Core Viewpoint - The recent regulatory actions by the State Administration for Market Regulation (SAMR) in China aim to enhance compliance in the photovoltaic industry, promoting fair competition and sustainable development [1] Industry Summary - The photovoltaic sector has seen a rise in stock prices, with companies like GCL-Poly Energy (00451) increasing by 6.76% to HKD 0.79, Xinte Energy (01799) up by 5.22% to HKD 7.66, GCL-Technology (03800) rising by 2.75% to HKD 1.12, and Xinyi Solar (00968) gaining 1.32% to HKD 3.06 [1] - The SAMR's initiative includes strengthening product quality supervision and enforcing laws against price collusion and unfair competition, which is expected to reshape industry competition rules [1] - The long-term goal of these measures is to shift the industry focus from homogeneous low-price competition to technological innovation and high-quality development, benefiting leading companies with technological and cost advantages [1]

Group 1 - Some solar stocks have risen, with GCL-Poly Energy (00451) up 6.76% to HKD 0.79, Xinte Energy (01799) up 5.22% to HKD 7.66, GCL-Technology (03800) up 2.75% to HKD 1.12, and Xinyi Solar (00968) up 1.32% to HKD 3.06 [1] - The State Administration for Market Regulation has initiated compliance guidance on price competition in the solar industry in Hefei, Anhui, aiming to enhance product quality supervision and enforce laws against unfair competition [1] - This initiative is expected to combat illegal activities such as price collusion in the short term, while guiding the industry towards technological innovation and high-quality development in the long term, creating a favorable environment for leading companies with technological and cost advantages [1]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Views - The report highlights a positive outlook on the recovery of lithium battery material prices and anticipates accelerated development in the sodium battery industry [3] - The electric power equipment sector has shown strong performance, with a 42.8% increase over the past 12 months, outperforming the CSI 300 index [4] - The report emphasizes the ongoing high demand for energy storage, with significant project signings and a robust pipeline for future installations [7] Summary by Sections Wind Power - Domestic land wind turbine bidding reached 9.64GW as of December 20, 2025, with major companies initiating large-scale procurement [5] - The report expects continued growth in installed capacity for 2026, driven by high demand and favorable bidding conditions [5] Photovoltaics - The photovoltaic industry chain has seen widespread price increases, with N-type polysilicon prices rising by 1.2% and N-type TOPCon battery prices increasing by 13.3% [6] - The report suggests that supply-side reforms are enhancing industry sentiment, with a positive outlook for profitability in 2026 [6] Energy Storage - China Power Construction Corporation signed contracts for energy storage projects totaling 50 billion yuan, with a significant number of projects in the pipeline [7] - The report anticipates strong growth in overseas energy storage demand, particularly in Europe and emerging markets [7] Lithium Batteries - Several leading lithium iron phosphate manufacturers are undergoing simultaneous production halts for maintenance, coinciding with a price increase trend in the industry [7] - The report indicates that improved supply-demand dynamics may lead to a recovery in prices and profitability for lithium iron phosphate manufacturers [7] Sodium Batteries - The sodium battery industry is entering a phase of deep development, with advancements in technology and market penetration [7] - The report highlights the growing demand for sodium batteries in various applications, including energy storage and commercial vehicles [7] AIDC (Artificial Intelligence Data Center) - ByteDance plans to invest $23 billion in artificial intelligence, which is expected to drive demand for AIDC infrastructure [8] - The report notes that the shift towards energy-intensive operations by tech giants is likely to increase the demand for power equipment [8] Electric Grid - Alphabet's acquisition of an energy developer marks a trend of tech companies investing in power infrastructure [8] - The report suggests that the growing demand for data centers will continue to drive the need for electric power equipment [8]

