南方财经11月14日电，阿特斯(688472.SZ)控股股东CSIQ披露，2025年第三季度组件出货5.1吉瓦，营收 15亿美元，毛利率17.2%。2025年四季度预计组件出货4.6–4.8吉瓦，储能系统出货2.1–2.3吉瓦时，收入 预计13–15亿美元。2026年组件出货目标25–30吉瓦，储能系统出货14–17吉瓦时。截至2025年10月底， 储能科技在手订单31亿美元。2026年底组件产能预计达55.8吉瓦，储能系统产能提升至24吉瓦时。 ...

Market Overview - The Federal Reserve officials adopted a hawkish stance, leading to the largest drop in major U.S. stock indices in a month, with the Nasdaq falling over 2% and the S&P 500 and Dow Jones down over 1% [1] - Disney's quarterly earnings disappointed, causing its stock to drop nearly 8%, leading the Dow components [1] - Tesla's shares fell 6.6%, leading declines among tech giants [1] - Chip stocks and AI-related stocks experienced significant declines, with the chip index down nearly 4% [1] - The offshore RMB rose over 200 points, breaking the 7.10 mark, reaching a two-week high [1] - Bitcoin fell below $100,000, dropping nearly 6% to below $98,000, while Ethereum saw a drop of over 10% [1] Key News - Tencent reported a 19% year-on-year increase in net profit for Q3, driven by double-digit growth in enterprise services revenue due to AI cloud services [2][11] - JD.com achieved a 15% year-on-year revenue growth in Q3, but adjusted EBITDA fell by 83% [2][11] - SMIC's Q3 revenue grew by 9.9% year-on-year, with net profit surging by 43.1% [2][12] - Bilibili's Q3 revenue increased by 5% to 7.69 billion, with adjusted net profit rising by 233% [2][12] Company Developments - Alibaba's "Tongyi Qianwen" is shifting focus to the consumer market, rebranding as "Qwen" to compete with ChatGPT [3][32] - Baidu unveiled its Kunlun chip super node, showcasing a 95% performance improvement and advancements in autonomous driving technology [4][14] - Microsoft launched its first "AI super factory," integrating data centers to create a planetary-scale computing network [15] - Tesla's AI executive indicated that 2026 will be a challenging year for employees, with significant goals set for the AI team [16] Financial Performance - Tencent's Q3 R&D expenditure reached a record high of 22.82 billion yuan, with a 22% increase in sales and marketing expenses [18] - JD.com's adjusted EBITDA for Q3 was 2.5 billion yuan, significantly below market expectations [18] - Bilibili's user engagement improved, with daily active users reaching 117 million and average usage time increasing to 112 minutes [12] Strategic Moves - Tencent and Apple reached an agreement on a payment sharing model, with Apple taking a 15% commission from WeChat mini-games and applications [19][30] - JD.com plans to invest in AI over the next three years to build a trillion-level smart ecosystem [18] - Alibaba's shift to consumer-focused AI applications aims to create a standalone app that integrates various services [32]

Core Viewpoint - Canadian Solar Inc. (CSIQ) disclosed its Q3 2025 performance and outlook for Q4 2025 and the full year 2026, highlighting its significant role as the controlling shareholder of Arctech Solar Technology Co., Ltd. (阿特斯阳光电力集团股份有限公司) [2][3] Group 1: Q3 2025 Financial Performance - CSIQ reported a Q3 2025 revenue of $1.5 billion (approximately ¥10.68 billion) with a gross margin of 17.2% [4] - The company achieved a module shipment volume of 5.1 GW in Q3 2025 [3][4] Group 2: Q4 2025 and 2026 Outlook - For Q4 2025, CSIQ expects total revenue to be between $1.3 billion and $1.5 billion (approximately ¥9.24 billion to ¥10.67 billion) with a gross margin forecasted between 14% and 16% [5] - The anticipated module shipment volume for Q4 2025 is between 4.6 GW and 4.8 GW, while energy storage system shipments are expected to be between 2.1 GWh and 2.3 GWh [5] - For the full year 2026, CSIQ projects module shipments of 25 GW to 30 GW and energy storage system shipments of 14 GWh to 17 GWh [5] Group 3: Production Capacity Plans - CSIQ updated its production capacity plans for the photovoltaic manufacturing sector and energy storage systems, indicating that the capacity figures are subject to change based on market conditions and capital allocation [6] - The first phase of the battery cell factory in Indiana is expected to commence production in March 2026, and the first phase of the energy storage facility in Kentucky is anticipated to start in December 2026 [6] Group 4: Order Backlog - As of October 31, 2025, CSIQ's subsidiary, Arctech Storage Technology (e-STORAGE), has signed contracts with a backlog amounting to $3.1 billion (approximately ¥22.04 billion) [6]

