Core Viewpoint - The company is issuing shares to specific investors, which may dilute the immediate returns for existing shareholders, but it aims to enhance its operational capacity and profitability in the long run through strategic investments in its core business of solar energy technology [1][6][12]. Financial Impact of Share Issuance - The issuance of shares is expected to dilute immediate returns, with projections indicating potential losses or breakeven scenarios for 2025, depending on market conditions [2][4]. - Three scenarios for 2025 net profit after deducting non-recurring gains and losses are presented: a loss of 400 million yuan, breakeven, or a profit of 400 million yuan [2][5]. Business Strategy and Market Position - The company is focusing on expanding its ABC battery production to meet the growing market demand for N-type batteries, which is expected to enhance its competitive edge in the solar energy sector [6][10]. - The company has established a strong talent pool and technical expertise in solar cell manufacturing, which supports its growth strategy and project implementation [8][9]. Measures to Mitigate Dilution Risks - The company plans to accelerate the construction of investment projects to achieve expected goals more quickly, thereby enhancing shareholder returns [10][11]. - It will also improve financial management and operational efficiency to bolster overall profitability while pursuing dual growth from existing and new projects [11][12]. Commitment to Shareholder Interests - The board and management have committed to ensuring that measures to mitigate the dilution of immediate returns are effectively implemented, emphasizing the protection of shareholder interests [13][14].

Core Insights - The research team has developed a new technology that enhances the stability and efficiency of perovskite solar cells, achieving comparable outdoor performance to commercial silicon solar cells [1][4]. Group 1: Technological Advancements - The newly developed "gas-phase assisted surface reconstruction" technology allows for in-situ restructuring of perovskite surfaces, effectively isolating defect-rich surface units and suppressing irreversible ion migration [4]. - The power conversion efficiency of the 0.16 square centimeter cell and the 785 square centimeter module reached 25.3% and 19.6%, respectively [4]. Group 2: Market Implications - The research indicates that the expected T80 lifespan of the module can reach 2478 cycles, equivalent to over 6.7 years of operation in a 25°C environment, suggesting an outdoor lifespan exceeding 25 years [4]. - This innovation marks a significant step towards the commercialization of perovskite solar cells, addressing their previous limitations in longevity compared to silicon solar cells [3][4].

证券代码：601669 股票简称：中国电建 公告编号：临 2025-034 中国电力建设股份有限公司 2025 年 1 月至 5 月主要经营情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将中国电力建设股份有限公司2025年1月至5月主要经营情况公布如下，供投 资者参阅。 一、按业务类型统计 | 业务类型 | 新签项目数量（个） | 新签合同金额 | 同比增减 | | --- | --- | --- | --- | | 能源电力 | 2408 | 3012.48 | 4.44% | | 水电 | 488 | 653.87 | 60.66% | | 其中：抽水蓄能 | 238 | 256.51 | 4.63% | | 风电 | 531 | 1018.01 | 67.33% | | 太阳能发电 | 482 | 854.81 | -32.61% | | 火电 | 224 | 146.99 | -62.28% | | 新型储能 | 65 | 107.50 | / | | 其他 | 618 | 231.30 | / | | ...

所长 早读 国泰君安期货 2025-06-20 期 请务必阅读正文之后的免责条款部分 1 期货研究 期货研究 2025-06-20 所长 早读 若美国介入以伊冲突，市场会怎样？ 观点分享： 据央视新闻报道，美国总统特朗普在 6 月 17 日晚已告诉他的高级助手，称他已批准了对 伊朗的攻击计划，但暂不下达最终命令，以观察伊朗是否会放弃其核计划。知情人士还透露， 伊朗重兵防守的福尔多核设施可能成为美国的打击目标。分析认为，一旦特朗普下令美军深 度介入伊以冲突，市场最初的反应大概率将是负面的：原油继续大涨，金价飙升，美股下跌， 美债收益率下降，美元反弹。伊朗控制的霍尔木兹海峡承载着全球约 20%的石油和海运天然 气运输，堪称化石燃料贸易的生命线，伊朗官员在冲突中例行威胁封锁该海峡的能源运输。 巴克莱银行认为在"最坏情况"下，原油价格可能突破 100 美元大关。Capital Economics 则 预测油价可能从目前的 75 美元飙升至 130 美元或更高，并因此提高全球经济衰退概率。基 于如此严重的后果，有分析师认为，封锁海峡将促使美国及其盟友"几乎肯定使用武力重新开 放出口航线"，伊朗虽可造成"数周血腥混乱"， ...

