Core Viewpoint - The global cesium and rubidium salt market is entering a rapid expansion phase, with supply and demand expected to rise simultaneously. The supply side is driven by the expansion of cesium and rubidium salt production by companies like Zhongjin Resources and Jinyinhai, while demand is fueled by the upgrading of consumption structure and emerging applications in various sectors [1][2]. Supply and Demand Analysis - The projected global supply of cesium and rubidium salts from 2025 to 2027 is expected to be 2210 tons, 3135 tons, and 4550 tons respectively, while demand is forecasted to be 2446 tons, 3166 tons, and 4600 tons, indicating a supply-demand imbalance of -256 tons, -30 tons, and -50 tons for the respective years [1]. - The supply of rubidium is currently limited, with a global production cap of no more than 40 tons in 2024, which constrains market demand and application development [2][5]. Consumption Structure - In 2020, the global cesium consumption was 2400 tons, with the United States (960 tons, 40%), China (800 tons, 33%), and Japan (300 tons, 14%) being the top consumers. The U.S. primarily uses cesium in high-tech sectors, while China's consumption is still heavily weighted towards traditional applications [2]. - The demand for cesium in China is expected to grow significantly, with projections indicating a total demand of 1016 tons by 2025, a 27% increase from 2020 [3]. Emerging Demand Drivers - The demand for cesium and rubidium salts is expected to surge due to new applications such as perovskite solar cells, with a projected increase in demand from 110 tons in 2025 to 4428 tons by 2030, reflecting a CAGR of 109% [4]. - The improvement in rubidium supply and its application in high-tech fields is anticipated to significantly boost rubidium market demand, with its consumption expected to rise from 40 tons in 2025 to 984 tons by 2027 [5]. Growth Projections - The total demand for cesium and rubidium salts is projected to grow from 2466 tons in 2025 to 4600 tons in 2027, representing a compound annual growth rate of 36.6% [5]. - The increase in demand is attributed to three main factors: upgrading of existing consumption structures, emerging demands from new technologies, and improvements in rubidium supply [5].

本期编辑 | 分析师：刘嘉玮 | | | --- | --- | | 010-66554043 | liujw_yjs@dxzq.net.cn | | 执业证书编号： | S1480519050001 | 东兴证券研究所金股推荐 | 证券代码 | 证券简称 | | --- | --- | | 002074.SZ | 国轩高科 | | 002850.SZ | 科达利 | | 002991.SZ | 甘源食品 | | 300619.SZ | 金银河 | | 300666.SZ | 江丰电子 | | 600012.SH | 皖通高速 | | 600176.SH | 中国巨石 | | 605123.SH | 派克新材 | | 688103.SH | 国力电子 | | 688111.SH | 金山办公 | | 688627.SH | 精智达 | 数据来源：《十月金股汇》 2025 年 09 月 29 日，东兴证券研究所 东兴晨报 P1 经济要闻 2025 年 9 月 29 日星期一 东 兴 晨 报 东 兴 证 券 股 份 有 限 公 司 敬请参阅报告结尾处的免责声明 东方财智 兴盛之源 1. 央行 9 月 23 日召开 ...

Economic Information - In July, automobile sales reached 2.593 million units, a year-on-year increase of 14.7% but a month-on-month decrease of 10.7% [1][2] - The average price of coking coal in Luliang decreased by 50 yuan per ton, with various grades priced between 820 to 1400 yuan per ton [2] Company Alerts - Shenzhen Huangting Plaza will be judicially auctioned, potentially triggering financial delisting risk for Huangting International [2][11] - Shanghai Jianke's director Chen Wei is under investigation for serious violations of discipline and law [2][11] - Shanghai Port Bay's perovskite solar cell and commercial aerospace businesses contribute a small proportion to the company's revenue [2][11] - Multiple companies, including Weiyi Communication and Anbang Guard, announced plans for significant share reductions by shareholders and executives, ranging from 0.0351% to 4.14% of total shares [2][8] Overseas Market Alerts - Major U.S. stock indices experienced slight declines, with the Dow Jones down 0.45%, Nasdaq down 0.3%, and S&P 500 down 0.25% [4] - AI software provider C3.ai saw a drop of over 25% after reporting preliminary revenue of approximately $70.3 million, significantly below analyst expectations [7] Financial Performance - Huafeng Chemical reported a 35.23% decline in net profit for the first half of the year [3][10] - New World reported a net profit of 78.03 million yuan, down 30.01% year-on-year [10] - Wanhu Chemical's net profit for the first half of the year was 6.123 billion yuan, a decrease of 25.1% [10]

