2020-2025年1-10月中国太阳能电池(光伏电池)产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：隆基绿能（601012）,通威股份（600438）,阳光电源（300274）,晶澳科技（002459）,天合光 能（688599）,特变电工（600089）,正泰电器（601877）,TCL中环（002129） 相关报告：智研咨询发布的《2026-2032年中国太阳能电池行业竞争现状及投资决策建议报告》 根据国家统计局数据显示：2025年10月中国太阳能电池(光伏电池)产量为6794万千瓦，同比下降8.7%； 2025年1-10月中国太阳能电池(光伏电池)累计产量为68840.3万千瓦，累计增长11.6%。 ...

Overview - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting that the demand for offshore wind power in China and Europe is increasing, leading to a rise in foundation demand and profit recovery for wind turbines. The "anti-involution" policy is expected to continue driving the photovoltaic sector, particularly with the expansion of perovskite technology. Overall, while short-term installation demand for renewable energy globally may be weak, there are structural opportunities in the market [1]. Key Points Supporting the Rating - The "anti-involution" trend is stabilizing wind turbine prices, enhancing profitability for manufacturers. China's offshore wind projects are becoming economically viable, contributing significantly to installed capacity. The demand for offshore wind in Europe and emerging markets is also on the rise [3]. - In the photovoltaic sector, the "anti-involution" policy remains the main theme, with a focus on the potential for capacity exits in battery and module production, as well as the industrialization potential of perovskite technology. Investment should prioritize growth-oriented new technology directions and the main industry chain benefiting from the "anti-involution" trend [3]. Investment Recommendations - For wind power, the report suggests prioritizing investments in the turbine segment, which is expected to recover profitability, and in the foundation segment that is progressing quickly in Europe. The offshore wind market is projected to grow significantly, with a focus on deep-sea projects [3]. - In the photovoltaic sector, the report emphasizes the importance of monitoring the "anti-involution" policy's impact on the industry, particularly regarding the exit of inefficient capacity and the enhancement of efficiency in battery and module production [3]. Long-term Outlook for Renewable Energy Demand - The report indicates that China's renewable energy demand is expected to remain robust in the long term, with an average annual installation capacity of over 400GW projected from 2025 to 2035. This is driven by the country's energy security needs and the ongoing transition to a low-carbon economy [13][16]. - The "136 Document" is noted for guiding the development of renewable energy projects towards market-oriented pricing, which is expected to stabilize project returns and promote high-quality development in the sector [31]. Photovoltaic Sector Insights - The report anticipates a moderate decline in photovoltaic installations in 2026 due to a phase of pre-installation in 2025, with projected installations of 290GW in 2025 and 180GW in 2026, reflecting a year-on-year decrease of 38% [33]. - The report highlights that the European photovoltaic market is facing growth challenges, with a forecasted installation of 64.2GW in 2025, indicating a slight decline. The U.S. market is also expected to experience pressure on growth due to policy adjustments [34][37]. Perovskite Technology Potential - Perovskite technology is identified as a key area for enhancing competitiveness in the photovoltaic manufacturing sector, with expectations for significant breakthroughs in industrialization by leading manufacturers in 2026 [33][44].

