金风科技(02208)H股及金风科技(002202.SZ)A股股价在2026年1月初(从2025年12月31日至2026年1月6日) 分别上涨17%及18%，同期恒生国企指数上涨4%，深证成指上涨3%。根据与投资者的交流，此轮上涨 可能归因于市场对其持有的蓝箭航天4.14%股权价值释放的预期，因蓝箭航天目前有IPO计划。自2025 年12月31日以来，金风科技的市值增加约140亿元人民币。根据该行的测算，这意味着蓝箭航天的估值 倍数将达到88倍2024财年市净率(假设金风科技层面不计集团折让)。在上游风电领域，该行建议投资者 转向东方电缆(603606.SH) 。 摩根大通发布研报称，太阳能硅片和电池价格在2025年12月显著上涨，主要原因是关键材料成本上升 (包括多晶硅和银浆)，部分亦受反内卷政策驱动。随着2025年12月初多晶硅行业整合平台的建立，该行 预计政策推动的行业整合将在2026年发生。该行对协鑫科技(03800)和大全新能源(DQ.US)给予"增持"评 级。 MACD金叉信号形成，这些股涨势不错！ 思源电气(002028.SZ)与宁德时代(03750)签署一份为期三年的储能合作谅解备忘录，总规模 ...

智通财经APP获悉，摩根大通发布研报称，太阳能硅片和电池价格在2025年12月显著上涨，主要原因是 关键材料成本上升(包括多晶硅和银浆)，部分亦受反内卷政策驱动。随着2025年12月初多晶硅行业整合 平台的建立，该行预计政策推动的行业整合将在2026年发生。该行对协鑫科技(03800)和大全新能源 (DQ.US)给予"增持"评级。 思源电气(002028.SZ)与宁德时代(03750)签署一份为期三年的储能合作谅解备忘录，总规模为50GWh。 该行认为此次合作显示思源电气发展其储能系统业务的雄心，其总产能在完全建成后可支持约每年200 亿元人民币的收入。根据初步估算，该行预计这50GWh的合作可能为思源电气2027至2028财年的市场 共识盈利预测带来超过10%的上行空间。 金风科技(02208)H股及金风科技(002202.SZ)A股股价在2026年1月初(从2025年12月31日至2026年1月6日) 分别上涨17%及18%，同期恒生国企指数上涨4%，深证成指上涨3%。根据与投资者的交流，此轮上涨 可能归因于市场对其持有的蓝箭航天4.14%股权价值释放的预期，因蓝箭航天目前有IPO计划。自2025 年12 ...

格隆汇1月2日｜美股市场中概股集体大涨，纳斯达克中国金龙指数盘初大涨超4%。个股中，百度、万 国数据大涨超10%，世纪互联、叮咚买菜涨超8%，晶科能源、虎牙、网易涨超7%，小赢科技、大全新 能源、霸王茶姬、宝尊电商、逸仙电商、阿特斯太阳能涨超6%，老虎证券、禾赛、金山云涨超5%，新 | 代码 | 名称 | 涨跌幅 √ | | --- | --- | --- | | BIDU | 百度 | 10.41% | | GDS | 万国数据 | 10.27% | | VNET | 世纪互联 | 8.27% | | ાંડ | 晶科能源 | 7.87% | | DDL | 叮咚买菜 | 8.40% | | HUYA | 虎牙 | 7.12% | | NTES | 网易 | 7.03% | | XYF | 小赢科技 | 6.61% | | DQ | 大全新能源 | 6.58% | | CHA | 霸王奈姬 | 6.28% | | BZUN | 宝尊电商 | 6.50% | | YSG | 逸仙电商 | 6.12% | | CSIQ | 阿特斯太阳能 | 6.44% | | TIGR | 向上融科 | 5.96% | | H ...

