Group 1 - The core point of the news is that Tongwei Co., Ltd. plans to conduct hedging activities in 2026 to mitigate risks associated with raw material and product price fluctuations, as well as interest and exchange rate volatility [1][2][3] - On December 30, 2025, Tongwei's stock closed at 21.01 yuan, down 2.32%, with a turnover rate of 1.43% and a trading volume of 642,800 lots, amounting to a total transaction value of 1.354 billion yuan [1] - On the same day, the net outflow of main funds was 66.7736 million yuan, accounting for 4.93% of the total transaction value, while retail investors saw a net inflow of 43.8711 million yuan, representing 3.24% of the total transaction value [1][3] Group 2 - The planned hedging activities will involve commodity, foreign exchange, and interest rate derivatives, with a maximum value of 3 billion yuan for commodity contracts, 2.4 billion USD for foreign exchange, and 400 million USD for interest rate hedging on any given day [2][3] - The funding for these hedging activities will come from the company's own funds and credit from financial institutions, and the board of directors has approved this plan without requiring shareholder meeting approval [2]

Core Viewpoint - Tongwei Co., Ltd. plans to conduct hedging activities from January 1 to December 31, 2026, to mitigate risks associated with raw material and finished product price fluctuations, as well as foreign exchange and interest rate risks [1] Group 1: Stock Performance - As of December 30, 2025, Tongwei's stock closed at 21.01 yuan, down 2.32% from the previous trading day, with a total market capitalization of 94.587 billion yuan [1] - The stock opened at 21.29 yuan, reached a high of 21.44 yuan, and a low of 20.95 yuan, with a trading volume of 1.354 billion yuan and a turnover rate of 1.43% [1] Group 2: Hedging Business Announcement - The company announced plans to engage in hedging activities involving commodity, foreign exchange, and interest rate derivatives [1] - The maximum value for commodity hedging contracts is set at 3 billion yuan, foreign exchange hedging at 2.4 billion USD, and interest rate hedging at 400 million USD [1] - Funding for these activities will come from the company's own funds and credit from financial institutions [1] - The board of directors has approved this plan, and it does not require shareholder meeting approval [1] - The company emphasizes that the hedging activities are not for speculative purposes and has established risk control measures to address market, credit, and operational risks [1]

证券代码：600438 证券简称：通威股份 公告编号：2025-089 通威股份有限公司 关于 2026 年度开展套期保值业务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司第九届董事会审计委员会第三次会议、第九届董事会第六次会议，审议 通过了《关于 2026 年度开展套期保值业务额度预计及可行性分析的议案》。该议 案无需提交公司股东会审议。 特别风险提示 公司及子公司开展套期保值业务，遵循合法、谨慎、安全和有效的原则，不 从事以投机为目的的金融衍生品交易，但同时也会存在一定的市场风险、违约风 险、操作风险等，敬请广大投资者注意投资风险。 一、交易情况概述 （一）交易目的 公司生产所需原料涉及饲料原料、太阳能光伏上游材料和化工产成品，包括 玉米、豆粕、菜粕、油脂、白银、铜、铝、锡、PVC、工业硅等，公司生产的产 品涉及制成化工品、多晶硅等，上述各类原材料及产品市场价格波动均较大，容 易对公司经营产生较大影响。此外，公司在多个海外国家与地区开展业务，在利 率市场化的金融环境下进行融资，存在汇率与利率风 ...

通威股份有限公司 1、市场风险 衍生品交易市场价格波动较大，如出现极端行情，可能产生价格波动风险， 造成交易损失。 关于 2026 年度开展套期保值业务的可行性分析报告 通威股份有限公司（以下简称"公司"）2026 年拟开展套期保值业务，充分 利用金融市场工具提升公司防御风险能力，降低商品价格、利率、汇率波动对公 司经营及业绩的影响，保障公司稳健经营，其相关必要性与可行性分析如下： 一、公司开展套期保值业务的目的和必要性 公司开展套期保值业务是为了规避原材料和产成品价格以及利率、汇率的波 动对公司生产经营带来的重大影响，相关业务开展均不以投机为目的。 公司生产所需原料涉及饲料原料、太阳能光伏上游材料和化工产成品，包括 玉米、豆粕、菜粕、油脂、白银、铜、铝、锡、PVC、工业硅等，公司生产的产 品涉及制成化工品、多晶硅等，上述各类原材料及产品市场价格波动均较大，容 易对公司经营产生较大影响。此外，公司在多个海外国家与地区开展业务，在利 率市场化的金融环境下进行融资，存在汇率与利率风险。为保持公司经营业绩持 续稳定，规避和转移现货市场的价格波动，防范利率、汇率风险，公司拟开展套 期保值业务，在相应品种上的套保数量将 ...

