Core Insights - The research team at the Changchun Institute of Applied Chemistry has developed a new type of free radical self-assembled molecular material that addresses the performance issues of hole transport layers in perovskite solar cells, achieving efficiency certification from the U.S. National Renewable Energy Laboratory [1][2] - Perovskite solar cells are gaining attention due to their low cost, high efficiency, and ease of processing, with applications in photovoltaic power generation, vehicle-mounted photovoltaics, and photovoltaic buildings [1] - The new material significantly improves carrier transport efficiency and stability, with carrier transport rates more than doubled compared to traditional materials [2] Industry Implications - The development of this new material could potentially overcome key challenges in the commercialization of perovskite solar cells, which have been hindered by issues such as poor carrier transport capability and chemical stability [1][2] - The perovskite material has become a key choice for many companies in the production of new energy batteries, with 2025 anticipated as a pivotal year for rapid technological advancements in this field [2] - Numerous domestic companies, including Longi Green Energy, are accelerating their investments and strategies in perovskite technology [2]

Core Insights - GCL-Poly's perovskite production base in Kunshan has officially commenced commercial operations, marking a significant milestone in the solar industry [1] - The project represents a total investment of 5 billion yuan, with an initial production capacity of 1 GW and a future target of 2 GW [1] - GCL-Poly aims to create a perovskite industry ecosystem, aspiring for a revenue target of 100 billion yuan [1] Group 1 - GCL-Poly has achieved multiple global records in perovskite technology, including the largest perovskite single-junction and tandem components, as well as the highest efficiency for large-sized components [1] - The company has been committed to the commercialization of perovskite technology since 2013, with significant advancements in component size and efficiency [1][2] - GCL-Poly's perovskite commercial components have passed rigorous testing by T V Rheinland, becoming the first in the world to meet enhanced aging test standards [2] Group 2 - The company has successfully demonstrated perovskite technology in various applications, including a megawatt-level demonstration project in Qinghai and a perovskite energy management station in Shenzhen [3] - GCL-Poly's rapid project execution in Kunshan has set multiple records, including land approval in just 18 working days and project completion milestones [3][4] - The collaboration between GCL-Poly and the city of Kunshan has evolved into a deep integration of industry, technology, and urban development [4][5]

Group 1 - The core achievement of Guangyin Technology is the production of a commercial perovskite module with a size of 1.2m x 0.6m, achieving a power conversion efficiency of 20.7% and a corresponding power output of 149W, marking a significant milestone in perovskite technology [1] - The module's steady-state efficiency reached 20.53%, with a power output of 147.75W, demonstrating "zero degradation" throughout the testing process [1] - This breakthrough is the first time that perovskite technology has surpassed the 20% efficiency threshold for square meter-level commercial modules, which is a critical indicator of technological advancement in the photovoltaic industry [1] Group 2 - Guangyin Technology's production base in Xuzhou High-tech Zone began construction in November last year and achieved full production line connectivity by March 20 this year, facilitating the industrialization of perovskite technology [1] - The company has already secured large-scale commercial orders with a yield rate exceeding 95%, indicating strong market acceptance and operational efficiency [1] - The upcoming launch of solar umbrellas and solar cloaks at the 2025 International Consumer Electronics Show will showcase the large-scale application of perovskite technology in consumer products [1] Group 3 - Some cameras in Xuzhou High-tech Zone are now utilizing perovskite technology, featuring ultra-thin solar panels that provide continuous power supply, enabling "never plug in" functionality [2] - Perovskite cameras are expected to have numerous applications in areas where electrical wiring is difficult, and with built-in energy storage modules, they can maintain power supply even during rainy days [2]

