第一，和前段时间外贸顺差超1万亿美元一样，这是人类历史上单一国家首次拿到这种恐怖的成绩。而且两者为因果关系，电是因、贸易顺差是果。 第二，哪怕是美国这么一个用电极为浪费的国家，我们依然相当于美国全年用电量的两倍多。 第三，这一数字超过欧盟、俄罗斯、日本、印度四个国家的总和。 第四，如果全部用来供电给空调，可以保持12亿台空调365天24小时不关机。 上周末，当全世界的目光都放在川皇整活、怒搞格林兰岛的时候，一则不起眼的消息如平地起惊雷，在整个键政圈和财经圈炸响： 我国2025年用电量，首超10万亿千瓦时。 也就是说，去年全年我们工业和民用加起来用掉了10万亿度电！如果对10万亿这个大到离谱的数字没有概念的话，我们还可以加上四个类比： 在地缘日益紧张、全世界乱成一锅粥的时候，一个人类历史上从未出现的电力帝国、或者叫能源帝国，正在以碾压姿态崛起。 更恐怖的是，这个电力帝国还在以一种惊人的速度膨胀：1月15号国家电网官宣，"十五五期间"，国家电网公司固定资产投资预计达到4万亿元，较"十四 五"期间投资增长40%。 资本市场闻风而动，电力板块已经逆着大盘调整、连续20天收红了。 A. 为什么"电"的消息这么牵动键政圈 ...

1月22日，TCL中环盘中上涨2.03%，截至10:31，报9.03元/股，成交3.84亿元，换手率1.07%，总市值 365.09亿元。 资金流向方面，主力资金净流入2270.30万元，特大单买入6614.10万元，占比17.23%，卖出3510.56万 元，占比9.15%；大单买入7797.99万元，占比20.32%，卖出8631.23万元，占比22.49%。 TCL中环今年以来股价涨5.37%，近5个交易日涨3.79%，近20日涨7.63%，近60日涨0.56%。 资料显示，TCL中环新能源科技股份有限公司位于天津新技术产业园区华苑产业区(环外)海泰南道10 号，成立日期1988年12月21日，上市日期2007年4月20日，公司主营业务涉及半导体电子信息产业、半 导体节能产业和新能源产业。主营业务收入构成为：光伏硅片43.12%，光伏组件28.70%，其他硅材料 20.46%，其他6.95%，光伏电站0.76%。 截至12月31日，TCL中环股东户数25.50万，较上期增加0.39%；人均流通股15843股，较上期减少 0.39%。2025年1月-9月，TCL中环实现营业收入215.72亿元，同比减少4 ...

证券日报网讯1月21日，TCL中环（002129）在互动平台回答投资者提问时表示，2025年第四季度，光 伏行业整体供需仍持续失衡，行业继续在周期底部徘徊，主产业链上游原材料价格上涨，而下游产品价 格在低位调整且传导不足，公司经营继续承压。公司始终坚持聚焦核心主业，提升公司内在价值；同 时，公司也将持续加强市值管理工作。 ...

证券日报网讯1月21日，TCL中环（002129）在互动平台回答投资者提问时表示，公司将持续丰富产品 和客户结构，提升市场竞争力和影响力。 ...

格隆汇1月21日丨TCL中环(002129.SZ)在互动平台表示，公司暂无钙钛矿组件量产。公司聚焦主业，并 高度重视光伏新能源领域技术积累与革新，洞察产业发展趋势，拓展丰富应用场景，不断提升核心竞争 力。 ...

来源：@华夏时报微博 华夏时报记者 李佳佳 李未来 北京报道 光伏行业又迎来一起重磅交易。 1月16日晚间，TCL中环新能源科技股份有限公司（下称"TCL中环"，002129.SZ）宣布，拟投资一道新能源科技 股份有限公司（下称"一道新能"）以发挥技术、规模、效率等相对优势，加速公司适度一体化战略推进。 据了解，一道新能是国内知名的组件企业，InfoLink的数据显示，2025年上半年，一道新能组件出货量排在全球 第七，和老牌光伏企业阿特斯并列。 厦门大学中国能源政策研究院院长林伯强告诉《华夏时报》记者，接下来两年光伏行业的并购案例应该会越来越 多。现在行业基本触底，不少企业现金流承压，熬不住的就会被并购，而上述两家企业业务互补性强，这次并购 大概率是双赢的局面。 需要指出的是，本次交易方案尚不确定，预计不构成关联交易，不构成重大资产重组，具体尚待各方协商后确 定。 补齐业务短板 一道新能成立于2018年8月，其法定代表人为刘勇，公司注册资本为52,910.62万元。公司主要从事高效太阳电池、 光伏组件及系统应用的研发、制造和销售及电站投资、建设、运营等业务。 虽成立不久，但一道新能却堪称"光伏黑马"，发展十 ...

