格隆汇1月7日丨晶澳科技(002459.SZ)在投资者互动平台表示，公司研发中心有针对钙钛矿电池技术做 研发和技术储备。 ...

文 | 赶碳号科技 岁末年初，光伏周期正迎来新一轮变盘——行业底层逻辑正在潜移默化中发生结构性改变：在供给侧，是成本制胜，效率制胜；在需求侧，是场景制胜， 全球化制胜。谁的成本低、效率高，能提供整体解决方案，拥有全球化竞争力，谁就能在2026年活下来，否则就是死。 今天重点谈谈光伏企业的成本之战——这一点忽然就成了决定这一轮光伏洗牌的最大变量。因为，在过去两年中，这个竞争维度的要素已经发生本质改变 ——在过去两年中，硅料从第一成本退位，金属化成本（银浆为核心）快速抬升并成为组件端最具约束力的单一变量。 光伏成本重构：银浆取代硅料成第一成本变量 光伏行业的成本逻辑在2024-2026年这两年中，完成了颠覆性的重构。成本矛盾的第一约束从硅料转向以银浆为代表的金属化环节。以TOPCon组件为例， 三个关键时间节点的成本结构变化，清晰勾勒出这一嬗变轨迹： 1. 2024年1月：硅料退潮，银浆崭露头角 此时硅料价格已从2023年的高点回落，组件成本结构呈现初步分化： 硅料占比降至约10%-12%，较2023年9月的15%持续下滑； 银浆占比首次突破10%，达到10.5%； 玻璃、边框占比分别为12%、11%，胶膜占比9 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2026-002 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 关于 2025 年第四季度可转债转股结果暨股份变动公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 本季度转股情况：2025 年第四季度，共计有人民币 63,300 元"晶澳转债" 转换为公司股票，共计转股数量为 5,411 股。 累计转股情况：截至 2025 年 12 月 31 日，累计已有人民币 1,158,300 元 "晶澳转债"转换为公司股票，累计转股数 35,222 股，占"晶澳转债"转股前 公司已发行普通股股份总额的 0.0011%。 未转股可转债情况：截至 2025 年 12 月 31 日，尚未转股的"晶澳转债" 金额为人民币 8,959,149,400 元，占"晶澳转债"发行总量的 99.9871%。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规 ...

证券研究报告 | 行业策略 gszqdatemark 2026 01 04 年 月 日 电力设备 光伏：反内卷带来行业拐点，新技术引领突围 需求稳中有升，全球结构性增长打开新空间。2025 年，国内光伏新增装 机延续"稳中有升"态势，1–10 月累计达 252.87GW，同比增长 39%， 其中政策驱动下的抢装潮推动 5 月单月装机高达 92.92GW。集中式与工 商业分布式仍是主力，合计占比达 86%。基于强劲表现，中国光伏行业协 会已将全年新增装机预期由 215–255GW 上调至 270–300GW。海外市场 方面，亚非拉地区成为最大亮点，贡献全球光伏增长的核心增量来源。全 球装机预期同步上调至 570–630GW。展望 2026 年，国内《分布式管理办 法》与 136 号文将引导行业从规模扩张转向效益优先；海外则呈现""成熟 市场稳健、新兴市场爆发"格局——欧美增速放缓，而中东、非洲、东南 亚、拉美等地凭借能源转型迫切性、融资支持及低贸易壁垒，将成为全球 增长核心引擎。 供给侧深度出清，技术迭代与全球化构筑长期竞争力。2025 年光伏行业 迎来系统性""反内卷"拐点，中央到部委密集出台政策遏制低价竞争 ...

根据公告，截至2025年12月31日，晶澳科技股份回购的具体实施情况如下： 15,404,377股 0.47% 14.236元/股 13.33元/股 217,199,530.71元 登录新浪财经APP 搜索【信披】查看更多考评等级 2026年1月5日，晶澳太阳能科技股份有限公司（以下简称"晶澳科技"或"公司"）发布《关于回购公司股 份进展的公告》，披露截至2025年12月31日，公司股份回购计划已实施部分进展。公告显示，公司通过 深圳证券交易所交易系统以集中竞价交易方式累计回购股份1540.44万股，占当前总股本的0.47%，成交 总金额约2.17亿元，回购价格区间为13.33元/股至14.236元/股。 回购进展：累计购股1540万股，总金额超2.17亿元 上述数据显示，公司此次回购的股份数量为1540.44万股，占总股本比例0.47%；交易价格区间覆盖 13.33元/股至14.236元/股，整体交易均价约为14.09元/股（按总金额除以总股数计算）；累计成交金额 为217,199,530.71元（不含印花税、交易佣金等费用），折合人民币约2.17亿元。 回购方案背景：拟斥资2-4亿元，用于员工激励 回溯公 ...

