Group 1 - The core viewpoint of the news highlights the positive performance of the photovoltaic sector, particularly the leading ETF tracking the photovoltaic industry index, which has seen significant gains in its constituent stocks [1][4]. - The photovoltaic leading ETF (159609) has experienced a net subscription of 1 million shares, indicating strong investor interest [1][2]. - The recent "10th N-type Photovoltaic Technology and Industry Development Forum" discussed advancements in N-type battery technology and the future trends of high-efficiency batteries, showcasing the industry's focus on innovation [2][3]. Group 2 - Major breakthroughs in photovoltaic materials technology have been reported, including a new flexible photovoltaic material with a conversion efficiency of 10.1%, demonstrating the potential for industrialization [2]. - The BC new technology is making significant progress, with expectations for increased market penetration and scale of shipments starting from 2025 [3]. - The China Securities Photovoltaic Industry Index selects representative companies across the entire photovoltaic supply chain, including leading firms such as Sungrow Power Supply, LONGi Green Energy, and Tongwei Co., Ltd. [3].

Core Insights - The solar energy industry is experiencing a significant decline in new installations, with July 2025 seeing a 47.6% year-on-year decrease in new photovoltaic installations, totaling 11.0 GW [7] - Despite the decline in installations, inverter exports have maintained growth, with July 2025 inverter export value reaching 6.51 billion yuan, a 16.3% increase year-on-year [7] - The overall solar power generation in July 2025 increased by 28.7% year-on-year, contributing to 8.03% of the total national industrial power generation [7] Industry Analysis - **Photovoltaic Installations**: In July 2025, the cumulative new photovoltaic installations for the first seven months reached 223.25 GW, reflecting an 80.7% year-on-year increase [7] - **Component Exports**: The export value of photovoltaic components in July 2025 was 15.89 billion yuan, a 13.7% decrease year-on-year, while the cumulative export value for the first seven months was 111.25 billion yuan, down 22.6% year-on-year [7] - **Inverter Exports**: The cumulative export value of inverters for the first seven months of 2025 was 37.11 billion yuan, showing a 9.0% year-on-year increase [7] Company Performance - The company reported a revenue of 4.597 billion yuan for H1 2025, a 43.92% decrease year-on-year, but the net profit attributable to shareholders was 594 million yuan, only a 1.27% decline [9] - The company plans to distribute a cash dividend of 2.5 yuan per 10 shares, resulting in a mid-term payout ratio of 45.7% [9] - The company's gross profit margin improved significantly to 30.34%, an increase of 11.96 percentage points year-on-year, driven by product structure optimization and rising gold prices [9] Sales Channels - The revenue distribution for H1 2025 was as follows: self-operated offline channels contributed 19.37%, online channels 25.41%, and franchise channels 52.76% [9] - The self-operated offline channel revenue was 890 million yuan, a 7.56% decline year-on-year, while the franchise channel revenue dropped significantly by 59.12% to 2.425 billion yuan [9] Product Performance - The revenue from embedded products in H1 2025 was 286 million yuan, down 23.08%, while the revenue from pure gold products was 3.415 billion yuan, down 50.94% [9] - The gross profit margins for embedded and pure gold products improved to 30.40% and 16.77%, respectively, reflecting increases of 4.38 and 6.98 percentage points year-on-year [9]

Investment Rating - The report maintains a "Buy" rating for several companies in the solar sector, with specific ratings as follows: - Aishuo Co., Ltd. (600732.SH) - Buy-B - Longi Green Energy (601012.SH) - Buy-B - Daqian Energy (688303.SH) - Buy-B - Flat Glass Group (601865.SH) - Buy-A - Hengdian East Magnetic (002056.SZ) - Buy-A - Sungrow Power Supply (300274.SZ) - Buy-A - Canadian Solar (688472.SH) - Buy-A - Deye Technology (605117.SH) - Buy-A - Langxin Group (300682.SZ) - Buy-B - Quartz Co., Ltd. (603688.SH) - Buy-A [1] Core Insights - In July 2025, the domestic photovoltaic (PV) new installed capacity was 11.0 GW, a year-on-year decrease of 47.6% and a month-on-month decrease of 23.1%. Cumulatively, from January to July, the new installed capacity reached 223.25 GW, representing an increase of 80.7% year-on-year [2][12]. - The export value of PV components in July was 15.89 billion yuan, down 13.7% year-on-year but up 0.5% month-on-month. The cumulative export value from January to July was 111.25 billion yuan, down 22.6% year-on-year [2][14]. - In contrast, the inverter export value in July was 6.51 billion yuan, showing a year-on-year increase of 16.3% but a slight month-on-month decline of 1.2%. The cumulative export value from January to July was 37.11 billion yuan, up 9.0% year-on-year [3][29]. - Solar power generation in July increased by 28.7% year-on-year, with a total generation of 74.43 billion kWh, accounting for 8.03% of the total industrial power generation in the country [4][42]. Summary by Sections 1. Installed Capacity - In July 2025, the domestic PV new installed capacity was 11.0 GW, reflecting a year-on-year decline of 47.6% and a month-on-month decline of 23.1%. The cumulative installed capacity from January to July reached 223.25 GW, marking an 80.7% increase year-on-year [12]. 2. Exports - **Components**: The export value of PV components in July was 15.89 billion yuan, down 13.7% year-on-year but up 0.5% month-on-month. The cumulative export value from January to July was 111.25 billion yuan, down 22.6% year-on-year [14]. - **Inverters**: The inverter export value in July was 6.51 billion yuan, with a year-on-year increase of 16.3% and a month-on-month decrease of 1.2%. The cumulative export value from January to July was 37.11 billion yuan, up 9.0% year-on-year [29]. 3. Solar Power Generation - In July, solar power generation increased by 28.7% year-on-year, totaling 74.43 billion kWh, which accounted for 8.03% of the total industrial power generation in the country [42]. 4. Investment Recommendations - The report recommends focusing on companies based on various strategic directions: - New technology: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement: Daqian Energy, Flat Glass Group - Overseas expansion: Hengdian East Magnetic, Sungrow Power Supply, Canadian Solar, Deye Technology - Market-oriented power: Langxin Group - Domestic substitution: Quartz Co., Ltd. - Additional companies to watch include Xinyi Solar, GCL-Poly Energy, Tongwei Co., Ltd., TCL Zhonghuan, New Special Energy, Dier Laser, Foster, Haiyou New Materials, JA Solar, Trina Solar, JinkoSolar, CITIC Bo, Maiwei, Jinglong Technology, Shanghai Ailu, and Guangxin Materials [47].

