内容概要：光伏储能即光伏储能系统，是一种将光伏发电与储能技术相结合的一种能源解决方案。目 前，光伏储能行业正处于快速增长阶段。光伏储能系统核心硬件（电池、PCS、BMS等）的供给已具备 大规模量产基础，技术成熟度较高的常规储能产品供给充足，可适配多数电源侧、用户侧光伏配储项目 的基础需求。光伏储能系统集成端的供给能力已从单一标准化配置，转向多场景定制化供给。受国内光 伏配置储能项目年度装机数量以及系统价格变动的影响，近年来我国光伏储能系统市场规模呈现出较大 的波动性，截至2024年底，中国已投运光伏配置储能项目累计装机规模达到15.55GW/36.60GWh，光伏 配置储能项目新增装机容量为7.31GW/18.42GWh，光伏储能市场规模为115.68亿元，行业产值为122.22 亿元。未来十年，光伏储能行业将成为新能源革命的核心赛道，市场规模有望迎来爆发式增长。 上市企业：阿特斯[688472]、晶科能源[JKS]、隆基绿能[601012]、通威股份[600438]、阳光电源[300274] 相关企业：宁德时代、比亚迪、阳光电源、派能科技、德业股份、海博思创、科华数据、江苏海四达电 源、湖南科力远、盛虹集团 ...

Group 1 - China Aluminum International (02068) saw a mid-day increase of over 2.4% after announcing a joint venture to undertake a new electrolytic aluminum project with an annual capacity of 394,000 tons, with the first phase set at 294,000 tons [1] - CGN Mining (01164) rose over 8.3% following the submission of a preliminary prospectus for a trust that plans to issue up to $2 billion in transferable, non-redeemable trust shares over 25 months, with annual uranium procurement not exceeding 9 million pounds [1] - China Shengmu Organic Milk (01432) increased nearly 6% after a joint announcement regarding a potential conditional cash offer to acquire all issued shares of the company [1] Group 2 - Yijun Group Holdings (02442) surged over 18%, with a cumulative increase of nearly 500% since its resumption of trading in December, following the sale of shares by its controlling shareholder [2] - China Rare Earth Holdings (03788) rose over 10%, reaching a historical high of 5.49 HKD, after announcing the termination of its gold spin-off plan to focus on gold business [2] - Laopuqin Gold (06181) increased over 7.3% as consumer demand is expected to rise during the upcoming Spring Festival, driven by higher gold prices and anticipated price increases [2] Group 3 - Oil stocks continued to rise, with CNOOC (02883) up 4.19%, Sinopec (00386) up 2.54%, and PetroChina (00857) up 3.68%, amid escalating geopolitical tensions in Iran and Cuba [3] - Changfei Optical Fiber (06869) saw a rise of over 15.4% due to significant price increases and supply tightness in the G.652.D optical fiber market, with major manufacturers unable to meet their own orders [3] Group 4 - Nanshan Aluminum International (02610) increased over 2.6% after announcing plans to start construction on a 250,000-ton electrolytic aluminum project in 2026, with an investment of $437 million [4] - Xindong Company (02400) saw a slight increase of 0.43% as its mobile game "Xindong Town" surpassed 10 million downloads, indicating strong user growth [4] Group 5 - EquipmentShare.com (EQPT.US) debuted on the US stock market with an IPO price of $24.5, closing up 32.9% on its first day [5] - The solar energy sector saw initial gains, with JinkoSolar (JKS.US) up 9.03% and Canadian Solar (CSIQ.US) up 4.57%, following discussions at the Davos Forum [5] - Silver-related stocks experienced gains, with First Majestic Silver (AG.US) rising 5.04% as spot silver prices surpassed $100 [5] Group 6 - Lithium mining stocks mostly rose, with Sigma Lithium (SGML.US) up 17.54% after announcing additional sales of high-purity lithium powder [6] - Bank stocks declined, with Goldman Sachs (GS.US) down 3.75% amid legal issues involving President Trump and JPMorgan [6] - Redwire (RDW.US) increased by 4.51% following comments from Elon Musk about SpaceX's plans for reusable rocket technology [6] Group 7 - Semiconductor stocks showed strength, with AMD (AMD.US) up 2.35% and Nvidia (NVDA.US) up 1.53%, as Nvidia's CEO visited China to discuss future plans [7] - Ericsson (ERIC.US) rose 8.87% after reporting strong fourth-quarter earnings, with adjusted EBITA reaching 12.7 billion SEK, a 24% increase year-over-year [8] - Intel (INTC.US) fell 17.03% due to disappointing performance outlooks and manufacturing issues [8]

