本报记者 吴文婧 2025年12月6日，浙江棒杰控股集团股份有限公司（以下简称"棒杰股份"）披露公告称，公司被债权人 申请启动预重整。随着相关司法程序持续推进，公司于2026年1月8日发布公告称，启动公开招募重整投 资人及开展预重整债权申报工作。 近日，棒杰股份总经理夏金强在接受《证券日报》记者专访时表示："随着金华中院对公司预重整程序 的启动，公司已陆续接到来自各行各业的意向投资人咨询电话，在评估时，公司会将投资人的资金实 力、带来的产业协同情况及未来发展空间等因素作为重要考量因素。" 记者了解到，作为义乌市的七家上市公司之一，棒杰股份的债务风险化解工作受到地方政府的高度重 视，也提供了有力的工作支持，帮助稳定了各方预期，为预重整工作顺利推进创造了条件。 化解存量债务压力 夏金强告诉记者，当前棒杰股份的首要目标仍是化解存量债务压力，这对重整投资人投资资金的体量提 出了较高要求。在此基础上，希望投资人能为公司后续经营状况改善和转型升级发展提供助力。 他还提到，在预重整阶段，由于相关债务仍在计息，公司的财务压力难以消除。 "从已完成的重整案例看，在符合法律法规前提下，通过提前导入业务、提供资源支持或资产捐赠等方 ...

央视网消息：污水横流、砂石飞溅、水质恶化，物种灭绝，这是6380公里的长江发出的求救信号。10年前，一场以修复长江生态为目的的国家级环境整治行 动正式拉开帷幕。"一黑一白"的资源型城市又要如何探寻绿色出路？10年后的今天，沿线11省市，行经205万平方公里的长江经济带，又如何在产业转型与 生态保护的平衡木上稳步前行？ 2025年岁末，记者在四川宜宾长宁县的长江上游珍稀特有鱼类保护基地，见到了人工繁育的长江鲟。2000年左右，长江鲟已经停止野外自然繁殖活动。2022 年7月21日，世界自然保护联盟发布全球濒危物种红色目录更新报告，长江特有物种白鲟灭绝，长江鲟野外灭绝。不同于白鲟的灭绝，长江鲟因为依然存在 人工养殖个体，物种得以延续。 周亮：我们每年3月份生产的时候都是要达到100万尾。繁殖到6月份的时候，我们就大量放到长江里面去。 长江鲟人工繁育与保护的关键力量正是周亮的父亲周世武。1993年，周世武携多年打拼积攒的积蓄后回到家乡。在亲眼看着家门口长江生态的日渐衰败、野 生珍稀鱼类一个个濒临灭绝后，他通过工商注册的方式，创办了当时全国唯一一家民办珍稀水生动物保护与开发研究所。当时刚刚大学毕业的周亮，选择加 入宜 ...

资料显示，江苏赛福天集团股份有限公司位于江苏省无锡市锡山区芙蓉中三路151号，成立日期2005年6 月23日，上市日期2016年3月31日，公司主营业务涉及特种钢丝绳与索具的研发、生产和销售。主营业 务收入构成为：光伏电池片71.21%，钢丝绳及索具28.21%，其他(补充)0.36%，建筑设计0.22%。 从基金十大重仓股角度 数据显示，鹏华基金旗下1只基金重仓赛福天。鹏华智投数字经济混合A（020086）三季度持有股数8.47 万股，占基金净值比例为0.6%，位居第四大重仓股。根据测算，今日浮亏损失约4.07万元。 鹏华智投数字经济混合A（020086）成立日期2024年5月17日，最新规模3978.57万。今年以来收益 46.03%，同类排名1446/8155；近一年收益46.03%，同类排名1446/8155；成立以来收益87.77%。 1月5日，赛福天跌5.15%，截至发稿，报8.84元/股，成交3.29亿元，换手率12.84%，总市值25.37亿元。 鹏华智投数字经济混合A（020086）基金经理为苏俊杰。 截至发稿，苏俊杰累计任职时间7年342天，现任基金资产总规模249.24亿元，任职期间最佳 ...

电池片、炼焦煤——大宗商品热点解读 20251231 摘要 2025 年光伏电池片价格大幅下跌，6 月最低至 0.24 元/瓦，受政策、需 求和成本等多重因素影响，行业进入寒冬期，多数企业暂停扩张，开工 率降至 50%以下，库存积压严重。 TOPCon 电池是目前主流技术，占据近 80%市场份额，PERC 技术逐渐 淡出，未来 DC 电池有望成为新主流，头部企业已进行技术储备。 中国光伏电池片产能主要集中在东部沿海和四川省，江苏省以 327.6 吉 瓦位居首位，受益于经济发达、新能源需求旺盛和工业基础雄厚等优势。 2025 年中国在全球光伏产业链中占据主导地位，多晶硅、硅片、电池 产能占全球 90%~95%，组件产能占全球 83%，出口以印度、印度尼 西亚和土耳其为主要市场。 政策对光伏市场影响显著，如 2 月发布的政策促进终端需求增长，引发 抢装热潮，但需求透支导致下半年新增装机数据大幅下降。 电池片主要以出口为主，印度是最大进口国，占全年总出口量 50.89%，其次是印度尼西亚和土耳其，这些国家依赖中国低成本、高 效率的供应链保障。 预计 2026 年光伏新增装机量将大幅下滑，受终端电力市场化交易和较 低 ...

