同一时间，*ST金刚宣布，公司已与重整投资人上海弘琪云创科技集团正式签署《重整投资协议》，弘 琪云创将以每股6.5元的价格向公司注资。 *ST金刚认为，弘琪云创将借助自身产业优势和资源优势，依托自身在算力业务方面的积累，协助金刚 光伏拓展新的业务增长曲线，在"算力资源服务+能源"、算力基础设施建设等领域开展业务合作。 据公开资料，弘琪云创成立于2010年，该公司及控股子公司对外投资了包括电子信息、人工智能算力基 础设施和服务、新材料、传感器智慧物流等诸多细分领域产业公司，已经成功投资了易天股份 （300812）、新氧医美、弘汉光电、深越光电、联懋塑胶、恒坤新材料等多家IPO企业，目前致力于算 力基础设施和服务的企业投资。 6月29日晚*ST金刚（300093）公告称，公司下属孙公司北京金刚数海智算科技有限公司(简称"金刚数 智")于6月27日与江苏***大数据有限公司(简称"算力客户")签订了《智算中心多元算力服务项目之服务 协议》，由金刚数智向算力客户提供算力服务，合同含税总金额3.99亿元，服务期限5年，按月度支付 算力服务费用。 "合同的履行将对公司2025年经营业绩产生积极影响，具体影响金额需以年度审 ...

电力设备 | 证券研究报告 — 行业周报 2025 年 6 月 29 日 强于大市 电力设备与新能源行业 6月 第 4 周周报 5 月风光装机高增，小米 YU7 订单亮眼 新能源汽车方面，本周小米 YU7 正式上市，1 小时大定突破 28.9 万台，下 半年随着新能源新车型不断推出，新能源汽车产品力不断增强，2025 年国内 新能源汽车销量有望保持高增，带动电池和材料需求增长。动力电池方面， 固态电池催化不断，本周美国 QS 宣布其固态电池生产获里程碑式进展，固 态电池产业化趋势明确，后续关注固态电池相关材料和设备企业验证进展。 光伏方面，中央经济工作会议明确提出综合整治"内卷式"竞争，国家市场监 管总局针对光伏组件进行抽检，光伏供给侧改革力度有望加强；需求侧，我 国 5 月光伏装机高达 92.92GW，装机同比增长 388%，可能一定程度上压制 25H2 光伏装机需求，密切关注供给变化情况，光伏板块重点关注硅料环节 和 BC 以及贱金属降本方向。氢能方面，政策持续推动氢能产业化发展，能 源局开展能源领域氢能试点，地方政策催化不断，建议关注具备成本优势、 技术优势的电解槽生产企业、受益于氢能基础设施建设的燃料 ...

本周全球资本市场呈现风险资产普涨态势，主要指数涨跌及驱动逻辑围绕地缘风险缓和、美联储政策预 期转向等核心因素展开。 全球主要指数中，日本日经225指数以4.55%的周涨幅领涨，日元兑美元突破144的贬值趋势显著提振丰 田等出口制造业龙头；纳斯达克指数紧随其后上涨4.25%，英伟达市值重返全球第一、苹果收购AI公司 Perplexity推动科技板块走强；深证成指、恒生指数、德国DAX分别上涨3.73%、3.20%、2.92%。 港股市场延续涨势，恒生指数周涨3.2%逼近年内高点，恒生科技指数（+4.06%）、恒生中国企业指数 （+2.76%）同步上行，大型科技股与金融板块领涨，南下资金本周净流入284亿港元（偏好建设银行、 美团-W、中芯国际等大金融与科技标的）是重要支撑。 展望下周，全球市场焦点将集中于7月9日美国关税暂停期到期的最终决策、美国6月非农就业数据（验 证经济放缓程度）及中国6月PMI（观察政策效果）。风险方面，若中东停火协议生变可能推升原油波 动率，美债收益率若反弹至4.5%上方或触发科技股估值调整；A股需警惕短期成交量放大后缺乏持续支 撑的调整风险。 策略建议上，可重点关注人工智能、新能源汽车 ...

