【固收】光伏主产业链可转债梳理——光伏行业可转债专题研究系列之一（张旭/杨欣怡）

Group 1: Industry Overview - The global photovoltaic (PV) demand has been growing since 2025 but is entering a period of stable growth, with a decline in new installations in Europe and the US, while emerging markets like India and the Middle East are seeing increased demand [4] - In the first half of 2025, domestic installations surged due to a "rush to install," but a decline is expected in the second half of the year [4] - Supply-side overcapacity has led to component prices falling below cash cost levels, while technological iterations focus on differentiation and cost reduction [4] - The second half of 2025 is expected to see a price rebound in materials like silicon, improving profitability for some companies, with a few turning profitable in specific quarters [4] - The PV industry is anticipated to enter a critical phase of capacity clearing and restructuring in 2026, with slowing installation growth and structural opportunities in emerging markets [4] Group 2: Convertible Bonds in the PV Industry - As of March 18, 2026, there are six convertible bonds in the main PV industry chain, with maturities concentrated between 1-3 years and a generally high non-conversion ratio [5] - The trading volume of the bonds has increased, with the Double Good Convertible Bond exceeding 60 billion yuan in trading volume since 2026, and the Crystal Energy Convertible Bond exceeding 20 billion yuan [5] - Prices of the convertible bonds have generally risen since the beginning of the year, with most bonds seeing price increases of less than 10% [5] - Despite expected losses for the issuers in 2025, some are projected to see a narrowing of losses year-on-year, with positive operating cash flow trends observed [6] Group 3: Key Individual Bonds Analysis - A detailed analysis of specific convertible bonds such as Tong 22, Long 22, Crystal Energy, Tian 23, and Crystal Energy has been conducted for investor reference [7]