Group 1 - The core viewpoint is that the photovoltaic industry is experiencing a significant price increase in silicon wafers, with various sizes seeing price hikes between 8% and 11.7% [1] - The photovoltaic industry index (931151) has shown strong performance, with component stocks such as Hongyuan Green Energy (603185) and Xiexin Integration (002506) rising by 6.84% and 6.15% respectively [1] - The photovoltaic ETF fund (159863) has also increased by 1.26%, reflecting the overall positive trend in the industry [1] Group 2 - The current focus for the photovoltaic industry is to break away from "involutionary" competition, which is crucial for policy and corporate self-rescue [2] - This transformation is expected to shift the industry from "price wars" to "quality for price," allowing for the orderly exit of backward production capacity [2] - The top ten weighted stocks in the photovoltaic industry index account for 55.39% of the index, indicating a concentration of market influence among leading companies [3]

Industry Overview - Multiple silicon wafer companies have raised their prices, with increases ranging from 8% to 11.7% for different sizes of wafers [1] - The price hike is primarily attributed to the rising costs of upstream silicon materials, although the downstream battery segment's ability to absorb these price increases remains uncertain due to slowing terminal demand in the domestic photovoltaic market [1] - The average transaction price of silicon materials has increased by over 6% week-on-week [1] - In June, the monthly output of silicon wafers was approximately 58.2 GW, but due to limited terminal demand, production is expected to decline to around 51.8 GW in July [1] - The photovoltaic industry is expected to respond to the price adjustments, with polysilicon prices being raised to avoid price competition, and photovoltaic glass manufacturers actively reducing production to enhance prices [1] Company Insights - Shuangliang Energy has achieved superior performance in single crystal silicon growth speed, shoulder counts, oxygen content, and minority carrier lifetime compared to industry averages, gaining recognition from many high-quality downstream customers [2] - The majority of Shuangliang Energy's silicon wafers sold are N-type, with a steadily increasing market share in the domestic market [2] - JA Solar Technology operates as an integrated enterprise in the photovoltaic industry, focusing on the research, development, production, and sales of photovoltaic silicon wafers, cells, and modules, as well as the development, construction, and operation of solar power plants [2]

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture sectors, which increased by 1.35% and 0.65% respectively [1] - The Electric Equipment sector saw a slight increase of 0.17% [1] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [1] - The Electronic sector had the largest net outflow, totaling 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [1] Electric Equipment Sector Performance - In the Electric Equipment sector, 358 stocks were tracked, with 99 stocks rising and 252 stocks declining; 5 stocks hit the daily limit up [2] - The top net inflow stock was Ningde Times, with a net inflow of 378 million yuan, followed by Tongguan Copper Foil and Kelu Electronics with inflows of 219 million yuan and 178 million yuan respectively [2] - The sector experienced a total net outflow of 4.576 billion yuan, with 11 stocks seeing outflows exceeding 100 million yuan; the largest outflows were from Rongfa Nuclear Power, Sunshine Power, and Nord Shares, with outflows of 327 million yuan, 250 million yuan, and 226 million yuan respectively [2][3] Top Gainers in Electric Equipment Sector - The top gainers in the Electric Equipment sector included: - Ningde Times: +2.84%, turnover rate 0.75%, main capital flow 377.94 million yuan - Tongguan Copper Foil: +20.02%, turnover rate 48.19%, main capital flow 218.52 million yuan - Kelu Electronics: +10.06%, turnover rate 7.49%, main capital flow 178.39 million yuan [2] Top Losers in Electric Equipment Sector - The top losers in the Electric Equipment sector included: - Rongfa Nuclear Power: +0.42%, turnover rate 33.08%, main capital flow -327.43 million yuan - Sunshine Power: -0.57%, turnover rate 3.01%, main capital flow -249.65 million yuan - Nord Shares: -4.98%, turnover rate 14.04%, main capital flow -226.20 million yuan [3]

