核心争议源于清洁能源税收抵免资格认定标准的调整。长期以来，若开发商在特定截止日期前完成项目 计划成本5%以上的支出，即可被视为符合"在建"条件并获得税收补贴。但特朗普上月签署行政令，要 求财政部大幅提高这一门槛，或要求开发商提供更多施工进度证明。分析指出，若新规落地，许多依赖 税收抵免实现盈利的项目将面临资格丧失风险，甚至可能被迫取消。 智通财经APP获悉，周五，美股光伏太阳能概念股走强，截至发稿，Sunrun(RUN.US)、大全新能源 (DQ.US)、阿特斯太阳能(CSIQ.US)涨超7%，晶科能源(JKS.US)涨超6%，Array Technologies(ARRY.US) 涨超6%，Enphase Energy(ENPH.US)涨超4%。消息面上，美国财政部下周即将发布的税收指导政策正威 胁着全美数百个清洁能源项目的财务可行性。这一决定可能颠覆现有规则，加剧特朗普政府对风能、太 阳能产业的政策收紧态势。 ...

据江苏省工信厅副厅长、党组成员李剑澄介绍，当前，江苏正加快打造具有国际竞争力的新型电力装备 集群，本次成立江苏省新型电力装备制造业创新联盟，搭建产业链上下游、产学研各环节的交流合作平 台，是省市联动推进"平台聚力"的具体举措。他表示，创新联盟要持续完善制度机制，着力推动创新突 破，务实深化交流合作，希望大全集团充分发挥理事长单位作用，不断扩大创新联盟影响力，为加快建 设具有国际竞争力的先进制造业集群提供坚实支撑。 今年以来，我国电力设备行业步入高景气，多领域需求激增。在此背景下，江苏省新型电力装备制造业 创新联盟成立大会暨产业技术人才交流会日前在扬中市举行，活动聚焦建设新型电力装备制造业创新中 心，积极探索"产业＋人才"创新联盟发展模式，持续推进产业链、人才链、创新链深度融合，协同发 展。 据悉，该创新联盟由江苏电气龙头企业大全集团牵头组建，将搭建覆盖"源""网""荷""储""用"全领域的 高水平创新平台，系统推进技术创新与成果转化，为全省加快打造具有国际竞争力的新型电力装备集群 聚智赋能。 联盟高规格汇聚129家江苏省内外新型电力装备领域重点企业、高校院所和行业协会，覆盖30多家国家 级创新平台，实现行业" ...

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 - Angelalign (06699) opened nearly 19% higher after a positive earnings forecast, driven by strategic price adjustments in its core Chinese business and continued growth in revenue outside China [1] - Songjing Technology (01079) resumed trading with an opening increase of over 40% [1] - Jingtai Holdings (02228) opened more than 9% higher after announcing a significant partnership with DoveTree, valued at approximately HKD 47 billion (USD 5.99 billion) for AI pharmaceutical development [1] Group 2 - Shunmei Co., Ltd. (02145) saw an early morning increase of over 5%, projecting a revenue of RMB 4.09 billion to RMB 4.11 billion for the first half of 2025, a year-on-year growth of 16.8%-17.3% [2] - Nine Dragons Paper (02689) rose over 10% following the successful commissioning of its PM56 production line, which can produce 250,000 tons of high-grade cultural paper annually [2] Group 3 - Giant Star Legend (06683) increased over 1% after announcing a collaboration with Jiushi Wen Chuan for a large-scale IP and cultural tourism project in Shanghai [3] - South Manganese Industry (01091) surged over 15%, expecting to turn a profit of at least HKD 150 million in the first half of 2025, compared to a loss of HKD 162.8 million in the same period of 2024 [3] Group 4 - China Shenhua (01088) rose over 3% after announcing plans to acquire significant assets from its controlling shareholder, which would enhance its coal production capacity by 74.5% [4] - Boya Interactive (00434) fell over 6% due to a profit warning, expecting a decrease of approximately 25%-35% in profit for the first half of 2025 compared to the same period in 2024 [4] Group 5 - Wuling Motors (00305) increased over 9% after announcing a projected net profit of approximately RMB 84 million for the first half of 2025, a significant increase from RMB 21.125 million in the same period of 2024 [5] Group 6 - Hims & Hers Health (HIMS.US) dropped 12.36% after reporting second-quarter sales of USD 545 million, below market expectations [6] - Palantir (PLTR.US) rose 7.85% after reporting second-quarter revenue of over USD 1 billion, a 48% year-on-year increase [6] Group 7 - Futu Holdings (FUTU.US) increased by 2.82% after UBS raised its target price, citing strong expected performance in the second quarter [7] - Daqo New Energy (DQ.US) rose 3.68% as market signals indicated positive changes in the photovoltaic polysilicon sector [7] Group 8 - Li Auto (LI.US) saw a slight increase in stock price after announcing adjustments to its electric vehicle model pricing [8] - Vertex Pharmaceuticals (VRTX.US) fell 20.60% after failing to meet key endpoints in a clinical trial [8] Group 9 - Chinese gaming stocks collectively rose, with Bilibili (BILI.US) up 2.07% following a report indicating a 14.08% year-on-year increase in the domestic gaming market [9] Group 10 - Taiwan Semiconductor Manufacturing Company (TSM.US) fell 2.70% amid reports of a potential technology leak involving its 2nm chip process [9] - Advanced Micro Devices (AMD.US) decreased by 1.40% despite reporting a 32% year-on-year revenue increase for the second quarter [10]

