Overview - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting that the demand for offshore wind power in China and Europe is increasing, leading to a rise in foundation demand and profit recovery for wind turbines. The "anti-involution" policy is expected to continue driving the photovoltaic sector, particularly with the expansion of perovskite technology. Overall, while short-term installation demand for renewable energy globally may be weak, there are structural opportunities in the market [1]. Key Points Supporting the Rating - The "anti-involution" trend is stabilizing wind turbine prices, enhancing profitability for manufacturers. China's offshore wind projects are becoming economically viable, contributing significantly to installed capacity. The demand for offshore wind in Europe and emerging markets is also on the rise [3]. - In the photovoltaic sector, the "anti-involution" policy remains the main theme, with a focus on the potential for capacity exits in battery and module production, as well as the industrialization potential of perovskite technology. Investment should prioritize growth-oriented new technology directions and the main industry chain benefiting from the "anti-involution" trend [3]. Investment Recommendations - For wind power, the report suggests prioritizing investments in the turbine segment, which is expected to recover profitability, and in the foundation segment that is progressing quickly in Europe. The offshore wind market is projected to grow significantly, with a focus on deep-sea projects [3]. - In the photovoltaic sector, the report emphasizes the importance of monitoring the "anti-involution" policy's impact on the industry, particularly regarding the exit of inefficient capacity and the enhancement of efficiency in battery and module production [3]. Long-term Outlook for Renewable Energy Demand - The report indicates that China's renewable energy demand is expected to remain robust in the long term, with an average annual installation capacity of over 400GW projected from 2025 to 2035. This is driven by the country's energy security needs and the ongoing transition to a low-carbon economy [13][16]. - The "136 Document" is noted for guiding the development of renewable energy projects towards market-oriented pricing, which is expected to stabilize project returns and promote high-quality development in the sector [31]. Photovoltaic Sector Insights - The report anticipates a moderate decline in photovoltaic installations in 2026 due to a phase of pre-installation in 2025, with projected installations of 290GW in 2025 and 180GW in 2026, reflecting a year-on-year decrease of 38% [33]. - The report highlights that the European photovoltaic market is facing growth challenges, with a forecasted installation of 64.2GW in 2025, indicating a slight decline. The U.S. market is also expected to experience pressure on growth due to policy adjustments [34][37]. Perovskite Technology Potential - Perovskite technology is identified as a key area for enhancing competitiveness in the photovoltaic manufacturing sector, with expectations for significant breakthroughs in industrialization by leading manufacturers in 2026 [33][44].

截至12月24日收盘，BC电池概念上涨2.99%，位居概念板块涨幅第10，板块内，43股上涨，有研粉材 20%涨停，钧达股份、*ST云网等涨停，奥特维、东材科技、聚和材料等涨幅居前，分别上涨14.79%、 9.01%、7.34%。跌幅居前的有锦富技术、英诺激光、连城数控等，分别下跌2.59%、2.12%、0.66%。 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 太赫兹 | 4.02 | 乳业 | -0.85 | | 商业航天 | 3.60 | 动物疫苗 | -0.47 | | 同花顺果指数 | 3.49 | 猪肉 | -0.42 | | 卫星导航 | 3.47 | 养鸡 | -0.40 | | 大飞机 | 3.43 | 芬太尼 | -0.26 | | 航空发动机 | 3.31 | 赛马概念 | -0.20 | | 军工信息化 | 3.11 | 预制菜 | -0.19 | | 6G概念 | 3.09 | 海南自贸区 | -0.16 | | 成飞概念 | 3.05 | 玉米 | 0.04 | | BC电池 | 2.99 | 民营医院 ...

Core Viewpoint - The photovoltaic industry chain is expected to gradually bottom out and improve by the second half of 2025, aided by anti-involution measures, although financial improvements may slow market clearing, making the continuation of anti-involution essential [1] Group 1: Industry Outlook - The photovoltaic demand is anticipated to recover in the latter half of the 14th Five-Year Plan due to enhanced energy storage capacity and the need for market-oriented adjustments in the domestic electricity market [1] - The global energy transition is driving strong demand for energy storage, with a projected growth rate of nearly 50% for new installations in 2026, fueled by domestic policies and decreasing costs [2] Group 2: Market Dynamics - A decline in domestic installations is expected to lead to profit differentiation among glass glue film companies, with those having overseas clients likely to increase export ratios and profit margins [3] - The high silver prices are promoting the industrialization of silver-copper paste, while auxiliary material companies are actively seeking second growth curves in sectors like semiconductors and storage [3] Group 3: Valuation and Recommendations - Current valuations for major companies in the main industry chain are at historical low levels of 1xP/B to 2.5xP/B, with potential for performance recovery and sector opportunities as demand improves in 2Q26 [4] - Recommended stocks include: 1) Quality large-scale storage and industrial storage companies such as Canadian Solar (688472.SH), Shangneng Electric (300827.SZ), and others [4] 2) High-power module manufacturers like JinkoSolar (688223.SH) and Aiko Solar (600732.SH) [4] 3) Silicon material companies such as GCL-Poly Energy (03800) and Tongwei Co., Ltd. (600438.SH) [4] 4) Optimized players like Xinyi Solar (00968) and Flat Glass Group (601865.SH) [4] 5) Companies with new product launches like Dike Co., Ltd. (300842.SZ) and Juhe Materials (688503.SH) [4]

