Core Insights - The 18th International Solar Photovoltaic Exhibition in Shanghai showcased a significant increase in the presence of energy storage companies, indicating a growing trend towards integrated solar and storage solutions [1] - Major industry players like TCL Zhonghuan, JinkoSolar, and Tongwei showcased BC technology products, although most are still in the preparation stage for mass production [2][3] - The exhibition highlighted the trend of solar storage integration, with many companies presenting differentiated solar-storage solutions [6] Group 1: Technology and Product Innovations - BC technology products were prominently featured by industry giants, with TCL Zhonghuan planning to start mass production in Q3, while only a few companies like Longi Green Energy and Aiko Solar have achieved this [2] - TOPCon technology remains the mainstream product, accounting for over 70% of the global market, while BC technology is primarily targeted at price-insensitive regions like Northern and Western Europe [3] - New solar products such as solar tiles and flexible modules were introduced, with companies like Trina Solar and LONGi showcasing innovations that cater to aesthetic and functional needs [4][5] Group 2: Market Trends and Competition - The solar storage market is becoming increasingly competitive, with many solar companies diversifying into storage to improve profitability, as standalone solar products have been unprofitable [6] - Companies are exploring overseas markets due to saturation in the domestic market, with many reporting that international sales are more profitable [8][9] - The demand for storage solutions is rising, particularly in overseas markets, with companies like Suzhou Guding noting that 60% of their orders now come from abroad [8] Group 3: Challenges and Future Outlook - The solar industry is facing intense competition, leading to price wars that have affected profitability across the board, particularly in the component sector [10][11] - The solar glass industry is struggling with many companies operating at breakeven due to price pressures from the component market [11] - Despite the challenges, the overall demand for solar and storage solutions continues to grow, with companies adapting to market conditions and exploring new opportunities [7][10]

Core Insights - The SNEC Photovoltaic Exhibition serves as a significant platform for showcasing the solar industry, reflecting its development trends and innovations [1] Group 1: Industry Confidence - Despite challenges such as declining prices and losses among some companies, the exhibition attracted over 3,600 exhibitors from 95 countries, covering nearly 400,000 square meters, with 30% being international exhibitors [2] - Emerging markets in Southeast Asia, Latin America, and the Middle East are becoming focal points for Chinese solar companies, providing new opportunities for international expansion [2] Group 2: Technological Innovation - The exhibition highlighted advancements in technologies like TOPCon, HJT, and BC, which are expected to reduce costs and enhance efficiency, thereby expanding application scenarios [3] - Companies showcased next-generation technologies aimed at improving conversion efficiency and lowering costs, contributing to the diversification and competitiveness of the solar industry [3] Group 3: Cross-Industry Integration - There is a notable trend of deep integration between the solar industry and sectors such as energy storage, artificial intelligence, and big data, with a focus on integrated solar-storage solutions [4] - Companies like Huawei Digital Energy introduced solutions that support high proportions of renewable energy in the grid, enhancing energy management and utilization [4] Group 4: Industry Self-Regulation - The exhibition served as a platform for industry reflection, with calls for self-regulation to address price competition and explore pathways for healthy development [5] - Suggestions from industry leaders included market-driven mergers and acquisitions, technological elimination mechanisms, and policy constraints to manage capacity and stimulate demand [5] - The solar industry is transitioning from internal competition to collaborative growth, with a clear path emerging for overcoming challenges through innovation and resilience [5]

