亿晶光电是一家光伏产品及光伏电站开发商，于2011年借壳海通食品登陆A股，成为国内首家光伏上市公司，被业内称为"光伏第一股"。 2025年9月，亿晶光电发布控股股东、实际控制人发生变更的提示性公告。因公司原控股股东唯之能源持有的公司股份被司法拍卖后，公司变成无控股股东 和无实控人状态。 据瑞财社查阅，亿晶光电现任董事长为90后陈江明，曾是公司一名证券事务代表。 资料显示，陈江明，1991年生，安徽工业大学本科学历。曾任深圳市勤诚达集团投融资专员、投资主管、亿晶光电科技股份有限公司职工代表监事、证券事 务代表，现任亿晶光电科技股份有限公司董事长兼董事会秘书、常州亿晶光电科技有限公司工会主席。 2021年时，陈江明任亿晶光电证券事务代表。2023年8月，亿晶光电原董事会秘书张婷辞去董秘职务，转任公司副总经理。与此同时，陈江明从证券事务代 表岗位升任董事会秘书。 时隔一年多，2025年4月，陈江明再度获任新职，直接从董秘岗位晋升为公司董事长，并以董事长身份签署了公司2024年年报。年报数据显示，公司2024年 归属净亏损20.9亿元。 瑞财经 刘治颖1月8日，亿晶光电(SH600537)公告，预计2025年度归属于 ...

●由亚化咨询主办的第十二届太阳电池浆料与金属化技术论坛将于2026年3月19日在江苏常州召开 ●由亚化咨询主办的第八届钙钛矿与叠层电池论坛将于2026年4月15-16在常州召开 1月6日，正泰电器发布正泰电器关于筹划发行H股股票并在香港联合交易所有限公司上市的提示性公 告。 内容显示，浙江正泰电器股份有限公司（以下简称"公司"）为满足业务发展需要，深入推进国际化战 略，积极借助国际资本市场拓宽多元融资渠道，进一步提升公司综合竞争力，拟筹划发行境外股份（H 股）并在香港联合交易所有限公司（以下简称"香港联交所"）上市（以下简称"本次发行H股并上 市"）。公司正与相关中介机构就本次发行H股并上市的具体推进工作进行商讨，相关细节尚未确定。 本次发行H股并上市不会导致公司控股股东和实际控制人发生变更。 据了解，正泰电器核心光伏资产是正泰安能。2025年9月，正泰电器主动撤回正泰安能IPO，引发市场 关注。此举并非业绩问题，反而因其增长过快、业务前景更好而保留在上市公司体系内。 正泰安能是目前国内规模最大的户用光伏能源运营服务商，拥有品牌"安能"和"光伏星"，并开发出"金 顶宝"、"绿电家"、"金租宝"等成熟的商业模式 ...

●由亚化咨询主办的第十二届太阳电池浆料与金属化技术论坛将于2026年3月19日在江苏常州召开 ●由亚化咨询主办的第八届钙钛矿与叠层电池论坛将于2026年4月15-16在常州召开 12月26日，*ST金刚发布关于撤销公司股票因重整而被实施退市风险警示暨继续被实施退市风险警示及其他风险警示的公告。 公告显示，2025 年 9 月 19 日，公司收到酒泉中院送达的《民事裁定书》((2024)甘 09 破申 1 号)，裁定受理申请人对公司的重整申请。根据《上市规则》 第 10.4.1 条"上市公司出现下列情形之一的，本所对其股票交易实施退市风险警示:..(. 九) 法院依法受理公司重整、和解或者破产清算申请"规定，公司股 票于 2025 年 9 月 22 日开市起被叠加实施退市风险警示。 2025 年 12 月 19 日，公司管理人向酒泉中院提交了《甘肃金刚光伏股份有限公司管理人关于甘肃金刚光伏股份有限公司重整计划执行情况的监督报 告》， 2025 年 12 月 22 日，公司收到酒泉中院送达的《民事裁定书》((2025)甘 09 破 1 号之二)，法院裁定终结甘肃金刚光伏股份有限公司重整程序。同 日，上海市通力律师 ...

