| 长芯博创 | 5.68 | 5.95亿元 | 通信议 | | --- | --- | --- | --- | | 泸州老窖 | g | 5.78亿元 | 型系驳同 Andrew Pr | | 盛和资源 | 10 | 5.44亿元 | 小金属 | | 天龙集团 | 17.89 | 5.31亿元 | | | 信科移动- | 6.09 | 4.68亿元 | 通信议館 | | 司機技 | 13-493 | 4:59 经弄 | 同样烈 | | 昆仑万维 | 7.08 | 4.59亿元 | 互联网服 | | 四川金顶 | 9.58 | 4.36亿元 | 高線建 | | 捷佳伟创 | 6.78 | 4.02亿元 | 光伏设备 | | | | | 方案,覆 | | *数据仅供参考，不构成投资建议 | | | 风力发电 | | | | | 光伏发电 | 据交易所数据显示，截至1月29日午后一小时，主力资金流入前20的股票分别为： 蓝色光标（27.13亿元）、 贵州茅台（25.59亿元）、 北方稀土（16.10亿 元）、 科大讯飞（15.57亿元）、 航天科技（11.44亿元）、 天孚通信（9.34亿元）、 浙文互联（8.5 ...

据交易所数据显示，截至1月29日午间收盘，主力资金流入前20的股票分别为： 蓝色光标（28.14亿元）、 贵州茅台（16.38亿元）、 科大讯飞（15.99亿 元）、 北方稀土（13.97亿元）、 天孚通信（10.90亿元）、 浙文互联（7.79亿元）、 TCL中环（6.67亿元）、 N振石（6.56亿元）、 包钢股份（6.08亿 元）、 长芯博创（5.58亿元）、 捷佳伟创（5.53亿元）、 航天科技（5.24亿元）、 岩山科技（5.03亿元）、 盛和资源（4.86亿元）、 天龙集团（4.83亿 元）、 昆仑万维（4.36亿元）、 钧达股份（4.16亿元）、 三六零（4.07亿元）、 信科移动U（4.00亿元）、 泸州老窖（3.95亿元）。 | 股票名称 | 涨跌幅 (%) | 主力资金流向 | 所属行 | | --- | --- | --- | --- | | 蓝色光标 | 14.59 | 28.14亿元 | 文化传妙 | | 贵州茅台 | 3.72 | 16.38亿元 | 眼酒行」 | | 科大讯飞 | 10 | 15.99亿元 | 软件开发 | | 北方稀土 | 8.34 | 13.97亿元 | 小金 ...

Group 1 - The core viewpoint of the articles highlights Tianjin's ambition to establish a comprehensive "wind, solar, lithium, hydrogen" new energy industry chain by 2025, with projected output value exceeding 74 billion yuan in the first 11 months of 2025, representing a 10% year-on-year growth [1] - The new energy industry in Tianjin is characterized by a long industrial chain, high relevance, and strong driving force, serving as a crucial vehicle for high-quality manufacturing development [1] - Tianjin currently has over 110 enterprises in the new energy industry chain, indicating a robust industrial presence [1] Group 2 - In 2025, Tianjin plans to implement specific measures to enhance the photovoltaic industry, supporting TCL Zhonghuan in N-type high-efficiency silicon wafer research and other key technological advancements [2] - The city aims to accelerate technological iteration and model innovation in the new energy sector by 2026, promoting a transition towards a "manufacturing + service" model [2] - Key focus areas for technological innovation include improving photovoltaic conversion efficiency and advancing next-generation solar cell technologies, with an emphasis on collaboration between research institutions and enterprises like TCL Zhonghuan [2]

Core Viewpoint - Leading home appliance companies are deepening their investments in the trillion-yuan new energy sector as traditional markets mature and growth slows, with new energy businesses becoming significant growth drivers for these companies [3][4][8]. Group 1: Company Developments - Skyworth Group plans to delist and spin off its solar business, with expectations that solar revenue will surpass TV revenue by 2025, driven by a 53.5% year-on-year growth in solar revenue to 13.836 billion yuan in the first half of 2025 [4]. - Midea Group has established a new energy division and aims to integrate solar, storage, and heat pump technologies, with annual revenue from its new energy business reaching approximately 10 billion yuan [5]. - TCL's subsidiary, TCL Zhonghuan, reported revenues of 21.57 billion yuan in the first three quarters of the previous year and is investing in new energy to enhance its product offerings [6]. - Haier New Energy recently secured over 1 billion yuan in Series B funding and aims to create an AI-driven energy internet ecosystem [6]. Group 2: Market Trends and Challenges - The Chinese home appliance market is expected to see a decline in retail sales by 6.7% in 2026, highlighting the need for companies to pivot towards new energy for growth [8]. - The competition in the solar and storage sectors is intensifying, with companies facing challenges in profitability despite the potential for significant market expansion [10][11]. - The shift towards new energy is seen as a "second growth curve" for these companies, with a focus on integrating new energy solutions into smart home and manufacturing sectors [9][10]. Group 3: Future Outlook - Companies like Gree Electric are expanding into silicon carbide chip production to enhance energy efficiency in their products, with plans to mass-produce these chips by 2026 [9]. - The energy landscape is evolving, with expectations that by 2030, renewable energy will account for approximately 30% of total power generation in China [8]. - The transition from hardware sales to operational capabilities in the storage sector is crucial for maintaining competitive advantages as market dynamics shift [11].

