Core Viewpoint - The photovoltaic industry is experiencing price stabilization and recovery driven by "anti-involution" policies, with expectations for improved performance and structural opportunities in the sector [1][4]. Group 1: Industry Trends - Since the third quarter, the photovoltaic industry chain prices have shown signs of stabilization and recovery due to the "anti-involution" policies [1]. - The photovoltaic sector is currently at the bottom of the cycle, with a positive outlook on the "anti-involution" market [1][4]. - Recent policies focus on "price control" and "quantity control," leading to price increases in the main industry chain since July, with signs of profitability returning in the silicon material segment [4]. Group 2: Market Performance - The photovoltaic concept stocks have been actively trading in the secondary market, indicating investor interest and confidence in the sector's recovery [1]. - Notable stocks in the photovoltaic equipment sector have seen significant price increases, with several stocks hitting the daily limit [3]. - The performance of various photovoltaic ETFs has shown mixed results, with some funds achieving returns of over 20% in the past year [2]. Group 3: Technological Advancements - Significant advancements have been made in perovskite solar cells, achieving a power conversion efficiency of 27.2%, which is crucial for the commercialization of this technology [3]. - The integration of new technologies and structural reforms in supply-side management is expected to create further opportunities in the photovoltaic industry [4].

Market Overview - The market experienced fluctuations with the Shenzhen Component Index and ChiNext Index both declining over 1% while the superhard materials sector surged, with stocks like Sifangda and Huanghe Xuanfeng hitting the daily limit [1] - The photovoltaic sector showed strength, with companies like Zhonglai Co. and GCL-Poly Energy also reaching the daily limit [1] - The consumer sector saw gains in the afternoon, with stocks such as Huanlejia and Sanyuan Co. hitting the daily limit [1] - The storage chip sector faced adjustments, with companies like Xiangnong Xinchuan dropping nearly 10% [1] - The total trading volume for the day was 2.01 trillion [1] Hot Topics Cultivated Diamonds - Cultivated diamonds saw a significant rise, with stocks like Huanghe Xuanfeng, Sifangda, and Hengsheng Energy hitting the daily limit [3] - The demand for diamond micro-drills, which utilize diamond tips for precision drilling in various materials, is increasing due to their application in high-power and high-frequency electronic devices [3] - According to estimates, the diamond cooling market is projected to grow from $0.5 billion in 2025 to $152.4 billion by 2030, with a compound annual growth rate of 214% [4] Photovoltaic Sector - The photovoltaic sector experienced a notable increase, with companies like Jincheng Co. and Guosheng Technology hitting the daily limit [5] - A recent guideline from the National Development and Reform Commission and the National Energy Administration emphasizes the promotion of advanced and efficient new energy storage technologies, aiming to meet the demand for 200 million kilowatts of new energy consumption annually by 2030 [5] - The "anti-involution" policies in the photovoltaic sector are focused on controlling prices and production volumes, leading to price increases across the supply chain since July [8][9] Consumer Sector - The consumer sector remained active, with companies like Dongbai Group and Zhejiang Dongri achieving consecutive daily limits [9] - The October CPI data indicated a year-on-year decrease of 2.9% in food prices, suggesting a gradual recovery in the restaurant chain sector [10] - The dairy product market is expected to see a stable recovery in demand, with supply gradually improving [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first three quarters of 2025, the company achieved a revenue of 50.915 billion yuan, a year-on-year decrease of 13.1%. The net profit attributable to the parent company was -3.403 billion yuan, indicating a reduction in losses [2][5] - In Q3 2025, the company reported a revenue of 18.101 billion yuan, down 9.78% year-on-year and down 5.53% quarter-on-quarter. The net profit attributable to the parent company was -0.834 billion yuan, showing a reduction in losses compared to the previous quarter [2][5] Financial Performance - The company's silicon wafer business is expected to maintain stable external sales in Q3, with price increases