为深入贯彻落实我国"双碳"战略目标，积极响应国家新型能源体系建设部署，破解摆脱光伏行业"内 卷"困境，推动光伏产业高水平高质量协同与可持续发展，中国光伏行业协会将于2025年12月17至18日 在陕西省西安市举办2025光伏行业年度大会。 本次光伏行业年度大会既是中国光伏行业协会"求真""积极""担当""共赢"价值观的重要体现，也是贯 彻"稳链、强链、绿色、创新"行业工作主线的重要实践，更是回顾、总结、展望，助力落实《"十四 五"可再生能源发展规划》与新型电力系统建设要求的关键行动。未来，相信行业将主动调整产业生 态，重构核心竞争力，把过去高度依赖的资源和资本能力转为研发创新、卓越运营、市场营销、国际化 能力，逐步发展成为中国新型能源体系的"主力军"，并保持全球领先。 近年来，我国光伏行业实现了从"补贴驱动"向"平价普惠"的质变，以装机规模、技术迭代、场景融合及 电网协同的全方位突破，奠定了全球领导地位。虽风光无限，产业发展却步入到第四次深度调整周期之 中，面临着诸多挑战。一方面，上游制造端供需失衡导致产品价格低位运行、利润空间压缩；另一方 面，下游应用也在面临电力消纳能力不足和全面参与电力市场交易的现实挑战 ...

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core View of the Report - The polysilicon market lacks the internal driving force for supply - demand improvement, and the fundamentals remain weakly - realistic. The spot price is expected to fluctuate, and the futures price will mainly remain in high - level fluctuations [4]. Group 3: Summary According to the Directory 1. Market Performance and Outlook - The price of the polysilicon main contract was weak first and then strong. The closing price of the PS2601 contract was 53,460 yuan/ton, with a gain of 0.43%. The trading volume was 413,154 lots, and the open interest was 140,617 lots, with a net increase of 2,149 lots [4]. - The transaction price range of polysilicon n - type re -投料 was 49,000 - 55,000 yuan/ton, with an average transaction price of 53,200 yuan/ton, remaining flat month - on - month. The transaction price range of n - type granular silicon was 50,000 - 51,000 yuan/ton, with an average transaction price of 50,500 yuan/ton, also remaining flat month - on - month [4]. - In October, the output was 137,000 tons. In November, there is an expectation of production cuts in the southwest production area, with the monthly output expected to be around 120,000 tons. The realization degree of production cuts needs to be observed under the current profit improvement conditions. The output of silicon wafers and solar cells remains stable at 55 - 60GW, but the terminal demand has entered a trough after the "rush - to - install" period and there is no optimistic repair expectation. The industrial chain profit is currently concentrated in the silicon material end, and the downstream silicon wafer and component prices have loosened recently, so there is great resistance to spot price increases [4]. 2. Market News - On November 12, the number of polysilicon warehouse receipts was 9,850 lots, remaining the same as the previous trading day [5]. - In September 2025, the newly - installed photovoltaic capacity was 9.66GW, a month - on - month increase of 31.25%. From January to September, the cumulative newly - installed photovoltaic capacity was 240.27GW [5]. - The China Photovoltaic Industry Association stated that the rumors on the Internet are all false information. The association and enterprises in the industry are working together, and relevant work is progressing steadily [5].

Investment Rating - The report maintains a "Market Perform" rating for the solar industry [1] Core Insights - The solar industry has experienced a significant decline in new installations, with August 2025 showing a 55.3% year-on-year decrease, totaling 7.4 GW. However, cumulative installations from January to August 2025 reached 230.61 GW, reflecting a 64.7% increase year-on-year [3][12] - Solar module exports in August 2025 amounted to 20.4% year-on-year growth, with a total export value of 20.95 billion yuan, and a month-on-month increase of 31.9%. Cumulatively, from January to August 2025, exports totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports also showed a year-on-year increase of 2.2% in August 2025, with a total export value of 6.29 billion yuan, despite a month-on-month decline of 3.4%. Cumulative inverter exports from January to August 2025 reached 43.4 billion yuan, up 8.0% year-on-year [4][22] - Solar power generation in August 2025 increased by 15.9% year-on-year, contributing to 5.75% of the total national power generation, which was 936.3 billion kWh, reflecting a 1.6% year-on-year increase [5][35] Summary by Sections New Installations - In August 2025, new solar installations in China were 7.4 GW, down 55.3% year-on-year and 33.3% month-on-month. Cumulative installations from January to August reached 230.61 GW, up 64.7% year-on-year [3][12] Exports - Solar module exports in August 2025 were valued at 20.95 billion yuan, showing a year-on-year increase of 20.4% and a month-on-month increase of 31.9%. Cumulative exports from January to August totaled 132.21 billion yuan, down 18.0% year-on-year [3][14] - Inverter exports in August 2025 were valued at 6.29 billion yuan, with a year-on-year increase of 2.2% and a month-on-month decrease of 3.4%. Cumulative inverter exports from January to August reached 43.4 billion yuan, up 8.0% year-on-year [4][22] Power Generation - Solar power generation in August 2025 was 53.82 billion kWh, reflecting a year-on-year increase of 15.9% and accounting for 5.75% of the total national power generation [5][35] Investment Recommendations - Key recommendations include companies focused on new technologies such as Aikang Co. and Longi Green Energy, supply-side companies like Daqo New Energy and Flat Glass Group, and companies with overseas layouts such as Bowei Alloy and Hengdian East Magnet. Additionally, companies in energy storage like Sungrow Power Supply and Deye Technology are highlighted [40]

