周度报告——光伏玻璃 亏损程度明显加深，光伏玻璃行业减产持续 [T报ab告le_日R期an：k] 2025 年 7 月 1 日 ★光伏玻璃基本面周度表现（截至 2025/6/27 当周）： 截至 6 月 27 日，国内光伏玻璃 2.0mm 镀膜（面板）主流价格 为 11 元/平米，环比上周持平；3.2mm 镀膜主流价格为 18 元/ 平米，亦环比上周持平。当前光伏玻璃价格创历史新低，市场竞 争加剧。 上周国内光伏玻璃供应端继续减产，无光伏玻璃产线冷修，有三 家企业堵窑口减产，合计堵窑口 10 个。随着行业库存压力持续 累积，亏损程度加深将继续对生产企业生产计划造成负面影响。 能 源 目前光伏玻璃需求端仍偏弱，月末阶段订单明显不足。本周进入 7 月份，需求表现预计与 6 月份相比波动不大。 化 工 上周处于月末阶段，订单明显不足，行业库存增幅加大，短期供 大于需的局面难以扭转，累库趋势仍将延续。 上周行业毛利润大幅下滑，亏损程度进一步加深。近期行业累库 压力逐步加剧，部分企业低价加速抢单出货，光伏玻璃利润水平 持续下滑。 ★ 供需分析： 随着行业亏损程度持续加深，将倒逼光伏玻璃企业加速减产冷 修，7 月份需求表 ...

风范股份（601700）公告，公司拟与控股子公司晶樱光电签署股权转让协议，以自有资金4800万元收购 晶樱光电下属全资孙公司扬州旭樱新能源科技有限公司及其下属全资公司的8个光伏电站项目公司100% 股权。交易完成后，扬州旭樱将成为风范股份的全资孙公司。此次交易旨在梳理公司业务结构，突出板 块业务特征。交易不构成关联交易，也不构成重大资产重组。交易已于2025年6月30日经公司第六届董 事会第十四次会议审议通过，无需提交股东会审议。交易对手方为公司控股公司，不存在可能或已经造 成公司对其利益倾斜的其他关系。交易标的公司最近主要财务数据显示，截至2025年5月31日，资产总 额为2251.36万元，负债总额为2214.58万元，净资产为36.78万元，营业收入为40.14万元，营业利润为 13.61万元，净利润为13.27万元。 ...

Core Viewpoint - Longi Green Energy held its 2024 annual shareholder meeting on June 30, where all proposals were approved, including board member elections and management changes [1] Group 1: Management Changes - The new board consists of 9 members, including 5 non-independent directors and 3 independent directors, with the founder Li Zhenguo stepping down to focus on research [1] - Zhong Baoshan will assume both the chairman and general manager roles, ensuring continuity in operations and clearer authority distribution [1] Group 2: Production and Capacity - Longi Green Energy's HPBC 2.0 module production reached 2GW in June, with targets of 3GW in September and 4GW in November, aiming for an annual capacity equivalent to 50GW by year-end [1] - Current silicon wafer operating rate is approximately 60%, with battery production at full capacity and module operating rates between 70%-75% [1] Group 3: Industry Insights - Discussions at the shareholder meeting included topics such as BC battery research and the need for industry consolidation to address internal competition [1] - Longi Green Energy is focusing on hydrogen energy as a key growth area, currently in the incubation stage due to global decarbonization demands [1] - There are ongoing technical challenges with perovskite technology, but Longi has a research team with goals set for market entry by 2030 [1]

特殊商品： 玻璃、纯碱、工业硅、天然橡胶、多晶硅 证监许可【2011】1292 号 联系信息： 2025 年 7 月 1 日星期二 广发早知道-特殊商品版 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 蒋诗语（投资咨询资格编号：Z0017002） 电话：020- 88818019 邮箱：jiangshiyu@gf.com.cn 纪元菲（投资咨询资格编号：Z0013180） 电话：020- 88818012 邮箱：jiyuanfei@gf.com.cn 寇帝斯（投资咨询资格编号：Z0021810） 电话：020- 88818037 邮箱：koudisi@gf.com.cn 本报告中所有观点仅供参考，请务必阅读正文之后的免责声明。 2025 年 7 月 1 日星期二 广发期货早评 | | | 分品种简评图 | | | --- | --- | --- | --- | | 品种 | 主力合约 | 点评 | 操作建议 | | 橡胶 | RU2509 | 基本面走弱预期，空单继续持有 | 14000 以上空单继续持有 | | 工业硅 | ...

