前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 固态电池+机器人+光伏，锂电设备打破海外厂商垄断，市占率连续多年排名国内第一，固态电池领域初步 完成"湿法+干法"双产线布局，与宇树科技合作灵巧手产品处于内侧阶段，这家公司钙钛矿领域在国内率 先取得订单突破。 ...

民生证券指出，核聚变产业商业化落地提速，资本市场对核聚变商业化前景信心显著，近期融资活 动频繁，如Commonwealth Fusion Systems（CFS）完成8.63亿美元融资，资金将用于示范装置SPARC建 造及ARC电站开发。美国General Atomics战略投资2000万美元加速氚燃料循环测试设施研发，计划2026 年投入运营，解决氚高效利用难题。此外，田纳西大学与德国研究所联合开发的SICAS集成建模框架， 突破核聚变装置全局等离子体模拟技术，推动清洁能源商业化进程。光伏行业"反内卷"升级，用电量持 续创新高，行业需求保持强劲。 每日经济新闻 （责任编辑：张晓波 ） 【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.hexun.com 碳中和50ETF（159861）跟踪的是环保50指数（930614），该指数从中国A股市场中选取与环境保 护相关的领先企业作为指数样本，覆盖清洁能源、污染治理、节能技术等领域 ...

Core Viewpoint - The photovoltaic sector is experiencing a significant market surge driven by the "anti-involution" theme, with the photovoltaic 50 ETF (159864) rising over 4.5% and several constituent stocks increasing by more than 10% [1] Industry Summary - The photovoltaic industry is gradually bottoming out, with a projected year-on-year revenue decline of 9.7% for core companies in the first half of 2025. However, domestic demand is expected to improve operational rates and revenue in the second quarter [1] - The industry faced losses in the first half of the year, but the loss margin decreased in the second quarter, and after adjusting for impairment losses, companies turned profitable on a quarter-on-quarter basis [1] - The main pressure on the sector comes from the pricing within the supply chain, with negative gross margins reported for silicon wafers in the second quarter. The "anti-involution" initiative is expected to stabilize and recover prices, alleviating cash flow pressures for companies [1] - Continuous supply-side reforms in the photovoltaic industry are being emphasized by regulatory bodies, aiming to curb low-price competition and improve the overall market environment [1] - Recent discussions among six government departments highlighted the need for coordinated supply-side reforms, which could lead to improved industry conditions [1] Price and Capacity Developments - The photovoltaic sector is one of the most affected by supply-demand imbalances and profitability pressures, but recent political support may benefit the industry first under the "anti-involution" theme [2] - Significant price increases in silicon materials are expected to lead to a recovery in downstream prices, with further price adjustments anticipated to reach reasonable levels [2] - Ongoing mergers and acquisitions in silicon material capacity are being closely monitored, with expectations for sustained momentum in the "anti-involution" market [2] - Policy measures under the "anti-involution" initiative are likely to focus on controlling upstream silicon material capacity and establishing minimum procurement prices for downstream projects to protect profit margins [2]

Group 1 - The tax department provides detailed guidance, helping companies understand tax benefits from the project initiation stage, which aids in project funding and long-term planning [1] - Jinchang City leverages its abundant sunlight, industrial system, and demand for renewable energy, positioning the photovoltaic industry as a core engine for green low-carbon transformation [1] - The 100MW photovoltaic power station project by Zhengtai Photovoltaic in Heqing Beach is a key initiative for entering the northwest renewable energy market [1] Group 2 - Zhengtai Photovoltaic has benefited from tax reductions totaling 22 million yuan over the past three years, allowing for a clear tax management framework from the project's start [2] - The company has been able to invest saved funds into upgrading photovoltaic components, enhancing power generation efficiency [2] Group 3 - Starting December 1, 2024, a nationwide trial of water resource fee reform will be implemented, with the first complete quarter of tax collection in early 2025 [3] - Zhengtai Photovoltaic missed the initial water resource tax declaration deadline due to a lack of understanding of the new policy, prompting the tax bureau to provide on-site guidance [3] - The tax department's timely support helped the company establish a dynamic record of tax policy benefits and improve internal control mechanisms [3] Group 4 - Tax incentives have boosted the company's confidence in environmental investments, leading to the purchase of advanced pollution control equipment [4] - The 100MW photovoltaic power station is projected to save approximately 59,100 tons of standard coal and reduce carbon dioxide emissions by about 162,300 tons annually compared to coal-fired power generation [4] - The tax bureau collaborates with environmental and natural resource departments to provide precise services and help the company mitigate tax-related risks [4]

