智通财经APP获悉，集邦咨询数据显示，2025年7月，光伏组件市场中标规模(含入围)达4.62GW，N型组件占比显著；投标价格区间0.608-0.74元/W，均价 0.701元/W，其中TOPCon报价微涨；交货期以8-10月为主，部分延至2026年，灵活适配多元需求。 4.62GW项目披露结果 N型组件占比突出 据集邦光储观察不完全统计，2025年7月光伏组件已公布中标结果及中标候选人的规模达4.62GW，含已定标规模1.39GW，第一中标候选人规模3.23GW。 明确为N型组件的中标规模(含入围)达 3.35GW，主要增量来自中国铁建3GW光伏组件框架采购项目，隆基(601012.SH)、晶科、天合光能(688599.SH)、通 威、晶澳、正泰、英利、协鑫集成(002506.SZ)、一道新能源、阿特斯共10家企业成功入围。 投标价格0.608-0.74元/W TOPCon组件报价微涨 7月光伏组件投标价格区间为0.608-0.74元/W，均价为0.701元/W。 图：2025年7月国内光伏组件投标价格趋势，单位:元/W 从技术路线上看，明确为N型组件的投标价格区间在0.701-0.74元/W，均价达0.7 ...

Group 1 - The photovoltaic sector experienced significant gains on August 18, with the Wind Photovoltaic Index rising by 1.76% and multiple stocks, including Hongyuan Green Energy and Kehua Data, seeing substantial increases [1] - Over 20 stocks in the photovoltaic sector reached their daily limit or increased by over 10% in the previous trading day, with the photovoltaic ETF fund rising nearly 4%, marking its best single-day performance since May 2024 [1] - The futures market for polysilicon saw a resurgence in expectations, with a 4.5% increase in the main contract on August 15 and a nearly 2% rise on August 18 [1] Group 2 - The Ministry of Industry and Information Technology (MIIT) is set to hold a meeting on August 19 with key photovoltaic enterprises, indicating a focus on the pricing mechanism for photovoltaic components [2] - The meeting will include representatives from various official institutions and major enterprises, highlighting the sensitivity of pricing mechanisms in the current market environment [2] - Recent price increases in the photovoltaic industry have faced challenges due to a lack of demand-side support, leading to concerns about the sustainability of these price hikes [3] Group 3 - Since early July, prices for silicon materials and wafers have risen significantly, but by mid-August, the lack of demand has made further price increases difficult [3] - The investment models for photovoltaic projects have been impacted by changes in electricity pricing policies and rising product costs, complicating the situation for developers [3] - Recent data indicates that the prices for large-scale component procurement by state-owned enterprises have rebounded, with upcoming bids from major companies becoming focal points for market attention [3]

Core Viewpoint - The photovoltaic module market is experiencing a shortage and price increase, with current quotes reaching 0.7 yuan/W, up from approximately 0.66 yuan/W in late June, primarily for the 710W large-format modules [1][2]. Group 1: Market Dynamics - After the "rush installation tide" triggered by the "136 Document" from the National Development and Reform Commission and the National Energy Administration, the market is now facing shortages and price hikes again in August [2]. - The current shortage is attributed to rising upstream polysilicon prices and limited production capacity from certain manufacturers, rather than a significant increase in downstream demand [2][3]. - The installation volume of photovoltaic modules reached 92.92 GW in May, marking a year-on-year increase of 388% and a month-on-month increase of 105.5% [3]. Group 2: Production and Supply Chain - Major manufacturers are adjusting production based on orders and market conditions to reduce inventory and mitigate risks associated with price declines during industry cycles [3]. - As of July, module production was approximately 52.4 GW, slightly down from 53 GW in June, with expectations for stable production in August [3]. - The cost of polysilicon has risen from 36,000 yuan/ton to 48,000 yuan/ton since early July, leading to an increase in production costs for photovoltaic modules from approximately 0.626 yuan/W to 0.679 yuan/W [4]. Group 3: Customer Behavior - Current customers willing to accept price increases are primarily driven by project timelines, including state-owned enterprises and distributed project developers who are less sensitive to price changes [5]. - There is a divergence in the acceptance of price increases among terminal enterprises, with some projects already adjusting procurement prices while others are beginning to sell at lower prices due to difficulties in securing high-priced orders [5].

Core Viewpoint - The photovoltaic (PV) module market is experiencing shortages and price increases in August, following a surge in demand earlier in the year due to policy changes, with current prices reaching 0.7 yuan/W for first-tier components [1] Group 1: Market Dynamics - The price of PV modules has risen from approximately 0.66 yuan/W at the end of June to 0.7 yuan/W in August, indicating a significant price increase [1] - The current shortage is primarily in the 710W large-format modules, with only a few manufacturers like Tongwei Co. and Trina Solar having stock available at 0.685 yuan/W [1] Group 2: Demand and Supply Factors - The recent price increase is attributed to rising costs of upstream polysilicon materials rather than a significant increase in downstream demand, contrasting with the earlier "rush installation" period driven by high demand [1] - Some manufacturers are facing capacity constraints, which affects their ability to deliver products in a timely manner, contributing to the current market shortages [1]

