截至2025年7月24日 11:00，中证光伏产业指数(931151)强势上涨1.23%，成分股钧达股份(002865)上涨 5.45%，东方日升(300118)上涨3.25%，阳光电源(300274)上涨3.24%，迈为股份(300751)，晶科科技 (601778)等个股跟涨。光伏ETF基金(516180)上涨1.15%，最新价报0.62元。拉长时间看，截至2025年7月 23日，光伏ETF基金近1周累计上涨2.88%。 光伏ETF基金紧密跟踪中证光伏产业指数，中证光伏产业指数从主营业务涉及光伏产业链上、中、下游 的上市公司证券中，选取不超过50只最具代表性的上市公司证券作为指数样本，以反映光伏产业上市公 司证券的整体表现。 多晶硅期货价格快速上涨。 机构指出，大盘延续强势，光伏存在补涨空间。7月23日盘中上证指数突破3600点，市场延续强势表 现。5月以来主要宽基指数和多数行业收复4月初关税冲击后的跌幅，但中证光伏产业指数较3月底仍下 跌，存在补涨空间。中证光伏产业指数收盘价、市净率PB处在上市以来30%、28%分位。 以供给侧改革中煤炭经验来看，2015/11煤价反弹，但煤炭股价自2016/01才开始 ...

光伏50ETF（159864）涨超1.2%，硅产业链价格传导或加速产能出清。 江海证券指出，国家部委与协会正通过"反内卷"行动、产能并购、绩效标准等措施多维度干预，加 快过剩产能出清。硅料报价上涨推动硅片价格集体上行，多晶硅n型复投料成交均价周环比上涨 12.4%，n型颗粒硅成交均价周环比上涨15.2%，硅片价格最高涨幅达22.09%。组件价格亦小幅上涨，分 布式项目均价上调0.72%~2.92%。当前多晶硅产业正处于深刻调整、结构重塑的关键阶段，光伏行业防 内卷加速推进，产业链价格上涨有望向下游传导。 光伏50ETF（159864）跟踪的是光伏产业指数（931151），该指数由中证指数有限公司编制，从沪 深市场中选取涉及光伏产业链上下游的上市公司证券作为指数样本，覆盖硅料、硅片、电池片、组件等 核心环节，以反映中国光伏行业相关上市公司证券的整体表现。该指数具有较高的行业集中度和显著的 成长性特征。 没有股票账户的投资者可关注国泰中证光伏产业ETF发起联接A（013601），国泰中证光伏产业 ETF发起联接C（013602）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考 ...

FICC日报 | 2025-07-24 关注欧美7月PMI初值，警惕商品价格波动风险 市场分析 关注国内重要会议。上半年国内经济仍具韧性，中国上半年GDP同比增长5.3%，高于全年预期目标5%，财政发力 和"抢出口"现象为上半年经济数据提供支撑，但也对应着政策迫切性有所下降。中国6月出口表现亮眼，中美关税 缓和下，新一轮"抢出口"支撑需求；中国6月社零同比增速放缓至4.8%，主要受部分地区"两新"政策补贴断档拖累， 后续政策补贴有望继续下达支撑国内消费。投资方面，基建投资和制造业投资均明显回落，整体固定投资走弱， 地产销售走弱对整个地产链条拖累风险仍存。后续关注7月政治局会议进一步加码稳增长政策的可能。财政部等三 部门发布海南自由贸易港全岛封关货物税收政策。 "反内卷"交易的进展跟踪。7月以来，中央财经委、工信部等部门再次强调治理企业低价无序竞争，15日中钢协召 开钢铁工业规划部长会，研究建立产能治理新机制，光伏、锂电池、汽车、钢铁等行业"反内卷"政策预期升温， 部分商品价格回暖。从政策文件和行业自律的内容来看，当前综合整治"内卷式"竞争可以关注钢铁、炼油、合成 氨、水泥、电解铝、数据中心、煤电、光伏、锂电池 ...