【基本面跟踪】 商 品 研 究 2025 年 06 月 20 日 工业硅：上方空间有限 多晶硅：关注市场情绪扰动 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2509收盘价（元/吨） | 7,470 | 45 | 15 | -660 | | | | Si2509成交量（手） | 429,083 | -22,903 | 119,455 | 219,575 | | | | Si2509持仓量（手） | 310,357 | -7,406 | 188,853 | 155,319 | | 工业硅、多晶硅期货市场 | | PS2507收盘价（元/吨） | 32,720 | -650 | -865 | - | | | | PS2507成交量（手） | 57,380 | -37,344 | -8,211 | - | | | | PS2507持仓量（手） | 27,613 | -2,82 ...

Group 1 - The National Intellectual Property Administration announced the winners of the 25th China Patent Award, with Xi'an achieving the highest number of awards in the province, totaling 17 projects [1] - The China Patent Award is the highest national honor in the patent field, co-hosted by the National Intellectual Property Administration and the World Intellectual Property Organization, aimed at recognizing significant contributions to technological innovation and economic development [1] - The awarded projects from Xi'an span key industries such as photonics, semiconductors, integrated circuits, solar photovoltaics, aviation, and power transmission equipment, highlighting the city's efforts in patent transformation and high-value patent cultivation [1] Group 2 - Xi'an has been actively developing a "Xi'an model" for intellectual property, focusing on high-quality creation, high-level protection, and efficient utilization, driven by its designation as a "National Intellectual Property Strong City Demonstration City" [2] - The city has organized a patent inventory with 67,000 patents recorded, and has published over 10,000 patent results and more than 1,200 technology demands through its intellectual property operation service platform [2] - As of April this year, Xi'an holds 109,400 invention patents, with an invention patent ownership rate of 83.68 per 10,000 people, ranking 18th in the 2024 Global Innovation Index by the World Intellectual Property Organization [2]

路透社认为，该增长趋势预计将在未来几年持续，推动该地区在欧洲能源转型中扮演更为关键的角 色，带来显着的减碳效果。其中，作为东欧最大碳排放国波兰表现尤为突出。该国光伏发电量自2019年 以来增长近20倍，帮助煤电产量下降了26%，从而使能源部门的二氧化碳排放减少了22万吨，降幅达 23%。路透社在分析中表示，到2024年，东欧整体能源行业碳排放比2019年减少了26%，降至1.63亿 吨。随着更多太阳能项目上线及煤电进一步萎缩，东欧预计将在2025年及以后为整个欧洲的能源转型进 程作出更大贡献。 （原标题：东欧成为欧洲太阳能增长新引擎） 罗媒体Economedia 4日转载路透社分析，称东欧悄然崛起成为欧洲太阳能增长新引擎。据路透社分 析，过去五年中，东欧九大太阳能生产国的光伏装机容量增长速度是欧洲平均水平的两倍，极大提升了 该地区在欧洲太阳能版图中的地位。截至2024年底，波兰、匈牙利、罗马尼亚、捷克、保加利亚、立陶 宛、爱沙尼亚、斯洛伐克和拉脱维亚九国的太阳能总装机容量已达约46吉瓦，占据全欧361吉瓦总量的 约13%，而在2019年，这一数字还仅为9吉瓦，五年增长超过450%。相比之下，欧洲整体太阳能容量 ...