Market Overview - The three major U.S. stock indices opened lower, with the Nasdaq Composite Index dropping over 1% at one point. As of the report, the Dow Jones fell by 0.1%, the Nasdaq declined by 0.89%, and the S&P 500 decreased by 0.49% [1][2] Chinese Stocks Performance - Chinese concept stocks showed resilience against the market downturn, with the Nasdaq China Golden Dragon Index recovering from an initial drop to gain 0.45% [2] - Leading Chinese tech stocks such as BYD, Alibaba, and Tencent saw increases of over 2%, while other popular Chinese stocks like Canadian Solar and Bawang Tea gained over 6% and 4% respectively [4] Government Shutdown Impact - The U.S. government shutdown lasted for 43 days, resulting in an estimated loss of $1.5 trillion, with significant impacts on the economy, including a projected 1.5 percentage point reduction in Q4 GDP growth [6] - The shutdown affected the release of key economic data, including the Consumer Price Index (CPI) and employment reports, which are crucial for investment decisions and Federal Reserve policy-making [10][11] Consumer Confidence - The U.S. consumer confidence index plummeted to a three-year low in November, declining by 6% from the previous month and nearly 30% year-on-year [7]

Group 1: Company Performance - SMIC reported a revenue of 17.162 billion yuan in Q3 2025, a year-on-year increase of 9.9%, with a net profit of 1.51 billion yuan, up 43.1% year-on-year. For the first three quarters, revenue reached 49.51 billion yuan, growing 18.2%, and net profit was 3.81 billion yuan, an increase of 41.1% year-on-year [1] - BoRui Pharma's BGM1812 injection has received clinical trial approval for weight loss indications, with no similar targeted formulations approved globally [2] - Li Zhong Group's subsidiaries received project confirmations for aluminum alloy wheels from major international automotive manufacturers, with expected total sales of approximately 1.135 billion yuan [4] Group 2: Corporate Actions - Kanda New Materials announced the termination of the acquisition of equity in North One Semiconductor due to unmet progress expectations and lack of consensus among parties [3] - Lide Man plans to acquire 70% of Xiansheng Xiangrui for 1.733 billion yuan, aiming to enter the bioproducts industry [9] - Arctech's controlling shareholder CSIQ expects total revenue of 1.3 to 1.5 billion USD in Q4 2025, with a gross margin of 14% to 16% [6] Group 3: Market Activity - Taihe Technology's VC project phase two construction will be adjusted based on phase one market expansion, indicating some uncertainty [5] - Hezhong China has experienced significant stock price fluctuations, with a cumulative increase of 230.84% over 12 out of 13 trading days, leading to potential application for trading suspension if abnormal price increases continue [7][8]

Core Viewpoint - Canadian Solar (CSIQ.US) reported Q3 2025 revenue of $1.5 billion, exceeding market expectations of $1.37 billion, leading to a pre-market stock increase of over 7% [1] Financial Performance - Q3 revenue reached $1.5 billion, surpassing the anticipated $1.37 billion [1] - Gross margin for Q3 was 17.2% [1] - Q4 revenue is projected to be between $1.3 billion and $1.5 billion [1] - Expected gross margin for Q4 is between 14% and 16% [1] Shipment Data - Q3 component shipment volume was 5.1 gigawatts [1] - Q4 component shipment volume is expected to be between 4.6 and 4.8 gigawatts [1] - Anticipated energy storage system shipment volume for Q4 is between 2.1 and 2.3 gigawatt-hours [1]

周四，阿特斯太阳能(CSIQ.US)盘前涨超7%，截至昨日收盘月内累涨37%，现报30.61美元。消息面上， 阿特斯太阳能2025年Q3收入15亿美元，超出市场预期的13.7亿美元，毛利率为17.2%;Q3实现组件出货 量5.1吉瓦;Q4预计总收入在13亿至15亿美元;毛利率预计在14%至16%之间;Q4预计组件出货量在4.6至4.8 吉瓦之间，预计储能系统出货量在2.1至2.3吉瓦时之间。 ...