Core Insights - The renewable energy sector in China is transitioning from rapid expansion and low-cost competition to a focus on value creation and system integration by 2025 [1][2][5] Group 1: Industry Growth and Investment - By 2025, China's renewable energy development is expected to maintain a rapid pace, with an estimated investment of 3.54 trillion yuan in key energy projects, reflecting an 11% year-on-year increase [2] - In the first three quarters of 2025, the newly installed capacity of renewable energy reached 310 million kilowatts, a 47.7% increase year-on-year, accounting for 84.4% of the total new capacity [2] - Renewable energy generation is projected to reach 2.89 trillion kilowatt-hours, a 15.5% increase year-on-year, making up approximately 40% of total electricity generation [2] Group 2: Energy System Transformation - The energy sector is undergoing a transformation to achieve carbon neutrality, with a focus on increasing the share of renewable energy and making it the primary source of power generation [3] - The National Energy Administration has issued guidelines to promote integrated development of renewable energy, emphasizing system integration and coordinated development [3][4] - Multi-energy integration is becoming a trend, enhancing resource allocation efficiency and reliability of supply while supporting traditional and emerging industries with green power [4] Group 3: Market Dynamics and Competition - The renewable energy industry is experiencing a shift towards "anti-involution," particularly in the photovoltaic sector, where previous price declines are stabilizing due to policy and market interventions [5][6] - By late 2025, prices across the photovoltaic supply chain began to recover, with silicon material prices increasing by 38.9% compared to the beginning of the year [6] - The wind power sector is also seeing a reduction in price competition, with a focus on value-driven strategies and improved product quality [8][9] Group 4: Market Reform and Pricing - The marketization of renewable energy pricing is accelerating, with new policies requiring renewable energy to compete under the same market rules as traditional energy sources [9][10] - The "136 Document" outlines a framework for market-based pricing of renewable energy, moving away from fixed prices to variable pricing based on market transactions [10] - This shift necessitates a change in investment strategies for renewable energy developers, focusing on detailed project development and operational efficiency [10]

Core Insights - The renewable energy sector in China is transitioning from rapid expansion and low-cost competition to a focus on value creation and system integration by 2025 [1][2][5] Group 1: Industry Growth and Investment - By 2025, China's renewable energy development is expected to maintain a rapid pace, with an estimated investment of 3.54 trillion yuan in key energy projects, representing an 11% year-on-year increase [2] - In the first three quarters of 2025, the newly installed capacity of renewable energy reached 310 million kilowatts, a 47.7% increase year-on-year, accounting for 84.4% of the total new capacity [2] - Renewable energy generation reached 28.9 trillion kilowatt-hours, a 15.5% increase year-on-year, making up approximately 40% of total electricity generation [2] Group 2: Energy System Transformation - The energy sector is undergoing a transformation to achieve carbon neutrality, with a focus on increasing the share of renewable energy and making it the primary source of power generation [3][4] - The National Energy Administration has issued guidelines to promote integrated development of renewable energy, emphasizing system integration and coordinated development [3] - Successful practices in integrated development are already being implemented in regions like Qinghai and Gansu, where "wind-solar-storage" integration has become standard [3] Group 3: Industry Competition and Pricing - The renewable energy industry is experiencing a shift towards "anti-involution," particularly in the solar sector, where excessive competition has led to price declines [5][8] - As of November 2025, prices across the solar industry chain have stabilized, with silicon material prices increasing by 38.9% since the beginning of the year [5] - The wind power sector is also seeing a recovery in bidding prices, with industry cooperation helping to curb low-price competition [8] Group 4: Market Reforms - The marketization of renewable energy pricing is accelerating, with new policies requiring renewable energy to compete under the same market rules as traditional energy sources [9][10] - The "136 Document" outlines a framework for market-based pricing of renewable energy, moving away from fixed prices to variable pricing based on market transactions [9] - Local governments are implementing plans to ensure that renewable energy pricing is determined through market transactions, with regions like Guangdong already issuing competitive trading bills [9]

电力设备及新能源 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深 300 指数表现 资料来源：聚源数据，中原证券研究所 -14% -5% 4% 13% 22% 30% 39% 48% 2024.12 2025.04 2025.08 2025.12 电力设备及新能源 沪深300 相关报告 《电力设备及新能源行业月报：治理企业价 格无 序 竞争 ， 临近 年 底 需求 趋 于疲 软》 2025-11-28 《电力设备及新能源行业年度策略：反内卷 加速市场出清，关注细分领域龙头》 2025- 11-27 《电力设备及新能源行业专题研究：业绩逐 步见底》 2025-10-31 投资要点： 发布日期：2025 年 12 月 26 日 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共17页 硅片、电池报价大幅提高，关注细分 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路 10 号 18 楼 地址： ...

