当全球光伏行业从"产能扩张"的喧嚣中冷静下来，当全行业在思考如何打破"内卷"困局时，一项被重新 定义的技术悄然崛起，从"技术标杆"转向"市场主流"，成为行业破局 这项技术就是——BC(背接触电池)技术。它不再只是实验室中追求效率极致的皇冠上的明珠，而是正在 重构光伏行业发展逻辑，被视为开启行业新一轮增长的核心引擎。 "通过对3—4年的数据和测试结果的跟踪，我们发现BC技术的性能大幅度在提升，目前实验室测出来的 BC的电池片转换率效率已经达到27.55%，与其他技术相比，应该有1.2%以上的优势，性能提升非常明 显。"作为第三方检测机构，T V莱茵全球电力电子产品服务副总裁兼大中华区太阳能与商业产品服务 副总裁李卫春说。 场景革命：从分布式到集中式 BC电池是一种将电池的正负极全部置于背面，正面无任何栅线遮挡的光伏电池技术，可以增加电池吸 收太阳光照射的面积，提高转换效率，发出更多的电。其原理可追溯至1954年贝尔实验室，但长期以来 受制于复杂的工艺和高昂的成本，始终未能大规模产业化。如今，这一局面正在被打破。 不仅是效率的提升，一直被视为行业痛点的"防遮挡""防热斑""抗隐裂"，也被BC技术逐一破解。爱旭 B ...

证券日报网讯1月5日，福斯特（603806）在互动平台回答投资者提问时表示，公司自设立以来一直都在 盈利，2024年度实现净利润13.08亿元，不存在您说的情况。近些年光伏行业整体处于周期底部，盈利 承压，但公司作为光伏胶膜龙头企业的竞争优势进一步夯实，在BC技术、HJT技术、钙钛矿技术、柔 性组件技术等差异化技术所需的封装材料领域保持技术领先，并且拥有最大的海外产能，服务于差异化 的客户及市场。公司资产优良，资产负债率极低，现金储备充裕，可以帮助公司稳定的穿越光伏行业周 期。未来公司将持续加大研发投入，适时开展产业投资，在光伏领域，以及第二成长曲线电子材料(应 用于PCB制成)和锂电材料(应用于固态电池封装)都有更好的未来。 ...

电力设备/光伏设备 爱旭股份（600732.SH） BC 龙头乘风光伏反内卷，高溢价驱动业绩高弹性 2025 年 12 月 29 日 投资评级：增持（首次） | 日期 | 2025/12/26 | | --- | --- | | 当前股价(元) | 13.77 | | 一年最高最低(元) | 17.80/9.20 | | 总市值(亿元) | 291.55 | | 流通市值(亿元) | 217.76 | | 总股本(亿股) | 21.17 | | 流通股本(亿股) | 15.81 | | 近 3 个月换手率(%) | 151.37 | 股价走势图 -20% 0% 20% 40% 60% 80% 2024-12 2025-04 2025-08 爱旭股份 沪深300 数据来源：聚源 殷晟路（分析师） 周航（联系人） yinshenglu@kysec.cn zhouhang1@kysec.cn 证书编号：S0790125050020 深耕光伏十六载，BC 破局技领航 公司深耕太阳能电池领域 16 载，积淀了深厚的技术壁垒。2021 年，公司率先发 布 ABC 技术，并于业内最早实现 N 型 BC 的 GW 级量产。当 ...