Core Viewpoint - The photovoltaic testing equipment industry is experiencing rapid growth driven by the expansion of photovoltaic cell and module production capacity, leading to increased demand for testing equipment and higher quality standards in production processes [1][3][6]. Industry Overview - Photovoltaic testing equipment is essential for assessing the performance, quality, safety, and reliability of photovoltaic components and systems, playing a crucial role in the development of the photovoltaic industry [3][4]. - The market size of China's photovoltaic testing equipment industry is projected to reach 2.101 billion yuan in 2024, representing a year-on-year increase of 4.9% [1][7]. Industry Policies - Recent government policies have been implemented to promote the development of the photovoltaic industry, including guidelines for updating and replacing equipment to improve efficiency standards [4][6]. - The 2024-2025 energy conservation and carbon reduction action plan emphasizes the construction of large-scale photovoltaic bases in desert areas, which will further drive the demand for testing equipment [4][6]. Market Dynamics - The cumulative installed capacity of photovoltaic systems in China increased from 204.2 GW in 2019 to 886.66 GW in 2024, with new installations rising from 30.1 GW to 277.17 GW during the same period [6]. - The rapid growth in installed capacity is expected to lead to increased demand for testing equipment to ensure quality control and operational efficiency [6][10]. Competitive Landscape - The photovoltaic testing equipment market is dominated by a few large manufacturers from Europe, the United States, and Japan, while domestic companies in China are rapidly improving their technology and quality [8][9]. - Key players in the Chinese market include Shanghai Optoelectronics Technology Co., Ltd., Shenzhen Huashengchang Technology Co., Ltd., and others, with varying performance and revenue trends [8][9]. Development Trends - The industry is moving towards greater automation and intelligence in testing processes, integrating visual defect detection systems to enhance production efficiency and reduce labor costs [10][11]. - As the focus shifts from quantity to quality, there is an increasing demand for high-performance testing equipment, prompting continuous technological innovation within the industry [11]. - Global expansion is accelerating, with Chinese companies establishing production bases in Southeast Asia and the Middle East to meet international market demands and comply with global testing standards [12].

Group 1 - The core viewpoint of the article is that the recent surge in photovoltaic component prices is both inevitable and a result of rising costs in the supply chain, particularly due to the increase in silver prices [8] - Major manufacturers such as Longi and JA Solar have initiated price increases of 2-4 cents, followed by Trina Solar raising prices by 5-6 cents, Tongwei by 3-4 cents, and others, leading to a general increase in component prices to 0.70 yuan/W or higher [2] - The price increase has created tension in the downstream solar power station sector, which is struggling to accept the higher costs due to declining profitability from the implementation of policy 136 [2][6] Group 2 - Many smaller component manufacturers are hesitant to raise prices due to fears of contract cancellations, as evidenced by reports of contracts being voided shortly after agreements were made [3][4] - The primary reason given by component manufacturers for the price hikes is the soaring cost of silver paste, which has become the largest cost component in solar modules, accounting for 17% of total costs [6][7] - The current situation presents a dilemma where rising production costs compel manufacturers to increase prices, while reduced profitability for solar power stations makes it difficult for investors to accept these price hikes [7]

Core Insights - The photovoltaic industry is facing a severe oversupply and price decline due to excessive capacity expansion without corresponding demand growth [2][4] - Major companies in the industry have reported significant losses, with a total loss of 26.068 billion yuan in the first three quarters of 2025 [2] - The industry must shift from a focus on scale expansion to technological innovation to break free from the current predicament [4][32] Industry Overview - From 2021 to 2024, the photovoltaic industry has been in a race to expand production capacity, driven by carbon neutrality goals [1] - However, demand has not kept pace, leading to a decline in production across key segments, including polysilicon and silicon wafers, with polysilicon production down 29.6% year-on-year [2] - Prices for polysilicon have plummeted from over 300,000 yuan per ton in 2022 to 34,700 yuan per ton in mid-2025, a nearly 90% drop [2] Technological Innovation - The industry is at a crossroads where reliance on scale expansion is no longer viable, and technological innovation is essential for survival [4][32] - The transition from P-type to N-type solar cells represents a critical technological evolution, with N-type TOPCon technology becoming increasingly competitive [5][6] - Setting rigid efficiency standards for solar products is crucial to encourage innovation and eliminate low-quality competition [7][10] Policy and Regulation - The government is encouraged to implement policies that support high-efficiency solar components and set efficiency benchmarks for market entry [7][21] - The "three red lines" financial metrics, similar to those used in the real estate sector, could be applied to the photovoltaic industry to manage financial risks and prevent over-leverage [22][23] - Establishing a clear regulatory framework is deemed necessary to guide the industry towards sustainable development [20][32] Market Dynamics - The current market is characterized by a lack of unified efficiency data, leading to confusion and inconsistency in performance claims among companies [9] - The industry must focus on high-quality, high-efficiency products to move away from price-based competition and towards value-based competition [8][32] - Collaboration across the supply chain is essential to balance profitability and ensure sustainable operations for all stakeholders [14][17] Future Outlook - The photovoltaic industry is expected to evolve towards a model centered on technological innovation and quality improvement, moving away from the previous focus on scale and low prices [32] - Companies that prioritize innovation, manage risks effectively, and engage in ecosystem development are likely to emerge as leaders in the future [32]

