超声相控阵技术壁垒深厚，该公司已切入C919、比亚迪电池产业链！

Valuation Changes in A-shares - Compared to the low point on April 7, the congestion level of the Sci-Tech Innovation 50 Index has significantly increased, with notable rises in the congestion levels of indices such as the Sci-Tech 50, CSI 500, and Shenzhen Component Index, particularly in sectors like power equipment, non-ferrous metals, and electronics [1] - The valuation of the ChiNext Index has significantly increased compared to the April 7 low, with the Sci-Tech 50 Index's valuation rising over 100%, and substantial increases in valuations observed in the real estate, telecommunications, and power equipment sectors [2] - The financing balance of major broad-based indices and most industry indices has risen compared to the April 7 low, with significant increases in financing balances for indices such as the SSE 50, ChiNext Index, and Sci-Tech 50, particularly in the telecommunications and electronics sectors [2] Industry Tracking: Photovoltaics - A market rumor suggests that relevant authorities may issue a document to strengthen photovoltaic capacity regulation, focusing on "anti-involution" policies, which may accelerate the elimination of outdated supply capacities [3] - The core of this reform is to "prohibit sales below cost," targeting the upstream silicon material segment, with legal measures being taken to set price war boundaries [4] - The investment return rate for photovoltaic power stations requires a minimum on-grid electricity price of 0.25 yuan/kWh, while component prices should not exceed 0.70 yuan/W, indicating that price increases will be limited by terminal demand capacity [4] - Future pathways for photovoltaics will depend on policy guidance, technological innovation, and globalization, with high-efficiency technologies like BC batteries and cost-reduction techniques such as copper paste metallization being key to achieving differentiated profitability [4][5] - BC batteries are gaining market attention due to their higher conversion efficiency and reduced production costs, with the cost difference from TOPCon technology expected to narrow significantly [5] - Copper paste technologies are developing alongside silver alternatives, with low-temperature silver-coated copper paste becoming mainstream in HJT batteries, capturing a market share of 75% [5]