光伏：反内卷扎实推进，Q4 价格有望上涨 20250915 摘要 光伏行业反内卷初见成效，工信部多次座谈强调治理低价竞争。9 月初 棒状硅报价小幅上涨至 55,000 元，头部企业盈利能力改善，下游硅片、 电池组件价格也逐步上涨。华润和华电组件集采招标价格显著提升，组 件厂积极备货。 取消出口退税预期推动海外组件价格调整，组件期货商讨亦有助价格传 导。行业发展围绕产能治理、限制产销和价格端推进，双并购方案或于 10 月落地，若市场化效果不佳，将加强法治化管控，如修订多晶硅能耗 标准。 各硅料企业已于 9 月实施减产计划，预计产量约束将常态化。预计到 2026 年，行业总产能将从 350 万吨降至 200 多万吨，对应 600GW 以 上装机需求，供过于求局面有望通过开工率控制和能耗约束改善。 四季度在政策支持下，光伏产业链价格有望进一步上涨。国内需求受 136 号文细则推动逐步重启，海外市场在欧洲假期后恢复，组件排产环 比增长明显，共同推动组件价格上涨。 Q&A 光伏行业反内卷的背景和进展如何？ 光伏行业的反内卷行动自今年六月底开始，已经持续了两个多月。其政治高度 毋庸置疑，得到了高层的明确支持。七月份财经委 ...

关于持股 5%以上股东减持计划实施完成的公告 杨凌美畅新材料股份有限公司 证券代码：300861 证券简称：美畅股份 公告编号：2025-064 送股前，张迎九先生已减持 1,020,488 股，减持比例为 0.2126%，剩余减持 比例为 1.1458% - 0.2126%=0.9332%。送股后，张迎九先生剩余可减持额度调整 为新股本 671,840,440 股*0.9332%= 6,269,615 股。 综上，因减持计划实施期间公司发生送股导致股本变动，张迎九的计划减持 股份总数调整为不超过 1,020,488 股+6,269,615 股=7,290,103 股。 股东张迎九保证向本公司提供的信息内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信 息一致。 杨凌美畅新材料股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日披 露《关于公司持股 5%以上股东减持股份的预披露公告》（公告编号：2025-043）， 其中，股东张迎九先生计划在减持计划公告之日起 15 个交易日后的 3 个月内， 以集中竞价方式或大宗交易方式合计 ...

美畅股份所属申万行业为：机械设备-通用设备-磨具磨料。所属概念板块包括：新能源、高派息、光伏 玻璃、太阳能、增持回购等。 截至6月30日，美畅股份股东户数1.95万，较上期减少7.38%；人均流通股15436股，较上期增加 34.52%。2025年1月-6月，美畅股份实现营业收入10.08亿元，同比减少32.11%；归母净利润8466.01万 元，同比减少69.30%。 9月12日，美畅股份盘中下跌2.02%，截至10:17，报16.97元/股，成交8072.45万元，换手率1.12%，总市 值114.01亿元。 资金流向方面，主力资金净流出185.30万元，特大单买入0.00元，占比0.00%，卖出382.47万元，占比 4.74%；大单买入1416.18万元，占比17.54%，卖出1219.01万元，占比15.10%。 美畅股份今年以来股价涨22.11%，近5个交易日跌9.64%，近20日涨13.82%，近60日涨32.39%。 资料显示，杨凌美畅新材料股份有限公司位于陕西省杨凌示范区渭惠路东段富海工业园，成立日期2015 年7月7日，上市日期2020年8月24日，公司主营业务涉及从事电镀金刚石线的研发、 ...

Market Performance - The general equipment sector increased by 3.71% on September 5, with Meichang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Top Gainers in General Equipment Sector - Meichang Co., Ltd. (300861) closed at 18.78, up 12.39% with a trading volume of 386,100 shares [1] - Tingmandeman (688577) closed at 111.30, up 11.51% with a trading volume of 29,700 shares [1] - Wuyang Zikong (300420) closed at 4.54, up 11.27% with a trading volume of 967,300 shares [1] - Huadong CNC (002248) closed at 11.62, up 10.04% with a trading volume of 427,400 shares [1] - Guoji Jinggong (002046) closed at 34.10, up 10.00% with a trading volume of 250,800 shares [1] Capital Flow Analysis - The general equipment sector saw a net inflow of 1.52 billion yuan from main funds, while retail funds experienced a net outflow of 157 million yuan [2] - The main funds' net inflow and retail funds' net outflow indicate a divergence in investor sentiment within the sector [2] Individual Stock Capital Flow - Qin Chuan Machine Tool (000837) had a main fund net inflow of 5.35 billion yuan, but retail funds saw a net outflow of 2.51 billion yuan [3] - Guoji Jinggong (002046) experienced a main fund net inflow of 2.35 billion yuan, with retail funds showing a net outflow of 1.28 billion yuan [3] - Huadong CNC (002248) had a main fund net inflow of 1.96 billion yuan, while retail funds faced a net outflow of 1.05 billion yuan [3]