光伏、储能等新能源业务正逐步成为一批以家电起家的龙头企业的新增长点，但其规模、盈利仍有待提升。 近日，创维集团（00751.HK）拟退市并分拆创维光伏上市，海尔新能源获B轮超10亿元融资，美的集团（000333.SZ）旗下电动重卡充电桩业务上线，格力 电器（000651.SZ）今年将量产光伏储能用碳化硅芯片消息曝光，TCL中环（002129.SZ）拟投资一道新能源……家电起家的龙头企业2026年都在深化布局新 能源的万亿赛道。 经历了四五年的孵化和发展，新能源业务已经成为这些龙头企业的新增长点，但是发展规模、业务布局、盈利水平仍有待进一步提升或完善。创维光伏董事 长范瑞武1月27日向第一财经记者表示，"新能源是长坡厚雪，才刚刚开始。" 向"光"而行，欲从量变到质变 家电市场已进入成熟期，增速放缓。在国家"碳中和"战略下，家电龙头四五年前已开始布局新能源业务，部分企业的光伏、储能业务已到了从量变到质变的 临界点。 创维集团创始人黄宏生透露，创维2025年光伏业务的收入预计将首次超过彩电业务收入。创维集团从2020年开始涉足光伏领域，先利用国内彩电销售网络， 在农村发展户用分布式光伏业务，后来延伸到组件、支架、逆 ...

Core Viewpoint - The photovoltaic (PV) industry in A-shares is facing significant losses, with many leading companies projecting substantial pre-loss figures for 2025 due to a challenging operating environment and supply-demand imbalances [2][3]. Group 1: Financial Performance and Projections - Major PV companies are expected to report significant pre-loss figures for 2025, including Tongwei Co. with a projected loss of 9 to 10 billion yuan, LONGi Green Energy with 6 to 6.5 billion yuan, and JinkoSolar with 5.9 to 6.9 billion yuan [2]. - The overall operating environment remains difficult, with many companies experiencing nine consecutive quarters of losses since Q4 2023, driven by price declines and insufficient end-demand [3]. Group 2: Industry Dynamics - The PV module prices are under pressure due to "involutionary competition" and a lack of terminal demand, with market transaction prices around 0.6 yuan per watt expected in mid-2025 [3]. - The industry is witnessing a supply surplus, with production rates declining across various segments, while core material prices, such as silver, continue to rise [3]. Group 3: Recovery Efforts and Future Goals - Some companies are beginning to emerge from the loss cycle, with LONGi Green Energy projecting a maximum reduction in losses of 30.38% and Aiko Solar up to 77.44% compared to 2024 [4]. - The China Photovoltaic Industry Association noted a 16.9% year-on-year decline in revenue for the main industry chain in the first three quarters of 2025, but an improvement in gross margins to 3.64% [4]. - Several leading PV companies have set profit targets for 2026, with Trina Solar aiming for a net profit of no less than 200 million yuan and LONGi Green Energy targeting positive net profits in subsequent years [5].

隆基绿能分析称，2025年，光伏行业供需错配、低价内卷式竞争持续，开工率维持低位，同时国内电力 市场化改革不断深入，海外贸易壁垒持续加剧，导致了光伏企业经营环境严峻复杂。 不过，随着"反内卷"的持续深入，部分光伏企业正走出亏损"泥潭"——相较2024年，隆基绿能最高预计 减亏30.38%、爱旭股份最高减亏77.44%。 中国光伏行业协会名誉理事长王勃华此前公开指出，2025年前三季度，光伏主产业链环节营业收入同比 下降16.9%，但毛利率持续改善至3.64%，其中第三季度达5.61%，同时产能无序扩张得到有效控制。 此外，值得一提的是，虽然光伏行业整体仍深陷亏损的寒冬，多家光伏龙头近期在股权激励等方案中制 定了2026年利润转正的目标。 "预亏"成为各光伏企业2025年业绩预告单的关键词。 随着2025年业绩预告的陆续披露，A股光伏上市企业的经营状况已经逐步明晰。整体来看，第一财经记 者注意到，因受经营环境和行业供需影响，多数光伏企业仍延续亏损状态。 "预亏"成为各家业绩预告单的关键词。以出货量领先的头部企业为例，2025年，通威股份 （600438.SH）预亏90亿元至100亿元；隆基绿能（601012.S ...

