Core Viewpoint - The strategic cooperation agreement signed between Jianfa New Energy, Tenghui Photovoltaic, and Anhui Huasheng New Energy Technology Co., Ltd. marks a significant consolidation in the photovoltaic industry chain [1] Group 1: Partnership Details - Jianfa New Energy will provide stable financial support and efficient resource allocation for the collaboration [1] - Huasheng New Energy is responsible for the specialized and large-scale production of HJT products [1] - Tenghui Photovoltaic will contribute a mature terminal market network and extensive project development experience [1]

Core Viewpoints - The report highlights the trend of domestic companies expanding overseas due to the easing of trade tensions between China and the US, with a focus on the advantages of the domestic industrial supply chain and engineering workforce [6] - The year 2025 is identified as a pivotal year for the mass production of humanoid robots, presenting significant opportunities for domestic supply chains [6][7] - The report emphasizes the expected growth in the photovoltaic industry, with projections for increased installed capacity and rising prices across the supply chain [7][11] Industry Commentary: Machinery - The machinery industry is experiencing a shift as leading companies accelerate their overseas expansion in response to new US tariff policies [6] - Key companies to watch include Giant Star Technology, Changrun Co., and Honghua Digital Science, which are positioned to benefit from this trend [6] - The report also notes the potential for growth in the humanoid robot sector, with significant contracts awarded for production services [6] Industry Commentary: Electric Equipment and New Energy - The report discusses the recent launch of a new humanoid robot by Yushun Technology, which is expected to drive demand in both commercial and industrial sectors [7] - The photovoltaic industry is projected to see an increase in installed capacity, with estimates for 2025 revised upwards to 270-300 GW in China [7] - The report tracks price movements in the photovoltaic supply chain, noting significant increases in polysilicon and silicon wafer prices, indicating a bullish outlook for the sector [8][11] Investment Recommendations - The report recommends focusing on companies involved in humanoid robotics and the photovoltaic supply chain, including Jack Co., Hengli Hydraulic, and Zhejiang Rongtai [6][11] - It suggests that investors pay attention to the automation of logistics and textile equipment, highlighting companies like Hangcha Group and Jack Co. for their innovative approaches [6] - The report also identifies key players in the photovoltaic sector, such as Aiko and Longi Green Energy, as potential investment opportunities [11]

7月29日晚间，中国光伏行业协会在官方微信公众号上发布一则澄清信息，称近日有部分自媒体发布了关于光伏行业"反内卷"，特别是多晶硅方面工作的新 闻。该协会称"相关内容与实际情况严重不符，请大家不信谣，不传谣"。 虽然光伏行业协会并未明确提及澄清事项的具体细节，不过今日盘间，有市场传闻称多晶硅行业将进行产能整合。受此消息影响，多晶硅期货率先反弹，盘 中涨超4%。 | < G | | 多晶硅2510 | | | | | --- | --- | --- | --- | --- | --- | | | PS2510.GFE | | | | | | | 昨结 49060 50930 | | 开盘 | 49995 | 万得 20 | | | 总手 11.15万 | | | | | | +1870 | +3.81% | | 现手 | 3 | | | 最高价 | 51900 持 仓 4万 | | A | | 6万 | | 最低价 | 增 仓 48735 3926 | | | | 6万 | | 分时 | 五日 日Ｋ 周Ｋ 月Ｋ | | | 重义 | | | 釐加 | | | | 참 ■ | | | 51900 | | | 5.7 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 7月29日晚，中国光伏行业协会发表澄清公告称"近日有部分自媒体发布了关于光伏行业反内卷，特别是 多晶硅方面工作的新闻，相关内容与实际情况严重不符！请大家不信谣！不传谣！" 中国光伏行业协会表示，其将秉着法治化、市场化原则推进反内卷工作，力求尽快走出内卷式恶性竞 争，一切以官方发布信息为准。 记者注意到，当日有自媒体发文称，7月29日北京举办了一场"决定中国多晶硅产业未来格局的闭门会 议"，来自全国的17家多晶硅企业高管参与，文内还描述了"行业重组白皮书"收储方案内容。 一家硅料巨头企业向上海证券报记者证实，7月29日确实举办了硅料企业的闭门会议，但是具体内容尚 不能对外披露，一切以官方发布信息为准。 记者向中国光伏行业协会相关负责人求证，截至发稿尚未取得回复。 责任编辑：石秀珍 SF183 ...

