Core Insights - The establishment of the world's first perovskite photovoltaic industrial park by Jidian Energy in Wuxi marks a significant advancement in green energy technology [1][2] - The industrial park integrates perovskite photovoltaic technology with diverse building scenarios, creating a comprehensive energy system that emphasizes green power generation and efficient energy use [1] - Jidian Energy has achieved multiple technological breakthroughs, including a power output of over 490 watts for its 2.81 square meter perovskite modules, showcasing superior efficiency compared to traditional silicon modules [2] Group 1 - The Jidian Energy perovskite photovoltaic industrial park features a closed-loop energy system encompassing power generation, storage, and consumption [1] - The park includes a "green power wall" with a total installed capacity of 256 kilowatts, which serves both as a safety barrier and a power generation source [1] - The research center's office building utilizes perovskite components to cover its monthly electricity consumption of approximately 178,000 kilowatt-hours [1] Group 2 - Jidian Energy, recognized as a national-level "specialized and innovative" small giant enterprise, has made significant advancements in perovskite technology since its establishment in 2020 [2] - The company has broken the world record for perovskite module efficiency nine times and has a production energy consumption that is only one-fourth of that of silicon modules [2] - Jidian Energy's products have received multiple certifications, ensuring environmental sustainability throughout their lifecycle from production to recycling [2]

Core Viewpoint - JinkoSolar is involved in a legal dispute with First Solar over patent infringement related to the TOPCon technology, specifically patent US913074B2, which First Solar claims JinkoSolar has violated [1]. Group 1: Legal Dispute Details - First Solar filed a lawsuit against JinkoSolar and its affiliates on February 25, alleging infringement of the TOPCon patent [1]. - JinkoSolar has confirmed that it is well-prepared to challenge the validity of the patent, utilizing 27 historical documents and expert testimonies to argue for its invalidation [5]. - The patent in question was acquired by First Solar through the purchase of TetraSun in 2013 and is set to expire in November 2031 [1]. Group 2: Patent Statistics and Industry Context - First Solar holds a total of 624 patents in the U.S., with 367 of them, or 58.81%, having expired, leaving 225 active patents, which account for 36.06% [5]. - The solar industry has seen rapid expansion of TOPCon technology, but there are concerns regarding weak intellectual property protection within the sector [6]. - The current market environment is characterized by a downturn, prompting leading companies to focus on technology upgrades and intellectual property protection [6].

Core Viewpoint - The establishment of the world's first perovskite photovoltaic demonstration park in Wuxi showcases the potential of perovskite technology in transforming industrial buildings from energy consumers to energy producers, highlighting a path of cost reduction and efficiency improvement in the photovoltaic sector [1][2]. Group 1: Perovskite Photovoltaic Park - The perovskite photovoltaic industrial park consists of over 3,000 perovskite photovoltaic modules forming a "green power wall" with a total installed capacity of 256 kW, generating an annual electricity output of 168,000 kWh and reducing CO2 emissions by 108 tons per year [2][3]. - The park features a GW-level production line capable of producing approximately 1.8 million perovskite photovoltaic modules annually, integrating these products into various architectural applications [2][4]. Group 2: Economic and Environmental Benefits - The perovskite components used in the office building can cover nearly 20% of the building's total electricity consumption, with a monthly electricity generation of about 32,000 kWh [3][4]. - The solar carport constructed with perovskite modules has a total installed capacity of 112.86 kW, generating an annual output of 127,000 kWh and reducing CO2 emissions by 81.9 tons [3][4]. Group 3: Market Potential and Technological Advancements - Perovskite technology is gaining traction as it can achieve a theoretical efficiency limit of 33% for single-junction cells, and when combined with other technologies, it can reach even higher efficiencies [5][6]. - The industry is witnessing a shift as major photovoltaic companies begin to invest in perovskite technology, with projected production capacity reaching 4 GW by 2025 and potentially 108 GW by 2030 [7][8].

