| 第一部分 | 前言概要 2 | | --- | --- | | | 2 | | | 2 | | | 2 | | 第二部分 | 基本面情况 3 | | | 3 | | | 4 | | | 7 | | | 8 | | 第三部分 | 后市展望及策略推荐 9 | 有色板块研发报告 多晶硅 10 月报 2025 年 9 月 29 日 恐有回调风险，但远期向上方向不变 第一部分 前言概要 银河期货 第 2 页 共 10 页 多晶硅 10 月报 2025 年 9 月 29 日 第二部分 基本面情况 图 1：多晶硅期货 2511 合约价格走势 表 1：多晶硅产业链现货价格变动情况 | | 日期 | | | | 9月26日 9月25日 9月24日 9月23日 9月22日 较7月末 较8月末 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 多晶硅现货价格（元/kg） | N型致密料- 平均价 | 51.05 | 51.05 | 5 1 | 51.15 | 51.15 | 12.20% | 6.35% | | | N型颗粒硅 - 平均价 | 5 ...

昔日的戈壁荒漠，如今由太阳能光伏板汇聚成"蓝色海洋"，由风力发电机组成"白色森林"，正孕育着无 限"风光"。 新疆总面积占我国陆地国土面积约六分之一，分布着阿尔泰山、天山、昆仑山三条山脉和准噶尔盆地、 塔里木盆地两大盆地。"三山两盆"间，阳光普照，风声不息。目前，全疆太阳能技术可开发量约42亿千 瓦，位居全国第1位；风能资源技术可开发量约10亿千瓦，位居全国第2位。 风能、太阳能资源丰富的新疆，是国家"十四五"规划纲要中明确的大型清洁能源基地。新疆依托十大风 区、五大光区的先天优势，开启"追风逐日"的新型电力模式，努力打造国家能源资源战略保障基地，新 能源发展步入快车道。 如今，大电网横贯天山南北，一张遍布全疆的750千伏骨干网架已经成形，为能源高效配置提供了坚强 支撑。此外，硅片、光伏组件、风机、叶片等新疆新能源装备制造业品类不断丰富、产业链加快完善。 如今，新疆每输送的3度电中就有1度来自风能、光能等清洁能源产生的绿电，外送绿电超过2700亿千瓦 时。 从点点微光到万家璀璨，从照亮边陲到赋能全国，来自新疆的绿电"追风逐日"，正跨越千里守护你我的 清晨和夜晚。 在新疆阿勒泰地区吉木乃县拍摄的50万千瓦时风电 ...

（编辑 任世碧） 证券日报网讯 三孚股份9月26日在互动平台回答投资者提问时表示，公司主要产品三氯氢硅的主要应用 领域包括制造多晶硅与硅烷偶联剂。其中，多晶硅作为光伏产业链上游的关键基础材料，其下游可进一 步加工生产光伏电池片、光伏组件等核心器件，这些器件是构成太阳能发电系统的重要组成部分。 ...

Core Viewpoint - Bangjie Co., Ltd. is facing significant financial difficulties due to failed investments in the photovoltaic sector, leading to a substantial arbitration ruling requiring the company to pay 326 million yuan in compensation to its investor, Huanzhi Lake Zhuguang [1][2][3] Financial Challenges - As of June 30, 2025, the company's debt-to-asset ratio reached 98.48%, indicating severe financial strain [1][7] - The company has reported cumulative losses of approximately 910 million yuan over the past two and a half years, with net losses of 88 million yuan in 2023, 672 million yuan in 2024, and 150 million yuan in the first half of 2025 [1][7] Investment and Operational Issues - In 2023, Huanzhi Lake Zhuguang invested 300 million yuan in Bangjie New Energy for photovoltaic projects, but the expected operational performance was not met, leading to a breach of contract [4][5] - The main business revenue of Bangjie New Energy was only 473 million yuan by November 30, 2024, significantly below the agreed revenue targets [4] Legal and Arbitration Developments - The company has received a final arbitration ruling mandating the payment of 326 million yuan to Huanzhi Lake Zhuguang, which has created additional financial pressure [2][3] - The company's subsidiary, Yangzhou Bangjie New Energy, is facing judicial freezing of its equity, with claims amounting to 820 million yuan due to a loan dispute with Industrial Bank [5][6] Strategic Missteps - Bangjie Co., Ltd. aggressively expanded into the photovoltaic sector, announcing investments totaling 10.6 billion yuan within a short period, raising concerns from the market given its limited financial resources [6][7] - The company originally focused on seamless clothing, which provided stable but modest profits, but the shift to the photovoltaic industry has resulted in increased financial pressure and operational challenges [7][8]