2025 年 7 月 23 日，摩根大通亚太区股票研究团队发布了一份关于中国光伏行业的报告，聚焦 "反内卷" 与供给侧改革背景下的市场动态。报告通过与约 50 位投资者的一对一交流，揭示了行业情绪的重要转 变，以及大全新能源（Daqo）在当前环境下的投资价值。 核心原因在于： 2022 年以来新增产能集中释放，存量规模庞大； 缺乏有实力的国有企业牵头整合，供给侧改革难度较大。 目前投资者讨论最多的潜在解决方案是 "多晶硅企业成立整合基金，效仿 OPEC 模式调控产能"，但市 场对政府是否会提供资金支持、方案可行性及实施时间存疑。 三、情绪范式转变：从持续估值下调到区间震荡 一、投资者结构生变：长线资金入场，对冲基金退居次位 近期，摩根大通与近 50 位投资者就中国光伏行业及 "反内卷"、供给侧改革话题展开深入交流。值得注 意的是，长线投资者（LO）占比接近一半，这与过去 12 个月形成鲜明对比 —— 此前光伏行业因供给 侧改革传闻反弹时，对冲基金（HF）是绝对的主导力量。 这一变化表明，市场对光伏行业的关注从短期投机转向更长期的价值考量，投资者结构的多元化为行业 情绪企稳奠定了基础。 二、政策预期：短期难有剧 ...

