光伏主产业链现金流承压，逆变器业绩高增 投资评级：推荐（维持） 邮箱：xuzj@hlzq.com ——光伏行业2024年及2025年一季报业绩综述 华龙证券研究所 电力设备行业 分析师：杨阳 SAC执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 分析师：许紫荆 SAC执业证书编号：S0230524080001 2025年05月14日 证券研究报告 请认真阅读文后免责条款 最近一年市场走势（单位：%） 相关报告 -30 -20 -10 0 10 20 30 2 0 2 4 - 0 5 2 0 2 4 - 0 6 2 0 2 4 - 0 7 2 0 2 4 - 0 8 2 0 2 4 - 0 9 2 0 2 4 -10 2 0 2 4 -11 2 0 2 4 -12 2 0 2 5 - 01 2 0 2 5 - 0 2 2 0 2 5 - 0 3 2 0 2 5 - 0 4 2 0 2 5 - 0 5 光伏设备 沪深300 | 关 报 | | --- | | 相 | | aba | | 相对沪深300表现 | | | （单位：%） | | --- | --- | --- | --- ...

Group 1 - A significant rumor in the silicon material industry suggests that six companies, including GCL-Poly Energy (03800.HK) and Tongwei Co., Ltd. (600438.SH), are planning to establish a large fund of 70 billion yuan to acquire and integrate silicon material production capacity [2][4] - The authenticity of the rumor remains unverified, with industry insiders indicating that it is still in a discussion phase and lacks concrete details [2][4] - There are indications that the six companies have begun joint operations to formulate a plan within three months, aiming to raise silicon material prices to 60,000 yuan per ton [3][4] Group 2 - The silicon material market has experienced a continuous decline in prices for five weeks, attributed to high inventory levels and a rapid drop in downstream product prices [5][6] - Current market conditions show that the production capacity utilization rate has significantly decreased to a range of 30% to 40%, with some companies planning to reduce production further [6][7] - The overall supply of silicon material is currently exceeding demand, with an estimated production capacity of around 3 million tons against a demand of approximately 2 million tons [6][7] Group 3 - The silicon material industry is facing severe losses, with major companies collectively reporting losses exceeding 18.4 billion yuan last year due to supply-demand imbalances and intense competition [7] - Recommendations for addressing the industry's challenges include strict adherence to production limits, collaboration between upstream and downstream companies, and participation in capacity replacement plans to eliminate outdated production capacity [7]

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 今日新闻要点： 雷军回应近期小米SU7事故 5月16日，雷军官宣小米手机芯 片 玄戒O1即将发布当天，雷军在小米内部发表演讲，谈及了近期发生的小米SU7事故。 雷军表示，谁也没有想到，这一场事故的影响如此之大，对小米的打击也如此之大。15岁的小米，不再是行业的新人，在任何一个产业里面都没有了新手保护 期，要有更高的标准和目标。 跌破成本盈亏平衡线 1、 雷军回应近期小米SU7事故； 碳酸锂价格跌至6.5万元/吨，跌破成本盈亏平衡线； 新款蔚来ES6/EC6上市，售价33.8万元/35.8万元起； 近日，根据有色金属网最新数据，国产电池级碳酸锂均价已降至65050元/吨，这一 价格相较于今年年初进一步大幅下降。部分碳酸锂生产企业表示，这一价格 已经跌破了业内公认的7万元/吨成本盈亏平衡线，这种状况不可持续。 如此看来，尽管新能源汽车越卖越多，锂电池需求量越来越大，但早年前原材料企业疯狂扩产所带来的产能过剩的问题，仍然没能得到解决。在内卷竞争之 ...

能源化工日报 日度观点: ◆ PVC： ◆ 烧碱： 5 月 15 日受魏桥上调采购价和氧化铝大涨影响，主力 SH09 合约收 2567 元/吨（+37），山东市场主流价 830 元/吨（0），折百 2594 元/吨（0）， 液氯山东-50 元/吨（-100）。5 月 16 日开始，山东地区某氧化铝厂家采 购 32%离子膜碱价格上调 15 元/吨，执行出厂 760 元/吨（折百 2375 元/ 吨）。截至 20250515，隆众资讯统计全国 20 万吨及以上固定液碱样本 企业厂库库存 41.59 万吨(湿吨)，环比上调 7.09%，同比上涨 1.74%。山 东意外检修较多，近期液氯与烧碱价格均反弹。中期看，供应端，减产 装置中下旬陆续恢复，利润尚可、开工高位，新装置有少量投产预期， 库存高位去库不畅，供应同比压力偏大。需求端，关税影响烧碱下游非 铝行业需求（如印染化纤），非铝有补库放缓，五月后步入淡季；氧化 铝投产与降负并存，边际企业亏损减停产增多，需求边际转弱预期，魏 桥的烧碱日均收货量低于日耗，支撑采购价上涨；海外有氧化铝新投产， 烧碱出口存一定支撑，呈现阶段性签单。总的来看，短期供应减量和关 税缓和有支撑 ...

