Core Viewpoint - The global photovoltaic market is experiencing a supply-demand imbalance, with the industry remaining at the bottom of the cycle. The domestic new energy electricity market entry policy has led to adjustments in project revenue models, indicating a profound transformation in the photovoltaic industry [1] Group 1: Company Strategy - TCL Zhonghuan plans to invest in Yida New Energy Technology Co., Ltd. to leverage its technological, scale, and efficiency advantages, accelerating the company's moderate integration strategy [1] - Yida New Energy specializes in the research, manufacturing, and sales of high-efficiency solar cells, photovoltaic modules, and system applications, ranking high in the national bidding volume for N-type modules in 2023 [1] Group 2: Industry Trends - The photovoltaic industry is facing significant changes due to the new energy electricity market policies and ongoing supply-demand imbalances [1] - The company is considering various factors such as industry chain ecological positions, technological layouts, product applications, and customer compositions in its strategic decisions [1]

证券代码：002129 证券简称：TCL 中环 公告编号：2026-005 1 TCL 中环新能源科技股份有限公司 关于筹划对外投资暨签署合作框架意向书的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： 1、TCL 中环新能源科技股份有限公司（以下简称"公司"或"TCL 中环"）本次拟 对外投资事项尚处于筹划阶段，投资事项及方案仍需进一步论证和沟通协商，尚存在不确 定性。 2、本次签署的《合作框架意向书》（以下简称"《意向书》"）仅为意向性框架协 议，具体的投资方式及投资条款以各方签署的正式协议为准。 3、本次交易方案尚不确定，预计不构成关联交易，预计不构成重大资产重组，具体 尚待各方协商后确定。本次交易可能尚需履行公司相关决策程序及国家有关部门批准或备 案后方可生效，公司将严格按照相关规定履行审议程序，并及时履行信息披露义务。敬请 广大投资者注意投资风险。 一、对外投资概述 全球光伏市场供需持续失衡，行业继续在周期底部徘徊；国内新能源电量全面入市政 策导致项目收益模型调整，光伏行业面临深刻变革。基于行业趋势判断，并充分考量双方 产业链生态位、技 ...

Core Viewpoint - TCL Zhonghuan announced plans to invest in Yida New Energy Technology Co., Ltd., with preliminary counterparties including Liu Yong and Quzhou Zhida Enterprise Management Partnership, indicating a strategic move to enhance competitiveness and promote industry consolidation [1] Group 1: Investment Details - The main shareholders of Yida New Energy include Quzhou Zhida (holding 17.4597%) and Liu Yong (holding 12.6048%) [1] - The investment will involve the transfer of shares, and post-transaction, the board of directors of the target company will be restructured, granting the investors board nomination rights [1] - The investment is currently in the planning stage, with uncertainties surrounding the transaction scheme, which is expected to be a non-related party transaction and a significant asset restructuring [1] Group 2: Industry Implications - The investment is anticipated to enhance the company's competitiveness within the industry and facilitate industry consolidation [1]

Core Viewpoint - The company plans to invest in Yida New Energy Technology Co., Ltd. to leverage its technological, scale, and efficiency advantages, accelerating the implementation of its moderate integration strategy [1] Group 1: Company Strategy - The investment aims to enhance the company's strategic positioning in the renewable energy sector [1] - Yida New Energy specializes in the research, manufacturing, and sales of high-efficiency solar cells, photovoltaic modules, and system applications [1] Group 2: Market Position - As of 2023, Yida New Energy ranks among the top in the national bidding volume for N-type modules [1] - The company has accumulated years of technological reserves in various application scenarios and BC battery technology [1]

