众和昆仑(北京)资产管理有限公司董事长柏文喜在接受《证券日报》记者采访时表示，此次收购若能成 功实施，将加速行业分化与出清、重塑竞争格局、推进价格机制的市场化修复。 "对丽豪清能而言，被通威股份收购意味着获得资金、技术和市场渠道支持，避免在行业低谷期独自承 压。对其他二三线硅料企业而言，通威股份的收购动作将形成'示范效应'，要么寻求被头部企业并购， 要么面临产能闲置甚至淘汰的命运。此外，硅料价格近年来经历了较大波动，通威股份作为成本控制能 力最强的企业之一，通过并购整合而非恶性竞价的方式消化过剩产能，有助于减少'价格战'对行业的伤 害，推动硅料价格逐步回归合理区间。此次收购传递出明确信号，硅料行业的整合已开始转向'市场化 并购'模式，龙头企业通过个案并购实现行业产能整合，或将成为更合规、更可持续的路径。"柏文喜 说。 从行业来看，光伏市场的未来前景受到市场各方持续看好。大公国际资信评估有限公司发布的研报显 示，2025年，光伏制造行业已经完成从P型到N型的转换，行业供需结构性失衡，同时产业链各环节产 品价格走势分化显著，预计2026年，光伏制造业将进入"反内卷"攻坚期，行业重心将从"压产量"转 向"提质量"， ...

Core Viewpoint - The photovoltaic industry is moving towards a "deeper water zone" as companies are ending patent disputes, signaling a shift away from internal competition and towards healthier industry practices [1][5]. Group 1: Patent Agreements - Longi Green Energy and Jinko Solar ended all global patent disputes in September 2022, marking a significant shift in the industry [5]. - Aiko Solar and TCL Zhonghuan recently signed a patent licensing agreement, resolving over two years of patent disputes, with a total licensing fee of 1.65 billion yuan, to be paid in installments from 2026 to 2030 [3][4]. - The licensing agreement allows Aiko Solar access to approximately 1,000 Maxeon patents, with no restrictions on production volumes, thus avoiding lengthy legal processes and focusing on development and innovation [3][4]. Group 2: Industry Implications - The resolution of patent disputes is expected to eliminate uncertainties for overseas clients, leading to price increases for Aiko Solar's products and the introduction of a 0.02 yuan per watt patent fee for downstream customers [4]. - TCL Zhonghuan views the agreement as a means to collaborate with industry partners to build a healthy competitive environment and enhance its market position in the BC battery component sector [4]. - The trend of major companies ending patent disputes is seen as a positive response to the "anti-involution" movement, promoting a more orderly and healthy development of the photovoltaic industry [5]. Group 3: Regulatory Environment - The Ministry of Industry and Information Technology emphasizes that 2026 will be a critical year for addressing internal competition in the photovoltaic industry, focusing on strengthening intellectual property protection and curbing infringement [6]. - The ministry plans to implement measures such as capacity regulation, quality supervision, and price enforcement to achieve a dynamic balance of supply and demand in the industry [6].

Group 1: Global AIDC and CAPEX Trends - The global demand for intelligent computing (AIDC) is experiencing significant growth, with major cloud companies increasing their capital expenditures (CAPEX). The top three global cloud providers are expected to cumulatively spend nearly $300 billion in CAPEX for the fiscal year 2025. Domestic companies in China are also accelerating their CAPEX, with Tencent's forecast raised from 300 billion yuan to 350 billion yuan for the fiscal years 2025-2027, and Alibaba's forecast increased to 460 billion yuan for the same period [1][2] Group 2: High Voltage Direct Current (HVDC) Technology - High Voltage Direct Current (HVDC) is emerging as a superior solution for powering next-generation data centers. The shift towards high-density and high-energy consumption data centers is driving the upgrade of power distribution systems. The expected market size for global HVDC is projected to reach 2.45 billion yuan, 14.49 billion yuan, and 30.26 billion yuan for the years 2025-2027 respectively [2][3] Group 3: Photovoltaic Industry Developments - The photovoltaic (PV) industry is transitioning towards high-quality development, with domestic PV installations reaching a record high in 2025. The cumulative new PV installations in China from January to November 2025 amounted to 274.89 GW, a year-on-year increase of 33.2%. However, global installation growth is expected to slow down after 2026, with projections indicating a decrease of 6 GW in global installations from 655 GW in 2025 to 649 GW in 2026 [3][4] Group 4: Industry Price Trends and Supply Chain Adjustments - The PV industry is witnessing a price turning point, with new technologies still commanding a premium. After a period of price fluctuations, the prices of PV products began to stabilize in late 2025. The price of BC components is currently at 0.76 yuan/W, showing a premium over TOPCon technology. The upstream segment is expected to benefit first, with significant profit recovery potential in the mid and downstream segments [4][5] Group 5: Investment Recommendations - The focus is on recommending investments in the AIDC sector, particularly in HVDC, SST, and energy storage solutions. Key recommended companies include Zhongheng Electric and Siyuan Electric, with additional attention on Keda Data, Kstar, and others. In the PV sector, recommendations include supply-side improvements and new BC technologies, with key companies such as Flat Glass and Quartz Shares highlighted [5][6]

