□ 本报记者 刘叶琳 在全球能源转型加速的背景下，光伏产业作为清洁能源的重要组成部分，正面临前所未有的发展机遇。 然而，近期美国和欧盟针对光伏产业的一系列政策调整，给中国光伏企业的发展带来了新的挑战。 4月21日，美国商务部发布公告，对原产自柬埔寨、马来西亚、泰国和越南的晶体硅光伏电池（无论是 否组装成组件）的反倾销和反补贴调查作出肯定性终裁，上述东南亚四国光伏产品的反倾销税率范围在 0%~271.28%，反补贴税率范围在14.64%~3403.96%。5月20日，美国国际贸易委员会（ITC）正式表决 通过对东南亚四国光伏产品征收惩罚性关税的决议。这不仅对东南亚光伏产业造成冲击，也将对中国光 伏企业的海外布局产生影响。 与此同时，欧盟委员会于5月23日正式通过了《净零工业法案》（NZIA）的二级立法实施细则。该法案 通过一系列强制性措施重塑本土清洁能源产业链，明确规定到2026年，欧盟成员国必须确保光伏组件、 电池和热泵等新能源设备的年度部署需求，并要有固定的比例来自本土制造。这一政策旨在降低欧盟对 进口光伏组件的依赖，增强本土供应链的韧性，但同时也提高了中国光伏企业进入欧盟市场的门槛。 面对美国和欧盟的政策 ...

长江商报消息●长江商报记者 黄聪 亿晶光电（600537.SH）控股股东所持股份将全部被拍卖，这在上市公司中并不多见。 5月26日晚间，亿晶光电发布公告，公司于近日收到广东省深圳市福田区人民法院（以下简称"福田法院"）发来的 通知书，福田法院拟公开拍卖公司控股股东唯之能源所持公司共计2亿股无限售流通股，占其所持有公司股份的比 例为100%，占公司总股本的比例为16.90%。 5月26日晚间，亿晶光电发布公告，法院拟公开拍卖公司控股股东唯之能源所持公司共计2亿股无限售流通股，占 其所持有公司股份的比例为100%，占公司总股本的比例为16.90%。 截至5月26日收盘，亿晶光电股价为2.86元/股，唯之能源所持上市公司股票市值达5.72亿元。 公告显示，福田法院依据已经发生法律效力的《民事判决书》及广东省深圳市中级人民法院作出的《民事判决 书》，在执行申请执行人建信理财有限责任公司与被执行人勤诚达控股有限公司、唯之能源合同纠纷一案中，拟 拍卖、变卖被执行人唯之能源持有的公司共计2亿股无限售流通股，所得款项用以清偿债务。 亿晶光电表示，若本次司法拍卖成功，唯之能源将不再持有公司股份，公司控股股东及实际控制人将发生变 ...

美国商务部对光伏电池板的调查始于拜登政府时期（reuters） 预计美国商务部将在未来一周内启动反补贴税和反倾销税。针对四个国家和企业的税率各不 相同，最高的柬埔寨企业，两项关税合计起来将超过650%。 针对主要的光伏电池板企业还以企业为单位设定了税率。据美国商务部介绍，许多企业被视 为中国企业的当地法人，针对柬埔寨企业的税率最高将超过3400%。 美国自2022年以来，对从上述四国进口的光伏发电相关产品适用免税进口的特例措施。该措 施已于2024年6月结束。 美国前拜登政府开始了针对实施反补贴税和反倾销税的调查。ITC于2024年6月做出了初步判 断，认为"存在不当倾销行为"。 美国国际贸易委员会判断认定从越南、泰国等东南亚四国进口的光伏电池板价格被不当压 低，将对四国商品征收征收反补贴税和反倾销税…… 美国国际贸易委员会（ITC）5月20日做出最终判断，认定从越南、泰国等东南亚四国进口的 光伏电池板价格被不当压低。美国商务部今后将对从这四国进口的商品征收反补贴税和反倾 销税。 ITC当天进行了投票。最终判断认定从越南、泰国、柬埔寨、马来西亚进口的"晶体硅光伏电 池"因各国政府的补贴而在以低于合理价格的价格 ...