每经记者｜朱成祥 每经编辑｜文多 丨 2025年7月30日 星期三丨 NO.1 光伏行业协会澄清涉多晶硅相关传闻 点评：宇晶股份董秘计划减持，原因系个人资金需求，比例较小，对公司基本面影响有限。此举属正常 市场行为，但投资者或需关注高管动向对市场情绪的潜在影响，理性看待。 NO.2 盐湖股份：实际控制人增持公司股份达1% 7月29日，盐湖股份公告称，公司实际控制人中国五矿于2025年7月29日通过大宗交易方式增持公司股份 5300万股，占公司总股本的1%。本次增持后，中国五矿及其一致行动人合计控制公司股份约14.49亿 股，占公司总股本的27.38%。 点评：此次增持体现对中国五矿对盐湖股份未来发展的信心，或对公司股价产生正面影响。投资者应关 注中国五矿后续动作及盐湖股份经营发展情况。 NO.3 宇晶股份：董秘计划减持不超过14.79万股 7月29日，宇晶股份公告称，公司副总经理、董事会秘书周波评计划在本公告披露日起15个交易日后的3 个月内以集中竞价交易方式减持公司股份不超过约14.79股，即不超过公司总股本比例的0.0720%，不超 过剔除公司回购专用证券账户股份后总股本比例的0.0725%。减持原因为个 ...

Macro News - The International Monetary Fund (IMF) has significantly raised China's economic growth forecast for this year by 0.8 percentage points to 4.8%, reflecting stronger-than-expected economic activity in the first half of the year and lower actual tariff rates compared to previous predictions [4] - In the first half of the year, state-owned enterprises in China reported total operating revenue of 4,074.96 billion yuan, a year-on-year decrease of 0.2%. Their total profit amounted to 218.25 billion yuan, down 3.1% year-on-year, and tax payments were 300.26 billion yuan, a decline of 0.8% [4] Industry News - Hong Kong's "Stablecoin Regulation" will come into effect on August 1, with the Hong Kong Monetary Authority releasing five regulatory documents for licensed stablecoin issuers [7] - The China Photovoltaic Industry Association issued a statement refuting claims made by some media regarding "anti-involution" in the photovoltaic industry, particularly concerning polysilicon, stating that the reports were severely inconsistent with actual conditions [7] Company News - WuXi AppTec announced an adjustment to its share repurchase price ceiling to no more than 114.15 yuan per share [11] - The PCB industry is experiencing a significant improvement in market conditions compared to the same period last year, especially for high-end products, with strong demand and rising prices [9] - Changchun High-tech announced that its innovative drug, Amlodipine Besylate Oral Solution, has received approval from the FDA for market launch in the United States [12]

Group 1 - The A-share market showed a general recovery in July, with major indices rising, particularly the ChiNext Index, influenced by improved market sentiment and policy catalysts [2] - The Hong Kong stock market experienced a volatile upward trend in July, with the Hang Seng Technology Index and Hang Seng Composite Index increasing by 7.1% and 6.7% respectively, due to easing overseas disturbances and a recovery in domestic risk appetite [2] Group 2 - The market is expected to reach new highs in the second half of the year, transitioning from policy-driven to fundamental and liquidity-driven dynamics, with potential for a breakout above the 2024 mid-year peak [3] - Focus on sectors benefiting from anti-involution policies and potential rebound opportunities, particularly in coal, steel, photovoltaic, and building materials, with a rotational rebound characteristic anticipated [3] - Key industries to watch include electronics and machinery, with specific attention to chemical fibers, engineering machinery, military electronics, aerospace equipment, and automation equipment [3] Group 3 - The Hang Seng Index has surpassed previous highs and is expected to continue its upward trend, supported by strong overall profitability and relatively low valuations in sectors like internet, new consumption, and innovative pharmaceuticals [5] - The "dumbbell" strategy is recommended, focusing on sectors benefiting from domestic supportive policies in the context of US-China competition, as well as independent internet technology companies [5] - High dividend and low volatility strategies are also advised, particularly in telecommunications, public utilities, and banking sectors, providing stable income as a foundational investment [5]

