金十数据7月8日讯，弘元绿能公告，2025年7月7日，控股子公司弘元光能与江苏顺风光电科技有限公司 签署了《合作经营协议》。公司将与顺风光电下属无锡尚德太阳能电力有限公司等子公司合作开展生产 经营管理，以帮助顺风光电维持无锡尚德的稳定运营。同时，顺风光电与厦门建发新兴能源有限公司前 期签订的《合作经营协议》同步终止。2025年5月26日，无锡市新吴区人民法院作出对无锡尚德进行预 重整的决定。公司有意向作为投资人参与无锡尚德的预重整事项，本次协议的签署旨在维护预重整期间 的稳定运营。 弘元绿能：子公司签署合作经营协议 ...

Group 1 - Longi Green Energy has made significant progress in the research of new organic self-assembled molecular materials (SAM) and silicon-perovskite tandem devices, achieving an open-circuit voltage close to 2.0V and a certified efficiency of 34.6% for silicon-perovskite tandem solar cells [1] - The research results were published in the international academic journal "Nature" on July 7, 2025, highlighting the importance of the new SAM material development and further efficiency enhancement of silicon-perovskite tandem cells [1] - The company previously collaborated with the Changchun Institute of Applied Chemistry to develop a novel organic self-assembled molecule with excellent charge carrier transport capabilities and structural stability, leading to significant advancements in efficiency and stability for perovskite solar cells [1] Group 2 - Longi's tandem team has published three top academic articles, showcasing the creation of world record efficiencies of 33.9%, 34.2%, and 34.6% through innovative strategies and materials [2] - The collaboration between Longi Green Energy and academic institutions like Suzhou University and the Changchun Institute of Applied Chemistry demonstrates a successful model of industry-academia cooperation aimed at addressing critical issues in tandem solar cell development [2] - The core materials and processes developed include the upper interface double-layer staggered passivation strategy, D-A type high-stability SAM materials, and asymmetric SAM hole transport materials [2]

（亿千瓦时） 量（亿千瓦时） 电量比例 千瓦时） 上述数据为公司内部初步统计结果，可能与公司后期披露的定期报告存在差 异，最终以公司披露的定期报告为准，提醒投资者不宜以此数据简单推算公司业 绩，并注意投资风险。 特此公告。 中节能太阳能股份有限公司 （以下简称公司）2025 年上半年度装机容量及发电量完成情况公告如下： 一、公司装机容量情况 经初步统计，2025 年初至 2025 年 6 月 30 日，公司新增运营、并网、在建、 取得备案的项目容量，及占 2024 年度总装机容量、运营装机容量的比例情况如 下： | 项目 半年度 | | 总装机容 | 年总装机 | | 运营装机 | 运营装机 | | --- | --- | --- | --- | --- | --- | --- | | | | 量（GW） | 容量比例 | | 容量（GW） | 容量比例 | | 新增运营容量（MW，含 150MW | 收 | | | | | | | 购项目） | | | | | | | | 新增并网容量（MW） | | 618 | 12.114 | 5.10% | 6.076 | 10.17% | | 新增在建项目容量（MW ...

Core Viewpoint - The "Big and Beautiful" Act signed by President Trump is expected to exacerbate the fiscal deficit and debt risks in the U.S., while also impacting the competitiveness of the renewable energy sector, particularly solar and electric vehicle industries [1][2]. Summary by Sections Tax Incentives for Energy Storage - The act extends the Investment Tax Credit (ITC) for energy storage projects until 2036, providing a longer policy support window and a more gradual reduction in tax credits compared to previous plans [2][3]. Restrictions on Foreign Entities - The act imposes restrictions on foreign entities, particularly those from China, in energy storage projects. Projects involving "Foreign Entities of Concern" (FEOC) will not qualify for ITC and Production Tax Credit (PTC) if they start construction after December 31, 2025 [4][5]. Impact on Clean Energy Projects - The act terminates several clean energy tax credits, including those for energy-efficient homes and renewable energy equipment, potentially jeopardizing up to 4,500 clean energy projects across the U.S. and threatening numerous jobs [6][7]. Electric Vehicle Industry Challenges - The act significantly impacts the electric vehicle sector by eliminating federal tax credits for new electric vehicle purchases and imposing additional fees on electric vehicle owners, which could lead to increased costs for consumers [8]. Global Market Implications - The act's restrictions on Chinese supply chains may complicate the global expansion of Chinese energy storage companies, forcing U.S. developers to exclude Chinese suppliers to qualify for tax credits, which could trigger a broader market response [9].

