天合光能股份有限公司 期货和衍生品交易管理制度 第一章 总则 （一）对已持有的现货库存进行卖出套期保值； （二）对已签订的固定价格的购销合同进行套期保值，包括对原材料采 购合同进行空头套期保值、对产成品销售合同进行多头套期保值，对已 定价贸易合同进行与合同方向相反的套期保值； （三）对已签订的浮动价格的购销合同进行套期保值，包括对原材料采 购合同进行多头套期保值、对产成品销售合同进行空头套期保值，对浮 1 第一条为进一步规范天合光能股份有限公司(以下简称"公司")期货和衍生品 交易行为及相关信息披露工作，有效防范和控制风险，确保公司资产安 全，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司信息披露管理办法》《上海证券交易所科创板股票上市规则》《上海证 券交易所科创板上市公司自律监管指引第 1 号——规范运作》《上海证券 交易所上市公司自律监管指引第 5 号——交易与关联交易》等国家相关 法律法规及规范性文件的规定，以及《公司章程》等有关规定，结合公 司实际情况，特制定本制度。 第二条本制度所称期货交易是指以期货合约或者标准化期权合约为交易标的的 交易活动。本制度所称衍生品交易是指期货交易以外 ...

| 证券代码：688599 | 证券简称：天合光能 | 公告编号：2025-077 | | --- | --- | --- | | 转债代码：118031 | 转债简称：天23转债 | | 天合光能股份有限公司 第三届监事会第十六次会议决议公告 监事会认为：本次作废部分限制性股票符合有关法律、法规及《天合光能股 份有限公司 2023 年限制性股票激励计划》的相关规定，不存在损害股东利益的 情形。因此，监事会同意公司此次作废本次激励计划部分限制性股票。 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《天 合光能股份有限公司关于作废 2023 年限制性股票激励计划部分限制性股票的公 告》。 表决结果：3 票同意，0 票反对，0 票弃权。 （二）审议通过《关于公司 2025 年度开展期货套期保值业务的议案》 本公司监事会及全体监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。 一、监事会会议召开情况 天合光能股份有限公司（以下称"公司"）第三届监事会第十六次会议于 2025 年 7 月 8 日以通讯方式召开，全体监事一致 ...

Group 1 - The BC battery concept sector rose by 4.13%, leading the market with 40 stocks increasing, including Dongcai Technology, Junda Co., and Tongwei Co., which hit the daily limit [1] - Notable gainers in the BC battery sector included Laplace, Trina Solar, and Chipone, with increases of 9.12%, 8.10%, and 7.91% respectively [1] - The sector saw a net inflow of 2.09 billion yuan, with 32 stocks receiving net inflows, and 8 stocks exceeding 50 million yuan in net inflow, led by Tongwei Co. with 636 million yuan [1] Group 2 - The top three stocks by net inflow ratio were Tongwei Co. at 22.69%, Junda Co. at 21.00%, and Longi Green Energy at 14.34% [2] - The trading volume for Tongwei Co. was 635.72 million yuan, with a daily increase of 10.00% and a turnover rate of 3.22% [2] - Other significant stocks included Longi Green Energy with a 6.46% increase and a turnover rate of 2.94%, and Junda Co. with a 10.00% increase and a turnover rate of 10.25% [2][3] Group 3 - The BC battery concept sector's performance was contrasted with other sectors, such as the shipbuilding sector which fell by 0.45% and the biomass power generation sector which saw minimal change [1] - Stocks like Guangxin Materials and Haitan Co. experienced declines of 2.39% and 0.58% respectively, indicating some volatility within the market [1][4] - The overall market sentiment was positive for the BC battery sector, reflecting strong investor interest and capital inflows [1]

