Core Viewpoint - Pudat Technology (00650) anticipates a net loss attributable to equity shareholders of approximately HKD 87.7 million for the six months ending September 30, 2025, a decrease from a loss of HKD 160.7 million for the same period in 2024 [1] Financial Performance - The expected loss for the reporting period is primarily due to research and administrative expenses of approximately HKD 93.5 million related to the ongoing development and expansion of the semiconductor and solar industries [1] - The loss has decreased by approximately HKD 73 million compared to the same period in 2024, attributed to improved operational and investment performance [1] Cost Management - Administrative and research expenses decreased by approximately HKD 37.7 million from about HKD 131.1 million, mainly due to cost control measures implemented in response to a sluggish market environment [1] - The reduction in research material costs followed the completion of major product research [1] Investment Performance - Investment income from changes in the fair value of fund investments improved from a loss of approximately HKD 0.9 million to a gain of about HKD 9.6 million [1] - Impairment losses on investments in an associate company improved from approximately HKD 40.4 million to no impairment loss recorded [1] Revenue Impact - The total revenue for the reporting period decreased, partially offset by a reduction in gross profit contribution from the company's oil and equipment business of approximately HKD 20 million [1]

亏损较2024年同期减少约73,000,000港元，主要归因于：(1)2024年同期经营及投资业绩改善，包括：(i) 行政及研发开支由约131,100,000港元减少约37,700,000港元，主要由于为应对市场环境低迷实施成本控 制措施，以及本集团主要产品研发完成后研发材料成本减少；(ii)基金投资公允价值变动产生之投资收 益由亏损约900,000港元增加约9,600,000港元；及(iii)于一间联营公司的投资之减值亏损由约40,400,000 港元转为未有录得有关减值亏损；及(2)部分被本公司原油及设备业务之毛利贡献减少的约20,000,000港 元所抵销，导致报告期间总收入下降。 格隆汇11月10日丨普达特科技(00650.HK)公告，根据公司及其附属公司截至2025年9月30日止六个月 (「报告期间」)的最新未经审核综合管理账目的初步评估以及董事会现时可得资料，集团预期将录得公 司权益股东应占净亏损约8770万港元(截至2024年9月30日止六个月：亏损1.6亿港元)。 报告期间公司权益股东应占净亏损主要来自集团持续发展及扩大半导体及太阳能产业业务所产生之研发 (「研发」)及行政开支约93,500, ...

Core Insights - The research team led by researcher You Jingbi from the Institute of Semiconductors, Chinese Academy of Sciences, has made significant advancements in perovskite solar cells, achieving a power conversion efficiency of 27.2% for prototype devices, which lays a crucial foundation for the industrialization of perovskite solar cells [1] Group 1: Technological Advancements - Perovskite solar cells have rapidly improved in efficiency from an initial 3.8% to over 26% in the past decade, although they still fall short of their theoretical limits [1] - The key to achieving high efficiency lies in the preparation of high-quality perovskite films [1] Group 2: Performance Metrics - The quality of the perovskite films developed in this research has significantly improved, with carrier lifetimes extended to 20 microseconds and a substantial reduction in interface defect density [1] - The solar cells based on these films have been certified by multiple authoritative institutions, achieving a power conversion efficiency of 27.2% [1] Group 3: Stability and Longevity - The solar cells maintained 86.3% of their initial efficiency after continuous operation for 1529 hours [1] - Under accelerated aging conditions at 85°C with light-thermal coupling, the cells retained 82.8% of their initial efficiency after 1000 hours of operation [1]

Core Insights - The research team led by researcher You Jingbi from the Chinese Academy of Sciences has made significant advancements in the field of perovskite solar cells, achieving a power conversion efficiency of 27.2% for a prototype device [1] - The team has also notably improved the operational stability of perovskite solar cells, laying a crucial foundation for the industrialization of this technology [1] - The research findings have been published online in the journal "Science" [1] Summary by Categories Research and Development - The prototype perovskite solar cell developed has a power conversion efficiency of 27.2% [1] - Significant improvements in operational stability have been achieved, which is essential for practical applications [1] Publication and Recognition - The research results have been published in the prestigious journal "Science," indicating the importance and credibility of the findings [1]

