拉长时间看，截至11月27日，光伏ETF(159857)近3月规模增长9336.04万元，实现显著增长。 资金流入方面，光伏ETF(159857)近19个交易日合计"吸金"1.74亿元。 【产品亮点】 光伏ETF(159857)在同类可比ETF中具有规模较大、流动性较优的特点，最新基金报告数据显示超7万户投 资者持有。 【相关产品】 光伏ETF(159857)，对应场外指数基金（A：011102；C：011103）。 【热点事件】 11月光伏大事件盘点： 截至2025年11月28日午间收盘，光伏ETF(159857)换手4.13%，成交9960.15万元。跟踪的中证光伏产业指数 (931151)强势上涨1.24%，成分股微导纳米(688147)上涨13.41%，迈为股份(300751)上涨5.98%，弘元绿能 (603185)上涨4.17%，上能电气(300827)，德业股份(605117)等个股跟涨。 一、行业会议与共识 11月17-20日：第八届中国国际光伏与储能产业大会在成都举行，签约总额超330亿元，发布《"破除'内卷 式'竞争筑牢全球能源安全基石"成都宣言》。 二、反内卷行动 11月12日：网传晶澳 ...

Core Insights - The photovoltaic equipment sector experienced a rebound on November 28, 2025, with the CSI Photovoltaic Industry Index rising by 0.29% and key stocks such as Maiwei Co., Ltd. increasing by 6.71% [1] - The National Energy Administration issued guidelines on promoting the integration of new energy on November 12, 2025, indicating a supportive policy environment for the industry [1] - A strategic cooperation agreement was signed between Haibo Shichuang and CATL to deepen collaboration in the energy storage sector [1] Industry Dynamics - Cumulative new photovoltaic installations in China reached 240.27 GW from January to September 2025, representing a year-on-year growth of 49.3% [1] - In October 2025, the monthly new bidding capacity for energy storage in China increased by 85% year-on-year, indicating strong demand in the sector [1] - Exports of photovoltaic modules and inverters also saw year-on-year growth, while the weighted average price of energy storage systems increased month-on-month [1] Key Stocks - As of October 31, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index accounted for 60.74% of the index, including companies like Sungrow Power Supply, LONGi Green Energy, and Trina Solar [1]

Core Viewpoint - The silicon wafer prices are experiencing a downward trend due to weak terminal demand, leading to continued pressure on the overall silicon wafer market [2][3]. Group 1: Price Trends - N-type G10L monocrystalline silicon wafer (182*183.75mm/130μm) has an average transaction price of 1.17 yuan per piece, down 6.40% week-on-week [2][4]. - N-type G12R monocrystalline silicon wafer (182*210mm/130μm) has an average transaction price of 1.20 yuan per piece, down 4.00% week-on-week [2][4]. - N-type G12 monocrystalline silicon wafer (210*210mm/130μm) has an average transaction price of 1.50 yuan per piece, down 5.06% week-on-week [2][4]. Group 2: Supply and Demand Dynamics - The supply side is seeing some silicon wafer companies initiating production cuts due to loss pressures, which is slightly improving the supply-demand relationship, although low-priced sources are increasing [3]. - The demand side is characterized by reduced operating rates for components and batteries, leading to a continued decline in demand and a slight increase in silicon wafer inventory [3]. - The overall operating rate in the industry has decreased slightly, with leading companies operating at 52% and 50%, while integrated companies are operating between 50%-70% [3]. Group 3: Market Outlook - The short-term outlook for silicon wafer prices remains under pressure due to weak terminal demand and increasing inventory levels [3]. - Many silicon wafer companies plan to further reduce operating loads in December, which, if production cuts are effectively implemented, may help stabilize the market [3].