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 报告目录 报告正文 一、 强调"十五五"筹备，而非外部风险——经济循环最差的时候正在过去 基调变化 ：四月政治局开在对等关税冲击的初期，更加强调外部风险，通稿提及"外部冲击影响加大"、"要强化底线 思维，充分备足预案"、"统筹国内经济工作和国际经贸斗争"等。本次 7 月政治局更强调对"十五五"的筹备，有两整段 论述十五五的重要性与主要的指导思想，对上半年经济评价比较积极，通稿提及"主要经济指标表现良好"、"我国经济 展现强大活力和韧性"、"巩固拓展经济回升向好势头"等。 我们理解 ： 中国居民存款的"存"与"花"是最近几年的宏观核心矛盾——其决定了经济循环、货币政策、股债关系， 我们称之为"三支箭"。 参见报告《 看股做债 ➡ 股债反转 —— 居民存款搬家 " 三支箭 " 的研究脉络 》（ 20250727 ）。对于"三支箭"核心指标关系的梳 理，只要居民从"超额存"到"正常存"到"花"的趋势不逆转，我们基本可以判断—— 当下循环最差时正在过去、货币最 宽松时正在过去、债相对股性价比最优的时候正在过去。本次政治局会 ...

国金证券指出，光伏行业"反内卷"政策持续推进，《价格法》修正完善法律依据，CPIA半年度会 议释放产品质量监控、多晶硅能耗标准修订等积极信号，产业链价格全线上涨，硅料报价已可覆盖头部 企业全成本。电网方面，雅鲁藏布江水电工程将带动特高压/GIL投资超1800亿元，6月电力设备出口同 比+21%，变压器/高压开关出口分别增长46%/29%，海外长周期高景气延续。锂电领域，氧化物/聚合物 路线半固态电池率先突破技术瓶颈，在安全性不逊于液态电池的同时提升能量密度，产业化前景明确； 电解槽6月招标大增568MW，绿氢项目进度加速。氢能方面，6月FCV上险量同比+54%，多省出台车用 及加氢站补贴政策，电解槽招标量同比增长76%。 创业板新能源ETF国泰（159387）跟踪的是创新能源指数（399266），单日涨跌幅可达20%。该指 数聚焦于新能源领域，从市场中选取涉及太阳能、风能、电动汽车及相关产业链的上市公司证券作为指 数样本，以反映清洁能源及可持续发展行业相关上市公司证券的整体表现。成分股具有高成长性和技术 创新能力，充分体现了行业内的技术进步和市场发展潜力。 注：如提及个股仅供参考，不代表投资建议。指数/基金短 ...

Economic Policy and Market Outlook - The Politburo meeting on July 30 provided a framework for economic development over the next five years and set the stage for the second half of 2023's economic policies [1] - The absence of explicit mentions of "real estate" in the recent meeting indicates a shift in focus, although the need to stabilize the housing market remains critical [3] - The meeting emphasized maintaining liquidity and promoting a decline in comprehensive financing costs, suggesting a potential for interest rate cuts in the future [2] Stock Market Dynamics - The Shanghai Composite Index has rebounded over 30% since last year, indicating a positive trend in the stock market, which the meeting aims to consolidate [4][5] - The effectiveness of measures taken by the Central Huijin Investment Ltd. and other entities in stabilizing the stock market has been acknowledged, but further support from fundamental economic conditions is necessary for continued growth [5] Commodity Prices and Supply Chain Management - Recent rebounds in commodity prices are contingent on supply-demand dynamics, with the government focusing on regulating excessive competition rather than merely raising prices [6][7] - The meeting highlighted the need for capacity management in key industries, including photovoltaic, cement, and automotive sectors, to ensure sustainable growth [6] Macro Policy Adjustments - The macroeconomic policy has shifted towards increased investment in consumer spending and improving living standards, with a notable rise in government leverage [8] - The government's ability to implement counter-cyclical policies is crucial for boosting confidence and stimulating demand in the face of economic contraction [8]

Economic Outlook - The July Politburo meeting maintained a "seeking progress while maintaining stability" approach, with a more positive assessment of the economic situation compared to April[2] - The meeting emphasized the importance of achieving the annual economic growth target of 5% and noted that major economic indicators performed well, with exports growing by 5.9% year-on-year in the first half of the year[2] - The focus is shifting towards enhancing internal capabilities and promoting high-quality development in response to international trade uncertainties[2] Fiscal Policy - The meeting called for a more proactive fiscal policy, with an emphasis on accelerating local government special bond issuance and improving fund utilization efficiency[4] - In the first half of the year, broad fiscal expenditure (general public budget + government funds) increased by 8.9%, surpassing the nominal GDP growth rate of 4.3%[4] - There may be room for increased fiscal spending in the second half of the year, particularly in Q3 to Q4[4] Monetary Policy - The monetary policy remains "moderately loose" with a focus on maintaining ample liquidity, but there was no mention of potential interest rate cuts[4] - As of Q1 this year, the net interest margin of commercial banks fell to 1.43%, limiting the scope for further rate cuts[4] - Structural monetary policy tools will likely be emphasized to support technology innovation, consumption, and small enterprises[4] Consumption and Industry Upgrades - Policies to promote consumption will continue, with a focus on improving living standards and expanding service consumption[5] - The introduction of a national childcare subsidy system is expected to positively impact total consumption, accounting for approximately 0.2% of the 2024 total resident consumption[5] - The government aims to support key industries like photovoltaics and new energy vehicles through capacity management and policy backing[5] Risks - Potential risks include unexpected escalations in US-China trade tensions and lower-than-expected domestic demand recovery[5]

