据了解，仁烁光能钙钛矿产品已先后获得了德国莱茵T V IEC61215/61730、中国产品质检中心CQC、美 国UL、日本JP-AC的认证或许可；多个MW级示范项目数据均显示，钙钛矿电站运营期间基本无衰减。 仁烁光能(苏州)有限公司(简称"仁烁光能")发布消息，公司规模量产的钙钛矿组件(1.2m×0.6m)经T V南 德认证，全面积效率突破22%，输出功率达158.4W，刷新了平米级商业钙钛矿组件效率的新纪录。这 意味着钙钛矿光伏发电能力已经接近主流晶硅组件，产业化进程迈入了全新的发展阶段。 基于优异的弱光发电性和低温度系数的特性，相同光电转化效率下的钙钛矿光伏实际发电效率高于晶硅 10%以上，22%效率的钙钛矿组件实际发电效率将媲美TopCon等主流晶硅组件(24%左右)。目前晶硅技 术已面临效率的天花板，随着钙钛矿配方持续创新、组件边缘效应影响逐步降低、生产设备工艺的持续 优化，钙钛矿效率依然有很大的提升空间。 仁烁光能150MW中试量产线自2024年初设备联通后，先后系统性地开展了AI+高通量钙钛矿配方研发、 均匀结晶控制、高质量激光划刻、全新封装工艺攻关，仅用不到两年时间，就实现了平米级钙钛矿组件 ...

人民财讯11月25日电，仁烁光能(苏州)有限公司(简称"仁烁光能")发布消息，公司规模量产的钙钛矿组 件(1.2m×0.6m)经T V南德认证，全面积效率突破22%，输出功率达158.4W，刷新了平米级商业钙钛矿组 件效率的新纪录。这意味着钙钛矿光伏发电能力已经接近主流晶硅组件。 ...

Core Viewpoint - The photovoltaic industry is experiencing fluctuations in stock performance, with significant movements in key ETFs and individual stocks, while also witnessing developments in technology and market dynamics that may influence future growth [1][4][5]. Group 1: Market Performance - As of November 18, 2025, the China Securities Photovoltaic Industry Index has decreased by 2.79%, with mixed performance among constituent stocks [1] - Micro导纳米 led the gains with an increase of 4.98%, while 上能电气 saw the largest decline at 9.34% [1] - The Photovoltaic Leader ETF (516290) has decreased by 2.66%, with a recent price of 0.62 yuan, but has shown a cumulative increase of 13.07% over the past month [1] Group 2: Liquidity and Fund Flows - The Photovoltaic Leader ETF has experienced a turnover rate of 5.12% with a transaction volume of 41.37 million yuan [1] - Over the past week, the ETF's average daily transaction volume was 91.25 million yuan, indicating significant trading activity [1] - The ETF has seen a net inflow of funds over the past 10 days, totaling 216 million yuan, with a peak single-day inflow of 61.71 million yuan [1][3] Group 3: Industry Developments - The 2025 8th China International Photovoltaic and Energy Storage Industry Conference is taking place from November 17-20, focusing on innovations across the entire renewable energy supply chain [4] - Significant advancements in perovskite solar cells have been reported, with expectations for concentrated capacity releases by 2026 [4] - The industry is undergoing a "反内卷" (anti-involution) movement, which is expected to improve supply-demand dynamics and accelerate policy measures supporting energy transition [4][5]

证券研究报告 | 朝闻国盛 gszqdatemark 2025 11 18 年 月 日 朝闻国盛 如何理解央行利率比价 今日概览 重磅研报 【策略】一周市场表现与政策事件回顾（11.14 当周）——20251117 【金融工程】转债估值维持高位震荡——十一月可转债量化月报 —— 20251117 【固定收益】如何理解央行利率比价——20251117 【固定收益】天气因素推升食品价格——基本面高频数据跟踪—— 20251117 研究视点 【化工】AIDC 电源管理终极方案，SST 趋势明显——20251117 【电力设备】钙钛矿：技术突破与产业化加速并行，设备与材料环节迎 来机遇——20251117 【传媒】OpenAI 发布新模型 GPT-5.1，苹果推出 App Store 小程序合作 伙伴计划——20251117 【海外】哔哩哔哩-W（09626.HK）-广告技术迭代，新游火爆出圈—— 20251117 作者 | 分析师 宋嘉吉 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680519010002 | | | | | 邮箱：songjiaji@gszq.com ...

