□本报记者 王雪青 关于光伏，业内曾有一句略带残酷的评价："如果有一个行业通过惨烈来实现价值，那必然是光伏。" 陆彬在今年三季报中表示："新能源产业过去几年的高速发展，供需格局一度不佳，但也带来了行业自 发性供给侧出清，当前我们看到行业的盈利水平已降至低位，出现改善迹象，广泛分布在光伏、锂电、 风电等多个细分领域。整体而言，当前市场已经基本消化行业基本面中的不利因素，并有望迎来持续的 盈利修复和估值扩张，后续表现值得期待。" 这个曾把一批基金经理送上神坛的赛道，也在随后漫长的下行周期里，留下了很多产品净值曲线上 的"深坑"。如今，剧情再度反转。经历三年调整之后，光伏板块终于在今年迎来一轮像样的翻身仗。 数据显示，从今年7月初至11月14日，光伏指数涨超30%，阳光电源、阿特斯、先导智能、科士达等行 业龙头表现不俗。"从6月底我们推荐光伏行业以来，市场看多的观点越来越多，但分歧仍在。"一位资 深证券分析师如是说。 如今，光伏板块再次站在了分岔路口。那些曾经抱团光伏的基金经理，今天是否还有人坚守？谁在黎明 前转向，又有谁重新押注？ 坚守：等待新一轮上行期 上一轮光伏板块的高歌猛进，让不少基金经理尝到了高景气赛道的 ...

自7月高层定调"反内卷"以来，光伏行业格局优化、产能出清、景气复苏似乎成为了市场的一致预 期，乐观情绪直接反映在持续上涨的股价之中。 （来源：市值风云APP） 但与此同时，各家龙头三季报的业绩却并不亮眼，像通威股份、隆基绿能、阿特斯、晶科能源等几家 主产业链头部公司仍全部处于亏损状态，股价上涨更多基于对未来的美好愿望。 这样的环境下，一家来自上游设备环节的龙头企业却总能独善其身，交出一份与行业周期相背离的亮 眼业绩。 逆势增长背后的原因何在？这样的表现又能持续多久？我们今天就来一探究竟。 断粮和春天，谁会先一步到来？ | 作者 | | 萧瑟 | | --- | --- | --- | | 编辑 | | 小白 | ...

南亚雄指出，光伏行业陷入当前困局的一个关键点在于——创新未得到保护。"当领先企业投入大量研 发资源形成技术知识与知识产权优势，却被第三方通过其他非法途径直接使用，这对光伏乃至整个制造 业的长期发展伤害极大。我们期待业内外在这一轮光伏'反内卷'过程中能够觉醒，意识到尊重和保护知 识产权的重要性。" 据南亚雄介绍，作为光伏银浆领域的创新引领者，帝科股份在今年上半年将光伏材料业务的使命升级为 既要"引领创新"也要"守护创新"，以推动光伏行业高质量发展。 "最具代表性的动作是，帝科股份推出高阻水丁基密封胶，以适配新一代异质结融合电池、钙钛矿叠层 电池、铜基金属化电池的需求，实现更高品质、更可靠的封装材料保护，并与光伏电池高效、少银金属 化方案协同，护航技术创新与高质量可持续发展。"南亚雄说道。 尽管当前光伏行业陷入困境，但南亚雄仍坚定看好其发展前景。"光伏是一个巨大的市场，光储一体化 之后，其无疑是核聚变真正实现有效量产前最靠谱、最具经济性的能源形态，能够支撑AI时代的到 来。从这个维度讲，光伏行业的未来依然前途光明，大家要保持信心。" 11月19日，在由《中国经营报》主办的"变革破局共生共赢——2025中国新能源产 ...

除了行业自律行动的推进以外，持续不断的创新也被认为是破解当前光伏行业内卷的重要"武器"。在本 次大会上，技术突破、创新成为业内人士们提及的高频词汇。 2025年上半年，中国光伏产业迎来里程碑式跨越，新增装机量突破20000万千瓦，同比增长逾100%，累 计装机总量昂首迈过100000万千瓦大关，正式开启"太瓦时代"，光伏行业正式进入"价值重构"的关键节 点。 "随着光伏行业'反内卷'取得成效，一定要在提高效率的同时高度重视质量的提升。光伏行业未来要走 三条路：效率提升、减金属化的应用、可靠性加强。"上海交通大学太阳能研究所所长沈文忠在接受 《证券日报》记者采访时表示，异质结、BC、TOPcon这三类技术都面临自身的竞争挑战，其中，产能 较多的TOPcon电池或将在两年内迎来一个分水岭，相关产能要占据市场优势，仍然需要以技术创新实 现突破。 "近年来BC技术得到大家广泛的认可，未来的技术是要把上述这三类技术融合发展，事实上，已经有很 多企业在进行尝试了。"沈文忠说道。 11月17日至20日，2025第八届中国国际光伏与储能产业大会(以下简称"光储大会")在成都世纪城国际展 览中心举行。 近年来，我国光伏产业的供 ...