Core Viewpoint - China Orient Asset Management Co., Ltd. is actively engaging in green finance and providing differentiated financial support to key industries, having invested nearly 18 billion yuan to promote the steady development of new productive forces [1] Group 1: Industry Challenges and Financial Support - The photovoltaic industry in China is experiencing rapid growth but faces challenges such as structural overcapacity and declining demand growth, leading to significant risks during the transition to high-quality development [2] - China Orient plays a preventive role in addressing financial needs emerging from the industry's downturn, helping quality enterprises navigate through temporary crises [2] - The company has provided substantial financial support to leading photovoltaic firms, such as a 2 billion yuan market-oriented debt-to-equity swap to improve financial conditions and optimize asset structures [2][3] Group 2: Financial Restructuring and Support Mechanisms - A leading photovoltaic company faced dual challenges of operational and financial difficulties, leading to high debt ratios and declining revenues. China Orient intervened with a market-oriented debt-to-equity swap and restructuring to alleviate financial pressures [3] - China Orient has utilized various financial tools, including the acquisition of convertible bonds and debt-to-equity swaps, to enhance liquidity and reduce debt pressure for companies facing temporary challenges [4] Group 3: Focus on Green Development and Carbon Neutrality - China Orient is committed to supporting the renewable energy sector, focusing on financial needs of problem enterprises within the industry, and exploring new growth drivers to enhance core competitiveness [4] - The company has established a 10.02 billion yuan National Energy Industry Investment Fund, targeting investments in photovoltaic, wind power, hydrogen energy, and energy storage sectors, with 5.3 billion yuan already deployed [7] - The Green Energy Fund, initiated by China Orient, aims to invest in green energy sectors, with a total investment of 10.15 billion yuan across various renewable energy projects [8] Group 4: Commitment to National Strategy and Long-term Development - China Orient emphasizes its role in supporting the sustainable development of the industry by forming industry funds and enhancing resource allocation efficiency [6] - The company is dedicated to implementing national strategies and providing high-quality financial support to foster new productive forces, aligning with the goals set forth in the 14th Five-Year Plan [8]

Core Viewpoint - The photovoltaic industry is experiencing a strong upward trend, driven by supportive government policies and a focus on renewable energy development, particularly in Beijing's economic planning [1][2]. Group 1: Industry Developments - The China Photovoltaic Industry Index rose by 2.14%, with significant gains in constituent stocks such as Maiwei Co. (+5.49%), Sungrow Power (+4.64%), and Canadian Solar (+4.51%) [1]. - The Beijing Municipal Committee has proposed initiatives to enhance the construction of smart grids and microgrids, facilitating the integration of photovoltaic and other renewable energy sources into the power system [1]. - The focus on optimizing energy structure and controlling fossil fuel usage is expected to boost the development and utilization of local renewable energy sources, aiding in the achievement of carbon neutrality goals [1]. Group 2: Market Insights - Zhongyou Securities highlights a disparity in supply and demand expectations within the photovoltaic industry, with ongoing "anti-involution" actions in supply [1]. - China's submission of its 2035 Nationally Determined Contributions (NDC) on November 3, 2025, positions the country as a proactive player in energy transition, with anticipated improvements in demand [1]. - The upcoming COP30 conference is expected to further motivate global energy transition efforts as countries submit their updated NDCs [1]. Group 3: Market Composition - As of October 31, 2025, the top ten weighted stocks in the China Photovoltaic Industry Index include Sungrow Power, Longi Green Energy, and TBEA, collectively accounting for 60.74% of the index [2]. - The Jiashe Photovoltaic ETF (159123) tracks the China Photovoltaic Industry Index, providing a convenient investment tool for exposure to the entire photovoltaic supply chain [2].

Market Overview - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12,907.83 [2] Industry Insights - The report highlights significant developments in the non-bank financial sector, particularly in brokerage mergers and acquisitions, indicating a renewed focus on investment value within the sector [4][6] - The securities industry has seen a substantial increase in bond underwriting, with a total of 705.18 billion yuan in technology innovation bonds issued in the first three quarters of 2025, marking a year-on-year growth of 57.77% [6] Company Analysis: Longxin Group - Longxin Group recently launched the "Longxin Jiugong Power Trading Intelligent Agent," an AI-driven tool designed for power trading, which aims to simplify market decision-making and enhance trading efficiency [5][9] - The intelligent agent boasts four core capabilities: comprehensive situational awareness, deep strategy analysis, intelligent solution generation, and comprehensive risk control, achieving over 90% accuracy in price forecasting [9] - For the first three quarters of 2025, Longxin Group reported revenues of 2.45 billion yuan, a decline of 9.4% year-on-year, but anticipates a revenue increase in Q4 due to the traditional peak season for power grid-related business [9] - The company has seen significant growth in its new energy services, with over 25 million registered users on its charging platform and a projected total charging volume of 7 billion kWh for the year [9] Solar Industry Commentary - The report tracks price movements in the solar industry, noting that polysilicon prices remained stable at 52.0 yuan/kg, while silicon wafer prices have seen declines of 6.3% and 3.1% for different types [10] - The solar market is experiencing a downturn in demand, with domestic production expected to fall below 44.5 GW in November, and a 23.6% decrease in solar module exports in October [10] - The report recommends companies involved in new technology directions, supply-side initiatives, and energy storage, highlighting Longxin Group as a key player in the power market [10]