| 证券代码：002459 | 证券简称：晶澳科技 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：127089 | 债券简称：晶澳转债 | | 晶澳太阳能科技股份有限公司 关于回购公司股份进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 截至 2025 年 12 月 31 日，晶澳太阳能科技股份有限公司通过深圳证券交易 所交易系统以集中竞价交易方式回购公司股份 15,404,377 股，占目前公司总股本 的比例为 0.47%，最高成交价为 14.236 元/股，最低成交价为 13.33 元/股，成交 总金额为 217,199,530.71 元（不含印花税、交易佣金等交易费用）。 一、回购股份基本情况 晶澳太阳能科技股份有限公司（以下简称"公司"）已于 2025 年 8 月 22 日 召开第六届董事会第四十三次会议，审议通过了《关于回购公司股份方案的议案》， 公司拟使用不低于人民币 2 亿元（含）且不超过人民币 4 亿元（含）的自有资金 及回购专项贷款以集中竞价交易方式回购部分公司发行的人民币 ...

Core Viewpoint - The silver price has surged significantly, with a nearly 35% increase in one month and close to a doubling over six months, driven by speculative funds and structural supply tightness, impacting both mining companies and manufacturing sectors reliant on silver as a raw material [1][2][12]. Group 1: Silver Price Dynamics - As of December 31, the main silver contract on the Shanghai Futures Exchange closed at 17,074 yuan per kilogram, down 4.27% for the day, but the overall upward trend remains intact [1]. - The price of silver has increased by 127% compared to the end of 2024 [1]. - The industrial demand for silver, particularly in the photovoltaic (PV) sector, is a significant driver, with silver usage in PV applications reaching 6,147 tons in 2024, accounting for 29% of industrial silver demand [2][12]. Group 2: Impact on the Photovoltaic Industry - The share of silver in the cost of photovoltaic components has risen sharply from less than 5% before 2024 to around 20% currently due to soaring silver prices [1][11]. - The production of photovoltaic cells and modules has seen growth, with cell production reaching approximately 560 GW and module production at about 514 GW in the first ten months of 2025, reflecting year-on-year increases of 9.8% and 13.5%, respectively [2][12]. Group 3: Cost Transmission Strategies - Many midstream companies are attempting to pass on the increased silver costs to downstream customers through price hikes, with some companies already implementing slight increases in component prices [5][16]. - For example, LONGi Green Energy has raised its component prices by 0.03 to 0.06 yuan per watt [16]. - However, the ability to pass on costs is challenged by a supply-demand imbalance in the downstream market, limiting the extent of price increases [17]. Group 4: Long-term Solutions and Technological Innovations - The industry consensus is shifting towards reducing silver usage through technological innovations, with "silver reduction" and "silver-free" technologies becoming key strategies for overcoming cost pressures [11][18]. - Companies like Dike Co. are developing low-silver and silver-coated copper pastes, which are expected to reduce costs while maintaining performance [18][19]. - The transition to alternative materials, such as copper, faces challenges due to copper's inferior conductivity and susceptibility to oxidation compared to silver [20].