Group 1 - The photovoltaic ETF fund (159863.SZ) has increased by 5.08%, with major components such as Sungrow Power (up 8.98%), Longi Green Energy (up 6.08%), Tongwei Co. (up 10.00%), Daqo New Energy (up 14.84%), and TBEA Co. (up 3.02%) [1] - There are rumors that silicon material does not have a guiding price and cannot be sold below their full cost, with policies reiterating "supply-side expectations rising" [1] - The photovoltaic industry is currently undergoing a clearing process that can be categorized into financial, policy, and technical clearings, with expectations of challenges in domestic demand in Q3 and an anticipated increase in polysilicon production in July [1] Group 2 - Zhongyi Securities' strategy team notes that the current market environment is similar to the end of 2014, with investors having accumulated profit effects in the industry, and policy expectations stabilizing [1] - China Post Securities highlights that the photovoltaic industry has been officially named for "involution-style" competition, with leading photovoltaic glass companies planning to collectively reduce production by 30% starting in July [2] - The Ministry of Industry and Information Technology has signaled stronger regulatory measures, requiring companies to report cost prices and planning to impose heavy penalties on low-price sales, indicating an escalation in industry governance [2]

Core Viewpoint - A new round of anti-"involution" competition has been initiated, affecting both traditional industries like steel and cement, as well as emerging sectors such as photovoltaics, new energy vehicles, and lithium batteries. The central government has signaled a commitment to address low-price disorderly competition and promote the orderly exit of backward production capacity [1][4][6]. Group 1: Government Initiatives - The Central Economic Committee's recent meeting emphasized the need to govern low-price disorderly competition legally and systematically, aiming to enhance product quality and facilitate the exit of outdated production capacity [1][6]. - The Ministry of Industry and Information Technology (MIIT) has held discussions with photovoltaic industry leaders to address the challenges posed by low-price competition and to promote high-quality development within the sector [11][12]. - The revised Anti-Unfair Competition Law, effective from October 15, 2025, aims to provide legal tools to combat "involution" competition, particularly targeting platform operators who enforce below-cost pricing [9][10]. Group 2: Industry Responses - Various industry associations, including those in steel, cement, and battery sectors, have called for a collective response against "involution" competition, advocating for quality over price in market competition [3][16][19]. - The photovoltaic industry is experiencing significant pressure, with upstream silicon material prices plummeting, leading to a collective financial strain across the entire supply chain [12][14]. - Industry leaders have highlighted the necessity for consolidation and stricter control of production capacity to overcome the challenges posed by "involution" competition, suggesting that cooperation is essential for long-term sustainability [14][19]. Group 3: Economic Context - The current "involution" phenomenon is attributed to two main factors: a cyclical economic adjustment leading to heightened price sensitivity among consumers, and external pressures from a de-globalizing environment that compel companies to compete primarily on price [7][8]. - The imbalance between supply and demand in various sectors, particularly in the steel industry, has resulted in increased production despite declining consumption, exacerbating the "involution" issue [18][19].

Group 1 - The core viewpoint emphasizes that comprehensive rectification of "involutionary" competition is a key measure to address current economic development contradictions, affecting both traditional and emerging industries [1][4][5] - The new round of anti-involution policies includes not only traditional industries like steel and cement but also emerging sectors such as photovoltaics, new energy vehicles, and lithium batteries, which have a higher proportion of private enterprises [1][4][5] - The recent Central Economic Committee meeting highlighted the need to legally govern low-price disorderly competition and promote the orderly exit of backward production capacity, signaling a national-level response to involution [2][5] Group 2 - The Ministry of Industry and Information Technology (MIIT) has initiated discussions with photovoltaic industry leaders to address production, innovation, and market competition challenges, aiming to support high-quality development in the sector [10] - The photovoltaic industry has faced significant pressure, with prices for silicon materials and components dropping below cash costs, leading to a substantial decline in profit margins [11][12] - Various industry associations, including those in steel, cement, and battery sectors, have called for a collective response to involution, advocating for quality over price competition and industry cooperation [13][15] Group 3 - The revised Anti-Unfair Competition Law, effective from October 15, 2025, aims to provide institutional tools to curb "involutionary" competition, particularly targeting platform operators to prevent forced low-cost sales [9] - Experts have identified two main causes of the current involution phenomenon: domestic economic adjustments leading to price sensitivity and external pressures on Chinese enterprises due to de-globalization [6][7] - The steel industry is particularly affected by involution, with a significant increase in crude steel production despite declining apparent consumption, indicating a supply-demand imbalance [15]

