Core Viewpoint - The company, Jiawei New Energy, anticipates a net profit loss attributable to shareholders of 150 million to 188 million yuan for 2025, an improvement from a loss of 277 million yuan in the same period last year [1] Financial Performance - The company's overall operating revenue has seen a certain increase compared to the previous year, driven by growth in photovoltaic power station EPC and BT revenues [1] - However, revenue from the lighting business has decreased, contributing to an overall increase in operating losses [1] Asset and Currency Impact - During the reporting period, the company recognized asset impairment and bad debt provisions of approximately 83 million yuan [1] - Additionally, foreign exchange losses increased by about 12 million yuan due to currency fluctuations [1]

南财智讯1月29日电，宏润建设在投资者关系活动中表示，新能源业务盈利具有可持续性，公司业务已 从光伏组件制造延伸至光伏电站及储能电站投资、新能源EPC总承包施工及电站运营；当前公司有青海 80MW和宣城杨柳镇170MW两座光伏电站并网发电，并积极推进后续新电站的投资建设工作。 ...

证券研究报告 | 2026年01月29日 策略专题研究 哪些领域"反内卷"更值得期待？——2026 年牛市展望系列 3 核心结论：①本次反内卷较 16 年供改背景更复杂，需求端内弱外强，供给 端受制造实力与地方非经济决策驱动。②26 年反内卷仍是经济工作重点，参 考 25 年及 16 年行情经验，反内卷行情或仍有可观上行空间。③政策干预角 度看，关注企业配合度高、地方、落地动力强的行业（如钢铁、油服工程、 水泥等）。④从行业自身周期看，关注供需两旺的景气行业（贵金属、化学 原料等），以及供需格局优化领域（养殖业、能源金属等）。 本轮反内卷背景更复杂，行情节奏相对波折。相较于供改，本轮反内卷再供 需背景上更复杂：需求端看，不同于供给侧结构性改革时期，棚改货币化等 强政策刺激快速拉动总需求，本次内需不足的特征更为突出，但外需支撑或 相对有韧性；供给端看，本次供给扩张与我国制造业实力提升有关，地方政 府"非经济"决策进一步加剧产能过剩。在此背景下，从行业结构看，本轮 呈"涉及面广、新兴行业多、民营企业多"的特点。对应行情节奏看，反内 卷行情相对波折，25 年以来"反内卷"行情呈现"预期发酵-分化降温-二次 升温-震 ...

证券研究报告 | 2026年01月29日 哪些领域"反内卷"更值得期待？——2026 年牛市展望系列 3 策略专题研究 证券分析师：吴信坤 021-61761046 wuxinkun@guosen.com.cn S0980525120001 核心结论：①本次反内卷较 16 年供改背景更复杂，需求端内弱外强，供给 端受制造实力与地方非经济决策驱动。②26 年反内卷仍是经济工作重点，参 考 25 年及 16 年行情经验，反内卷行情或仍有可观上行空间。③政策干预角 度看，关注企业配合度高、地方、落地动力强的行业（如钢铁、油服工程、 水泥等）。④从行业自身周期看，关注供需两旺的景气行业（贵金属、化学 原料等），以及供需格局优化领域（养殖业、能源金属等）。 本轮反内卷背景更复杂，行情节奏相对波折。相较于供改，本轮反内卷再供 需背景上更复杂：需求端看，不同于供给侧结构性改革时期，棚改货币化等 强政策刺激快速拉动总需求，本次内需不足的特征更为突出，但外需支撑或 相对有韧性；供给端看，本次供给扩张与我国制造业实力提升有关，地方政 府"非经济"决策进一步加剧产能过剩。在此背景下，从行业结构看，本轮 呈"涉及面广、新兴行业多、民 ...

Group 1 - The company is currently researching new products and technologies, including HJT and perovskite technology, within its renewable energy business [2] - As of now, the company does not have any reserves in space photovoltaic technology [2]

Core Viewpoint - The company is actively developing new products and technologies in its renewable energy business, including HJT and perovskite technologies, but currently has no reserves in space photovoltaic technology [1] Group 1 - The company's research and development team is focused on new products and technologies in the renewable energy sector [1] - Specific technologies being researched include HJT and perovskite [1] - The company has indicated that it does not have any current reserves in space photovoltaic technology [1]

