在全球光伏产业竞争日趋激烈的当下，"内卷"已成为行业无法回避的痛点。价格战、同质化竞争、利润 空间压缩等问题困扰着大量光伏企业。这一背景下，正处于IPO阶段的无锡江松科技股份有限公司(以下 简称"江松科技")，提供了一个观察光伏产业"反内卷"趋势的独特视角。 公司成功开发了应用于光伏电池片制造的扩散退火、PECVD、刻蚀、制绒、碱抛等多个工艺段的光伏 电池自动化设备，成为国内少数能够为下游客户提供生产主要流程的光伏电池自动化厂商之一。 其自动化设备能够结合用户产品的具体要求，完成预先设定的各道工序的智能生产，具有高运行效率、 高精密度、低碎片率、高定制化等特点。设备还可自动采集生产数据、运行特征参数、故障指标等信 息，经实时分析后，通过高速网络传输给MES(制造执行系统)，为客户智能工厂提供数据基础。设备亦 可接收智能工厂指令，实现生产要素智能调度和协同优化，赋能客户打造数字化"灯塔工厂"。 以生产210mm硅片的扩散退火自动化设备为例，公司产品的产能达到13500片/小时，碎片率低至 0.01%，性能远超国际及国内主流同类产品。 公司的PECVD自动化设备在实现大片化生产、低碎片率及N型新技术工艺的前提下， ...

格隆汇12月28日｜据一财，今年7月以来，多部门政策部署层层递进，国家行业协会及企业协同推进， 政策围绕控产能、控价格、提标准等多重方向落地，引导光伏产业迈向技术创新为核心的集约型高质量 发展阶段。下半年以来，硅料等核心环节价格在企稳回升，标志着"反内卷"行动初见成效。多晶硅主力 连续合约已较6月底价格翻倍。硅料涨价亦于近日传导到了硅片，其迎来四季度最猛烈的涨价。12月25 日，头部硅片企业集体大幅提价。根据中国有色金属工业协会硅业分会披露，截至12月26日，各型号单 晶硅片价格报1.2元/片~1.52元/片，对比三季度初的价格范围0.86元/片~1.19元/片，价格至少回升约 40%。多晶硅N型复投料均价5.39万元/吨，较二季度末价格，上涨约54%。 ...

国金证券表示，7月以来，光伏行业"反内卷"顶层信号密集释放，且政策规格持续提升。价格管控方 面，多晶硅价格逐步覆盖成本，预计后续产业链价格中枢有望逐步覆盖成本；供给侧出清方面，收储动 态推进，多晶硅能耗新标有望加速落后产能出清。预计后续"反内卷"将持续推进，带动行业盈利修复。 光伏ETF华夏（515370）跟踪中证光伏产业指数，涉及光伏产业链上、中、下游企业，包括硅片、多晶 硅、电池片、电缆、光伏玻璃、电池组件、逆变器、光伏支架和光伏电站等，能够更好的反映光伏产业 整体表现。 （文章来源：每日经济新闻） 12月24日，午后光伏ETF华夏（515370）快速拉升，上涨1.67%。资金面上，昨日光伏ETF华夏 （515370）流入1亿元，近二十日净流入超10亿元。 根据IEA日前发布的预测报告，2023~2035年中东和北非地区的发电量将年均增长约50%，太阳能光伏 增速最快，2035年光伏发电量较2023年将大增15倍。 ...

据天眼查APP信息，光和谦成的成立日期为2025年12月9日，注册资本为30亿元。 资料显示，光和谦成法定代表人为侯一聪，所属行业为科技推广和应用服务业，经营范围包含技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广等一般项目以及企业管理咨询。企业当前经 营状态为存续。 "这两天很多人来打听这家公司。"12月10日，北京市朝阳区垡头化工东里3号36号楼的物业工作人员告 诉《证券日报》记者。 该物业工作人员口中的这家公司名为北京光和谦成科技有限责任公司（以下简称"光和谦成"）。尽管 《证券日报》记者未能确认光和谦成就是光伏行业"反内卷"的重要一环——多晶硅产能整合收购平台， 却在致电某参股光和谦成上市公司的投资者热线时获悉，该公司为"各企业为探索行业潜在的战略合作 机会而设立的公司"。 12月10日，《证券日报》记者来到光和谦成营业执照上的注册地址所在地发现，该办公地址目前尚无办 公人员及办公用品入驻，但相关物业人员向记者证实："光和谦成确实在这，还没有搬进来。" 尚未实际办公 针对行业乱象，国家相关部门持续出手整治，规范光伏产业竞争秩序。7月3日，工业和信息化部党组书 记、部长李乐成主持召开第十五次 ...