Core Viewpoint - The article highlights a significant battery storage order of over 3.1 GWh signed between Nandu Power and Trina Solar with Indian renewable energy company ACME Solar, marking one of the largest battery storage procurement projects in India [1][3]. Group 1: Project Details - The project will support multiple renewable energy and battery-connected projects under ACME Solar, with implementation planned across various states in India within the next 12 to 18 months [3]. - The delivery of the systems is scheduled to be completed in phases over the next four to eight months [3]. - The specific supply ratio between Nandu Power and Trina Solar has not been disclosed [4]. Group 2: Company Background - ACME Solar, headquartered in Gurugram, India, has a total installed capacity of 6,970 MW and an operational capacity of 2,890 MW, with an additional 4,080 MW in various stages of implementation [7]. Group 3: Market Context - The Indian government has introduced favorable policies, such as requiring solar projects to include a 10%/2h storage system during bidding and allocating 54 billion INR for the development of 30 GWh battery storage projects [8]. - The National Power Plan of India aims to establish 47.24 GW/236.22 GWh of battery storage systems by 2031-2032 to balance the fluctuations of 365 GW of solar and 121 GW of wind energy generation [9]. - The article suggests that the Indian storage market still has significant growth potential, indicating that the competition among companies in this sector is intensifying [10].

Group 1 - The Ministry of Industry and Information Technology held the 15th manufacturing enterprise symposium focusing on accelerating the high-quality development of the photovoltaic industry [1] - 14 photovoltaic industry enterprises and association leaders shared insights on production operations, technological innovation, market competition, and industry ecosystem construction [1] - Longi Green Energy emphasized the importance of addressing low-price competition and optimizing capacity, creating structural opportunities for technologically advanced companies [1] Group 2 - Trina Solar highlighted the need for capacity integration to leverage the leading role of major enterprises and avoid disorderly competition [1] - JinkoSolar pointed out the urgency of addressing "involution" competition, reflecting the government's commitment to managing disorderly competition in the photovoltaic industry [1] - Minsheng Securities noted that the photovoltaic industry is currently at the bottom in terms of prices and profitability, with expectations for a rebound through policy and industry self-discipline [2]

Core Viewpoint - The article highlights the urgent need for the photovoltaic (PV) industry to combat "involution," characterized by excessive competition leading to low prices and reduced profitability, as emphasized by recent government meetings and industry responses [1][18]. Industry Overview - The PV industry has experienced a dramatic shift from profitability in 2023 to significant losses in 2024, with 68 PV equipment companies collectively losing approximately 257 billion yuan, compared to a profit of 993 billion yuan in 2023 [3][9]. - Major companies like Tongwei Co., Longi Green Energy, and JinkoSolar reported substantial revenues exceeding 100 billion yuan in 2023, but faced severe losses in 2024, with Longi Green Energy and TCL Zhonghuan losing 98.18 billion yuan and 86.18 billion yuan respectively [7][8]. Competitive Landscape - The industry has seen a split performance, with some segments like PV processing equipment and inverters thriving, while others, particularly silicon wafer and module manufacturers, are struggling with massive losses [3][8]. - The aggressive expansion strategies adopted by leading firms during the high-demand years of 2022 and 2023 have contributed to structural overcapacity and price declines in 2024, leading to a situation where companies are losing money even as they increase sales [10][13]. Policy and Industry Response - The government has initiated measures to regulate low-price competition and promote product quality, with the Central Financial Committee emphasizing the need for orderly market practices [1][18]. - Industry associations and companies are advocating for self-regulation and collaboration to foster a healthier market environment, with initiatives like the "Photovoltaic Industry Cooperation Initiative" signed by nine companies in 2023 [15][16]. Technological Innovation - Companies are increasingly focusing on technological advancements and innovation to improve product quality and operational efficiency, as seen with JinkoSolar's recent achievement in achieving a record conversion efficiency for its N-type solar cells [17][18].