新能源及有色金属日报 | 2025-07-24 盘面振幅放大，需关注交易风险 工业硅： 市场分析 2025-07-23，工业硅期货价格大幅上涨后回落，主力合约2509开于9810元/吨，最后收于9525元/吨，较前一日结算 变化（55）元/吨，变化（0.58）%。截止收盘，2509主力合约持仓334776手，2025-07-23仓单总数为50106手，较 前一日变化53手。 供应端：工业硅现货价格上涨。据SMM数据，昨日华东通氧553#硅在9900-10100（300）元/吨；421#硅在10100-10400 （300）元/吨，新疆通氧553价格9400-9600（400）元/吨，99硅价格在9400-9500（400）元/吨，现货价格继续上调。 消费端：据SMM统计，有机硅DMC报价11600-12500（0）元/吨。据SMM了解，今日国内山东淄博地区前期事故 单体企业80万吨单体产能全部进入停车，此次停车时长不定，国内供应减量加剧。 策略 焦煤价格继续上涨，反内卷政策等仍有一定扰动，导致期货情绪仍偏强，短期盘面或仍偏强运行。后续需关注盘 面上涨后西南开工变化及西北复产情况，若反弹较多，可择机卖出套保。 ...

证券研究报告 策略 "反内卷"主线或逐渐形成 2025 年 7 月 24 日│中国内地 动态点评 华泰研究 何康，PhD 研究员 hekang@htsc.com +(86) 21 2897 2202 王伟光 研究员 SAC No. S0570523040001 wangweiguang@htsc.com +(86) 21 2897 2228 方正韬 研究员 SAC No. S0570524060001 fangzhengtao@htsc.com +(86) 21 2897 2228 孙瀚文 研究员 SAC No. S0570524040002 SFC No. BVB302 sunhanwen@htsc.com +(86) 21 2897 2228 核心观点 近日，雅鲁藏布江下游水电站项目（以下简称"雅下项目"）开工和煤炭行 业限制超产等政策助力下"反内卷"主线逐渐形成，背后是政策力度和市场 认知的进一步深化：其一，此前部分投资者担忧本轮"反内卷"缺乏需求侧 政策配合，雅下项目落地提供了积极信号，下半年信用和库存周期拐点渐次 出现、ROE 企稳回升的能见度进一步上升；其二，本轮"反内卷"政策已 完成政策定调和顶 ...

Company Analysis - Bilibili (BILI US) is expected to achieve a total revenue of RMB 7.38 billion in Q2 2025, representing a year-on-year growth of 20% and a quarter-on-quarter growth of 5% [2] - Adjusted net profit is projected to increase by 36% quarter-on-quarter to RMB 493 million, aligning with consensus expectations [2] - The strong performance in advertising and mobile gaming is supported by a well-established commercial infrastructure, contributing to the improvement in profit margins [2] - The FY25 total revenue forecast has been slightly adjusted downwards by 1% due to a more conservative outlook for value-added services in the second half of 2025, considering intense industry competition [2] - Despite the downward adjustment, the company’s profit growth outlook remains positive due to enhanced commercialization capabilities and operational leverage [2] - The target price for Bilibili has been raised to USD 28.8 from USD 26.5, maintaining a "Buy" rating [2] Market Overview - Global market sentiment has improved due to agreements between the US and Japan, and nearing agreements between the US and Europe, which has positively impacted Hong Kong stocks [3] - The Hong Kong stock market saw a continuation of upward trends, led by sectors such as information technology, consumer discretionary, and financials, while industrials and utilities declined [3] - A shift in capital from new consumption to the internet sector was noted, with southbound funds recording a net sell of HKD 1.32 billion [3] - In the A-share market, there was a pullback after reaching highs, with declines in sectors like building materials, defense, and machinery, while non-bank financials, beauty care, and home appliances saw gains [3] - Investors are closely monitoring the progress of China's anti-involution policies, with expectations that this round of capacity reduction may affect a broader range of industries, including steel, coal, building materials, photovoltaic, new energy equipment, lithium batteries, and pig farming [3]

