晶科能源（海宁）有限公司，成立于2017年，位于嘉兴市，是一家以从事电力、热力生产和供应业为主 的企业。企业注册资本357000万人民币。通过天眼查大数据分析，晶科能源（海宁）有限公司参与招投 标项目56次，专利信息823条，此外企业还拥有行政许可72个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 国家知识产权局信息显示，晶科能源股份有限公司、晶科能源（海宁）有限公司取得一项名为"光伏组 件的制备方法及光伏组件"的专利，授权公告号CN119317230B，申请日期为2024年10月。 天眼查资料显示，晶科能源股份有限公司，成立于2006年，位于上饶市，是一家以从事电气机械和器材 制造业为主的企业。企业注册资本1000519.9351万人民币。通过天眼查大数据分析，晶科能源股份有限 公司共对外投资了53家企业，参与招投标项目1631次，财产线索方面有商标信息748条，专利信息2855 条，此外企业还拥有行政许可70个。 ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core View of the Report - The industrial silicon market is expected to mainly experience range - bound fluctuations, and attention should be paid to the positions of the 2512 contract of polysilicon [1][2]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market Data**: - For industrial silicon Si2601, the closing price is 9,115 yuan/ton, with changes of - 95 yuan compared to T - 1, - 40 yuan compared to T - 5, and - 160 yuan compared to T - 22. The trading volume is 323,524 lots, down 45,701 lots from T - 1, down 250,821 lots from T - 5, and up 62,437 lots from T - 22. The open interest is 237,648 lots, down 22,881 lots from T - 1, down 36,330 lots from T - 5, and up 25,978 lots from T - 22 [2]. - For polysilicon PS2601, the closing price is 55,235 yuan/ton, down 660 yuan from T - 1 and up 2,785 yuan from T - 5. The trading volume is 324,070 lots, down 6,246 lots from T - 1 and up 19,235 lots from T - 5. The open interest is 141,586 lots, down 1,457 lots from T - 1 and up 7,294 lots from T - 5 [2]. - **Price and Basis**: - Industrial silicon spot prices vary by region. For example, Xinjiang 99 - silicon is 8,900 yuan/ton, and Yunnan Si4210 is 10,000 yuan/ton. Polysilicon - N - type re - feedstock is 52,300 yuan/ton [2]. - The basis of industrial silicon and polysilicon also shows different trends. For example, the industrial silicon spot premium (against East China Si5530) is + 435 yuan/ton [2]. - **Profit**: - Silicon factory profits in Xinjiang (new standard 553) are - 2,154.5 yuan/ton, and in Yunnan (new standard 553) are - 3,401 yuan/ton. Polysilicon enterprise profits are 7.7 yuan/kg [2]. - **Inventory**: - Industrial silicon social inventory (including warehouse receipt inventory) is 550,000 tons, with an increase of 2,000 tons compared to T - 5 and a decrease of 8,000 tons compared to T - 22. The enterprise inventory of industrial silicon (sample enterprises) is 180,000 tons, with an increase of 1,800 tons compared to T - 5 and an increase of 12,000 tons compared to T - 22. The industry inventory (social + enterprise inventory) is 730,000 tons, with an increase of 3,800 tons compared to T - 5 and an increase of 3,900 tons compared to T - 22. The industrial silicon futures warehouse receipt inventory is 198,000 tons, down 4,000 tons from T - 1, down 14,000 tons from T - 5, and down 42,000 tons from T - 22. The polysilicon factory inventory is 281,000 tons, with an increase of 10,000 tons compared to T - 5 and an increase of 20,000 tons compared to T - 22 [2]. - **Raw Material Cost**: - The prices of raw materials such as silicon ore, washed coking coal, petroleum coke, and electrodes in different regions are provided. For example, the price of silicon ore in Xinjiang is 320 yuan/ton, and in Yunnan is 290 yuan/ton [2]. 3.2 Macro and Industry News - On November 22, 2025, the list of winning bidders for the 2025 photovoltaic module centralized procurement project of China Energy Engineering Group Co., Ltd. was publicly announced. The total scale of the tender is estimated to be 17GW, divided into 8 bid packages, covering 182mm TOPCon modules, 210mm TOPCon modules, HJT modules, and BC modules [2]. 3.3 Trend Intensity - The trend intensity of industrial silicon is 0, indicating a neutral outlook. The trend intensity of polysilicon is - 1, indicating a slightly bearish outlook. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [4].