Investment Rating - The report rates the electrical equipment industry as "Positive" [4] Core Insights - The report highlights the recovery of industry valuation driven by anti-involution measures and the growth opportunities presented by new technologies such as copper substitution for silver and the industrialization of perovskite materials [7] - The offshore wind power sector is expected to see significant growth, with companies expanding their overseas operations to enhance profitability [7] Summary by Sections Electricity Prices - The report indicates a downward trend in electricity prices for new energy, with spot prices declining due to oversupply, negatively impacting investment demand, particularly in the photovoltaic sector [1][12][21] Photovoltaics - Short-term demand for photovoltaics is weak, with production declining in recent months. The domestic market is constrained by electricity prices, while the European market faces challenges due to insufficient grid infrastructure. The U.S. market is hindered by the rapid phase-out of subsidies under the Inflation Reduction Act [2] - The focus is on the supply side, with anti-involution measures showing positive effects, leading to price recovery in the industry chain. The estimated component price is projected to be between 0.80 and 0.85 yuan/W, assuming a 5% net profit margin across various segments [2][41] - Investment opportunities are identified in the valuation recovery from anti-involution and advancements in new technologies [2] Wind Power - The report emphasizes the growth trend in wind power, particularly in the European market, where onshore and offshore wind power are expected to grow at CAGRs of 14% and 34%, respectively. The first half of 2025 saw a significant increase in offshore wind power FID amounts, which grew by 1.8 times year-on-year [3] - The report notes that the wind turbine bidding prices have been recovering since Q3 2024, indicating improved profitability for wind turbine manufacturers. The trend towards larger wind turbines is expected to ease price pressures [3][69] - The global wind power supply chain is primarily located in the Asia-Pacific region, with China being a core supplier. Many components are sourced from China for the European and American markets, providing opportunities for Chinese wind power companies to expand internationally [3][60][70]

行业自救，"反内卷"进入关键期 2025年，光伏制造业处于周期低谷之际，"反内卷"成为全行业的核心共识与转型之路。光伏主产业链价 格在2025年下半年逐步见底甚至改善，全行业自律减产，推动硅料、硅片等环节价格企稳回升，光伏主 产业链上市企业积极自救，普遍实施降本增效，并在第三季度实现利润减亏。 在政策定调与企业自救驱动下，光伏"反内卷"成果逐步显现，行业告别过去装机规模竞争，正进入更强 调技术与质量的价值比拼阶段。 然而，价格回暖仅是行业修复的第一步。当前产业链复苏基础仍不牢固，终端需求尚未全面恢复，产能 过剩的根本矛盾有待解决。 市场监管总局近日在安徽合肥召开合规指导会，通报价格违法问题与风险，行业正处在"反内卷"的关键 节点。会议明确指出，当前光伏行业存在的低质竞争、同质化重复建设等"内卷式"竞争行为，已经让企 业普遍面临盈利困境，扭曲了市场资源配置。随着反内卷治理进入深水区，2026年或将成为光伏产业逆 转关键年份，检验光伏"反内卷"成效、推动产能实质性出清的攻坚之年。 产业链价格企稳，"反内卷"成果显现 今年7月以来，多部门政策部署层层递进，国家行业协会及企业协同推进，政策围绕控产能、控价格、 提标准 ...

Core Viewpoint - Tongwei Co., Ltd. has experienced a decline in stock price and financial performance, with significant net outflows of capital and a decrease in revenue and net profit year-on-year. Group 1: Stock Performance - On December 30, Tongwei's stock price fell by 2.05%, reaching 21.07 yuan per share, with a trading volume of 2.24 billion yuan and a turnover rate of 0.23%, resulting in a total market capitalization of 948.57 billion yuan [1] - Year-to-date, Tongwei's stock price has decreased by 4.70%, with a 1.01% increase over the last five trading days, a 5.73% decline over the last 20 days, and a 3.75% drop over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Tongwei reported a revenue of 646.00 billion yuan, a year-on-year decrease of 5.38%, and a net profit attributable to shareholders of -5.27 billion yuan, a year-on-year decrease of 32.64% [2] Group 3: Shareholder and Institutional Holdings - As of December 19, the number of Tongwei's shareholders increased to 293,500, a rise of 16.48%, while the average circulating shares per person decreased by 14.15% to 15,337 shares [2] - Since its A-share listing, Tongwei has distributed a total of 251.92 billion yuan in dividends, with 169.23 billion yuan distributed in the last three years [3] - As of September 30, 2025, major institutional shareholders have reduced their holdings, including Hong Kong Central Clearing Limited, which decreased its shares by 27.91 million to 136 million shares [3]

