天合光能表示，报告期内，光伏行业仍面临阶段性供需失衡，产业链各环节开工率处于低位，市场竞争 进一步加剧，叠加国际贸易保护政策持续影响，上半年光伏产品价格承压。 作者 | 戴嘉怡 李煜 2月26日晚间，天合光能发布2025年度业绩快报。 经其财务部门初步核算，该公司2025年实现营业总收入672.79亿元，同比减少16.20%；归母净利润亏损 69.94亿元，上年同期亏损34.43亿元，亏损幅度进一步扩大。 报告期末，该公司总资产为1162.81亿元，较期初减少6.18%；归属于母公司的所有者权益为217.69亿 元，较期初减少17.47%。 天合光能表示，报告期内，光伏行业仍面临阶段性供需失衡，产业链各环节开工率处于低位，市场竞争 进一步加剧，叠加国际贸易保护政策持续影响，上半年光伏产品价格承压。 作者 | 戴嘉怡 李煜 2月26日晚间，天合光能发布2025年度业绩快报。 对于上述业绩变化，天合光能表示，报告期内，光伏行业仍面临阶段性供需失衡，产业链各环节开工率 处于低位，市场竞争进一步加剧，叠加国际贸易保护政策持续影响，上半年光伏产品价格较去年同期普 遍承压；尽管下半年光伏产品价格在行业反内卷工作推进下逐步 ...

Market Overview - The Hong Kong stock market experienced a rebound on February 27, with the Hang Seng Index rising by 0.95% to close at 26,630.54 points, and the trading volume increased to 288.42 billion HKD from 259.28 billion HKD on the previous trading day [3] - The Hang Seng Tech Index also saw a slight increase of 0.56%, closing at 5,137.84 points, although it had previously declined for three consecutive trading days, with a cumulative drop of 10.27% over the past month [3][4] Sector Performance - The market displayed a "strong cyclical, differentiated technology, and weak consumer" characteristic, with coal (+4.37%), steel (+3.91%), and agricultural chemicals (+2.90%) leading the gains, driven by rising commodity prices and expectations of domestic growth policies [4] - Conversely, the airline sector (-3.00%), semiconductor materials and equipment (-2.81%), and paper and forestry products (-2.38%) faced declines, influenced by falling ticket prices post-Spring Festival and a significant drop in Nvidia's stock [4] Stock Highlights - Small-cap stocks performed exceptionally well, with notable gains from Changcheng Weiguang (+154.84%), Xingtai Chain Group (+63.52%), and Yuanli Holdings (+56.64%) [4][6] - On the other hand, Semai Holdings (-32.00%), Bairong Cloud-W (-18.78%), and Ying Yuzhou (-17.05%) experienced the largest declines, with Bairong Cloud-W possibly affected by adjustments in earnings expectations [4][6] Trading Volume Insights - The top three stocks by trading volume were Tencent Holdings (16.776 billion HKD), Alibaba-W (12.742 billion HKD), and Changfei Optical Fiber (9.101 billion HKD), with Changfei benefiting from its inclusion in the MSCI China Index [5][6] Corporate Developments - Baidu Group reported that AI business revenue accounted for 43% of its total, exceeding market expectations, while Alibaba announced the launch of the world's first "Qianwen" AI glasses, set for pre-order on March 2 [6] - BeiGene (6160.HK) achieved a net profit of 1.422 billion HKD for 2025, marking its first year of profitability [6] Market Sentiment and Future Outlook - The State Council issued opinions on improving the national unified electricity market system, raising profit improvement expectations for the electricity sector [7] - The MSCI China Index quarterly adjustment took effect, adding 33 A-share stocks focused on technology and semiconductors [7] - The Hong Kong Stock Exchange reported record high performance for 2025, with revenue of 29.161 billion HKD (up 30.3% year-on-year) and net profit of 17.754 billion HKD (up 36.0% year-on-year) [7] - The Hang Seng AH premium index fell to 118.81, indicating continued buying pressure from public funds in Hong Kong stocks [7] - Huashan Fund noted that the Hang Seng Tech Index has corrected 18% since its peak in October last year, with the risk-reward ratio gradually improving as the index remains sensitive to global liquidity and risk sentiment [7][8]