driven by industry recovery, leading to a positive gross margin and unit profitability returning to breakeven [12] - The battery and module business is expected to see a slight increase in external sales in Q3, with significant growth in BC 2.0 shipments due to rapid capacity ramp-up [12] - The Q3 operating expense ratio was 8.95%, an increase of 2.72 percentage points quarter-on-quarter, primarily due to rising financial expenses [12] - Asset impairment losses in Q3 amounted to 0.894 billion yuan, with inventory impairment provisions of 0.535 billion yuan and fixed asset impairment provisions of 0.346 billion yuan, reducing the company's consolidated net profit by 0.742 billion yuan [12] - The net cash flow from operating activities for the first three quarters was 1.819 billion yuan, achieving a positive result year-on-year due to reduced outflows for raw material purchases and employee compensation [12] Future Outlook - The BC 2.0 capacity is expected to reach 50GW by the end of the year, with total silicon wafer shipments projected at 120GW and module shipments at 80-90GW, with BC modules accounting for over 25% [12] - The advantages of BC modules are gradually being recognized in the market, with rapid penetration expected, stable premiums, and continuous cost optimization, indicating potential for excess profitability [12] - The company is collaborating with partners to invest in BC capacity, aiming to expand the BC ecosystem and promote BC as one of the mainstream technology routes [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - In the first three quarters of 2025, the company achieved a revenue of 11.597 billion yuan, representing a year-on-year growth of 46.86%. The net profit attributable to the parent company was -532 million yuan, showing a significant reduction in losses compared to the previous year [2][6]. - For Q3 2025, the company reported a revenue of 3.151 billion yuan, which is a year-on-year increase of 15.22% but a quarter-on-quarter decline of 26.91%. The net profit attributable to the parent company for Q3 was -295 million yuan, also indicating a significant reduction in losses year-on-year but a shift to a loss compared to the previous quarter [2][6]. Financial Performance - The company's financial expenses increased to 125 million yuan in Q3 2025, primarily due to reduced foreign exchange gains compared to Q2. The successful completion of a capital increase led to a significant reduction in the debt ratio by 8.15 percentage points to 77.6% [13]. - The gross profit margin for Q3 2025 was 7.4%, remaining stable quarter-on-quarter, demonstrating operational resilience despite industry challenges [13]. Market Outlook - The company has completed most product upgrades during the market off-season in Q3 2025 and is expected to begin mass production of new high-efficiency components in Q4 2025. This positions the company to capitalize on strategic opportunities in the high-power segment [13]. - The company’s contract liabilities increased by over 30% to 1.187 billion yuan in Q3, reflecting strong customer demand for its products [13].

Investment Rating - The investment rating for Tongwei Co., Ltd. is "Buy" and is maintained [7] Core Views - In the first three quarters of 2025, Tongwei Co., Ltd. achieved revenue of 64.6 billion yuan, a year-on-year decrease of 5.38%. The net profit attributable to shareholders was -5.27 billion yuan, down 32.64% year-on-year. In Q3 2025, the company reported revenue of 24.09 billion yuan, a year-on-year decline of 1.57% and a quarter-on-quarter decrease of 1.97%. The net profit attributable to shareholders was -315 million yuan, an increase of 62.69% year-on-year and an increase of 86.68% quarter-on-quarter [2][5] Financial Performance - The gross profit margin for the first three quarters of 2025 was 2.74%, a decrease of 4.80 percentage points year-on-year. In Q3 2025, the gross profit margin was 7.23%, down 1.67 percentage points year-on-year but up 5.25 percentage points quarter-on-quarter [12] - Operating cash flow turned significantly positive, reaching 4.78 billion yuan in Q3 2025, bringing the total for the first three quarters to 2.83 billion yuan [12] - The company reversed asset impairment losses of 247 million yuan in Q3 2025, mainly due to price increases in the industry chain [12] Business Segments - In the silicon material segment, prices have shown significant recovery, with the average transaction price for multi-crystalline silicon n-type raw materials at 53,200 yuan per ton as of October 22, 2025. The company