Investment Rating - The report maintains a "Buy" rating for the energy and new energy sectors, indicating a positive outlook for the industry [7]. Core Insights - The report highlights the opening of policy windows and the upgrade of domestic manufacturing in the power equipment and new energy sectors, suggesting a favorable environment for investment [2]. - The photovoltaic industry is undergoing a "de-involution" movement, which has reached the highest strategic level in the country, focusing on capacity integration in the silicon material segment and strengthening price regulation across the industry [4]. - The wind power industry is experiencing sustained high prosperity, with a reasonable supply-demand structure and good profitability for enterprises [4]. Weekly Market Review - From September 15 to September 19, 2025, the Shanghai Composite Index fell by 1.30%, while the Shenzhen Component Index rose by 1.14%, and the ChiNext Index increased by 2.34%. The Shenwan Power Equipment Index rose by 3.07%, outperforming the CSI 300 by 3.51 percentage points [12]. - Among sub-sectors, photovoltaic equipment decreased by 0.84%, wind power equipment increased by 5.26%, battery equipment rose by 5.56%, and grid equipment increased by 2.06% [12]. Key Sector Tracking - The report notes a significant increase in the bidding prices for wind turbine models, with the lowest bid price for 5 MW units rising from 1,157 RMB/kW in 2024 to approximately 1,700 RMB/kW in the first half of this year. This trend indicates that all models' bidding prices are now above their minimum cost prices, effectively curbing the industry's vicious low-price competition [3][21][22]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on silicon materials, glass, and battery segments that have undergone sufficient corrections and have clear alpha. Companies to watch include Aiko Solar, Flat Glass Group, GCL-Poly Energy, and Junda Technology [4]. - In the wind power sector, the report recommends focusing on companies like Goldwind Technology and Yunda Co., as well as cable manufacturers like Orient Cable and Zhongtian Technology [4]. - The new energy vehicle sector is experiencing rapid growth, with a recommendation to prioritize companies benefiting from low upstream raw material prices, such as CATL and EVE Energy [5]. Industry Price Data - The report provides insights into the price trends of key materials in the industry, including silicon material prices, which have shown significant fluctuations, indicating a dynamic market environment [33][35].

Market Performance - The energy storage and wind power sectors have performed relatively well, achieving positive excess returns compared to industry indices, while the photovoltaic and grid equipment sectors have underperformed [1][2] - The energy storage sector benefits from ongoing industry prosperity and rapid growth in shipment volumes, significantly outperforming industry benchmarks [2] - The wind power sector's bidding market has begun to transmit its prosperity to the revenue side of industry chain companies, leading to a noticeable recovery in their performance [2] Industry Recovery - The photovoltaic sector's performance has bottomed out and is beginning to recover, while the wind and energy storage sectors show an upward trend in their fundamentals [2] - The photovoltaic supply chain, including silicon materials, silicon wafers, and integrated components, is gradually recovering, although auxiliary materials are under pressure [3] - The domestic photovoltaic demand is expected to surge in the first half of 2025 due to the implementation of relevant policies, stabilizing industry prices [3] Supply and Demand Dynamics - The industry is experiencing a significant slowdown in expansion pace due to the enforcement of policies aimed at curbing "involution" competition, leading to an ongoing optimization of the supply-demand structure [2][3] - The wind power sector is witnessing a clear recovery, with revenue growth driven by the transmission of high bidding market conditions to the income side of the industry chain [4][5] Grid Equipment Sector - The grid equipment sector continues to show stable growth, benefiting from a long-term uptrend in global grid investment [6] - The demand for grid equipment is increasing due to the rapid growth of wind and photovoltaic industries, necessitating greater investment in grid infrastructure [6]