近日，财政部、税务总局发布了一项新政策，自2026年4月1日起，取消光伏等产品增值税出口退税。这 意味着，我国光伏行业自2013年首次获得这项出口支持政策以来，将正式告别出口退税红利。 不过，为了给企业留出适应时间，政策对电池类产品设置了"缓冲期"。2026年4月1日到2026年12月31日 期间，将电池产品的增值税出口退税率由9%下调至6%;2027年1月1日起，取消电池产品增值税出口退 税。 SMM光伏分析师陈家辉告诉《华夏时报》记者，本次取消出口退税事件的影响将不亚于去年"531"事 件。2026年1至3月，电池组件出口量或将呈翻倍增长，光伏企业将利用这段窗口期合法取得退税。 市场出现抢货 值得关注的是，此次出口退税取消，具体包括四个商品名称：一是直径在15.24厘米以上，厚度在220微 米以上的经掺杂用于电子工业的单晶硅切片;二是直径在15.24厘米以上，厚度在220微米及以下的经掺 杂用于电子工业的单晶硅切片;三是未装在组件内或组装成块的光电池;四是已装在组件内或组装成块的 光电池，波及硅片、电池片、组件等产品。 另外，如果这些产品涉及征收消费税，出口消费税政策不作调整，继续适用消费税退(免)税政策 ...

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies that have made significant contributions to ESG (Environmental, Social, and Governance) practices, with over 5,000 enterprises participating in the evaluation process [1][4]. Group 1: ESG Services and Initiatives - Sina Finance ESG Rating Center offers 14 ESG services, including information, reports, training, and consulting, to help listed companies promote ESG concepts and enhance their sustainable development performance [1][4]. - In 2025, many quality enterprises in China are actively practicing their responsibilities in environmental, social, and governance aspects, while domestic financial institutions are steadily advancing in the field of ESG responsible investment [1][4]. Group 2: Award Selection and Winners - The award selection process involved over three months of competition, combining ESG performance, professional evaluation scores, and online voting results [1][4]. - The winners of the 2025 China Enterprise ESG "Golden Responsibility Award" for Best Corporate Governance include Zijin Mining, SF Holding, ZTE Corporation, Industrial Fulian, JA Solar, SANY Heavy Industry, Nanjing Steel, Bright Dairy, TCL Zhonghuan, and Fuyao Glass [2][5]. Group 3: ESG Rating Center Overview - The Sina Finance ESG Rating Center is the first Chinese ESG professional information and rating aggregation platform, dedicated to promoting sustainable development and responsible investment [3][6]. - The center aims to establish ESG evaluation standards suitable for China's characteristics and promote the development of ESG investment in the asset management industry [3][6].

Core Insights - The official WeChat public account ranking for the photovoltaic industry in the first week of January 2026 has been released, showcasing the communication performance of various companies based on total reading numbers and other engagement metrics [1]. Group 1: Company Rankings - Tongwei Group ranks first with a total reading count of over 150,000, publishing 13 articles with an average reading of 11,569.10 per article [4][10]. - Jinko Solar follows in second place with over 107,000 total readings from 7 articles, achieving an average reading of 15,287.30 per article [4][10]. - Aiko Solar ranks third with a total reading count of 27,626 from 6 articles, maintaining stable reading numbers around 8,000 for its series [4][10]. - Longi Green Energy and its subsidiary Longi Solar rank fourth and sixth, respectively, with total readings of 14,498 and 8,572 [11][10]. - Trina Solar and JA Solar maintain stable content output, ranking fifth and seventh with total readings of 8,615 and 7,702 [11][10]. Group 2: Notable Articles - Jinko Solar's article titled "Opening the Grand Blueprint for the Next 20 Years" achieved a remarkable reading count of 95,999, significantly contributing to its overall performance [10]. - The article "2025 Major Events of Sungrow" by Sungrow, although not in the top ten, garnered 73,641 readings, marking it as a standout piece in the industry [10]. - Tongwei Group's articles, including "The Power of Role Models!" and others, also received high engagement, with readings of 34,130 and 25,652 respectively [12][10].

