虽然业绩亏损，但晶科能源持续减持研发投入，公司在行业主流的N型TOPCon技术方面持续投入创 新。今年上半年，该公司N型TOPCon组件经TÜV南德认证，最高转换效率达25.58%；182N型TOPCon 电池全面积效率经国家级测试中心认证达27.02%。 公司也表示，上述飞虎3签约仅为双方订购意向，确立了双方合作关系，不具法律约束力。双方后续的 合作以具体签订的正式协议为准。 据了解，晶科能源成立于2006年，是一家全球领先的太阳能科技企业，专注于光伏产业核心环节的布 局。公司致力于光伏产品的一体化研发、制造，并为全球市场提供全面的清洁能源解决方案。 业绩方面，受到光伏组件价格的影响，晶科能源2024年的归母净利润不足1亿元。2024年光伏企业盈利 能力下滑，是行业的常态。据了解，2024年，A股68家光伏设备企业中，以组件为核心业务的公司有14 家，其中有9家亏损，5家盈利。 光伏组件价格的影响一直持续到了2025年。2025年前三季度，晶科能源的营业收入479.86亿元，同比下 滑33.14%；归母净利润亏损39.2亿元。 长江商报奔腾新闻记者 潘瑞冬 光伏组件龙头企业晶科能源（688223.SH）新产 ...

Core Viewpoint - Chint Electric has experienced a significant decline in stock price, dropping 5.01% on November 21, with a cumulative decrease of 9.62% over the past five days, indicating potential concerns regarding its market performance and investor sentiment [1]. Company Overview - Chint Electric, established on August 5, 1997, and listed on January 21, 2010, is located in Zhejiang Province, China. The company specializes in low-voltage electrical products, including distribution, terminal, control, and power electrical equipment, as well as solar energy products and EPC project contracting [1]. - The revenue composition of Chint Electric includes: - 32.76% from solar power station engineering contracting - 18.79% from power station operation - 13.01% from terminal electrical products - 11.23% from distribution electrical products - 6.85% from control electrical products - 3.60% from instruments - 3.10% from inverters and energy storage - 3.01% from building electrical products - 2.18% from metal products - 2.18% from other sources - 1.40% from supplementary items - 1.07% from power electrical products - 0.43% from electronic products - 0.38% from control systems [1]. Fund Holdings - According to data, one fund under Penghua Fund has a significant holding in Chint Electric, specifically the "Solar Industry" fund, which reduced its holdings by 77,700 shares in the third quarter, now holding 221,800 shares, representing 2.7% of the fund's net value [2]. - The "Solar Industry" fund, established on February 22, 2021, has a current size of 252 million. Year-to-date returns are 29.28%, ranking 1516 out of 4208 in its category, while the one-year return is 15.01%, ranking 2738 out of 3972 [2]. Fund Manager Performance - The fund manager for the "Solar Industry" fund is Yan Dong, who has been in the position for 6 years and 250 days. The total asset size under management is 22.118 billion. The best fund return during Yan's tenure is 456.3%, while the worst return is -37.7% [3].

11月21日，美畅股份跌5.02%，截至发稿，报14.76元/股，成交8759.27万元，换手率1.38%，总市值 99.16亿元。美畅股份股价已经连续4天下跌，区间累计跌幅5.24%。 资料显示，杨凌美畅新材料股份有限公司位于陕西省杨凌示范区渭惠路东段富海工业园，成立日期2015 年7月7日，上市日期2020年8月24日，公司主营业务涉及从事电镀金刚石线的研发、生产及销售。主营 业务收入构成为：金刚石线86.52%，钨丝废品回收综合处理利用13.48%。 从美畅股份十大流通股东角度 数据显示，华泰柏瑞基金旗下1只基金位居美畅股份十大流通股东。光伏ETF（515790）三季度增持 82.3万股，持有股数305.82万股，占流通股的比例为0.72%。根据测算，今日浮亏损失约238.54万元。连 续4天下跌期间浮亏损失263.01万元。 光伏ETF（515790）成立日期2020年12月7日，最新规模139.76亿。今年以来收益29.61%，同类排名 1485/4208；近一年收益15.34%，同类排名2703/3972；成立以来亏损1.74%。 光伏ETF（515790）基金经理为李茜、李沐阳。 截至发稿，李茜 ...

近日，一张婚礼请柬在光伏圈流传，因主角备受关注：发出请柬的是高纪凡、吴春艳，新郎、新娘分别 是张俊杰、高海纯，婚宴定于12月15日举行。 张俊杰为"90后"，原名张军，霸王茶姬创始人、董事长兼CEO。在创立霸王茶姬前，他从云南大维饮品 的区域副经理做起，后担任特许经营合伙人，此后又加入了上海木爷机器人技术有限公司，曾担任合作 部副部长，负责亚太区业务。霸王茶姬官网显示，2017年11月，该品牌成立于云南。 目前，霸王茶姬业绩增幅较大。财报显示，该公司二季度总GMV达81.031亿元，同比增长15.5%；净收 入33.319亿元，同比增长10.2%。调整后净利润为6.298亿元，对应的调整后净利率为18.9%。报告期 内，霸王茶姬海外市场GMV达2.352亿元，同比增长77.4%，环比增长31.8%。截至6月30日，该公司全 球门店共7038家。 截至发稿，天合光能总市值约417亿元；霸王茶姬总市值约26.1亿美元，约合人民币185.7亿元。两者市 值总和超过600亿元。 11月20日，有知情人士确认，该请柬为真。 高海纯生于1993年，毕业于美国布朗大学，被誉为"最美光（伏）二代""光伏女神"。 公开资料显示 ...