Core Viewpoint - The 2025 SNEC Photovoltaic Exhibition in Shanghai showcased the resilience and innovation within the photovoltaic industry, despite current challenges, with a focus on technological advancements and collaborative development to drive cost reduction and efficiency improvements [1][6]. Group 1: Technological Innovations - Companies are leveraging various advanced technologies such as TOPCon, BC, and heterojunction technologies to enhance efficiency and reduce costs [2][3]. - Longi Green Energy introduced a 700W component based on HIBC technology, which is smaller in area by 0.4m² while achieving a power density increase of 34W/m² [2]. - JinkoSolar's Tiger Neo component is designed for high-temperature and high-irradiation areas, effectively reducing lifecycle costs through improved temperature coefficients and lower degradation rates [3]. Group 2: Differentiated Products - Manufacturers are launching differentiated products tailored to various application scenarios, such as Yingli's new N-type products designed for diverse environments including plateaus and deserts [4]. - The focus on lifecycle cost reduction is driving the development of next-generation technologies like tandem solar cells, which were showcased at the exhibition [5]. Group 3: Industry Challenges and Opportunities - The photovoltaic industry is currently facing supply-demand mismatches and is at a cyclical low, necessitating collective efforts for transformation [6]. - The integration of energy storage solutions is seen as crucial for addressing the intermittency of solar power and ensuring sustainable development [6][7]. Group 4: AI and Energy Storage Integration - The exhibition highlighted the importance of integrating AI with energy storage solutions to optimize renewable energy management and address power demand fluctuations [8]. - Companies like TBEA are developing modular energy storage systems that enhance safety and efficiency, significantly reducing installation and debugging times [7].

Summary of TCL Electronics Conference Call Company Overview - **Company**: TCL Electronics - **Industry**: Consumer Electronics, specifically Television Manufacturing Key Points and Arguments Sales Performance - **Domestic Market Growth**: TCL's main brand TV sales grew by 15%-20% in Q1 2025, contributing to an overall domestic market growth of 10.8% [2][3][12] - **Mini LED Sales**: Domestic Mini LED TV shipments increased by 300%, with a market share rising from 4% to 18% in Q1 2025. The annual target for Mini LED sales is set at 1.5 million units, aiming for a market share of 20%-25% [2][3][25] - **Overseas Market Growth**: Overall overseas sales grew by 11.6%, with Europe seeing a 16% increase and emerging markets growing by 20%-25%. North America experienced a slight decline of 4% [2][4][13] Market Dynamics - **North America**: The North American market generated approximately $10 billion in revenue in 2024, accounting for 10% of total revenue, but has not yet achieved profitability. The company aims to turn this around by improving product and channel structures [2][8][13] - **Tariff Management**: TCL has strategically positioned its manufacturing in countries like Vietnam and Mexico to mitigate tariff impacts, ensuring supply chain stability [6][32][33] Product Strategy - **Focus on High-End Products**: TCL is concentrating on high-end Mini LED products with over 1,000 zones, which are expected to maintain a gross margin advantage of over 10% compared to standard LCD TVs [2][25][37] - **Consumer Preferences**: The impact of national subsidy policies on Mini LED sales is limited, as consumers prioritize picture quality improvements over subsidies [5][9][30] Financial Outlook - **Profitability Goals**: TCL aims to achieve profitability in the North American market by 2025 through improved channel structures and product offerings [2][13][21] - **Gross Margin Trends**: The average gross margin for TCL's main brand is around 23%-25%, significantly higher than the 15%-18% margin for the Thunderbird brand [16][29] Competitive Landscape - **Market Positioning**: TCL's pricing strategy positions its products approximately 30% lower than comparable Samsung models, with an average TV price of $400 compared to Samsung's $800 [26] - **Mini LED Technology**: The Mini LED technology is gaining traction in overseas markets, with a significant increase in market share, particularly in Europe and North America [23][24] Future Growth Drivers - **Mini LED Expansion**: The company plans to leverage Mini LED technology as a key growth driver, with a global sales target of 3.5 million units in 2025, split between 2 million units overseas and 1.5 million units domestically [22][23] - **European Market Focus**: TCL is targeting ten key European countries for market share growth, with a current market share of about 10% and significant room for improvement [17][20] Risks and Challenges - **Tariff Fluctuations**: Ongoing changes in tariffs, particularly in North America, pose a risk to profitability and market performance [6][36] - **Market Competition**: The competitive landscape, especially against established brands like Samsung and LG, requires continuous innovation and strategic marketing efforts [15][26] Additional Important Information - **Shareholder Dynamics**: The second-largest shareholder's stake has decreased to approximately 3.5%, with minimal impact on stock performance [11] - **Independent Director Appointment**: The appointment of a new independent director with a strong background in overseas mergers and acquisitions aligns with the company's strategic needs [10]