Core Viewpoint - The photovoltaic equipment sector experienced a decline of 0.59% on January 21, with Hongyuan Green Energy leading the drop, while the Shanghai Composite Index rose by 0.08% and the Shenzhen Component Index increased by 0.7% [1]. Group 1: Market Performance - The closing price of Hongyuan Green Energy was 25.96, reflecting a decrease of 5.94% with a trading volume of 344,800 shares and a transaction value of 904 million yuan [2]. - The photovoltaic equipment sector saw a net outflow of 2.701 billion yuan from major funds, while retail investors contributed a net inflow of 2.278 billion yuan [2][3]. Group 2: Individual Stock Performance - The top gainers in the photovoltaic equipment sector included: - Dier Laser, closing at 79.30 with a rise of 6.59% and a transaction value of 1.116 billion yuan [1]. - Jingke Shares, closing at 96.79 with an increase of 6.13% and a transaction value of 1.826 billion yuan [1]. - Mingguan New Materials, closing at 20.40 with a rise of 6.08% and a transaction value of 412 million yuan [1]. - The top decliners included: - Hongyuan Green Energy, closing at 25.96 with a decrease of 5.94% and a transaction value of 904 million yuan [2]. - ST Jingji, closing at 12.59 with a drop of 4.98% and a transaction value of 5.984 million yuan [2]. - Aerospace Electromechanical, closing at 15.58 with a decline of 4.00% and a transaction value of 2.829 billion yuan [2].

Core Viewpoint - The article discusses the strategic outlook for Chinese technology manufacturing companies, particularly TCL, in the context of the 14th Five-Year Plan and the evolving global economic landscape, emphasizing the need for companies to adapt to uncertainties and leverage their strengths for sustainable competitive advantages. Group 1: Strategic Outlook - 2026 marks the beginning of China's 14th Five-Year Plan, presenting both opportunities and challenges for technology manufacturing companies [1] - The global environment is characterized by uncertainty, including trade barriers and geopolitical tensions, which will be a long-term reality for Chinese companies [2] - TCL's core strategy for the next five years focuses on "going deeper" rather than just "going out," aiming to establish five operational centers overseas that function as independent entities [3][4] Group 2: Globalization and Localization - The concept of "recreating five TCLs overseas" involves not just scaling operations but restructuring the business logic to adapt to local markets [3][4] - TCL's overseas revenue from smart terminals has surpassed 70%, indicating a significant shift towards localized operations [5] - The company's global strategy emphasizes building local capabilities and adapting products to meet regional needs, thereby enhancing resilience against global uncertainties [5] Group 3: Technological Innovation - TCL is committed to integrating AI into its manufacturing processes, aiming to enhance efficiency and product quality [6][7] - The company is focusing on developing advanced technologies in the display and photovoltaic sectors, with specific goals for improving production efficiency and product performance [6][8] - AI is being utilized to streamline design and manufacturing processes, significantly reducing development cycles and improving defect management [7][8] Group 4: Sustainability and Green Initiatives - Green development is viewed as a necessity for competitiveness, with TCL implementing a carbon tracking system to manage emissions effectively [10] - The company has committed to significant carbon reduction goals, including a pledge to achieve net-zero emissions across its operations by 2030 [10] - TCL is transforming its business model to include renewable energy production, positioning itself as a leader in sustainable manufacturing practices [10]