Core Viewpoint - The acceleration of intellectual property (IP) "going global" is a significant trend for Chinese enterprises, reflecting their transition from being a "world factory" to an "innovation laboratory" on the global stage [5][10]. Group 1: Growth in International Patent Applications - The number of PCT international patent applications submitted by domestic applicants increased by 12.7% year-on-year, while Hague system design applications rose by 23.2% [9]. - As of September 2024, China ranks first globally in both PCT international patent applications and Hague system design applications [3][5]. - The volume of PCT international patent applications related to green low-carbon technologies reached 6,356, which is 2.3 times that of 2020, maintaining a global leading position for four consecutive years [11]. Group 2: Importance of IP for Market Expansion - IP "going global" is essential for gaining access to overseas markets, with many Chinese companies prioritizing IP layout 18-24 months before entering foreign markets [6][10]. - The protection of brand value through IP is crucial, as many Chinese companies have faced challenges such as trademark squatting abroad [6][8]. - High-tech enterprises are increasingly recognizing the competitive advantage that comes from proactive IP strategies, with patent certification enhancing product premium capabilities [6][10]. Group 3: Trends in IP Management and Strategy - The trend of IP "going global" is primarily led by technology-intensive enterprises, which invest heavily in R&D and have a broader overseas IP layout [10]. - Chinese companies have improved their ability to handle IP disputes, with a reported win rate of over 70% in overseas IP litigation since 2024 [10]. - The exploration of technology licensing models is becoming a preferred strategy for companies like CATL, allowing them to generate revenue through licensing fees while minimizing risks associated with product exports [12][14]. Group 4: Development of Standard Essential Patents - Chinese enterprises are focusing on the development of standard essential patents (SEPs), with companies like Huawei leading in various key standard patent areas [13]. - The establishment of patent pools is being encouraged to facilitate cross-licensing and reduce transaction costs, promoting the industrial application of patented technologies [14]. Group 5: International Cooperation and Future Outlook - China has established stable cooperative relationships with over 80 countries and regions, with more than 200 active IP cooperation agreements [15]. - The annual import and export total of IP usage fees in China increased from 319.44 billion yuan to 398.71 billion yuan from 2020 to 2024, reflecting a compound annual growth rate of 5.7% [15]. - The ongoing transformation of China's industrial structure from labor-intensive to technology-intensive is expected to enhance its role in global innovation and development [16].

随着市场"反内卷"的推进，大宗商品市场多个品种受追捧，相关期货合约价格的波动也显著加大。7月 23日晚间，广期所四箭齐发给市场降温并防控风险：对工业硅、多晶硅、碳酸锂等相关期货合约的涨跌 停板幅度、交易保证金标准、交易手续费标准和交易限额作出调整。 具体来看，自2025年7月25日结算时起，工业硅期货合约涨跌停板幅度调整为8%，投机交易保证金标准 调整为10%，套期保值交易保证金标准调整为9%。 光伏产业链另外两大品种7月23日也大幅震荡。其中，工业硅期货盘中一度大涨超5%，收盘仅涨 0.58%；碳酸锂则走势更弱，收盘大跌4.07%，价格最高触及74680元/吨，收盘跌破7万元，报69380元/ 吨。 华联期货表示，近期碳酸锂价格止跌企稳主要受成本支撑，锂矿价格上涨且供应增量。整体看碳酸锂市 场供需矛盾仍然严峻，预期供需双增但库存高位难去化，价格依旧承压，近期受政策影响盘面波动较 大。 广期所表示，如遇上述涨跌停板幅度、交易保证金标准与现行执行的涨跌停板幅度、交易保证金标准不 同时，按两者中幅度大、标准高的执行。 作为光伏电池的核心原材料，多晶硅期货在"反内卷"政策的驱动下率先爆发，成为本轮商品行情的领头 羊 ...