Core Viewpoint - The solar energy sector has experienced a significant surge, driven by rumors of potential silicon material storage and a broader "anti-involution" trend in the industry [2][8]. Group 1: Market Performance - On July 8, the solar energy sector saw a collective explosion, with stocks like Shihang New Energy hitting a 20% limit up, Daqian Energy rising nearly 16%, and Tongwei Co. also reaching the limit up [2][3]. - Nearly 20 stocks in the solar sector experienced limit up or over 10% gains, indicating strong market enthusiasm [4][5]. - The Hong Kong market also reflected this trend, with the solar sector rising over 5%, and several companies achieving gains of 7% or more [5]. Group 2: Silicon Material Pricing - Multi-crystalline silicon futures continued to rise, with the main contract closing up 4.82%, reaching a two-and-a-half-month high [6]. - According to Mysteel's research, prices for multi-crystalline silicon are expected to be above 40 yuan per kilogram, with some companies halting quotes as they reassess costs [7]. - There are indications that silicon wafer companies are considering price increases, while component manufacturers are also expected to raise prices soon [7]. Group 3: Industry Trends and Expectations - The "anti-involution" concept is gaining traction in the solar industry, with companies collaborating to raise prices to alleviate cost pressures and losses [8][9]. - Analysts suggest that the current market dynamics may lead to a three-phase development of the "anti-involution" trend, starting with policy-driven expectations, followed by resource price increases, and finally sustained high prices [9].

Core Viewpoint - The plug-and-play solar system is a sophisticated energy solution that integrates photovoltaic power generation with energy storage, designed for balcony installation, enhancing energy efficiency and reducing reliance on traditional energy sources. The industry has seen significant growth, particularly in Europe, driven by energy supply-demand tensions and favorable policies, with a projected market size of $14.97 billion by 2031 and a CAGR of 21.1% from 2025 to 2031 [1][11]. Market Overview - The global market for plug-and-play solar systems is expected to reach $14,972.7 million by 2031, with a CAGR of 21.1% from 2025 to 2031 [1]. - The top ten manufacturers hold approximately 82.0% of the market share as of 2024 [6]. Product Segmentation - Wall-mounted systems dominate the market in terms of product type [7]. - Multi-family residences are the primary demand source, accounting for about 70.9% of the market share by 2025 [9]. Key Drivers - **Renewable Energy Policies**: Government support for renewable energy, including subsidies and tax incentives, is a major driver for the growth of plug-and-play solar systems [11]. - **Energy Independence**: Increasing consumer demand for energy independence and self-sufficiency is driving the adoption of these systems, especially in urban areas where large rooftop installations are not feasible [11]. - **Smart Home Trends**: The rise of smart homes has integrated energy management into household systems, enhancing the efficiency and convenience of energy use [13]. Major Challenges - **High Costs**: The initial investment for plug-and-play solar systems remains high, which may deter potential consumers, particularly in regions lacking government incentives [14]. - **Technical Safety and Maintenance**: The complexity of the systems requires reliable components and regular maintenance to prevent safety issues and ensure consumer trust [15]. - **Policy Uncertainty**: Fluctuating government policies and incentives can impact market demand and consumer investment decisions [16]. Industry Development Trends - **Technological Innovation and Cost Reduction**: Advances in battery technology are improving efficiency and reducing costs, making plug-and-play solar systems more competitive [17]. - **Smart and Integrated Development**: The integration of IoT and smart home technologies is leading to more sophisticated energy management solutions [18]. - **Policy Support and Growing Demand**: Strengthening global green energy policies are encouraging the adoption of renewable energy solutions, with increasing consumer awareness driving demand [19]. - **Market Competition and Product Diversification**: The growing market has attracted numerous players, intensifying competition through price and product differentiation [20].

Group 1 - The report highlights the strong growth potential of coconut water as a new consumer product, with a projected market size of nearly 200 billion yuan by 2029, reflecting a compound annual growth rate (CAGR) of approximately 20% over the next five years [25][26] - The coconut water market has transitioned from a niche luxury juice to a mainstream health beverage, with sales increasing from less than 2 billion yuan before 2022 to 7.8 billion yuan in 2024, driven by health trends and consumer education [25][26] - Key players in the coconut water market include IFBH, which has become the largest single product in China, and Huanyoujia, which is leveraging its supply chain advantages to expand its market presence [26][27] Group 2 - The report discusses the significant advancements in China's marine economy, emphasizing the strategic importance of marine economic development in the context of national modernization [10][12] - The central government has outlined five key principles for promoting high-quality marine economic development, including innovation-driven growth and efficient collaboration, which are expected to lead to a series of supportive policies [10][11] - Investment opportunities in the marine economy are identified in sectors such as marine technology, marine renewable energy, and marine biomedicine, with a focus on deep-sea materials and equipment [12][13] Group 3 - The report analyzes the performance of the Hong Kong Stock Connect Technology ETF, which tracks the performance of technology-related companies listed in Hong Kong, highlighting its cost advantages and growth potential [15][18] - The technology sector within the Hong Kong Stock Connect index is primarily driven by information technology, with significant contributions from software services and hardware sectors, indicating strong market potential [16][17] - The report notes that the technology index is currently at a historically low price-to-earnings ratio, suggesting potential for future growth as the market recovers [18]