Company Overview - Jiangsu Zongyi Co., Ltd. is focused on three core business segments: information technology, new energy, and equity investment, aiming for sustainable development through quality improvement and external expansion [6][20]. Meeting Details - The 2024 Annual General Meeting is scheduled for June 27, 2025, with both on-site and online voting options available [2][5]. - The meeting will include a series of agenda items such as the announcement of attending shareholders, review of meeting proposals, and voting results [5][6]. Business Performance - The company has been actively exploring opportunities in the new energy sector through mergers and acquisitions, particularly in the photovoltaic power generation field [6][15]. - The information technology segment includes chip design and application, mobile gaming, and IT services, with a focus on integrated circuits and smart card businesses [6][7]. Subsidiary Developments - Tianyi Integrated, a subsidiary, is transitioning its business model in response to the decline in cash and card payment demands, focusing on hearing aid chip production [7][8]. - Nanjing Tianyue, another subsidiary, is developing hearing aid chips with a focus on the mid-to-low-end market, aiming to increase market share through strategic partnerships [8][21]. Market Trends - The global hearing aid market is expected to grow significantly, with China's market projected to reach 8.07 billion RMB by 2025, driven by increased awareness and government subsidies [20][21]. - The integrated circuit industry is undergoing transformation due to supply chain challenges and technological advancements, with a focus on embedded chips and security products [22][23]. Financial Performance - The financial performance of subsidiaries varies, with some facing challenges due to market competition and economic conditions, while others are achieving stable growth [11][18]. - Jiangsu Zongyi's investment in subsidiaries like Xinju Environmental is aimed at enhancing operational efficiency and expanding into the environmental protection sector [27][29]. Industry Outlook - The renewable energy sector, particularly solar energy, is experiencing rapid growth, with China's photovoltaic capacity expected to exceed 1,889 GW by the end of 2024 [26]. - The smart card industry is evolving with increased competition and technological advancements, presenting new opportunities for growth [24][25].

Core Viewpoint - The 512KW photovoltaic dual-axis tracking system by Hailutong is gaining industry attention as a significant innovation in the transition to clean energy, offering efficient power generation solutions for both land and sea applications [1][8]. Group 1: Technology and Design - The system features a dual-axis tracking mechanism that maximizes sunlight utilization through real-time adjustments based on solar position, achieving over 95% stable power generation efficiency [2][6]. - It incorporates advanced astronomical data algorithms and light sensor technology for precise tracking, improving efficiency by 15%-20% compared to traditional single-axis systems [6]. - The system's structure is designed to withstand extreme conditions, using high-strength materials that enhance durability and reduce maintenance needs [6]. Group 2: Application Scenarios - The system is adaptable for various land applications, including urban distributed generation, transportation corridors, deserts, and agricultural areas, significantly increasing land value and energy output [3][8]. - In marine applications, the innovative "air cushion ark" design reduces costs by 20% compared to traditional materials and allows for substantial energy generation, with daily outputs reaching 20GW in simulated layouts [4][5]. Group 3: Economic and Social Impact - The manufacturing cost of the 512KW system is approximately 4 million yuan, with a cost reduction of 30%-40% compared to traditional distributed photovoltaic systems [7]. - The project is expected to contribute to significant carbon emissions reductions, equivalent to planting 140 million trees, while also creating millions of jobs across the photovoltaic manufacturing and marine construction sectors [7][8]. - The system's deployment aligns with global sustainability goals, providing a viable path for energy structure optimization and contributing to China's green transition efforts [8].

价格根据 12 家企业 P型 M10 单晶硅片、N型 G10L 单晶硅片、N型 G12R 单晶硅片、P 型 G 12 单晶硅片、N型 G12 单晶硅片的季度产量占比,通过加权平均整理所得（参与价格统计的 1 2 家企业 2025年 1 季度产量占国内单晶硅片总产量的 92.77%),均为含税价,波动根据前一 周价格比较所得。 本周硅片价格承压下行，其中， N 型 G10L 单晶硅片 (182*183.75mm/130 μ m) 成交 均价在 0.90 元 / 片，环比上周小幅下跌 3.23% ； N 型 G12R 单晶硅片 (182*210mm/130 μ m) 成交均价在 1.04 元 / 片，环比上周小幅下跌 1.89% ； N 型 G12 单晶硅片 (210*210 mm/130 μ m) 成交均价在 1.25 元 / 片，环比上周小幅下跌 0.79% 。 终端需求疲软是本周硅片价格小幅下跌的主要原因。具体来看，下游电池、组件排产降 低，对硅片需求减弱。同时，本周原材料多晶硅价格降幅较大，导致硅片生产成本支撑减 弱。另外，部分厂商为保证现金流，维持正常生产运行，低价出货；硅片市场在成交清淡， 原料成本降 ...