Energy Production Overview - In July 2025, the total industrial electricity generation reached 926.7 billion kWh, marking a year-on-year increase of 3.1%, with a growth acceleration of 1.4 percentage points compared to June [1][10] - From January to July 2025, the total industrial electricity generation was 5470.3 billion kWh, reflecting a year-on-year growth of 1.3% [2][10] - The average daily electricity generation in July was 29.89 billion kWh [1][10] Breakdown by Energy Source - In July, the growth rates for various energy sources were as follows: - Thermal power increased by 4.3%, accelerating by 3.2 percentage points from June - Wind power grew by 5.5%, with an acceleration of 2.3 percentage points - Solar power surged by 28.7%, accelerating by 10.4 percentage points - Hydropower saw a decline of 9.8%, with the drop expanding by 5.8 percentage points - Nuclear power increased by 8.3%, but the growth rate slowed by 2.0 percentage points [1][11] Coal, Oil, and Gas Production - In July, the production of raw coal decreased to 38 million tons, down 3.8% year-on-year, with a daily average of 12.29 million tons [5] - Raw oil production in July was stable at 18.12 million tons, reflecting a year-on-year increase of 1.2% [6] - Natural gas production in July reached 21.6 billion cubic meters, showing a year-on-year growth of 7.4%, with an acceleration of 2.8 percentage points from June [8] Industrial Value Added - The industrial value added in July grew by 5.7% year-on-year, with a month-on-month increase of 0.38% [12][13] - From January to July, the industrial value added increased by 6.3% year-on-year [13] - The growth rates by sector in July were: - Mining industry: 5.0% - Manufacturing: 6.2% - Electricity, heat, gas, and water production and supply: 3.3% [13] Product Sales and Exports - The product sales rate for large-scale industrial enterprises was 97.1%, a decrease of 0.2 percentage points year-on-year [15] - The export delivery value for large-scale industrial enterprises reached 1.2904 trillion yuan, reflecting a nominal year-on-year growth of 0.8% [15]

Core Viewpoint - The U.S. Department of Commerce has initiated an investigation into solar photovoltaic cells and modules imported from India to assess whether these products are being sold at unfairly low prices or receiving unfair government subsidies [1] Group 1 - The investigation will evaluate the imports for the year 2024 [1] - Similar investigations are also being conducted against Indonesia and Laos [1]

Core Viewpoint - In July, China's industrial electricity production growth accelerated, with significant increases in thermal, wind, and solar power generation [1] Group 1: Industrial Electricity Production - In July, the growth rate of industrial electricity production in China accelerated compared to June [1] - The growth rate of thermal power in the industrial sector was 4.3%, an increase of 3.2 percentage points from June [1] - Wind power generation in the industrial sector grew by 5.5%, with an acceleration of 2.3 percentage points from June [1] - Solar power generation saw a remarkable growth of 28.7%, accelerating by 10.4 percentage points compared to June [1]

Summary of China Solar Industry Conference Call Industry Overview - **Industry**: China Solar Industry - **Date**: 15 August 2025 Key Points Polysilicon Prices and Production - Polysilicon price remained stable at Rmb44/kg as of the week starting 11 August 2025, with a current inventory of 24.2kt, reflecting a 4% week-over-week increase [1] - Monthly polysilicon production is projected to rise by 16% month-over-month to 125kt (equivalent to 54GW) in August [1] Wafer and Cell Prices - N-type wafer prices for M10/G12 remained unchanged at Rmb1.20/1.55 per piece week-over-week [2] - Utilization rates for tier-1 wafer manufacturers were stable at 50% and 46%, while vertical integrators operated at 50-80% [2] - TOPcon cell prices for M10/G12 also remained flat at Rmb0.29 per watt [2] - Module prices held steady at Rmb0.68 for TOPcon and Rmb0.76 for Back Contact modules, with module production flat at 52GW in August [2] Solar Glass Inventory and Pricing - Solar glass prices remained unchanged at Rmb10.75 for 2.0mm and Rmb18.75 for 3.2mm [3] - Soda ash prices were stable at Rmb1,350 per tonne [3] - Solar glass inventory decreased to 25.32 days, indicating a potential price increase in the coming weeks [3] Risks and Opportunities - **Downside Risks**: - Slower-than-expected growth in installed domestic renewable energy capacity [21] - Larger-than-expected tariff cuts for renewable energy projects [21] - Increased competition from other power resources due to future power reforms [21] - **Upside Risks**: - Faster-than-expected growth in installed domestic renewable energy capacity [22] - Smaller-than-expected tariff cuts for renewable energy projects [22] - Market share gains for solar energy compared to other power resources under future reforms [22] Additional Insights - The report emphasizes the stability in pricing across the solar supply chain, which may indicate a balanced market environment [1][2][3] - The increase in polysilicon production suggests a positive outlook for the solar industry, potentially leading to greater capacity and efficiency in solar energy generation [1] - The decline in solar glass inventory could signal upcoming price adjustments, which may impact overall project costs in the solar sector [3]

