新华财经上海11月20日电 （谷青竹） 随着光伏行业在第三季度回暖态势的基础上持续向好发展，近半 个月以来，长三角光伏企业迎来海外订单的集中爆发。值得注意的是，此轮"爆单"呈现"双轮驱动"态 势，光伏龙头企业的储能大单集中涌现，成为亮眼增长点。这一现象背后，是长三角光伏企业纷纷打造 储能业务的"第二增长曲线"战略布局，"光伏+储能"一体化出海彰显出长三角全产业链的强大竞争力。 传统优势持续领跑 11月17日，常州龙头企业天合光能旗下江苏天合储能传来消息，成功与北美、欧洲、拉美三大区域客户 签订总额2.66GWh的储能产品销售合同，其中北美区域订单规模高达1.08GWh，成为近期储能领域的标 杆订单。据悉，天合储能今年第四季度出货量预计将突破5GWh，接近2024年全年出货总量，今年储能 业务出货量环比增长366%，海外订单占比超40%，目前在手订单已突破10GWh，为2026年的持续增长 筑牢基础。 苏州阿特斯储能的表现同样亮眼。11月12日，该公司在一天内连获两大海外订单，既为德国下萨克森州 储能项目提供系统及20年服务，又拿下加拿大安大略省411MW/1858MWh的"天望2号"项目，该项目是 当地迄今规 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 光伏ETF华夏（515370）跟踪中证光伏产业指数，涉及光伏产业链上、中、下游企业，包括硅片、 多晶硅、电池片、电缆、光伏玻璃、电池组件、逆变器、光伏支架和光伏电站等，能够更好的反映光伏 产业整体表现。 每日经济新闻 （责任编辑：董萍萍 ） 11月19日，光伏ETF华夏（515370）震荡回调0.52%，持仓股中信博涨超2%，钧达股份、奥特维翻 红。 消息面，近日，在2025国际工程供应链发展大会上，中信博与中国能源建设集团国际工程有限公司 签署沙特PIF6福里斯1.2GW光伏项目跟踪支架合作协议。此次沙特PIF6福里斯1.2GW项目是中信博继上 周PIF6AFIF项目4.2GW项目合作后，在一周内达成的又一GW级重大项目合作。至此，中信博在沙特 PIF6项目集群中已累计获得高达5.4GW的跟踪支架合作。 中泰证券认为，中国光伏企业通过在沙特签约项目、投建工 ...

Core Viewpoint - The establishment of a photovoltaic factory by China’s CITIC Bo in Jeddah, Saudi Arabia, marks a significant step in the rise of local photovoltaic manufacturing, aligning with the Belt and Road Initiative and Saudi Arabia's Vision 2030 [1][3][21]. Group 1: Project Overview - CITIC Bo's factory in Jeddah covers approximately 100,000 square meters and will have an annual delivery capacity of 15GW upon completion of its second phase [3][4]. - The first phase of the factory, which began production in 2024, has an annual capacity of about 3GW, focusing on high-quality photovoltaic brackets [3][4]. - The project is strategically located about 60 kilometers from Jeddah Port, facilitating logistics and supply chain integration [5]. Group 2: Strategic Importance - The project represents a milestone in CITIC Bo's global expansion strategy and is a response to the growing demand in the Middle East market [3][6]. - The collaboration with China Energy Engineering Group highlights the integration of Chinese technological advantages with Saudi national strategic needs [3][21]. - The factory's development aligns with Saudi Arabia's Vision 2030, which aims for renewable energy to account for 50% of the energy structure by 2030, with a target of 40GW of cumulative photovoltaic installed capacity [6][21]. Group 3: Market Dynamics - As of the end of 2024, Saudi Arabia has operational photovoltaic projects totaling 6.15GW, with an average annual installation requirement of 6.8GW over the next five years [7]. - The rise of the photovoltaic market in Saudi Arabia presents significant opportunities for Chinese companies, given the lack of local photovoltaic giants and the strong demand for high-end products [16][17]. - CITIC Bo has achieved over 50% market share in the Middle East since entering the market in 2017, driven by technological leadership and superior service [18]. Group 4: Technological Edge - CITIC Bo's core competitiveness lies in its photovoltaic tracking bracket system, which utilizes multi-point parallel drive technology and AI algorithms to enhance power generation efficiency by approximately 8% [9][18]. - The company has secured over 15GW of photovoltaic project orders, with significant contracts in Saudi Arabia, including a recent 1.75GW project [11][21]. Group 5: Future Outlook - The completion of the Jeddah factory will enhance CITIC Bo's service capabilities in the Middle East and globally, contributing to Saudi Arabia's clean energy development [21][22]. - The factory is expected to play a crucial role in meeting the anticipated increase in photovoltaic installations in Saudi Arabia, projected to reach 16.4GW by 2025 [22]. - The collaboration between CITIC Bo and China Energy Engineering Group exemplifies a successful model of "Chinese factories + Chinese construction" in the Middle East [8][20].