12月31日，赛福天涨1.46%，截至发稿，报9.03元/股，成交2.42亿元，换手率9.69%，总市值25.92亿 元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 鹏华智投数字经济混合A（020086）成立日期2024年5月17日，最新规模3978.57万。今年以来收益 45.88%，同类排名1521/8085；近一年收益40.11%，同类排名1817/8085；成立以来收益87.57%。 鹏华智投数字经济混合A（020086）基金经理为苏俊杰。 截至发稿，苏俊杰累计任职时间7年337天，现任基金资产总规模249.24亿元，任职期间最佳基金回报 86.7%， 任职期间最差基金回报-21.6%。 资料显示，江苏赛福天集团股份有限公司位于江苏省无锡市锡山区芙蓉中三路151号，成立日期2005年6 月23日，上市日期2016年3月31日，公司主营业务涉及特种钢丝绳与索具的研发、生产和销售。主营业 务收入构成为：光伏电池片71.21%，钢丝绳及索具28 ...

智通财经APP获悉，国投证券国际发布研报称，2025年光伏行业大会召开，主管部门明确传达出"反内 卷"推动光伏行业高质量发展的积极信号。光伏产业链内的主流企业，也对"反内卷"逐步达成共识，严 格自律。今年光伏行业"反内卷"初步显现出一定效果。该行认为行业明年"反内卷"效果更加明显，行业 内主要企业都会从中受益，利润有望扭亏为盈。建议投资者逢低布局，关注光伏产业链企业投资机会。 国投证券国际主要观点如下： 光伏产业链内主要企业凝聚"反内卷"共识 光伏行业主流企业积极响应政策号召，凝聚"反内卷"共识，严格自律严控产量。根据光伏行业协会数 据，今年1-10月，光伏主产业链中多晶硅料及硅片环节，产量同比下降。1-10月，多晶硅料产量约111.3 万吨，同比下降29.6%；硅片产量为560GW，同比下降6.7%。多晶硅料产量自2013年以来首次同比下 降，硅片产量自2009年以来首次同比下降。电池片及组件环节，产量增速较去年回落。1-10月，电池片 产量约560 GW，同比增长9.8%，光伏组件产量约514 GW，同比增长13.5%。不同环节的产量下降或增 速降低，体现出行业内主流企业"反内卷"决心及行动。 光伏产业链 ...

12月26日，赛福天盘中下跌2.06%，截至11:17，报8.55元/股，成交3.07亿元，换手率12.28%，总市值 24.54亿元。 资金流向方面，主力资金净流出860.26万元，特大单买入244.09万元，占比0.79%，卖出714.50万元，占 比2.33%；大单买入4016.12万元，占比13.08%，卖出4405.97万元，占比14.35%。 赛福天今年以来股价涨41.09%，近5个交易日涨12.95%，近20日涨8.92%，近60日涨10.61%。 今年以来赛福天已经6次登上龙虎榜，最近一次登上龙虎榜为5月12日，当日龙虎榜净买入1956.23万 元；买入总计5746.64万元 ，占总成交额比32.28%；卖出总计3790.40万元 ，占总成交额比21.29%。 责任编辑：小浪快报 资料显示，江苏赛福天集团股份有限公司位于江苏省无锡市锡山区芙蓉中三路151号，成立日期2005年6 月23日，上市日期2016年3月31日，公司主营业务涉及特种钢丝绳与索具的研发、生产和销售。主营业 务收入构成为：光伏电池片71.21%，钢丝绳及索具28.21%，其他(补充)0.36%，建筑设计0.22%。 赛福天所 ...

