资讯编辑：陈群 021-26096771 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 免责声明：Mysteel发布的原创及转载内容，仅供客户参考，不作为决策建议。原创内容版权归Mysteel所有，转载需取得Mysteel书面授 权，且Mysteel保留对任何侵权行为和有悖原创内容原意的引用行为进行追究的权利。转载内容来源于网络，目的在于传递更多信息，方 便学习与交流，并不代表Mysteel赞同其观点及对其真实性、完整性负责。 今年前11个月，北京地区出口值创历史同期新高。北京海关12月11日发布的统计数据显示，这期间，北 京地区(含中央在京单位，下同)货物贸易进出口总值2.93万亿元(人民币，下同)，其中集成电路、汽 车、平板显示模组等商品出口值增长明显。 前11个月，北京光伏产品、风力发电机组分别出口37.6亿元、28.9亿元，同比分别增长242.3%、6.2%。 ...

12月1日，*ST金刚(300093)(300093.SZ)公告称，下属子公司香港金刚与南亚客户签订了298MWHJT电池 片销售合同，预计合同累计金额占公司2024年度经审计主营业务收入的50%以上且超过1亿元。该合同 自双方签字盖章后生效，履行将对公司2025年经营业绩产生积极影响。同时，公司提示存在不能按期完 成交货导致违约责任，以及光伏市场、国家政策、经济等不可预见因素影响合同执行的风险。 ...

值此2025年底，是中国ESG发展的关键里程碑。 回望过去这一年，中国一级市场经历了一场漫长而深刻的"换血"。如果说三年前ESG还是必修项，那么在2025年的今天，它已成为筛选幸存者的残酷底线。 它不再是舶来品的政治正确，而是本土机构寻找确定性、重塑价值的强大锚点。 就在一个月前，"十五五"（2026-2030年）规划明确ESG政策方针，以制度创新推动经济社会全面转向碳排放"双控"硬约束，深化绿色标准体系与国际接 轨，并要求企业加强科技伦理和安全韧性治理，以保障共同富裕下的高品质民生服务。这标志着ESG已然成为中国资本市场的底层基础设施。具体来说，对 于VC/PE投资而言，ESG是实现高价值回报的战略保障，ESG也正在重塑我们的未来。 观察2025年的本土机构，"耐心资本"成为了主流叙事。VC/PE机构开始更看重长期社会价值与产业强链补链的作用。在募资市场上，LP特别是险资和社保基 金对GP的尽调中，ESG已从附加题变成了必答题。 本土数据显示，尽管整体市场趋缓，VC/PE的策略与投资重点正从单纯的"绿色能源"转向高碳行业的"低碳转型"。钢铁、化工、建材的数字化减碳技术，成 为了2025年硬科技投资的新宠。同 ...

Core Viewpoint - The photovoltaic (PV) sector is expected to enter a sustained capacity clearing cycle by 2026, with improvements in product pricing, mergers and acquisitions, and higher industry entry barriers anticipated to enhance the competitive landscape and performance of existing PV companies [1] Industry Summary - On November 28, 2025, the photovoltaic ETF Huaxia (515370) rose by 0.33%, with notable gains from stocks such as Maiwei Co., which increased over 7%, and Hongyuan Green Energy, which rose over 3% [1] - The Tianjin Municipal Committee released recommendations for the 15th Five-Year Plan, emphasizing the optimization of oil, gas, electricity, and heating networks, and the construction of new energy infrastructure including wind, solar, and hydrogen energy [1] - Central China Securities predicts that the competitive landscape of the PV industry will improve, with existing companies showing a gradual performance improvement due to low public fund allocation in the PV sector and an anticipated shift in supply-demand dynamics [1] Company Summary - The Huaxia photovoltaic ETF (515370) tracks the CSI Photovoltaic Industry Index, encompassing upstream, midstream, and downstream companies in the PV industry, including silicon wafers, polysilicon, solar cells, cables, photovoltaic glass, battery modules, inverters, solar brackets, and solar power stations, providing a comprehensive reflection of the overall performance of the PV industry [1]

Core Viewpoint - The A-share market is experiencing a strong upward trend, with major indices closing in the green and the Shanghai Composite Index reaching a 10-year high, indicating a positive outlook for 2026 [1][2]. Market Performance - The Shanghai Composite Index rose by 0.73%, the Shenzhen Component increased by 1.78%, and the ChiNext Index gained 2.55% [1]. - Over 3,900 stocks rose, with 106 stocks hitting the daily limit up [1]. Sector Highlights Lithium Battery Sector - The lithium battery concept saw a significant surge, with stocks like Huasheng Lithium and Ningde Times rising over 7% [1]. - The demand for lithium batteries, driven by energy storage needs, has led to a rise in prices for key materials like electrolyte additives [3]. Photovoltaic Sector - The photovoltaic sector rebounded strongly, with companies like Hesheng Silicon and Dongyue Silicon experiencing substantial gains [5]. - The National Energy Administration's guidance on promoting renewable energy integration has positively impacted the sector [5][6]. Precious Metals - Precious metals, particularly gold, saw a price increase, with COMEX gold futures rising by 2.07% to $4,201.4 per ounce [8]. - The market for precious metals is expected to benefit from ongoing ETF inflows and central bank purchases [8]. Institutional Perspectives - Shenwan Hongyuan believes that the bull market has further depth, with the spring of 2026 potentially marking a phase high but not the peak of the current bull market [10][11]. - Zhongyuan Securities suggests that the Shanghai Composite Index is likely to consolidate around the 4,000-point mark, with a balanced market style expected to continue [12]. - Everbright Securities notes that the market is currently in a policy window period, with strong expectations for December policies, which may support a continued upward trend [13].

