广发高端制造股票A（004997）成立日期2017年9月1日，最新规模40.67亿。今年以来亏损0.97%，同类 排名5007/5579；近一年收益15.67%，同类排名3429/4289；成立以来收益44.87%。 2月9日，晶澳科技涨5.22%，截至发稿，报12.91元/股，成交5.15亿元，换手率1.23%，总市值427.28亿 元。 资料显示，晶澳太阳能科技股份有限公司位于北京市丰台区汽车博物馆东路1号院诺德中心8号楼,香港 湾仔皇后大道东248号大新金融中心40楼，成立日期2000年10月20日，上市日期2010年8月10日，公司主 营业务涉及硅片、太阳能电池片及太阳能电池组件的研发、生产和销售,以及太阳能光伏电站的开发、 建设、运营等。主营业务收入构成为：光伏组件91.10%，其他5.85%，光伏电站运营3.05%。 从晶澳科技十大流通股东角度 数据显示，广发基金旗下1只基金位居晶澳科技十大流通股东。广发高端制造股票A（004997）三季度 增持1042.14万股，持有股数3668.11万股，占流通股的比例为1.11%。根据测算，今日浮盈赚取约 2347.59万元。 广发高端制造股票A（00499 ...

Core Viewpoint - The perovskite solar cell sector experienced significant gains, with multiple companies reaching their daily price limits [1] Group 1: Company Performance - Hangxiao Steel Structure, Jinjing Technology, and Tuori New Energy all hit the daily limit up [1] - Companies such as Xizi Clean Energy, Dongfang Risheng, Mingyang Smart Energy, Zhonglai Shares, Longi Green Energy, Jiejia Weichuang, and JA Solar also showed notable price increases [1]

Investment Rating - The report maintains a "Recommended" rating for key companies in the electric power equipment and new energy sectors, including Ningde Times, Keda Li, and others [6][7]. Core Insights - The global photovoltaic market is expected to maintain high growth during the "14th Five-Year Plan" period, with annual new installations projected to reach 725-870 GW globally and 238-287 GW domestically [3][39]. - The electric power equipment sector is witnessing significant developments, including the approval of major grid projects and the awarding of contracts for high-voltage equipment [4][39]. - The new energy vehicle market continues to show strong momentum, with major manufacturers reporting significant year-on-year delivery increases [2][14]. Summary by Sections New Energy Vehicles - In January 2026, several new energy vehicle manufacturers reported substantial delivery growth, with NIO delivering 27,182 units (+96.1% YoY) and BYD maintaining a leading position with 210,051 units delivered [2][14][24]. - The third China All-Solid-State Battery Innovation Development Summit was held, focusing on key materials and technological advancements [2][27]. New Energy Generation - The photovoltaic industry is transitioning from scale expansion to high-quality development, with a focus on technological integration and new application scenarios [39][40]. - The cancellation of export tax rebates for photovoltaic products starting April 1, 2026, marks a shift to full market competition, pushing companies towards innovation and sustainable competitiveness [45][48]. Electric Power Equipment and Automation - The State Grid's recent tender for ultra-high voltage equipment involved 119 packages, with 115 awarded, indicating robust demand in the sector [4][39]. - The approval of the first major grid project by the National Development and Reform Commission signifies a positive outlook for infrastructure development in the electric power sector [4][39]. Commercial Aerospace - The domestic first "one rocket, 36 satellites" satellite launch technology facility has been accepted, indicating advancements in commercial aerospace capabilities [5]. Market Performance - The electric power equipment and new energy sector saw a weekly increase of 2.20%, outperforming the Shanghai Composite Index, with lithium battery and solar indices showing significant gains [1].

