人民财讯7月29日电，中国光伏行业协会发布澄清公告称，近日，有部分自媒体发布了关于光伏行业反 内卷，特别是多晶硅方面工作的新闻，相关内容与实际情况严重不符。请大家不信谣，不传谣。感谢各 企业的支持，我们将秉着法治化、市场化原则推进反内卷工作，力求尽快走出内卷式恶性竞争。请大家 一切以官方发布信息为准，感谢大家对光伏行业的支持。 ...

7月25日盘后，阳光电源发布《关于部分董事、高级管理人员减持股份的预披露》公告，值得关注的是，这已经是阳光电 源半月内的第二则减持公告，两次减持共涉及高管9名，累计减持75.46万股，若以7月25日收盘价75.78元/股计算，拟减持 金额合计约5718.36万元。 年薪1750万元，阳光电源副董事长顾亦磊带头减持 根据公告，阳光电源职工代表董事、高级副总裁赵为，副总裁陈志强，副总裁彭超才，副总裁、董事会秘书陆阳，副总 裁、财务总监田帅，计划自公告披露之日起十五个交易日后的3个月内(自2025年8月18日至2025年11月17日)以集中竞价或 大宗交易方式减持公司股份合计不超过32.97万股，占目前公司总股本的0.0161%(总股本已剔除公司回购专用证券账户中 持有的公司股份)。 | 股东名称 | 明密 | 拟减持股份数量(股) | 拟减持股份数量占目前公司总股本比 | | --- | --- | --- | --- | | | | | 例 | | 赵为 | 职工代表董事、高级副总裁 | 150,000 | 0.0073% | | 陈志强 | 副总裁 | 131,200 | 0.0064% | | 彭超才 | ...

Core Viewpoint - The Chinese photovoltaic industry is transitioning from "scale expansion" to "high-quality development," with a focus on addressing disordered competition and enhancing product quality [2][4]. Industry Overview - The 2025 Photovoltaic Industry Mid-Year Conference was held in Datong, Shanxi, marking a significant shift for both the region and the industry [2]. - The industry is currently facing challenges such as structural supply-demand imbalances and low-price competition, which have led to many companies incurring losses [8][10]. Demand Forecast - The China Photovoltaic Industry Association has raised its forecast for domestic photovoltaic installations in 2025 to between 270GW and 300GW, indicating a record demand [5][15]. - In the first half of 2025, China's newly installed photovoltaic capacity exceeded 210GW, doubling year-on-year, showcasing a solid demand foundation [12][13]. Industry Self-Regulation - Industry leaders emphasize the need for self-regulation to combat irrational competition and ensure adherence to industry standards [8][9]. - The Ministry of Industry and Information Technology (MIIT) plans to promote the orderly exit of outdated production capacity and strengthen policy guidance [9]. Future Outlook - The photovoltaic industry is expected to transition from explosive growth to stable, high-quality growth, with annual new installations projected to remain around 300GW to support electricity demand growth of 4.5% to 5.5% [16].

Group 1 - The core viewpoint of the articles highlights the increasing confidence in the photovoltaic industry driven by the "anti-involution" policy, which has led to a surge in investment enthusiasm for photovoltaic ETFs [1][2] - The photovoltaic ETF (515790) has seen significant trading activity, with a cumulative net inflow of 2.992 billion yuan since July, and an average daily trading volume of 828 million yuan [1] - The latest share count for the photovoltaic ETF has reached 19.047 billion shares, with a total scale exceeding 14.049 billion yuan, marking a historical peak for the fund [1] Group 2 - The price of silicon materials has shown a notable increase, with a maximum rise of 13.47% recently, indicating a positive impact on the cost structure across the entire photovoltaic industry chain [1] - The photovoltaic industry is undergoing supply-side reforms, with expectations of price adjustments across the supply chain, particularly in polysilicon futures and silicon wafer costs [1] - The release of the international standard for distributed photovoltaic power generation systems enhances China's leading position in the global photovoltaic industry [1][2] Group 3 - The photovoltaic ETF tracks an index that covers the entire photovoltaic industry, selecting up to 50 representative companies, with the top five holdings being leading firms in the sector [2] - The ETF has a large scale and favorable liquidity, with over 220,000 investors holding shares, making it a significant player in the market [2] - The ETF was established on December 7, 2020, and was the first in the photovoltaic sector to be included in margin trading [2]