Core Insights - The research team led by researcher You Jingbi from the Chinese Academy of Sciences has made significant advancements in perovskite solar cells, achieving a power conversion efficiency of 27.2% for prototype devices, which enhances the stability of these cells and lays a crucial foundation for their industrial development [1] Group 1: Technological Advancements - Perovskite solar cells have rapidly improved in power conversion efficiency from an initial 3.8% to over 26% in the past decade, although they still have a gap to their theoretical limits [1] - The key to achieving high efficiency lies in the preparation of high-quality perovskite films, which have seen significant improvements in this research [1] Group 2: Performance Metrics - The quality of the perovskite films was notably enhanced, with carrier lifetimes extended to 20 microseconds and a substantial reduction in interface defect density [1] - The solar cells developed based on these films have been certified by multiple authoritative institutions, achieving a power conversion efficiency of 27.2% [1] Group 3: Stability and Longevity - In terms of stability, the solar cells maintained 86.3% of their initial efficiency after continuous operation for 1529 hours [1] - Under accelerated aging conditions at 85°C with light-thermal coupling, the cells retained 82.8% of their initial efficiency after 1000 hours of operation [1]

Group 1 - Air travel issues are escalating, impacting customer satisfaction and operational efficiency in the airline industry [1] - TSMC (Taiwan Semiconductor Manufacturing Company) is experiencing a slowdown in sales growth, indicating potential challenges in the semiconductor sector [1] - Corning is making significant efforts to revitalize the solar industry, which may present new opportunities for growth and innovation [1]

Group 1 - The article highlights that China's "14th Five-Year Plan" signifies a new phase focused on stability, technological self-reliance, and social balance, enhancing its role as a "stabilizing anchor" for the global economy [1] - Over the past four decades, China's reform and opening-up have significantly contributed to poverty alleviation and its emergence as the world's second-largest economy, now transitioning to a phase that prioritizes quality, inclusiveness, and sustainability over mere speed of growth [1] - China, with a population of 1.4 billion and a vast domestic market, is expected to continue being a major engine for global economic growth, contributing an average of 30% to world economic growth during the "14th Five-Year" period [1] Group 2 - The article emphasizes China's exceptional ability to coordinate its system, allowing the state, market, and society to align around long-term goals, a unique advantage compared to other nations [2] - The large domestic market provides flexibility for rapid policy adjustments, while partnerships across the Global South ensure access to markets, energy supplies, and investment opportunities [2] - A prosperous China is seen as a gateway to broader markets, more inclusive technology, and a cooperative development model, shaping the direction of global modernization in the next decade [2]

Core Viewpoint - TotalEnergies has agreed to sell 50% of its solar project assets in North America to KKR for approximately $1 billion, which includes a total installed capacity of 1.4 GW across multiple solar facilities [1] Company Summary - The transaction involves six utility-scale solar power facilities and 41 distributed generation facilities [1] - TotalEnergies' head of gas, renewables, and power, Stéphane Michel, stated that the deal will unlock asset value and enhance the profitability of the company's integrated power business [1] Industry Summary - According to the American Solar Energy Association, nearly 18 GW of new solar capacity was added in the first half of the year, accounting for 82% of all new power generation capacity [1] - However, due to policies from the Trump administration, it is projected that the U.S. solar industry will see 44 GW less new capacity than previously expected by 2030 [1]