2025 年 09 月 23 日 电气设备行业 光伏板块修复态势明显，风电储能板块景气上行 ——风光储网行业 2025 年半年报点评报告 行业深度 行业复苏态势明显：光伏板块业绩触底回升，风电储能板块景气度上行 基本面方面，电新板块 2024 年业绩承压明显，2025 年上半年复苏态势逐渐清 晰。其中，光伏电池片、硅片、逆变器、风机零部件板块业绩增长幅度较大， 光伏辅材玻璃等环节板块相对承压。供给端方面，整治"内卷式"竞争进入 具体政策落地阶段，行业整体扩产节奏显著放缓，行业供需格局在持续优化 过程中。估值方面，行业整体估值水平处于历史中位数附近，风光板块估值 处于历史底部区间。 市场表现方面，储能、风电板块表现相对较好，较行业指数取得正向超额收 益，光伏、电网设备板块表现欠佳，跑输行业指数。其中，储能板块受益于 行业景气持续上行，出货量快速增长，大幅跑赢行业基准。风电板块招标市 场的景气度开始向产业链公司收入端传导，带动风电产业链公司业绩明显修 复。光伏板块受益于整治"内卷式"竞争带来的悲观预期修正，产品价格企 稳反弹带动业绩修复。电网设备板块稳定增长的防御属性在今年以来风偏上 行的市场中不占优，因此涨幅相 ...

智通财经APP获悉，9月19日，中国证监会发布境内企业境外发行证券和上市备案情况表(首次公开发行 及全流通)(截至2025年9月19日)。本周(9月15日-9月19日)，麦科田拟港股IPO，云知声申请股份全流通 获中国证监会接收材料。与此同时，盛威时代、中润光能拟港股IPO，在中国证监会上市备案状态 为"补充材料"。 盛威时代主要提供城内网约车服务及城际道路客运服务。基于公司联网售票服务领域的经验及能力，盛 威时代与多家客运企业合作提供定制客运服务，满足乘客不同场景下的多样化出行需求。截至2025年6 月30日，盛威时代逐渐于超过30个省、自治区及直辖市建立业务并提供客运服务。于往绩记录期间，盛 威时代与12306及航旅纵横合作并为其提供大巴车票。 招股书显示，麦科田提供创新且全面的产品组合，可满足医疗机构内广泛的临床科室、病房和诊所以及 社区卫生中心、检验机构和家庭护理场景的临床需求。截至2025年6月30日，麦科田已将超过(i)50种生 命支持产品，(ii)80种微创介入产品，及(iii)210种体外诊断产品商业化，该等产品有多种型号，可满足 各种不同的应用需求。截至最后实际可行日期，麦科田的产品已遍及全 ...

深圳商报·读创客户端记者 李薇 据港交所9月15日披露，江苏中润光能科技股份有限公司（简称：中润光能）向港交所主板提交上市申 请书，中信建投国际和中信证券为联席保荐人。该公司曾于2025年3月13日递表港交所。 中润光能成立于2011年，招股书显示，中润光能是全球光伏电池片专业化制造商，主营业务为N型及P 型光伏电池片的生产与销售。在持续专注于光伏电池片行业的同时，公司已垂直扩张到光伏组件行业以 制造及销售光伏组件。于往绩记录期间，公司的业务遍及超过32个国家和地区，拥有1,000余家客户。 根据弗若斯特沙利文的资料，按光伏电池对外出货量计，2024年度，公司在全球光伏电池制造商中排名 第二，市场占有率14.6%。根据同一资料来源，公司在全球光伏电池片专业化制造商中的市场占有率为 18.3%。 股权方面，公司实际控制人为龙大强、孟丽叶夫妇，合计持股50.64%。中润光能曾于2023年5月申报A 股上市并通过审核，但最终选择撤回并转赴港股。 去年毛利率净利率转负 财务数据显示，公司2022年至2024年营业收入分别为125.17亿元、208.38亿元和113.2亿元，同期毛利分 别为14.72亿元、28.42亿 ...

在光伏行业IPO普遍遇冷的2025年，电池巨头中润光能正逆势加速冲刺港股。 据港交所9月15日披露的文件显示，江苏中润光能科技股份有限公司已重新提交上市申请。这是继今年3月13日首次递表后的再次尝试，也让其"A 股搁浅 后转道港股"的资本之路再度引发关注。 | [編纂]的[編纂]總數目 | .. | 「編纂】股H股(視乎[編纂] | | --- | --- | --- | | | | 行使與否而定) | | [編纂]數目 | . | 「編纂」股H股(可予[編纂]) | | [編纂]數目 | . | [編纂]股H股(視乎 編纂] | | | | 行使與合而定及可予[編纂]) | | 最高 編纂] | : | 每股H股[編纂]港元,另加1.0% | | | | 經紀佣金、0.0027%證監會交易 | | | | 徵費、0.00015%會財局交易徵費 | | | | 及0.00565%香港聯交所交易費 | | | | (須於申請時以港元繳足,多繳股款 | | | | 可予張還) | | 面值 | . | 每股H股人民幣1.00元 | | [編纂] | : : This rate 1 1 that 1 | [編纂] ...