Summary of Key Points from the Conference Call on the Photovoltaic Industry Industry Overview - The photovoltaic (PV) industry is currently addressing internal competition through price guidance and capacity control, with clear policy directions prohibiting sales below cost price, potentially using benchmark costs as minimum selling prices to stabilize market prices and ensure profitability for companies [1][3][4] Core Insights and Arguments - Significant reduction in internal disagreements within the industry has been observed, with various departments actively releasing policies and holding meetings to promote anti-internal competition actions, involving communication among silicon material, silicon wafer, battery module, and power group sectors [1][5] - Although specific capacity control plans have not yet been released, some proposals have emerged regarding fundraising, capacity acquisition, and pricing, with potential contributions from silicon material companies, MC institutions, and downstream module companies [1][6] - A phenomenon of upward price reporting exists across the industry chain, with upstream silicon material prices rising first, followed by downstream sectors, reflecting market emphasis on policy enforcement [1][8] - Integrated companies in the silicon wafer and module sectors still hold silicon material inventory, with an expected increase in transaction volume in the coming month, indicating a self-regulating market even without specific policy implementation [1][8] Pricing and Profitability - An increase in silicon material prices to over 40 or 60 yuan will significantly enhance the profitability of related companies, with companies like GCL-Poly, New Special, and Daqo already seeing stock price recoveries, although the module sector's price increase remains relatively small [1][10] - The price guidance mechanism includes a benchmark cost line and individual full cost lines, with the benchmark cost being a more reasonable minimum selling price to avoid market concentration among leading companies [1][7] Future Investment Opportunities - The optimistic scenario for the PV industry, such as achieving a silicon material price of 60 yuan and reasonable profit levels, could lead to significant market capitalization growth for companies like GCL-Poly and New Special, with potential valuations reaching over 400 billion yuan [1][11] - New technology developments, particularly in the module sector, are expected to enhance efficiency and reduce costs, providing new growth opportunities for companies [1][13] Technological Developments - High-efficiency components are anticipated to have a slow but noticeable impact in the next six months to a year, with companies like Aiko already showing strong financial performance [1][14] - The introduction of new technologies, such as copper paste materials, is expected to play a crucial role in improving efficiency and reducing costs, further driving the development of the PV industry [1][17][18] Conclusion - The PV industry is navigating through a phase of policy-driven changes aimed at stabilizing prices and enhancing profitability, with significant attention on technological advancements and investment opportunities in high-efficiency components and integrated companies [1][19]

Core Viewpoint - Aiko's recent financial report indicates a significant turnaround, achieving profitability in Q2 2025, marking it as the first major player in the photovoltaic industry to do so during the current market downturn, driven by innovative technology and strategic market focus [1][2][8] Group 1: Financial Performance - Aiko reported a net profit of 0.2 to 1.3 billion yuan in Q2 2025, contrasting sharply with a loss of 17.4 billion yuan in the same period of 2024 [2] - Despite a continued loss of 1.7 to 2.8 billion yuan in the first half of 2025, the Q2 profit signifies a pivotal point in overcoming the industry's cyclical challenges [2] - The company has seen a positive cash flow since Q1 2025, with operating cash inflow of 720 million yuan, marking a turnaround from four consecutive quarters of net outflow [2] Group 2: Market Strategy and Product Performance - Aiko's ABC components have gained significant traction in overseas markets, particularly in Europe, Japan, and Australia, leading to a notable increase in overseas sales proportion [2][3] - The company has achieved a market share leadership in key European countries, with its ABC products maintaining a delivery efficiency of 24.4%, the highest in the industry for 28 consecutive months [3] - The introduction of high-margin household products has contributed to an overall increase in gross margin, while production costs have decreased significantly, nearing the levels of mainstream competitors [2] Group 3: Technological Innovation - Aiko has invested over 3.2 billion yuan in R&D over the past three years, resulting in a robust patent portfolio with 1,021 patents related to BC technology, ensuring a comprehensive intellectual property framework [7] - The company’s copper interconnection technology is positioned as a viable solution to reduce reliance on silver, addressing the industry's sustainability challenges [4][7] - Aiko's ABC components have demonstrated superior performance in real-world tests, outperforming traditional silver-based components in energy generation [5][6] Group 4: Industry Context and Future Outlook - The central government’s recent focus on "anti-involution" measures is expected to lead to supply-side reforms, optimizing the industry landscape [3] - Despite the positive turnaround, challenges remain, including potential price increases in silicon materials and competition from industry giants like Longi and GCL, who are also advancing BC technology [8] - Aiko aims to leverage its technological lead to establish industry standards, transforming its first-mover advantage into a dominant market position [8]