Group 1 - The newly released IEC international standard for "Distributed Photovoltaic Power Generation Access to Low Voltage DC Systems and Use Cases" is the first international standard in the photovoltaic DC field, laying the foundation for distributed photovoltaic development and new distribution system construction [1][2] - China has been actively participating in the formulation of international standards, contributing to a more complete industrial ecosystem and enhancing competitiveness in the global industrial chain [1][2] - The standard focuses on typical scenarios and key technologies for low voltage DC systems, summarizing global engineering cases and defining technical requirements for system control, fault response, and stable operation [1] Group 2 - The international standard was developed over four years by a working group led by Shanghai Jiao Tong University and Huaneng Jiangsu Comprehensive Energy Service Co., involving experts from 14 countries including Germany and the United States [2] - China is the world's largest photovoltaic manufacturing and installation country, with leading technology levels and industry scale, actively contributing to international standard formulation [2] - A new IEC international standard proposal focusing on carbon footprint accounting for photovoltaic products has been officially established, marking the first international standard in the photovoltaic field to address carbon footprint [2] Group 3 - Two international standards for refrigeration compressors, led by Gree Electric Appliances, were successfully established and published, marking the first new standards in the ISO refrigeration compressor field in 20 years [3] - Companies are increasingly focusing on participating in international standard formulation, with Shenzhen Jinxinno High-tech Co., Ltd. having led or participated in the revision of 25 IEC standards as of December 31, 2024 [3] - Gree Electric has nearly 1,000 standard technical experts and has led or participated in the formulation of over 900 domestic and international standards [3] Group 4 - The transition from being a "standard follower" to a "standard maker" requires long-term efforts, including enhancing committee construction, accelerating the transformation of technological innovations into standards, and encouraging enterprises to participate in international standard formulation [4]

Core Insights - A transformative urban renewal is reshaping the Arabian Peninsula, focusing on physical space updates, economic diversification, and cultural influence enhancement, with significant cooperation between China and local entities [1][2] - The collaboration has led to the establishment of sustainable and culturally rich urban development models, exemplified by landmark projects like the world's largest single-unit photovoltaic power station [1] Historical Context - The historical ties between Saudi Arabia and China date back to the ancient Silk Road, with significant archaeological findings supporting this long-standing relationship [2] - Modern cooperation is driven by Saudi Arabia's Vision 2030, with Chinese enterprises contributing to energy structure adjustments and economic transformation [2] Green Energy Initiatives - The Al Shubaykah photovoltaic power station, with a total installed capacity of 2.6 GW, serves as a benchmark project for Saudi Arabia's Vision 2030, providing energy for zero-carbon residential communities and reducing carbon emissions by approximately 4.3 million tons annually [3] - Additional projects include a 2 GW photovoltaic power station and a 7.8 GWh energy storage project, enhancing energy security and stability in urban areas [3][4] Infrastructure Development - Significant infrastructure projects include the Saudi King University upgrade, valued at $1.13 billion, which incorporates lifecycle management and digital engineering systems [6] - The modular housing market in Saudi Arabia is projected to reach $6.02 billion by 2030, with a compound annual growth rate of 8.59% from 2025 to 2030, driven by the demand for rapid urbanization solutions [6] Urban Renewal and Cultural Heritage - The revitalization of historical sites like Diriyah and AlUla integrates traditional craftsmanship with modern technology, enhancing tourism and cultural experiences [10][12] - The restoration of the AlUla Royal Commission's projects has attracted 1.2 million visitors in 2023, generating an estimated $300 million in tourism revenue for 2024 [10] Transportation and Urban Efficiency - The Riyadh Metro, one of the largest driverless metro systems, is expected to reduce surface traffic by 30% and improve commuting efficiency by 40% [19] - Future urban transportation initiatives include the NEOM project, which aims to create a car-free vertical city, enhancing urban mobility through innovative design [20] Economic and Cultural Impact - The tourism sector's contribution to Saudi Arabia's GDP is projected to exceed 12% in 2024, reflecting the successful transformation of historical sites into cultural landmarks [22] - The collaboration between China and Saudi Arabia fosters cultural exchange and enhances global cultural influence through events like the AlUla Music Festival [22] Institutional Support and Investment - A high-level joint committee between China and Saudi Arabia has established over 60 agreements in key areas, providing a collaborative framework for urban renewal [23] - Direct investment from China in Saudi Arabia's renewable energy and smart city sectors increased by 25% in 2024, supporting ongoing projects and technological advancements [23]