Group 1 - Trina Solar announced a downward adjustment of the conversion price for its "T23" convertible bonds from 25.00 CNY/share to 16.00 CNY/share, effective from August 18, 2025 [1] - The adjustment reflects the company's strategy to optimize its capital structure, which is expected to impact both the company's stock price and the bond market [1] Group 2 - The China Chemical and Physical Power Industry Association has initiated a proposal to maintain fair competition and promote healthy development in the energy storage industry, receiving support from 152 companies across various sectors, including lithium-ion and sodium-ion batteries [2] - The widespread response from industry players indicates a strong consensus on the need for self-regulation and standardization within the energy storage sector, which could lay a solid foundation for long-term industry growth [2] Group 3 - China Shenhua responded to investor inquiries regarding the recent capacity checks by the energy bureau, stating that it expects limited impact on its coal production due to compliance with production arrangements [3] - The company's emphasis on compliance and stable production capacity is likely to support its performance stability despite recent increases in commodity futures prices [3]

北京市金杜律师事务所上海分所 关于天合光能股份有限公司 2025 年第四次临时股东会 之法律意见书 公司已向本所保证，公司已向本所披露一切足以影响本法律意见书出具的 事实并提供了本所为出具本法律意见书所要求公司提供的原始书面材料、副本 材料、复印材料、承诺函或证明，并无隐瞒记载、虚假陈述和重大遗漏之处； 公司提供给本所的文件和材料是真实、准确、完整和有效的，且文件材料为副 本或复印件的，其与原件一致和相符。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 司章程》（以下简称《公司章程》）； 议》； 合光能股份有限公司关于召开 2025 年第四次临时股东会的通知》（以 下简称《股东会通知》）； 在本法律意见书中，本所仅对本次股东会召集和召开的程序、出席本次股 东会人员资格和召集人资格及表决程序、表决结果是否符合有关法律、行政法 规、 《股东会规则》和《公司章程》的规定发表意见，并不对本次股东会所审议 的议案内容以及该等议案所表述的事实或数据的真实性和准确性发表意见。本 所仅根据现行有效的中国境内法律法规发表意见，并不根据任何中国境外法律 发表意见。 本所依据上述法律、行政法规、规章及规范 ...

证券代码：688599 证券简称：天合光能 公告编号：2025-088 转债代码：118031 转债简称：天 23 转债 天合光能股份有限公司 本公司董事会及全体董事保证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。 重要内容提示： ? 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 8 月 14 日 （二） 股东会召开的地点：常州市新北区天合路 2 号天合光能股份有限公司会 议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： 普通股股东人数 450 普通股股东所持有表决权数量 441,535,549 例（%） 普通股股东所持有表决权数量占公司表决权数量的比例（%） 20.5312 注：截止本次股东会股权登记日的总股本为 2,179,365,412 股；其中，公司回购专用账户中 股份数为 28,806,827 股，不享有股东会表决权。 （四） 表决方式是否符合《公司法》及公司章程的规定，会议主持情况等。 本次股东会由副董事长高纪庆先生现场主持，董事长高 ...

证券代码：688599 证券简称：天合光能 公告编号：2025-089 转债代码：118031 转债简称：天23转债 天合光能股份有限公司 关于向下修正"天 23 转债"转股价格暨转股停牌的公 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、准确性和完整性承担法律责任。 重要内容提示： ? 证券停复牌情况：适用 因"天 23 转债"实施转股价格修正条款,本公司的相关证券停复牌情况如下： 停牌 证券代码 证券简称 停复牌类型 停牌起始日 停牌终止日 复牌日 期间 可转债转股 停牌 ? 本次转股价格修正实施日期：2025 年 8 月 18 日 一、 可转换公司债券基本情况 （一）发行上市概况 经中国证券监督管理委员会出具的《关于同意天合光能股份有限公司向不特 定对象发行可转换公司债券注册的批复》 （证监许可〔2023〕157 号），同意公司向 不特定对象发行 8,864.751 万张可转换公司债券，每张面值 100 元，募集资金总 额为人民币 886,475.10 万元，期限自发行之日起六年，即自 2023 年 2 月 13 日至 公司 886,475.1 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-089 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天23转债 | | 天合光能股份有限公司 关于向下修正"天 23 转债"转股价格暨转股停牌的公 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、准确性和完整性承担法律责任。 重要内容提示： 证券停复牌情况：适用 因"天 23 转债"实施转股价格修正条款,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 118031 | 天 23 | 转债 | 可转债转股 停牌 | 2025/8/15 | 全天 | 2025/8/15 | 2025/8/18 | 一、 可转换公司债券基本情况 （一）发行上市概况 经中国证券监督管理委员会出具的《关于同意天合光能股份有限公司向不特 定对象发行可转换公司债券注册 ...

| 证券代码：688599 | 证券简称：天合光能 | | 公告编号：2025-088 | | --- | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 | 转债 | | 天合光能股份有限公司 2025年第四次临时股东会决议公告 本公司董事会及全体董事保证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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东会召开的时间：2025 年 8 月 14 日 （二） 股东会召开的地点：常州市新北区天合路 2 号天合光能股份有限公司会 议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 450 | | --- | --- | | 普通股股东人数 | 450 | | 2、出席会议的股东所持有的表决权数量 | 441,535,549 | | 普通股股东所持有表决权数量 | 441,535,549 | | 3、出席会议的股东所持有表决权数量占公司表决权数量 ...