五矿证券指出，光伏电池金属化工艺正经历从银浆向铜代银方案的技术转型。由于银价持续上涨， 金属化成本在电池总成本中占比已接近30%，铜凭借接近银的导电性及显著成本优势成为降本核心方 向。当前铜代银面临铜氧化和迁移两大技术难点，需通过表面包覆、气体保护及银种子层等方案解决。 预计2025-2026年为铜浆导入期，2027-2028年进入快速渗透期，2030年光伏铜浆需求或达6000吨。铜浆 加工费高于传统银浆，浆料企业盈利有望增厚，但技术壁垒集中于铜粉一致性与抗氧化性，拥有粉体技 术的企业将更具竞争力。 （责任编辑：董萍萍 ） 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅可达20%。该指 数从市场中选取涉及太阳能、风能、电动汽车及储能技术等领域的科技创新企业作为指数样本，以反映 新能源领域技术研发、生产和服务方面具有领先地位企业的整体表现。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff ...

Investment Rating - The investment rating for the electrical equipment industry is optimistic [2]. Core Insights - The report highlights the transition from silver paste to copper paste in photovoltaic cells as a significant trend for cost reduction in the industry. The rising silver prices and the competitive landscape in the photovoltaic sector are driving this shift towards cheaper metal alternatives [55][56]. - The report anticipates that the introduction of copper paste will occur between 2025 and 2026, with rapid penetration expected from 2027 to 2028. By 2030, the demand for copper paste is projected to reach approximately 6,000 tons, while the demand for silver paste is expected to decrease to around 3,000 tons [42][55]. Summary by Sections 1. Role and Principle of Copper Paste - Metalization is a crucial process in photovoltaic cell production, impacting efficiency, cost, and reliability. The main goal is to reduce costs and improve efficiency through various metalization techniques [14][15]. - The transition from silver to copper is driven by the need to lower costs, as copper has a similar conductivity to silver but is significantly cheaper [22]. 2. Impact of Copper Paste on Cost Reduction - The report indicates that metalization costs are becoming a larger portion of the total battery cost, reaching approximately 30%. This makes it a primary target for cost reduction efforts [31]. - The copper alternative can significantly lower metalization costs compared to silver paste, with projections showing substantial savings in both TOPCON and BC cell applications [35][40]. 3. Industrialization Challenges and Solutions for Copper Paste - The report discusses the challenges of copper oxidation and migration during the manufacturing process, which can affect the performance of photovoltaic cells. Solutions include protective coatings and the use of seed layers to prevent copper diffusion into silicon [23][27]. - The anticipated industrialization of copper paste is expected to enhance profitability for paste manufacturers, as the shift to copper will likely increase processing fees compared to traditional silver paste [45]. 4. Market Dynamics and Competitive Landscape - The transition to copper paste is expected to alter the competitive landscape among paste manufacturers, with companies needing to invest in new technologies and processes to maintain their market positions [49]. - The report notes that companies are already beginning to develop copper powder capabilities to enhance their competitiveness in the copper paste market [51].