黑龙江绿色甲醇与电解槽项目进入实施阶段，特斯拉官宣干电极工艺量产 光伏：硅片价格下跌，电池价格保持稳定。据安泰科，本周多晶硅主流产品无公开报价、无 实际成交。据 Infolink，硅片市场延续上周走弱态势，整体仍处于价格下探阶段。各尺寸硅 片价格普遍承压，市场价格重心进一步下移。N 型电池片价格方面，本周 183N、210RN、 210N 型号均价持稳于 0.45 元/W，价格区间维持 0.43-0.45 元/W。尽管此前银价冲高回落 带动市场形成电池片降价预期，但当前实体白银现货供给偏紧，厂家采购仍需加价，头部企 业报价暂未调整，继续维持 0.45 元/W 的主流水平。组件市场受银价波动传导，成本端呈现 起伏态势，各组件厂基于自身成本核算调整报价。本周国内分布式组件公开报价区间为 0.80- 0.88 元/W，实际成交价格则下探至 0.75-0.80 元/W；TOPCon 组件公示价格保持稳定，国内 均价 0.739 元/W，分布式实际成交均价 0.76 元/W。核心关注：1）供给侧改革下的产业链 涨价机会，核心关注通威股份、协鑫科技、隆基绿能、晶澳科技、晶科能源、天合光能等； 2）新技术背景下带来的中长期 ...

Core Viewpoint - The report highlights significant growth in China's solar power generation, with a projected increase in production and capacity over the coming years, indicating a robust investment opportunity in the solar energy sector [1]. Industry Summary - According to the National Bureau of Statistics, China's solar power generation reached 42.2 billion kilowatt-hours in December 2025, marking an 18.2% year-on-year increase [1]. - The cumulative solar power generation for the entire year of 2025 was 572.57 billion kilowatt-hours, reflecting a 24.4% growth compared to the previous year [1]. - The report from Zhiyan Consulting provides insights into the market trends and investment prospects for the solar power station industry in China from 2026 to 2032 [1]. Company Summary - Key listed companies in the solar energy sector include Longi Green Energy (601012), Tongwei Co., Ltd. (600438), Sungrow Power Supply Co., Ltd. (300274), JA Solar Technology Co., Ltd. (002459), Trina Solar Limited (688599), TBEA Co., Ltd. (600089), Chint Electric (601877), TCL Zhonghuan (002129), Linyang Energy (601222), and Sungrow Electric (300827) [1].

去年2月，天合光能(688599.SH)因专利问题，向阿特斯(688472.SH)发起索赔，要求后者赔偿10.58亿 元，目前该事项未能查到最终公开结果。 截至去年三季度末，爱旭股份货币资金48.45亿元，负债总额288.45亿元。资产负债率77.6%，较6月底 的85.75%下滑约8个百分点。 智通财经记者｜马悦然 爱旭股份预计去年亏损12亿-19亿元，同比减亏。该公司在公告中透露，2025年ABC组件销售量同比实 现翻倍以上增长；报告期内经营性现金流、制造成本、组件销售毛利率、资产减值同比均有明显改善。 为取得TCL中环(002129.SZ)旗下Maxeon的BC专利授权，爱旭股份和隆基绿能(601012.SH)曾就 TOPCon、BC技术在全球多地产生专利纠纷；晶澳科技(002459.SZ)和正泰新能就TOPCon技术问题闹上 法庭等。 根据最新业绩预告，TCL中环预计2025年亏损82亿-96亿元，较上年同期98.18亿元的亏损有所改善。 ...

本报记者 孙杰 中国光伏产业链在全球占据主导地位，行业整体依然在深度调整，"反内卷"治理仍是今年的重中之重。 中国光伏行业协会日前在京举行2025年发展回顾与2026年形势展望研讨会，释放出大力促进行业健康发 展的强烈信号。 中国光伏稳居全球主导 制造端年产值突破1万亿元；出口总额超1800亿美元；累计装机突破1200吉瓦；组件出口超200个国家和 地区……回顾"十四五"光伏产业发展，中国光伏行业协会顾问王勃华表示，过去五年，光伏行业取得诸 多具有里程碑意义的突破。 行业承压处于深度调整 工信部电子信息司副司长王世江在研讨会上表示，行业当前正处于新一轮深度调整期，行业深层次的供 需错配尚未解决，企业经营依然面临较大挑战。 2025年，光伏全行业仍处在集体承压的"阵痛期"。近期，光伏行业A股上市公司2025年业绩预告密集出 炉。业绩预告显示，行业整体仍处在亏损区间，但结构分化已有所显现，部分企业亏损开始收窄。 光伏龙头隆基绿能业绩预告显示，预计2025年归属于上市公司股东的净亏损为60亿元至65亿元，相较上 年86亿元的亏损额收窄约30%，业绩修复态势明显。公司称，2025年光伏行业低价"内卷"式竞争持续， 受 ...