Core Viewpoint - On August 18, a total of 19 listed companies had their restricted shares unlocked, with a total market value of approximately 32.581 billion yuan [1]. Group 1: Unlocking Details - The specific details of the restricted share unlocks are as follows: - **Sunshine Energy (000591)**: 314 million shares from A-share original shareholder allocation [2] - **Paislin (600215)**: 2.0375 million shares from equity incentive lock-up [2] - **Xin'ao Co. (600803)**: 253 million shares from A-share corporate allocation [2] - **Hualan Biological (301207)**: 459 million shares with extended lock-up period [2] - **Taihe New Materials (002254)**: 436,000 shares from equity incentive lock-up [2] - **Yinxi Technology (300221)**: 569,890 shares from equity incentive lock-up [2] - **Loxin Medical (300562)**: 110,000 shares from equity incentive lock-up [2] - **Bona Film (001330)**: 319 million shares from pre-issue lock-up [2] - **Yuanfei Pet (001222)**: 112 million shares from pre-issue lock-up [2] - **Kaige Precision Machinery (301338)**: 72.1 million shares from pre-issue lock-up [2] - **Dingjide (603255)**: 72.7914 million shares from pre-issue lock-up [2] - **Shangji Technology (301330)**: 18.515 million shares from pre-issue lock-up [2] - **Zhongchumai (688267)**: 83.3928 million shares [2] - **Luwei Optoelectronics (688401)**: 77.6214 million shares [2] - **Haohan Depth (688292)**: 10.8085 million shares [2] - **Huicheng Co. (688403)**: 259 million shares [2] - **Kaiweite (688693)**: 921,100 shares [2] - **Xinyu Ren (688573)**: 122,190 shares [2] - **Sinan Navigation (688592)**: 77,700 shares [2]

Group 1 - The State Council Information Office will hold a press conference on the development of socialist democracy during the "14th Five-Year Plan" period [2] - The 2025 Global Smart Education Conference will take place in Beijing, focusing on the theme of "Human-Machine Collaboration to Foster a New Education Ecosystem" [3] - A total of 26.26 billion shares from 17 companies will be unlocked today, with a total market value of 46.718 billion yuan [4] Group 2 - Four companies have disclosed stock repurchase progress, with two companies announcing new repurchase plans [5][6] - The highest repurchase amounts reported are 20 million yuan and 193,500 yuan for Honghui New Materials and Small Commodity City, respectively [5] - A total of 1,120 billion yuan in 7-day reverse repos will mature today, with an operation rate of 1.40% [7]

Summary of Key Points Core Viewpoint - On August 18, a total of 17 companies had their restricted shares unlocked, with a total unlock volume of 2.626 billion shares, amounting to a market value of 46.718 billion yuan based on the latest closing price [1]. Unlock Volume - 10 companies had an unlock volume exceeding 10 million shares, with GeKomei, Hualan Biological Engineering, and Suntech leading the unlock volume at 1.05 billion shares, 459 million shares, and 314 million shares respectively [1]. Unlock Market Value - 10 companies had an unlock market value exceeding 100 million yuan, with GeKomei, Hualan Biological Engineering, and Kema Technology leading at 16.391 billion yuan, 8.528 billion yuan, and 4.88 billion yuan respectively [1]. Unlock Ratio - 6 companies had an unlock ratio exceeding 10% of their total share capital, with Hualan Biological Engineering, Zhongchumai, and GeKomei having the highest ratios at 76.37%, 47.33%, and 40.38% respectively [1].