Group 1 - The company, Junda Co., Ltd. (SZ 002865), announced that as of now, the total external guarantee balance is approximately RMB 9.138 billion, which accounts for 235.08% of the company's audited net assets for the past year [1] - The company and its subsidiaries do not have any overdue guarantees or guarantees involved in litigation [1] - For the first half of 2025, the revenue composition of Junda Co., Ltd. is as follows: photovoltaic cell products account for 99.79%, while other businesses account for 0.21% [1] Group 2 - As of the time of reporting, Junda Co., Ltd. has a market capitalization of RMB 13 billion [1]

图片来 源：视觉中国 日前，天合光能(688599.SH)创始人高纪凡之女高海纯与霸王茶姬创始人张俊杰的结婚请柬在网上流 传，引发大量关注。 11月20日，智通财经就此事向天合光能求证，截至发稿前尚未回应。有知情人士向红星资本局确认，该 请柬为真，两人即将结婚。 高纪凡是中国光伏领域的领军人物之一，曾获得光伏技术领域首个国家技术发明奖。其女高海纯生于 1993年，毕业于美国布朗大学，被誉为"最美光伏二代"。 天合光能财报显示，高海纯于2025年1月至今，担任天合光能联席董事长；2025年3月至今，担任天合富 家联席总裁。其在天合光能的年薪超过300万元。在此之前，她还历任天合光能投资者关系高级经理、 战略投资部副总经理；天合星元投资发展有限公司执行董事，天合富家董事长、天合光能董事、天合光 能解决方案事业群总裁等职务。 目前，天合光能处于亏损阶段。财务报告显示，今年前三季度，该公司实现营业收入499.7亿元，净亏 损为42.01亿元。其中，第三季度单季营业收入189.14亿元，单季净亏损为12.83亿元。其业绩变动主要 系报告期内受产业链供需失衡、光伏产品市场价格持续处于低位影响，组件业务盈利能力显著下降。 ...

易方达上证科创板50ETF（588080）成立日期2020年9月28日，最新规模767.61亿。今年以来收益 36.36%，同类排名1038/4208；近一年收益35.23%，同类排名924/3971；成立以来亏损3.2%。 11月20日，天合光能跌5.06%，截至发稿，报19.15元/股，成交9.61亿元，换手率2.25%，总市值417.35 亿元。 资料显示，天合光能股份有限公司位于江苏省常州市新北区天合光伏产业园天合路2号，成立日期1997 年12月26日，上市日期2020年6月10日，公司主营业务涉及光伏产品、光伏系统、智慧能源三大板块。 光伏产品包括单、多晶的硅基光伏组件的研发、生产和销售;光伏系统包括电站业务及系统产品业务;智 慧能源包括光伏发电及运维服务、智能微网及多能系统的开发和销售以及能源云平台运营等业务。主营 业务收入构成为：光伏产品64.66%，系统解决方案21.23%，其他(补充)5.54%，数字能源服务4.42%，储 能业务4.14%。 从天合光能十大流通股东角度 易方达上证科创板50ETF（588080）基金经理为林伟斌、成曦。 截至发稿，林伟斌累计任职时间12年263天，现任基金 ...

工业硅日报 工业硅&多晶硅日报（2025 年 11 月 19 日） 一、研究观点 点评 18 日工业硅震荡偏弱，主力 2601 收于 8980 元/吨，日内跌幅 0.88%，持仓 减仓 3530 手至 24.8 万手。百川工业硅现货参考价 9675 元/吨，较上一交易 日上涨 10 元/吨。最低交割品#421 价格持稳在 8950 元/吨，现货贴水收至 50 元/吨。多晶硅震荡偏强，主力 2601 收于 52210 元/吨，日内跌幅 1.67%，持仓增仓 848 手至 13.7 万手；多晶硅 N 型复投硅料价格 52300 元/ 吨，最低交割品硅料价格在 523000 元/吨，现货对主力贴水转至升水 90 元 /吨。西南硅厂持续减产持货不卖，成交集中在新疆点价单和天津贸易为 主。当前供应紧缩和成本提升给予工业硅底部支撑，由于下游同步减产阻 遏向上空间，工业硅延续震荡调整节奏。行业会议召开，多晶硅产能收储 平台出现变动。由于央视报道行业反内卷成效显著，叠加光伏协会持续发 声，淡化部分负面情绪。因下游订单收缩，硅片率先减产降价，给予多晶 硅上行压力，同时在现货坚持挺价基础上，底部位置稳定。晶硅顶底分 明，区间内波 ...