Core Viewpoint - The patent dispute between Aiko Solar (爱旭股份) and Maxeon Solar has been resolved with the signing of a patent licensing agreement, marking the end of a two-year conflict in the BC battery technology sector [1][2]. Group 1: Patent Agreement Details - Aiko Solar will pay a total of RMB 1.65 billion in licensing fees over five years, with the first-year fee set at RMB 250 million [2]. - The agreement includes the withdrawal and termination of all existing patent lawsuits and related invalidation procedures between the two companies [2]. Group 2: Financial Implications - Aiko Solar forecasts a net profit loss of between RMB 1.2 billion to RMB 1.9 billion for the year 2025 [2]. - The company has implemented a patent fee structure of RMB 0.02 per watt, with expectations that if ABC component sales exceed 165 GW over five years, the average cost per watt will be below RMB 0.01 [2]. Group 3: Industry Context - The resolution of the patent dispute is expected to eliminate uncertainties that have previously affected Aiko Solar's overseas customers, potentially accelerating the global market expansion of ABC components [3]. - The solar industry is currently in an adjustment phase, with companies preferring settlements and licensing agreements to mitigate risks and ensure cash flow, rather than engaging in prolonged legal battles [3].

联络人 作者 企业评级部 汤梦琳 010-66428877 mltang@ccxi.com.cn 李洁鹭 010-66428877 jlli@ccxi.com.cn 其他联络人 www.ccxi.com.cn 2026 年 2 月 目录 | 核心观点 | 1 | | --- | --- | | 分析思路 | 2 | | 行业基本面 | 2 | | 行业财务表现 | 12 | | 结论 | 19 | | 附表 | 20 | 王梦莹 010-66428877 mywang01@ccxi.com.cn 中诚信国际 行业展望 中国光伏制造行业 中国光伏制造行业展望，2026 年 2 月 展望 2026 年，国内光伏装机需求将出现小幅回落，海外出口增速也将 趋于下行，预计下游需求增速整体放缓；供给端，在法律政策与自律 协会的推动下，企业将继续减产控价，产业链价格或将出现不同程度 的回升，随着落后产能淘汰，行业集中度将进一步提升。不过短期内 行业供需失衡的格局仍难以得到根本性扭转，产业链价格仍将处于低 位。长期来看产业发展环境有望得到优化，但盈利修复仍需依赖减产 联盟共识、供给侧政策持续发力与需求端的带动，而持续亏损导致 ...

Core Viewpoint - Recent rumors indicate that Elon Musk's SpaceX team has been visiting multiple Chinese photovoltaic companies to explore solar equipment, silicon wafers, and battery cells, with a focus on heterojunction and perovskite technology [2][3][10]. Group 1: Market Reactions - On February 5, photovoltaic concept stocks experienced a significant downturn, with companies like Jiejia Weichuang and Maiwei shares dropping over 10%, while Jingao Technology fell by 7.3% and Longi Green Energy by 5.59% [2][3]. - Prior to this, from February 3 to 4, stocks such as Jingsheng Electromechanical surged over 30%, with Oriental Sunrise and Jinko Solar seeing increases of nearly 15% and 36%, respectively [2][3]. Group 2: Company Responses - Jingsheng Electromechanical stated they were unaware of the SpaceX team's activities, emphasizing that space photovoltaics are still in the exploratory phase [2][10]. - Oriental Sunrise confirmed they had not received any communication from SpaceX, noting their primary business focus is on ground-based photovoltaics [2][10]. - Jinko Solar issued a notice regarding unusual stock trading, clarifying that their main business remains focused on ground photovoltaics and that they have not received any orders related to space photovoltaics [11]. Group 3: Technological Insights - Musk has highlighted the importance of solar energy, aiming for SpaceX and Tesla to achieve an annual solar manufacturing capacity of 100GW within three years, intended for ground data centers and space AI satellites [11][12]. - The potential applications of space photovoltaics are categorized into three stages: the first involves solar wings for low Earth orbit satellites, the second focuses on powering space computing centers, and the third envisions solar power stations in space [12][13]. - The first stage is seen as the most feasible within five years, while the second stage is projected to take 5-10 years, and the third stage is considered far off due to significant technical challenges [12][13].