Economic Overview - GDP growth for the first half of 2025 was 5.3%, exceeding the annual target, with the meeting noting "major economic indicators performing well" [1] - The IMF projects global economic growth to slow from 3.3% last year to 3% this year, posing external challenges to China's economy [1] Policy Direction - The meeting emphasized maintaining policy continuity and stability, with a focus on "steady employment, enterprises, markets, and expectations" [2] - No mention of "incremental policies," indicating a preference for stability over aggressive new measures [2] Fiscal and Monetary Policy - The focus is on effective execution of existing policies, including accelerating government bond issuance and improving fund utilization efficiency [3] - The fiscal deficit rate is set at 4%, the highest in history, with limited likelihood of additional fiscal tools being introduced this year [3] Consumer Spending - The meeting highlighted the importance of boosting consumption, with initiatives like a 300 billion yuan fund for trade-in programs and 138 billion yuan allocated for the third and fourth quarters [4] - Emphasis on both goods and service consumption to stimulate domestic demand [4] Market Stability - The meeting reiterated the need to stabilize foreign trade and investment, particularly in light of high tariffs imposed by the U.S. [6] - The external trade environment remains challenging, with potential tariff increases on exports to the U.S. [6] Real Estate and Capital Markets - Focus on high-quality urban renewal projects, with attention to potential policy changes in major cities regarding housing market restrictions [7] - The capital market is expected to maintain a stable upward trend, with continued support for equity markets [7] Investment Strategy - The report suggests that due to reduced likelihood of aggressive macro policy adjustments, funds may shift towards safer assets, with a focus on sectors like consumption and technology [7] - The consumption sector is anticipated to experience a rebound following recent policy announcements [7] Debt Market Outlook - The monetary policy stance remains unchanged, with a low probability of broad-based interest rate cuts, but potential targeted measures if new risks arise [8] - The bond market is expected to face limited risks, with conditions favorable for yield declines [8]

（编辑 姚尧） 证券日报网讯 7月30日晚间，东方日升发布公告称，本公司于近日接到控股股东林海峰先生的通知，获 悉林海峰先生将其所持有的本公司部分股份解除质押，本次解除质押股份数量占其所持股份比例的 0.35%。 ...

——7 月中央政治局会议解读 事件简述： 7 月政治局会议召开 六大信号值得关注 7 月 30 日，中共中央政治局召开会议，决定今年 10 月在北京召开中国 共产党第二十届中央委员会第四次全体会议，主要议程是，中共中央政 治局向中央委员会报告工作，研究关于制定国民经济和社会发展第十五 个五年规划的建议。会议分析研究当前经济形势，部署下半年经济工作。 核心观点： 下半年双宽松基调依然未变，科技、消费仍是"重头戏"。会议从 整体角度来看，对于上半年的经济表现仍持肯定，但对于消费需求 乏力、地产依然疲软、出口边际回落等隐患，仍有一定关注，因此， 对于下半年宏观政策依然保持双宽松，且强调"持续发力、适时加 力"，这对于下半年经济发展无疑是一剂"强心针"。而从具体结 构来看，会议重点指出六大信号，其中，消费的商品侧向服务侧发 力、科技与产业深度融合，依然是下半年经济发展的重点。而"反 内卷"相关论述也有所提及，另外，对于外贸行业的支持仍在加力， 基建也伴随后续城市发展的重心偏移得到机会。最后，会议仍对资 本市场提出了期望，金融板块在下半年宽松的流动性环境下，或仍 有上行机会。配置建议：重点关注科技（计算机、芯片）、服务 ...