Core Viewpoint - The company is increasing its R&D investment in the new energy equipment sector, focusing on lithium battery packaging, solid-state battery ultrasonic welding, and automation equipment for cell assembly and Pack segment, aiming for product breakthroughs and sales orders [2] Group 1: R&D and Product Development - The company is actively enhancing its R&D in lithium battery pack blue film, solid-state/semi-solid battery ultrasonic welding, and integrated cutting and stacking machines [2] - New ultrasonic welding equipment for solid-state battery processes has already been shipped to customers [2] - The company is making significant progress in the R&D of perovskite-related process equipment, achieving breakthroughs in GW-level coating equipment, VCD equipment, and HP equipment [2] Group 2: Market Position and Equipment - The company has established a significant position in the domestic perovskite photovoltaic equipment sector due to breakthroughs in core process equipment [2] - The developed coating trio equipment is one of the few in the country capable of supporting 2.4-meter wide mass production and is currently in the debugging phase, ready for shipment [2] Group 3: Financial Performance - In the first half of the year, the company's total operating revenue was 637 million yuan, a year-on-year decrease of 5.34% [2] - The net profit attributable to the parent company was 73.1 million yuan, down 34.78% year-on-year [2] - The net profit after deducting non-recurring gains and losses was 72.1 million yuan, a decline of 34.93% year-on-year [2]

Group 1 - The company has made breakthroughs in core equipment for perovskite technology, establishing a significant position in the domestic perovskite photovoltaic equipment sector [1] - The newly developed coating equipment, known as the "three-piece set," is one of the few in the country capable of supporting mass production with a width of 2.4 meters and is currently in the debugging phase, ready for shipment [1]

Core Viewpoint - The company, JingShan Light Machinery, is one of the early entrants in the perovskite photovoltaic equipment sector in China, emphasizing its strategic investments and technological advancements in this field [1] Company Summary - The company has developed a comprehensive equipment solution that spans from research and development lines to gigawatt-level mass production [1] - Core equipment has been validated by downstream customers and has achieved mass delivery, showcasing the company's technical advantages in integrated production lines [1] - The company offers customized solutions that range from laboratory setups to full-scale production [1] - Future plans include deepening technological advantages and expanding into global markets [1]

Group 1: Express Delivery Industry Insights - The express delivery industry is focusing on cost reduction at the terminal stage, with significant potential for cost control as terminal delivery costs account for 60.64% of total costs in 2024 for companies like YTO Express [3][4] - Cost elasticity is high for express delivery companies; for instance, a 0.1 CNY increase in per parcel profit for Zhongtong Express could lead to an additional 34 million CNY in performance, indicating a 34% elasticity [4] - Various cost reduction measures are being explored by express companies, including the use of collection points, direct delivery models, and the introduction of unmanned vehicles for deliveries [4][5] Group 2: Unmanned Vehicle Implementation - The use of unmanned vehicles is gaining traction, with companies like Zhongtong Express and SF Express investing heavily in this technology, aiming to reduce delivery costs significantly [8][9] - Cost reduction potential is substantial; for instance, using unmanned vehicles could lower the transportation cost per parcel from 0.16 CNY to 0.05 CNY, achieving a 69% reduction [9] - The regulatory environment is becoming more favorable for unmanned vehicles, with many cities granting road rights, which is expected to accelerate the adoption of this technology [6][7] Group 3: Agricultural Chemical Market Dynamics - Glyphosate prices have increased, with the current price at 24,800 CNY per ton, reflecting a recovery in demand and inventory depletion in the industry [17][18] - The glyphosate industry is experiencing a demand recovery, with significant inventory reduction observed, dropping by 43,000 tons since April 2025 [19] - The potential bankruptcy of Bayer's glyphosate production could benefit domestic competitors, as Bayer holds a 32% global market share [20][21] Group 4: Investment Opportunities in Glyphosate - The report highlights several key companies in the glyphosate market, such as Jiangshan Chemical and Xingfa Group, which are well-positioned to benefit from the industry's recovery [22][23] - The overall outlook for the agricultural chemical sector is positive, with expectations of continued profit recovery for companies involved in glyphosate production [21] Group 5: Photovoltaic Equipment Industry Developments - The photovoltaic equipment industry is witnessing advancements in perovskite solar cells, with significant efficiency improvements reported by various manufacturers [26][27] - The industry is entering a phase of large-scale production, with at least three GW-level production lines expected to be operational by 2025 [26] - Investment opportunities are emerging in the perovskite equipment sector, with a focus on suppliers of key manufacturing equipment [29]

