Investment Rating - The report maintains a "Positive" investment rating for the photovoltaic industry [9] Core Insights - The current round of anti-involution in the photovoltaic sector is marked by a more mature and pragmatic approach compared to the previous round, initiated by a series of policy and corporate events starting from late June [3][6] - The government has shown increased attention and clearer communication regarding the photovoltaic industry, with higher-level officials participating in discussions and setting more stringent regulations [6][22] - Companies and industry associations are taking proactive steps to address issues, demonstrating a higher degree of consensus and commitment to compliance with pricing regulations [6][26] Summary by Sections Overview - The report highlights that the current anti-involution measures are more mature and pragmatic than previous efforts, with significant developments in both policy and corporate actions since late June [3][6] Government and Corporate Attitudes - Government officials have publicly emphasized the need to regulate low-price competition and improve product quality, with more structured meetings and discussions involving higher-level participants [6][18] - Companies have taken the initiative to propose practical solutions and have shown a stronger commitment to enforcing pricing regulations, leading to a more unified industry response [6][26] Capacity and Production Measures - The focus has shifted from quota-based production limits to a strategy of consolidating capacity, particularly in the silicon material sector, where leading companies are acquiring smaller firms to manage supply and demand effectively [6][28] Pricing Measures - The current measures extend price controls beyond just components to include silicon materials, silicon wafers, batteries, and modules, with a higher baseline price established compared to previous rounds [6][36] - Recent price increases have been observed across all segments, with silicon material prices rising significantly, indicating a recovery towards reasonable levels [7][42] Investment Opportunities - The report identifies significant investment opportunities in silicon materials and battery components, highlighting specific companies such as Tongwei Co., GCL-Poly Energy, and LONGi Green Energy as key players to watch [7][36]

天眼查资料显示，天合光能股份有限公司，成立于1997年，位于常州市，是一家以从事电气机械和器材 制造业为主的企业。企业注册资本217936.4548万人民币。通过天眼查大数据分析，天合光能股份有限 公司共对外投资了21家企业，参与招投标项目5000次，财产线索方面有商标信息776条，专利信息4127 条，此外企业还拥有行政许可44个。 2025年7月29日国家知识产权局信息显示，天合光能股份有限公司取得一项名为"钙钛矿太阳能电池的加 工设备"的专利，授权公告号CN223168640U，申请日期为2024年07月。 专利摘要显示，本申请公开了一种钙钛矿太阳能电池的加工设备，属于太阳能电池制备技术领域。钙钛 矿太阳能电池的加工设备包括：涂布装置，包括限定出涂布腔室的第一壳体和安装涂布腔室的涂布机， 涂布机用于在基材表面涂覆钙钛矿前驱介质；结晶装置，包括限定出结晶腔室的第二壳体和安装于结晶 腔室的温控组件，温控组件用于低温冷却钙钛矿前驱介质以形成钙钛矿薄膜；输送机构，连通于涂布腔 室和所述结晶腔室，用于将涂布装置处理后的基材运送至结晶装置。使用该种结构使得钙钛矿前驱溶液 在低温条件下结晶，得到高质量的钙钛矿薄膜，减 ...

证券日报网讯7月29日晚间，天合光能发布公告称，公司将于2025年8月14日召开2025年第四次临时股东 会。本次股东会将审议《关于董事会提议向下修正"天23转债"转股价格的议案》。 ...

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 2029 年 2 月 12 日。经上海证券交易所自律监管决定书（[2023]33 号）文 同意，公司 886,475.10 万元可转换公司债券已于 2023 年 3 月 15 日起在上海证 券交易所挂牌交易，债券简称"天 23 转债"，债券代码"118031"。 （二）转股价格调整情况 | 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-082 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天23转债 | | 天合光能股份有限公司 关于董事会提议向下修正"天 23 转债"转股价格的 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 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-083 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天 23 转债 | | 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： 一、 召开会议的基本情况 天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 2025年第四次临时股东会 （一） 股东会类型和届次 召开日期时间：2025 年 8 月 14 日 14 点 00 分 召开地点：常州市新北区天合路 2 号天合光能股份有限公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 8 月 14 日 至2025 年 8 月 14 日 股东会召开日期：2025年8月14日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 本次股东会审议议案及投票股东类型 | 序号 | 议案名称 | | 投票股东类型 | | --- | --- | --- ...