Core Viewpoint - The actual controller of Daye Intelligent, Chen Jie, is transferring 25.35 million shares (8% of total shares) to Zhongsheng Zhengying, with a transfer price of 6.75 yuan per share, totaling 171 million yuan. This transfer is due to changes in shareholding caused by company dividends and personal financial arrangements [1][2]. Group 1: Share Transfer Details - Chen Jie will reduce his direct shareholding from 115 million shares (36.39% of total shares) to approximately 89.97 million shares (28.39% of total shares) after the transfer [1]. - After the transfer, Zhongsheng Zhengying will hold 8% of the company's total shares, having not held any shares prior to this transaction [2]. - The transfer will not change the company's controlling shareholder or actual controller, nor will it significantly impact the company's governance structure, financial status, or ongoing operations [2]. Group 2: Financial Performance - In the first half of 2025, Daye Intelligent reported a revenue of 142 million yuan, a year-on-year decline of 39.55%, and a net profit attributable to shareholders of -43.22 million yuan, a decrease of 540.52% [3]. - The company's revenue primarily comes from smart distribution and photovoltaic businesses, with a focus on commercial rooftop distributed photovoltaic power stations [3]. - Despite the overall decline in performance, the company aims to capitalize on opportunities in the photovoltaic industry by establishing partnerships with local governments and commercial users [3].

Core Viewpoint - The domestic photovoltaic industry is still facing challenges in the first half of 2025, with nearly half of the companies reporting net losses, indicating that the industry's "winter" has not yet ended [1][3]. Financial Performance - Among 70 photovoltaic companies, 34 reported net losses in the first half of 2025, accounting for approximately 48.57% [3][4]. - Notable losses include Tongwei Co. with approximately 4.96 billion yuan, TCL Zhonghuan with about 4.24 billion yuan, and Trina Solar with losses between 2.5 billion to 3 billion yuan [3][4]. - Conversely, 30 companies reported net profit growth, with MicroNano achieving the highest increase of 348.95% [3]. Debt Pressure - As of the end of the first half of 2025, 43 companies had asset-liability ratios exceeding 50%, representing about 61.43% of the total [5][6]. - Companies like *ST Jingang and ST Quan are in a precarious position with asset-liability ratios of 138.65% and 104.38%, respectively [6]. International Expansion - The trend of "going abroad" continues, with 13 companies reporting that over 50% of their revenue comes from international operations [8][9]. - Airo Energy leads with 97.14% of its revenue from overseas, focusing on markets in Europe, India, and Australia [9][10]. Market Capitalization - As of September 4, 2025, the market capitalization of leading companies includes Sunshine Power at 240.5 billion yuan, Longi Green Energy at 131.9 billion yuan, and Tongwei Co. at 103.4 billion yuan [7]. Capitalization Efforts - Several photovoltaic companies are pursuing dual listings, with Fulete and Junda already achieving "A+H" listings, while others like Sunshine Power and JA Solar are planning to list on the Hong Kong Stock Exchange [11].

Group 1 - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a significant plan to promote high-quality development in the photovoltaic sector, aiming to eliminate "involution" competition and manage low-price competition legally [2] - The report from Huachuang Securities indicates that the installation capacity in the first half of 2025 is expected to double due to a surge in demand, although growth in the second half is anticipated to slow down [2] - The photovoltaic industry is gradually stabilizing, with improved market sentiment driven by policy adjustments and supply-demand expectations, suggesting a focus on leading companies with stable operations and profit recovery [2] Group 2 - A total of 14 photovoltaic concept stocks are held by the social security fund, with Junda Co., Zhengtai Electric, and Li New Energy having the highest shareholding ratios, all exceeding 3% [4] - Among the stocks held by the social security fund, companies like Hengdian East Magnetic, Airo Energy, Zhengtai Electric, and Shangneng Electric reported year-on-year growth in net profit for the first half of the year [4] - The average stock price of photovoltaic concept stocks in the A-share market has increased by 16.44% this year, with nine stocks rising over 50%, led by Xian Dao Intelligent with a 124.47% increase [3]

Core Viewpoint - Greeway (688390) reported a revenue of 4.086 billion yuan for the first half of 2025, marking a year-on-year growth of 29.8%, despite a net loss attributable to shareholders of 16.598 million yuan and a basic earnings per share of -0.07 yuan [1] Group 1 - The company's revenue growth is primarily driven by the favorable development of the photovoltaic industry [1] - Greeway has been actively expanding its photovoltaic market both domestically and internationally [1] - Sales of inverters and household systems have increased compared to the same period last year [1]