Core Viewpoint - The N-type TOPCon solar cell technology is rapidly evolving, with significant growth in production and market share expected in the coming years, driven by its advantages over P-type cells and increasing investments from Chinese photovoltaic companies [1][4]. Group 1: Industry Overview - TOPCon cells utilize a tunneling oxide passivated contact structure, enhancing charge transport and energy conversion efficiency compared to traditional P-type cells [2][4]. - The global shipment volume for TOPCon cells is projected to reach 565.2 GW in 2025 and 652.7 GW in 2026, with significant growth also expected for Xbc and HJT cells [1][4][6]. - In China, TOPCon cell shipments are anticipated to grow from 534.6 GW in 2025 to 609.1 GW in 2026, reflecting a strong domestic market for N-type technology [1][6]. Group 2: Technological Advantages - TOPCon cells offer higher conversion efficiency, better performance in low-light conditions, and reduced degradation compared to P-type cells [3][4]. - The production process for TOPCon cells involves additional steps compared to PERC, but it results in lower costs and higher potential for premium pricing [3][4]. Group 3: Industry Development History - The development of TOPCon technology can be categorized into four phases: initial technology formation (2015-2017), product layout (2018-2020), commercial promotion (2021-2022), and explosive growth (2023-present) [8]. Group 4: Competitive Landscape - Major companies in the N-type TOPCon sector include JinkoSolar, Tongwei, JA Solar, Trina Solar, and others, all of which have begun large-scale production of N-type TOPCon cells [10][11]. - Yingfa Energy is recognized as a leading manufacturer with a significant market share, achieving a production capacity of 32.7 GW and a revenue of 35.4 billion yuan from N-type TOPCon cells in 2024 [10][11]. Group 5: Future Trends - The N-type technology is expected to dominate the market, with increasing penetration rates and a shift towards cost reduction and diverse application scenarios [14]. - The industry is likely to see accelerated technological breakthroughs and a concentration of production capacity as it moves towards a clearing phase [14].

Group 1 - The core point of the article is that Tongwei Co., Ltd. reported a total of 293,532 common stock shareholders as of December 19, 2025 [2]

Group 1 - The photovoltaic industry is expected to enter a new development cycle, with China's new installed capacity reaching 277.2 GW in 2024, a year-on-year increase of 27.8%, and a cumulative installed capacity of 886.7 GW by the end of 2024, reflecting a compound annual growth rate of 39.8% from 2015 to 2024 [18][19] - The penetration rate of photovoltaic power generation in China has increased from 0.4% in 2014 to 9.8% in 2024, surpassing the global average, indicating significant growth potential in the future [20][24] - The industry is currently facing "involution" competition, leading to a supply-demand imbalance and widespread losses among companies, necessitating a shift from price competition to value competition driven by technological innovation [3][28] Group 2 - Capital expenditure in the photovoltaic industry is significantly decreasing, with a 46.4% year-on-year decline in 2025, indicating a strategic shift towards focusing on advanced technologies rather than blind expansion [47][48] - The BC technology penetration rate is rapidly increasing, with market share expected to rise to 5.0% in 2024, up 4.1 percentage points from 2023, providing a differentiated and high-margin breakthrough for photovoltaic companies [67][68] - The efficiency of perovskite solar cells has reached new heights, with the potential for further industrialization and cost reduction, making them a strategic focus for the future [9][34] Group 3 - The central economic work conference has emphasized the need to deeply rectify "involution" competition, which is particularly prevalent in the photovoltaic industry, aiming to enhance quality and efficiency rather than scale [32][33] - The market is witnessing a structural adjustment, with leading companies focusing on building long-term competitive advantages through investments in next-generation technologies, such as BC and perovskite cells [48][64] - The recent procurement adjustments by China Huaneng Group for high-efficiency components, increasing the share of components with conversion efficiency of 23.8% and above to 58.3%, signal a shift towards high-quality development in the industry [71]