Core Viewpoint - The photovoltaic industry is moving towards a healthier competitive environment as companies are ending patent disputes, signaling a shift away from "internal competition" and towards collaboration for innovation and market stability [3][5][6]. Group 1: Patent Agreements - Longi Green Energy and JinkoSolar ended all global patent disputes in September 2022, marking a significant shift in the industry [5]. - Aiko Solar and TCL Zhonghuan recently signed a patent licensing agreement worth a total of 1.65 billion yuan, with payments scheduled from 2026 to 2030 [4]. - Aiko Solar will gain access to approximately 1,000 Maxeon patents, allowing for greater focus on development and innovation without the burden of ongoing legal disputes [4][5]. Group 2: Industry Response and Future Outlook - The resolution of patent disputes is seen as a positive response to the "anti-involution" movement within the photovoltaic sector, promoting healthy competition and innovation [5][6]. - Industry leaders have publicly opposed "patent wars," emphasizing the need to focus on technological advancement rather than legal conflicts [6]. - The Ministry of Industry and Information Technology has identified 2026 as a critical year for addressing internal competition in the photovoltaic industry, with a focus on strengthening intellectual property protection [7]. Group 3: Market Dynamics - The ongoing patent disputes had previously caused uncertainty among overseas clients regarding the procurement of ABC components, which is expected to improve following the licensing agreements [5]. - The agreements are anticipated to allow companies to raise prices on battery and component products, with Aiko Solar planning to charge a royalty fee of 0.02 yuan per watt [5]. - The industry is currently facing challenges related to supply-demand mismatches, and the Ministry plans to implement measures to achieve dynamic balance in the market [7].

继隆基绿能（601012.SH）与晶科能源（688223.SH）于去年9月底宣布结束全球范围内全部专利纠纷法 律程序后，爱旭股份（600732.SH）和TCL中环（002129.SZ）近日也官宣签订《专利许可协议》，各自 撤回或终止所有与许可专利及许可产品相关的、双方之间进行中或未决的法律程序。至此，这两家公司 为期超过两年的专利"缠斗"画上句号。 【16.5亿专利费换行业清净：#光伏反内卷进入深水区#，#光伏龙头企业带头付费结束专利缠斗#】光 伏"反内卷"持续走向"深水区"，一大信号是光伏公司接连选择结束专利"缠斗"。 ...

行 业 及 产 业 电力设备/ 光伏设备 2026 年 02 月 10 日 爱旭股份与 Maxeon 达成专利许 研究支持 李冲 A0230524070001 lichong@swsresearch.com 联系人 李冲 A0230524070001 lichong@swsresearch.com 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 马天一 A0230525040004 maty@swsresearch.com 李冲 A0230524070001 lichong@swsresearch.com 行业点评 ⚫ 事件：爱旭股份与 Maxeon 达成"5 年期 16.5 亿元"的 BC 专利许可，核 心条款为爱旭与 Maxeon 签署 BC 电池与组件专利许可，期限五年、总额 16.5 亿元，许可区域为全球（美国除外），性质为非独家授权，双方同步 撤回相关未决诉讼。该许可协议将推动光伏"反内卷"路径从价格自律转向 知识产权法治化。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bos ...