Core Viewpoint - The photovoltaic industry is experiencing a recovery driven by anti-involution policies, leading to a significant rebound in related stocks and creating a favorable environment for companies like XZ.US to pursue an IPO in the U.S. market [1][6]. Industry Overview - The photovoltaic industry is undergoing a transformation with the exit of outdated capacities, which has resulted in a substantial rebound in stock prices for companies like Yamaton and Tuori New Energy, which saw increases of over 50% in just a few trading days [1]. - The industry is facing challenges such as overcapacity and intensified price wars, with average prices for photovoltaic films expected to drop by 20%-30% year-on-year, and an overcapacity rate exceeding 50% [4][5]. Company Profile - XZ.US specializes in the research, production, and sales of transparent solar photovoltaic module encapsulation films, with a current production capacity of 3GW, representing a market share of 2%-3% [3][7]. - The company has significantly increased its fundraising target for its IPO, aiming to raise up to $22.5 million by issuing 3.75 million shares at a price range of $4-6, reflecting a 150% increase in the number of shares compared to previous plans [1][3]. Financial Performance - XZ.US is projected to report revenues of $25.14 million in 2024, a decline of 23.47% from 2023, with a net loss of $340,000 compared to a profit of $458,600 in 2023 [3][5]. - The decline in revenue is attributed to market contraction and increased competition, leading to a 31.7% drop in product prices and a 6.34% decrease in sales volume [3][4]. Strategic Initiatives - The company is focusing on technological breakthroughs and overseas market expansion as key strategies to enhance its competitive position, particularly in high-margin markets [6][7]. - XZ.US has initiated 17 research projects related to photovoltaic film production technology and has begun to expand into the Vietnamese market, establishing a partnership for EVA films [7].