Core Viewpoint - The energy transition presents significant market opportunities, making Central and Eastern Europe, particularly Hungary, a key destination for Chinese investments in the photovoltaic (PV) industry. Hungary has become the primary destination for Chinese foreign direct investment (FDI) in Europe for two consecutive years starting in 2023, with 31% of China's total investment in Europe in 2024 focused on renewable energy product manufacturing [1]. Group 1: EU and Hungary's PV Industry Policies - The EU's RepowerEU proposal aims to reduce reliance on Russian fossil fuels by banning new contracts for Russian natural gas starting January 1, 2026, and phasing out existing contracts by January 1, 2028. Hungary's foreign minister opposes this proposal, citing the potential for increased costs for local industries and households [2]. - The Net-Zero Industry Act, passed by the EU on May 27, 2024, categorizes PV and seven other technologies as net-zero technologies, requiring that by 2030, over 40% of these technologies be manufactured within the EU to reduce dependency on non-EU countries. This act imposes strict requirements on third-country dependencies, including prohibiting assembly and sourcing of key components from such countries [3]. - Hungary has actively attracted Chinese investments in the PV sector despite the EU's restrictions. Notable projects include a 54 MW PV project by a joint venture of Chinese companies and the establishment of BYD's European headquarters in Budapest, expected to create 1,200 high-value jobs [6][7]. Group 2: Patent Strategies and Compliance for Chinese Enterprises - The global innovation landscape is shifting, with Hungary ranked 36th in the 2025 Global Innovation Index. The average cost of producing electricity from PV has decreased by 12.4% from 2022 to 2023, promoting technological innovation in the sector [9]. - Hungary's "Patent Box" regime offers tax incentives for companies that generate income from patents, reducing corporate tax rates to as low as 4.5%. This system encourages R&D investment in PV technologies and attracts international investment [10]. - Chinese enterprises must establish robust patent compliance strategies when investing in Hungary's PV sector. This includes conducting Freedom to Operate (FTO) analyses to identify potential patent infringement risks before entering the market [15][16].

Group 1 - The core viewpoint is that the significant rise in silver prices is putting substantial cost pressure on the photovoltaic (PV) industry, with silver prices reaching historical highs and a projected increase in silver demand for PV applications [1] - The World Silver Association forecasts that global silver demand for photovoltaic applications will reach 7,560 tons by 2025, doubling from three years ago and accounting for over 25% of total silver demand [1] - The rising silver prices are severely impacting the profitability of the battery cell manufacturing segment within the PV industry, with silver paste costs exceeding 30% of the total cost of battery cells and over 50% of non-silicon costs [1] Group 2 - In response to the challenges posed by rising silver prices, PV companies are actively seeking technological breakthroughs to reduce silver usage [2] - Shanghai Aiko Solar Energy Co., Ltd. has developed copper interconnection technology to mitigate costs, which has become increasingly advantageous as silver prices rise [2] - Longi Green Energy Technology Co., Ltd. has made significant advancements in silver-free metallization technology, achieving a record efficiency of 27.81% for HIBC cells, and plans to further integrate equipment, materials, and processes to enhance engineering maturity [2] Group 3 - The main challenge in the application of low-silver pastes lies in the reliability verification and market acceptance of these materials [3] - Concerns exist regarding the potential impact of copper core exposure on the efficiency and reliability of battery cells, which directly affects the quality and performance of solar modules over their lifecycle [3] - There is a noticeable time lag between technological breakthroughs in low-silver pastes and their commercial scalability, which may hinder their widespread adoption [3]

Core Viewpoint - Canadian Solar Inc (CSI) and its subsidiary, Arctech (CSI, 688472.SH), are restructuring their U.S. operations by forming joint ventures to enhance long-term business participation in the U.S. market and mitigate operational risks [2] Group 1: Joint Venture Structure - Arctech plans to establish two joint ventures, Company M and Company N, with Arctech holding 24.9% and CSIQ holding 75.1% [3] - Company M will focus on solar photovoltaic (PV) operations in the U.S., including the operation of solar cell and module factories [3] - Company N will concentrate on energy storage operations in the U.S., manufacturing lithium iron phosphate energy cells, battery packs, and direct current storage systems [3] Group 2: Asset Management and Operations - The joint ventures will initially operate by leasing certain overseas assets from CSIQ, with the timeline for asset acceptance and formal activation being uncertain [3] - Arctech will also restructure its overseas manufacturing facilities, including the THX1 solar cell factory, SSTH energy storage factory, and GNCM battery factory, transferring ownership to CSIQ (75.1%) and Arctech (24.9%) [3] - This restructuring will provide Arctech with a one-time equity transfer payment and ongoing 24.9% equity income from U.S. operations [3] Group 3: Financial Implications - The total assessed value for the equity transfer is 469 million yuan, with the transaction amount for the 75.1% stake set at 352 million yuan [4] - Arctech will provide a guarantee of up to 44.631 billion yuan (or equivalent foreign currency) to support CSIQ in providing performance and financing guarantees for Arctech and its subsidiaries [4] Group 4: Strategic Focus - CSIQ will concentrate on the production, sales, and service of solar components and energy systems in the U.S., targeting public utilities, electric companies, and large commercial projects [4] - Arctech will focus on non-U.S. markets for components, energy storage products, and system integration, enhancing its competitive advantage in regions such as Europe, Latin America, Asia, and the Middle East [4]