Core Viewpoint - The enthusiasm for perovskite technology among companies stems from the realization that investments in crystalline silicon are often unprofitable, while the photovoltaic market presents significant opportunities, making perovskite the "only choice" [1][4]. Industry Trends - In the past three years, major photovoltaic companies and energy firms have entered the perovskite sector, with expectations for mass production to begin in 2025 [7]. - Companies like GCL-Poly and several startups are building gigawatt-level production lines, indicating a strong commitment to perovskite technology [3][8][9]. - Leading crystalline silicon manufacturers, including LONGi Green Energy and Trina Solar, have also invested in perovskite-silicon tandem cell research, with some already establishing hundred-megawatt production lines [10]. Market Space - Many domestic perovskite companies are targeting applications in areas like streetlights and carports, aiming to penetrate markets that crystalline silicon cannot easily cover [14]. - GCL-Poly has opted to replace crystalline silicon components directly in photovoltaic power plants, indicating a strategic focus on larger-scale applications [15]. - The efficiency of perovskite-silicon tandem cells is projected to reach up to 43%, significantly higher than current crystalline silicon efficiencies, which have not surpassed 26% [18][10]. Technological Complexity - Perovskite technology is considered more complex than crystalline silicon, which may delay the onset of competitive "involution" seen in the crystalline silicon market [5][24]. - The production of perovskite involves significant material innovations, requiring flexible manufacturing capabilities to adapt to new formulations [25][26]. - The transition from single-junction to tandem cells is crucial, as tandem cells can achieve higher efficiencies, but they also present additional technical challenges [28][29]. Future Outlook - The perovskite sector is expected to evolve significantly over the next decade, with the potential for substantial growth and innovation, unlike the stagnation seen in the crystalline silicon market [31].

Core Viewpoint - The increasing interest in perovskite solar cells is driven by the realization that investments in crystalline silicon are often unprofitable, making perovskite the "only choice" for companies in the photovoltaic market [3][4]. Industry Development - Over the past three years, major photovoltaic companies and energy firms have entered the perovskite sector, with expectations for mass production to begin in 2025. Companies like GCL-Poly and others are establishing GW-level production lines [4][6]. - GCL-Poly has set up a GW-scale production base for perovskite tandem modules, aiming for a 500MW production line by the end of the year [4]. - Other companies, including Renshou Energy and Xina Solar, are also planning to launch 500MW production lines within the year [4]. Technological Advancements - The theoretical efficiency limit for perovskite tandem cells is 43%, which is seen as a mainstream technology to surpass the efficiency limits of single crystalline silicon cells [5]. - Companies like LONGi Green Energy and Tongwei Co. are investing in perovskite-silicon tandem cell research, with some already establishing MW-level production lines [5][6]. Market Opportunities - Many domestic perovskite companies are targeting applications in areas like streetlights and carports, aiming to penetrate markets that crystalline silicon cannot easily cover [8]. - GCL-Poly is focusing on directly replacing crystalline silicon components in photovoltaic power stations, with a recent project in Qinghai utilizing perovskite components [9][10]. Cost and Efficiency Considerations - The production cost of perovskite is theoretically lower than that of crystalline silicon, but current production costs remain high due to limited capacity [11]. - The cost of components in photovoltaic systems is decreasing in significance, with balance of system (BOS) costs becoming more dominant [10]. Competitive Landscape - The photovoltaic industry has seen a shift from PERC to TOPCon and other technologies, leading to a situation where many companies are experiencing losses due to oversupply [13]. - The complexity of perovskite production may prevent it from entering a similar "involution" phase as seen with crystalline silicon technologies, as each new formulation represents a new product [14][15].

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including CATL, Keda, and others [4]. Core Insights - The global power battery installation volume increased by 40.2% year-on-year in the first four months of 2025, reaching 308.5 GWh, with CATL leading the market with a share of 38.1% [2][9]. - The SNEC PV&ES International Photovoltaic and Energy Storage Exhibition showcased a shift towards high-efficiency N-type components, indicating a significant technological evolution in the solar industry [3][26]. - The Hami-Chongqing ±800 kV UHVDC project has been commissioned, marking a significant advancement in China's energy transmission capabilities, with a total investment of 28.6 billion yuan [4][47]. Summary by Sections 1. New Energy Vehicles - In the first four months of 2025, global power battery installation reached 308.5 GWh, a 40.2% increase year-on-year, with CATL and BYD holding a combined market share of 55.4% [2][9]. - CATL's market share rose to 38.1%, while BYD's increased to 17.3%, reflecting a strong competitive landscape [13][14]. 2. Photovoltaics - The SNEC exhibition highlighted the transition to N-type technology, with major manufacturers launching high-power components exceeding 800W [3][26]. - The industry is witnessing a shift towards perovskite technology, which is expected to drive future developments in solar cell technology [28][29]. 3. Electric Equipment and Industrial Control - The Hami-Chongqing UHVDC project, with a total investment of 28.6 billion yuan, is the first to transmit power from the desert renewable energy base, significantly enhancing energy supply security in the region [4][47]. - The project is expected to deliver over 36 billion kWh annually, replacing approximately 6 million tons of coal and reducing CO2 emissions by about 16 million tons [47].