Investment Rating - The investment rating for the company is "Buy" [4][9] Core Views - The company reported a revenue of 3.151 billion yuan in Q3 2025, representing a year-on-year increase of 15.2% but a quarter-on-quarter decrease of 26.9%. The net profit attributable to shareholders was -295 million yuan, marking a shift from profit to loss compared to the previous quarter. Cumulatively, the revenue for the first three quarters reached 11.597 billion yuan, a year-on-year growth of 46.9%, with a net profit of -532 million yuan [1][4] - The company is focused on technological innovation, leading the N-type technology wave with its ABC technology. This technology has achieved a conversion efficiency of 24.4% for its second-generation N-type ABC modules, maintaining the top position in global commercialized production efficiency for 29 consecutive months [2] - Despite seasonal fluctuations in Q3 shipments, the company's contract liabilities increased by over 30% to 1.187 billion yuan, indicating strong downstream demand and providing solid support for future shipments. Looking ahead to 2026, the company expects improved shipment volume and profitability due to the upcoming peak demand season and the release of higher efficiency ABC module products [2] Financial Summary - Revenue projections for 2025-2027 are as follows: 15.92 billion yuan in 2025, 24.7 billion yuan in 2026, and 35.641 billion yuan in 2027, with growth rates of 42.7%, 55.2%, and 44.3% respectively [3][8] - The net profit attributable to shareholders is projected to be -582 million yuan in 2025, 1.153 billion yuan in 2026, and 2.266 billion yuan in 2027, with growth rates of 89.1%, 298.1%, and 96.6% respectively [3][8] - Earnings per share (EPS) are expected to be -0.27 yuan in 2025, 0.54 yuan in 2026, and 1.07 yuan in 2027 [3][8]

编者按： 2025 年，经济观察报以 " 我们的四分之一世纪 " 为年终特刊主题，旨在通过数十位时代亲历者的故事，共绘一幅属于这段岁月的集体记忆图谱。 2025年12月11日，美国纽约，在享有"能源奥斯卡"盛誉的普氏全球能源奖颁奖礼上，57岁的李振国荣膺"终身成就奖"，成为首位获此殊荣的中国企业家。与 此同时，他所创办的隆基绿能科技股份有限公司（下称"隆基"或者"隆基绿能"）也摘得"企业影响力奖"。"这份荣誉不仅属于我个人，更属于所有为隆基、 为全球能源转型不懈奋斗的同事与伙伴。"李振国说。 荣耀的背后，深藏着一场持续几十年的"破局"长征。 自1995年投身太阳能领域起，李振国便笃定于单晶硅技术的研发与攻坚。在那个光伏成本高昂、技术路线纷杂的年代，他选择了一条"少有人走的路"——坚 守单晶硅实验室。他始终怀抱一个朴素而坚定的愿景："让光伏成为最经济的能源"。其所推动的低碳技术，如今已成为行业广泛应用的基石。2025年8月， 李振国入选中国工程院院士增选有效候选人名单。 从早期技术受制于人、市场依赖海外，到一步步攻克关键技术、实现全产业链自主；从被视为"边缘选项"到成为全球能源转型的主流力量，李振国与隆基绿 能 ...

