集团相信，持续于中国投资绿色能源项目带来庞大增长机会。受实现"碳中和"及"碳达峰"的国家目标所 推动，加上政府政策积极支持可再生能源发展，中国绿色能源项目市场预期经历持续增长。该有利政策 环境及对清洁能源的需求日益增加预期为集团的太阳能及储能投资创造重大商机。 飞轮储能及磷酸铁锂混合储能系统完工及已并网，且已于2025年3月1日投入营运。飞轮储能系统即将进 入二期建设阶段。太阳能及储电业务分部收入由截至2024年6月30日止6个月约人民币12.4百万元大幅增 加约人民币86.4百万元或695.5%至截至2025年6月30日止6个月约人民币98.8百万元。该大幅增长乃主要 归因于公司在山西省投资飞轮储能系统对公司的EPC业务带来协同效应。善用此次成功，集团亦获得位 于中国山西省石楼县的类似飞轮储能及磷酸铁锂混合储能系统的新EPC服务合约。 格隆汇11月25日丨卡姆丹克太阳能(00712.HK)公告，集团主要从事太阳能业务，专注于(1)太阳能光伏发 电站的投资、工程、采购、开发、营运谘询服务；(2)营运工商业及住宅楼宇的屋顶分布式发电项目； (3)销售电动车及储电客户的锂电池储能系统业务；及(4)物流服务。于本公 ...

漂浮太阳能技术解决了大规模太阳能部署的两大核心难题：土地竞争与高发电量需求。将面板安装于水 库、水电站大坝、工业水池等人工水体，可避免与农业或城市发展产生冲突。水体的自然冷却效应使面 板效率较地面安装提升约9%，同时覆盖水面能减少蒸发，这在干旱或缺水地区极具双重价值。美、 日、韩、中、印及部分欧洲国家正优先推广该技术，尤其在城市或人口密集区，以实现可再生能源目标 并提升电网稳定性。 2024年漂浮太阳能面板市场规模达5511万美元，预计2032年将增至8490万美元，2025至2032年复合年增 长率(CAGR)为5.55%。这一增长标志着太阳能行业正在转型：曾为小众应用的漂浮光伏(FPV)系统，正 成为土地有限地区国家脱碳战略的核心组成部分。2024年全球漂浮太阳能新增装机容量达1.8吉瓦，创 年度新增纪录。 亚太地区正主导漂浮太阳能技术的全球部署，特别是日本与中国。2024年日本占全球市场14%(770万美 元)，土地稀缺及政策支持使其新增装机超70兆瓦;美国市场规模约640万美元(占11.6%)，加州、佛州推 动面板与水处理设施结合，《通胀削减法案》等激励政策加速混合储能模式发展。企业竞争中，Ciel ...

Summary of the China Solar Industry Conference Call Industry Overview - **Industry**: China Solar Industry - **Date**: 21 November 2025 Key Points Polysilicon Market - The price of monograde polysilicon remained stable at **Rmb52/kg** as of the week starting 17 November, showing no week-over-week (WoW) change [2] - Inventory levels for polysilicon increased by **1% WoW** to **27.1kt** [2] - Monthly polysilicon production is forecasted to decline by **12% month-over-month (MoM)** to below **120kt (52GW)** in November due to weaker demand and production cuts in Sichuan and Yunnan during the low hydropower season [2] Wafer and Cell Prices - N-type wafer prices decreased by **1.5%** for M10 and **1.8%** for G12, now at **Rmb1.28** and **Rmb1.60** per piece respectively [3] - TOPcon cell prices fell by **1.7%** for M10 and **3.3%** for G12, now priced at **Rmb0.30** and **Rmb0.29** per watt respectively [3] - Module prices remained unchanged at **Rmb0.69** for TOPcon and **Rmb0.76** for back contact [3] - November module production is expected to drop by **4% MoM** to **50.5GW** [3] Solar Glass Market - Solar glass prices remained stable at **Rmb12.75** for 2.0mm and **Rmb19.75** for 3.2mm [4] - Inventory levels for solar glass increased by **9.7% WoW** to **28.13 days** [4] - The price of soda ash remained unchanged at **Rmb1,330/t** [4] Risks and Opportunities - **Downside Risks**: - Slower-than-expected growth in installed domestic renewable energy (RE) capacity [20] - Larger-than-expected tariff cuts for RE projects [20] - Increased competition from other power resources due to future power reforms [20] - **Upside Risks**: - Faster-than-expected growth in installed domestic RE capacity [21] - Smaller-than-expected tariff cuts for RE projects [21] - Market share gains for solar energy compared to other power resources under future reforms [21] Additional Insights - The report emphasizes the importance of monitoring inventory levels and price trends in the polysilicon, wafer, cell, and solar glass markets as they are critical indicators of industry health and future production capabilities [2][3][4] - The current market dynamics suggest a cautious outlook for the solar industry in the short term, with potential for recovery depending on demand and policy support [20][21]

另据BloombergNEF预计，太阳能行业的年度增长将推动整体增长21%，且受新定价政策影响较小。 但报道也提到，尽管存在这种波动，全年来看前景仍然强劲。 【环球网财经综合报道】国家能源局发布1-10月份全国电力工业统计数据显示，截至10月底，全国累计发电装机容量 37.5亿千瓦、同比增长17.3%，其中太阳能发电装机容量11.4亿千瓦、同比增长43.8%，风电装机容量5.9亿千瓦、同比 增长21.4%。总体来看，今年1至10月份，全国发电设备累计平均利用2619小时，比上年同期降低260小时。 彭博社对此发文称，通常情况下，中国太阳能行业的第四季度是安装高峰期，年末安装量激增。但今年6月1日实施的 基于市场的定价机制，促使开发商提前完成项目，导致夏季需求下滑，到9月份才开始复苏。 ...