Core Viewpoint - The photovoltaic industry is experiencing intensified competition, with technological innovation and cost reduction becoming the main themes for development. Perovskite solar cells are seen as a crucial technology to break through the efficiency bottleneck of traditional photovoltaics, with significant investments from major companies in this area [1][3]. Industry Developments - Perovskite solar cells have advantages such as high photoelectric conversion efficiency, adjustable bandgap, and substantial cost reduction potential. The theoretical maximum efficiency for single-junction perovskite cells is 33%, while perovskite tandem cells could exceed 40% [1]. - Major companies like Longi Green Energy, JinkoSolar, GCL-Poly, and Trina Solar are actively investing in the research and development of perovskite-silicon tandem cells, transitioning from experimental to pilot production lines [1][2]. Company Strategies - Longi Green Energy has proposed a "dual-wheel drive" strategy focusing on innovation and collaboration, with significant investments in cutting-edge fields such as perovskite technology [2]. - Trina Solar anticipates that perovskite-silicon tandem cell technology will become mainstream, with expected efficiency improvements of 4 percentage points over current crystalline silicon cells [2]. - JinkoSolar is leveraging AI technology to accelerate the development of tandem cells, achieving an experimental efficiency of 34.22% for perovskite-silicon tandem cells [2]. Investment and Funding - Maiwei Co., a leading photovoltaic equipment manufacturer, plans to raise 1.967 billion yuan through convertible bonds for the industrialization of perovskite tandem solar cell equipment, reflecting the growing investment demand in this sector [3]. - GCL-Poly has initiated a 10 billion yuan perovskite industry fund and a 3 billion yuan perovskite equipment fund, indicating a comprehensive approach to commercializing perovskite technology [3]. Commercialization Outlook - Despite existing challenges in mass production, such as stability and cost reduction, there is a consensus that perovskite technology is the future of photovoltaics. Companies are accelerating the industrialization process through various models [3][4]. - The integration of perovskite with silicon cells is seen as a key development, with potential efficiency improvements of 50% and cost reductions of 20% compared to traditional components [4]. Policy Support - The Chinese government has introduced multiple policies to support the development of the perovskite solar cell industry, emphasizing the need to master new generation high-efficiency and low-cost photovoltaic technologies [5]. - The ongoing collaboration between leading companies and research institutions is expected to further enhance the commercialization prospects of perovskite solar cells [5].

Core Viewpoint - The development of perovskite technology is transforming solar energy applications, enabling lightweight and flexible solar components that can be integrated into consumer electronics, IoT devices, and smart home products, thus unlocking a trillion-dollar market potential [3][4][6]. Industry Insights - The solar industry has shown that relying solely on mass production and large-scale solar power plants is insufficient for substantial profits; instead, consumer electronics present numerous opportunities for perovskite applications [3][4]. - The demand for electricity is increasing alongside advancements in AI technology, highlighting the need for innovative solar solutions that can provide power in various everyday scenarios [4]. Company Developments - Lightyear Technology has partnered with Anker Innovation to launch solar umbrellas and solar cloaks, allowing outdoor energy supply for electronic devices; they also introduced the world's first perovskite AI smart camera, marking a significant milestone in battery-free IoT products [5][6]. - The company aims to achieve full scene coverage from consumer to energy sectors, focusing on applications in IoT, building-integrated photovoltaics (BIPV), and distributed power stations [5][6]. Technological Advancements - Perovskite components have surpassed traditional thin-film technologies in efficiency and stability, and their manufacturing energy consumption is only one-fifth that of silicon, with potential cost reductions exceeding 50% [6][8]. - The commercial viability of perovskite technology is being demonstrated through its application in consumer electronics, with expectations for broader adoption in household, balcony, building-integrated, and automotive solar markets [6][8]. Market Strategy - The company is strategically entering the consumer market first, where perovskite technology is more readily accepted, allowing for initial profitability and subsequent expansion of production capacity [7][8]. - Perovskite components are particularly suited for applications with lower lifespan requirements, such as wearable and IoT devices, where their lightweight, flexible, and customizable features can be effectively utilized [8].