Summary of Foster's Conference Call Company Overview - Foster has a healthy balance sheet with a debt-to-asset ratio below 20% and no bank debt, holding approximately 8 billion yuan in cash reserves to support business development and return value to investors. The cash dividend ratio exceeded 50% last year, with over 600 million yuan distributed, and this trend will continue this year [2][5]. Industry Insights - The price of EVA films is expected to rebound by 2026, with Foster maintaining low inventory levels of about one month. The proportion of white EVA films is decreasing, with EVA and POE films each accounting for nearly half of the production [2][7]. - The photovoltaic new materials sector is anticipated to remain stable, with overseas markets maintaining high demand, potentially increasing market share. Electronic materials are expected to grow by over 30%, and the aluminum-plastic film business is also projected to grow by over 30%, driven by solid-state battery applications [2][11]. Business Performance - In the photovoltaic sector, Foster's film production is clearing quickly, with a stable market share. The overseas market, particularly in Thailand and Vietnam, accounts for about 20% of sales. A market reversal is expected in the second half of 2026 [3]. - The electronic materials segment is experiencing explosive demand, especially in high-end electronic materials for servers, leading to significant sales growth [3]. - The aluminum-plastic film business is rapidly developing, with current production capacity at 30 million square meters, expanding to 50 million square meters, and expected to achieve profitability next year [4][23]. Future Projections - The company anticipates a steady increase in shipments in the photovoltaic new materials sector in 2026, with uncertainties in the domestic market but high expectations for overseas markets. The growth in electronic materials and aluminum-plastic films is expected to contribute significantly to overall business growth [11]. - The solid-state battery market is projected to drive demand for aluminum-plastic films due to their lightweight and extensibility advantages [3][11]. Production and Expansion Plans - Foster's overseas production capacity is nearly fully utilized, with production and sales doubling, primarily serving clients in India and the Middle East. The company is evaluating plans for a factory in the U.S. to adapt to policy changes [16]. - A domestic project worth 250 million yuan has been delayed until the end of next year, with strategic adjustments based on market demand [16]. Product Development and Innovations - Foster is advancing in the sensitive area of photonic films for space applications, showcasing the company's ability to innovate by combining materials from different fields [9]. - The company is also focusing on high-end electronic materials, with a significant push into advanced substrate applications, particularly in the automotive and server sectors [18]. Financial Health and Risk Management - The company maintains a strong financial position with a low risk of impairment due to increasing overseas sales, which are less likely to default [24]. - The average price of dry films is around 5 yuan, with high-end products reaching up to 30 yuan, and the overall gross margin is currently at 24% [20]. Conclusion - Foster is well-positioned for growth in the photovoltaic, electronic materials, and aluminum-plastic film sectors, with a strong financial foundation and strategic plans for expansion and innovation. The company is expected to continue delivering value to investors while navigating market challenges and opportunities.

2025年，美国光伏市场正迎来"需求爆发+产能回流"的双重拐点。AI算力扩张催生的电力缺口、降息周期提升的项目收益率，推动美国光伏装机量持续高 增，2024年达50GW，2025年预计突破60GW，年复合增长率维持20%。随着26年的到来，美国光伏本土产能将迎来更大规模的释放。 01 美国光伏市场 美国光伏市场的崛起，并非单一因素驱动，而是下游需求刚性增长与政府产业政策引导形成的共振，为本土产能扩张奠定了坚实基础。 需求端 美国可再生能源发电占比长期偏低，仅约10%，远低于全球30%的平均水平，能源结构转型空间巨大。 而近年来AI算力中心、制造业复苏带来的电力缺口，成为光伏需求的核心催化剂——数据中心24小时高负荷运行对电力的持续消耗，以及传统化石能源 发电的不稳定性，使得光伏作为清洁、可快速部署的能源形式，成为补能首选。 降息周期的到来进一步放大了需求潜力。光伏项目的内部收益率（IRR）与利率高度相关，美国进入降息通道后，项目融资成本下降，IRR显著提升，刺 激了开发商的投资意愿。 政策端 与中国相比，美国光伏制造面临"高人工、高能耗、高合规成本"的三重压力，传统技术路线难以适配本土市场，倒逼行业选择更高效 ...

工业硅周报 2025 年 12 月 15 日 短期需求降温，工业硅震荡下挫 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 投资咨询号：Z0017785 王工建 wang.gj@jyqh.com.cn 从业资格号：F03084165 投资咨询号：Z0016301 赵凯熙 ⚫ 上周工业硅震荡下挫，主因多晶硅新平台公司应运而生， 未来将通过市场化+政策协同的方式构建可持续的行业新 生态，但短期打压工业硅需求端。供应来看，新疆地区开 工率进一步升至88%，西南地区枯水期开工率相对低迷， 内蒙和甘肃产量难有增长空间，供应端总体平稳；从需求 侧来看，多晶硅市场对行业自律信心有所增强；硅片维持 弱现实和弱预期叙事，关注硅片龙头企业遵守自律协议的 程度；电池片总体进入减产周期，原料成本的抬升直接推 动 ...

