feasibility of energy storage projects, with examples such as Gansu province providing a capacity price of 330 RMB/kW·year, which supports a capital IRR of 11% [5]. - The impact of the capacity price on end-user electricity prices is minimal, maintaining current pricing structures for residential and agricultural users while balancing costs for commercial users [5]. Summary by Sections - **Investment Recommendations**: The report suggests that the establishment of a national capacity price will accelerate the development of a new energy system, with expected high growth in domestic energy storage. Key companies mentioned include Haibo Shichuang, Sunshine Power, and CATL among others [5]. - **Policy Impact**: The national capacity price policy, announced on January 30, aims to create a unified pricing mechanism for energy storage, which previously lacked a national standard. This policy lays a solid foundation for the nationwide promotion of capacity pricing [5]. - **Economic Viability**: The report emphasizes that the capacity price is essential for making energy storage economically viable, with projections indicating that as the share of renewable energy in the grid increases, the utilization and configuration duration of energy storage will improve [5].

证券代码：688472 证券简称：阿特斯 公告编号：2026-002 阿特斯阳光电力集团股份有限公司 2025年年度业绩预告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 （1）经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润为人民币90,000.00万元 到110,000.00万元，与2024年同期（法定披露数据）相比，将减少134,735.02万元到114,735.02万元，同 比减少60%到51%。 （2）预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润为人民币90,000.00万元到 110,000.00万元，与2024年同期（法定披露数据）相比，将减少132,646.82万元到112,646.82万元，同比 减少60%到51%。 （三）公司本期业绩预告未经注册会计师审计。 二、2024年同期业绩情况和财务状况 （一）利润总额：257,973.45万元。归属于母公司所有 ...