Summary of Key Points from the Conference Call Industry Overview - The focus of the conference call was on the **China Solar Industry** and the concept of **"Anti-Involution"** which refers to the pushback against destructive competition and supply-side reforms [2][3]. Core Insights 1. **Investor Sentiment Shift**: There is a notable shift in investor sentiment towards the solar sector, with long-only investors (LO) making up nearly half of the discussions, contrasting with previous dominance by hedge funds (HF) [2][3]. 2. **Overcapacity Concerns**: Most investors do not foresee immediate solutions to the overcapacity issues plaguing the solar sector, leading to expectations of profit-taking following any policy disappointments [2][4]. 3. **Government Intervention**: Top government officials have expressed concerns regarding overcapacity, indicating that various proposals and measures may be explored, although drastic policy interventions are not anticipated in the near term [4][6]. 4. **Consolidation Discussions**: The establishment of a consolidation fund by polysilicon manufacturers is a frequently discussed potential solution, but many investors are skeptical about government funding and the feasibility of such plans [4][5]. 5. **Market Participation**: Current investor participation is low, with some hedge funds considering short positions if no new policies are announced by the end of July [5]. Stock Recommendations 1. **Daqo New Energy**: Daqo is highlighted as offering the best risk/reward profile within the solar sector, trading at 0.4x FY25E P/BV with net cash exceeding its market cap. This positions Daqo favorably in scenarios of either drastic policy changes or prolonged industry consolidation [11]. 2. **Other Renewable Names**: Investors view Goldwind and Orient Cables as fundamentally strong, but weak second-quarter results may present entry points. Yangtze Power is considered a defensive investment, while Longyuan has received a favorable valuation call [12]. Additional Insights - **Range-Bound Trading Expectation**: There is a shift from expectations of continual de-rating to a more stable, range-bound trading outlook for the sector [10]. - **Historical Context**: Daqo's historical trading at 0.8x P/BV compared to its current valuation of 0.3x indicates significant market adjustments, with a negative enterprise value reported in Q1 2025 [11]. Conclusion The conference call provided a comprehensive overview of the current state of the China solar industry, highlighting investor sentiment shifts, ongoing concerns about overcapacity, and specific stock recommendations, particularly for Daqo New Energy. The discussions reflect a cautious optimism tempered by the realities of market conditions and government policy uncertainties.

Group 1: Hong Kong Stock Market Movements - Jin Jing New Energy (01783) rose over 4.5% as the Hang Seng Index company is set to release its mid-year review results on August 22, with changes effective from September 8 [1] - Paper stocks in Hong Kong continued to rise, with Nine Dragons Paper (02689.HK) increasing over 7%, recording five consecutive gains, while Lee & Man Paper (02314.HK) rose about 5% [1] - Airline stocks saw significant gains, with China National Aviation (0753.HK) up over 7%, driven by the Civil Aviation Administration's emphasis on enhancing the industry’s competitive landscape [1] - Renrui Talent (06919) surged over 19% after announcing a positive earnings forecast, expecting revenue of approximately RMB 2.49 billion to 2.69 billion for the year ending June 30, 2025, representing a year-on-year growth of 21.1% to 30.8% [1] Group 2: Other Notable Stock Movements - China Antibody-B (03681) increased over 8% after entering into subscription agreements for the issuance of 182 million new shares at a subscription price of HKD 2.03 per share [2] - Fufeng Group (00546) rose over 4% with an expected net profit of RMB 1.74 billion for the first half of the year, a 67% increase year-on-year, attributed to higher sales and lower raw material costs [2] - Cao Cao Travel (02643) gained over 4%, reaching a new high following a strategic partnership with a leading commercial aerospace company [2] - NIO-SW (09866) rose over 8%, with a cumulative increase of over 40% in the month [2] Group 3: US Stock Market Highlights - Kohl's (KSS.US) saw a dramatic increase of nearly 90%, becoming a popular "meme stock" among retail investors, closing at $14.34, up 37.62% [3] - Daqo New Energy (DQ.US) closed at $24.60, with a rise of 16.75%, as silicon material prices have been on the rise, with an increase of 25-35% recently [3] - General Motors (GM.US) stock fell by 8.12% to $48.89, with the CFO indicating potential tariff impacts of up to $5 billion this year [3] - The Nasdaq Golden Dragon China Index rose 1.35%, with notable gains in Chinese concept stocks, including PONY.US up 8.62% and NIO.US up 10.84% [3] Group 4: Additional Stock Movements - Faraday Future (FFAI.US) surged over 43% after receiving a non-binding order for 1,000 vehicles valued at up to $100 million [4] - Most new energy vehicle stocks rose, with Lucid Group (LCID.US) closing at $3.13, an increase of about 11% [4] - Circle (CRCL.US) fell by 8.23% after a downgrade from "neutral" to "sell" by Compass Point Research [4] - Replimune (REPL.US) dropped 77% after the FDA rejected its application for a combination therapy for advanced melanoma, citing insufficient evidence [4]