Group 1 - The latest LPR values for 1-year and 5-year loans will be announced on August 20, with the current rates at 3.0% and 3.5% respectively, unchanged from June [2] - A total of 711.8 billion yuan in reverse repos will mature next week, with specific maturities scheduled from Monday to Friday [3] - The Hang Seng Index Company will announce the results of the second quarter index review on August 22, with changes effective from September 8, 2025 [4] Group 2 - The Jackson Hole Global Central Bank Conference will take place from August 21 to 23, featuring a speech by Federal Reserve Chairman Jerome Powell on August 22 [5] - The Federal Reserve will release the minutes of its monetary policy meeting on August 21, amid a pause in interest rate cuts since early this year, with current rates between 4.25% and 4.5% [6] - Nearly 100 billion yuan in market value of restricted stocks will be unlocked next week, with 35 stocks facing unlocks, including 29.54 billion yuan from United Imaging Healthcare [7][8] Group 3 - One new stock, Balanshi, is set to be issued next week on August 19, with approximately 19 million shares expected to raise nearly 300 million yuan [11]

Core Insights - The report focuses on the technology trends in solar cell modules for 2025, highlighting the coexistence of multiple technologies, with TOPCon emerging as the industry standard, while HJT and BC technologies are also making significant advancements [8][25]. Group 1: Technology Overview - The current photovoltaic technology landscape features a variety of technologies, with TOPCon leading the market, followed by HJT and BC, all of which are in high-volume production [8][22]. - Innovations at the module level are shifting from a "one-size-fits-all" approach to application-specific designs, allowing manufacturers to customize materials based on climate and installation environments [13][22]. Group 2: TOPCon Technology - TOPCon technology has seen significant advancements, including laser-assisted contact formation and edge passivation techniques, which address defects from slicing large wafers [10][44]. - The market share for TOPCon is projected to be around 70% to 80% by 2025, with expectations of gradual decline to 60% by 2030 [31][29]. Group 3: HJT Technology - HJT technology has transitioned from doped amorphous silicon to microcrystalline silicon, focusing on reducing metallization costs and increasing busbar counts [11][14]. - Market share for HJT is estimated to be between 4% and 8% in 2025, with gradual growth expected to reach 10% by 2028 [32][34]. Group 4: BC Technology - BC technology remains less transparent due to its proprietary nature, but it is based on various cell architectures, with a focus on reducing silver usage and adopting zero-busbar designs [12][34]. - The market outlook for BC technologies is optimistic, with projections indicating a rise from 8% to 10% in market share by 2025 [33][34]. Group 5: Innovations in Wafer Technology - LONGi's TaiRay wafer, developed using the TRCZ process, offers precise resistivity control and improved gettering, enhancing performance across various cell technologies [9][36]. - The TaiRay wafer achieves a tight resistivity distribution, which is crucial for high-efficiency solar cell manufacturing, and is compatible with TOPCon, HJT, and BC architectures [37][41]. Group 6: Market Dynamics - The report includes market share predictions for different solar cell technologies, indicating a dynamic shift with TOPCon maintaining dominance while HJT and BC technologies gradually increase their presence [26][31]. - Innovations in upstream processes are setting the stage for broader performance gains across all architectures, with a focus on optimizing wafer quality and production efficiency [35][36].

Group 1 - The Nasdaq Golden Dragon Index, which tracks Chinese stocks, increased by 0.74% on August 16, with a cumulative rise of 1.84% for the week [1] - Notable stock performances include Xunlei rising over 26%, NIO increasing nearly 8%, and other companies like Pony.ai, Bilibili, and iQIYI rising over 4% [1] - The electric vehicle sector saw gains with Li Auto and Xpeng Motors both rising nearly 2% [1] Group 2 - The solar energy sector received positive news, with Daqo New Energy rising over 8%, Canadian Solar increasing more than 7%, and JinkoSolar rising over 6% [1]