Market Performance - The US stock market continued its post-Christmas pullback, with all three major indices closing lower, marking a subdued end to 2025. The S&P 500 index fell by 0.74% to 6845.5 points, the Nasdaq Composite dropped by 0.76% to 23241.99 points, and the Dow Jones Industrial Average decreased by 0.63% to 48063.29 points [1]. - For the year, the S&P 500 recorded an annual increase of 16.39%, while the Nasdaq managed a 20.36% rise, achieving over 20% growth for three consecutive years. The Dow Jones also rose by 12.97%, marking a similar performance for the third year in a row [3]. Individual Stock Performance - Among the top performers in the S&P 500, four storage giants—SanDisk, Western Digital, Micron Technology, and Seagate Technology—led the annual gains. Semiconductor stocks like Lam Research, AI application leader Palantir, and Comfort Systems, which provides HVAC solutions for data centers, also featured prominently [3]. - In the tech sector, only Google and Nvidia among the "Big Seven" tech companies outperformed the benchmark index in 2025 [8]. Commodity and Sector Movements - US silver futures experienced a significant drop of 9% due to a second margin increase by the CME Group within a week, negatively impacting the mining sector. Companies like Endeavour Silver and Silvercorp Metals saw declines of over 4% and 2.8%, respectively [11]. Chinese Stocks - The Nasdaq Golden Dragon China Index closed down 1.13% but recorded an annual increase of 11.33%. Notable Chinese stocks included Alibaba, which rose over 75%, and Netease, which increased by 58.28% [12]. Corporate News - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025, after a long tenure, although he will remain as chairman of the board [13]. - Tesla achieved a milestone with a driver completing a coast-to-coast journey using full self-driving technology, marking a significant advancement in autonomous vehicle capabilities [15]. - Nvidia and AMD are expected to enter a "year-long price increase cycle" for GPUs, driven by rising memory costs, with flagship models potentially reaching prices as high as $5000 [16]. - Trump Media & Technology Group announced plans to issue a new cryptocurrency to shareholders, despite a significant annual decline in stock value [17]. - Brookfield Asset Management is launching a cloud computing business to challenge tech giants like Amazon, aiming to reduce AI development costs [18]. - Uber is in talks to acquire the parking app SpotHero, which could create synergies between ride-hailing and parking services [19].

29 December 2025 | 11:03AM CST Equity Research CHINA SOLAR: TRACKING PROFITABILITY INFLECTION Dec-25: Increasingly wait-and-see stance with a new round of price hike proposed Our China Solar Profitability Tracker follows monthly supply/demand and inventory dynamics by sub-sector, and the spot prices/input costs implied cash GP & EBITDA margin trends for companies under our coverage. Key highlights in Dec MTD: Goldman Sachs does and seeks to do business with companies covered in its research reports. As a re ...

Investors interested in Oils-Energy stocks should always be looking to find the best-performing companies in the group. BKV (BKV) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Oils-Energy peers, we might be able to answer that question.BKV is a member of the Oils-Energy sector. This group includes 241 individual stocks and currently holds a ...

Daqo New Energy ( DQ ) was perhaps an interesting bet a few years ago when the real push for solar started and China was in the forefront of production here. The large productionMy name is Andres Veurink and I have been in the financial markets for over a decade at this point, spending the majority of that in a hedge fund here in Rotterdam, working my way up as an analyst. My work relfect rigourious standards as I myself have a very high standard as to what I invest my money in. My preferred sectors to foll ...

大事提醒： 10月29日，大全新能源将披露2025财年三季报（数据来源于纳斯达克官网，预计披露日期为美国当地时 间，实际披露日期以公司公告为准）。 据交易所数据显示，12月17日，大全新能源(DQ)盘中上涨2.37%，截至22:47，报32.942美元/股，成交 99.32万美元，总市值22.09亿美元。 财务数据显示，截至2025年06月30日，大全新能源收入总额1.99亿美元，同比减少68.66%；归母净利 润-1.48亿美元，同比减少42.19%。 资料显示，大全新能源有限公司是一家领先的太阳能光伏高纯度多晶硅制造企业。其产品主要销售给太 阳能电池和组件厂商。公司的多晶硅生产基地位于中国新疆,技术先进、效率领先,目前产能7万吨/年。 公司的硅料产品质量属于全球一流水平,85%-90%可供单晶硅片使用。 大全新能源有限公司是全球多晶硅生产成本最低的厂商之一,技术先进、效率领先。公司拥有国内外太 阳能行业专家组成的研发团队和国际化背景的管理团队。公司从国外引进世界领先的设备和生产工艺, 通过消化吸收、技术创新实现全自动、全循环的闭环式运行制造高纯多晶硅。公司在尾气回收工艺上使 用冷氢化技术,物料利用率高、能 ...