Core Viewpoint - The news highlights the significant advancements and market position of Kesheng Technology in the concentrated solar power (CSP) sector, particularly through its successful projects and upcoming IPO, amidst a rapidly growing industry in China. Company Overview - Kesheng Technology has established itself as a leader in the CSP industry, with a total designed capacity of 1,250 MW, capturing a market share of 47.2% [2][15][16]. - The company has been involved in the development and operation of significant projects, including the first commercial CSP plant in China, demonstrating its strong technical capabilities [5][15]. Industry Growth - The CSP sector in China is experiencing rapid growth, with 26 projects expected to commence between 2021 and 2024, and Kesheng Technology is a key supplier for many of these projects [2][6]. - The market for CSP in China is projected to grow from 1.9 billion RMB in 2022 to 16 billion RMB by 2024, reflecting a compound annual growth rate (CAGR) of 102.7% [12]. Technological Advantages - Tower-type CSP plants, which Kesheng Technology specializes in, have become the mainstream technology in China, accounting for 83.7% of CSP projects from 2022 to 2024 due to their superior heat storage capacity and lower generation costs [3][5]. - The cost of electricity generated from CSP is expected to decrease significantly as technology advances, making it more competitive compared to photovoltaic and wind energy systems [8][9]. Financial Performance - Kesheng Technology's revenue is projected to grow from 20.85 million RMB in 2022 to 2.189 billion RMB in 2024, with net profits turning from a loss of 91.25 million RMB in 2022 to a profit of 540 million RMB in 2024 [6][7]. - The company reported a revenue of 980.94 million RMB in the first half of 2025, marking a year-on-year growth of 31.54% [6]. Market Position and Competition - Kesheng Technology's leading position is bolstered by its extensive experience and successful project implementations, but it faces potential risks from reliance on government policies and competition from other firms in the industry [16][17]. - The company is currently the only supplier with a cumulative service performance exceeding 1 GW in molten salt tower CSP plants, highlighting its unique market position [2][15].

Investment Rating - The industry investment rating is "Overweight" [70] Core Viewpoints - The photovoltaic support structure is a crucial component of photovoltaic power generation systems, directly impacting the efficiency and investment returns of solar power plants [6][16] - The global photovoltaic market is experiencing significant growth, with an expected increase in global installed capacity to approximately 530 GW in 2024, representing a year-on-year growth of 35.9% [50] - The domestic market for tracking supports is anticipated to benefit from the development of centralized photovoltaic power plants, with a notable increase in installed capacity [32] Summary by Sections 1. Photovoltaic Support Structures - Fixed supports are the primary application type in domestic photovoltaic power plants, while tracking supports are gaining traction due to their ability to adjust to the sun's angle, enhancing energy capture [30][32] - The market for tracking supports is expected to grow significantly, with a projected compound annual growth rate (CAGR) of approximately 13.4% from 2024 to 2027 [54] 2. Global Photovoltaic Development - The global demand for tracking supports is driven by the increasing installation of large ground-mounted photovoltaic power plants, with a projected market size of approximately 797 billion yuan in 2024 [54] - The penetration rate of tracking supports is expected to rise from 52% in 2024 to 64% by 2027, indicating a growing acceptance of this technology [54] 3. Key Companies - The report highlights the competitive landscape, noting that domestic companies like Zhongxinbo and Trina Solar are enhancing their international competitiveness and market positions [64][68] - Zhongxinbo is positioned as a leading global provider of photovoltaic support systems, with a strong focus on technological innovation and market expansion [66][68]