Group 1 - The core theme of the recent meeting held by the China Photovoltaic Industry Association is "production limits to maintain prices," with expectations of a 10%-15% reduction in operating rates in the third quarter [2] - A strict policy against "selling below cost" is being implemented, with third-party audits to investigate low-price sales and measures against companies engaging in substandard product sales [2] - The photovoltaic industry is currently facing supply-demand imbalances, price fluctuations, and performance losses, necessitating the accelerated elimination of excess capacity [2] Group 2 - In the A-share photovoltaic supply chain, 18 out of 21 listed companies reported losses in their first-quarter net profits, with larger manufacturers experiencing more severe losses [2] - Major companies such as Tongwei Co., Ltd. reported a loss of 2.61 billion yuan, while TCL Zhonghuan and Longi Green Energy each faced losses nearing 2 billion yuan [2] - Industry organizations have been actively taking measures, including setting minimum price standards for components and enhancing technical standards to combat vicious competition [2] Group 3 - The photovoltaic industry chain prices are under pressure, with a slight decline observed since June 16, indicating that the effectiveness of production cuts remains to be seen [3][4] - The average transaction price for 183N silicon wafers has dropped to the range of 0.9 to 0.91 yuan, with some quotes falling below 0.9 yuan [4] - The price of polysilicon has also decreased due to weak downstream demand and significant price drops in silicon wafer products, leading to severe price pressure on new contracts [5] Group 4 - The number of new polysilicon contracts has decreased significantly post-exhibition, with major manufacturers struggling to make sales at current low prices [5] - The decline in polysilicon prices is attributed to the rapid drop in downstream silicon wafer prices and the expectation of increased production capacity among polysilicon manufacturers [5] - Currently, all 11 polysilicon production companies are operating at reduced capacity, indicating a cautious approach to market conditions [5]

Core Viewpoint - The company Youli Intelligent (920007.BJ) is set to be listed on the Beijing Stock Exchange, focusing on the research, production, and sales of core components for photovoltaic brackets [1][2]. Group 1: Company Overview - Youli Intelligent specializes in photovoltaic bracket core components, including torque tubes (TTU), bearing assemblies (BHA), installation structural components (URA), and rails (RAIL) [3]. - The company's main business revenue primarily comes from the sales of photovoltaic bracket components, with sales revenue proportions of 99.64%, 99.73%, and 99.84% for the years 2022 to 2024 respectively [3]. - Youli Intelligent was recognized as a "High-tech Enterprise" in 2023 and received the "Specialized and Innovative 'Little Giant'" title in the same year, holding 61 patent authorizations [3]. Group 2: Financial and Market Position - The company plans to raise funds for the construction of a core component production base for photovoltaic brackets (1.51 billion), a research and development center (0.20 billion), and smart transformation and expansion projects (0.29 billion), along with supplementing working capital (0.70 billion) [2]. - The company has established strong relationships with major clients in the photovoltaic bracket sector, including Nextracker, which has been the global leader in tracking bracket shipments for nine consecutive years [4]. - The actual controllers of the company, Li Tao, Li Kailin, and Zhu Hong, collectively hold 81.49% of the voting rights, indicating a high level of control over the company's operations and decision-making [5].