Group 1: Report Industry Investment Rating - Industrial silicon: Bearish; Polysilicon: Sideways [4] Group 2: Core Viewpoints of the Report - The production plan of large Xinjiang factories will have a significant impact on the industrial silicon fundamentals. The polysilicon market is facing issues such as high inventory and difficulty in spot transactions, and its price increase depends on production cuts and downstream price trends. The prices of organic silicon, silicon wafers, battery cells, and components are all under pressure, and their price rebounds may rely on administrative measures [11][12][15] Group 3: Summary by Relevant Catalogs 1. Industrial Silicon/Polysilicon Industry Chain Prices - The Si2509 contract of industrial silicon decreased by 50 yuan/ton to 7980 yuan/ton week-on-week. The spot price of East China oxygenated 553 increased by 450 yuan/ton to 8750 yuan/ton, and the price of Xinjiang 99 increased by 350 yuan/ton to 8050 yuan/ton. The PS2508 contract of polysilicon increased by 2195 yuan/ton to 35510 yuan/ton, and the transaction price of N-type re-feeding material increased by 300 yuan/ton to 34700 yuan/ton [9][10] 2. Polysilicon Policy Game, Pay Attention to Shorting Opportunities on Industrial Silicon Rebounds - **Industrial Silicon**: The industrial silicon futures fluctuated this week. Yunnan and Sichuan increased their furnace openings, while Xinjiang reduced production. The weekly output was 72,000 tons, a week-on-week decrease of 3.92%. The social inventory increased by 10,000 tons, and the sample factory inventory decreased by 23,000 tons. If the large factory maintains 48 furnaces in operation, the industrial silicon may see a monthly inventory reduction of 60,000 tons; if it resumes full production at the eastern base, it may see a monthly inventory increase of 30,000 tons [11] - **Organic Silicon**: The price of organic silicon remained stable this week. Some factories carried out maintenance or reduced production, and some resumed work. The overall enterprise operating rate was 70.44%, the weekly output was 46,600 tons, a week-on-week decrease of 0.21%, and the inventory was 49,500 tons, a week-on-week decrease of 1.39%. It is expected that the price will mainly operate stably [11][12] - **Polysilicon**: The main contract of polysilicon futures rose significantly this week. The N-type re-feeding material price increased to 36 yuan/kg on July 2. However, the downstream silicon wafers are in a cash loss state, and the spot is difficult to trade. In July, the polysilicon production schedule will increase to 107,000 tons, leading to a monthly surplus. As of July 3, the inventory of Chinese polysilicon factories was 272,000 tons, a week-on-week increase of 2,000 tons [12] - **Silicon Wafers**: The price of silicon wafers continued to decline this week. The inventory of silicon wafer factories was 19.22GW as of July 3, a week-on-week decrease of 0.89GW. It is expected that the production schedule in July will be adjusted down to about 52GW, and the price has a sign of stopping falling [13] - **Battery Cells**: The price of battery cells continued to decline this week. The inventory of Chinese photovoltaic battery export factories was 11.53GW as of June 30, a week-on-week decrease of 4.8GW. It is expected that the production schedule in July will be adjusted down to about 50GW, but the production reduction may be insufficient, and the inventory will still accumulate. The price may continue to decline [13] - **Components**: The price of components continued to decline this week. The initial production schedule of component factories in July is about 45GW, and the price is difficult to be supported fundamentally. The price rebound may rely on administrative measures [14] 3. Investment Recommendations - **Industrial Silicon**: It is recommended to pay attention to shorting opportunities on industrial silicon rebounds, and pay attention to position management when building positions on the left side [15] - **Polysilicon**: It is recommended to wait and see. Consider taking profit on the PS2508 - 2509 positive spread at an appropriate time [15] 4. Hot News Summary - In May 2025, the utilization rate of national photovoltaic power generation was 94.2%, and that of wind power was 93.2% [16] - The first - phase 25GW monocrystalline silicon wafer project of Trina Solar's Huai'an base was completed and put into operation, and the second - phase project is under construction. The total planned investment of the project is 30 billion yuan [16] - On July 3, Tongwei Co., Ltd.'s subsidiary completed a strategic capital increase of 4.916 billion yuan and introduced 11 strategic investors [17]