2025年，整个光伏行业都在积极落实"反内卷"，并且第三季度初见"曙光"。据中国光伏行业协会统计， 2025年前三季度行业亏损310.39亿元，其中第三季度亏损64.22亿元，较第二季度收窄近五成（约 46.7%）。 细化至第四季度的表现，第一财经记者从行业第三方分析机构了解到，硅片环节的减产虽逐步落地，但 是由于终端需求依旧疲弱，供需失衡在短期内难以见到明显改善。"长期来看，硅片价格能否止跌回 稳，取决于减产执行的实际力度、库存去化进度以及需求端的拉动幅度等因素。" 尽管最高预亏近百亿元，TCL中环在业绩预告中提及，2025年，公司按需生产，经营现金流为正，海外 项目稳步推进中。 市值超300亿元的头部硅片企业TCL中环（002129.SZ）2025年经营继续承压。据公司1月14日预告的业 绩表现，公司预计2025年净亏损82亿元至96亿元，上年同期净亏损98.18亿元。 TCL中环2025年三季报数据显示，公司前三季度净亏损57.77亿元，第三季度净亏损15.34亿元。结合来 看，该公司第四季度净亏损24.23亿元至38.23亿元，第四季度净亏损环比第三季度增亏约57.95%至 149.22%。 市场供需 ...

Core Viewpoint - The solar energy sector in China is experiencing significant growth, with a notable increase in solar power generation and production figures for 2025, indicating a robust market outlook for the industry [1] Industry Summary - According to the National Bureau of Statistics, China's solar power generation reached 41.2 billion kilowatt-hours in November 2025, representing a year-on-year growth of 23.4% [1] - Cumulatively, from January to November 2025, the total solar power generation in China was 529.09 billion kilowatt-hours, marking a cumulative increase of 24.8% [1] - The report by Zhiyan Consulting forecasts the market trends and investment prospects for the solar power station industry in China from 2026 to 2032, highlighting the sector's potential for continued expansion [1] Company Summary - Key listed companies in the solar energy sector include Longi Green Energy (601012), Tongwei Co., Ltd. (600438), Sungrow Power Supply Co., Ltd. (300274), JA Solar Technology Co., Ltd. (002459), Trina Solar Limited (688599), TBEA Co., Ltd. (600089), Chint Electric Co., Ltd. (601877), TCL Zhonghuan Renewable Energy Technology Co., Ltd. (002129), Linyang Energy Co., Ltd. (601222), and Sungrow Power Supply Co., Ltd. (300827) [1]

Core Viewpoint - TCL Zhonghuan forecasts a net loss of 8.2 billion to 9.6 billion yuan for 2025, showing a narrowing of losses compared to the previous year's loss of 9.818 billion yuan [2] Financial Performance - The expected net profit loss, excluding non-recurring gains and losses, is projected to be between 8.6 billion and 9.8 billion yuan, compared to a loss of 10.9 billion yuan in the previous year [2] - Basic earnings per share are anticipated to be a loss of 2.0535 to 2.4041 yuan, down from a loss of 2.4629 yuan per share in the prior year [2] Industry Context - Despite growth in new photovoltaic installations, the industry continues to face an imbalance in supply and demand, remaining at the bottom of the cycle [2] - The prices of main industry chain products are adjusting at low levels, leading to ongoing operational pressure for the company [2] Strategic Response - The company aims to address industry challenges by adhering to a philosophy of "solving problems in development and finding opportunities in overcoming difficulties" [2] - TCL Zhonghuan is implementing a demand-driven production model to assist in the restoration of supply-demand relationships [2] - The company is committed to moderate integration and globalization strategies to strengthen its photovoltaic materials business and enhance the competitiveness of its battery component products [2] Operational Improvements - During the reporting period, the company focused on improving operational management efficiency, optimizing product structure, and driving technological innovation [2] - Efforts are being made to strengthen organizational changes and cost control measures, maintaining a solid operational baseline [2] - The company has achieved positive operating cash flow, indicating improved relative competitiveness [2] Future Outlook - TCL Zhonghuan plans to continue strengthening its competitive position in photovoltaic materials and enhance the competitiveness of its new energy battery components [3] - The company aims to optimize its overseas business layout and global marketing capabilities, guided by technological innovation, product development, and quality improvement [3] - The goal is to achieve significant operational improvement by 2026 [3]