Summary of the Conference Call Company and Industry Overview - The conference call focuses on the photovoltaic (PV) tracking bracket market, specifically discussing the company CITIC Bo and its competitive position within the industry [2][3][4]. Key Points and Arguments Market Growth and Demand - The global PV tracking bracket market is experiencing rapid growth, driven by significant demand for ground power stations, although regional penetration rates vary widely [2]. - The demand for tracking brackets is projected to reach approximately 111 GW in 2024, with penetration rates still below 50% in many regions, particularly in the Middle East and India [3]. - China has a high demand for ground power stations but a low penetration rate for tracking brackets, indicating substantial growth potential [3][12]. Competitive Advantages of CITIC Bo - CITIC Bo holds a competitive advantage in emerging markets like the Middle East and India due to its Chinese background, integrated R&D and manufacturing model, and first-mover advantage [2][4]. - The company is expected to increase its market share to over 20% in 2024, driven by increased shipments in these regions [3][4]. Financial Performance and Stock Price - CITIC Bo's stock price has underperformed since 2025, influenced by factors such as lower-than-expected orders and tariff impacts [2][5]. - Despite stock price declines, the company achieved a record high in new orders in Q1, totaling 4.3 billion yuan, with a backlog of 7.3 billion yuan [5][11]. - The company is currently trading at a reasonable valuation of 13-14 times PE, compared to 15-20 times for US peers [7][24]. Industry Dynamics and Challenges - The tracking bracket industry has experienced cyclical fluctuations, with component price declines and recovering overseas demand contributing to industry recovery [2][8]. - Steel price fluctuations pose a risk to profit margins, although the overall impact is mitigated by stable delivery conditions across the industry [10][21]. Regional Market Insights - The US and Europe are mature markets with high penetration rates but slowing growth, while the Middle East and India are emerging markets with significant growth potential [13][14]. - In 2024, India's ground power station installations are expected to grow by 185%, reaching 18.5 GW, with CITIC Bo delivering nearly 10 GW [13][19]. Future Growth and Profitability - The company anticipates a slowdown in tracking bracket shipment growth in 2025 and 2026, following a 128% increase in 2024 [20]. - Long-term growth will depend on maintaining a strong presence in emerging markets and expanding into Europe, Latin America, and the US [25]. - Profitability is projected to exceed 1.5 billion yuan, contingent on global demand growth and steel price stability [25]. Additional Important Insights - The tracking bracket market is characterized by a significant disparity in profit margins between US and Chinese companies, with US firms benefiting from subsidies that enhance their margins [17]. - CITIC Bo's integrated production model allows for faster product iteration and lower costs compared to competitors who separate design and manufacturing [18]. - The company has successfully increased its tracking bracket delivery ratio from 40-50% to around 80%, with margins improving as steel prices decline [8][21]. This summary encapsulates the key insights from the conference call, highlighting the competitive landscape, market dynamics, and future outlook for CITIC Bo and the PV tracking bracket industry.

Core Viewpoint - The development of foreign trade is a crucial engine driving high-quality urban economic growth, with Suzhou actively responding to national policies to stabilize foreign trade growth through innovative financial services [1][9]. Group 1: Financial Innovation - Financial innovation is a strong support for foreign trade enterprises to explore international markets, with Suzhou financial institutions focusing on actual enterprise needs to launch specialized financial products and services [2][3]. - Jiangsu Zhongxin Bo New Energy Technology Co., Ltd. exemplifies the empowerment of foreign trade enterprises by Suzhou financial institutions, achieving rapid growth with significant support from banks [3]. Group 2: Service and Product Innovation - Various financial institutions in Suzhou are innovating services and products to meet diverse enterprise needs, with the Industrial and Commercial Bank of China Suzhou Branch establishing a special credit limit of 300 billion yuan and launching unique products to assist enterprises in expanding globally [4]. - Agricultural Bank of China Suzhou Branch has introduced over ten hedging products to meet different risk management needs of enterprises, while other banks are enhancing support for small and medium-sized enterprises [4]. Group 3: Currency Risk Management - Currency fluctuations pose significant risks for foreign trade enterprises, and Suzhou financial institutions are helping businesses improve their currency risk management capabilities through innovative service models [5][6]. - The Agricultural Bank of China Suzhou Branch established the province's first "Small and Micro Enterprise Currency Risk Hedging Service Center" to provide one-stop services for local enterprises [5]. Group 4: Tailored Services - Suzhou financial institutions are actively providing tailored services to meet the personalized needs of foreign trade enterprises, including dedicated financial advisory services [8]. - Export credit insurance plays a crucial role in stabilizing enterprises' order and export confidence, while domestic trade insurance helps mitigate credit risks in domestic trade [8]. Group 5: Future Outlook - Facing complex international economic conditions, Suzhou financial institutions aim to continuously inject "financial vitality" into the sustainable operation and stable development of foreign trade enterprises [9].