电力设备及新能源 《电力设备及新能源行业月报：硅片、电池 报价大幅提高，关注细分行业龙头》 2025- 12-26 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深 300 指数表现 资料来源：聚源数据，中原证券研究所 -17% -8% 1% 10% 18% 27% 36% 45% 2025.02 2025.06 2025.10 2026.02 电力设备及新能源 沪深300 相关报告 《电力设备及新能源行业月报：全年新增装 机超 300GW，关注太空光伏商业化进展》 2026-01-28 《电力设备及新能源行业点评报告："十五 五"国网投资四万亿，国内外电气设备需求 旺盛》 2026-01-20 ⚫ 光伏行业治理内卷是政策重点，2026 年国内新增装机预期有所下 滑。光伏行业当前正处于新一轮的深度调整期，2026 年是光伏行 业治理的攻坚之年，治理行业"内卷"是政策重点。工信部将通过 加强部门协同，统筹施策，综合运用产能的调控、标准的引领、质 量监督、价格执法、防范垄断风险、加 ...

流动性方面，科创100ETF鹏华盘中换手4.05%，成交4.31亿元。拉长时间看，截至2月26日，科创 100ETF鹏华近1周日均成交6.03亿元，昨日单日净流入达4.44亿元。 科创100ETF鹏华紧密跟踪上证科创板100指数，上证科创板100指数从上海证券交易所科创板中选取市 值中等且流动性较好的100只证券作为样本。上证科创板100指数与上证科创板50成份指数共同构成上证 科创板规模指数系列，反映科创板市场不同市值规模上市公司证券的整体表现。 数据显示，截至2026年1月30日，上证科创板100指数(000698)前十大权重股分别为华虹公司、源杰科 技、东芯股份、睿创微纳、中科飞测、国盾量子、芯源微、百济神州、安集科技、复旦微电，前十大权 重股合计占比27.42%。 科创100ETF鹏华(588220)，场外联接(A：019861；C：019862；I：022845)。 消息面上，全球算力需求高涨，单纯依赖地面数据中心逐步显现瓶颈，太空算力已成为卫星新的应用场 景。据Starcloud白皮书，在太空部署40MW数据中心（10年运行）总成本约820万美元，相比地面数据 中心的1.67亿美元，降低95%。S ...

Core Viewpoint - The article discusses the recent surge in interest around the "space photovoltaic" concept, driven by Elon Musk's statements, and highlights the regulatory scrutiny faced by companies attempting to capitalize on this trend through misleading disclosures [1][2]. Group 1: Regulatory Actions - Several companies in the photovoltaic and lithium battery sectors have received regulatory warnings for improper disclosures since February, including Shuangliang Energy and Trina Solar, which were cautioned for misleading statements regarding their collaborations with SpaceX [1][2]. - The Shanghai Stock Exchange emphasized the need for accurate and complete information disclosure, particularly in light of heightened market interest in collaborations between Chinese photovoltaic companies and SpaceX [4]. Group 2: Market Reactions - Following Musk's endorsement of "space photovoltaics" at the World Economic Forum, the photovoltaic sector saw a significant market reaction, with a total market capitalization increase of 178.5 billion yuan on January 23 [2]. - Companies like Shuangliang Energy experienced a sharp stock price increase after announcing orders related to SpaceX, but subsequent regulatory warnings led to a rapid decline in their stock prices, highlighting the volatility associated with speculative trading [3][6]. Group 3: Investor Guidance - Investors are advised to critically assess the credibility of claims made by companies regarding their involvement in high-profile projects, as many companies lack objective evidence to support their assertions [7]. - The article suggests that investors should evaluate the alignment between a company's current capabilities and its ambitious claims, particularly in sectors like commercial space and AI, to avoid becoming "high-priced buyers" [7]. Group 4: Corporate Governance and Compliance - The article stresses that effective market value management should focus on compliance and value creation rather than mere stock price manipulation, urging companies to enhance governance and profitability before engaging in public disclosures [8].

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 2026年2月27日，太空光伏概念持续走强，光伏ETF华夏（515370）上涨1.51%，持仓股聚合材料涨 超13%，钧达股份、南网电源涨停。 我国以高价值卫星与差异化竞争为导向，已形成国家院所、光伏龙头、专精特新材料装备三大主体 协同的产业格局，在高性能砷化镓柔性太阳翼领域建成完整产业链。例如，航天科技集团八院811所三 结砷化镓电池在轨应用成熟，转换效率超30%；旗下上海太阳能工程技术研究中心正推进商业航天用钙 钛矿/晶硅复合叠层电池研发。光伏龙头加速商业化落地，天合光能明确2026年加快钙钛矿量产与商业 化，助力太空光伏产业发展。 广发证券表示，AI巨头群雄逐鹿，"算力上天"已成共识。在此推动下，太空光伏作为主要供能形式 有望深度受益，预计未来有望为光伏设备累计带来千亿级市场空间。 光伏ETF华夏（515370）及 ...

