Core Insights - InfoLink has released a new ranking for leading companies in the photovoltaic battery and module sectors, showing slight changes compared to the previous year, with no new entrants in the top ranks for the first half of 2025 [1][2]. Battery Segment Summary - The top five battery manufacturers remain unchanged in terms of participants, with slight positional shifts: Tongwei Co., Ltd. retains the top position, while Yingfa Renergy moves from fourth to third, swapping places with Jietai Technology [2]. - Yingfa Renergy's N-type battery shipments reached the top two globally in the first half of the year, and it became the first company to export BC battery cells [2][3]. - The total global shipment volume of the top five battery suppliers reached approximately 87.8 GW, marking a year-on-year increase of about 12.5% [2]. Module Segment Summary - The module segment saw more significant changes, with JinkoSolar maintaining its leading position and LONGi Green Energy in second place. JA Solar and Trina Solar are now tied for third [5][6]. - The total shipment volume of the top ten module suppliers was approximately 247.9 GW, reflecting a 10% increase year-on-year [7]. - The production of modules in the first half of the year reached 310 GW, a 14.4% increase compared to the previous year [9]. Market Trends and Observations - The market is witnessing a shift towards larger TOPCon battery cells, with the 210RN size accounting for about 31.4% of shipments, up from 8% in the previous year [3]. - Companies like Tongwei and Yida New Energy reported shipment increases of 30-40%, indicating rapid expansion in their module business [10]. - The industry is experiencing a transformation aimed at addressing long-standing issues of supply-demand mismatch and unhealthy price competition, with a focus on sustainable profitability rather than just market share [12][13]. Financial Performance - The financial performance of companies like Yongdian Dongci and Aiko Solar has been noteworthy, with Yongdian Dongci achieving a net profit of 960-1,050 million yuan, a year-on-year increase of 49.6%-63.6% [11]. - Despite high shipment volumes, many companies are facing significant losses, with 31 A-share listed photovoltaic companies reporting a total net loss of 57.47 billion yuan in 2024 [12][15].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for selected companies within the electric power equipment and new energy sector [3]. Core Insights - The photovoltaic sector is experiencing demand front-loading, with supply-side reforms needing close observation. The report emphasizes that significant demand growth is essential for market expansion, but limited absorption capacity and mismatched demand in overseas markets complicate the situation. Policy intervention is deemed crucial for the industry's recovery [1][13]. - In the energy storage segment, demand remains robust, but market dynamics are shifting. The report expresses optimism about large-scale storage despite concerns that it may follow the path of photovoltaics. The focus is on high-quality products and integrated service solutions, with expectations for profit margins to stabilize around 20-25% [2][7]. - The lithium battery sector faces challenges due to weak pricing power in the materials segment, driven by supply-demand imbalances. The report notes that the industry's effective capacity utilization is projected to hover around 60-65%, with leading battery manufacturers exerting significant influence over pricing and production cycles [6][12]. Summary by Sections Photovoltaics - Demand has been front-loaded, leading to a significant increase in installations, with 212.21 GW added in the first half of 2025, a 107.1% year-on-year increase. However, the market saw a sharp decline in June, indicating potential overcapacity and absorption issues [13][16]. - The report highlights the need for supply-side reforms and policy support to stabilize the industry, as the current market dynamics are characterized by a mismatch between supply and demand [1][19]. Energy Storage - The report indicates a positive outlook for large-scale energy storage, with expectations for profit margins to stabilize at 20-25%. The competitive landscape is evolving, with a focus on high-quality integrated solutions [2][7]. - The report also notes that the distributed energy storage market is entering a new phase, with competition intensifying and previous easy profits becoming harder to achieve [5][12]. Lithium Batteries - The lithium battery sector is experiencing a lack of pricing power in the materials segment, with effective capacity utilization projected at 60-65%. The report suggests that leading manufacturers are likely to dominate pricing and production cycles, impacting smaller players [6][12]. - The report emphasizes the need for material suppliers to adapt through cost reduction and technological advancements to remain competitive in a challenging market [6][12]. Investment Recommendations - The report suggests that the electric new energy sector is in a phase of "repeated games," with expectations for growth and recovery being tempered by market realities. The priority for sector recovery is seen as energy storage, followed by power batteries and photovoltaics [7][8]. - Selected companies such as Tongwei Co., Longi Green Energy, and Aiko Solar are highlighted as potential investment opportunities due to their competitive advantages in management, cost, and technology [8].