一纸通告，悄然落地。 当地时间11月26日，美国贸易代表办公室（USTR）宣布，延长部分对华关税豁免期至2026年11月10日。这178项商品的豁免，在年底到期前夕，获得了近一 年的喘息之机。 这看似寻常的行政操作，背后涌动的，却是大国博弈的暗流与全球经济休戚相关的现实。这并非简单的政策延续，而是一面镜子，照见了贸易战硝烟之下， 谁也无法置身事外的经济规律与深层依赖。 表面看，这是美国贸易政策的又一次调整。深层次看，这更像是市场规律对政治操弄的一次"逼宫"。 国际货币基金组织（IMF）曾一针见血地指出，美国此类关税政策，无异于"往全球经济的车轮上扔沙子"。沙子扔多了，车轮自然会减速，甚至停滞。如 今，美国自己也开始感受到这"沙子"硌脚的滋味。 以汽车产业为例，美国政府对进口汽车加征的25%关税生效后，反而会给美企带来巨大负担，当地汽车制造商的成本将激增1077亿美元。通用汽车公布的二 季度业绩报告显示，因关税导致当季损失11亿美元，净利润同比暴跌35.4% 。另一巨头斯泰兰蒂斯也预计，美国关税政策将使其在2025年损失约17亿美元， 并已因此裁撤了其五家美国工厂的900名员工。 关税不仅没有如承诺般创造就业， ...

Core Insights - The report emphasizes that the photovoltaic industry is entering a continuous capacity clearance cycle, driven by anti-involution policies and market dynamics, which will gradually improve the performance of existing photovoltaic companies [4][22][50] - The investment recommendation maintains a "stronger than market" rating, suggesting a focus on leading companies in niche sectors such as energy storage inverters, polysilicon materials, photovoltaic glass, and integrated component manufacturers [4][36][50] Group 1: 2025 Review and 2026 Outlook - In 2025, the photovoltaic sector saw a significant increase in installed capacity, with a total of 240.27 GW added, representing a year-on-year growth of 64.73% [4][36] - The report notes a bifurcation in stock performance, with the photovoltaic industry index yielding a return of 21.53% from January to November 2025, outperforming the Shanghai and Shenzhen 300 index, which returned 13.18% [14][20] - The outlook for 2026 indicates a slowdown in new installations, with expectations of stable demand and a focus on improving the quality of the industry through capacity reduction and consolidation [4][36][50] Group 2: Investment Recommendations - The report suggests that the energy storage inverter sector will benefit from a global upturn in energy storage demand, with significant growth expected in the market [4][36] - For polysilicon, the report highlights that anti-involution measures are likely to reverse the industry's challenges, recommending a focus on leading companies with performance elasticity [5][9] - The photovoltaic glass market is entering a phase of capacity optimization, with a recommendation to focus on leading companies that possess cost advantages [9][10] Group 3: Market Dynamics - The report indicates that the traditional markets in Europe and the U.S. are experiencing sluggish growth, while demand in Asia-Pacific and Africa remains robust, with imports of components continuing to grow rapidly [4][41][42] - The report outlines that the U.S. market is facing challenges due to the expiration of investment tax credits, which is expected to impact new installations negatively [45][46] - In contrast, the Middle East and Africa are emerging as hotspots for photovoltaic demand due to their energy transition needs and favorable market conditions [41][47]

Core Insights - The company, Dongfang Risen, has successfully obtained the Italian medium and low voltage grid connection certification for its iCon 125kW/261kWh liquid-cooled energy storage cabinet, marking a significant step in expanding its presence in the European energy storage market [1][2] Group 1: Certification and Market Entry - The certification from SGS indicates that the company's energy storage products meet the regulatory standards and technical specifications required for the Italian market, which is known for its stringent compliance requirements [1][2] - Italy's energy authority has implemented mandatory regulations since 2020, requiring all medium and low voltage grid-connected devices to comply with CEI 0-16/CEI 0-21 standards, which set rigorous performance and safety criteria [1][2] Group 2: Product Features and Market Strategy - The iCon 125kW/261kWh liquid-cooled energy storage cabinet is designed for commercial scenarios, featuring a highly integrated 4S design that reduces installation time and operational costs by 10% [3] - The product includes a nine-layer safety protection system and is adaptable to various commercial environments, helping users lower energy costs and improve power reliability [3] Group 3: Business Development and Market Trends - The company has made significant progress in its energy storage business, including the delivery of a 2MW/10MWh energy storage project in Japan and securing a contract for 100 units in the Belgian market [3] - The energy storage industry is entering a growth phase, driven by strong demand in sectors such as power, storage, and consumer electronics, leading to improved supply-demand dynamics [3][4] Group 4: Industry Position and Integration - As a leading supplier in the global photovoltaic manufacturing industry, the company has an annual production capacity of 40GW and is focused on integrating its supply chain to enhance competitiveness [4] - The company emphasizes collaboration with supply chain partners and customers to strengthen its market position and improve supply chain stability [4][5] Group 5: Research and Development Focus - The company is increasing its R&D investments in energy density, system efficiency, cost control, and safety performance, aiming to build a comprehensive competitive advantage in the energy storage sector [5] - The strategy includes optimizing product structure to create an integrated "photovoltaic + storage" industry chain, enhancing customer service capabilities and economic efficiency [5]