1. Report's Investment Rating for the Industry - There is no information about the industry investment rating in the report 2. Core Viewpoints of the Report - The upstream production cut of industrial silicon has disrupted the market, causing the futures price to rebound, while the polysilicon market is affected by news [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: The closing price of Si2605 is 8,845 yuan/ton, with a trading volume of 391,114 lots and an open interest of 235,167 lots. The closing price of PS2605 is 50,505 yuan/ton, with a trading volume of 12,235 lots and an open interest of 44,571 lots [1] - **Basis**: Industrial silicon has different spot premiums or discounts against different benchmarks, while polysilicon's spot premium against N - type re - feed is +5150 yuan/ton [1] - **Price**: The price of Xinjiang 99 - silicon is 8700 yuan/ton, Yunnan Si4210 is 10000 yuan/ton, and polysilicon N - type re - feed is 55000 yuan/ton [1] - **Profit**: The profit of Xinjiang new - standard 553 silicon plants is - 2526.5 yuan/ton, and that of Yunnan new - standard 553 silicon plants is - 5749 yuan/ton. Polysilicon enterprise profit is 10.4 yuan/kg, DMC enterprise profit is 1830 yuan/ton, and the profit of recycled aluminum enterprises is - 130 yuan/ton [1] - **Inventory**: Industrial silicon's social inventory is 55.5 million tons, enterprise inventory is 20.8 million tons, and industry inventory is 76.3 million tons. Polysilicon manufacturer inventory is 32.1 million tons [1] - **Raw Material Costs**: The prices of raw materials such as silicon ore, washed coking coal, petroleum coke, and electrodes in different regions are provided. For example, Xinjiang silicon ore is 320 yuan/ton, and Xinjiang washed coking coal is 1475 yuan/ton [1] - **Polysilicon (Photovoltaic)**: The prices of products such as silicon powder, silicon wafers, battery cells, components, photovoltaic glass, and photovoltaic - grade EVA are given. For example, the price of N - type 210mm silicon wafers is 1.69 yuan/piece, and the price of TOPCon - 210mm battery cells is 0.41 yuan/watt [1] - **Organosilicon**: The price of DMC is 13900 yuan/ton [1] - **Aluminum Alloy**: The price of ADC12 is 23900 yuan/ton [1] 3.2 Macro and Industry News - On the evening of January 16th, TCL Zhonghuan announced plans to acquire all or part of the shares of Yida New Energy, but the investment is still in the planning stage and there are uncertainties [1][3] 3.3 Trend Strength - The trend strength of industrial silicon is 0, and that of polysilicon is 1, indicating a neutral view on industrial silicon and a slightly positive view on polysilicon [3]

Economic Overview - In 2025, China's GDP reached 1401879 billion yuan, growing by 5% year-on-year, with quarterly growth rates of 5.4%, 5.2%, 4.8%, and 4.5% respectively [2] - The industrial added value increased by 5.9%, while the service sector grew by 5.4%. Retail sales totaled 501202 billion yuan, up by 3.7% [2] - Fixed asset investment decreased by 3.8%, with a notable decline in real estate investment [3] Trade and Investment - Canada has reduced the import tax on Chinese electric vehicles to 6.1%, allowing an annual quota of 49,000 vehicles, which is a significant policy shift aimed at filling market gaps [4][5] - The adjustment in tariffs is expected to enhance the competitiveness of Chinese electric vehicles in the Canadian market, which has seen a decline in sales due to high costs and tariffs [5] Real Estate Market - In December 2025, new home prices in first-tier cities fell by 0.3%, with a notable increase in Shanghai, while overall new home sales area decreased by 8.7% year-on-year [6] - The real estate market is still in a bottoming phase, with a significant reduction in new supply and ongoing inventory pressure [7] Mobile Phone Industry - Several smartphone manufacturers, including Xiaomi and OPPO, have lowered their annual shipment forecasts due to rising storage costs, with reductions exceeding 20% for some brands [8] - The impact of rising storage prices is uneven across manufacturers, with larger firms like Apple and Samsung less affected [9] Solar Industry - Nine leading solar companies, including LONGi Green Energy and Tongwei Co., have announced expected losses for 2025, with Tongwei projecting a loss of 90 to 100 billion yuan [10] - The solar industry is facing significant challenges, including high inventory levels and price competition, leading to a prolonged period of losses [11] Wealth Disparity - The global wealth of billionaires reached a record 18.3 trillion USD in 2025, with a 16% increase in total wealth, highlighting a growing wealth gap amid stagnant poverty reduction efforts [12][13] - The AI sector's growth has significantly contributed to the increase in billionaire wealth, while ordinary residents face declining purchasing power due to inflation [13] Space Tourism - A startup has announced the opening of reservations for the world's first lunar hotel, aiming to begin operations by 2032, although the feasibility of such a project remains uncertain [14][15]