光伏行业，传来重磅消息！ 自2026年4月1日起至2026年12月31日，将电池产品的增值税出口退税率由9%下调至6%；2027年1月1日起，取消电池产品 增值税出口退税。 对上述产品中征收消费税的产品，出口消费税政策不作调整，继续适用消费税退（免）税政策。公告所列产品适用的出口 退税率以出口货物报关单注明的出口日期界定。 两部门：4月1日起取消光伏等产品增值税出口退税 财政部、税务总局1月9日发布《关于调整光伏等产品出口退税政策的公告》，自2026年4月1日起，取消光伏等产品增值税 出口退税。 1月9日最新消息，财政部、税务总局发布公告，自2026年4月1日起，取消光伏等产品增值税出口退税；2027年1月1日起， 取消电池产品增值税出口退税。 机构："反内卷"带来行业估值修复 从整个光伏行业来看，五矿证券表示，"反内卷"目前已经带来了良好成效，产业链尤其上游的价格已经恢复至合理水平， 中下游环节价格也有上行趋势，需要等待配套的"反内卷"措施实现价格回升。投资机会则主要存在于：1）"反内卷"带来的 行业估值修复；2）新技术，如铜代银降本方案的推进，及钙钛矿产业化发展带来的设备和材料机会。 2026年，在"反内 ...

光伏行业，传来重磅消息！ 1月9日最新消息，财政部、税务总局发布公告，自2026年4月1日起，取消光伏等产品增值税出口退税；2027年1月1日起，取消电池 产品增值税出口退税。 两部门：4月1日起取消光伏等产品增值税出口退税 财政部、税务总局1月9日发布《关于调整光伏等产品出口退税政策的公告》，自2026年4月1日起，取消光伏等产品增值税出口退 税。 自2026年4月1日起至2026年12月31日，将电池产品的增值税出口退税率由9%下调至6%；2027年1月1日起，取消电池产品增值税出 口退税。 对上述产品中征收消费税的产品，出口消费税政策不作调整，继续适用消费税退（免）税政策。公告所列产品适用的出口退税率以 出口货物报关单注明的出口日期界定。 机构："反内卷"带来行业估值修复 从整个光伏行业来看， 五矿证券表示， "反内卷" 目前已经带来了良好成效，产业链尤其上游的价格已经恢复至合理水平，中下游 环节价格也有上行趋势，需要等待配套的 "反内卷" 措施实现价格回升。投资机会则主要存在于：1） "反内卷" 带来的行业估值修 复；2）新技术，如铜代银降本方案的推进，及钙钛矿产业化发展带来的设备和材料机会。 202 ...

智通财经APP获悉，五矿证券发布研报称，光伏需求短期处于偏弱状态，近几月排产持续下行，中期来 看，国内市场受到电价制约，欧洲市场受到电网设施不足影响，美国市场受到大而美法案的补贴快速退 坡掣肘，需求也处于偏弱状态。风电行业方面，当前需求主要在于欧洲市场，其陆风和海风CAGR5分 别为14%和34%，目前欧洲风电订单及FID数据均呈现出不错的增长趋势，尤其2025H1海上风电FID金 额同比增长1.8倍，欧洲海风的增长更为可观。 风机反内卷也在推进，2024Q3以来，风机投标价格持续回升，风机盈利改善也逐步在报表端体现，看 未来，风机大型化的趋缓会减少风机价格压力，盈利改善持续。 新能源入市后，因新能源电力处于过剩状态，现货电价下行，机制电价大多低于煤电基准价，同时光伏 电力供需错配程度高于风电，光伏电价更低，这会负面影响光伏的投资需求，风电受影响相对小。 光伏：需求中短期受限，反内卷是重心 光伏需求短期处于偏弱状态，近几月排产持续下行，中期来看，国内市场受到电价制约，欧洲市场受到 电网设施不足影响，美国市场受到大而美法案的补贴快速退坡掣肘，需求也处于偏弱状态。因此，行业 关注点主要在于供给侧。 反内卷目前已经 ...

