行 电力设备 2025 年 09 月 07 日 业 研 究 行 业 电力设备 产业周跟踪：两部委政策继续强化反内卷，储能 电芯 6f 供应趋紧加工费上涨 投资要点： 锂电板块核心观点：电池企业密集宣布固态业务进展，8 月新能源车 渗透率为 55.3%。1）电池企业密集宣布固态业务进展，行业产业化在即； 2）8 月新能源车渗透率为 55.3%，9 月行业旺季+补贴落地有望提振市场。 定 期 报 告 光伏板块核心观点：两部门出台新方案，引领光伏行业高质量发展。 2025 年 9 月 4 日，工业和信息化部、市场监督管理总局印发《电子信息制 造业 2025－2026 年稳增长行动方案》。该方案提出，要依法治理光伏领域 低价恶性竞争，推动行业高质量发展。具体措施包括：引导地方科学规划 光伏、锂电池产业布局，加强产能监测；强化光伏组件和锂电池质量管理， 落实行业规范；加快制定储能电池安全标准目录，支持行业组织建立自律 机制；持续推进半导体、光伏、锂电池等关键领域与国际间的常态化合作。 该方案有助于引导光伏产业破除"内卷式"竞争，通过规范竞争、鼓励创 新、优化布局等一系列组合拳，助力光伏行业重塑一个健康、可持续发展 的行 ...

Core Viewpoint - The photovoltaic industry is experiencing a significant demand increase, with domestic installations surpassing 200 GW in the first half of 2025, marking a historical high. The localization trend of overseas components is driving strong battery demand, leading to a 43.13% year-on-year increase in battery exports. The industry is transitioning towards high-quality development as supply-demand dynamics improve and prices begin to recover [2]. Industry Overview - In the first half of 2025, the photovoltaic industry has seen a continuous rise in demand, with domestic installations exceeding 200 GW, a record high [2]. - The trend of localization in overseas components is stimulating robust battery demand, resulting in a 43.13% year-on-year growth in battery exports [2]. - The industry is moving towards high-quality development as the supply-demand relationship improves and prices in the supply chain start to rebound [2]. Company Performance - The company reported an operating income of 3.663 billion yuan in the first half of 2025 [3]. - The net profit attributable to shareholders was -264 million yuan, indicating a loss [4]. - Total assets reached 18.414 billion yuan, with net assets of 4.812 billion yuan, reflecting an 11.88% and 23.80% increase compared to the previous year, respectively [4]. Global Strategy - The company is adhering to a global development strategy, capitalizing on the localization trend of overseas components and targeting high-efficiency battery gaps in overseas markets [4]. - The proportion of overseas sales has been steadily increasing, reaching 51.87% in the first half of 2025, up from 23.85% in 2023 [4]. - A strategic cooperation agreement has been signed with local component customers in Turkey to jointly build high-efficiency battery projects, addressing regional capacity gaps [4]. Capital Market Activities - The company successfully listed on the Hong Kong Stock Exchange on May 8, 2025, becoming the first photovoltaic company to achieve dual listing (A+H) [5]. - The net amount raised from the listing was 1.29 billion Hong Kong dollars [5]. - The funds will be used for overseas capacity construction, market expansion, and the establishment of a global R&D center [6]. Technological Focus - The company is committed to specializing in core photovoltaic battery technologies, focusing on developing high-cost performance batteries [9]. - In the first half of 2025, the company optimized the N-type battery technology, achieving a more than 0.2% increase in average production conversion efficiency and a 20% reduction in non-silicon costs per watt [9]. - The laboratory efficiency of perovskite tandem batteries reached 32.08%, leading the industry [9]. ESG Commitment - The company is deepening its ESG management and has published its second ESG report, achieving a Wind ESG rating of A, ranking among the industry leaders [10]. - Sustainability goals include a 40% reduction in greenhouse gas emissions intensity by 2030 and a 40% increase in renewable energy electricity usage by 2030 [10]. - The company has engaged in five large investor communication activities, enhancing its image in the capital market [10].