化工子行业年报和 1 季报深度梳理 - 钛白粉 20250515 摘要 Q&A 2024 年及 2025 年一季度钛白粉行业的价格变化情况如何？ 2024 年全年钛白粉价格呈现下行趋势，尽管在传统旺季（3-4 月和 9-10 月） 通常会有显著上涨，但去年情况有所不同。2024 年初，由于春节检修导致开 工率下降，加之原材料钛矿价格坚挺，一季度钛白粉市场均价有所上升。然而， 随着第一个旺季结束，二季度进入传统淡季，价格逐渐恢复到一季度初的水平。 特别是三季度，本应是销售旺季的 9-10 月份，钛白粉价格累计下滑约 500 元， 库存高位及采购需求不旺导致市场情绪低迷。进入 2025 年一季度后，虽然出 现一定程度的价格上涨，但四月份以后又开始逐渐下滑，上游钛矿价格也从高 位快速下行，目前市场均价约为 1,700 元。 钛白粉行业供给侧面临哪些压力？ 钛白粉行业长期过剩问题日益凸显。2024 年新增产能约 71 万吨，而 2025 年 预计新增产能接近 140 万吨。截至 2024 年底，总产能已达 650 万吨以上，如 果今年新增产能全部投放，到年底国内总产能将达到 800 万吨左右，这几乎接 近全球每年的实 ...

Core Viewpoint - The recent supply-side adjustments and maintenance in the alumina industry have provided a boost to the market, leading to a rebound in alumina prices, with the main contract surpassing the 3000 yuan mark, reaching a one-and-a-half-month high [2][4]. Supply-Side Dynamics - The Ministry of Industry and Information Technology and other departments have issued a plan for high-quality development in the aluminum industry, which includes no new capacity for electrolytic aluminum and alumina in key pollution prevention areas. However, some companies are reportedly circumventing these regulations by launching alumina projects under the guise of "hydroxide alumina" [4]. - Several alumina companies have begun maintenance and production cuts due to increasing losses, leading to a temporary decline in alumina output and supporting price rebounds. Notable production cuts include a major alumina plant in Shanxi and several plants in Shandong and Guizhou, collectively affecting around 300,000 tons of capacity [5][6]. Inventory and Cost Trends - Recent fluctuations in production have led to a decrease in alumina inventory, with total inventory reported at 3.891 million tons, down 55,000 tons from May 1 [7]. - The cost of alumina production is expected to decline due to falling prices of imported bauxite and caustic soda. The weighted average cost of alumina production in China was reported at 3033.4 yuan per ton, down approximately 125 yuan from the previous month [9][11]. Long-Term Outlook - Despite short-term price support from production cuts, the long-term outlook suggests that alumina supply may remain in surplus due to the potential recovery of previously cut capacities and new capacity releases. The industry is projected to add 2.6 million tons of new capacity in May alone [6][11]. - The demand for alumina may face limitations due to a hard cap on electrolytic aluminum production capacity, which is set at 45.5 million tons, restricting significant increases in alumina demand [6]. Market Sentiment - The alumina market is currently experiencing a rebound due to supply-side disruptions and maintenance, but the overall supply-demand balance remains precarious, with potential for continued oversupply in the future. Market participants are advised to monitor capacity release schedules, bauxite price changes, and demand performance closely [11][12].

