国家知识产权局信息显示，晶澳（扬州）太阳能科技有限公司申请一项名为"一种异质结太阳能电池的 制备方法及异质结太阳能电池"的专利，公开号CN120603360A，申请日期为2025年06月。 天眼查资料显示，晶澳（扬州）太阳能科技有限公司，成立于2006年，位于扬州市，是一家以从事计算 机、通信和其他电子设备制造业为主的企业。企业注册资本634087.0275万人民币。通过天眼查大数据 分析，晶澳（扬州）太阳能科技有限公司共对外投资了5家企业，参与招投标项目159次，财产线索方面 有商标信息12条，专利信息469条，此外企业还拥有行政许可127个。 专利摘要显示，本发明公开一种异质结太阳能电池的制备方法及异质结太阳能电池。该制备方法包括： 在电池基体的主表面上顺序层叠制备第一透明导电氧化膜层和第二透明导电氧化膜层；利用具有栅线凹 槽的第一掩膜层覆盖第二透明导电氧化膜层；通过酸溶液去除第二透明导电氧化膜层中对应于栅线凹槽 的部分；在栅线凹槽内形成金属栅线；去除第一掩膜层，第一透明导电氧化膜层与酸溶液的反应速率小 于第二透明导电氧化膜层与酸溶液的反应速率。以保证第一透明导电氧化膜层的完整性，并能够保证第 一透明导电 ...

协合新能源(0182.HK)现涨5.13%报0.41港元，暂成交1800万港元，市值超32亿港元。协合新能源公布 2025年8月的权益发电量，8月总计权益发电量507.64GWh，同比增长6.07%，其中太阳能权益发电量 123.48GWh，同比增长32.26%。(格隆汇) ...

国家知识产权局信息显示，浙江爱旭太阳能科技有限公司取得一项名为"背接触电池的电极结构、背接 触电池及背接触电池组件"的专利，授权公告号CN 223297982 U，申请日期为2024年09月。 天眼查资料显示，浙江爱旭太阳能科技有限公司，成立于2016年，位于金华市，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569189.3935万人民币。通过天眼查大数据分析，浙江爱旭太 阳能科技有限公司共对外投资了11家企业，参与招投标项目127次，专利信息1934条，此外企业还拥有 行政许可60个。 专利摘要显示，本申请适用于光伏技术领域，提供了一种背接触电池的电极结构、背接触电池及背接触 电池组件，包括至少一个pad点和至少一个沿第一方向延伸经过所述pad点的细栅，本申请方案中将连接 于pad点细栅设置为第一分段细栅和第二分段细栅，第一分段细栅和第二分段细栅间隔设置，这样一方 面可以实现第一分段细栅、pad点和第二分段细栅的电导通，便于将细栅处的载流子汇流到主栅内，另 一方面由于第一分段细栅与第二分段细栅在pad点位置采用了间隔布局的设计策略，这一布局显著减少 了锡膏与细栅之间的直接接触面积，当锡膏被精 ...

Key Takeaways from the Asia Leaders Conference 2025 on the Solar Industry Industry Overview - The conference hosted seven solar value chain companies including GCL Tech, Daqo, Maxwell, Longi, Aiko, Jinko A, and CSI Solar A, focusing on the solar industry dynamics and anti-involution policies [2][4] Core Insights 1. **Divergent Pricing Outlook**: - There is a significant difference in pricing outlook between Poly and Module players. Poly prices are expected to increase further, while Module players are skeptical about accepting price hikes due to market conditions [3][4][8] - Poly prices have seen a recovery, with transactions reported in late August at Rmb45-50/kg, with expectations to rise to Rmb50-60/kg to cover production costs [4][12] 2. **Industry Overcapacity Rebalancing**: - Multiple strategies are being discussed to address overcapacity in the solar industry, including: - A tail capacity buyout fund for Poly - R&D initiatives to exit capacity for Cell and Module - Strict controls on new capacity expansion [3][10] - An industry-wide production quota control will be imposed, limiting production to 500k tons from September to December 2025 [4] 3. **Profitability Inflection Points**: - Profitability is expected to improve, with Poly players like GCL and Daqo indicating a positive operational profit in Q3 2025. Daqo anticipates positive cash profit compared to a -22% margin in Q2 2025 [12][13] - Longi expects to reach operational breakeven in Q4 2025, driven by a higher shipment mix of high-efficiency products [13] Additional Important Points - **Module Players' Concerns**: - Module companies are hesitant to restock Poly inventory at current prices due to uncertainties in on-grid tariffs under new policies [8] - There is a focus on enhancing product efficiency and targeting high-margin niche markets to sustain pricing trends and reduce costs [10] - **Technological Advancements**: - Companies believe that only advanced technologies will receive approval for capacity expansion moving forward, indicating a shift towards innovation in the industry [11] - **Market Dynamics**: - The conference highlighted the ongoing challenges in the solar market, particularly regarding pricing acceptance and the impact of regulatory changes on profitability and operational strategies [3][8][12]

