Core Viewpoint - The China Photovoltaic Industry Association issued a clarification stating that recent media reports about the photovoltaic industry's anti-involution efforts, particularly regarding polysilicon, are significantly inaccurate and should not be believed or spread [1] Group 1 - The association emphasizes the importance of relying on official information and expresses gratitude for the support from various enterprises in the industry [1] - The association aims to promote anti-involution efforts based on legal and market principles to overcome vicious competition in the industry [1] - The association acknowledges the challenges ahead and calls for continued support for the photovoltaic industry [1]

澄清。 7月29日晚间，中国光伏行业协会发布澄清公告称，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！ 值得注意的是，光伏行业协会并未明确提及澄清事项的具体细节。记者从业内多方获悉，光伏行业协会本次澄清内容或与市场 传闻的多晶硅行业"以大收小"的收储事项有关，据了解，被收购的多晶硅产能涉及信义、南玻、宝丰、润阳、合盛硅业等多家 企业。谈及该事项时，业内人士认为，多晶硅收储的进展还是取决于谈判情况，"此外，关键还是要去库存，有库存的公司应该 停产去库存，不然，即使完成多晶硅环节的以大收小，也没法分配接下来的开工负荷。" 另有业内人士坦言，当前市场传闻信息太多，真真假假难以辨别，市场对相关信息也十分敏感。 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 香港稳定币，大 消息！ 丨 北方稀土：包钢股份中标雅鲁藏布江稀土合金钢材项目属实 丨 A股百元股，超百只！ 丨 A股，午后爆发！ 丨 暴涨超130%！这一概念，大爆发！ 丨 降息！特朗普再喊话！美联储，重磅即将来 ...

Core Viewpoint - The China Photovoltaic Industry Association has issued a clarification announcement regarding recent misleading reports about the photovoltaic industry, particularly concerning the polysilicon sector. The association emphasizes its commitment to advancing anti-involution efforts based on legal and market principles to eliminate unhealthy competition in the industry [1] Summary by Relevant Sections - The association addresses the misinformation spread by certain media outlets about the state of involution in the photovoltaic industry [1] - The association's approach to combating involution will focus on legal and market-oriented strategies to foster a healthier competitive environment [1]

Investment Rating - The report maintains a "Positive" investment rating for the photovoltaic industry [9] Core Insights - The current round of anti-involution in the photovoltaic sector is marked by a more mature and pragmatic approach compared to the previous round, initiated by a series of policy and corporate events starting from late June [3][6] - The government has shown increased attention and clearer communication regarding the photovoltaic industry, with higher-level officials participating in discussions and setting more stringent regulations [6][22] - Companies and industry associations are taking proactive steps to address issues, demonstrating a higher degree of consensus and commitment to compliance with pricing regulations [6][26] Summary by Sections Overview - The report highlights that the current anti-involution measures are more mature and pragmatic than previous efforts, with significant developments in both policy and corporate actions since late June [3][6] Government and Corporate Attitudes - Government officials have publicly emphasized the need to regulate low-price competition and improve product quality, with more structured meetings and discussions involving higher-level participants [6][18] - Companies have taken the initiative to propose practical solutions and have shown a stronger commitment to enforcing pricing regulations, leading to a more unified industry response [6][26] Capacity and Production Measures - The focus has shifted from quota-based production limits to a strategy of consolidating capacity, particularly in the silicon material sector, where leading companies are acquiring smaller firms to manage supply and demand effectively [6][28] Pricing Measures - The current measures extend price controls beyond just components to include silicon materials, silicon wafers, batteries, and modules, with a higher baseline price established compared to previous rounds [6][36] - Recent price increases have been observed across all segments, with silicon material prices rising significantly, indicating a recovery towards reasonable levels [7][42] Investment Opportunities - The report identifies significant investment opportunities in silicon materials and battery components, highlighting specific companies such as Tongwei Co., GCL-Poly Energy, and LONGi Green Energy as key players to watch [7][36]

人民财讯7月29日电，中国光伏行业协会发布澄清公告称，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。感谢各 企业的支持，我们将秉着法治化、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。请大家 一切以官方发布信息为准，感谢大家对光伏行业的支持。 ...