Core Viewpoint - The inventory situation in the liquor industry has shifted from being a source of profit to a burden for distributors due to declining terminal prices and rising storage costs [1][2]. Inventory Trends - 90% of liquor companies are experiencing an increase in inventory, with companies like Gujinggongjiu showing over 20% year-on-year growth [2]. - As of the end of 2024, 18 out of 20 listed liquor companies reported a year-on-year increase in inventory, with Gujinggongjiu's inventory growing by 25.27% [2]. - The inventory of semi-finished products (including base liquor) at Gujinggongjiu rose from 234,300 tons in 2023 to 293,500 tons in 2024 [2]. Inventory Pressure Transmission - High inventory risks are shifting from the market to upstream enterprises due to weak demand and reduced sales [3]. - The inventory turnover rates and other indicators for liquor companies are deteriorating, indicating a broader industry issue [3]. Inventory Proportions - Over 40% of inventory proportion is reported in several companies, with 13 out of 20 companies showing a year-on-year increase in inventory proportion by the end of 2024 [4]. - By the first quarter of 2025, 17 out of 20 companies continued to show an increase in inventory proportion, with companies like Kuozi Jiao and Shede Jiuye exceeding 40% [4]. - Head companies like Moutai maintain lower inventory proportions, generally below 20% [4]. Market Dynamics - The social attributes of Chinese liquor remain unchanged, particularly for high-end products, which still have strong demand in social settings [5]. - The disparity in inventory levels is influenced by the product structure and development stage of each company [5]. Channel and Inventory Interaction - The differentiation in inventory levels is also reflected in the channel dynamics, with leading companies having established robust sales networks, while smaller companies struggle with market penetration [6]. Base Liquor Inventory Growth - Among the 20 liquor companies, 12 reported an upward trend in inventory goods, with all 16 companies reporting an increase in semi-finished product inventory [7]. - Companies like Jiugui Jiu reported that their inventory accounted for over 34% of total assets, with base liquor making up 67.75% of their inventory value [7]. Production Expansion Amidst Overcapacity - Many liquor companies are still expanding production despite the recognized overcapacity in the industry [8]. - Companies like Shede Jiuye and Jiugui Jiu have low capacity utilization rates, yet continue to expand production [8]. Price Control Strategies - In response to overcapacity and market adjustments, many liquor companies are adopting "volume control to support prices" strategies [9]. - The pricing mechanism is influenced by supply-demand relationships, with companies actively reducing inventory pressure to maintain price differentials [9].

对于精对苯二甲酸(PTA)行业来说，持续不断的贸易战以及贸易政策不确定性给市场带来重重阻力，价 格更是一度跌至近4年低位。后市来看，原料对二甲苯(PX)或维持高位蚕食利润、自身产能过剩难寻泄 压出口，而下游的不景气更是雪上加霜，三方合围下，业内人士认为，PTA价格或持续低谷徘徊。 市场供应充足 我国PTA行业产能扩张明显，新装置不断投产，短短20年就跃升为全球PTA第一大国。截至3月底，我 国PTA总产能达到8620万吨。 卓创资讯分析师安光表示，PTA民营企业的迅速崛起加剧了行业变革，一体化竞争格局形成并逐年强 化。PTA行业龙头供应商几乎全部形成"PX—PTA—聚酯"配套格局，企业应对市场风险能力也得到提 升。 作为PTA重要下游的聚酯行业，国内产能独占全球70%。虽然2020—2024年国内聚酯产能持续增加但增 幅逐步放缓，行业出现过剩危机，新增产能逐步减少，部分落后产能正被迫淘汰出局退出市场。 虽然下游聚酯项目在逐步投产，国内PTA表观需求量呈增长态势，但PTA产能增速高于下游聚酯增速， 市场基本由买方主宰。 原料价格难降 原料PX在经历产能快速释放期后，目前扩能步伐放缓。此前我国PX商品对外依赖度高 ...

证券代码：830809 证券简称：安达科技 公告编号：2025-042 □现场参观 □新闻发布会 □分析师会议 贵州安达科技能源股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 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 担个别及连带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 12 日 活动地点：全景网"投资者关系互动平台"（https://ir.p5w.net） 参会单位及人员：通过网络方式参与公司本次业绩说明会的投资者 上市公司接待人员：1、公司董事长、总经理：刘建波先生；2、公司独立董 事：廖信理先生；3、公司副总经理、董事会秘书：李建国先生；4、公司财务负 责人：申小林先生；5、公司保荐代表人：赵倩女士、谢博维先生。 三、 投资者关系活动主要内容 本次业绩说明会公司就投资者普遍关注的问题进行了沟通与交流，主要问 题及回复如下： 问题 1：公司 4 月份的设备开工率是多少？订单量是否饱和？公司二季度 排产如何？ 回复： ...

以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 作者：侃见财经 来源： 侃见财经 周期之下， 锂电行业还在"渡劫"。 曾经疯狂扩张的产能，都成为当下企业摆脱泥潭的"包袱"。 近期，锂电隔膜龙头企业恩捷股份发布了2025年一季度财报，财报显示，第一季度恩捷股份实现 营收27.29亿元，同比增长17.23%；净利润为2598.66万元，同比下降83.57%；扣非净利润为 2919.57万元，同比下滑80.42%。 | | 本报告期 | 上年同期 | 本报告期比上年同 | | --- | --- | --- | --- | | | | | 期增减(%) | | 营业收入(元) | 2,728,626,155.64 | 2,327,574,815.97 | 17.23% | | 归属于上市公司股东的净利润(元) | 25,986,601.51 | 158,141,200.24 | -83.57% | | 归属于上市公司股东的扣除非经常性损益 的净利润(元) | 29,195,738.48 | 149,108,725.80 | -80.42% | | 经营活动产生的现金流量净额(元) | 12 ...