Core Viewpoint - The recent surge in the photovoltaic (PV) equipment sector in the A-share market is driven by a series of favorable policies aimed at combating "involution" and promoting high-quality development within the industry [1][2]. Policy Background - The central government has intensified signals against "involution," with the Ministry of Industry and Information Technology (MIIT) mandating PV companies to report their cost prices, threatening penalties for those selling below cost [2][4]. - High-level meetings involving major PV companies indicate a strong governmental commitment to addressing disordered competition and enhancing product quality [2][4]. - The "anti-involution" measures have been a recurring theme in government discussions since last year, with multiple policy documents emphasizing the need for comprehensive regulation [2][4]. Industry Background - The PV industry is experiencing severe overcapacity, with significant price declines across the supply chain. In 2024, prices for polysilicon, silicon wafers, batteries, and modules are expected to drop by 39%, 50%, 40%, and 29% respectively [6][7]. - The industry's rapid expansion has led to a situation where many companies are selling products below cost, resulting in substantial losses. In 2024, major PV companies reported losses exceeding 600 billion yuan [6][7]. - The growth of the PV sector is notable, with projected installation capacity growth rates of 13.9%, 59.3%, 148.1%, and 28.3% from 2021 to 2024 [6]. Sichuan Countermeasures - Sichuan, a major player in the PV industry, is implementing strategies to address overcapacity while promoting technological upgrades and competitive advantages [9][10]. - The province is witnessing short-term challenges, including production cuts and layoffs, but long-term benefits are anticipated as companies stabilize and innovate [10][11]. - A combination of self-initiated production cuts and government policies aims to reduce capacity and enhance competitiveness [12][14]. Future Outlook - Despite current challenges, the PV industry is expected to rebound as the market corrects itself. The International Renewable Energy Agency projects that global PV installations will need to reach 18,200 GW by 2050 to meet carbon neutrality goals [14].

Group 1 - The photovoltaic ETF fund (159863.SZ) has increased by 5.08%, with major components such as Sungrow Power (up 8.98%), Longi Green Energy (up 6.08%), Tongwei Co. (up 10.00%), Daqo New Energy (up 14.84%), and TBEA Co. (up 3.02%) [1] - There are rumors that silicon material does not have a guiding price and cannot be sold below their full cost, with policies reiterating "supply-side expectations rising" [1] - The photovoltaic industry is currently undergoing a clearing process that can be categorized into financial, policy, and technical clearings, with expectations of challenges in domestic demand in Q3 and an anticipated increase in polysilicon production in July [1] Group 2 - Zhongyi Securities' strategy team notes that the current market environment is similar to the end of 2014, with investors having accumulated profit effects in the industry, and policy expectations stabilizing [1] - China Post Securities highlights that the photovoltaic industry has been officially named for "involution-style" competition, with leading photovoltaic glass companies planning to collectively reduce production by 30% starting in July [2] - The Ministry of Industry and Information Technology has signaled stronger regulatory measures, requiring companies to report cost prices and planning to impose heavy penalties on low-price sales, indicating an escalation in industry governance [2]

Core Viewpoint - The photovoltaic sector is experiencing a significant rebound, with the leading photovoltaic ETF (516290) surging over 4% in trading volume, indicating a potential bottom reversal in the market [1] Group 1: Market Performance - The photovoltaic leading ETF (516290) saw a price increase of 4.47%, reaching 0.444, with a trading volume of 3,842 million [1] - Major component stocks of the ETF, such as Daqo New Energy, Tongwei Co., and Sungrow Power Supply, reported substantial gains, with Daqo New Energy rising over 14% and Tongwei Co. hitting the daily limit [1] Group 2: Industry Insights - In May, the newly installed capacity for photovoltaic systems reached 93 GW, marking a year-on-year increase of 388%, with a historical high of nearly 100 GW in new installations driven by a rush to install [2] - The photovoltaic industry is addressing supply-side excess, with expectations for specific measures to be implemented, which could benefit segments like silicon materials and BC battery efficiency improvements [3] Group 3: Future Outlook - The photovoltaic sector is anticipated to undergo a fundamental recovery, with positive sentiment expected to shift as new technologies and government initiatives promote market clearing [4] - The photovoltaic leading ETF (516290) is highlighted as a low-fee option in the market, with management and custody fees significantly lower than the industry average [4]

2025.07. 08 本文字数：3628，阅读时长大约6分钟 作者 | 第一财经 祝嫣然 陆如意 新一轮反"内卷式"竞争冲锋号吹响，不仅包含钢铁、水泥等传统产业，还涉及民企占比较高的光伏、 新能源汽车、锂电池等新兴产业。 7月1日召开的中央财经委员会第六次会议明确要求，依法治理企业低价无序竞争，推动落后产能有 序退出，成为国家层面给出的反内卷政策新信号。 7月3日工业和信息化部（下称"工信部"）主持召开的第十五次制造业企业座谈会明确，依法依规、综 合治理光伏行业低价无序竞争；国家市场监督管理总局也曝光了6起内卷典型案例；反不正当竞争法 也于近日完成修订，将于今年10月15日起施行。 青岛市即墨区鳌山湾海域的海上光伏项目区。图片来源：新华社 与此同时，钢铁、水泥、电池、塑料加工等多个行业协会也陆续发起了反内卷号召。隆基绿能相关负 责人在接受第一财经记者采访时表示，当前行业阵痛期，光伏企业都深刻理解政策层治理低价竞争、 推动产能优化的决心，这为技术领先企业创造了结构性机遇。 多位专家分析，综合整治"内卷式"竞争是解决当前经济发展矛盾的关键举措。除了传统产业，我国一 些新兴行业也深受"内卷式"竞争困扰。与上一轮去 ...

Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) increased by 0.39%, with key stocks like Defu Technology (301511) rising by 3.57% and Huayou Cobalt (603799) by 2.92% [1] - The National Development and Reform Commission and other departments announced plans to establish over 100,000 high-power charging facilities by the end of 2027, aiming for improved service quality and technology upgrades [1] - CITIC Securities forecasts that domestic electric vehicle sales will reach 16.52 million units in 2025, with a year-on-year growth rate of 15-22% expected in 2026 [2] Group 2: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) rose by 0.15%, with major stocks like Sungrow Power (300274) increasing by 1.62% [4] - The top ten weighted stocks in the photovoltaic index account for 55.39% of the total index, indicating a concentrated market [9] Group 3: Automotive Parts Industry - The China Securities Automotive Parts Theme Index (931230) increased by 0.29%, with stocks like Zhengmei Machinery (601717) rising by 2.51% [4] - The top ten weighted stocks in the automotive parts index represent 41.05% of the total index, highlighting key players in the sector [9] Group 4: New Materials Industry - The China Securities New Materials Theme Index (H30597) rose by 0.50%, with stocks like Yake Technology (002409) increasing by 4.58% [6] - The top ten weighted stocks in the new materials index account for 51.27% of the total index, showcasing significant contributors to the industry [10]

Group 1 - The core viewpoint emphasizes that comprehensive rectification of "involutionary" competition is a key measure to address current economic development contradictions, affecting both traditional and emerging industries [1][4][5] - The new round of anti-involution policies includes not only traditional industries like steel and cement but also emerging sectors such as photovoltaics, new energy vehicles, and lithium batteries, which have a higher proportion of private enterprises [1][4][5] - The recent Central Economic Committee meeting highlighted the need to legally govern low-price disorderly competition and promote the orderly exit of backward production capacity, signaling a national-level response to involution [2][5] Group 2 - The Ministry of Industry and Information Technology (MIIT) has initiated discussions with photovoltaic industry leaders to address production, innovation, and market competition challenges, aiming to support high-quality development in the sector [10] - The photovoltaic industry has faced significant pressure, with prices for silicon materials and components dropping below cash costs, leading to a substantial decline in profit margins [11][12] - Various industry associations, including those in steel, cement, and battery sectors, have called for a collective response to involution, advocating for quality over price competition and industry cooperation [13][15] Group 3 - The revised Anti-Unfair Competition Law, effective from October 15, 2025, aims to provide institutional tools to curb "involutionary" competition, particularly targeting platform operators to prevent forced low-cost sales [9] - Experts have identified two main causes of the current involution phenomenon: domestic economic adjustments leading to price sensitivity and external pressures on Chinese enterprises due to de-globalization [6][7] - The steel industry is particularly affected by involution, with a significant increase in crude steel production despite declining apparent consumption, indicating a supply-demand imbalance [15]

Core Viewpoint - The article highlights the urgent need for the photovoltaic (PV) industry to combat "involution," characterized by excessive competition leading to low prices and reduced profitability, as emphasized by recent government meetings and industry responses [1][18]. Industry Overview - The PV industry has experienced a dramatic shift from profitability in 2023 to significant losses in 2024, with 68 PV equipment companies collectively losing approximately 257 billion yuan, compared to a profit of 993 billion yuan in 2023 [3][9]. - Major companies like Tongwei Co., Longi Green Energy, and JinkoSolar reported substantial revenues exceeding 100 billion yuan in 2023, but faced severe losses in 2024, with Longi Green Energy and TCL Zhonghuan losing 98.18 billion yuan and 86.18 billion yuan respectively [7][8]. Competitive Landscape - The industry has seen a split performance, with some segments like PV processing equipment and inverters thriving, while others, particularly silicon wafer and module manufacturers, are struggling with massive losses [3][8]. - The aggressive expansion strategies adopted by leading firms during the high-demand years of 2022 and 2023 have contributed to structural overcapacity and price declines in 2024, leading to a situation where companies are losing money even as they increase sales [10][13]. Policy and Industry Response - The government has initiated measures to regulate low-price competition and promote product quality, with the Central Financial Committee emphasizing the need for orderly market practices [1][18]. - Industry associations and companies are advocating for self-regulation and collaboration to foster a healthier market environment, with initiatives like the "Photovoltaic Industry Cooperation Initiative" signed by nine companies in 2023 [15][16]. Technological Innovation - Companies are increasingly focusing on technological advancements and innovation to improve product quality and operational efficiency, as seen with JinkoSolar's recent achievement in achieving a record conversion efficiency for its N-type solar cells [17][18].