Core Viewpoint - The Chinese energy storage industry is entering a phase of large-scale development driven by the "dual carbon" strategy, with significant growth in installed capacity and energy scale, surpassing pumped storage for the first time [1] Group 1: Industry Growth and Policy Support - By the end of 2024, China's new energy storage cumulative installed capacity is expected to reach 78.3GW/184.2GWh, with power and energy scale increasing by 126.5% and 147.5% respectively [1] - The new operational scale added in 2024 is projected to be 43.7GW/109.8GWh, maintaining a doubling growth for three consecutive years [1] - An action plan for high-quality development of the new energy storage manufacturing industry has been jointly released by eight departments, aiming for high-end, intelligent, and green development by 2027 [1] Group 2: Challenges in the Industry - Homogeneous competition is becoming a significant constraint on development, with products showing high similarity in capacity upgrades and liquid cooling technology applications [2] - The price of energy storage cells is on a downward trend, with the lowest transaction price dropping below 0.3 yuan/Wh, and system integrators' quotes generally falling to 0.5-0.6 yuan/Wh [2] - This homogeneity leads to compressed profit margins and persistent issues for end users, such as high electricity costs and fragmented energy management [2] Group 3: Innovative Solutions - High Taihao Energy has developed a zero-code architecture platform, 4S+C, to create innovative energy storage solutions, breaking traditional development constraints [2][4] - The platform allows for seamless integration of third-party devices, reducing the time for protocol development from 2-3 weeks to 0.5-1 day [4] - The flexible customization of process strategies enables users to define charging and discharging logic without code development, reducing delivery time from 1-2 weeks to within 1 day [5] Group 4: Product Features and Advantages - The zero-code architecture supports the integration of photovoltaic generation, energy storage, and charging functions, creating a closed-loop ecosystem [8] - The system is designed for full-scene adaptability, supporting multiple photovoltaic connections and quick switching between grid-connected and off-grid modes [11] - The intelligent energy dispatch system prioritizes photovoltaic power generation and optimizes peak-valley arbitrage, potentially reducing overall electricity costs by 30%-40% [12] Group 5: Future Outlook - The zero-code architecture is driving the transformation of energy storage products from standardization to scene-based customization, with predictions of cumulative installed capacity reaching 313.9GW by 2030 [16] - Companies with rapid customization capabilities are expected to gain a competitive edge in the market [16] - High Taihao Energy aims to continue leveraging technological innovation to enhance the adaptability of solutions and support the green low-carbon goals [16]

Core Viewpoint - 中创新航 has entered into a joint venture agreement with Handan City Investment Group and Handan City Urban Operation Group to establish a new company with a registered capital of RMB 4 billion, marking a significant strategic move in its business expansion [6][7]. Group 1: Joint Venture Agreement - The joint venture will have a registered capital of RMB 4 billion, with 中创新航 holding 60% and contributing RMB 2.4 billion, while the Handan parties will hold 40% and contribute RMB 1.6 billion [6]. - The new company will be considered a subsidiary of 中创新航, and its financial performance will be consolidated into the group's financial statements [6]. Group 2: Recent Developments - On May 24, 中创新航 announced its involvement in the large-scale solar-storage integrated project in Latin America, specifically the Chile Tarapacá Aurora project, which is expected to deliver 600 GWh of renewable electricity annually [7]. - This project is one of the largest solar-storage projects in Latin America and aims to meet the annual electricity needs of 200,000 households, serving as a benchmark for energy transition in Chile [7]. - The project utilizes 中创新航's 314Ah Gen2.0 energy storage cells, which were first showcased at the 2025 Munich Energy Storage Exhibition, highlighting the company's global technology integration [7].

2025 年 05 月 22 日 工业硅：弱势格局依旧 多晶硅：仓单累库，关注市场情绪变动 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 期货研究 | 指标名称 | | | | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Si2507收盘价（元/吨） | 7,865 | -45 | -625 | -1,155 | | | | | Si2507成交量（手） | 235,779 | 107,721 | -146,857 | 58,962 | | | | | Si2507持仓量（手） | 192,802 | 128,096 | 46,277 | 59,025 | | | | 工业硅、多晶硅期货市场 | PS2507收盘价（元/吨） | 35,860 | 235 | -2,560 | - | | | | | PS2507成交量（手） | 157,225 | -8,294 | -78,857 | - | | | | | P ...