| 工业硅&多晶硅日评20250701：供给端扰动，价格低位反弹 | 单位 | 今值 | 变动 | 近期趋势 | 2025/7/1 | 指标 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 元/吨 | 不通氧553#（华东）平均价格 | 8,200.00 | 1.23% | 工业硅期现价格 | 元/吨 | 8,060.00 | 0.37% | 期货主力合约收盘价 | | 元/吨 | 基差（华东553#-期货主力） | 140.00 | 70.00 | 元/千克 | 33.50 | 0.00% | N型多晶硅料 | | | 多晶硅期现价格 | 元/吨 | 33,535.00 | 0.66% | 期货主力合约收盘价 | -35.00 | -220.00 | 基差 | 元/吨 | | 元/吨 | 不通氧553#（华东）平均价格 | 8,200.00 | 1.23% | 元/吨 | 不通氧553#（黄埔港）平均价格 | 8,200.00 | 0.61% | | | 元/吨 | 不通氧553#（天津港）平均价格 | 8,100.00 | 1 ...

Core Insights - The 18th SNEC Photovoltaic Exhibition highlights the ongoing deep restructuring of the photovoltaic industry, with a consensus among participants on the need for innovation and collaboration to drive development [1][2] - The Chinese photovoltaic industry has evolved from a follower to a global leader over the past 20 years, now accounting for over 80% of global capacity and output across all segments of the industry chain by 2025 [1] - Despite challenges such as overcapacity and international trade barriers, industry professionals remain optimistic about future growth, with many companies reporting plans for diversification and technological advancements [2][3] Industry Overview - The exhibition covered nearly 400,000 square meters and attracted over 50,000 visitors from more than 90 countries, with 3,500 companies participating, including 30% international exhibitors [2] - Many companies are focusing on retaining talent and investing in new product development to prepare for future market opportunities, with some expecting revenue growth of 50% to 60% this year [2] - The industry is experiencing structural differentiation, with companies exploring new niche markets and forming alliances to enhance competitiveness [3] Future Outlook - The event featured over 20 parallel forums aimed at promoting healthy competition and development within the industry, emphasizing the importance of international collaboration in building a clean, low-carbon, and efficient modern energy system [3]

Core Viewpoint - Wuxi Xinhongye Cable Technology Co., Ltd. plans to raise up to 300 million yuan through a private placement to fund three major technology projects, emphasizing that this issuance will not lead to a change in control [1][2][5]. Summary by Sections Fundraising Plan - The company intends to issue shares to no more than 35 specific investors, with the issuance price set at no less than 80% of the average trading price over the previous 20 trading days [2]. - The total amount to be raised is capped at 300 million yuan, which will be allocated to three key projects [2][3]. Investment Projects - The three projects include: 1. Super Fusion Conductor Cable R&D and Industrialization Project: approximately 202.6 million yuan [2][3]. 2. High-Power Charging Connection and Cooling System R&D and Industrialization Project: approximately 51.8 million yuan [2][3]. 3. New Generation Special Cables and Electrical Penetration Components for Nuclear Power Plants: approximately 45.6 million yuan [2][3]. - The total investment for these projects is 319 million yuan, with the fundraising covering 300 million yuan [3]. Financial Performance - In 2024, the company reported revenue of 2.648 billion yuan, a year-on-year increase of 32.33%, but net profit fell to 116 million yuan, a decline of 29.61%, indicating a "revenue growth without profit growth" situation [4]. - The gross margin for various product segments has decreased, with notable declines in the gross margin for electric vehicle cables (down 2.38 percentage points), photovoltaic cables (down 3.02 percentage points), and industrial cables (down 5.94 percentage points) [4]. Market Context - The company views this fundraising as a critical move to address the dual pressures of rising costs and competition [5]. - The global copper price has been fluctuating at high levels since 2021, significantly impacting cable manufacturers' cost structures [6]. - The Super Fusion Conductor project aims to reduce copper usage while maintaining conductivity, potentially alleviating raw material cost pressures if successfully industrialized [7]. Stock Market Reaction - Following the announcement of the private placement plan on June 27, the company's stock price dropped by 6.49%, resulting in a market capitalization below 5 billion yuan [8].