格隆汇11月27日｜长城证券研报指出，天合光能前三季度实现归属上市公司股东净利润-42.0亿元；Q3 实现归母净利润-12.83亿元，亏损程度环比Q2小幅减亏，业绩逐步修复。光伏组件修复，储能放量在 即。2025Q3公司组件销售市场进一步聚焦海外，海外出货比例提升至约6 成，叠加产业链反内卷初见成 效，光伏产品价格出现回暖，支撑公司组价整体ASP环比提升，带动组件业务实现减亏。后续随公司资 产销售规模继续增长，运维业务有望呈倍数级增长，为公司长期稳定业绩增长做出贡献。除此之外，公 司目前已实现储能电芯100%自供生产，作为具备自研电芯能力的储能系统集成商，能够为客户提供更 适配、高性能的整套解决方案，交付能力和项目执行效率不断提升，市场竞争力更上一层楼，截至目前 公司已签单的海外储能订单超10GWh，为明年出货量在今年的基础上翻番的目标提供一定支撑，规模 的持续扩大也将提升储能板块盈利质量，成为公司另一支柱业务。维持"增持"评级。 ...

Core Viewpoint - Tongwei Solar (Chengdu) Co., Ltd. has obtained a patent for "Heterojunction Solar Cells and Their Preparation Methods, Photovoltaic Modules," indicating a significant advancement in solar technology [1] Company Overview - Tongwei Solar (Chengdu) Co., Ltd. was established in 2011 and is located in Chengdu, primarily engaged in the production and supply of electricity and heat [1] - The company has a registered capital of 5.4 billion RMB [1] Patent and Innovation - The patent granted has the authorization announcement number CN120813110B, with an application date of September 2025, showcasing the company's commitment to innovation in solar energy [1] Business Activities - Tongwei Solar (Chengdu) has participated in 375 bidding projects, indicating active engagement in the market [1] - The company holds 1,256 patent records and has 14 trademark information entries, reflecting its focus on intellectual property [1] - Additionally, the company possesses 856 administrative licenses, which may facilitate its operational capabilities [1]

01 周价格表 | 多晶硅(Per KG) | 高点 | 低点 | 均价 | 涨跌幅 | | --- | --- | --- | --- | --- | | N型复投料(RMB) | 55.000 | 47.000 | 50.000 | 0.00% | | N型致密料(RMB) | 53.000 | 45.000 | 48.000 | 0.00% | | N型颗粒硅(RMB) | 49.000 | 45.000 | 47.000 | 0.00% | | 非中国区多晶硅(USD) | 22.000 | 13.100 | 17.500 | 0.00% | | 硅片 | 高点 | 低点 | 均价 | 涨跌幅 | | N型183单晶硅片-183mm/130pm (RMB) | 1.230 | 1.180 | 1.200 | -4.00% | | N型210单晶硅片-210mm/130µm (RMB) | 1.580 | 1.550 | 1.550 | -3.13% | | N型210R单晶硅片-210*182mm/130μm (RMB) | 1.250 | 1.200 | 1.220 | -2.40% | | 电池片 ...

Core Viewpoint - Contemporary Amperex Technology Co., Limited (CATL) has applied for a patent related to perovskite solar cells, indicating a focus on enhancing photovoltaic technology and efficiency [1] Company Overview - CATL was established in 2011 and is located in Ningde City, primarily engaged in the manufacturing of electrical machinery and equipment [1] - The company has a registered capital of approximately 4.4 billion RMB [1] - CATL has invested in 142 companies and participated in 571 bidding projects [1] - The company holds 658 trademark registrations and 5000 patent records, along with 1011 administrative licenses [1] Patent Details - The patent application titled "Perovskite Solar Cell and Its Preparation Method, Photovoltaic Module, Power Generation Device, and Power Consumption Device" was published with the number CN 121013546 A, and the application date is May 2024 [1] - The perovskite solar cell design includes a first electrode and a second electrode, with a perovskite layer and an electron transport layer arranged in sequence between them, which enhances light conversion efficiency [1]

主旨报告显示，过去十年，我国以年均3.1%的能源消费增长支撑了年均6.7%的GDP增长，单位 GDP能耗下降27%、碳排放强度下降34%。截至2025年6月底，我国发电总装机达36.5亿千瓦。其中，清 洁能源装机22亿千瓦、占总装机的60%。风电、光伏装机达到16.7亿千瓦，利用率保持在95%以上。"十 四五"以来，我国新能源年均新增2.2亿千瓦，贡献了全球80%以上的新增装机，可再生能源装机占全球 41%。96%以上的煤电机组完成超低排放改造，超净排放达到燃机水平。 在我国诞生的电力技术创新成果上，具有世界领先水平的特高压技术已实现了大规模应用，建成了 特高压输电通道44条，年"西电东送"电量超过7000亿千瓦时。同时，我国投产了世界最大单机容量百万 千瓦水电机组，陆上风电、海上风电最大并网单机达到11兆瓦、26兆瓦。目前，世界80%以上的光伏组 件和70%以上的风电设备来自中国，推动全球风电、光伏项目平均度电成本比10年前分别下降超过60% 和80%。 在新型储能规模化发展上，我国在运容量9500万千瓦，占全球比重超过40%。电动汽车保有量超过 2550万辆，充电设施1700万台、额定总功率达到1.96亿 ...