公募基金二季报本周进入密集披露期，部分头部基金及知名基金经理的调仓动向也备受市场关注。 综合来看，各家基金在二季度保持了高仓位运作，新能源产业链、医药消费等成为关注重点。 此外，睿远基金傅鹏博管理的基金则对光伏行业板块个股更为关注。综合季报，通威股份、迈为股 份等新晋十大重仓股，大族激光、先导智能等退出前十大重仓股序列；由傅鹏博、朱璘管理的睿远成长 价值混合基金前十大重仓股为三安光电、中国移动、立讯精密、东方雨虹、万华化学、通威股份、吉利 汽车、沃森生物、迈为股份、国瓷材料。相比一季度，该基金新进持仓了通威股份、吉利汽车、迈为股 份，而先导智能、大族激光、卫宁健康则被调出十大重仓股序列；广发基金刘格菘持仓结构没有出现大 幅调整。其前十大重仓股当中，亿纬锂能、龙佰集团的持仓量不变，国联股份、福莱特分别新晋成为第 七大重仓股和第九大重仓股。另外，晶澳科技、隆基绿能、锦浪科技等多只个股持股数量均较一季度末 有所增长。 Wind数据显示，截至7月20日记者发稿时，已经有多家基金公司旗下1338只股票型开放式基金（未 合并A/C）发布了二季度报告，其中不乏头部基金公司和张坤、刘格菘、傅鹏博、李晓星等知名基金经 理。易方 ...

Core Viewpoint - The photovoltaic industry is experiencing a positive outlook for the first half of 2023, driven by declining silicon material prices, reduced industry costs, and strong market demand, leading to increased shipment volumes across multiple listed companies [1][2]. Group 1: Company Performance - JunDa Co., Ltd. expects a net profit of 900 million to 1.1 billion yuan for the first half of 2023, representing a year-on-year growth of 230% to 300%, with a shipment volume of 11.4 GW, up 181% [2]. - Yijing Photovoltaic anticipates a net profit increase of 1086% to 1255% year-on-year [2]. - JA Solar forecasts a net profit of 4.2 billion to 4.9 billion yuan, reflecting a year-on-year growth of 146.81% to 187.95% [2]. - GCL-Poly Energy expects a net profit growth of 166.57% to 219.89% year-on-year [2]. - Companies are benefiting from lower silicon material prices, which have significantly improved profitability for photovoltaic cells and modules [3]. Group 2: Market Trends - Silicon material prices have seen a significant decline of 47.5% to 53.4% since June, stabilizing around mid-July [4]. - As of July 13, the average transaction price for N-type silicon was 74,500 yuan per ton, with prices for various types of silicon remaining stable [4]. - The stabilization of silicon prices is attributed to inventory levels approaching reasonable thresholds and an increase in operating rates among downstream silicon wafer companies [4]. - The global photovoltaic direct current installation demand is projected to reach 382 GW in 2023, with a year-on-year growth rate of 58% [5].

北上资金增持居前的高增长碳中和概念股 能源消费总量不同类型占比变化 ■ 北上资金7月以来增持(亿元) 30 25 20 15 10 5 0 宁德时代 晶澳科技 通威股份 特变电工 捷佳伟创 赣锋锂业 盐湖股份 | 净利润持续高增长的碳中和概念股一览 | | --- | | 代码 | 简称 | A股市值 | 年内 | 滚动 | | --- | --- | --- | --- | --- | | | | (亿元) | 涨跌幅 | 市盈率 | | | | | (%) | (倍) | | 600089 | 特变电工 | 810.60 | 9.25 | 4.64 | | 600438 | 通威股份 | 1531.12 | -4.51 | 5.26 | | 002460 | 赣锋锤业 | 935.40 | -15.24 | 6.04 | | 000792 | 盐湖股份 | 1051.26 | -14.72 | 7.36 | | 603185 | 弘元绿能 | 280.82 | -33.64 | 9.19 | | 002709 | 天赐材料 | 685.03 | -17.83 | 13.95 | | 002459 | 晶澳 ...