12月25日，晶澳科技盘中上涨2.01%，截至13:16，报11.66元/股，成交2.97亿元，换手率0.78%，总市值 385.91亿元。 资金流向方面，主力资金净流入549.08万元，特大单买入1618.49万元，占比5.44%，卖出810.47万元， 占比2.73%；大单买入5503.56万元，占比18.51%，卖出5762.49万元，占比19.38%。 晶澳科技今年以来股价跌15.20%，近5个交易日涨5.71%，近20日跌3.48%，近60日跌8.48%。 责任编辑：小浪快报 资料显示，晶澳太阳能科技股份有限公司位于北京市丰台区汽车博物馆东路1号院诺德中心8号楼,香港 湾仔皇后大道东248号大新金融中心40楼，成立日期2000年10月20日，上市日期2010年8月10日，公司主 营业务涉及硅片、太阳能电池片及太阳能电池组件的研发、生产和销售,以及太阳能光伏电站的开发、 建设、运营等。主营业务收入构成为：光伏组件91.10%，其他5.85%，光伏电站运营3.05%。 晶澳科技所属申万行业为：电力设备-光伏设备-光伏电池组件。所属概念板块包括：单晶硅、BIPV概 念、TOPCon电池、HJT电池、雄安新 ...

业内认为，2026年光伏行业将进入持续的产能出清周期。 经历近两年的严重供需错配和全产业链的"价格鏖战"，"短期逐利、堆砌产能没有出路"已成为行业的共 识。如何解决"赔本赚吆喝"的行业痛点并促成"反内卷"的执行和落地，亦成为光伏产业2025年工作的重 点。 临近年终，光伏"反内卷"迎来关键转折。12月12日晚间，中国光伏行业协会在官方微信公众号发文称， 北京光和谦成科技有限责任公司(下称"光和谦成")近日完成注册，标志着光伏行业酝酿已久的"多晶硅产 能整合收购平台"正式落地。 据中国光伏行业协会表述，该平台旨在通过市场化、法治化的机制，通过"政府引导+行业协同+市场化 并购"的路径，探索整治全行业"内卷式"恶性竞争问题。从股权结构来看，通威集团(600438.SH)和协鑫 集团(协鑫科技主营硅料业务，03800.HK)成为光和谦成前两大股东，合计持股47.14%。 "举步维艰"的上半年 在"光伏行业2025年上半年发展回顾与下半年形势展望研讨会"上，中国光伏行业协会名誉理事长王勃华 用"举步维艰"四个字总结了2025年上半年光伏行业的境遇。 "全产业链各环节均陷入大面积亏损状态，亏损规模前所未有。"据王勃华彼 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the photovoltaic (PV) industry, specifically the outlook for 2026 and beyond, highlighting supply-demand dynamics and technological advancements in the sector [1][2][3][4]. Core Insights and Arguments - **Domestic Market Projections**: The expected installed capacity in the domestic PV market for 2026 is between 200-215 GW, representing a 26% year-on-year decline. However, there is a collective hope to maintain levels above 200 GW [1][3][17]. - **Global Market Trends**: Global PV installations are projected to see a slight decrease of about 2% in 2026, with emerging markets like the Middle East and India expected to grow at rates exceeding 30% [1][4]. - **Supply Chain Dynamics**: The supply side of the PV industry has seen a halt in capacity expansion, with operating rates generally below 50%. The silicon material segment is attempting to raise prices through joint storage initiatives, targeting a price range of 70,000 to 80,000 CNY per ton [1][5][20]. - **Downstream Pricing Strategies**: Downstream segments are passing on increased silicon costs to consumers, with component prices rising. Companies are signing self-discipline agreements to control output and enhance competitiveness through differentiated products [1][6][21]. - **Energy Storage Growth**: The energy storage sector is expected to significantly contribute to component companies, with anticipated shipment targets for energy storage doubling in the coming year [1][7][25]. Additional Important Insights - **Technological Advancements**: New technologies such as Topcon upgrades, BC components, and perovskite technology are expected to play crucial roles in the future of the PV industry. Perovskite technology has already seen pilot production lines and is projected to expand significantly [1][9][10][27]. - **Market Conditions**: The overall market is currently experiencing a significant oversupply, leading to price wars and losses among major companies. Many firms are adjusting strategies to stabilize prices and restore profitability [18][19]. - **Investment Recommendations**: Investment focus should be on silicon material and component segments, as well as companies involved in new technologies and energy storage, which are expected to benefit from market recovery and growth [28]. Conclusion - The PV industry is navigating through a challenging landscape characterized by declining demand in certain markets, oversupply issues, and the need for technological innovation. However, there are optimistic growth prospects in emerging markets and segments like energy storage, which could provide significant opportunities for investors and companies alike [1][4][28].