Group 1 - The State Intellectual Property Office of China has granted a patent for a photovoltaic tile installation structure and photovoltaic tile to multiple companies under the Aisxu brand, with the patent application date being September 2024 [1] - The patent includes a design that enhances the reliability of connections between components, making installation more efficient [1] Group 2 - Zhuhai Fushan Aisxu Solar Technology Co., Ltd. was established in 2021, has a registered capital of 450 million RMB, and has participated in 97 bidding projects with 974 patent records [2] - Guangdong Aisxu Technology Co., Ltd. was founded in 2009, has a registered capital of approximately 282.35 million RMB, and has 1 external investment, 8 bidding projects, and 1704 patent records [2] - Zhejiang Aisxu Solar Technology Co., Ltd. was established in 2016, has a registered capital of approximately 569.19 million RMB, and has invested in 11 companies, participated in 122 bidding projects, and holds 1808 patents [2] - Tianjin Aisxu Solar Technology Co., Ltd. was founded in 2018, has a registered capital of 130 million RMB, and has participated in 22 bidding projects with 1135 patent records [3] - Shandong Aisxu Solar Technology Co., Ltd. was established in 2023, has a registered capital of 450 million RMB, and has participated in 21 bidding projects with 112 patent records [3] - Chuzhou Aisxu Solar Technology Co., Ltd. was founded in 2024, has a registered capital of 50 million RMB, and has participated in 2 bidding projects with 129 patent records [3]

Core Viewpoint - Perovskite solar cells are gaining attention as a promising next-generation photovoltaic technology, with China leading in conversion efficiency but facing increasing competition from Western countries [1][3]. Industry Overview - China's perovskite technology has repeatedly set world records for conversion efficiency, indicating its global leadership [3]. - However, the path to industrialization is challenging, with early movers in Europe, the US, and Japan intensifying competition [3][4]. - The European Union has invested over €100 million since 2013 to support perovskite research, highlighting the competitive landscape [4]. Competitive Landscape - Major players like Oxford PV in Europe hold significant patents in perovskite-silicon tandem technology, posing a potential threat to China's market position [3]. - In the US, First Solar is advancing in perovskite technology, having acquired a European company and initiated large-scale production lines [4]. - Japan's major companies, including Asahi Kasei and Panasonic, are also investing heavily in perovskite technology, with significant funding announced for 2024 [4]. Domestic Development - The Chinese government is providing substantial support for perovskite technology development, focusing on both research and industrialization [6]. - Current perovskite products are still in the early stages of industrialization, requiring extensive testing in various applications and climates to ensure maturity [6][12]. - The cost-effectiveness of perovskite technology is currently lower than that of silicon, but improvements are expected as technology matures [6]. Production Capabilities - China is largely self-sufficient in equipment and raw materials for perovskite production, though some core equipment and materials still lag behind international standards [9]. - The first GW-scale production line for perovskite modules has been launched, achieving over 17% efficiency and demonstrating significant power generation gains compared to silicon modules [10]. Future Outlook - The industry anticipates a multi-technology landscape in the photovoltaic sector, with both domestic and international leaders coexisting [11]. - Continuous technological iteration is essential to avoid stagnation and maintain competitiveness in the global market [11]. - The commercial application of perovskite technology is expected to accelerate, with several large-scale projects anticipated in the near future [13]. Challenges and Solutions - Key challenges include ensuring long-term stability and efficiency while reducing costs [12][14]. - Collaborative efforts with testing institutions and major energy companies are underway to validate the performance and reliability of perovskite products [14].

Core Viewpoint - The Xi'an government emphasizes the acceleration of building a closely-knit photovoltaic industry chain through collaboration and communication among key enterprises in the sector [1] Group 1: Industry Development - A symposium on the collaborative development of the photovoltaic industry chain was held, aiming to establish a communication and cooperation platform for key enterprises [1] - The Xi'an photovoltaic industry has developed a relatively complete industry chain covering silicon wafers, batteries, power stations, auxiliary materials, and system solutions, becoming an important base for research, manufacturing, and application in the country [1] Group 2: Government and Enterprise Collaboration - Mayor Ye Niuping highlighted the need to leverage Xi'an's scale and technological advantages in the photovoltaic industry, enhancing government organization functions and enterprise collaboration efficiency [1] - The meeting included representatives from 63 key enterprises, research institutions, and industry associations, indicating strong engagement from various stakeholders in the photovoltaic sector [1] Group 3: Future Goals - The focus is on constructing an open ecological circle to promote high-quality development of the photovoltaic industry and enterprises [1]

Group 1 - The company Kaisheng New Energy plans to invest approximately 1.399 billion yuan in a 2000t/d photovoltaic component ultra-thin packaging material project through its subsidiary Zigong New Energy [1] - The project is expected to have strong competitive advantages in terms of process technology, production line scale, and product variety, aligning with the company's long-term development strategy [1] - This investment aims to accelerate the implementation of a "low-cost, large-tonnage, multi-specification" operational strategy, improve production efficiency, reduce unit manufacturing costs, and further strengthen the company's industry position and market competitiveness [1]