Core Viewpoint - The article discusses the upcoming Third Perovskite Materials and Devices Industry Development Forum, highlighting its significance in the advancement of perovskite solar cell technology and industry [1][2]. Event Details - The forum will take place from May 23 to 24 at the Shangri-La Hotel in Suzhou, Jiangsu [1][6]. - The event is organized by the Chinese Academy of Sciences and several academic and industry partners, including Huazhong University of Science and Technology and DT New Materials [2][3]. Agenda Highlights - The forum will feature various keynote speeches and presentations focusing on topics such as cost competitiveness of perovskite photovoltaics, industrialization of trans-perovskite solar cells, and advancements in flexible perovskite solar technology [17][19]. - Notable speakers include experts from Shanghai Jiao Tong University, Huazhong University of Science and Technology, and other leading institutions [17][19]. Participating Organizations - A diverse range of companies and research institutions will participate, including major players like LONGi Green Energy, Trina Solar, and CATL [11][12][14]. - The event aims to foster collaboration and innovation among industry leaders and researchers in the perovskite solar cell sector [12][14]. Logistics and Accommodation - Attendees can register on May 22, with detailed instructions provided for transportation and accommodation options near the venue [6][7]. - Special rates are available at the Shangri-La Hotel for forum participants [7][8].

Core Viewpoint - The third Perovskite Materials and Devices Industry Development Forum will be held on May 23-24 in Suzhou, focusing on flexible perovskite photovoltaics, perovskite tandem cells, and applications in smart IoT and wearable devices under indoor low-light conditions [1][2]. Group 1: Forum Overview - The forum is organized by the Ningbo Institute of Materials Technology and Engineering, Chinese Academy of Sciences, and Huazhong University of Science and Technology, with support from various universities and companies [1][9]. - Notable experts and companies in the flexible perovskite field will participate, including representatives from GCL, Tongwei, and TÜV Rheinland, who will present cutting-edge technologies and industry trends [1][2]. Group 2: Industry Challenges and Opportunities - Perovskite solar cells are transitioning from laboratory to industrialization, with challenges in cost competitiveness against crystalline silicon cells [2][12]. - The forum will feature a keynote report by Professor Han Liyuan from Shanghai Jiao Tong University, focusing on the cost competitiveness analysis of perovskite photovoltaics, addressing current challenges in cost structure and necessary technological pathways [2][4]. Group 3: Future Applications - The most promising application areas for perovskite technology in the next 3-5 years include tandem photovoltaics, flexible photovoltaic applications for BIPV (Building Integrated Photovoltaics), and advanced consumer electronics [12][13]. - The forum will discuss technical challenges such as large-scale production while ensuring high efficiency and stability, interface engineering for tandem cells, and the development of high-performance flexible transparent electrodes [13].