转自：新华财经 紫金矿业"最赚钱" 周期股优势明显 数据显示，602家预计2025年实现盈利的公司中，紫金矿业以520亿元的预告净利上限居首，洛阳钼业以208亿元的预告净利上限紧随其后。 预告盈利规模前10位的上市公司还包括了立讯精密、牧原股份、药明康德、宝丰能源、上汽集团、盐湖股份、招商轮船和华友钴业。其中上汽集团预计净利 同比增长438%-558%，在10家公司中增速排名第一。而牧原股份预计同比净利下滑12.2%-17.79%，是10家公司中唯一一家预计净利出现下滑的公司。 从行业来看，盈利规模前10位公司中有3家有色金属行业公司，分别是紫金矿业、洛阳钼业和华友钴业，再加上化工行业的宝丰能源和盐湖股份，周期股占 比达到一半。 | 代码 名称 | | 净利下限(万元) 净利上限(万元) 增长下限 增长上限 | 浄利同比 浄利同比 | | | --- | --- | --- | --- | --- | | | | | (%) | (%) | | 601899.SH 紫奈矿业 | 5,100,000.00 | 5,200,000.00 | 59.00 | 62.00 | | 603993.SH 洛阳钼亦 | 2 ...

Q&A 如何看待本轮被动元器件涨价行情？20260125 摘要 被动元器件市场几乎全品类涨价，包括电容、电阻、二极管、电感和磁 珠等，覆盖市场大部分份额，主要受原材料通胀驱动，与 2017-2022 年人为控盘不同，本次各方表现更为理性，未出现大规模囤积。 涨价传导分层明显：贸易商随行就市，中小型终端客户承受 30%-40% 涨幅，大型客户因长期合同受影响较小，涨幅低于 10%。 MLCC 虽未正式提价，但高容产品价格已上涨，原厂态度谨慎，避免重 蹈覆辙。渠道商采取减少出货量策略，优先满足高价需求。 MLCC 市场格局稳定，村田、三星、国巨和三环占据 80%份额。村田和 三星减产提门槛，三环则采取扩充代理及营业额目标策略，暂不涨价以 抢占市场份额。 下游需求方面，存储器件受益于 AI，价格大幅上涨，但对整体毛利影响 有限。各行业心态谨慎，按订单生产，避免过度备货。 国产替代加速，客户从不接受到主动要求性价比更高的国产品牌，如潮 州三环，表明国内厂商市场份额提升。 未来元器件价格走势取决于原材料价格，银、铜等价格上涨将推高成本。 AI 眼镜领域可能成为新的增长点，但整体市场需求仍以稳定为主。 当前被动元器件涨价 ...

Core Viewpoint - The photovoltaic (PV) sector in A-shares has seen a significant surge, with multiple stocks experiencing a 20% increase, driven by Elon Musk's endorsement of space photovoltaics at the Davos Forum. However, the industry faces a harsh reality of prolonged losses, overcapacity, and persistent price pressures, with major companies expected to report substantial losses in 2025 [3][4][5]. Group 1: Industry Performance and Financial Outlook - A total of 32 listed PV companies have issued profit warnings, with 23 companies, over 70%, expected to incur losses in 2025 [5]. - Major players like Tongwei Co. are projected to face losses between 9 billion to 10 billion yuan, a significant increase from the previous year's loss of 7.04 billion yuan, marking it as the only company with a projected loss exceeding 10 billion yuan [5][6]. - Trina Solar and JinkoSolar are also expected to report substantial losses, with Trina Solar's losses estimated at 6.5 billion to 7.5 billion yuan, up from 3.44 billion yuan the previous year [5][6]. Group 2: Market Dynamics and Challenges - The PV industry is grappling with a dual weakness in supply and demand, leading to significant price declines across the supply chain, including silicon materials, cells, and modules [8][9]. - The rapid expansion of manufacturing capacity in recent years has coincided with a slowdown in global demand, resulting in severe supply-demand imbalances [9]. - The cost of key raw materials, particularly silver, has surged, further straining the profitability of PV companies. Silver prices have increased by over 118% since October of the previous year, significantly impacting production costs [9][10]. Group 3: Future Industry Prospects - The path to recovery for the PV industry hinges on supply-side reforms, including capacity utilization improvements and the elimination of outdated production capabilities [10]. - The industry must address the current overcapacity and restore a healthy balance between supply and demand to improve product pricing and overall profitability [10].