Report Industry Investment Rating - Not provided Core Viewpoints - For industrial silicon, due to lower-than-usual southwest开工 and fewer furnace startups by large northwest manufacturers, the short - term supply - demand pattern has improved. However, after the futures price rebounded, traders faced difficulties in selling, and spot liquidity decreased. It is recommended to wait and see in the short term, and short - sellers should pay attention to stop - losses or use options for protection. For polysilicon, in the short term, it is suitable to buy on dips. In the long - term, considering the expected policy introduction, polysilicon is suitable for long - term long - position layout [2][6][7] Market Analysis Industrial Silicon - On July 16, 2025, the industrial silicon futures price dropped slightly. The main contract 2509 opened at 8740 yuan/ton and closed at 8685 yuan/ton, a decrease of 80 yuan/ton (-0.91%) from the previous settlement. The position of the main contract 2509 was 379,848 lots, and the number of warehouse receipts was 50,215 lots, a decrease of 43 lots from the previous day. The spot price of industrial silicon rose slightly. The downstream's acceptance of the price decreased, and the market's inquiry and trading volume declined. The organic silicon DMC price remained stable, some enterprises' prices rose slightly, pre - sales were good, inventory pressure decreased, and market trading was active [1] Polysilicon - On July 16, 2025, the polysilicon futures main contract 2508 continued to rise, opening at 42,360 yuan/ton and closing at 42,945 yuan/ton, a 1.50% increase from the previous day. The position of the main contract was 71,783 lots (69,821 lots the previous day), and the trading volume was 449,860 lots. The spot price of polysilicon remained stable. The polysilicon manufacturers' inventory increased slightly, while the silicon wafer inventory decreased. The weekly polysilicon production was 22,800 tons, a 5.00% decrease, and the silicon wafer production was 11.50 GW, a 3.37% decrease [3] Silicon Wafers, Battery Cells, and Components - Silicon wafers: The price of domestic N - type 18Xmm silicon wafers was 1.00 yuan/piece, N - type 210mm was 1.35 yuan/piece, and N - type 210R was 1.15 yuan/piece. Battery cells: The price of high - efficiency PERC182 battery cells was 0.27 yuan/W, PERC210 was 0.28 yuan/W, TopconM10 was 0.24 yuan/W, Topcon G12 was 0.26 yuan/W, Topcon210RN was 0.26 yuan/W, and HJT210 half - piece battery was 0.37 yuan/W. Components: The mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.67 - 0.68 yuan/W, and N - type 210mm was 0.67 - 0.68 yuan/W [5] Strategies Industrial Silicon - Short - term: Wait and see [2] Polysilicon - Short - term: Buy on dips [7] Others - No strategies for inter - delivery, inter - commodity, spot - futures, and options trading [4][7] Factors to Monitor - Northwest and southwest resumption of production and new capacity commissioning; polysilicon enterprise operation changes; policy disturbances; macro and capital sentiment; organic silicon enterprise operation conditions; industry self - regulation's impact on upstream and downstream operation; futures listing's impact on the spot market; capital sentiment; policy disturbances [4][7]

Industry Investment Rating - Not provided Core Viewpoints - For the industrial silicon market, the short - term supply - demand fundamentals have improved due to production cuts by large northwest manufacturers and lower - than - usual southwest operations. The futures market has rebounded, and the spot price has strengthened. It is recommended to wait and see in the short term, and short positions need to pay attention to stop - loss or use options for protection [1][2]. - For the polysilicon market, the recent spot transactions have seen higher prices after a significant increase in the spot quotation. Policy disturbances in the photovoltaic industry are numerous, and the market fluctuates greatly. Participants need to pay attention to risk management. In the long - term, it is suitable to buy on dips [3][6]. Market Analysis Industrial Silicon - On July 15, 2025, the industrial silicon futures price rose significantly. The main contract 2509 opened at 8,645 yuan/ton and closed at 8,785 yuan/ton, a change of 240 yuan/ton (2.81%) from the previous settlement. The main contract 2509 had a position of 396,653 lots, and the number of warehouse receipts was 50,258 lots, a change of 168 lots from the previous day [1]. - The industrial silicon spot price increased. The price of East China oxygen - passing 553 silicon was 9,100 - 9,200 yuan/ton (up 150 yuan/ton); 421 silicon was 9,400 - 9,600 yuan/ton (up 200 yuan/ton). The price of Xinjiang oxygen - passing 553 silicon was 8,600 - 8,700 yuan/ton (up 200 yuan/ton), and 99 silicon was 8,500 - 8,600 yuan/ton (up 200 yuan/ton) [1]. - The overall silicon - coal market remained stable, and the raw material cost for silicon plants had no recent changes. However, if the coking coal spot price rises, the silicon - coal price is expected to follow [1]. - The organic silicon DMC was quoted at 10,600 - 11,000 yuan/ton. Affected by the continuous rise of the industrial silicon market, the cost of DMC increased, leading to a slight price increase [1]. Polysilicon - On July 15, 2025, the polysilicon futures main contract 2508 continued to rise, opening at 41,500 yuan/ton and closing at 42,470 yuan/ton, a 2.78% change from the previous trading day. The main contract's position was 69,821 lots (78,328 lots the previous day), and the trading volume was 565,746 lots [3]. - The polysilicon spot price remained stable. The re -投料 was quoted at 32.00 - 33.00 yuan/kg; dense material was 30.00 - 32.00 yuan/kg; cauliflower material was 28.00 - 31.00 yuan/kg; granular silicon was 30.00 - 31.00 yuan/kg, N - type material was 42.00 - 49.00 yuan/kg, and n - type granular silicon was 41.00 - 45.00 yuan/kg (down 0.50 yuan/kg) [3]. - Polysilicon manufacturers' inventory increased slightly, with a 1.40% change, while silicon wafer inventory decreased by 5.70% to 18.13GW. The weekly polysilicon production was 22,800.00 tons, a - 5.00% change, and the silicon wafer production was 11.50GW, a - 3.37% change [3][4]. Silicon Wafers, Battery Cells, and Components - Silicon wafers: The domestic N - type 18Xmm silicon wafer was 1.00 yuan/piece, N - type 210mm was 1.35 yuan/piece, and N - type 210R silicon wafer was 1.15 yuan/piece [4]. - Battery cells: The price of high - efficiency PERC182 battery cells was 0.27 yuan/W; PERC210 was about 0.28 yuan/W; TopconM10 was about 0.24 yuan/W; Topcon G12 was 0.26 yuan/W; Topcon210RN was 0.25 yuan/W; HJT210 half - piece battery was 0.37 yuan/W [4]. - Components: The mainstream transaction price of PERC182mm was 0.67 - 0.74 yuan/W, PERC210mm was 0.69 - 0.73 yuan/W, N - type 182mm was 0.67 - 0.68 yuan/W, and N - type 210mm was 0.67 - 0.68 yuan/W [4]. - The market views and price - adjustment trends of the Top5 component manufacturers were divided. Some leading component companies had raised the distributed guidance price from 0.65 yuan/W to a maximum of 0.7 yuan/W, with an expected increase for centralized projects. Some leading companies were waiting and watching [5]. Strategy Industrial Silicon - Short - term: Wait and see; short positions need to pay attention to stop - loss or use options for protection - Cross - period: None - Cross - variety: None - Futures - spot: None - Options: None [2] Polysilicon - Short - term: Pay attention to risks - Cross - period: None - Cross - variety: None - Futures - spot: None - Options: None - Long - term: Suitable to buy on dips [6]