Core Viewpoint - Leshan Electric Power has made significant advancements in its business operations, particularly in virtual power plants, energy storage, and solar energy projects, indicating a strong commitment to transforming its energy services and enhancing market competitiveness [1][2][3]. Group 1: Virtual Power Plant Developments - Leshan Electric Power has officially connected its virtual power plant to the new load management system of the Sichuan Provincial Power Load Management Center, marking a key milestone in its operational capabilities [1]. - The virtual power plant project has integrated various entities, including industrial and commercial users, energy storage stations, and charging piles, achieving a total capacity of 216.61 MW with a load adjustment capability of 20 MW [1]. Group 2: Energy Storage Projects - Leshan Electric Power's subsidiary, LeDian New Energy, has successfully won a bid for a 100 MW/200 MWh independent energy storage project, marking a breakthrough in external grid-side energy storage operations [2]. - The total operational capacity of LeDian New Energy's grid-side energy storage now stands at 200 MW, making it the largest in Sichuan Province [2]. Group 3: Solar Energy Initiatives - The company has completed the construction of its first "solar-charging integrated" demonstration project at a parking lot for Sichuan Electric Vehicle Co., which is designed to maximize green energy output [2]. - This solar project is expected to generate enough electricity to meet the charging needs of approximately 800 electric vehicles annually, reducing carbon dioxide emissions by nearly 130 tons each year [2]. Group 4: Strategic Development Plans - Leshan Electric Power has outlined a "33221" development strategy for 2024, focusing on new energy, new industries, and new platforms to strengthen and expand its operations [3]. - The company is actively pursuing transformation by expanding into new energy storage, virtual power plants, and innovative service sectors, with early investments beginning to yield positive results [3]. Group 5: Market Recognition and Financial Performance - The company's transformation strategy has gained recognition in the capital market, successfully raising nearly 200 million yuan through a private placement earlier this year [4]. - Since April, Leshan Electric Power's stock price has increased by 109.64%, with a maximum cumulative increase of 183.91% during this period [5]. Group 6: Future Outlook - In 2025, Leshan Electric Power plans to deepen its transformation efforts by enhancing energy storage collaboration across various sectors and accelerating project development throughout Sichuan Province [6]. - The company aims to strengthen its design, construction, and operation and maintenance supply chain in the energy sector [6].

Core Viewpoint - Wuxi Jiangsong Technology Co., Ltd. plans to go public on the ChiNext board, focusing on photovoltaic cell production equipment, amidst a competitive environment in the solar industry that may hinder revenue growth [1] Company Overview - Jiangsong Technology specializes in the research, production, and sales of automation equipment for photovoltaic cells, with key revenue sources being PECVD automation equipment (5.93 billion yuan, 29.77%), diffusion annealing automation equipment (7.83 billion yuan, 39.31%), and wet process automation equipment (5.02 billion yuan, 25.21%) [2] Industry Context - The photovoltaic industry is experiencing "involution" competition, with the operating rate of cell manufacturers remaining low at around 60%, which may lead to a slowdown in capacity expansion [2][3] - As of April 2025, the operating rate for Chinese photovoltaic cell manufacturers was 63.96%, with a total output of 65.55 GW, reflecting a month-on-month increase of 14.37% [2] Financial Concerns - Jiangsong Technology has reported a decline in orders due to a temporary supply-demand imbalance in the photovoltaic industry, which may affect future revenue and market expansion [3] - The company has a high proportion of accounts receivable, with balances of 297 million yuan, 407 million yuan, and 601 million yuan for the years 2022, 2023, and 2024, respectively, representing 36.86%, 32.91%, and 29.75% of revenue [4] - Compared to peers, Jiangsong's accounts receivable ratio is lower than that of leading competitor Xian Dao Intelligent but higher than others like Jiejia Weichuang and Laplace [4] Legal Issues - Jiangsong Technology is involved in multiple lawsuits with clients, including disputes over sales contracts with companies such as Yangzhou Bangjie and Xuzhou Heou [4][5]

Core Viewpoint - Wuxi Jiangsong Technology Co., Ltd. is seeking to go public on the ChiNext board, with its IPO application accepted on June 14, 2025, and entering the inquiry stage on June 29, 2025. The company has a high debt-to-asset ratio and a significant reduction in employee numbers in 2024 [1][3][4]. Financial Performance - Jiangsong Technology's revenue and net profit have shown continuous growth from 2022 to 2024, with revenues of approximately 807 million, 1.237 billion, and 2.019 billion respectively, and corresponding net profits of about 88.35 million, 131 million, and 187 million [3]. - The company plans to raise approximately 1.053 billion for various projects, including the construction of a photovoltaic intelligent equipment production base and a research and development center [3]. Debt Situation - The company's debt-to-asset ratio has consistently exceeded 80% during the reporting period, with specific figures of 81.95%, 91.59%, and 82.33% at the end of 2022, 2023, and 2024 respectively [3][4]. Employee Reduction - The number of employees at Jiangsong Technology decreased significantly by approximately 55.11% in 2024, dropping from 1,976 to 887 [5]. - The company attributes this reduction to a temporary imbalance in supply and demand in the photovoltaic industry, leading to a slowdown in customer demand [5]. R&D Expenditure - Jiangsong Technology's R&D expense ratio has decreased over the reporting period, with rates of 5.83%, 5.26%, and 2.86%, which are consistently lower than the industry average [4]. Control and Ownership - As of December 31, 2024, the controlling shareholder and actual controller, Zuo Guisong, holds 71.28% of the company's shares, with his son holding an additional 0.91%, giving them a combined voting power of 72.19% [6].