Core Viewpoint - The solar energy sector experienced significant gains, driven by Elon Musk's optimistic outlook on solar energy and ambitious production goals discussed at the Davos Forum [1] Group 1: Market Performance - JinkoSolar (JKS.US) surged over 10% in early trading [1] - Canadian Solar (CSIQ.US) rose more than 7% [1] - Sunrun (RUN.US) increased by over 4% [1] - First Solar (FSLR.US) saw a rise of more than 2% [1] Group 2: Key Developments - Elon Musk engaged in discussions with BlackRock CEO Larry Fink at the Davos Forum [1] - Musk reiterated his positive stance on solar energy and space photovoltaics [1] - He proposed a target of establishing 200 GW of solar product capacity annually in the United States [1]

Group 1 - The solar sector experienced a significant surge, with JinkoSolar (JKS.US) rising over 10%, Canadian Solar (CSIQ.US) increasing over 7%, Sunrun (RUN.US) up over 4%, and First Solar (FSLR.US) gaining over 2% [1] - Elon Musk expressed optimism about solar energy and space photovoltaics during a dialogue with BlackRock CEO Larry Fink at the Davos Forum [1] - Musk proposed an ambitious goal of establishing an annual production capacity of 200GW for photovoltaic products in the United States [1]

周五，太阳能板块盘初大涨，晶科能源(JKS.US)涨超10%，阿特斯太阳能(CSIQ.US)涨超7%， Sunrun(RUN.US)涨超4%，第一太阳能(FSLR.US)涨超2%。消息面上，据报道，此前马斯克现身瑞士达 沃斯论坛，与贝莱德CEO芬克展开对话。交流中，马斯克再次表达了自己对太阳能、太空光伏的看好。 同时，为了支持自己雄心勃勃的"野心"，马斯克甚至还提出了"在美国建立每年200GW的光伏产品产 能"的目标。 ...

Core Viewpoint - JinkoSolar's majority-owned subsidiary, Jiangxi Jinko, has reported preliminary unaudited financial results for the year ended December 31, 2025, indicating significant net losses attributable to shareholders. Financial Results - For the year ended December 31, 2025, the preliminary unaudited net loss attributable to shareholders of Jiangxi Jinko is estimated to be between RMB5,900 million and RMB6,900 million [2] - The preliminary unaudited net loss attributable to shareholders of Jiangxi Jinko, excluding extraordinary gains and losses, is estimated to be between RMB6,700 million and RMB7,800 million [2] Accounting and Reporting Differences - The preliminary unaudited financial results for Jiangxi Jinko differ from JinkoSolar's consolidated financial results due to differences in consolidation scope and accounting standards, with Jiangxi Jinko's results prepared in accordance with PRC GAAP and the consolidated results prepared under U.S. GAAP [3] - Investors are advised to exercise caution when reviewing the preliminary unaudited financial results of Jiangxi Jinko and not to base investment decisions solely on these results [3] Company Ownership - JinkoSolar currently holds approximately 55.59% equity interest in Jiangxi Jinko [4] Company Overview - JinkoSolar is recognized as one of the largest and most innovative solar module manufacturers globally, distributing products and services to a diverse international customer base across multiple countries [5] - As of September 30, 2025, JinkoSolar operates over 10 production facilities and has more than 20 overseas subsidiaries in various countries, supported by a global sales network [6]

Market Overview - US stock indices experienced a significant decline, with the Dow Jones falling by 870 points (1.76%), the S&P 500 down by 143.15 points (2.06%), and the Nasdaq dropping by 561.07 points (2.39%) [1] - The Chicago Board Options Exchange Volatility Index (VIX), known as Wall Street's "fear index," surged above 20, reaching recent highs [1] Technology Sector - Major tech stocks saw substantial losses, with Nvidia and Tesla both dropping over 4%, while Apple and Amazon fell more than 3% [2][3] - Nvidia's stock price was reported at $178.07, down 4.38%, and Tesla at $419.25, down 4.17% [3] Streaming and Media - Netflix's post-market decline expanded to nearly 5% due to disappointing first-quarter earnings outlook and adjustments to its acquisition proposal for Warner Bros. assets to an all-cash offer totaling $82.7 billion [4] Semiconductor Industry - The semiconductor sector faced widespread declines, with Broadcom and Skyworks Solutions dropping over 5%, while TSMC fell more than 4% [4] Banking Sector - Bank stocks also fell across the board, with Citigroup down over 4% and JPMorgan and Morgan Stanley both declining more than 3% [4] Chinese Stocks - Chinese stocks mostly declined, with JinkoSolar down 12.5% and CenturyLink down over 10% [4][5] Bond Market - US Treasury yields rose to a four-month high, while the dollar index fell by 0.41%, marking its worst two-day performance in about a month [6] Precious Metals - Gold and silver prices reached new highs, with spot gold exceeding $4,763 per ounce and silver surpassing $94 per ounce [8][9] Cryptocurrency Market - The cryptocurrency market experienced a significant downturn, with Bitcoin dropping below $90,000 and Ethereum falling below $3,000, affecting approximately 163,000 traders [10][11]