September 7, 2025 11:19 PM GMT China Industrials | Asia Pacific M Idea A Tale of Two Sectors: Cyclical Downturn in Solar vs. Structural Growth in LiB We see these two sectors following opposing paths in 2026. LiB equipment should enter a multi-year growth phase with compelling drivers, while solar equipment stays in a cyclical downturn with cautious downstream capex. We are positive on LiB equipment, negative solar equipment. Prefer Wuxi Lead. Sharp divergence between LiB and solar equipment's outlook in 20 ...

Industry Rating - The report maintains an "Outperform" rating for the public utility sector [1] Core Insights - The data center industry in China is expected to reach a market size of 304.8 billion yuan and over 10 million standard racks by 2024, both achieving a year-on-year growth of over 20% [2][25] - The emergence of AI technologies, particularly large models, is driving significant demand for computing power, which is expected to enhance the growth of data centers [3][65] - The increasing electricity demand from data centers is projected to lead to a transformation towards greener computing solutions [4][111] Summary by Sections 1. Progress of China's Data Center Industry - The development of China's data center industry has evolved through four stages, with computing power becoming the driving force in the digital economy since 2020 [9][18] - The market is characterized by a significant regional distribution, with the "East Data West Computing" initiative promoting a balanced development across eight hubs and ten clusters [32][38] 2. AI's Impact on Data Center Demand - The launch of DeepSeek in January 2025 is expected to significantly increase the rack utilization rate in third-party data centers [3][79] - The average rack utilization rate in China was 56.4% by the end of 2023, indicating a mismatch between supply and demand [56] - The global demand for computing power is projected to grow at a rate exceeding 50% annually, with AI applications driving this growth [65][71] 3. Electricity Demand and Green Transformation - Data centers' electricity costs typically account for over 50% of their total operating costs, with some internet clients seeing this figure rise to 70-80% [95] - The International Energy Agency (IEA) predicts that global data center electricity consumption will double from 415 TWh in 2024 to approximately 945 TWh by 2030, with a compound annual growth rate of about 15% [101] - By 2030, China's data center electricity demand is expected to reach between 300 billion and 700 billion kWh, representing 2.3% to 5.3% of the total electricity consumption [108][109]

Group 1 - The Hong Kong solar energy sector experienced a significant rally on September 8, with notable gains in stock prices [1] - Sunshine Energy surged over 30%, indicating strong investor interest and market confidence [1] - Other companies in the sector, such as Canadian Solar, Times Electric, Longyuan Power, and Beijing Energy International, also saw increases in their stock prices, with Canadian Solar rising over 6% [1]

Core Insights - An international photovoltaic research team has made significant progress in the industrialization of perovskite-silicon tandem solar cells, achieving a power conversion efficiency of 33.1% [1][2] - The advancement is crucial as silicon solar cells approach their theoretical efficiency limit of 29.4%, positioning perovskite-silicon tandem solar cells as the next important technology in the photovoltaic sector [1] Group 1 - The research team, consisting of institutions like King Abdullah University of Science and Technology, Freiburg University, and Fraunhofer Institute for Solar Energy Systems, successfully achieved high-quality passivation on textured silicon bottom cells [1] - The passivation process involved depositing 1,3-diaminopropane dihydroiodide on the uneven perovskite surface, leading to improved performance metrics [1] - The treated tandem cells exhibited an open-circuit voltage of 2.01 volts, indicating enhanced electrical performance [1] Group 2 - The study revealed that passivation not only improves the surface of the top cell but also affects the entire perovskite layer, enhancing conductivity and fill factor due to the deep-level effects of passivation [2] - This understanding of the internal mechanisms of power conversion in tandem cells allows for further development of more efficient solar cells [2] - The breakthrough in surface passivation is significant for the photovoltaic industry, potentially accelerating the commercialization of the next generation of high-efficiency solar cells [2]