Core Viewpoint - The company acknowledges challenges in the photovoltaic and feed industries due to supply-demand imbalances and intensified competition, but remains committed to its core businesses and strategic focus [1][3]. Group 1: Company Performance - The company maintained strategic determination amidst pressure, achieving growth in aquatic feed and reinforcing its core competitiveness in the photovoltaic sector [3]. - In 2024, the company added 16 new regional product certifications and secured GW-level project orders from countries like Saudi Arabia and Poland, with overseas sales increasing by 98.76% year-on-year [3]. Group 2: Market Strategy - The company is cautious about overseas investments, focusing on its main businesses of photovoltaic and feed, while being aware of the risks associated with unrelated business ventures in a volatile geopolitical environment [3]. - The company emphasizes the importance of the global clean energy transition and the dual carbon goals, expressing confidence in the industry's growth potential and its competitive advantages [3].

插播 ： 136号、394号文件等多项新政出台，2025工商业储能有何新打法？6月9日-12日，行家说储能联合光亚法兰克福举办"2025年全球用户侧储能产业 价值峰会暨应用示范展"，点击" 阅读原文 "了解详情 作为全球第二大工商业储能市场（仅次于中国），2025年欧洲工商业储能市场起量，订单持续增长。 日前，华为数字能源、德赛电池、思格新能源宣布战略签约，覆盖意大利、匈牙利等区域工商业储能合作，涉及订单超1GWh。 华为等3企拿单 ■ 华为数字能源： 签意大利工商储合作协议 近日，华为数字能源与意大利工商业光伏系统公司Albasolar签署合作协议，双方将共同开发工商业储能系统解决方案，并整合能源管理系统，以实 现用能效率最大化。 图源于Albasolar 据了解，双方首个示范项目为意大利Ceresole d'Alba市的灌装设备制造企业GAI Macchine储能项目，该项目配置4.4MW/8.8MWh的储能系统以 及6MW光伏系统。 ■ 德赛电池：供应200套工商业储能系统 德赛电池与 土耳其投资方及承建企业 Hyt Enerji签署工商业储能系统 框架采购 协议 ，将向Hyt Enerji供应 200 ...

Group 1: Business Overview - The company primarily focuses on the research, production, and sales of solar cell modules, with related businesses in photovoltaic power station EPC, operation, and energy storage. In 2024, the revenue from solar power station-related businesses reached 12.43 billion yuan, accounting for 25% of total revenue [1][2]. Group 2: Smart Manufacturing Initiatives - The company has implemented smart manufacturing initiatives, integrating IoT, 5G, and big data technologies. This includes automation and digitalization of production lines, resulting in a 50% reduction in logistics costs and a 30% increase in efficiency through the AGV intelligent scheduling system [2]. Group 3: Financing and Investment - The company is progressing with a 500 million euro financing project, preparing materials and maintaining communication with potential investors [3]. Group 4: Project Developments - Key projects include the "5GWN ultra-low carbon high-efficiency heterojunction battery and 10GW high-efficiency solar module project" in Ninghai and a "4GW high-efficiency solar cell and 6GW high-efficiency solar module project" in Jiangsu [3]. Group 5: Cost Control and Efficiency - In response to industry challenges, the company is enhancing the efficiency of existing photovoltaic power stations and optimizing procurement and logistics costs through long-term purchasing agreements and supplier collaborations [4][10]. Group 6: Technological Advancements - The company is focusing on heterojunction technology, which has shown significant cost advantages. The 210 HJT series products utilize innovative techniques to maintain high power and conversion efficiency while controlling costs [5][19]. Group 7: Market Expansion Strategies - The company has established 24 marketing service centers globally, focusing on market globalization, manufacturing globalization, capital globalization, and talent globalization to enhance customer service and core competitiveness [7][9]. Group 8: Future Growth and Sustainability - The company aims to leverage its expertise in energy storage and photovoltaic integration as a key growth driver, targeting commercial and large-scale energy storage systems [11].