格隆汇2月27日丨太力科技(301595.SZ)在投资者互动平台表示，公司相关材料技术暂未应用于柔性光 伏、太空光伏领域，公司会持续关注材料应用的新领域和新机会，若有相关业务拓展，将及时依规披 露。 ...

值得一提的是，光伏ETF(159857)盘中申购已超1亿份。 | | 光伏ETF द्रे 159857 | | --- | --- | | | FO V 品 照 | | 实时申购赎回信息 | 申购 岐口 | | 筆数 | વેર 40 | | 金额 | O O | | 份额 | 1.05亿 4000万 | 截至2月26日，光伏ETF(159857)近1月规模增长1.18亿元，近1月份额增长1.53亿份，实现显著增长。 资金流入方面，光伏ETF(159857)近13个交易日合计"吸金"3832.41万元。 【产品亮点】 光伏ETF(159857)有望成为投资者把握全球新能源革命、布局光伏产业核心资产的高效工具，在行业周期修复与技术突破中持续受益。 截至2026年2月27日 13:22，光伏ETF(159857)盘中换手10.52%，成交2.58亿元，市场交投活跃。跟踪的中证光伏产业指数(931151)强势上涨1.11%，成分 股聚和材料上涨12.20%，南网能源上涨10.04%，钧达股份上涨10.00%，金开新能，拉普拉斯等个股跟涨。 2月27日，光伏设备概念股走高，太空光伏方向逆势活跃。A股钧达股份涨停，H ...

港股恒生指数涨0.75%，涨197点，报26578点；恒生科技指数涨1.03%。港股早盘成交1218亿港元。 国富氢能(02582)再涨2%，公司参与国家级核聚变研究平台低温系统项目。 金力永磁（300748）(06680)涨4.36%，稀土近段时间持续上涨，机构指政策驱动型涨价支撑坚实。 国富量子(00290)再涨超5%，近七个交易日股价累涨四成，公司有望下月入通。 鹰普精密(01286)涨超5%再创上市新高，年初至今股价累计涨超七成。 云知声(09678)涨7.65%，推出Unisound U1-OCR文档智能基础大模型。 亚博科技控股(08279)再涨超7%，节后累涨近140%，携手港金所开发国际贵金属交易平台。 今日盘后正式进入MSCI中国指数，小马智行-W(02026)涨6.78%，禾赛-W(02525)涨超4%。MSCI此前公 布了其2026年2月的指数季度调整结果。此次调整中，MSCI中国指数新纳入37只股票、包括小马智行、 商汤、禾赛等，此次调整将于2月27日收盘后生效。 钧达股份（002865）(02865)涨超21%，机构看好太空光伏打造新增长空间。 新鸿基地产(00016)涨7%，基础溢 ...

智通财经APP获悉，港股恒生指数涨0.75%，涨197点，报26578点；恒生科技指数涨1.03%。港股早盘成 交1218亿港元。 今日盘后正式进入MSCI中国指数，小马智行-W(02026)涨6.78%，禾赛-W(02525)涨超4%。MSCI此前公 布了其2026年2月的指数季度调整结果。此次调整中，MSCI中国指数新纳入37只股票、包括小马智行、 商汤、禾赛等，此次调整将于2月27日收盘后生效。 钧达股份(02865)涨超21%，机构看好太空光伏打造新增长空间。 周大福创建(00659)绩后跌超3%，中期纯利同比增超15%，派息28港仙同比增加约3%。 国富量子(00290)再涨超5%，近七个交易日股价累涨四成，公司有望下月入通。 鹰普精密(01286)涨超5%再创上市新高，年初至今股价累计涨超七成。 云知声(09678)涨7.65%，推出 Unisound U1-OCR文档智能基础大模型。 国富氢能(02582)再涨2%，公司参与国家级核聚变研究平台低温系统项目。 亚博科技控股(08279)再涨超7%，节后累涨近140%，携手港金所开发国际贵金属交易平台。 新鸿基地产（00016）涨7%，基础溢利增1 ...