expects an increase in silicon material shipment volume due to improved operating rates [12] - In the battery and module segment, despite a decrease in shipment volume in Q3 2025, the overall demand remains subdued. The company anticipates that battery and module prices will continue to be a drag on profits [12] - Other business segments, such as agriculture and power stations, are expected to contribute positively during the traditional peak seasons in Q2 and Q3 [12] Market Position - The ongoing progress in the photovoltaic industry is expected to stabilize silicon material prices, and as domestic demand resumes, module prices may gradually increase, leading to a recovery in battery and module profitability. Tongwei has established a competitive advantage across multiple segments of the photovoltaic industry chain, which is expected to be fully realized after the cyclical turning point [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 6.076 billion yuan for the first three quarters of 2025, a year-on-year decrease of 41.27%. The net profit attributable to shareholders was -544 million yuan. In Q3 2025, the revenue was 1.688 billion yuan, down 49.86% year-on-year and 26.89% quarter-on-quarter, while the net profit was 53 million yuan, indicating a turnaround from losses [3][4]. - The company plans to raise no more than 1.292 billion yuan through a private placement, with funds allocated for the construction of a zero-carbon intelligent manufacturing plant, the production of 700 sets of green electricity intelligent hydrogen production equipment, R&D projects, and to supplement working capital [3][4]. - The company announced a 119 million USD order for air-cooled systems, with a delivery period of 39 months [4]. Financial Performance - In Q3 2025, the company achieved a net profit turnaround primarily due to an increase in silicon wafer prices since August, alongside ongoing improvements in lean management and cost reductions in photovoltaic products [9]. - The company’s inventory impairment losses decreased to 18 million yuan, benefiting from a recovery in industry prices. The debt ratio decreased by 2.44 percentage points to 81.91% due to the repayment of some payables [9]. - The company’s financial outlook indicates stable growth in energy-saving and water-saving businesses, with new overseas orders reflecting product strength. The hydrogen production segment is expected to gradually contribute to profits, while photovoltaic profitability is anticipated to recover with rising silicon wafer prices [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In the first three quarters of 2025, the company achieved a revenue of 49.97 billion yuan, a year-on-year decrease of 20.87% - The net profit attributable to the parent company was -4.201 billion yuan, with the loss margin expanding year-on-year - In Q3 2025, the company reported a revenue of 18.914 billion yuan, a year-on-year decrease of 6.27% but a quarter-on-quarter increase of 13.12% - The net profit attributable to the parent company in Q3 was -1.283 billion yuan, showing a reduction in losses compared to the previous quarter [2][5] Summary by Sections Financial Performance - The company’s Q3 operating expenses ratio was 10.96%, an increase of 0.33 percentage points quarter-on-quarter but a decrease of 1.81 percentage points year-on-year - Asset impairment losses during Q3 amounted to 169 million yuan, and credit impairment losses were 118 million yuan, impacting profits - The net cash flow from operating activities for the first three quarters was 2.855 billion yuan, indicating good operational quality [12] Business Outlook - The energy storage business is expected to grow rapidly, contributing to profit increments, with significant orders recently secured in Chile and Europe - The photovoltaic business is anticipated to benefit from the progress in reducing internal competition, leading to potential price increases and profit recovery - The company is transitioning from a photovoltaic product manufacturer to a comprehensive solution provider for photovoltaic and energy storage systems [12]

展望后市，中信建投表示，近期光伏"反内卷"相关政策密集出台，且规格不断升级。当前光伏"反内 卷"政策集中在"控价""控量"两方面，"控价"已经取得初步成果，7月以来光伏主产业链价格均有上涨， 且第三季度硅料环节已经有扭亏为盈迹象；"控量"也在顺利进行，11月进入枯水期以来，硅料企业已经 开始减产，全年产量符合年初设定，产能整合方案争取年内完成。 （文章来源：每日经济新闻） 11月11日，A股三大指数集体高开。创业板新能源ETF华夏（159368）开盘后强势上涨，最大涨幅超 2%%。盘面上，中来股份强势20CM涨停，上能电气涨超9%，鹏辉能源、迈为股份等纷纷跟涨，涨超 6%。截至发文，创业板新能源ETF华夏（159368）成交额超2100万元，位居同类产品第一。 消息面上，中国科学院半导体研究所团队在钙钛矿太阳能电池领域取得重要进展，研发出光电转换效率 为27.2%的钙钛矿太阳能电池原型器件，并显著提升了其运行稳定性，为钙钛矿太阳能电池的产业化发 展奠定了关键基础。 ...