2025年7月30日国家知识产权局信息显示，江苏盛开新能科技有限公司申请一项名为"一种钙钛矿太阳能 电池的透明导电层及钙钛矿太阳能电池"的专利，公开号CN120390510A，申请日期为2025年06月。 天眼查资料显示，江苏盛开新能科技有限公司，成立于2023年，位于常州市，是一家以从事科技推广和 应用服务业为主的企业。企业注册资本1153.8462万人民币。通过天眼查大数据分析，江苏盛开新能科 技有限公司参与招投标项目5次，专利信息24条，此外企业还拥有行政许可5个。 专利摘要显示，本发明涉及一种钙钛矿太阳能电池的透明导电层及钙钛矿太阳能电池，所述钙钛矿太阳 能电池包括层叠的空穴传输层、吸光层、电子传输层，吸光层产生的空穴由所述空穴传输层导出，产生 的电子由所述电子传输层导出，所述透明导电层设置在空穴传输层背对吸光层的一侧，或/和，所述透 明导电层设置在电子传输层背对吸光层的一侧，空穴或电子通过所述透明导电层收集并传输，所述透明 导电层包括交替设置的IZO层和ITO层，IZO层与ITO的层叠数目之和为n，n≥3。 ...

Group 1 - The core viewpoint of the news is that Trina Solar Limited has obtained a patent for "Processing Equipment for Perovskite Solar Cells," which indicates advancements in solar cell manufacturing technology [1] - The patent was granted on July 29, 2025, with an application date of July 2024, highlighting the company's ongoing innovation efforts in the solar energy sector [1] - The processing equipment includes a coating device, crystallization device, and a conveying mechanism, designed to enhance the quality of perovskite films while improving production efficiency [1] Group 2 - Trina Solar Limited, established in 1997 and located in Changzhou, primarily engages in the manufacturing of electrical machinery and equipment [2] - The company has a registered capital of approximately 2.18 billion RMB and has made investments in 21 enterprises [2] - Trina Solar has participated in 5,000 bidding projects and holds 4,127 patents, indicating a strong focus on innovation and intellectual property [2]

Core Insights - The research team at Changchun Institute of Applied Chemistry has made significant advancements in the design of self-assembled organic molecules for use in perovskite solar cells, leading to improved efficiency and stability [1][4] Group 1: Research Developments - The innovative dual-radical self-assembly molecular design strategy enhances charge transport capabilities and stability, achieving a spin strength nearly three orders of magnitude higher than traditional self-assembled molecules [2] - The new molecules exhibit a carrier transport rate over twice that of conventional materials, demonstrating high stability under simulated working conditions [3] Group 2: Performance Metrics - Small-area devices utilizing the new materials achieved a power conversion efficiency of 26.3%, while micro-modules reached 23.6% efficiency, with significantly reduced efficiency decay upon scaling [3] - The combination of new materials with silicon solar cells resulted in a perovskite-silicon tandem device efficiency of 34.2%, certified by the U.S. National Renewable Energy Laboratory [3] Group 3: Industry Implications - This research provides a new molecular design paradigm to address conductivity, stability, and large-area processing challenges in perovskite solar cells, potentially driving the commercialization of next-generation high-efficiency solar modules [4]