Group 1 - The core focus of the article is on the progress of using base metals like copper and nickel as substitutes for silver paste in photovoltaic (PV) cell manufacturing, which is essential for cost reduction in metalization [1] - Major companies such as Jinko, Trina, Longi, and Huasheng have developed specific solutions for different battery technology routes, with some technologies already entering small-scale production [1] - The industry faces three common challenges in the transition to base metal substitutes: the lack of mass production plans for HJT copper paste, the need for stability verification in TOPCon silver-coated copper, and unresolved efficiency degradation issues with nickel-containing silver paste [2] Group 2 - Copper paste is identified as a key choice for base metal substitution, with significant differences in its processing compared to traditional silver paste, leading to both cost and technical challenges [3] - The advantages of copper paste include a substantial reduction in silver demand, as back-side silver paste accounts for over 40% of silver usage in PV applications, and the potential for long-term cost reductions, with prices theoretically dropping below 1000 RMB per kilogram [6] - However, challenges include the inferior oxidation resistance and welding stability of copper compared to silver, increased investment due to new equipment, and the current reliance on testing phases for most solutions [7] Group 3 - Various metalization technology routes are being innovated, with laser transfer, film transfer, and screen printing techniques each having their own advantages and challenges, leading to significant differences in industrialization progress [8] - Screen printing technology currently leads in terms of mass production capabilities, while laser transfer remains a long-term focus due to its high paste savings, and film transfer is lagging due to a lack of industrial validation [8] Group 4 - The photovoltaic metalization sector is undergoing a dual transformation involving the substitution of base metals for silver paste and innovations in processing techniques, which will directly impact cost reduction and efficiency improvements in the industry [9] - The competition in metalization technology is expected to intensify with the release of new technologies like perovskite and BC around 2026-2027, favoring companies with technological reserves and mass production capabilities [9]

Core Viewpoint - The collaboration between Jinko Energy Storage and Shaanxi Yihe Green Energy Co., Ltd. aims to develop energy storage projects with a target scale of 3GWh over the next two years, focusing on project development, equipment procurement, and technical collaboration [1][3]. Group 1: Collaboration Details - Jinko Energy Storage will provide its next-generation Blue Whale SunTera G3 6.25MWh battery storage system, which features a 95% system cycle efficiency and a lifespan of up to 10,000 cycles, ensuring long-term economic viability [3]. - The system incorporates intelligent liquid cooling technology and non-uniform flow channel design, achieving a temperature difference of ≤2°C between cells, significantly enhancing operational safety and lifespan [3]. - The system is designed to operate in harsh environments with an IP55 protection level, C5 corrosion resistance, a wide temperature range of -30°C to 55°C, and adaptability to altitudes up to 4,000 meters, providing high energy density and efficiency solutions for large-scale energy storage stations [3]. Group 2: Company Background and Strategy - Shaanxi Yihe Green Energy has developed a cumulative 1.28GW/5.12GWh of energy storage projects nationwide, establishing a solid project development and investment system [5]. - The company employs a hybrid energy storage technology route combining all-vanadium flow batteries and lithium iron phosphate batteries, leveraging the safety and flexible decoupling advantages of all-vanadium flow batteries alongside the rapid response capabilities of lithium iron phosphate batteries [5]. - The collaboration with Jinko Energy Storage aligns with Yihe Green Energy's strategic goals, aiming to enhance project development and system solutions through technical collaboration and resource integration, thereby contributing to the green and low-carbon transition of the economy and society [5]. Group 3: Market Impact - The partnership is a significant step for Jinko Energy Storage in deepening its presence in the domestic energy storage market, with a commitment to support project development and large-scale application of energy storage solutions [7]. - The collaboration is positioned to contribute to the construction of a new power system and the achievement of carbon neutrality goals [7].

Group 1 - The core viewpoint of the article highlights a significant surge in energy storage orders, with projections indicating over 917 GWh of orders for 2025, continuing into 2026 with major companies securing substantial contracts [2][13]. Group 2 - Jinko Energy has signed a framework cooperation agreement with Shaanxi Yihe Green Energy Co., aiming for a collaboration scale of 3 GWh over the next two years, focusing on project development, equipment procurement, and technical collaboration [3][6]. - Jinko Energy will provide its new generation Blue Whale SunTera G3 6.25 MWh battery storage system, which boasts a 95% system cycle efficiency and a lifespan of up to 10,000 cycles, designed for high energy density and efficiency in various harsh environments [6]. Group 3 - Nandu Power has successfully won a bid for an independent energy storage project in Greece with a total installed capacity of 235 MWh, aimed at enhancing the local grid's renewable energy absorption capacity [7][8]. - The project will utilize Nandu's Center L Plus 5 MWh liquid-cooled storage system, which includes a complete set of energy storage system solutions, contributing to the optimization of energy resource allocation in Greece [12].