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the electric equipment and new energy industry [1]. Core Viewpoints - The World Robot Conference showcased over 1,500 robot products, indicating a growing interest and innovation in robotics [3]. - The photovoltaic industry chain prices remain stable, with expectations for continued price stability in the near term [6][7][8][9]. Summary by Relevant Sections Investment Recommendations - Preferred stocks include: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Daqian Energy (688303.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deyang Co., Ltd. (605117.SH) - Buy - A - Langxin Group (300682.SZ) - Buy - B - Quartz Co., Ltd. (603688.SH) - Buy - A [2]. Market Trends - The multi-crystalline silicon price is stable at 44.0 CNY/kg, with a slight decrease in transaction volume compared to the previous week [6]. - The silicon wafer prices remain unchanged, with N-type silicon wafers priced at 1.20 CNY/piece for 182-183.75mm and 1.35 CNY/piece for 182*210mm [7]. - Battery cell prices are stable, with N-type battery cells priced at 0.290 CNY/W for 182-183.75mm and 0.285 CNY/W for 182*210mm [8]. - Module prices are also stable, with TOPCon double-glass modules priced at 0.685 CNY/W and N-type HJT modules at 0.830 CNY/W [9]. Policy and Regulatory Developments - The National Energy Administration is establishing a "green channel" for large-scale wind and photovoltaic bases to better meet the needs of new energy development [5]. - The China Photovoltaic Industry Association is soliciting opinions on the draft amendment to the Price Law, focusing on price behavior norms and regulatory mechanisms [4].

Investment Rating - The report maintains an investment rating of "Synchronize with the market-A" for the solar industry [2]. Core Viewpoints - In June, the domestic photovoltaic new installed capacity decreased by 38.4% year-on-year, influenced by the end of the rush for installation. The new installed capacity in June was 14.4GW, with a cumulative new installed capacity of 212.21GW from January to June, reflecting a year-on-year increase of 107.1% [2][13]. - The export value of photovoltaic components in June was 15.81 billion yuan, down 23.3% year-on-year and 8.7% month-on-month. The cumulative export value from January to June was 95.37 billion yuan, a decrease of 23.9% year-on-year [2][17]. - The export value of inverters in June was 6.59 billion yuan, showing a year-on-year increase of 1.2% and a month-on-month increase of 10.3%. The cumulative export value from January to June was 30.6 billion yuan, reflecting a year-on-year increase of 7.6% [3][30]. - Solar power generation in June increased by 18.3% year-on-year, with a total generation of 50.06 billion kWh, accounting for 6.29% of the total industrial power generation in the country [2][44]. Summary by Sections Installed Capacity - In June, the domestic photovoltaic new installed capacity was 14.4GW, down 38.4% year-on-year and 84.5% month-on-month. The cumulative new installed capacity from January to June was 212.21GW, up 107.1% year-on-year [13][2]. Exports - The export value of photovoltaic components in June was 15.81 billion yuan, down 23.3% year-on-year and 8.7% month-on-month. The cumulative export value from January to June was 95.37 billion yuan, down 23.9% year-on-year [17][2]. - The export value of inverters in June was 6.59 billion yuan, with a year-on-year increase of 1.2% and a month-on-month increase of 10.3%. The cumulative export value from January to June was 30.6 billion yuan, up 7.6% year-on-year [30][3]. Power Generation - In June, solar power generation was 50.06 billion kWh, reflecting an 18.3% year-on-year increase and accounting for 6.29% of the total industrial power generation in the country [44][2]. Investment Recommendations - Key recommendations include: - New technology direction: Aisuo Co., Longi Green Energy - Supply-side improvement direction: Daqian Energy, Fulete - Overseas layout direction: Hengdian East Magnet, Sunshine Power, Canadian Solar, Deye Co. - Power marketization direction: Langxin Group - Domestic substitution direction: Quartz Co. - Additional companies to actively monitor include: Xinyi Solar, GCL-Poly Energy, Tongwei Co., TCL Zhonghuan, New Special Energy, Dier Laser, Foster, Haiyou New Materials, JA Solar, Trina Solar, Jinko Solar, CITIC Bo, Maiwei Co., Jingcheng Machinery, Shanghai Ailuo, and Guangxin Materials [48][2].