Core Viewpoint - The photovoltaic sector is experiencing a vibrant market trend, with several companies such as Tongrun Equipment, Xizi Energy Saving, Tiantong Co., Shanghai Electric, and Luxiao Technology leading the gains in stock prices. Company Summaries - **Tongrun Equipment (002150.SZ)**: Achieved a "3 consecutive limit up" with a latest price of 17.42 yuan, reflecting a 9.97% increase. The company focuses on photovoltaic inverters and energy storage systems, with its subsidiary, Chint Power, being a market leader in North America for several years [1]. - **Xizi Energy Saving (002534.SZ)**: Recorded its first limit up with a latest price of 14.07 yuan, up by 10.01%. The company engages in solar photovoltaic project contracting and has investments in cutting-edge technologies like high-efficiency crystalline silicon and perovskite photovoltaics [2]. - **Tiantong Co. (600330.SS)**: Closed at a limit up price of 12.10 yuan, marking a 10.00% increase. The company is a key provider of monocrystalline furnace technology in the photovoltaic sector, supporting the production of solar monocrystalline silicon [3]. - **ST Mubang (603398.SS)**: Achieved a limit up with a latest price of 6.24 yuan, reflecting a 5.05% increase. The company’s subsidiary focuses on solar monocrystalline silicon wafers, with a current production capacity of 6GW, which is expected to increase with rising demand [4]. - **Shanghai Electric (600021.SS)**: Also reached a limit up with a latest price of 20.77 yuan, up by 10.01%. The company is a major renewable energy supplier in Shanghai, with a total installed capacity of 22.4242 million kilowatts, including 5.09 million kilowatts from photovoltaic sources [5]. - **Luxiao Technology (002617.SZ)**: Closed at a limit up price of 9.09 yuan, reflecting a 10.05% increase. The company’s subsidiary focuses on the investment, construction, and operation of photovoltaic power stations, with a total installed capacity of 827,100 kilowatts [6].

每日经济新闻 （责任编辑：张晓波 ） 【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.hexun.com 9月5日，新能源板块爆发，动力电池、锂电池、固态电池、储能、光伏等概念集体暴涨。截至 13:19，新能源车ETF（515030）涨幅5.18%，持仓股天华新能涨超16%，厦钨新能、贝特瑞、先导智能 涨超15%，杭可科技、天赐材料跟涨，恩捷股份、多氟多、璞泰来等涨停。 消息面上，9月4日，《电子信息制造业2025—2026年稳增长行动方案》（下称《方案》）印发。在 优化产业布局，改善产业结构方面，《方案》提出，在破除"内卷式"竞争中实现光伏等领域高质量发 展，依法治理光伏等产品低价竞争。引导地方有序布局光伏、锂电池产业，指导地方梳理产能情况。 中原证券表示，四季度建议重点关注三条投资主线：一是伴随"反内卷"推进和系列政策持续实施， 总体有利于细分领域行业龙头，积极关注产业链细分领域龙头企业。二是长期注重研发投入、市场占比 ...

Group 1 - The core message emphasizes the need for industries to address low-price competition and improve product quality, leading to a collective reduction in production across various sectors, including solar energy and automotive [1] - The recent policy announcements signal a strong intent to optimize supply-side structures, with industries like solar, batteries, and automobiles responding positively [1][4] - The solar industry has seen a self-regulatory response, with 33 companies signing a capacity self-discipline agreement and major glass manufacturers reducing production by 30% to restore profitability [1][2] Group 2 - The solar material prices have begun to rise, with major polysilicon companies increasing prices, indicating a recovery in the solar industry [2] - The battery sector is experiencing its first comprehensive price increase after three years of declines, driven by unexpected demand growth in energy storage [5] - The automotive industry is tightening regulations against chaotic price wars, which is expected to lead to a more orderly market environment [6] Group 3 - The "anti-involution" theme is expected to be a long-term focus, with the potential for significant improvements in corporate profitability as the market stabilizes [7] - The current valuation of the renewable energy sector remains relatively low, presenting an opportunity for investment as the sector shows signs of recovery [7] - The entire renewable energy supply chain is poised for a turning point, with specific ETFs recommended for investment in solar, battery, and electric vehicle sectors [9][10]