北京商报讯（记者 马换换 王蔓蕾）11月13日晚间，阿特斯（688472）披露公告称，公司控股股东CSIQ 当日在美国披露了2025年第三季度业绩以及2025年第四季度、2026年度经营展望等信息。 阿特斯表示，CSIQ2025年第三季度业绩以及2025年第四季度、2026年度经营展望预测数据系CSIQ按照 美国会计准则编制，因使用的会计准则不同、外汇转换等原因，将与公司最终定期报告中的数据存在一 定差异，相关数据不可直接与公司的经营业绩数据进行对比。 截至2025年三季度末，CSIQ直接持有阿特斯62.24%的股权。 公告显示，CSIQ2025年第三季度实现组件出货量5.1吉瓦；实现收入15亿美元（折合人民币约106.8亿 元），毛利率为17.2%（财务数据未经审计）。 另外，CSIQ2025年第四季度预计总收入13亿至15亿美元（折合人民币约92.4亿至106.7亿元）之间，毛 利率预计在14%至16%之间。CSIQ2025年四季度预计组件出货量在4.6至4.8吉瓦之间，预计储能系统出 货量在2.1至2.3吉瓦时之间。预计2026年全年，组件出货量在25至30吉瓦之间，储能系统出货量在14至 17吉瓦时之 ...

Core Viewpoint - The lithium battery sector in A-shares has experienced a strong surge, driven by significant collaborations and demand in the energy storage market, particularly involving CATL and its strategic agreements with major players [1][5][6]. Group 1: Market Performance - CATL's stock rose by 7.56%, reaching a price of 415.6 yuan per share, with a total market capitalization of 1.9 trillion yuan and a trading volume of 22.9 billion yuan, leading the A-share market [1]. - The entire lithium battery supply chain saw a collective increase, with over 20 stocks, including Huasheng Lithium and Kangpeng Technology, hitting the daily limit [3]. Group 2: Strategic Collaborations - A significant ten-year strategic agreement was signed between Haibo Sichuang and CATL, with a commitment to procure no less than 200 GWh of battery cells over the next three years [6]. - Canadian company Arctech secured a major contract for a 1.86 GWh energy storage project, further highlighting the growing demand for energy storage solutions [5][6]. Group 3: Industry Insights - Analysts from Morgan Stanley noted that the recent orders confirm strong global demand for energy storage systems and highlight CATL's leading position in the value chain, suggesting potential price or margin premiums due to supply-demand tightness [5][7]. - UBS projected that energy storage systems will become the "second growth engine" for the lithium market, estimating that by 2030, they will account for 22%-26% of total battery demand, equivalent to half of electric vehicle demand [5]. Group 4: Policy and Market Trends - Recent domestic policies have been favorable for the energy storage industry, with the inclusion of new energy storage in the capacity pricing mechanism, which could enhance economic viability and drive growth [9]. - The independent energy storage policy in Inner Mongolia is expected to stimulate local demand significantly, with projected growth rates of 50% in energy storage demand by 2026 [10].

来源：市场资讯 （来源：阿特斯阳光电力集团） 2025年11月13日，阿特斯阳光电力集团（Canadian Solar Inc.，纳斯达克代码：CSIQ，以下简称"阿特斯集团"或"集团"）发布了截至2025年9月30日的2025 年第三季度财务业绩。 关于阿特斯阳光电力集团 阿特斯阳光电力集团（Canadian Solar Inc.，纳斯达克代码：CSIQ，以下简称"阿特斯集团"或"集团"）由清华学子、加拿大工程院院士瞿晓铧博士于2001年 创立，2006年在美国纳斯达克股票交易所上市。2023年6月9日，集团控股子公司——阿特斯阳光电力集团股份有限公司（证券简称：阿特斯，证券代码： 688472.SH）成功于上海证券交易所科创板上市。 作为全球领先的光伏组件和储能系统整体解决方案提供商，阿特斯集团核心业务覆盖太阳能光伏组件、储能系统制造销售，以及全球范围内的光伏电站和 储能项目开发、建设与运营。 成立24年来，集团已累计向全球160多个国家和地区的客户交付近170吉瓦光伏组件。截至2025年9月30日，旗下储能子公司阿特斯储能（e-STORAGE）全 球累计出货量突破16吉瓦时；在手订单金额31亿美元，约合 ...