Group 1 - The photovoltaic sector of Chinese concept stocks has shown strong performance, with Canadian Solar rising by 8.4% and Daqo New Energy increasing by 3.2% [1] - The main futures of polysilicon have risen nearly 3%, reaching a recent high, indicating a recovery in prices across the photovoltaic supply chain [1] - Since mid-year, the upstream photovoltaic sector has experienced price increases due to factors such as cost price sales guidance and anti-involution effects, with prices of polysilicon dense materials and 182N silicon wafers rising nearly 50% [1] Group 2 - Polysilicon is currently the most prominent segment in terms of overcapacity and losses, but it also has the highest concentration of production capacity, which may facilitate consensus among companies for production control and price support [1] - Several silicon material companies are advancing polysilicon capacity consolidation plans, which, if successful, could fundamentally improve the supply-demand structure of the industry [1] Group 3 - Open Source Securities indicates that the photovoltaic industry has achieved some positive results in combating involution, with a focus on two main lines: supply-side measures such as silicon material storage platforms and production limits, and demand-side factors including the support for photovoltaic installation demand during the 14th Five-Year Plan [1] - The cancellation of export tax rebates and the enforcement of prohibitions on selling below cost are also critical to the recovery of the supply-demand relationship in the industry, which is expected to drive up component prices [1] Group 4 - Key companies in the silicon material segment include Tongwei Co., Daqo New Energy, GCL-Poly Energy, and Xinte Energy [1] - Companies involved in BC technology include Aiko Solar, LONGi Green Energy, Dier Laser, and Laplace [1] - Key players in the silicon wafer segment are Hongyuan Green Energy, Shuangliang Eco-Energy, and TCL Zhonghuan [1] - Major battery component manufacturers include JA Solar, JinkoSolar, Trina Solar, and Junda Co. [1]

长江证券研究所电力设备与新能源研究小组 2025-11-26 %% %% %% %% research.95579.com 1 分析师 邬博华 分析师 曹海花 SAC执业证书编号：S0490514040001 SAC执业证书编号：S0490522030001 SFC执业证书编号：BQK482 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 新能源作为产业发展新增长的现状与 未来 %% %% %% %% research.95579.com 2 01 现状：全球竞争力突出，供需矛盾导致盈利承压 02 未来：迈向高质量发展，业务延伸打造新增长点 目 录 2.1 从高速发展迈向高质量发展 2.2 企业谋求出海带动量利齐升 2.3 业务延伸打造第二增长曲线 %% research.95579.com 3 01 现状：全球竞争力突出，供需矛盾导致盈利承压 %% %% %% %% research.95579.com 在光伏需求爆发背景下，供给端迎来快速扩张，目前各环节产能均超过1000GW，产能利用率大幅下降，其中硅料环节甚至低于50%。 图：2020年以来全球光伏装机快速增长 0% 10% 20 ...

Core Points - Igor is advancing its internationalization strategy by planning to issue H shares and apply for listing on the Hong Kong Stock Exchange [1][3] - The company held its seventh board meeting on November 24, where it approved the proposals for issuing H shares and listing on the Hong Kong Stock Exchange [3] - As of the announcement date, Igor is actively working with intermediaries to facilitate the issuance and listing process, with further details to be discussed [3] Company Overview - Igor was established in October 1999 and was listed on the Shenzhen Stock Exchange in December 2017 [3] - The company focuses on the research, development, production, and sales of power supply and power component products for industrial and consumer sectors [3] - Igor specializes in energy and information industries, utilizing power electronics technology, with applications in photovoltaic power generation, industrial control, and data centers [3] Industry Context - As of now, 12 photovoltaic companies have announced plans to list in Hong Kong, including leading firms like JA Solar and Sungrow Power [3] - JunDa Co. has already successfully listed on the Hong Kong Stock Exchange in May 2023 [4] - A detailed list of companies planning to list in Hong Kong includes various firms with different stages of the listing process [5]

证券研究报告：电力设备|行业周报 发布时间：2025-11-25 行业投资评级 强于大市 |维持 | 行业基本情况 | | --- | | 收盘点位 | | 9617.17 | | --- | --- | --- | | 52 | 周最高 | 10950.05 | | 52 周最低 | | 6107.84 | 行业相对指数表现 2024-11 2025-02 2025-04 2025-06 2025-09 2025-11 -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 41% 电力设备 沪深300 资料来源：聚源，中邮证券研究所 l 投资要点 格局优化预期迎来政策支持。供给端的"反内卷"政策持续推动， 叠加中国提交 NDC3.0，国内的相关配套措施会使 2026 年整体呈现过 渡年状态，大基地的消纳有望加速解决，基于此，我们认为 2026 年 整体需求有支撑，整体的预期差加大。 2025 年 1-10 月，累计新增装机规模 252.GW，同比+39.3%，1-9 月消纳率 95%。2025 年 4-5 月受 136 号文 531 截止带来的抢装潮，9 月装机 9.7GW，同比 ...