2026.02. 10 TCL中环子公司Maxeon在BC电池组件等领域具备全球范围内超千项已授权专利，覆盖BC领域的核 心技术和关键环节。 TCL中环认为："本次交易有助于公司协同产业链伙伴共建BC电池技术生态，以差异化产品技术、 优质知识产权助力行业破除内卷式竞争，推动行业健康有序发展。同时也有助于公司推动适度一体化 战略，强化公司在BC电池组件端的市场地位和竞争优势。" 本文字数：1837，阅读时长大约4分钟 作者 | 第一财经 陆如意 光伏"反内卷"持续走向"深水区"，一大信号是光伏公司接连选择结束专利"缠斗"。 继隆基绿能（601012.SH）与晶科能源（688223.SH）于去年9月底宣布结束全球范围内全部专利 纠纷法律程序后，爱旭股份（600732.SH）和TCL中环（002129.SZ）近日也官宣签订《专利许可 协议》，各自撤回或终止所有与许可专利及许可产品相关的、双方之间进行中或未决的法律程序。至 此，这两家公司为期超过两年的专利"缠斗"画上句号。 签订巨额BC专利许可协议 据第一财经记者了解，两家公司的许可费用总计16.5亿元，其中2.50亿元于2026年支付，剩余许可 费分别于2027年 ...

Group 1: AIDC and Power Supply Innovations - The global AIDC demand is experiencing significant growth, with major cloud companies increasing their capital expenditures. In FY2025, the top three global cloud providers are expected to collectively spend nearly $300 billion [3][19] - High Voltage Direct Current (HVDC) is becoming the preferred solution for next-generation data center power supply, as it enhances power efficiency and reduces material usage. The global HVDC market is projected to reach approximately $30 billion by 2027 [4][59] - Key recommendations for HVDC and Storage Solutions include companies like Zhongheng Electric and Siyuan Electric, with additional attention on Keda Data, Kstar, and others [10][65] Group 2: Photovoltaic Industry Trends - The photovoltaic industry is transitioning towards high-quality development, with supply-demand dynamics expected to gradually improve. In 2025, domestic photovoltaic installations are projected to reach a record high, although global installation growth is anticipated to slow down post-2026 [5][6] - The industry is actively reducing operating rates to improve supply-demand structures, with significant declines in operating rates for polysilicon and other segments noted [6][7] - Key recommendations in the photovoltaic sector focus on supply-side improvements and new technologies, with companies like Flat Glass and Quartz Holdings highlighted for their potential [11][10]

二 〇 二 五 年 度 2026 年 02 月 08 日 工业硅：上游减产落地，下方空间不深 多晶硅：行业成本价确定，关注成交情况 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 报告导读： 本周价格走势：工业硅盘面震荡偏弱，现货价格持平；多晶硅盘面震荡偏强，现货报价继续挺价 工业硅运行情况：本周工业硅盘面震荡走跌，部分资金基于商品情绪悲观进行空配，周五盘面收于 8500 元/吨。现货市场价格持稳，SMM 统计新疆 99 硅报价 8700 元/吨（环比不变），内蒙 99 硅报价 9100 元/吨 (环比+50)。 多晶硅运行情况：本周多晶硅盘面震荡偏强，主要系硅料厂挺价叠加北京 CPIA 开会等利多驱动，盘面 收于 49285 元/吨。多晶硅现货市场来看，上游报价开启挺价，关注节后下游采买情况。 供需基本面：工业硅本周行业库存累库；多晶硅上游库存去库 工业硅供给端，上游大幅减产落地。据咨询商统计，本周新疆地区开工减少，系新疆某工厂因资金因素 大面积停炉，整体周产环减。具体而言，西南地区进入枯水期，按照枯水期电价折算西南枯水期成本在 10000-10500 元/吨(折盘面) ...

本报记者 孙杰 中国光伏产业链在全球占据主导地位，行业整体依然在深度调整，"反内卷"治理仍是今年的重中之重。 中国光伏行业协会日前在京举行2025年发展回顾与2026年形势展望研讨会，释放出大力促进行业健康发 展的强烈信号。 中国光伏稳居全球主导 制造端年产值突破1万亿元；出口总额超1800亿美元；累计装机突破1200吉瓦；组件出口超200个国家和 地区……回顾"十四五"光伏产业发展，中国光伏行业协会顾问王勃华表示，过去五年，光伏行业取得诸 多具有里程碑意义的突破。 行业承压处于深度调整 工信部电子信息司副司长王世江在研讨会上表示，行业当前正处于新一轮深度调整期，行业深层次的供 需错配尚未解决，企业经营依然面临较大挑战。 2025年，光伏全行业仍处在集体承压的"阵痛期"。近期，光伏行业A股上市公司2025年业绩预告密集出 炉。业绩预告显示，行业整体仍处在亏损区间，但结构分化已有所显现，部分企业亏损开始收窄。 光伏龙头隆基绿能业绩预告显示，预计2025年归属于上市公司股东的净亏损为60亿元至65亿元，相较上 年86亿元的亏损额收窄约30%，业绩修复态势明显。公司称，2025年光伏行业低价"内卷"式竞争持续， 受 ...