Overview - The report maintains a "stronger than market" rating for the renewable energy sector, highlighting that the demand for offshore wind power in China and Europe is increasing, leading to a rise in foundation demand and profit recovery for wind turbines. The "anti-involution" policy is expected to continue driving the photovoltaic sector, particularly with the expansion of perovskite technology. Overall, while short-term installation demand for renewable energy globally may be weak, there are structural opportunities in the market [1]. Key Points Supporting the Rating - The "anti-involution" trend is stabilizing wind turbine prices, enhancing profitability for manufacturers. China's offshore wind projects are becoming economically viable, contributing significantly to installed capacity. The demand for offshore wind in Europe and emerging markets is also on the rise [3]. - In the photovoltaic sector, the "anti-involution" policy remains the main theme, with a focus on the potential for capacity exits in battery and module production, as well as the industrialization potential of perovskite technology. Investment should prioritize growth-oriented new technology directions and the main industry chain benefiting from the "anti-involution" trend [3]. Investment Recommendations - For wind power, the report suggests prioritizing investments in the turbine segment, which is expected to recover profitability, and in the foundation segment that is progressing quickly in Europe. The offshore wind market is projected to grow significantly, with a focus on deep-sea projects [3]. - In the photovoltaic sector, the report emphasizes the importance of monitoring the "anti-involution" policy's impact on the industry, particularly regarding the exit of inefficient capacity and the enhancement of efficiency in battery and module production [3]. Long-term Outlook for Renewable Energy Demand - The report indicates that China's renewable energy demand is expected to remain robust in the long term, with an average annual installation capacity of over 400GW projected from 2025 to 2035. This is driven by the country's energy security needs and the ongoing transition to a low-carbon economy [13][16]. - The "136 Document" is noted for guiding the development of renewable energy projects towards market-oriented pricing, which is expected to stabilize project returns and promote high-quality development in the sector [31]. Photovoltaic Sector Insights - The report anticipates a moderate decline in photovoltaic installations in 2026 due to a phase of pre-installation in 2025, with projected installations of 290GW in 2025 and 180GW in 2026, reflecting a year-on-year decrease of 38% [33]. - The report highlights that the European photovoltaic market is facing growth challenges, with a forecasted installation of 64.2GW in 2025, indicating a slight decline. The U.S. market is also expected to experience pressure on growth due to policy adjustments [34][37]. Perovskite Technology Potential - Perovskite technology is identified as a key area for enhancing competitiveness in the photovoltaic manufacturing sector, with expectations for significant breakthroughs in industrialization by leading manufacturers in 2026 [33][44].

Group 1 - The core viewpoint of the report is that the photovoltaic industry is undergoing a "de-involution" process, characterized by two main routes: orderly exit of backward production capacity and stable continuation of new quality capacity [1][3] - Central state-owned enterprises are actively responding to the price increase of photovoltaic components, with a trend of rising bidding prices observed [2][3] - The industry is seeing a positive change in the price of components, with leading companies raising their component quotes and a strong willingness to maintain prices in the intermediate links of the supply chain [4] Group 2 - The "de-involution" strategy is a key focus for the photovoltaic industry, aiming to stabilize product prices and eliminate unhealthy competition [3] - Specific measures proposed by the government include promoting the orderly exit of backward capacity, curbing low-price competition, ensuring product quality, and supporting industry self-discipline [2][3] - Investment recommendations include companies such as Junda Co., Trina Solar, JA Solar, JinkoSolar, and LONGi Green Energy, with a focus on the potential for profit improvement in battery and component sectors [4]