Core Insights - The meeting between the leaders of China and the U.S. in Busan indicates a significant strategic failure for the U.S. in its aggressive trade stance against China, which has not only failed to revive American industry but has also strengthened China's economic resilience [1][4][21]. Trade Agreements and Negotiations - The U.S. agreed to cancel the 10% "fentanyl tariff" and suspend the 24% "reciprocal tariff" on Chinese goods for one year, which includes products from Hong Kong and Macau [1][2]. - China will adjust its countermeasures accordingly, and both sides agreed to extend certain tariff exemptions [2]. - The U.S. will also suspend new export restrictions announced on September 29 for one year, which expanded the scope of its "entity list" [2]. - China will respond by suspending its previously announced export controls related to rare earth elements for further study [2]. - Both countries reached consensus on enhancing cooperation against fentanyl, expanding agricultural trade, and addressing individual business cases [2]. Economic Resilience of China - China's nominal GDP is projected to reach $19.5 trillion by 2025, indicating strong defensive capabilities against U.S. trade provocations [5]. - In 2024, China's exports to the U.S. are expected to account for approximately 2.8% of its GDP, which is a significant but manageable portion of its total exports [5]. - Even with a hypothetical loss of the U.S. market due to tariffs, the impact on China's GDP growth would be minimal, with a potential reduction of only about 0.144% [5][6]. Domestic and Global Economic Strategies - China's domestic consumption and investment, which together account for 80% of its GDP, provide a robust buffer against external shocks [6]. - The "dual circulation" strategy prioritizes domestic markets while expanding international trade ties, enhancing structural stability [10]. - China's investments in technology and green energy sectors have maintained industrial momentum, with R&D spending growing at 10% annually since 2018 [10]. U.S. Economic Vulnerabilities - The U.S. economy, despite its size, faces significant structural weaknesses, with over 60% of American households living paycheck to paycheck [11]. - Tariffs on Chinese imports could lead to increased consumer prices, further straining household budgets and potentially reducing GDP by 0.5% to 1% [12]. - The U.S. manufacturing sector has not seen the expected revival, with job levels stagnating since 2010 despite tariff policies [12]. Supply Chain Dependencies - The U.S. heavily relies on China for critical materials, particularly in the clean energy sector, where disruptions could significantly impact project viability and costs [13]. - China's dominance in rare earth elements poses a strategic challenge for the U.S., which depends on these materials for various high-tech and defense applications [14][17]. Financial Leverage of China - China holds substantial U.S. debt, providing it with significant leverage in trade negotiations [19]. - A potential halt in trade could lead to a depreciation of the dollar, increasing inflationary pressures in the U.S. and complicating its fiscal situation [19][20]. Global Implications - The trade war has not only failed to achieve its intended goals but has also led to a decline in U.S. global influence, with allies adjusting their strategies in response [21][22]. - The emergence of a multipolar world is becoming evident, as countries adapt to the new realities of international relations [21][23].

编辑丨王多鱼 排版丨水成文 用于改善 钙钛矿薄膜 的添加剂所导致的离子分布不均，是这类材料制成的 太阳能电池 面临的一个重大问 题。 2025 年 11 月 6 日，中国科学院半导体研究所 游经碧 研究员团队在国际顶尖学术期刊 Science 上发表了 题为： Homogenized chlorine distribution for >27% power conversion efficiency in perovskite solar cells 的研究论文。 该研究提出了 一种均匀垂直氯分布策略 ，通过向钙钛矿前驱体中引入碱金属草酸盐 （例如苯二甲酸氢 钾） ， 有效解决了钙钛矿薄膜中卤素分布的空间异质性问题， 基于此优化的钙钛矿太阳能电池 实现了高 达 27.2% 的 认证稳态功能转换效率 。 钙钛矿薄膜中卤素 （例如氯元素） 分布的空间异质性，是目前限制太阳能电池功率转换效率和稳定性的关 键因素。 在这项研究中，研究团队发现，在使用常用添加剂甲基氯化铵 （MACl） 的甲脒碘化铅 （FAPbI₃） 薄膜 中，氯元素存在显著的跨膜分布不均匀现象。研究表明，引入碱金属草酸盐可有效均质化氯的分布：这些 化 ...