Core Viewpoint - The Federal Reserve is committed to discussing the current state and future direction of the U.S. banking capital framework, emphasizing the importance of its independence in monetary policy [2][10]. Group 1: Federal Reserve's Statements - Federal Reserve Chairman Jerome Powell highlighted the need for large banks to maintain adequate capital and manage risks while competing with non-bank financial companies and banks from other jurisdictions [6]. - Powell stated that the capital framework includes risk-based capital requirements, leverage ratio requirements, additional fees for the largest and most complex banks, and stress tests, which will be comprehensively discussed [8]. - Vice Chairman Michelle Bowman stressed the importance of the Fed's independence and the obligation to maintain transparency and accountability in monetary policy decisions [10]. Group 2: Market Reactions - Market concerns about the Fed's independence were alleviated following Powell's statements, with U.S. stock indices showing mixed results; the Nasdaq initially dropped over 1% but later narrowed its losses to 0.44% [4]. - Chinese assets performed strongly, with the Nasdaq Golden Dragon China Index rising by 1.3% and the three-times leveraged FTSE China ETF increasing by over 3% [4]. - Notable gains were observed in Chinese concept stocks, including a 16% rise in Daqo New Energy and over 9% in NIO [4]. Group 3: Interest Rate Expectations - The swap market indicates that the likelihood of a Fed rate cut next week is nearly zero, with traders pricing in a total of 46 basis points of cuts for the remainder of the year [9]. - The probability of maintaining the current interest rate in September is 41.4%, while the cumulative probability of a 25 basis point cut is 57.2% [9]. Group 4: Political Pressures - U.S. Treasury Secretary Steven Mnuchin called for an internal review of the Fed but expressed confidence in Powell's leadership, stating there is no reason for him to resign [3][11]. - Concerns were raised regarding potential political pressures on Powell, particularly related to the Fed's renovation budget overruns, with speculation about his possible dismissal by President Trump [15][16].

Market Performance - The S&P 500 and Nasdaq indices reached new all-time highs, driven by strong retail data and a decrease in initial jobless claims [1] - The Dow Jones Industrial Average rose by 0.52% to 44,484.49 points, while the Nasdaq increased by 0.75% to 20,885.65 points, and the S&P 500 gained 0.54% to 6,297.36 points [1] Economic Data - U.S. retail sales increased by 0.6% month-over-month in June, surpassing market expectations of 0.1% and reversing a 0.9% decline in May [2] - Core retail sales, excluding automobiles, gasoline, building materials, and food services, grew by 0.5% in June, up from a downwardly revised 0.2% in May [2] - Ten out of thirteen major retail categories experienced growth, with auto sales rebounding after two months of decline [2] Inflation and Employment - The Consumer Price Index (CPI) rose by 0.3% month-over-month and 2.7% year-over-year in June, aligning with market expectations [3] - Initial jobless claims fell to 221,000, marking a decrease of 7,000 and the lowest level since mid-April, indicating a resilient job market [3] Cryptocurrency Legislation - The U.S. House of Representatives passed three significant cryptocurrency bills, including the "Genius Act" aimed at major regulatory reforms for cryptocurrencies [4] - The "Clarity Act" was also passed, which seeks to establish a broader regulatory framework for digital assets [4] - President Trump is expected to sign an executive order to open alternative investments, including cryptocurrencies, to the $9 trillion U.S. retirement market [4] Commodity Prices - International oil prices rose due to positive U.S. economic data and ongoing geopolitical risks in the Middle East, with WTI crude oil futures increasing by $1.16 to $67.54 per barrel [5] - Gold futures fell by 0.41% to $3,345.40 per ounce, while silver futures rose by 0.83% to $38.44 per ounce [5]

Group 1 - First Solar (FSLR) stock price increase narrowed to 4.5% [1] - Daqo New Energy ADR currently up 7.6%, SolarEdge up 4.2%, Clean Energy ETF QCLN up 2.4%, and Canadian Solar ADR up 1.6% [1] - U.S. solar manufacturers have filed anti-dumping and countervailing duty petitions against three Asian countries: India, Indonesia, and Laos [1]