中银国际证券股份有限公司武佳雄,顾真近期对通威股份（600438）进行研究并发布了研究报告《25Q2环 比减亏，"反内卷"有望提升硅料价格》，给予通威股份增持评级。 通威股份 2025年上半年公司亏损同比扩大，二季度环比减亏；公司光伏板块出货稳健积极储备电池新技术；"反内 卷"推动硅料价格显著提升，关注公司25H2利润修复；维持增持评级。 支撑评级的要点 2025年上半年公司亏损同比扩大，二季度环比减亏：公司发布2025年半年报，2025年上半年公司实现营业 收入405.09亿元，同比减少7.51%；实现归母净利润-49.55亿元，亏损同比扩大。2025Q2公司实现归母净 利润-23.63亿元，环比减亏。 公司光伏板块出货稳健，积极储备电池新技术：截至2025年6月末，公司形成高纯晶硅年产能超90万吨， 太阳能电池年产能超150GW，组件年产能超90GW。2025年上半年，公司实现多晶硅销售16.13万吨，全 球市占率约30%，全球市占率第一；实现电池销量49.89GW，出货量保持全球第一；实现组件销售 24.52GW。新技术方面，公司HJT组件1GW中试线量产平均功率超过755W；N型TBC电池研发批次效率 ...

储能、固态电池、光伏逆变器等板块早盘领涨，截至午间收盘，国证新能源电池指数上涨5.2%，中证新能源指数上涨5.0%，中证光伏产业指数上涨4.7%， 中证上海环交所碳中和指数上涨2.6%，储能电池ETF（159566）半日获1100万份净申购。截至昨日，该产品已连续7日"吸金"，合计近2.5亿元。 | 新能源ETF易方达 腰 | | | 516 | | --- | --- | --- | --- | | 跟踪中证新能源指数 | | | | | | | | ·· ///// | | 该指数涵盖新能源产业链, | 截至午间收盘 | 该指数 | 该指数自20 | | 覆盖锂电、光伏、风电、 | 该指数涨跌 | 滚动市销率 | 发布以来估1 | | 水电、核电等未来清洁能 | | | | | 濃。 | 5.0% | 47.3倍 | 79.19 | | 储能电池ETF | | | 1591 | | 跟踪国证新能源电池指数 | | | | | | | | ·· ///// | | 该指数聚焦储能领域,由 | | | | | | 截至午间收盘 | 该指数 | 该指数自20 | | 50只业务涉及电池制造、 | 该指数涨跌 | ...

证券代码：688559股票简称：海目星公告编号：2025-047 海目星激光科技集团股份有限公司 关于调整向控股子公司提供财务资助暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示: ●海目星激光科技集团股份有限公司（以下简称"公司"或"海目星"）于2025年8月27日召开第三届董事会 独立董事第六次专门会议、第三届董事会第十七次会议、第三届监事会第十七次会议审议通过了《关于 向控股子公司提供财务资助暨关联交易的议案》，公司拟向控股子公司星能懋业（广东）光伏科技有限 公司(以下简称"星能懋业")提供不超过8,000万元人民币的财务资助，额度有效期自该次董事会审议通过 之日起36个月（该期限内借款额度可循环滚动使用）。鉴于星能懋业处于快速发展阶段，为缓解其融资 难度，降低公司整体融资成本，公司通过综合考虑，决定拟向星能懋业追加提供借款额度至10,000万元 人民币，自股东会审议通过之日起36个月内有效（该期限内借款额度可循环滚动使用） ●本次财务资助事项将构成向与关联人共同投资的公司提供大于其股权 ...