Investment Rating - The report maintains a "Buy" rating for renewable energy operators due to the accelerated recovery of renewable energy subsidies, which is expected to alleviate cash flow pressures for green electricity operators [3][6][7]. Core Viewpoints - The "Document 136" promotes the full market entry of renewable energy, intensifying competition in the sector. The accelerated recovery of national renewable energy subsidies is anticipated to significantly ease cash flow pressures for green electricity operators, benefiting their recovery and long-term development [3][12]. - Recent data shows that several renewable energy operators have received substantial renewable energy subsidy funds, with notable increases in funding compared to the previous year. For instance, Jin Kai New Energy received CNY 1.214 billion, a 341.67% increase year-on-year, while Solar Energy received CNY 2.319 billion, a 232.23% increase [13][13][13]. Summary by Sections Industry Trends - The report indicates a 0.51% increase in the CITIC Power and Utilities Index, outperforming the CSI 300 Index by 1.33 percentage points during the week of September 1-5, 2025 [4][67]. - The coal price has dropped to CNY 687 per ton, which may impact the thermal power sector positively [15]. Renewable Energy - The price of silicon materials has risen to CNY 48 per kg, while the price of mainstream silicon wafers remains stable at CNY 1.42 per piece. This trend is expected to enhance the profitability of photovoltaic projects in the long run [50]. Hydropower - As of September 5, 2025, the inflow and outflow of the Three Gorges Reservoir have increased by 31.71% and 69.81% year-on-year, respectively, indicating a robust performance in hydropower generation [38]. Carbon Market - The national carbon market saw a 4.50% decrease in trading prices, with a total trading volume of 2.1243 million tons and a total transaction value of CNY 144 million during the week [60][64]. Key Stocks - The report highlights several key stocks with "Buy" ratings, including Zhejiang Energy, Anhui Energy, and Huaneng International, with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential growth [7].

Investment Rating - The report maintains a "Positive" investment rating for the green electricity sector [8]. Core Insights - The acceleration of subsidy recovery signals a significant improvement in the financial health of renewable energy operators, enhancing cash flow and potentially allowing for the reversal of previously recognized receivable impairments [2][10]. - The green certificate market is experiencing a recovery, with prices increasing due to improved supply-demand dynamics, which is expected to restore the narrative around the green electricity sector [2][10]. Summary by Sections Subsidy Recovery - In August, several companies received substantial subsidy payments, indicating a faster recovery process for industry-wide subsidies. For instance, Solar Energy, Jinko Technology, and Longyang Energy received subsidies of 1.68 billion, 939 million, and 633 million RMB respectively, accounting for 74.6%, 78.3%, and 74.5% of their annual recovery totals [10]. - The cumulative subsidy recovery from January to August for these companies increased by 258.6%, 340.5%, and 272.0% year-on-year, with total amounts far exceeding the entire recovery for 2024 [10]. Green Certificate Market - The green certificate trading volume reached 68.21 million in July, with a year-on-year increase of 126.08% for the first seven months of 2025. The average price of green certificates rose to 4.61 RMB per unit, a 35.42% increase from the previous month [10]. - The price of green certificates for 2025 has reached 6.88 RMB per unit, reflecting a 6.17% increase, which translates to a compensation of 0.007 RMB per kilowatt-hour for renewable energy generation [10]. Investment Recommendations - The report suggests focusing on quality coal-fired power operators such as Huaneng International, Datang Power, and Guodian Power, as well as hydropower companies like Yangtze Power and State Power Investment Corporation [10]. - For the renewable energy sector, it recommends companies like Longyuan Power, China Nuclear Power, and Zhongmin Energy, highlighting their potential for growth amid favorable policy changes [10].