Core Viewpoint - The company, Maiwei Co., Ltd. (300751), plans to increase investment in the perovskite solar cell equipment sector by issuing convertible bonds to raise up to 1.967 billion yuan for a project with a total investment of 2.138 billion yuan [1][2]. Group 1: Investment and Financial Projections - The fundraising project aims to implement the industrialization of perovskite tandem solar cell equipment, with a construction period of three years and an expected annual production capacity of 20 sets of equipment upon completion [1]. - The project is projected to generate an annual sales revenue of 4 billion yuan and a net profit of approximately 600 million yuan, with a financial internal rate of return of 19.92% and a payback period of 7.43 years [1]. Group 2: Industry Context and Technological Advancements - The photovoltaic industry is experiencing intensified competition, with technological innovation and cost reduction being key themes. Perovskite solar cells are gaining attention due to their high photoelectric conversion efficiency and significant cost reduction potential [2]. - The average conversion efficiency of N-type cells is expected to reach 26% by 2024, approaching the theoretical limit of 29.4%. The theoretical efficiency of single-junction perovskite solar cells can reach 33%, while perovskite-silicon tandem cells could achieve around 43% [2]. Group 3: Company Performance and Diversification - Maiwei Co., Ltd. has been focusing on the midstream battery production segment of the photovoltaic industry, with its main products including HJT heterojunction high-efficiency battery production lines and fully automated solar cell screen printing lines [1]. - The company has seen a compound annual growth rate of over 50% in revenue over the past three years, achieving a revenue of 9.83 billion yuan in 2024, a year-on-year increase of 22%, and a net profit of 926 million yuan, up 1.3% [3]. - In addition to consolidating its photovoltaic business, the company is actively expanding into new areas, developing core equipment for display panels and semiconductor packaging, with revenue from these sectors reaching 67.08 million yuan in 2024, an increase of 88% year-on-year [3].

Core Viewpoint - The third Perovskite Materials and Devices Industry Development Forum will focus on flexible perovskite photovoltaics, perovskite tandem cells, and applications in smart IoT and wearable devices under indoor low-light conditions, highlighting the potential and challenges of commercialization in the perovskite industry [1][10]. Group 1: Forum Details - The forum will be held on May 23-24 in Suzhou, organized by the Chinese Academy of Sciences Ningbo Institute of Materials Technology and Engineering, Huazhong University of Science and Technology, and DT New Materials, with support from several universities and companies [1][8]. - Notable experts and companies in the flexible perovskite field will participate, including representatives from GCL, Tongwei, and other leading firms [1][10]. Group 2: Industry Challenges and Opportunities - The reliability of flexible perovskite technology is a core challenge for its commercialization, with a focus on long-term environmental stability and mechanical durability [2][10]. - The most promising application areas for perovskite technology in the next 3-5 years include tandem photovoltaics, flexible photovoltaic applications for BIPV, and consumer electronics in low-light environments [11]. Group 3: Key Presentations - Guo Chengxin, Deputy General Manager of Suzhou Shangrou New Energy Co., will present on the industrialization and reliability testing of flexible perovskite solar cells, sharing practical experiences and achievements [2][3]. - The forum will address 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 [11].

中国科学院 宁波材料技术与工程研究所 光电信息材料与器件实验室 华中科技大学武汉光电国家研究中心 DT新材料 第三届钙钛矿材料与器件产业发展论坛 5月23日-24日 江苏 · 苏州 主办单位 协办单位 苏州大学 武汉九曜光电科技有限公司 大会主席 叶继春 中科院宁波材料所光电信息材料与器件实验室主任，研究员 陈 炜 华中科技大学教授，武汉九曜光电科技有限公司创始人 时间地点 05月23日-24日 江苏 · 苏州 赞助及鸣谢单位 昆山协鑫光电材料有限公司 通威太阳能（成都）有限公司 脉络能源科技有限公司 莱茵检测认证服务（中国）有限公司 隆基绿能科技股份有限公司 合肥京东方光能科技有限公司 苏州尚柔新能源有限公司 正泰新能科技股份有限公司 大正微纳科技有限公司 合作媒体 DT新材料、DT半导体、海洋清洁能源资讯、Carbontech、夯邦、洞见热管理、DT新能源、钙钛矿光 伏前沿、知光谷、钙钛矿材料与器件、钙钛矿坊、钙钛矿太阳能电池之基石搭建、钙钛矿人、钙钛矿材 料与应用、钙钛矿视界、柔性钙钛矿光伏进展、清新电源、钙钛矿与opv薄膜太阳能、钙钛矿电池稳定 性 报告嘉宾情况 （排名不分先后，更多重磅嘉宾即将揭晓） ...