中国光伏行业协会执行秘书长刘译阳表示，不要低估政策决心，光伏行业不走出内卷式恶性竞争誓不罢 休。 截至2025年11月13日 10:55，中证光伏产业指数(931151)强势上涨2.84%，成分股上能电气(300827)上涨 20.00%，联泓新科(003022)上涨10.00%，锦浪科技(300763)上涨8.17%，固德威(688390)，弘元绿能 (603185)等个股跟涨。光伏ETF基金(516180)上涨2.34%，最新价报0.88元。拉长时间看，截至2025年11 月12日，光伏ETF基金近2周累计上涨2.89%，涨幅排名可比基金2/11。 数据显示，截至2025年10月31日，中证光伏产业指数(931151)前十大权重股分别为阳光电源(300274)、 隆基绿能(601012)、特变电工(600089)、TCL科技(000100)、通威股份(600438)、正泰电器(601877)、 TCL中环(002129)、晶澳科技(002459)、德业股份(605117)、天合光能(688599)，前十大权重股合计占比 60.74%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | ...

Group 1 - The photovoltaic sector experienced fluctuating performance, with the photovoltaic ETF (159857) slightly rising by 0.22%, marking its fourth consecutive increase [1] - The trading volume for the photovoltaic ETF reached 409 million yuan, making it the top product in the Shenzhen market [1] - Key stocks such as Hongyuan Green Energy, TCL Zhonghuan, Maiwei Co., and JA Solar saw significant gains [1] Group 2 - The photovoltaic ETF (159857) recorded a subscription of 12.3 million shares on November 10, indicating strong investor interest [1] - As of November 7, the ETF's total size was 2.687 billion yuan, with a total of 2.936 billion shares, both leading in the Shenzhen market [1] - The ETF is supported by an off-market connecting fund (Class C: 011103) [1] Group 3 - The photovoltaic industry is experiencing strong internal development momentum, with technological innovations continuously creating new growth points [1] - Rapid declines in power generation costs are enhancing economic competitiveness, and the "anti-involution" trend is expected to lead to substantial supply changes and profit recovery [1] - Positive developments are conducive to the healthy growth of the photovoltaic industry and the revaluation of its assets [1] Group 4 - CITIC Securities pointed out that the "anti-involution" initiative in the photovoltaic industry is planned to start in May 2024, officially launching in October 2024, and continuing into 2025 [2] - Since June, there has been a series of policy announcements related to "anti-involution," with specifications continuously improving [2] - It is anticipated that the "anti-involution" policies will help return profitability across various segments of the photovoltaic industry to reasonable levels, suggesting a focus on leading enterprises in the industry chain [2]

Group 1 - The core viewpoint of the articles highlights the positive developments in the photovoltaic industry, particularly the collaboration between China and ASEAN in energy investment, with significant growth in renewable energy projects [1][2] - As of November 5, 2025, the China Securities Photovoltaic Industry Index (931151) shows notable increases in stock prices for key companies such as TBEA Co., Ltd. (4.24%) and Junda Co., Ltd. (2.43%) [1] - The photovoltaic ETF fund (159863) has risen by 0.60%, reflecting the overall performance of the photovoltaic industry [1][2] Group 2 - The report from Kaiyuan Securities indicates that the photovoltaic industry has made progress in reducing internal competition, with upstream sectors expected to significantly reduce losses in Q3 [2] - Key focus areas include supply-side measures such as the establishment of silicon material storage platforms and production restrictions, as well as demand-side factors like the support for photovoltaic installation demand under the "14th Five-Year Plan" [2] - The top ten weighted stocks in the China Securities Photovoltaic Industry Index account for 60.74% of the index, with leading companies including Sungrow Power Supply Co., Ltd. and LONGi Green Energy Technology Co., Ltd. [2]