Investment Rating - The report maintains a "Buy" rating for the photovoltaic and wind power sectors, indicating a positive outlook for these industries in the near to medium term [4][5]. Core Insights - The photovoltaic industry is undergoing a "de-involution" movement at the national strategic level, focusing on capacity integration in the silicon material segment and strengthening price regulation across the supply chain. The industry is currently at the bottom of the cycle, with future policy strength being a key variable influencing its trajectory. In the medium to long term, the photovoltaic sector is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [4]. - The wind power sector in China has a strong global competitive advantage, with a relatively reasonable supply-demand structure and robust profitability among companies. The year 2025 is anticipated to be a significant year for offshore wind power development in China, with accelerated construction and favorable export trends [4]. Weekly Market Review - From August 4 to August 8, 2025, the Shanghai Composite Index rose by 2.11%, while the Shenzhen Component Index and the ChiNext Index increased by 1.25% and 0.49%, respectively. The Shenwan Electric Power Equipment Index rose by 1.94%, outperforming the CSI 300 by 0.71 percentage points. Within sub-sectors, photovoltaic equipment, wind power equipment, batteries, and grid equipment experienced changes of +1.29%, +4.50%, +0.99%, and +3.08%, respectively [12][18]. Key Sector Tracking - **Photovoltaic Sector**: The report highlights a significant project where JA Solar is the candidate for a 50MW photovoltaic component procurement project in Tibet, with a bid amount of approximately 36 million CNY and a unit price of 0.7215 CNY/W [3][21]. - **Wind Power Sector**: The report emphasizes the strong profitability of domestic wind power companies in the first half of the year and suggests focusing on leading companies such as Goldwind Technology and Dongfang Cable [4]. Investment Recommendations - **Photovoltaic**: Focus on segments that have undergone sufficient corrections, such as silicon materials, glass, and battery cells. Recommended companies include Aiko Solar, Flat Glass Group, GCL-Poly Energy, and Junda Technology [4]. - **Wind Power**: Maintain a positive outlook on the domestic wind power supply chain, with recommendations for companies like Goldwind Technology and Zhongtian Technology [4]. - **New Energy Vehicles**: The sector continues to grow rapidly, with recommendations to focus on battery and structural components benefiting from low upstream raw material prices, including companies like CATL and EVE Energy [5]. Industry Price Data - The report includes price trends for key materials in the photovoltaic supply chain, indicating fluctuations in silicon material, battery cell, and module prices, which are critical for assessing market dynamics [35][36][38].

从东南亚到中东，从非洲到拉美，从中亚到欧洲……当前，在全球能源正加速转型的背景下，中国"新 三样"企业依托较为完备的产业链、持续的技术创新和成（002001）本竞争力，正在掀起新一轮"出海 潮"。 今年上半年，在全球投资环境趋紧的形势下，新能源汽车、锂电池、光伏产品等"新三样"企业对外投资 合作依然活力满满。商务部研究院对外投资合作研究所助理研究员张哲表示，"新三样"企业的海外布局 热度不减，正由"产品出海"迈向"产供链出海"，推动我国对外投资披上绿色"新装"。 "新三样"企业加速全球产能布局，构建本地化生产、配套和服务体系。在动力电池领域，以宁德时代、 比亚迪（002594）、亿纬锂能等为代表的头部锂电产业链企业正加速在东南亚、欧美等地建设生产基 地，海外市场正快速成长为其业务的新蓝海。在光伏领域，晶澳科技（002459）、晶科、天合等光伏企 业纷纷加快在中东、非洲等地区投资建厂步伐，推动组件及原材料本地化生产，逐步构建本地化、闭环 式产业链结构。在新能源汽车领域，比亚迪、长城汽车（601633）、北汽福田等新能源汽车企业加快在 东南亚、欧洲、拉美等建设制造基地，完善售后服务和品牌网络建设，拓展充电基础设施 ...