1. Report Industry Investment Rating - The report maintains a bullish view on Shanghai copper [8] 2. Core View of the Report - The tight spot market situation in both Shanghai and LME copper is expected to continue, providing support for copper prices [8] 3. Summary by Related Catalogs 3.1 Market Review and Operation Suggestions - Shanghai copper fluctuated and rose, once again surpassing 79,000. The domestic spot market remained tight, and the spot premium increased instead of decreasing as the delivery approached, but the monthly spread on the futures market narrowed [8] - The LME market continued to reduce inventories. On Wednesday, LME inventories decreased by 950 tons to 119,000 tons, and the LME 0 - 3 back structure widened to 84. It is expected that LME copper inventories will continue to decline, and the 0 - 3 back structure is also expected to widen, which may open the window for domestic refined copper exports. Coupled with the decline in domestic refinery production, the further narrowing space of the Shanghai copper back structure is limited [8] 3.2 Industry News - From January to March 2025, Jinchuan International's copper production increased by about 6.8% year - on - year to 13,914 tons, mainly due to the unstable power supply at the Ruashi mine. Cobalt production decreased by about 86.6% year - on - year to 71 tons, and copper sales decreased by about 9.5% year - on - year to 11,957 tons. The company continued to be suspended from trading [9] - On June 10, JinkoSolar held a press conference for its TOPCon technology and Tiger Neo 3.0 commercial solution white paper. The Tiger Neo 3.0 product is planned for mass production in the second half of the year, with a power efficiency of 670W/24.8%. The combined production capacity of Tiger Neo 2.0 and Tiger Neo 3.0 by the end of 2025 will be 40 - 50GW+. The company's R & D deputy general manager said that TOPCon batteries and their upgraded technologies still have broad efficiency improvement space [9] - In May, LME's Russian copper inventories decreased by 27,350 tons, including 14,800 tons of "Category 2" Russian copper, which British companies and citizens are prohibited from buying according to UK sanctions. This transaction highlights the tight situation in the LME copper market, where overall inventories have dropped to the lowest level in nearly two years [10]

内容概要：中国钙钛矿行业正处于从实验室创新向规模化量产的关键转型期，在技术研发、产线建设和 商业应用三个维度均实现重大突破。2023年行业实现单结电池实验室效率突破26%，建成7条百兆瓦级 量产线，组件成本已降至0.5元/W。随着协鑫光电100MW量产线和纤纳光电150MW产线的相继投运， 行业即将迎来产能爆发期，预计2025年规划产能突破2GW，到2030年随着叠层技术成熟和稳定性问题 解决，实际年产能有望突破40GW，占据光伏市场近10%份额。 上市企业：晶科能源（688223.SH）、通威股份（600438.SH）、晶澳科技（002459.SZ）、隆基绿能 （601012.SH） 相关企业：杭州纤纳光电科技股份有限公司、极电光能有限公司、昆山协鑫光电材料有限公司、杭州众 能光电科技有限公司、湖北万度光能有限责任公司、北京曜能科技有限公司 关键词：钙钛矿、钙钛矿发展历程、钙钛矿产业链、钙钛矿发展现状、钙钛矿行业竞争格局、钙钛矿发 展趋势 一、钙钛矿行业相关概述 钙钛矿是一类具有特定晶体结构（化学通式为 ABX₃）的功能材料，其中 A 位通常为有机或无机阳离子 （如甲胺离子、铯离子），B 位为过渡金属阳离子 ...