经历近两年的严重供需错配和全产业链的"价格鏖战"，"短期逐利、堆砌产能没有出路"已成为行业的共 识。如何解决"赔本赚吆喝"的行业痛点并促成"反内卷"的执行和落地，亦成为光伏产业2025年工作的重 点。 临近年终，光伏"反内卷"迎来关键转折。12月12日晚间，中国光伏行业协会在官方微信公众号发文称， 北京光和谦成科技有限责任公司（下称"光和谦成"）近日完成注册，标志着光伏行业酝酿已久的"多晶 硅产能整合收购平台"正式落地。 据中国光伏行业协会表述，该平台旨在通过市场化、法治化的机制，通过"政府引导+行业协同+市场化 并购"的路径，探索整治全行业"内卷式"恶性竞争问题。从股权结构来看，通威集团（600438.SH）和协 鑫集团（协鑫科技主营硅料业务，03800.HK）成为光和谦成前两大股东，合计持股47.14%。 "举步维艰"的上半年 在"光伏行业2025年上半年发展回顾与下半年形势展望研讨会"上，中国光伏行业协会名誉理事长王勃华 用"举步维艰"四个字总结了2025年上半年光伏行业的境遇。 "全产业链各环节均陷入大面积亏损状态，亏损规模前所未有。"据王勃华彼时介绍，2025年一季度，仅 31家A股上市光伏主产业链 ...

经历近两年的严重供需错配和全产业链的"价格鏖战"，"短期逐利、堆砌产能没有出路"已成为行业的共识。如何解决"赔本赚吆喝"的行 业痛点并促成"反内卷"的执行和落地，亦成为光伏产业2025年工作的重点。 临近年终，光伏"反内卷"迎来关键转折。12月12日晚间，中国光伏行业协会在官方微信公众号发文称，北京光和谦成科技有限责任公司 （下称"光和谦成"）近日完成注册，标志着光伏行业酝酿已久的"多晶硅产能整合收购平台"正式落地。 据中国光伏行业协会表述，该平台旨在通过市场化、法治化的机制，通过"政府引导+行业协同+市场化并购"的路径，探索整治全行业"内 卷式"恶性竞争问题。从股权结构来看，通威集团（600438.SH）和协鑫集团（协鑫科技主营硅料业务，03800.HK）成为光和谦成前两大 股东，合计持股47.14%。 "举步维艰"的上半年 在"光伏行业2025年上半年发展回顾与下半年形势展望研讨会"上，中国光伏行业协会名誉理事长王勃华用"举步维艰"四个字总结了2025 年上半年光伏行业的境遇。 "全产业链各环节均陷入大面积亏损状态，亏损规模前所未有。"据王勃华彼时介绍，2025年一季度，仅31家A股上市光伏主产业链企业 ...