Core Viewpoint - The surge in installations driven by domestic demand is expected to lead to a doubling of installed capacity in the first half of 2025, with a slowdown in growth anticipated in the second half, but overall growth is expected to continue despite a high base [1][2]. Domestic Market Insights - In the first seven months of 2025, domestic new photovoltaic installations reached 223.25 GW, a year-on-year increase of 81% [2]. - The total new photovoltaic installations in China for 2025 are projected to reach between 270-300 GW, representing a year-on-year growth of approximately 3% [2]. Global Market Insights - The global new photovoltaic installations are expected to reach 570-630 GW in 2025, with a year-on-year growth of about 13% [2]. - Emerging markets such as India, the Middle East, and Latin America are experiencing rapid growth in demand, while traditional markets in Europe and the US are maturing [2]. Industry Performance - In the first half of 2025, the core photovoltaic sector reported revenues of 391.99 billion yuan, a year-on-year decrease of 9.7% [3]. - The net profit attributable to shareholders for the first half of 2025 was -7.34 billion yuan, indicating a worsening loss compared to the previous year [3]. - The gross profit margins across various segments are under pressure, with the silicon wafer segment reporting negative margins [3]. Cost and Inventory Management - The overall expense ratio for the photovoltaic sector decreased in the second quarter due to revenue growth, with significant reductions in financial expenses [4]. - Inventory levels in the photovoltaic sector remain high, particularly in the silicon material segment, despite a decrease in inventory amounts for most segments [5]. Investment Recommendations - The industry is gradually stabilizing, with expectations of improved profitability driven by policy adjustments and supply-demand improvements [6]. - Key companies to watch include Tongwei Co., Longi Green Energy, and Foster, particularly in the silicon material and integrated component sectors [6]. - New technology advancements, especially in BC mass production and low-cost metal paste, are also highlighted as potential growth areas [6].

数据显示，锦浪科技8月22日主力资金净流入2026.41万元，近五日主力资金净流出36504.66万元。 锦浪科技最新股价为65.93元，较前一交易日上涨2.00%。公司2025年上半年实现归属于上市公司股东的 净利润同比增长70.96%。 锦浪科技属于光伏设备行业，主要从事光伏逆变器等电力电子设备的研发、生产和销售。公司产品广泛 应用于光伏发电系统，并涉及储能领域。 根据公开信息，2025年上半年光伏行业多家公司出现盈利修复迹象。在"反内卷"政策背景下，光伏主产 业链价格提升显著，行业竞争逐步回归理性。锦浪科技作为光伏设备企业，上半年业绩表现突出。 风险提示：股市有风险，投资需谨慎。 ...