11月10日晚消息，日前，中国科学院半导体研究所游经碧研究员团队在钙钛矿太阳能电池领域取得重要进展， 研发出光电转换效率为27.2%的钙钛矿太阳能电池原型器件，并显著提升了其运行稳定性。 太阳能电池领域，又有技术突破！ 从整个光伏产业来看，三季度以来，在"反内卷"政策的推动下，光伏产业链价格呈现企稳回升的态势。在二级 市场上，光伏概念股近期持续活跃。截至目前，A股光伏板块总市值超过2万亿元。 来看详细报道！ 重要进展 钙钛矿太阳能电池因其易于低成本印刷制备且具有高光电转换效率的优势，被视为新一代太阳能电池的典型代 表，发展前景广阔。经过十余年的快速发展，其光电转换效率已从最初的3.8%提升至超过26%，逼近单晶硅太 阳能电池水平，但与理论极限效率仍存在一定差距。 件于江苏昆山正式下线。同时TCO导电膜玻璃，已由金晶科技通过十年技术攻坚实现国产化突破，并将国产化 率提升至95%以上，这一关键材料的自主可控为产业链安全提供了坚实保障。 光伏产业链价格企稳回升 为解决这个问题，科研人员提出了一种能在垂直方向使氯元素均匀化分布的策略。他们在薄膜生长过程中引入 碱金属草酸盐，利用其解离出的钾离子与氯离子之间的强结合作用 ...

Group 1: Market Performance - The photovoltaic sector has been experiencing a continuous rise, with stocks such as Guosheng Technology and Zhaoxin shares hitting the daily limit, while Yijing Optoelectronics and Tongwei Co. also saw significant increases [1] - Tongwei Co. has seen its stock price rise over 11% in recent trading days, closing at 27.16 yuan per share on November 10, compared to 24.4 yuan on November 5 [1] Group 2: Price Trends and Industry Dynamics - The establishment of a joint storage plan for polysilicon is gaining traction, with 17 leading companies reportedly signing agreements to form a consortium, aiming to complete the setup by the end of the year [3] - The "anti-involution" initiative in the photovoltaic industry has led to a noticeable recovery in product prices, with polysilicon prices increasing significantly since July 2025, with quotes rising to 45,000-50,000 yuan, marking a 25%-35% increase [3] - The average prices for N-type and granular silicon have risen by 55% and 51% respectively from June to September 2025 [3] Group 3: Company Performance - Tongwei Co. reported a net profit of approximately -315 million yuan for Q3 2025, marking an 86.68% reduction in losses compared to the previous quarter, and a 62.69% reduction year-on-year, attributing the improvement to rising polysilicon prices and lower electricity costs [4] - Daqo New Energy also reported a turnaround in Q3, with unit sales prices for polysilicon increasing by over 36% compared to the previous quarter [4] Group 4: Future Outlook - The future price trends for polysilicon will depend on multiple factors, including capacity clearance efficiency and supply-demand balance [5] - Recent data indicates that the transaction prices for N-type polysilicon are stable, ranging from 49,000 to 55,000 yuan per ton as of November 5, 2025 [6] - Analysts suggest that the photovoltaic industry is likely to achieve supply-demand rebalancing through a combination of policy support, market-driven elimination, and technological advancements [7]