六部门会议特别强调要"打击侵犯知识产权等行为"和"强化技术创新引领"。意华股份的核心价值恰恰在于其难以复制的精密制造能力与核心技术专利。这种对技术和质量的极致追求，与博威合 意华股份深耕光伏支架精密连接器领域，这类产品虽小，但技术含量极高，对材料的耐腐蚀性、结构的稳定性、精密的适配性有严苛要求，直接关系到整个光伏电站25年生命周期内的安全与发电 在政策严打"低价低质"竞争的背景下，意华股份这类依靠技术和质量取胜的企业将直接受益。市场竞争将从单纯的价格战，转向可靠性、耐久性和全生命周期成本的比拼，这正是意华的强项。行 锦浪科技：分布式光伏逆变器专家，品牌与渠道铸就坚实基本盘 8月19日， 工信部等六部门联合召开光伏产业座谈会，剑指行业"低价无序竞争"、"降低质量管控"等乱象，释放出国家层面强力推动光伏产业从"规模扩张"向"高质量发展"转变的强烈信号。此 在此背景下，那些深耕细分领域、拥有核心技术壁垒和卓越品牌声誉的领军企业，其长期投资价值将愈发凸显。其中，浙江上市公司东方日升、意华股份、锦浪科技、艾能聚等上市公司，正是顺 东方日升：异质结（HJT）技术领军者，差异化创新打破同质化僵局 会议呼吁"强化技术创新引领 ...

Core Viewpoint - The joint meeting of six departments signals a strong push from the government to transition the photovoltaic industry from "scale expansion" to "high-quality development," aiming to eliminate low-price and low-quality competition [1] Industry Overview - The meeting is interpreted as a milestone for the industry to combat "involution," creating a fair and healthy competitive environment for high-quality companies with strong technical capabilities and management [1] - Companies that focus on niche markets and possess core technological barriers and excellent brand reputation will see their long-term investment value increasingly highlighted [1] Company Highlights - **Oriental Risen**: A leader in HJT technology, the company aligns with the policy's call for "strengthening technological innovation" and "maintaining quality safety standards." Its "Voxi" series products represent the highest quality and technology level in photovoltaic modules, avoiding price competition through advanced technology [2][3] - **Yihua Co.**: Specializes in precision connectors for photovoltaic brackets, with a strong focus on technology and quality. The company benefits from the shift in market competition from price wars to reliability and durability, enhancing its market share and technical premium [3][4] - **Jinlang Technology**: A major brand in distributed photovoltaic inverters, the company emphasizes brand reputation and reliable channel services. As the market cleans up "false marketing," Jinlang's strong brand and service capabilities position it to capture market resources [4][5] - **Ainengju**: A smart service provider for distributed energy, focusing on the development and operation of distributed photovoltaic power stations. The company's business model allows it to avoid intense competition in manufacturing while meeting the increasing demands for operational efficiency and safety [5][6] Market Implications - The joint deployment by six departments heralds a significant industry reshuffle, with companies lacking technology and relying on low-price competition facing severe survival challenges. In contrast, quality leaders like Oriental Risen, Yihua Co., Jinlang Technology, and Ainengju are poised to seize unprecedented growth opportunities [6]

Investment Rating - The investment rating for the electric equipment and new energy industry is "Outperform the Market" (maintained) [1][5] Core Insights - The Ministry of Industry and Information Technology held a meeting with photovoltaic manufacturing enterprises to address issues such as chaotic competition and the exit of backward production capacity [2] - The approval of the ±800 kV DC transmission project from Inner Mongolia to Beijing-Tianjin-Hebei has been granted, which will transport 36 billion kWh of green electricity annually to the Beijing-Tianjin-Hebei region [3] - Investment suggestions include focusing on TBEA and leading polysilicon companies [1] Summary by Sections Photovoltaic Industry - The Ministry of Industry and Information Technology emphasized the need for comprehensive governance of low-price chaotic competition in the photovoltaic industry, aiming to enhance product quality and promote the orderly exit of backward production capacity [2] Power Grid - The ±800 kV DC transmission project from Inner Mongolia to Beijing-Tianjin-Hebei is a key project under the national "14th Five-Year" power planning, with a total investment of 17.178 billion yuan and a length of 669 kilometers [3] Company Profit Forecasts - TBEA is projected to have a net profit of 4.13 billion yuan in 2024, increasing to 6.20 billion yuan in 2025 and 7.80 billion yuan in 2026, with a PE ratio of 14.8x for 2024 [6]