Summary of the Conference Call on the Photovoltaic Industry Industry Overview - The photovoltaic (PV) industry is currently facing challenges such as overcapacity and market competition issues, prompting government and enterprise self-regulation to stabilize prices and promote healthy development [1][5][6]. Key Points and Arguments - **Government Initiatives**: The National Development and Reform Commission (NDRC) has established a special task force to address market behaviors and stabilize prices through policy guidance and legal measures [1][2]. - **Market Dynamics**: The market is primarily driven by market forces rather than government regulations, with a focus on mergers and acquisitions among leading companies to address overcapacity [2][8]. - **Silicon Material Price Impact**: Rising silicon material prices have increased production costs for downstream battery and component manufacturers, creating pressure but also encouraging innovation and efficiency improvements across the supply chain [1][3]. - **Cost Adjustments**: Companies have adjusted their pricing to align with full cost prices (approximately 45,000 to 50,000 yuan), complying with revised unfair competition laws to prevent below-cost competition [1][7]. - **Technological Innovation**: Emphasis on technological advancements, particularly in silicon materials and battery segments, with BC batteries and cost-reduction technologies being highlighted as key investment areas [1][9][10]. - **Storage Sector Performance**: The energy storage sector has shown strong performance in Q2, benefiting from recovery in Europe, subsidies in Australia, and expedited orders in the U.S. [2][11]. Additional Important Content - **Future Expectations**: The industry anticipates clearer and more executable plans by the end of the year, suggesting a need for ongoing monitoring of policy developments and market changes [4]. - **Recommended Companies**: Specific companies are recommended for investment, including Tongwei, Xiexin, and Daqo in the silicon segment; Aiko and Jinko in the battery segment; and leading storage companies like Nanjing Agricultural Machinery, Deye, Ailuo Jinna, and Pylontech [2][12]. - **Challenges Ahead**: The industry must navigate challenges related to funding, regulatory frameworks, and profit distribution to ensure successful implementation of restructuring plans [8]. This summary encapsulates the critical insights from the conference call regarding the photovoltaic industry, highlighting the interplay between government policy, market dynamics, and technological innovation.