电力设备 | 证券研究报告 — 行业点评 2025 年 12 月 26 日 强于大市 光伏行业动态点评 产业链涨价成趋势，终端开始接受高价组件 光伏'反内卷'分为两条具体路线，'推动落后产能有序退出'、'新增优 质产能平稳接续'正在稳步推进中，表观层面产业链积极挺价，央国企也已 积极响应，看好高效电池组件溢价；维持行业 强于大市 评级。 支撑评级的要点 《电力设备与新能源行业 12 月第 4 周周报》 20251221 中银国际证券股份有限公司 具备证券投资咨询业务资格 电力设备 证券分析师：武佳雄 jiaxiong.wu@bocichina.com 证券投资咨询业务证书编号：S1300523070001 证券分析师：顾真 投资建议 光伏'反内卷'稳步推进，'推动落后产能有序退出'、'新增优质产 能平稳接续'正在进行中，表观层面产业链积极挺价，央国企也已积极 响应，看好高效电池组件溢价。推荐钧达股份、天合光能、晶澳科技、 晶科能源、隆基绿能，建议关注通威股份、协鑫科技、大全能源、双良 节能、弘元绿能。 评级面临的主要风险 原材料价格出现不利波动；国际贸易摩擦风险；新技术进展不达预期； 新能源政策风险；消纳风险 ...

Core Viewpoint - The solar photovoltaic industry is experiencing significant price increases for silicon wafers, driven primarily by rising upstream silicon material costs and a collective price adjustment by leading silicon wafer manufacturers [1][2]. Group 1: Price Adjustments - Four major silicon wafer companies have raised their prices significantly, with 183N wafers priced at 1.4 yuan per piece, 210RN at 1.5 yuan, and 210N at 1.7 yuan, resulting in an average increase of 12% [1]. - According to InfoLink, the average price increase for various silicon wafer models ranges from 3.3% to 9.8% this week, with a general expectation of further price increases among silicon wafer manufacturers [1][2]. Group 2: Cost Structure and Market Dynamics - The price of polysilicon, a key raw material for wafer production, has risen above 65,000 yuan per ton, reflecting an increase of over 20% compared to previous transaction prices [2]. - Polysilicon accounts for 48% of the production cost of silicon wafers, making it a critical factor influencing wafer pricing [2]. - The current market is characterized by a "price without market" situation, but polysilicon producers are strongly inclined to maintain high prices, indicating a robust cost structure [2]. Group 3: Industry Trends and Supply Dynamics - The solar industry is undergoing a "de-involution" process, with polysilicon producers voluntarily reducing output, leading to a year-on-year decline in production for the first time since 2013, with a 29.6% drop from January to October [2]. - A joint initiative by ten leading companies to establish a solar storage platform aims to stabilize prices and support the recovery of polysilicon and wafer prices [2][3]. - The ongoing supply contraction and cost support are enhancing the bargaining power of silicon wafer companies, with some adopting inventory control strategies to further drive price increases [2]. Group 4: Future Outlook - Analysts predict that the solar industry will gradually bottom out and improve by the second half of 2025, aided by the ongoing de-involution process [3]. - Despite a potential weakening in demand in 2026, the de-involution on the supply side and the performance of leading companies may help some firms return to profitability [3]. - The solar industry's challenges are prompting a push for market reforms in the domestic electricity market and the development of regulatory power sources, with energy storage expected to benefit from both domestic and international market conditions [3]. Group 5: Related Companies - GCL-Poly Energy (03800) is expected to benefit from rising polysilicon prices and has a target price of 1.54 HKD, with a strong outlook for the domestic renewable energy sector [4]. - TCL Zhonghuan (002129.SZ), a leader in large-size silicon wafers, is well-positioned to benefit from price increases due to its high N-type wafer ratio and strong price transmission capabilities [4]. - Jinyang New Energy (01121) is involved in upgrading production lines and is expected to leverage its technology for HBC production, enhancing its market position [4].