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 920662 | 方盛股份 | 4 | 12.27 | 29.24 乙 | 68.15 | | 300870 | 欧陆通 | 1 | 11.38 | 276亿 | 137.26 | | 603090 | 宏盛股份 | 演 | 10.01 | 61.67亿 | 256.74 | | 301268 | 铭利达 | 1 | 9.39 | 77.88 Z | 17.31 | | 300709 | 精研科技 | 1 | 8.13 | 89.82 (Z | 20.51 | | 002837 | 英维克 | 1 | 7.88 | 1094 Z | 262.69 | | 301248 | 杰创智能 | 1 | 7.70 | 49.00亿 | 100.89 | | 300351 | 永贵电器 | 1 | 7.66 | 72.69亿 | 5.77 | | 301123 | 奕东电子 | 1 | 7.51 | 183亿 | 282.19 | | 603083 | 剑桥科技 | ...

证券日报网讯12月22日晚间，聚和材料发布公告称，公司将于2026年1月7日召开2026年第一次临时股东 会。 ...

Core Viewpoint - Company Juhe Materials (688503.SH) plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international brand recognition and competitiveness, aligning with its internationalization strategy [3][9]. Group 1: Company Overview - Juhe Materials specializes in the research, production, and sales of new electronic pastes, primarily focusing on conductive pastes for photovoltaic cells [3][9]. - The company was listed on the Shanghai Stock Exchange on December 9, 2022, with a total market capitalization of approximately 14.328 billion CNY as of December 22, 2022 [3][9]. Group 2: Financial Metrics - As of the latest trading session, the stock reached a high of 60.16 CNY and a low of 56.20 CNY, with a closing price of 56.77 CNY [4][10]. - The trading volume was 12.47457 million shares, with a turnover of 729 million CNY, indicating a turnover rate of 6.21% [4][10]. - The company has a dynamic P/E ratio of 44.96 and a TTM P/E ratio of 60.73, with an earnings per share of 0.97 CNY [4][10].

（编辑 丛可心） 证券日报网讯 12月22日晚间，聚和材料发布公告称，公司第四届董事会第十一次会议审议通过《关于 公司首次公开发行H股股票并在香港联合交易所有限公司上市的议案》《关于公司首次公开发行H股股 票并在香港联合交易所有限公司上市方案的议案》《关于公司申请转为境外募集股份并上市的股份有限 公司的议案》等多项议案。 ...

公告显示，聚和材料本次发行H股并上市尚需提交公司股东会审议，在符合中国境内相关法律、法规和 规范性文件、中国香港法律的要求和条件下进行，并需取得中国证券监督管理委员会、香港证券及期货 事务监察委员会和香港联交所等相关政府机构、监管机构备案、批准和/或核准。截至目前，公司正与 相关中介机构就本次发行H股并上市的相关工作进行商讨，除本次董事会审议通过的相关议案外，其他 关于本次发行H股并上市的具体细节尚未最终确定。 资料显示，聚和材料创立于2015年，2022年12月9日登陆A股科创板。目前，聚和材料已成为全球领先 的光伏导电浆料科技企业。此外，在半导体、新能源汽车和电子浆料等非光伏领域，聚和材料也通过创 新的研发理念和高效快速的协作研发，持续不断为市场和客户提供定制化的技术和解决方案。2025年上 半年，聚和材料实现营业收入64.35亿元，同比下滑5%，净利润1.81亿元，同比下滑40%；其中，2025 年单二季度实现营业收入10.42亿元，环比增长4%，净利润9100万元，环比增长2%，业绩主要由光伏导 电浆料板块贡献。 12月22日晚，聚和材料(688503)公告，公司于2025年12月19日召开第四届董事 ...

格隆汇12月22日丨聚和材料(688503.SH)公布，根据募集资金投资项目的资金使用计划及项目的建设进 度，公司在确保不影响募集资金投资项目建设进度的前提下，为了提高募集资金使用效率，降低公司财 务成本，公司拟使用不超过人民币25,000万元闲置募集资金暂时补充流动资金，使用期限自公司董事会 审议通过之日起不超过12个月。在使用期限内，公司可根据募投项目的进展及需求情况提前归还至募集 资金专用账户。 ...

Group 1 - The company, 聚和材料, announced plans to issue H-shares and list on the Hong Kong Stock Exchange to support its international strategy and overseas business expansion [1] - The objective of this move is to enhance the company's international brand recognition and strengthen its overall competitiveness [1]