Group 1 - The core viewpoint indicates a slight decrease in module production in November, with domestic polysilicon output expected to approach 120,000 tons, significantly down from October due to production halts in the Sichuan and Yunnan regions [1] - Despite a forecasted decline in module production, overall transaction activity is showing signs of recovery, which has mitigated the extent of the decrease [1] - Weekly inventory data shows a reduced decline in module inventory, while the forecasted price increase for modules has weakened the willingness of end enterprises to accept [1] Group 2 - As of November 18, 2025, the CSI Photovoltaic Industry Index (931151) has decreased by 1.32%, with constituent stocks showing mixed performance [1] - Leading stocks include Kstar (002518) up 4.30%, Robotech (300757) up 3.75%, and Trina Solar (688599) up 2.51%, while leading decliners include Sungrow (300827) down 7.72% and Canadian Solar (688472) down 6.33% [1] - The Photovoltaic ETF (516180) has decreased by 1.30%, with the latest price at 0.84 yuan, but has seen a cumulative increase of 0.59% over the past two weeks, ranking 1st among comparable funds [1] Group 3 - The CSI Photovoltaic Industry Index is composed of no more than 50 representative listed companies involved in the photovoltaic industry chain, reflecting the overall performance of these securities [2] - As of October 31, 2025, the top ten weighted stocks in the index include Sungrow (300274), LONGi Green Energy (601012), and TBEA (600089), collectively accounting for 60.74% of the index [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On November 13, industrial silicon showed a weak oscillation. The main contract 2601 closed at 9,145 yuan/ton, with an intraday decline of 0.22%. The position increased by 5,622 lots to 268,000 lots. The spot reference price of industrial silicon from Baichuan was 9,692 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable product 421 remained stable at 8,950 yuan/ton, and the spot discount narrowed to 205 yuan/ton [2]. - Polysilicon showed a strong oscillation. The main contract 2601 closed at 54,195 yuan/ton, with an intraday increase of 3.69%. The position increased by 3,409 lots to 144,000 lots. The price of N-type recycled polysilicon was 52,000 yuan/ton, and the price of the lowest deliverable silicon material was 52,000 yuan/ton. The spot discount to the main contract widened to 2,195 yuan/ton [2]. - Silicon plants in the southwest region have significantly reduced production. However, due to simultaneous production cuts in the downstream, the inventory reduction rhythm has not been achieved. The futures market has priced in the production - cut expectation in advance and has pulled back due to the drag of crystalline silicon [2]. - In November, the production schedules of polysilicon materials and downstream silicon wafers have both declined. The planned production - cut scale of silicon materials exceeds that of the downstream. However, under the strong quota limit of silicon wafers, the production - cut rhythm is ahead of the upstream [2]. - As the impact of the polysilicon production capacity platform news fades, the short - term weak reality has led the futures market to enter a low - level consolidation stage. A industry meeting was held, and CCTV reported on the same day that the anti - involution of the photovoltaic industry had achieved remarkable results, which diluted the negative sentiment related to the production capacity platform [2]. - The polysilicon futures market is dominated by multiple news, and its volatility continues to increase. It is recommended that investors exercise caution [2]. 3. Summary by Directory 3.1 Daily Data Monitoring - **Industrial Silicon**: The futures settlement price of the main contract decreased by 50 yuan/ton to 9,145 yuan/ton, and the near - month contract decreased by 40 yuan/ton to 9,155 yuan/ton. Most of the spot prices remained stable. The industrial silicon warehouse receipts decreased by 549 to 45,387, and the Guangzhou Futures Exchange inventory decreased by 5,365 to 230,900 tons. The total social inventory of industrial silicon decreased by 4,700 tons to 447,700 tons [3]. - **Polysilicon**: The futures settlement price of the main contract increased by 735 yuan/ton to 54,195 yuan/ton, while the near - month contract remained unchanged at 51,335 yuan/ton. All spot prices remained stable. The polysilicon warehouse receipts decreased by 720 to 9,130, the Guangzhou Futures Exchange inventory increased by 0.8 million tons to 29.55 million tons, and the total social inventory of polysilicon increased by 0.1 million tons to 27.7 million tons [3]. - **Organic Silicon**: The spot prices of DMC in the East China market, raw rubber, 107 glue, and dimethyl silicone oil all increased, with increases of 1,400 yuan/ton, 1,000 yuan/ton, 1,000 yuan/ton, and 2,200 yuan/ton respectively [3]. 3.2 Chart Analysis 3.2.1 Industrial Silicon and Cost - side Prices - Charts show the prices of different grades of industrial silicon, price differences between grades, regional price differences, electricity prices, silica prices, and refined coal prices [5][7][11]. 3.2.2 Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [14][16][18]. 3.2.3 Inventory - Charts present the inventory of industrial silicon futures, factory warehouses, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [22][25]. 3.2.4 Cost and Profit - Charts show the average cost and profit levels of main production areas, weekly cost - profit of industrial silicon, profit of the aluminum alloy processing industry, DMC cost - profit, and polysilicon cost - profit [28][30][35].