Group 1 - The article highlights the importance of cooperation between China and Europe, especially in the photovoltaic sector, as both regions are significant global economic entities [1] - China has become a leader in the global photovoltaic industry, excelling in technology, production capacity, and cost efficiency, which presents a substantial opportunity for Chinese photovoltaic companies in the European market [1] - Collaboration with European firms can help Chinese companies expand their overseas markets, alleviate domestic overcapacity, and enhance their technological capabilities and brand influence [1] Group 2 - The article mentions that Europe, being a major photovoltaic market, can benefit from partnerships with Chinese companies by accessing higher quality and lower-priced photovoltaic products and technologies, thus accelerating its energy transition [1]

Investment Rating - Industry Rating: Recommended [5] Core Insights - The humanoid robot industry is accelerating its layout both domestically and internationally, with significant breakthroughs expected in AI technology and cost reduction, leading to a strong demand for domestic core components [1][13][15] - The solid-state battery industry is progressing towards commercialization, driven by technological upgrades and the expansion of the supply chain, with companies expected to release new products and increase production capacity [2][18][19] - The photovoltaic industry is expected to return to an orderly competitive state due to the proposed price law amendments aimed at curbing "involution" competition, with upstream material prices rising and benefiting companies like JA Solar and Trina Solar [3][27][30] Summary by Sections Humanoid Robots - The industry is witnessing rapid advancements with major tech companies entering the market, leading to accelerated industrialization [1][14] - Domestic companies are expected to benefit significantly from the demand for localized core components [1][15] - Key players include Tesla, Unitree, and ByteDance, with significant product launches and production plans [14][17] New Energy Vehicles - The solid-state battery technology is identified as the next definitive direction for battery technology, with companies like Funeng Technology and Honeycomb Energy making strides in production [2][18][20] - The industry is experiencing rapid growth, with new models and technologies enhancing performance and reducing costs [20][21] - Companies with technological advantages and those expanding into new applications are expected to benefit [19][22] New Energy - The proposed price law amendments are set to improve market order and reduce excessive competition in the photovoltaic sector [3][26][27] - Upstream material prices are rising, which is expected to positively impact downstream component prices, creating rebound opportunities for companies like JA Solar and Trina Solar [27][30] - The industry is also seeing advancements in battery efficiency and production capabilities, with companies like Aiko Solar and LONGi Green Energy positioned to benefit [27][30] Power Equipment & AIDC - The demand for high-power density servers and cooling systems is expected to grow due to the rapid development of AI, benefiting the AIDC supply chain [8][19] - Companies involved in the production of power equipment and components for AI applications are likely to see increased demand [8][19]

Core Viewpoint - The core viewpoint emphasizes the need for the photovoltaic industry to overcome "involution" and establish a healthy ecosystem through five key recommendations [2][4]. Group 1: Recommendations for the Photovoltaic Industry - The first recommendation is to shift from competition to cooperation, enhancing industry self-discipline. It is crucial to distinguish between "good competition" that creates value and "bad competition" that destroys it [5][6][11]. - The second recommendation is to move from fragmentation to consolidation, increasing industry concentration. The ability to integrate resources is more important than merely creating them [15][16][19]. - The third recommendation is to transition from reducing output to reducing capacity, addressing both symptoms and root causes. The current global photovoltaic module capacity is 1200 GW, while annual usage is only 600 GW, necessitating output reduction [22][23][30]. - The fourth recommendation is to shift from quantity-based profit to price-based profit, emphasizing the importance of pricing strategies over mere sales volume [31][32][40]. - The fifth recommendation is to move from a "red ocean" to a "blue ocean" through innovation, categorized into four aspects: differentiation, segmentation, high-end positioning, and branding [41][42][45]. Group 2: Industry Insights and Examples - The experience from the electrolytic aluminum industry, which successfully established a production ceiling of 45 million tons, serves as a valuable reference for the photovoltaic sector [12][13][14]. - The Japanese cement industry restructured from 23 companies to 3, maintaining stable prices despite stagnant sales, illustrating the benefits of consolidation [18][19]. - The implementation of peak-shaving production in the cement industry led to significant profit increases, demonstrating the effectiveness of capacity management [28][30].