Core Insights - The Chinese perovskite photovoltaic industry is entering a critical phase of technological scaling, marked by significant breakthroughs since 2025 [1][2] - BOE Technology Group (京东方) is leading the charge in perovskite solar technology, becoming one of the first companies to achieve large-scale production [1][3] Industry Developments - The perovskite photovoltaic industry in China has seen rapid advancements, with the first GW-level perovskite production line launched by GCL-Poly Energy on October 29, 2023 [2] - The year 2025 is projected to be a milestone for the commercialization of GW-level perovskite production lines, with several companies, including GCL-Poly and Xina Solar, set to commence production [2] Company Strategies - BOE has diversified into the perovskite sector as part of its "Screen IoT" strategy, establishing a dedicated subsidiary for perovskite technology development [3] - The company has leveraged its existing capabilities in glass processing and large-scale manufacturing to accelerate the commercialization of perovskite solar cells [3][5] Technological Advancements - Various technological routes, including rigid, flexible, and tandem components, are being developed concurrently, with efficiency breakthroughs reported [4] - Rigid components have achieved a certified efficiency of 27.3%, while flexible components reached 20.11% efficiency [4] - Tandem components have set new records, with experimental line efficiencies reaching 28.42% [4] Production Capacity - BOE has invested 871 million yuan in a 500MW perovskite production line, which is expected to produce 912,500 modules [5] - The production line is set to commence operations in December 2024, positioning BOE as a pioneer in large-scale perovskite production [5]

NO.1开源证券：人形机器人板块持续反弹布局窗口开启 ｜2025年12月2日星期二｜ 12月2日，中信证券研报指出，太空算力正从概念逐渐走向现实，海外科技巨头已纷纷布局。我们认为 太空算力的能源供给将高度依赖光伏技术，目前太空中使用的三结砷化镓价格非常昂贵，而成本较低的 晶硅电池抗辐照性能较差，无法长时间应用于空间领域。钙钛矿作为兼具高效率和低成本的下一代光伏 技术，有望成为重要的太空能源解决方案。2025年以来，钙钛矿产业化进展加速，效率、稳定性纷纷取 得突破，行业内多条GW级产线相继投产，建议关注钙钛矿产业投资机会。 NO.3中信证券：10月产能去化加速，继续推荐生猪板块 中信证券研报表示，10月能繁母猪去化加速。短期来看，行业供给端持续维持宽松局面，猪价震荡承 压，后续去产能有望持续，加持2026H2以后周期景气及持续时间。继续推荐：1)强创现和分红能力的 头部企业；2)成本领先企业；3)并购增量的企业。 12月2日，开源证券指出，近期人形机器人板块指数及龙头个股呈现显著反弹态势，资金回流明显，板 块整体步入上行通道。开源证券认为核心驱动因素是板块调整趋近尾声，风险释放较为充分，对行业预 期更加理性且一 ...

Summary of JinkoSolar's Conference Call Industry and Company Overview - The conference call focuses on the perovskite solar cell industry, specifically JinkoSolar's advancements and plans in this sector [1][2][3]. Key Points and Arguments Production Capacity and Efficiency Goals - JinkoSolar aims to achieve a perovskite module efficiency exceeding 20% by the end of 2025 and over 27% by 2026 [1][2]. - The current production line has a design capacity of 500 megawatts (MW) with a production cycle of 40 seconds per module [1][4]. - The target cost for production is approximately 1.1 to 1.2 yuan per watt when fully operational, with current costs around 1.8 yuan per watt [4]. Material Costs and Reduction Potential - FTO glass is the most expensive material, significantly impacting overall costs, but there is potential for cost reduction as production scales up [5]. - The cost of frames is relatively stable due to aluminum prices, while the encapsulant has some room for cost reduction [5]. Production Line Expansion Plans - JinkoSolar is currently pausing the expansion of a new 500 MW production line, which will depend on market demand [7]. - If market response is positive, a new line may be considered in the second half of 2026, with an estimated investment of 400 to 500 million yuan [7]. Demonstration Projects and Future Technology - The 2025 demonstration projects will primarily focus on single-junction modules, with a scale of several tens of megawatts [8][9]. - In 2026, JinkoSolar plans to promote tandem modules, which are expected to be more competitive [9]. Reliability and Performance of Tandem Modules - JinkoSolar claims that the degradation of tandem modules is comparable to that of single-junction modules, with a commitment to a 15-year warranty [10][13]. - The company has received certifications for its tandem technology and is currently working on stability verification [11]. Challenges in Scaling Up Production - The overall capacity for perovskite production is expected to reach several gigawatts in five years, but expansion will be gradual rather than exponential [3][14]. - JinkoSolar emphasizes that silicon companies cannot quickly acquire perovskite technology through acquisitions or hiring, as the production process is complex and still maturing [15]. Cross-Industry Collaborations - Companies like CATL and BOE are entering the perovskite market, leveraging their existing strengths to explore new applications [16]. Aerospace Applications - JinkoSolar's perovskite cells have been used in satellites launched in late 2023, indicating potential for future applications in space [19]. Future Financing and IPO Plans - JinkoSolar is preparing for an IPO and a new round of financing to improve operational conditions and valuation, which will support its future growth and market presence [24]. Other Important Insights - The company is exploring photon multiplication technology, which could significantly enhance solar cell efficiency, although it is still in the research phase [21][22]. - The integration of perovskite layers may lead to complete module replacements if degradation occurs, due to the design choices made for cost efficiency [12]. This summary encapsulates the critical aspects of JinkoSolar's conference call, highlighting its strategic direction, technological advancements, and market positioning within the perovskite solar cell industry.