Investment Rating - The report rates the industry as "Outperform" based on the expected performance of key companies exceeding the industry index over the next 6 to 12 months [20][23]. Core Insights - The establishment of the "polysilicon capacity integration acquisition platform" marks a significant step in the photovoltaic supply-side reform, indicating a move towards reducing internal competition within the industry [4][5]. - The polysilicon sector is expected to undergo a deep adjustment and clearing process over the next six months to a year, with current production levels remaining stable but facing weak downstream demand [5]. - Leading polysilicon companies are anticipated to strengthen their advantages in the long term due to their financial resources, cost management, and product quality [5][6]. Summary by Sections Industry Dynamics - The report highlights the recent establishment of a polysilicon capacity integration acquisition platform, which aims to improve the competitive landscape of the photovoltaic industry through market-oriented and legal mechanisms [4][5]. - The current polysilicon production is around 120,000 tons, with limited marginal reductions, and prices have remained stable due to cost support [5]. Valuation and Recommendations - The report suggests focusing on leading companies in the polysilicon sector, specifically Tongwei Co., Ltd. and Daqo New Energy, while also monitoring trends in granular silicon technology [6]. - The target prices for the recommended companies are set at CNY 28.20 for Tongwei and CNY 35.50 for Daqo, with expected P/E ratios of 38.8 and 39.6 for 2026, respectively [3][6].

Market Performance - The three major U.S. stock indices closed lower, with the Dow Jones down 0.51% at 48,458.05 points, the S&P 500 down 1.07% at 6,827.41 points, and the Nasdaq down 1.69% at 23,195.17 points [1] - Most large-cap tech stocks declined, with Nvidia down over 3%, Amazon down nearly 2%, and Google, Microsoft, and Facebook down over 1%. In contrast, Tesla rose nearly 3% and Apple increased by 0.09% [1] - Chinese concept stocks mostly fell, with Canadian Solar down over 10%, Daqo New Energy down over 6%, and Pony.ai down over 5%. However, TAL Education rose over 3%, and New Oriental and NetEase both increased by over 2% [1] European Market - European stock indices closed slightly lower, with Germany's DAX down 0.41% at 24,196.16 points, France's CAC40 down 0.21% at 8,068.62 points, and the UK's FTSE 100 down 0.56% at 9,649.03 points [1] Commodity Prices - COMEX gold futures rose 0.39% to $4,329.80 per ounce, with a weekly increase of 2.05%. In contrast, COMEX silver futures fell 3.88% to $62.09 per ounce, but saw a weekly increase of 5.13% [1] - U.S. oil futures closed down 0.12% at $57.53 per barrel, with a weekly decline of 4.24%. Brent crude oil futures fell 0.11% to $61.21 per barrel, with a weekly drop of 3.98% [1] Metal Prices - London base metals closed lower, with LME copper down 2.69% at $11,552.50 per ton, and a weekly decline of 0.59%. LME zinc fell 2.01% to $3,139.00 per ton, but had a weekly increase of 1.32% [1] Bond Yields - U.S. Treasury yields were mixed, with the 2-year yield down 1.20 basis points at 3.522%, while the 10-year yield rose 3.14 basis points to 4.184% [1] - European bond yields collectively increased, with the UK 10-year yield up 3.3 basis points at 4.515% and France's 10-year yield up 2.3 basis points at 3.575% [1]