Group 1 - The ChiNext Index increased by 0.6% this week, while the ChiNext Growth Index rose by 0.5%, and the ChiNext Mid-Cap 200 Index fell by 0.3% [1][3] - The average daily trading volume of the ChiNext ETF (159915) was nearly 4 billion yuan this week [1] - The ChiNext is closely aligned with the AI and new energy industry chains, with significant capital expenditure increases expected from North America's major cloud providers, exceeding 300 billion USD by 2025 [1][3] Group 2 - The rolling price-to-earnings (P/E) ratio for the ChiNext Index is 41.4 times, while the ChiNext Growth Index stands at 41.1 times, and the ChiNext Mid-Cap 200 Index is at 110.4 times [3][5] - The ChiNext Mid-Cap 200 Index consists of 200 stocks with medium market capitalization and good liquidity, primarily reflecting the performance of mid-cap representative companies in the ChiNext market [4] - The ChiNext Growth Index is composed of 50 stocks with prominent growth styles and high earnings growth, with the power equipment, pharmaceutical, and communication sectors accounting for about 60% of its composition [4] Group 3 - The new energy sector is expected to see significant performance improvements by Q3 2025, with storage demand exceeding expectations and battery supply tight, leading to price increases [1] - The historical performance of the ChiNext Index shows a cumulative increase of 49.8% year-to-date and 38.2% over the past year [7] - The ChiNext Growth Index has shown a cumulative increase of 65.4% year-to-date and 50.8% over the past year [7]

Core Viewpoint - The report emphasizes the acceleration of building a new energy system and increasing the proportion of renewable energy supply as outlined in the 14th Five-Year Plan, aiming to construct a strong energy nation [1][2] Investment Highlights - In October, the photovoltaic industry index experienced a slight decline of 1.39%, underperforming compared to the CSI 300 index which had a return of 1.62% during the same period [2] - Most sub-sectors within the photovoltaic industry saw a decrease, with photovoltaic welding strips, silicon materials, and photovoltaic modules showing the highest gains [2] - Key companies such as TBEA, Yubang New Materials, Longi Green Energy, and others showed notable increases in stock prices [2] Industry Performance - Domestic newly installed photovoltaic capacity reached 9.66 GW in September, reflecting a month-on-month increase of 31.25%, although it still represented a year-on-year decline of 53.76% [3] - Cumulatively, from January to September, the domestic newly installed photovoltaic capacity totaled 240.27 GW, marking a year-on-year growth of 64.73% [3] - The export of photovoltaic components was 25.63 GW, showing a month-on-month decrease of 6.01% as the installation peak season concluded [3] Supply Chain Dynamics - In September, domestic polysilicon production was approximately 129,000 tons, a month-on-month increase of 5.3%, while the production of silicon wafers reached 56.85 GW, up 6.46% [3] - The number of operational photovoltaic glass production lines increased, and inventory days significantly rose [3] - The fourth quarter is expected to see a slight decline in terminal component demand, with a gradual reduction in supply across various segments [3] Investment Recommendations - The third-quarter performance of photovoltaic companies showed signs of stabilization and marginal improvement, attributed to the industry's anti-involution measures and rising polysilicon prices [4] - The photovoltaic industry remains undervalued historically, with potential for valuation recovery as policies regarding product sales prices, mergers, and industry entry barriers are expected to be implemented [4] - Focus on leading companies in sub-sectors such as energy storage inverters, BC batteries, perovskite batteries, photovoltaic adhesive films, photovoltaic glass, and polysilicon materials is recommended [4]