Core Insights - The photovoltaic 50 ETF (159864) has seen a price increase of over 1.2% during intraday trading on January 29, marking three consecutive days of net capital inflow, driven by industry trends and technological breakthroughs [1] Industry Trends - The energy storage trend continues to improve, with the domestic procurement scale expected to exceed 100 GWh by December 2025, showing characteristics of simultaneous growth in both volume and price [1] - The weighted average price of lithium battery energy storage systems has rebounded month-on-month, indicating a positive market shift [1] - Energy storage is likely to become a standard feature for grid-connected green electricity projects, with multiple provinces issuing clear guidelines [1] Demand for Power Equipment - The expansion of AI and the global upgrade of power grids are driving demand for transformers and other power equipment, with China accounting for 60% of global transformer production capacity, positioning it as a key supplier [1] - Chinese leading enterprises are experiencing robust overseas orders as they transition their export products towards high-end markets [1] Photovoltaic Technology Advancements - In the photovoltaic sector, the efficiency of heterojunction/perovskite tandem solar cells has surpassed previous benchmarks, aligning with high-end applications such as space photovoltaics due to their high efficiency and lightweight characteristics [1] - The industry is witnessing a shift away from internal competition, accelerating the restructuring of supply and demand [1] - Solid-state batteries are entering a critical window for engineering and industrialization [1] Market Overview - The photovoltaic 50 ETF (159864) tracks the photovoltaic industry index (931151), which reflects the overall performance of upstream, midstream, and downstream companies in the photovoltaic industry, covering sectors such as silicon materials, silicon wafers, battery cells, modules, and related equipment manufacturers [1]

另外根据芝商所(CME)1月27日的最新库存报告，COMEX认证仓库的白银总库存降至4.117亿盎司。更致命的数据在 于"注册仓单"(Registered Inventory)——即那些立即可用于期货交割的金属——已跌至1.077亿盎司。 仅在一天之内，就有470万盎司的白银从注册仓单中消失，它们要么被直接提走，要么被转为不可用于期货交割的"符 合资格"状态。 【最新国际白银行情解析】 今日周四(1月29日)欧盘时段，国际白银目前交投于119.34一线上方，今日开盘于116.60美元/盎司，截至发稿，国际白银 暂报119.87美元/盎司，上涨2.80%，最高触及120.44美元/盎司，最低下探115.59美元/盎司，目前来看，国际白银盘内短 线偏向震荡走势。 【要闻速递】 目前，白银已占到太阳能电池板生产总成本的29%，创下历史新高(去年为14%，2023年仅为3.4%)。白银现已超越铝、 玻璃和硅，成为光伏制造中最大的单一成本项。 虽然隆基绿能（601012）宣布将在2026年第二季度量产铜基电池以替代银，但行业分析师指出，这种技术替代通常需 要数年才能形成规模。在短期内，光伏行业对实物白银的刚性需求将继续 ...

记者27日从市场监管总局获悉，2025年全国共查办各类网络不正当竞争案件1932件，罚没金额 7152.94万元。 据介绍，2025年，市场监管总局部署开展整治网络不正当竞争行为专项行动，聚焦直播电商、保健 品、光伏等重点领域行业，对流量劫持、非法获取数据、直播带货中商业诋毁、人工智能领域不正当竞 争等各类违法行为加大查处力度。 ...

Core Viewpoint - The Chinese photovoltaic industry is undergoing a governance initiative to combat "involution" and promote rational competition, with the government emphasizing the need for coordinated efforts across various departments to address issues such as overcapacity, low-price competition, and quality control [1][3]. Group 1: Industry Governance and Regulation - The Ministry of Industry and Information Technology (MIIT) held a meeting on January 28, 2026, to discuss the "anti-involution" measures in the photovoltaic sector, highlighting the need for collaboration among departments to ensure a return to healthy competition [1]. - The MIIT aims to utilize market-oriented and legal methods to regulate the industry, including capacity control, standard setting, quality supervision, and intellectual property protection [1][3]. - The government has initiated multiple actions since the second half of 2025 to address the chaotic state of the photovoltaic industry, including a meeting on August 19, 2025, to emphasize capacity regulation and support industry self-discipline [3]. Group 2: Industry Performance and Financial Impact - The domestic photovoltaic manufacturing output value surged from 750 billion yuan in 2021 to 1.75 trillion yuan in 2023, with expectations to maintain over 1 trillion yuan in 2024 [1]. - However, the industry faces significant challenges, including a supply-demand mismatch and severe low-price competition, leading to widespread losses since the fourth quarter of 2023 [2]. - Major companies like Longi Green Energy, JinkoSolar, and Tongwei Co. are projected to incur substantial losses in 2025, with estimates ranging from 60 billion to 100 billion yuan [2]. Group 3: Quality and Compliance Issues - The photovoltaic industry has seen a decline in product quality, with the overall qualification rate of photovoltaic modules dropping from 100% in 2019 to 62.9% in 2024, indicating that over one-third of products have quality issues [2]. - In 2025, nearly 16% of the components tested from 36 companies were found to be non-compliant, with significant issues related to mechanical load and power misrepresentation [2]. Group 4: Market Recovery and Profitability - The ongoing "anti-involution" efforts are beginning to show positive effects, with the profitability of the main photovoltaic industry chain improving in the first three quarters of 2025, despite a total loss of 310.39 billion yuan among 31 companies [4]. - The gross profit margin for the main industry chain reached 5.61% in the third quarter of 2025, an increase from 3.64% in the previous quarters [4]. - By November 2025, the average prices of polysilicon, silicon wafers, battery cells, and modules had increased by 38.9%, 2.2%, 0.4%, and 2.3%, respectively, compared to the beginning of the year [4].