Core Viewpoint - The China Photovoltaic Industry Association has issued a clarification regarding recent misleading reports about the photovoltaic industry, particularly concerning polysilicon, urging the public not to believe or spread rumors [1] Group 1 - The association emphasizes that the content circulated by some media is severely inconsistent with the actual situation [1] - The association expresses gratitude for the support from various enterprises and commits to advancing anti-involution efforts based on legal and market principles [1] - The goal is to quickly move away from harmful competition within the industry [1]

Group 1 - The major shareholder, Hainan Wenqin Private Fund Management Partnership, plans to reduce its stake in Lanfeng Biochemical by up to approximately 9.8 million shares, which represents 2.61% of the total share capital [2] - The reduction will occur within three months after the announcement, with a maximum of 1% through centralized bidding and 2% through block trading [2] Group 2 - For the year 2024, Lanfeng Biochemical's revenue composition is projected to be 67.66% from photovoltaic products and 32.34% from pesticides [3]

Group 1 - JinkoSolar has been awarded the highest "AAA" rating by PV Tech for the second consecutive quarter, achieving a score of 9.6, the highest globally, reinforcing its leading position in the photovoltaic industry [1] - The company has maintained its top position in global module shipments, with a cumulative shipment of over 320GW by the end of Q1 2025, and has been the global leader in module shipments for six consecutive quarters [1] - In the first half of 2025, JinkoSolar achieved a shipment volume of over 41GW, further solidifying its market leadership [1] Group 2 - JinkoSolar plans to strengthen its global market position with the launch of the new Tiger Neo 3.0 module, which features advanced N-type TOPCon technology, with a maximum power output of 670W and an efficiency of 24.8% [2] - The Tiger Neo 3.0 module boasts a high bifacial rate of 85%-90% and a back-side energy gain of 10%-30% in high-reflective ground scenarios, contributing to optimized levelized cost of electricity [2] - The module has a low temperature coefficient of -0.26%, with first-year degradation below 1% and an average annual linear degradation of only 0.35%, ensuring high returns over its lifecycle [2]

Group 1 - The report indicates that the trading logic is driven by improved profit expectations rather than reality, with average weekly trading volume in the stock market rising from approximately 1.5 trillion to over 1.8 trillion since the end of June, although a marginal weakening was observed last week [1][12] - The "anti-involution" and "Yajiang" phenomena have boosted trading sentiment, enhancing risk appetite from both supply and demand sides, with the market preemptively trading on future profit improvements [1][12] - Economic pressures are expected to increase in the second half of the year, with the A-share market potentially exhibiting a seesaw effect in August and September, making monetary policy a key timing consideration for the third quarter [1][12] Group 2 - The first phase of "anti-involution" is ongoing, with a return to the essence of distribution and demand expected after the initial heat subsides. The first phase focuses on cyclical trading, influenced by supply-side reforms since 2016, which have altered market perceptions of excessive competition in related industries [2][13] - The essence of "anti-involution" is to break the vicious cycle of "low price → reduced quality → internal competition" based on improved production efficiency from supply-side reforms, aiming for sustainable development through fair distribution [2][13] - Industry allocation is categorized over time, starting with cyclical expansion (currently favoring specialized chemicals), followed by emerging industries (solar energy, automotive, lithium batteries), then social welfare (education, healthcare, childbirth), and finally consumption [2][13] Group 3 - The report highlights ongoing challenges such as deflation, weak profits, and poor demand, with the timing of monetary policy easing being crucial for sustaining the stock market in the second half of the year [3][14] - The GDP deflator index has been in negative territory for nine consecutive quarters, indicating deflationary pressure, although the second quarter GDP growth exceeded 5% due to a low base [3][14] - The overall pre-announcement rate for A-share companies is only 44%, with net profit growth declining compared to Q1, reflecting that the profit side is still stabilizing at a low point [3][14] Group 4 - Key upcoming dates include August 12 for tariffs, August 22 for the last special treasury bond issuance of the year, and the political bureau meeting in September or October, which will influence policy timing based on economic data strength [4][20] - The report suggests that after taking profits in the steel sector, attention should shift to the first phase of "anti-involution" expansion, particularly in specialized chemicals [4][20] - The anticipated resolution of trade negotiations in the third quarter is expected to gradually materialize, with tariffs having a moderate impact on inflation, and profit expectations and risk appetite likely to continue driving risk assets upward [4][22] Group 5 - The report emphasizes that the resolution of trade negotiations will temporarily boost market risk appetite, but this focus will gradually fade in future trading [6][23] - The impact of tariffs on inflation at the consumer level is expected to be relatively limited, as businesses may absorb most of the tariff costs, with wholesale and retail profit margins declining [7][29] - Despite a significant nominal retail sales increase in June, actual retail sales growth remains weak, indicating that rising prices are suppressing consumption volume growth [7][30] Group 6 - The strategy recommends continuing to go long on US stocks and maintaining a strategic bullish outlook on the US dollar, while holding a bearish steep view on US bonds [8][36] - The report suggests that the Federal Reserve is not in a hurry to act, as inflation and employment data do not present immediate risks, allowing for a wait-and-see approach [8][36] - The anticipated limited impact of tariffs on inflation and the significant political pressure on the Federal Reserve suggest that there may only be one rate cut throughout the year [8][36]

琏升科技7月29日公告，控股孙公司眉山琏升光伏科技有限公司近日收到政府补助1350万元，占公司最 近一期经审计归属于上市公司股东净利润的12.24%。 ...