Core Insights - The report emphasizes the growth potential in the energy storage sector, driven by the implementation of capacity pricing mechanisms in China and increasing demand for energy storage solutions globally, particularly in the context of AI advancements [7][14][27] - The photovoltaic (PV) industry is expected to see a reversal in profitability due to ongoing technological innovations and regulatory measures aimed at curbing excessive competition [7][14][27] Energy Storage - Large-scale energy storage in China is transitioning towards market-driven models, with the introduction of capacity pricing mechanisms expected to enhance the economic viability of storage projects. The expected installed capacity for energy storage in China is projected to reach 154 GWh in 2025, 254 GWh in 2026, and 337 GWh in 2027, representing year-on-year growth rates of 40.2%, 65.2%, and 32.5% respectively [7][14][27] - The report highlights that the U.S. is experiencing rapid growth in energy storage demand, particularly driven by data center construction, with an anticipated addition of 13 GW of data centers leading to a storage demand of 10.7 to 25 GWh [7][14][27] - In Europe, the demand for flexible resources is increasing, and the development of large-scale storage is accelerating due to improved business models and subsidies. The report forecasts that global energy storage installations will reach approximately 279 GWh in 2025, 423 GWh in 2026, and 563 GWh in 2027, with year-on-year growth rates of 44%, 52%, and 33% respectively [7][14][27] Photovoltaic Industry - The report notes that the PV industry is undergoing a "de-involution" process, with regulatory bodies emphasizing the need to address price violations and excessive competition within the sector. This is expected to lead to improved profitability in the downstream component segment of the PV industry by 2026 [7][14][27] - Global PV installations are projected to reach nearly 580 GW in 2026, reflecting a year-on-year growth of 6%, driven by reasonable capacity limits in various regions [7][14][27] - Technological innovations aimed at reducing costs and increasing efficiency are expected to facilitate a reversal in profitability for the PV sector, with advancements in battery technology playing a crucial role [7][14][27] Investment Recommendations - The report recommends investing in leading companies in the PV sector that are driving N-type technology innovations, such as JinkoSolar, Tongwei Co., Longi Green Energy, and JA Solar. It also suggests focusing on companies benefiting from new technological iterations in auxiliary materials [7][14][27] - In the energy storage sector, it highlights companies with technological leadership and competitive advantages, such as Sungrow Power Supply, Hubei Huadian, Canadian Solar, and Shenghong Technology, while also suggesting attention to firms like Shuneng Electric and Kehua Data [7][14][27]

"A级认证的核心价值在于为市场提供了可靠的筛选机制。"伍德麦肯兹全球光伏供应链负责人Yana Hryshko指出，"在行业整合期，投资者和开发商更需要识别那些具备长期可持续性的合作伙伴。这一评 级体系将帮助市场焦点从价格竞争转向质量与可靠性竞争。" 值得注意的是，所有非中国籍的十大制造商在上半年均保持了盈利，这主要得益于其对高端市场和受保 护区域市场的专注。这一现象表明，在全球化贸易政策收紧的背景下，市场多元化战略正成为企业抵御 风险的关键。 展望2026~2027年，光伏组件行业将进入深度转型阶段，技术升级将成为淘汰落后产能的核心驱动力。 随着TOPCon 3.0和背接触等先进技术的规模化应用，主流组件效率将突破25%门槛，这将加速低效产能 的退出，推动行业向高技术附加值方向演进。 近日，伍德麦肯兹发布2025年上半年全球光伏组件制造商排名，晶澳太阳能与天合光能以91.7和91.6的 综合评分首次并列榜首。这一排名凸显了在行业产能过剩与价格持续下行的背景下，领先企业正通过技 术升级、产能优化与市场多元化构建竞争优势。值得关注的是，尽管前十名制造商占据了全球62%出货 量，但上半年合计净亏损高达22亿美元，反 ...

内容概要：TOPCon是一种基于选择性载流子原理的隧穿氧化层钝化接触的太阳能电池技术，实现更为 良好的钝化效果。相比P型电池，N型电池片凭借更高的转换效率和无光衰、弱光效应好等多重优势， 推动光伏电池从P型电池向N型电池片（包括TOPCon、xBC和HJT电池片）的技术转型，而N型新型电 池技术又以TOPCon和HJT为主要路线。2025年全球TOPCon电池片出货量565.2GW，Xbc电池片出货量 31.6GW，HJT电池片出货量37.2GW；预计2026年全球TOPCon电池片出货量652.7GW，Xbc电池片出货 量42.6GW，HJT电池片出货量50.3GW。随着中国光伏企业不断在N型电池片领域不断加大科技投入， 国内N型TOPCon电池片在中国实现快速增长。2025年中国TOPCon电池片出货量534.6GW，Xbc电池片 出货量28.8GW，HJT电池片出货量35.1GW；预计2026年中国TOPCon电池片出货量609.1GW，Xbc电池 片出货量38.7GW，HJT电池片出货量46.8GW。 上市企业：钧达股份[002865]、捷泰科技[835436]、通威股份[600438]、爱旭股份[6 ...