Core Viewpoint - The China Photovoltaic Industry Association has clarified recent market rumors regarding "anti-involution" in the photovoltaic industry, particularly concerning polysilicon, stating that the information circulating is significantly inaccurate and urging the public not to believe or spread rumors [1][3]. Industry Summary - The association aims to promote "anti-involution" efforts based on legal and market principles, seeking to eliminate vicious competition in the industry [3]. - Although specific details of the rumors were not disclosed, there were market speculations about potential capacity consolidation in the polysilicon sector, which led to a rebound in polysilicon futures, rising over 4% during trading [3]. - On July 28, a meeting was held by national industrial and information authorities emphasizing the need to strengthen governance in key industries like photovoltaics, aiming to phase out outdated production capacity through enhanced standards [5]. - The recent statements from the Ministry of Industry and Information Technology align with the China Photovoltaic Industry Association's previous calls to revise polysilicon energy consumption standards to facilitate the exit of outdated capacity [5]. - Analysts from Hongyi Futures noted that polysilicon is a core product in the current "anti-involution" movement, with strong market expectations driven by policy news and rumors, which support price stability [5]. - According to Galaxy Futures, if the capacity consolidation meeting yields positive results, the long-term outlook for polysilicon could reverse, leading to a potential increase in futures prices [6]. Market Reaction - Following the clarification and market rumors, the photovoltaic index in the A-share market rebounded, with companies like Foster and Hewei Electric hitting the daily limit, while polysilicon firms such as GCL-Poly, Daqo Energy, New Special Energy, and Tongwei Co. saw stock increases of 7.69%, 5.17%, 4.40%, and 3.45% respectively [4].

Group 1 - In 2025, three Sichuan companies made it to the Fortune Global 500 list, namely New Hope Group, Shudao Investment Group, and Tongwei Group [1] - Compared to last year, the rankings of these companies have declined, with New Hope Group at 426th (down 48 places), Shudao Investment Group at 454th (down 18 places), and Tongwei Group at 479th (down 12 places) [1] - Sichuan companies have been on the Global 500 list for four years, with New Hope Group being the first to enter in 2021, followed by Shudao Investment Group and Chengdu Xincheng Investment Group in 2022, and Tongwei Group in 2023 [1] Group 2 - Overall, China has 130 companies on the list this year, a decrease of three from last year, with 124 companies from mainland China (including Hong Kong), down four from last year [2] - The total revenue of the companies on the list is approximately $41.7 trillion, which is over one-third of the global GDP, reflecting a growth of about 1.8% from last year [2] - The minimum sales revenue required to enter the list increased from $32.1 billion to $32.2 billion, while the total net profit of the listed companies grew by approximately 0.4% to around $2.98 trillion [2]

Group 1 - The Bank of China Sichuan Branch is committed to supporting various enterprises, enhancing financial services, and ensuring that financial resources reach those in need [2][3] - The Sichuan Branch plans to grant over 10 billion yuan in credit to Tongwei Group, a leading enterprise in the photovoltaic industry, to support its global industrial chain layout [3][4] - The establishment of a cross-border integrated fund pool for Tongwei has significantly improved fund flow efficiency, allowing the company to access over 400 million yuan in low-cost foreign funds [4] Group 2 - The Sichuan Branch has been actively involved in financing medium-sized enterprises, providing tailored financial solutions to support their growth and development [6][7] - The bank has launched various innovative financial products, such as "Tianfu Foreign Trade Loan," to assist local businesses in overcoming financing challenges [6][7] - The Sichuan Branch has integrated diverse financial resources to support emerging industries and facilitate the development of new production capabilities [7][8] Group 3 - The Sichuan Branch is focused on supporting small and micro enterprises, providing loans and financial services to stimulate market vitality [9][10] - The bank has introduced the "Wine Chain e-loan" to assist small distributors in the liquor industry, providing nearly 40 million yuan in credit support [10] - The bank has also responded to the needs of local food companies by reducing loan rates and fees, ensuring their production capabilities are maintained [10][11] Group 4 - The Sichuan Branch aims to deepen financial supply-side reforms and optimize service systems to contribute to the construction of a modern industrial system and promote high-quality economic development [11]