Core Insights - The company reported a revenue of 2.26 billion yuan for Q1-Q3 2025, a year-on-year decrease of 8.75%, while the net profit attributable to shareholders was 53 million yuan, an increase of 13.63% year-on-year [1] - In Q3 2025, the company achieved a revenue of 742 million yuan, down 6.59% year-on-year and 15.66% quarter-on-quarter, but the net profit attributable to shareholders rose to 17 million yuan, a significant increase of 59.75% year-on-year and 604.86% quarter-on-quarter [1] - The gross profit margin for Q3 2025 was 5.63%, up 1.55 percentage points year-on-year, but down 0.38 percentage points quarter-on-quarter, mainly due to the reversal of some credit impairment losses [1] Revenue and Profit Analysis - The company’s Q3 2025 single-quarter revenue was 742 million yuan, reflecting a year-on-year decline of 6.59% and a quarter-on-quarter decline of 15.66% [1] - The net profit attributable to shareholders for Q3 2025 was 17 million yuan, showing a year-on-year increase of 59.75% and a quarter-on-quarter increase of 604.86% [1] - The company’s gross profit margin for Q3 2025 was 5.63%, with a year-on-year increase of 1.55 percentage points [1] Cost and Cash Flow - In Q3 2025, the company’s operating expenses were 36 million yuan, a year-on-year decrease of 0.17% and a quarter-on-quarter increase of 8.25% [2] - The expense ratio for Q3 2025 was 4.88%, up 0.31 percentage points year-on-year and 1.08 percentage points quarter-on-quarter [2] - The operating net cash flow improved significantly to 201 million yuan, a year-on-year increase of 874.13% and a quarter-on-quarter increase of 292.02% [2] Inventory and Contract Liabilities - As of Q3 2025, the company’s inventory was 271 million yuan, an increase of 54.23% year-on-year [2] - The contract liabilities stood at 35 million yuan, reflecting a substantial year-on-year increase of 650.11% [2] Profit Forecast and Investment Rating - Due to intense competition in the photovoltaic market, the company has revised down its profit forecasts for 2025-2026, now expecting net profits of 70 million yuan, 120 million yuan, and 170 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 83%, 73%, and 39% [2] - The company maintains an "overweight" rating, anticipating improved profitability in the future despite the competitive environment [2]

Core Viewpoint - The photovoltaic ETF (159857) has shown significant growth, with a 1.17% increase on October 30, 2025, and a weekly increase of 11.57%, indicating strong investor interest and market recovery in the solar energy sector [2][3]. Product Highlights - The photovoltaic ETF (159857) is characterized by a large scale and superior liquidity, with over 70,000 investors holding shares, making it an efficient tool for investors to capitalize on the global renewable energy revolution and the photovoltaic industry's core assets [2]. - The ETF has seen a significant increase in scale, growing by 94.04 million yuan in the past week [2]. Related Events - A coalition of 17 leading photovoltaic companies, including Longi Green Energy and Tongwei Co., has been formed to establish a storage platform aimed at reducing excessive competition in the industry through joint storage and production cuts, promoting high-quality development [2][3]. - The coalition may include downstream companies like TCL, which could help balance silicon material price fluctuations and component cost issues, ensuring supply chain stability [3]. Institutional Perspectives - According to Industrial Securities, Q3 performance for some photovoltaic companies has shown significant improvement, with GCL-Poly Energy reporting a substantial turnaround in profits for Q3 2025, and Tongwei Co. showing a notable reduction in losses [3]. - The photovoltaic industry is expected to benefit from both performance improvements and the positive impacts of the anti-involution measures, suggesting a favorable environment for investment in the sector [3].

Core Viewpoint - Tongwei Co., Ltd. reported a significant reduction in net losses in Q3 compared to Q2, indicating potential recovery in the photovoltaic industry [1][2]. Financial Performance - For the first three quarters, the company achieved a revenue of 646 billion yuan, a year-on-year decrease of 5.38%, with a net loss of 52.7 billion yuan [1]. - In Q3, the company recorded a revenue of 240.91 billion yuan, down 1.57% year-on-year, and a net loss of 3.15 billion yuan [1]. - The net loss in Q3 decreased by 86.68% compared to the 23.63 billion yuan loss in Q2 [2]. Industry Context - The management indicated that the recovery in prices across the photovoltaic industry chain has contributed to the improved financial performance [2][3]. - Since June, domestic policies have shown a stronger commitment to eliminating irrational competition and addressing capacity mismatches in the industry [3]. - The average transaction price of polysilicon increased from below 40,000 yuan/ton in June to around 50,000 yuan/ton in September [3]. Financial Health - As of mid-year, the company had approximately 332.29 billion yuan in cash and trading financial assets, with a debt-to-asset ratio of 71.9% [3]. - In Q3, the company reported a net operating cash inflow exceeding 4.7 billion yuan [3]. - The management emphasized the importance of financial risk control and maintaining sufficient liquidity while keeping the overall debt ratio at a manageable level [3]. Market Position - As of the latest closing, Tongwei Co., Ltd. has a market capitalization of 100 billion yuan, with a slight year-to-date increase of 0.45% [4].