"以前，光伏发电量价固定、旱涝保收，初始投资成本是影响收益的最大因素。现在，电量电价随时波动，初始投资对光伏的影响减弱，光伏业主更需要的是经济、安全、可靠、智维、全网况运 光伏市场大变革下，逆变器作为光伏系统的核心设备，正在酝酿一场史无前例的技术革命。未来，逆变器将带动光伏系统向更高的在线率、更加智维，以及先发、稳定、光储深度融合等方向蜕变 作为持续引领逆变器技术创新的龙头企业，阳光电源深刻洞悉市场未来，在上海SNEC 2025光伏展上重磅发布了全球首款分体式模块化逆变器1+X 2.0，为全行业探索新能源全面市场化时代立 市场巨变，呼唤逆变器"软硬"升级 作者 | 田思 编辑丨蒋波 随着电力市场化改革的推进，光伏的投资逻辑发生了巨变。 一方面，光伏装机量迅猛增长，对电网稳定性的挑战越来越大；另一方面，"136号文"将光伏电价从原来的半计划经济时代一把推入市场化时代，光伏真正开始与其他能源同台竞技。 全面构网时代，光储融合加速，阳光电源模块化逆变器以灵活适配特质，提升光储电站的全生命周期价值。 陈长春介绍，模块化产品脱胎于传统集中式，它既有针对大型能源基地项目的成本优势，又能满足后续运维防护所需的一些灵活、便捷 ...

「2025.06.27」 工业硅多晶硅市场周报 光伏治沙拉高需求，双硅乐观情绪蔓延 研究员:王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 目录 瑞达期货研究院 1、周度要点小结 2、期现市场 3、产业情况 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 3 u 行情回顾： 本周工业硅上涨8.66%，本周工业硅市场情绪有所回暖，开始反弹，上半周表现平平，市场并没有太多利 好，周四受到光伏治沙消息后，盘面开始反馈需求增加预期，整体价格开始大幅上行，多晶硅方面本周上涨5.95%，和 工业硅相同，受到光伏治沙消息影响，盘面开始交易未来预期增加，价格开始上行，周线级别出现阳包阴技术形态。 u 行情展望：工业硅方面，从供应端来看，本期工业硅现货价格弱稳运行，西南地区电价下调，大厂接下来存在开工预 期，同时临近7月，西南电价会进一步降低，中小企业也有复产计划，但数量有限，西北新疆伊犁地区，政府继续补贴 生产企业，接下来会进行相应的电价补贴，供应端会持续宽松。需求端看，工业硅的下游主要集中在有机 ...

Group 1 - JinkoSolar's global vice president shared China's experience in photovoltaic desertification control at the 2025 Summer Davos Forum, attracting international interest [2] - JinkoSolar supplied a total of 1.75GW of photovoltaic components for two major projects in Saudi Arabia and is involved in a 1.8GW project in Abu Dhabi, showcasing China's solutions for energy transition and desertification prevention [2] - The company aims to shift from global sales to global production and investment, exporting technology, systems, standards, talent, and experience to help local industries establish their own supply chains [2] Group 2 - China has the most severe desertification in the world, with 2.57 million square kilometers of desertified land, accounting for 26.81% of its territory [3] - Through large-scale greening projects, China has effectively managed 53% of its desertifiable land, achieving "zero growth" in land degradation [3] - The "14th Five-Year Plan" emphasizes the construction of large-scale wind and photovoltaic bases in desert areas, with a target of 455 million kilowatts of installed capacity by 2030 [3] Group 3 - The State Grid Corporation of China plans to integrate large-scale renewable energy into the grid, transmitting power from desert regions over distances of 2,000 to 3,000 kilometers [5] - By the end of 2024, the first batch of 50 large-scale wind and photovoltaic base projects will be completed, with an installed capacity exceeding 90 million kilowatts [5] - Continuous technological innovation has led to increased global recognition of JinkoSolar's products, with over 50% of orders coming from overseas clients [5] Group 4 - The systematic development approach of photovoltaic desertification control in China is seen as a model for other countries [5] - Building large-scale renewable energy bases in desert areas is an effective solution for integrating renewable energy generation with desertification control and ecological restoration [5][6] - This approach not only promotes green energy development but also creates economic growth points in desert regions through ecological restoration and energy industry integration [6]