Group 1 - The core viewpoint of the news highlights the strong performance of the photovoltaic industry, with significant increases in the stock prices of key companies and the photovoltaic leader ETF [1][4] - The photovoltaic leader ETF (516290) has seen a recent increase of 5.88%, marking its third consecutive rise, with a current price of 0.56 yuan [1] - The liquidity of the photovoltaic leader ETF is active, with a turnover rate of 12.28% and a trading volume of 62.08 million yuan [1] Group 2 - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued a plan for stable growth in the electronic information manufacturing industry for 2025-2026, targeting an average growth rate of around 7% for major electronic equipment manufacturing [4] - The plan aims to optimize the industrial layout and improve the structure, including the establishment of internationally leading electronic information industry bases [4] - Huatai Securities indicates that the domestic energy storage industry is nearing the end of price competition, with price increases observed in energy storage batteries, suggesting a potential for reasonable profits in the equipment sector [4] Group 3 - According to Huachuang Securities, social security funds have been increasing their holdings in the power equipment sector, reflecting a long-term positive outlook on the new energy industry chain [5] - The photovoltaic sector is expected to benefit from increased investment in the power grid, rising demand for energy storage, and expansion into overseas markets [5] - The photovoltaic leader ETF (516290) is noted for its low management fee rate of 0.15%, making it an attractive option for investors [5]

Group 1 - The Shanghai Composite Index closed at 3778.95 points, below the five-day moving average, with a change of 0.35% [1] - The total trading volume of A-shares reached 1,395.971 billion yuan [1] - A total of 906 A-shares have prices that surpassed the five-day moving average, with notable stocks showing significant deviation rates [1] Group 2 - The top three stocks with the highest deviation rates from the five-day moving average are Su Da Wei Ge (11.96%), Mei Chang Co. (10.64%), and Jin Yin He (10.31%) [2] - Other stocks that have just crossed the five-day moving average include Ou Pai Jia Ju, Hua Mi Xin Cai, and Zhong Gong Gao Ke, which have smaller deviation rates [1][2] - The trading performance of stocks such as Teng Jing Ke Ji and Tian Yue Xian Jin also showed significant increases, with respective daily gains of 20.00% and 14.11% [2]

Market Overview - On September 4, the new energy sector experienced a collective surge, particularly in the photovoltaic sector, with companies like Tongrun Equipment achieving three consecutive daily limits, and Jinlang Technology, Meichang Co., and Canadian Solar all seeing increases exceeding 10% [1] Price Trends - The price of polysilicon has continued to rise, with multi-crystalline silicon increasing by over 5%. The price of silicon materials has seen a maximum increase of 2.70% this week, marking ten consecutive weeks of price growth [2][4] - The price of single-layer coated glass for September has been adjusted upward by 2 yuan per square meter compared to early August [4] Regulatory Developments - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued the "Action Plan for Stable Growth in the Electronic Information Manufacturing Industry 2025-2026," aiming to eliminate "involutionary" competition and promote high-quality development in the photovoltaic sector [3] Industry Insights - By the second quarter of 2025, the main industry chain is expected to remain generally unprofitable, with specialized companies performing better than integrated ones. The battery and module sectors have shown some improvement, but overall profitability remains elusive [5] - If the production limits for polysilicon are effectively implemented, output in September is expected to remain stable month-on-month, alleviating supply pressure. The sustained price increase of polysilicon is attributed to significant order volumes from leading companies since July [5] - The industry is anticipated to see a structural improvement in supply and demand dynamics, supported by high-level backing against involution and clearer direction [5]

格隆汇9月3日丨美畅股份(300861.SZ)公布，截至2025年8月31日，公司通过股份回购专用证券账户以集 中竞价交易方式累计回购公司股份440,900股，占总股本671,840,440股的0.07%，最高成交价为21.54元/ 股，最低成交价为16.55元/股，成交总金额为人民币819.8206万元(不含佣金等交易费用)。 ...

格隆汇9月3日丨美畅股份(300861.SZ)公布，截至2025年8月31日，公司通过股份回购专用证券账户以集 中竞价交易方式累计回购公司股份440,900股，占总股本671,840,440股的0.07%，最高成交价为21.54元/ 股，最低成交价为16.55元/股，成交总金额为人民币819.8206万元(不含佣金等交易费用)。 ...

自 2024 年年度利润分配除权除息之日（即 2025 年 7 月 8 日）起，回购股份 证券代码：300861 证券简称：美畅股份 公告编号：2025-063 杨凌美畅新材料股份有限公司 关于回购公司股份的进展公告 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。 杨凌美畅新材料股份有限公司（以下简称"公司"）于 2024 年 10 月 8 日召 开第三届董事会第五次会议，审议通过了《关于以集中竞价交易方式回购公司股 份的议案》，同意公司使用自有资金以集中竞价交易方式回购公司部分人民币普 通股（A 股）股份（以下简称"本次回购"），用于员工持股计划或股权激励。 拟回购股份的资金总额不低于 3,000 万元（含）且不超过 6,000 万元（含），回 购股份价格不超过人民币 26.50 元/股（含本数），具体回购股份的数量以回购结 束时实际回购的股份数量为准。若公司在回购股份期间内实施了送股、资本公积 金转增股本、现金分红及其他除权除息事项，自股价除权除息之日起，按照中国 证监会和深圳证券交易所的相关规定相应调整回购股份价格上限及数量。回购实 施期限为自董事会审议 ...