Group 1 - The three major indices showed mixed performance, with the Shanghai Composite Index down 0.21%, the Shenzhen Component Index up 0.15%, and the ChiNext Index up 0.29% [1] - The CSI Photovoltaic Industry Index (931151.CSI) decreased by 0.3%, while key stocks such as Kstar, Junda, JinkoSolar, Roborock, and Trina Solar saw increases of over 3% [1] - The Photovoltaic 50 ETF (516880) experienced a decline of 0.46%, but recorded a net inflow of 27.81 million yuan on the previous trading day, marking five consecutive days of net inflows totaling 159 million yuan [1] Group 2 - Tongwei's Chairman Liu Hanyuan emphasized the need for the photovoltaic industry to combat excessive competition and promote self-discipline, suggesting the establishment of a platform company to manage silicon material capacity [1] - The recent self-regulatory measures in the photovoltaic industry aim to prevent over-competition, with a focus on "silicon material storage" to address dynamic demand changes [1] - According to a recent report from Zhongtai Securities, the ongoing "anti-involution" efforts in the photovoltaic sector are releasing positive signals, indicating an upward reversal in the industry's fundamentals [2]

智通财经APP获悉，中泰证券发布研报称，2025年Q3光伏行业收入达2165亿元，同比-8%，环比-3%； 归母净利润5.8亿元，同比+131%，环比+114%，亏损同环比实现大幅收窄，反内卷信号持续加强，光 伏行业逐步筑底回升，基本面预期反转向上。2025年Q3储能行业收入517亿元，同比+11%，环比-7%； 归母净利润61亿元，同比+18%，环比-10%。展望后续，储能需求逻辑重新演绎，国内大储迎经济性拐 点释放需求，海外需求多点开花，同时AIDC建设加快拉动配储需求，国内外需求景气共振。 中泰证券主要观点如下： 光伏：行业利润环比大幅减亏，上游盈利能力改善显著 投资建议 分环节看，硅料、硅片环节率先受益行业反内卷，毛利率环比修复显著；电池、组件环节毛利率环比相 对持平，主要系从上游涨价传导相对滞后；辅材链毛利率环比相对平稳或有所下滑，玻璃、胶膜环节头 部企业凭借龙头成本优势维持盈利；支架/逆变器环节：支架、逆变器环节下游客户为电站业主且成本 占比不高，同时出海需求加强，毛利率维持相对高位稳定。展望后续，光伏行业反内卷持续推进且相关 规范有望落地，行业盈利改善确定性增强，有望逐步回归相对合理水平。 储能 ...

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, with signs of recovery in profitability and stable growth in the wind power sector [1][5]. Core Insights - The renewable energy sector reported a revenue of 11,722 billion yuan for Q1-3 2025, a year-on-year decrease of 1%, and a net profit of 242 billion yuan, down 19% year-on-year. In Q3 2025, revenue was 4,138 billion yuan, up 2% year-on-year, and net profit was 118 billion yuan, up 41% year-on-year [2][7]. - The photovoltaic segment experienced a significant reduction in losses, with Q3 2025 revenue at 2,315 billion yuan, down 8% year-on-year, but net profit surged to 28.4 billion yuan, a year-on-year increase of 1,495% [2][37]. - The wind power segment showed robust growth, with Q3 2025 revenue of 1,135 billion yuan, up 22% year-on-year, and net profit of 50 billion yuan, up 33% year-on-year [2][16]. Summary by Sections Revenue and Profitability - The renewable energy sector's revenue for Q1-3 2025 was 11,722 billion yuan, with a net profit of 242 billion yuan. Q3 2025 saw a revenue of 4,138 billion yuan and a net profit of 118 billion yuan, marking a significant recovery [2][15]. - The photovoltaic sector's revenue for Q1-3 2025 was 6,640 billion yuan, with a net loss of 43 billion yuan. In Q3 2025, revenue was 2,315 billion yuan, and net profit was 28.4 billion yuan, indicating a strong recovery [2][37]. Segment Performance - The photovoltaic segment's Q3 2025 performance showed a revenue decline of 8% year-on-year but a remarkable net profit increase of 1,495%. The wind power segment continued to grow, with a 22% revenue increase year-on-year [2][16][37]. - The report highlights that the profitability of the wind power segment is improving, with a notable increase in gross margins due to price adjustments and operational efficiencies [2][16]. Market Trends - The report notes a gradual recovery in demand for household energy storage, with significant growth expected in commercial and large-scale storage solutions. The anticipated installation capacity for 2025 is around 150 GWh, representing a year-on-year increase of over 40% [2][6]. - The photovoltaic industry is undergoing a restructuring process, with upstream profitability recovering as prices for silicon materials rise. This trend is expected to continue into 2026, leading to a reshaped industry ecosystem [2][6]. Recommendations - The report recommends focusing on high-growth areas such as inverters and mounting systems, as well as leading photovoltaic companies with cost advantages and strong distribution channels [2][6].