欧洲投资银行向摩洛哥提供2.66亿美元贷款，用于太阳能项目。 ...

经济观察网国家能源局发布1至10月份全国电力工业统计数据。截至10月底，全国累计发电装机容量 37.5亿千瓦，同比增长17.3%。其中，太阳能发电装机容量11.4亿千瓦，同比增长43.8%；风电装机容量 5.9亿千瓦，同比增长21.4%。1至10月份，全国发电设备累计平均利用2619小时，比上年同期降低260小 时。 ...

11月23日，日本茨城县一家废品塑料回收再生工厂发生火灾。报道称火灾发生地点附近设有一个太阳能 发电厂及一所学校。火灾发生时2名员工住在工厂内，他们已安全逃生。消防出动了10辆消防车试图灭 火，截至目前大火仍未被扑灭且有蔓延风险。当地防灾组织敦促民众尽量远离火灾现场，出门佩戴口 罩。 ...

Summary of China Renewable Energy Conference Call Industry Overview - The conference call focused on the **China Renewable Energy** sector, particularly the solar energy market, including polysilicon, wafers, solar cells, modules, and solar glass products [1][2][3][4][5][6]. Key Points and Arguments Price Trends - **Polysilicon Prices**: Average market prices for n-type grade rod-type polysilicon decreased by -0.1% week-over-week (wow) to Rmb51.9/kg, while granular silicon prices remained unchanged at Rmb50.5/kg [2]. - **Wafer Prices**: Prices for n-type wafers fell by -2.3% wow to Rmb1.26/W for 182mm products and -1.8% wow to Rmb1.68/W for 210mm products due to inventory pressure [3]. - **Solar Cell Prices**: Average prices for TOPCon solar cells decreased by -2.6% wow to Rmb0.30/W [3]. - **Module Prices**: Average market prices for TOPCon modules increased slightly by 0.2% wow to Rmb0.67/W for utility-scale projects, but remained stable for distributed projects [4][5]. - **Solar Glass Prices**: Prices for solar glass products decreased by -1.5% wow to Rmb12.8/m2 for 2.0mm and -1.3% wow to Rmb19.8/m2 for 3.2mm products [6]. Inventory and Demand - **Inventory Levels**: Polysilicon inventory at producer plants rose by +3.1% wow to 267k tonnes, while wafer inventory increased by 5.3% wow to 18.4GW [2][3]. - **Demand Decline**: Domestic solar installation demand in China dropped by -50.9% year-over-year (yoy) to 28.7GW in 3Q25, while module export volume grew by +43.6% yoy to 78.8GW in the same period [1][5]. - **Future Projections**: Monthly polysilicon output is expected to decline by 14% month-over-month (mom) to 120k tonnes in November, with an annual output forecasted to drop by 27.8% yoy to 1,330k tonnes in 2025 [2]. Market Dynamics - **Anti-Involution Policies**: The anticipated increase in module prices is driven by anti-involution policies in China's solar industry and the potential removal of VAT rebates for module exports by the end of 2025 [1][5]. - **Production Adjustments**: Certain polysilicon plants in Southwest China, including Tongwei's facilities, suspended production due to weakened demand and increased electricity prices [2]. Investment Preferences - **Preferred Companies**: The report favors inverter manufacturers such as **Sungrow** and **Deye**, which are expected to benefit from the growth in energy storage systems. Polysilicon producers are also favored due to higher average selling prices (ASP) and potential capacity consolidation [1]. Additional Important Information - **Risks**: Key risks for companies like Deye and Sungrow include lower-than-expected demand for energy storage, increased price competition, and potential trade tariffs against Chinese products in overseas markets [20][22]. - **Valuation Models**: Target prices for companies are based on discounted cash flow (DCF) models, with specific assumptions regarding growth rates and weighted average cost of capital (WACC) [19][21][23]. This summary encapsulates the essential insights from the conference call, highlighting the current state and future outlook of the China Renewable Energy sector, particularly in solar energy.

Core Viewpoint - The company has successfully achieved supply of materials for perovskite solar cells and is currently meeting downstream market demand [1] Group 1: Company Developments - The company's production capacity for perovskite solar cell materials is sufficient to satisfy current market needs [1] - Downstream partners are primarily in the product development or optimization phase, indicating a focus on innovation and improvement [1] - The company aims to plan its production capacity based on downstream market demand and is committed to providing products and technical support to more downstream enterprises [1]

评级调低方面，11月17日至11月23日，券商调低上市公司评级达到7家次，最新数据包括了华创证券对太阳能的评 级从"强推"调低至"推荐"，西部证券对源杰科技的评级从"买入"调低至"增持"，华创证券对泰坦科技的评级从"强 推"调低至"推荐"。 | | | | 7家最新被调低评级的公司 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 此前评级 | 最新评级 | 行业 | | 000591 | 太阳能 | 华创证券 | 强推 | 推荐 | 电力 | | 688498 | 源杰科技 | 西部证券 | 采入 | 増持 | 半导体 | | 688133 | 泰坦科技 | 华创证券 | 强推 | 推荐 | 化学制品 | | 000938 | 紫光股份 | 西部证券 | 买人 | 増持 | IT服务 | | 688232 | 新点软件 | 中泰证券 | 买人 | 増持 | 软件开发 | | 688056 | 菜伯泰科 | 华创证券 | 賀推 | 推荐 | 通用设备 | | 002541 | 鸿路钢构 | 华创证券 | 賀推 | 推荐 | 专业工 ...