隆基绿能科技股份有限公司（以下简称"隆基绿能"）近期在BC（背接触技术）产品的海外拓展上持续 加码。 12月5日，《证券日报》记者从隆基绿能获悉，隆基绿能近日与马来西亚国家石油公司（以下简 称"Petronas"）正式达成合作，隆基绿能将为其亚太市场清洁能源项目供应高效BC组件。 同时，双方还计划进一步推动隆基绿能中央研究院与Petronas研究院的交流互访，共同开展高水平BC技 术示范项目。 "本次合作标志着双方战略伙伴关系迈向新高度。"隆基绿能相关负责人对《证券日报》记者表示。 Petronas是亚洲领先的国有综合能源集团之一，其旗下清洁能源子公司Gentari正通过可再生能源、氢能 及绿色出行三大支柱业务，为客户提供全价值链的低碳解决方案。 "本次合作，隆基绿能将以领先的高效BC产品与本地化服务能力，加速Petronas实现其宏伟的清洁能源 目标。"上述隆基绿能相关负责人表示，在能源转型的浪潮下，隆基绿能将与Petronas强强携手，在亚太 多个重点市场围绕大型光伏电站、储能等清洁能源项目开展全方位合作。 值得关注的是，隆基绿能近日在英国伦敦正式发布了BC技术平台及Hi-MO9组件全球实证成果。 "来自 ...

Core Viewpoint - The global BC technology innovation summit held in Yiwu, China, highlights the importance of innovation in the photovoltaic industry, particularly focusing on the advancements in BC technology and its potential to lead the market in the coming years [1][19]. Group 1: Event Overview - The global BC technology innovation summit and the 14th bifi PV workshop took place in Yiwu, attracting over 600 participants from leading photovoltaic companies and research institutions worldwide [1]. - This summit is part of a series of prestigious academic gatherings that have previously been held in various international locations, emphasizing the global nature of the photovoltaic industry [3]. Group 2: BC Technology Insights - BC technology is recognized as the ultimate technology in the single crystal silicon era, with the potential to achieve conversion efficiencies close to the theoretical limits [3]. - Aiko Solar, a key player in the industry, has achieved GW-level mass production of N-type BC technology, showcasing its commitment to innovation and efficiency [3][5]. Group 3: Industry Perspectives - Liu Yiyang, Executive Secretary of the China Photovoltaic Industry Association, emphasized that innovation is crucial for the healthy development of the photovoltaic industry, aligning with national strategic directions [5]. - Radovan Kopecek, founder of ISC Konstanz, projected that BC technology will gain significant market share and customer recognition, with production efficiency reaching 25% and expected to dominate the market by 2027-2028 [8]. Group 4: Future Projections - Aiko Solar's Chairman, Chen Gang, discussed the transition of the photovoltaic industry towards a value competition era, highlighting the need for continuous technological innovation to meet diverse customer demands [10]. - The company aims to increase mass production efficiency to 26% by 2026 and eventually reach 35% within 14 years, indicating a strong commitment to advancing BC technology [10]. Group 5: Collaborative Efforts - The summit facilitated discussions among industry leaders on the necessity of collaborative innovation across the entire supply chain to foster a healthy ecosystem for BC technology [14]. - Various companies and research institutions participated in the summit, contributing to a comprehensive analysis of BC technology across design, production, testing, and application [14]. Group 6: Safety and Standards - TÜV Rheinland awarded Aiko Solar and Longi Green Energy with certificates for "component-level fire risk resistance," highlighting the safety advantages of BC components in high-temperature and shaded environments [16]. Group 7: Market Positioning - Aiko Solar's ABC components have maintained the highest production efficiency ranking for 33 consecutive months, demonstrating their market leadership and commitment to delivering high-quality products [18]. - The company focuses on providing differentiated products and services to meet the evolving needs of customers in the photovoltaic market [18].