Core Viewpoint - The photovoltaic industry chain is expected to stabilize prices despite short-term supply-demand challenges, influenced by anti-involution policies [1][2] Group 1: Polysilicon Segment - The overall inventory in the industry has risen to over 410,000 tons, with a slight accumulation trend in polysilicon inventory this month [1] - The market for polysilicon is currently quiet, with a decrease in order volume month-on-month [1] - Price stability is influenced by stable operating rates of wafer companies and limited new orders due to maintenance or production cuts from some polysilicon manufacturers [1] Group 2: Wafer Segment - Current wafer inventory is around 19 GW, with little change in total volume, primarily dominated by 210RN wafers [3] - There is significant pressure on shipments, leading to a downward shift in price focus, while demand for 183N wafers has seen a temporary decline [3] - The oversupply situation in the wafer market persists, with indications of increased production this month exacerbating the oversupply trend [3] Group 3: Cell Segment - Battery inventory has risen to about 7 days, with a slight accumulation trend due to reduced shipments during holidays and weak terminal demand [5] - Demand for 183N cells has decreased, while 210RN demand remains weak; however, domestic demand for 210N cells is relatively optimistic [5] - Price pressure is evident for 210RN and 183N cells, with potential for price adjustments, while 210N maintains a relatively balanced supply-demand relationship [6] Group 4: Module Segment - Overall terminal market demand is not optimistic, with a temporary decline in overseas installation demand and mixed production plans among module manufacturers [7] - Despite rising costs from upstream suppliers, terminal demand for modules remains weak, leading to limited price increases [7] - The impact of anti-involution policies will continue to be a key factor in determining industry price trends [7] Group 5: Price Trends - Polysilicon prices are expected to remain stable at high levels this month due to policy regulation, despite pressure from downstream markets [2] - Wafer prices are under pressure with risks of decline, although recent self-discipline meetings have provided some confidence for price stabilization [4] - Battery and module prices are also facing downward pressure, but the ongoing anti-involution policies may help stabilize prices in the longer term [6][7]

Core Insights - During the "14th Five-Year Plan" period, China's foreign trade has shown resilience and growth amidst global changes, achieving significant structural improvements and enhancing its trade strength [1][3]. Trade Volume and Growth - The scale of China's goods trade has continuously expanded, surpassing $5 trillion and $6 trillion, with a projected total of $6.16 trillion in 2024, marking a 32.4% increase compared to the end of the "13th Five-Year Plan" [6]. - The service trade is expected to exceed $1 trillion for the first time in 2024, ranking second globally [8]. Trade Structure Optimization - The export share of high-tech products in goods trade reached 18.2%. Exports of "new three items" such as electric vehicles, lithium batteries, and photovoltaic products are projected to grow 2.6 times by 2024 compared to 2020 [12]. - Knowledge-intensive service trade is expected to increase by 38% from 2020 levels, with digital delivery services' import and export volume growing by nearly 40% [12]. Diversification and Resilience - China's foreign trade has become more resilient and diversified, with ASEAN being the largest trading partner for five consecutive years. China is among the top three trading partners for over 150 countries and regions [15]. - The trade volume with countries involved in the Belt and Road Initiative is projected to exceed 50% in 2024 [15]. Supply Chain and Economic Support - The industrial and supply chains in China's foreign trade have become more complete and flexible. Events like the China International Import Expo and the Consumer Goods Expo serve as bridges for international economic cooperation [17]. - China's foreign trade remains a significant contributor to global trade growth, and the Chinese economy is a key support for global economic recovery [17].

Core Insights - The report highlights a mixed performance in the photovoltaic (PV) industry, with significant growth in component exports but a decline in new installations in August 2025 [1][2][3] Group 1: Domestic PV Installations - In August 2025, domestic PV installations reached 7.4GW, showing a year-on-year decrease of 55.3% and a month-on-month decrease of 33.3% [2] - Cumulatively, from January to August 2025, new PV installations totaled 230.61GW, reflecting a year-on-year increase of 64.7% [2] Group 2: Component Exports - In August 2025, the export value of PV components was 20.95 billion yuan, marking a year-on-year increase of 20.4% and a month-on-month increase of 31.9% [1][2] - The cumulative export value from January to August 2025 was 132.21 billion yuan, which is a year-on-year decrease of 18.0% [1][2] - In July 2025, the domestic PV component export volume was 21.25GW, showing a year-on-year increase of 8% but a month-on-month decrease of 2% [1][2] Group 3: Inverter Exports - The export value of inverters in August 2025 was 6.29 billion yuan, with a year-on-year increase of 2.2% but a month-on-month decrease of 3.4% [3] - Cumulatively, from January to August 2025, the total export value of inverters was 43.4 billion yuan, reflecting a year-on-year increase of 8.0% [3] - Exports to different regions showed varied performance, with significant growth in Oceania (year-on-year increase of 245.9%) but declines in North America (year-on-year decrease of 24.1%) [3] Group 4: Solar Power Generation - In August 2025, solar power generation reached 53.82 billion kWh, representing a year-on-year growth of 15.9% [3] - Solar power accounted for 5.75% of the total industrial power generation in the country, with a slight month-on-month decrease of 0.29 percentage points [3] - The total power generation in August 2025 was 936.3 billion kWh, with various energy sources showing different growth rates [3] Group 5: Recommended Companies - Companies recommended for investment include Aiko Solar, Longi Green Energy, Daqo New Energy, and others focusing on various segments of the PV industry [4]