Core Viewpoint - Perovskite solar cells are recognized as the most promising next-generation photovoltaic technology due to their excellent electrical and optical properties, as well as higher theoretical photoelectric conversion efficiency [1] Industry Summary - According to CITIC Securities, perovskite modules are expected to achieve a critical breakthrough from "1" to "10" in the coming years, with global shipments projected to reach approximately 20 GW by 2030, representing a market space of about 20 billion yuan, corresponding to a CAGR of 243% from 2025 to 2030 [1] - The rapid development of perovskite modules is anticipated to drive significant growth in equipment demand, with the equipment market space in the perovskite module sector expected to reach 10 billion yuan by 2030, reflecting a CAGR of approximately 74% from 2025 to 2030 [1] - The domestic production rate of perovskite equipment is continuously increasing, supporting the large-scale development of the perovskite industry [1] Company Summary - Since 2025, companies such as Extreme Electric Energy and GCL-Poly have launched multiple quasi-GW-level perovskite production lines, significantly enhancing product competitiveness and advancing the industrialization process of perovskite technology [1] - Investment opportunities in the perovskite industry are recommended along the following main lines: 1. Perovskite battery modules: Focus on leading companies with first-mover advantages and investment opportunities in crystalline silicon enterprises [1] 2. Perovskite equipment: Emphasize high-value segments such as perovskite coating and laser equipment [1] 3. Perovskite auxiliary materials: Pay attention to high-value segments like TCO glass [1]

Core Viewpoint - Perovskite solar cells are recognized as the most promising next-generation photovoltaic technology due to their excellent electrical and optical properties, as well as higher theoretical photoelectric conversion efficiency [1] Industry Summary - Since 2025, several quasi-GW level perovskite production lines, including those from Extreme Electric and GCL-Poly, have begun mass production, accelerating the industrialization process of perovskite technology [1] - It is expected that global shipments of perovskite modules will reach approximately 20 GW by 2030, with a market space of around 20 billion yuan, corresponding to a CAGR of over 200% from 2025 to 2030 [1] - The expansion cycle will significantly stimulate the demand for equipment such as coating, laser, and other related technologies, suggesting investment opportunities in both perovskite modules and equipment sectors [1]

Core Viewpoint - The article emphasizes the rapid development and industrialization of perovskite solar cells, highlighting the lack of traditional silicon asset burdens and the focus on a "pure" perovskite route by emerging players in the photovoltaic industry [1] Group 1 - The Ministry of Industry and Information Technology has issued a document to accelerate the construction of perovskite pilot platforms, indicating that the industry is gradually implementing gigawatt-level (GW) production and accelerating industrial progress [1] - Companies focusing on perovskite technology are expected to benefit from the absence of traditional silicon asset burdens, allowing them to fully commit to the "pure" perovskite approach [1] - The core auxiliary materials for perovskite batteries require approximately 6 million square meters of TCO glass for 1 GW of perovskite shipments, and a specific company has achieved a breakthrough in domestic production [1] Group 2 - The upstream material system for perovskite technology is not yet unified, with various technical routes coexisting, which presents opportunities for companies that position themselves early to participate in the technological iteration of the industry chain [1]

Group 1 - The Ministry of Industry and Information Technology (MIIT) has issued a notice to accelerate the construction of pilot platforms for the manufacturing industry, focusing on advanced photovoltaic technologies such as perovskite solar cells and tandem solar cells [1] - The value of equipment in the early stage of perovskite industrialization is high, with the value of a single GW equipment exceeding 1 billion yuan, and the price of a 100MW production line equipment ranging from 300 million to 400 million yuan [3] - Companies such as Jiejia Weichuang (300724.SZ) are recommended as leading players in the semiconductor equipment sector, with other companies like Manstech (301325.SZ), Jing Shan Light Machine (000821.SZ), and others also suggested for attention [1] Group 2 - The GW production lines of companies like BOE and Jidian Energy are set to be operational between the second half of 2024 and the first half of 2025, with GCL-Poly's first perovskite module having been produced recently, marking significant advancements in efficiency, stability, and manufacturing costs [2] - The transition from laboratory and pilot stages to large-scale commercial applications for perovskite technology is being marked by the release of a 2.88m² module with a power output of 509.21W, certified by TÜV Rheinland [2] - Equipment manufacturers are expected to benefit first as the perovskite industry moves from the 0-1 stage of industrialization, with customized production capacity designs and advanced technologies being highlighted in the offerings of leading equipment suppliers [3]