Summary of Perovskite Industry Conference Call Industry Overview - The perovskite solar cell industry is experiencing significant advancements, with laboratory efficiencies reaching 27% and leading manufacturers achieving module efficiencies exceeding 18%-19% [1][2][4] - Current mass production efficiency stands at approximately 26.36%, with expectations for tandem module efficiencies to surpass 30% [1][2][4] Key Points Efficiency and Cost - Perovskite solar cells have a theoretical efficiency limit of 30.3%, while current laboratory efficiencies are at 27% [4] - The cost of perovskite modules is below 0.8 yuan per watt, compared to approximately 0.6 yuan per watt for crystalline silicon [1][2][4] - The potential for higher efficiency and aesthetic appeal positions perovskite cells favorably in the market [2][4] Production Capacity and Market Development - Major companies like BOE and Jidian Energy are set to launch gigawatt-level production lines in the second half of the year, with additional lines expected from companies like GCL and CATL in the following year [1][2][3] - By 2030, the production capacity of perovskite cells is projected to reach 40-50 gigawatts, corresponding to a market space of nearly 400 billion yuan [2][28] Stability and Reliability - Stability issues that previously hindered perovskite cells have largely been resolved, with leading manufacturers accumulating three to four years of operational experience through outdoor testing [1][3][17] - Current outdoor station performance shows that perovskite cells can outperform equivalent crystalline silicon cells by over 10% in weak light conditions [19][20] Challenges and Future Outlook - Despite advancements, the industry faces challenges such as high costs for key equipment and the need for time to achieve large-scale production [5][28] - The investment for gigawatt-level production lines is currently estimated at 700-1,000 million yuan, but costs are expected to decrease to below 500 million yuan as technology improves [5][28] Additional Insights Market Dynamics - The perovskite solar cell production process is shorter and more efficient than that of crystalline silicon, allowing for faster scaling [22] - The materials market, including glass and encapsulation materials, is projected to reach hundreds of billions of yuan, with FTO glass alone expected to have a market space of 80-90 billion yuan by 2030 [29] Company Developments - Companies such as GCL, CATL, and others are actively pursuing advancements in perovskite technology, with GCL planning to launch its first gigawatt-level production line this year [30][32] - The A-share market is seeing increasing involvement in the perovskite sector, with companies like Jin Jing Technology and Yao Pi leading in FTO glass production [31][34] Investment Recommendations - Investors are advised to focus on the entire perovskite supply chain, from battery components to equipment and materials, with particular attention to leading manufacturers and emerging companies in the sector [34]

Group 1: Tax Legislation Impact - The "Big and Beautiful" tax bill extends corporate and personal tax cuts from 2017, aiming to enhance defense and border security budgets while cutting Medicaid and food assistance spending [3][4] - The bill significantly benefits certain industries by providing tax advantages, while simultaneously reducing incentives for others, particularly in the clean energy sector [4][5] Group 2: Clean Energy Sector Consequences - The legislation cancels multiple clean energy tax incentives, including the termination of a $20 billion greenhouse gas reduction fund and various unallocated funds from the Department of Energy [4][5] - The solar and wind sectors face substantial funding cuts, with a critical tax credit being tightened, requiring projects to be operational by the end of 2027, one year earlier than initially proposed [4][5] Group 3: Traditional Energy Sector Benefits - The bill introduces favorable measures for traditional energy sectors, such as reducing coal royalties from 12.5% to 7% and expanding federal land leasing by 4 million acres [7] - Simplified drilling permit processes and the prohibition of certain environmental measures are expected to boost oil and gas production, benefiting major companies like ExxonMobil and Chevron [7] Group 4: Economic and Social Implications - High-income households are projected to see a net income increase of nearly $13,000, while middle-income families will see a modest increase of $1,430 [9] - The Congressional Budget Office estimates that the bill will increase national debt by $4.1 trillion by 2034, potentially leading to 11.8 million Americans losing health insurance [9]

Core Viewpoint - Aishuo Co., Ltd. has received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1][2]. Fundraising Details - The total amount to be raised from the issuance is not to exceed 350 million yuan, which will be allocated to the Yiwu Phase VI 15GW high-efficiency crystalline silicon solar cell project and to supplement working capital [1][2]. - The total investment for the Yiwu Phase VI project is approximately 851.59 million yuan, with 300 million yuan planned to be funded from the issuance [2]. Issuance Structure - The shares will be issued as domestic listed ordinary shares (A-shares) with a par value of 1.00 yuan per share [2]. - The issuance will target no more than 35 specific investors, including qualified institutional investors such as securities investment fund management companies, securities companies, trust investment companies, financial companies, insurance institutions, and qualified foreign institutional investors [2][3]. Pricing and Control - The pricing benchmark for the issuance will be set on the first day of the issuance period, with the final price determined after obtaining CSRC approval based on market inquiries [3]. - The maximum number of shares to be issued is 547,893,181, which would increase the total share capital from 1,826,310,605 shares to 2,374,203,786 shares, while the controlling shareholder's stake will decrease to 24.07%, ensuring no change in control [4]. Underwriting - The lead underwriter for this issuance is Huatai United Securities Co., Ltd., with representatives Li Mingkang and Fan Lei [4].