Group 1 - The core viewpoint of the article highlights the collaboration between government and enterprises in Baotou to promote the high-quality development of the crystalline silicon photovoltaic industry [1] - The meeting included discussions among leaders from various crystalline silicon photovoltaic companies, indicating a strong confidence in the industry's future and development in Baotou [1] - Companies such as Meike Co., Daqo New Energy, Tongwei High Purity Silicon, and others participated in the dialogue, providing feedback and suggestions regarding their development and industry trends [1]

Group 1 - The core viewpoint of the news is that JA Solar (Yangzhou) Technology Co., Ltd. has applied for a patent related to perovskite solar cells, aiming to improve the photoelectric conversion efficiency of these cells [1] - The patent application, titled "A Perovskite Photovoltaic Cell and Its Preparation Method, Stacked Battery," was filed on April 2025 and has been published with the number CN120456721A [1] - The perovskite solar cell includes a perovskite light-absorbing layer and a hole transport layer stacked on one side of the perovskite layer, which contains hole transport materials and phenyl sulfonates [1] Group 2 - JA Solar (Yangzhou) Technology Co., Ltd. was established in 2006 and is located in Yangzhou, primarily engaged in the manufacturing of computers, communications, and other electronic devices [2] - The company has a registered capital of 634,087.0275 thousand RMB and has invested in five enterprises while participating in 159 bidding projects [2] - The company holds 12 trademark registrations and 461 patent records, along with 127 administrative licenses [2]

Core Viewpoint - The Chinese photovoltaic industry is transitioning towards a model that balances "green manufacturing" and "manufacturing green" as it faces challenges in carbon emissions and resource consumption while expanding capacity [1][2]. Industry Overview - The photovoltaic industry in China is experiencing significant growth, with a cumulative installed capacity of over 1 billion kilowatts as of May 2023, surpassing thermal power for the first time [1]. - The industry is under pressure to enhance its green and low-carbon transformation, with 95% of surveyed companies setting climate goals and 87% disclosing carbon emissions data [1][2]. Carbon Emissions - The total carbon emissions from the 44 companies that disclosed their operational data reached 105 million tons of CO2 equivalent for 2024, with a notable increase from 45.23 million tons in 2022 to 70.57 million tons in 2024, marking a 46.6% rise from 2022 to 2023 and a 5.7% increase from 2023 to 2024 [2]. - The primary drivers of rising carbon emissions are production expansion and potential increases in energy consumption due to technological upgrades [2]. Policy and Regulation - The Ministry of Industry and Information Technology is set to release guidelines to promote high-quality development in the photovoltaic sector, focusing on resource utilization, energy management, and ESG disclosures [2]. - Regulatory guidance from stock exchanges emphasizes the need for companies to disclose 21 ESG-related topics, including emissions and biodiversity [2]. Product Carbon Footprint - The carbon footprint of photovoltaic products is becoming a critical factor in market competitiveness, with strict requirements in regions like France and South Korea [3]. - 25 companies have disclosed carbon footprint data for over 80 products, while 11 others are working on carbon footprint assessments without disclosing quantitative data [3]. Supply Chain Emissions - Scope 3 emissions from the supply chain account for over 90% of total greenhouse gas emissions for companies focused on photovoltaic components, and over 50% for those producing silicon materials [4]. - 20 companies have disclosed their Scope 3 emissions, with several integrating supplier emissions into their management practices [4][5]. Renewable Energy Utilization - 40 companies reported using renewable energy, totaling 57.1 million megawatt-hours in 2024, resulting in a reduction of over 32.55 million tons of CO2 equivalent [5]. - Companies like Sungrow Power Supply and Tongwei Co. have reported that renewable energy constitutes over 60% of their total energy consumption [5]. Water Resource Management - 80% of companies involved in the production of polysilicon, silicon wafers, and solar cells have disclosed water resource consumption data, with some taking targeted actions based on water resource assessments [6]. - The industry faces challenges in recycling retired photovoltaic components, with predictions of significant volumes of waste starting in 2025 [6][7]. Recycling Challenges - 16 out of 31 companies involved in component production have disclosed efforts in waste component recycling, but the lack of a mandatory recycling mechanism and high costs of recycling technologies pose significant challenges [7]. - The industry is encouraged to adopt a circular economy approach, integrating production, usage, and recycling processes [7].