Core Viewpoint - The recent anti-involution policies in the photovoltaic industry are expected to promote healthy and orderly development, leading to a gradual recovery in prices and profitability across various segments of the industry [1] Company Summary - The company acknowledges that the anti-involution policies are beneficial for its main business, as they contribute to the recovery of silicon wafer prices, which in turn enhances the profitability of its silicon wafer cutting and processing services [1] - The company reported a profit in the third quarter, indicating a positive trend in its main business profitability, which is anticipated to continue improving due to ongoing cost reduction and efficiency enhancement efforts [1] - The company is committed to actively monitoring and responding to the developments related to the anti-involution policies [1]

Core Viewpoint - The photovoltaic industry is actively promoting anti-involution through polysilicon inventory management, but faces challenges due to the involvement of multiple companies and the need for substantial financial support. Technological iteration is seen as a less resistant option to clear excess capacity, with perovskite technology showing significant efficiency advantages over existing crystalline silicon technology, potentially accelerating the exit of outdated capacity and helping the industry recover from cyclical lows [1]. Group 1: Efficiency and Stability - Conversion efficiency of perovskite has significantly improved from 3.8% in 2009 to over 26% currently, with companies like GCL-Poly achieving 19.04% efficiency on 1m*2m panels and tandem cells nearing 30% efficiency [2]. - The stability of high-efficiency laboratory results is being addressed, with notable advancements in stability research, including a perovskite solar cell developed by the Chinese Academy of Sciences that exceeds 27% efficiency with controlled degradation [3]. Group 2: Commercialization and Policy Support - GW-level production lines are set to be launched by companies like Extreme Solar and GCL-Poly in 2025, with more planned capacity expected to come online by 2026. The first full-size perovskite module from GCL-Poly was produced on October 29, 2025, indicating a push towards commercial viability [4]. - Policy support for the development of new photovoltaic technologies is evident, with recent government initiatives focusing on perovskite materials and advanced photovoltaic technologies, which could enhance capacity iteration in the current anti-involution phase of the industry [5]. Group 3: Investment Opportunities - Companies to watch in the perovskite sector include equipment manufacturers such as Dier Laser, Jiejia Weichuang, and others, as well as perovskite module producers like Hangzhou Colin and GCL Technology. Additionally, TCO glass and perovskite encapsulant manufacturers are also highlighted as potential investment opportunities [6].

事件描述 晶澳科技发布2025 年三季报，2025 前三季度公司实现收入368.09 亿元，同比下降32.27%；归母净 利-35.53 亿元；其中，2025Q3 实现收入129.04 亿元，同比下降24.05%，环比下降2.48%；归母净 利-9.73 亿元，亏损幅度环比小幅扩大。 事件评论 近期光伏反内卷有望取得积极进展，晶澳作为一体化组件龙头，优势明显。 风险提示 1、反内卷进展不及预期； 2、光伏装机不及预期。 受前期海外业务拓展影响，预计公司2025Q3 海外出货量占比有所提升，整体预计公司电池组件出货量 环比Q2 基本持平。盈利层面，公司通过精益管理控制成本，尽管Q3 上游及辅材价格有所上涨，但公司 毛利率为-0.88%，环比+0.07pct，毛利率呈现出小幅改善趋势。 财务数据方面，公司Q3 期间费用率环比+3.02pct 至8.25%，主要为财务费用影响，Q2主要系汇率波动 引起汇兑收益增加。公司经营性现金流管控优异，2025 年以来每个季度均为流入状态。 展望后续，晶澳在手资金充裕，抗风险能力强，随着转债价格下修到位资金压力进一步降低。公司报表 质量扎实，后续有望轻装上阵，公司此前发布股权激 ...