Core Viewpoint - The company is adapting to a challenging photovoltaic market by optimizing its business structure and focusing on innovation and new growth areas, while also addressing external uncertainties and competitive pressures [1][2] Company Operating Conditions - In 2024, the global photovoltaic market continued to grow, with China's cumulative grid-connected capacity reaching 886 million kilowatts by the end of the year, solidifying its position as the second-largest power source [1] - The company shipped over 70 GW of photovoltaic products in 2024 and aims for a target of 70-75 GW in 2025, balancing market share and profitability [1] - The storage business achieved a shipment of 4.3 GWh in 2024, with a target of 8-10 GWh for 2025, focusing on high-margin overseas markets [1][2] Business Strategy and Innovation - The company is transitioning from a photovoltaic product manufacturer to a comprehensive provider of photovoltaic and energy storage solutions, aiming for a 20% year-on-year growth in system solutions and digital energy services [1] - The company has developed a record-breaking photovoltaic component with a peak power of 808W and a solar cell efficiency of 31.1%, indicating significant advancements in technology [2] - A partnership with Oxford PV has been established to leverage cutting-edge technology and enhance the company's competitive edge in the market [2] Financial Health and Market Position - The company maintained a healthy cash flow of 8 billion yuan in 2024, with no large-scale capital expenditure plans for 2025, ensuring financial stability [1][2] - The company has a favorable long-term debt structure and is actively managing costs, achieving a nearly 30% reduction in overall expenses since the second half of 2024 [2] Market Outlook - The global photovoltaic market is expected to continue growing, with emerging markets projected to see over 30% growth, while the U.S. market remains uncertain due to tariff impacts [2] - The company is focusing on expanding its storage business in Europe and the U.S., with plans to increase its market presence in Latin America and Asia-Pacific [2]

Core Viewpoint - Trina Solar faces significant challenges in the photovoltaic industry in 2024, including rapidly declining module prices and external uncertainties, leading to widespread losses among industry players [1] Group 1: Company Performance and Strategy - Trina Solar expects to ship over 70GW of modules in 2024, with a first-quarter shipment of over 15GW and improved gross margins [1] - The company aims to balance volume and profitability, focusing on markets with better profit margins, such as Europe and Australia, while targeting a shipment goal of 70-75GW for the year [1] - The company reported an operating cash flow of 8 billion yuan in 2024, maintaining a healthy financial position despite industry pressures [5] Group 2: Market Dynamics and Challenges - The U.S. market is experiencing operational uncertainties due to high anti-dumping tariffs, prompting the company to closely monitor policy changes and adjust shipment volumes accordingly [1] - Emerging markets are expected to see significant growth, with the Middle East and Africa projected to grow over 30%, and Asia-Pacific expected to have double-digit growth [2] Group 3: Technological Developments - Trina Solar identifies a dominant technology landscape with TOPCon as the main technology, supported by BC and HJT technologies, with plans to launch TOPCon 2.0 in June [2] - The company is investing in perovskite-silicon tandem cell technology, which is expected to achieve 4% higher efficiency than current silicon cells [2] Group 4: Energy Storage Business - Trina Solar plans to achieve a storage shipment target of 8-10GWh in 2025, with a focus on high-margin overseas markets, particularly Europe [3] - The company has signed contracts exceeding 5GWh in overseas markets, indicating significant growth compared to the previous year [3] Group 5: System Solutions and Digital Energy Services - In 2024, Trina Solar's system solutions and digital energy services achieved positive profit growth, with a target of at least 20% growth in these segments for 2025 [4] - The company aims for system solutions and digital energy services to account for over 50% of its revenue and profits in the future [4] Group 6: Financial Health and Cost Management - Trina Solar has optimized personnel and reduced costs by nearly 30% over the past year, while maintaining a good level of cash flow [5] - The company has improved its financial management through digital transformation, increasing the digitalization rate of its financial system by 40% [5]

天合光能（688599.SH）2024 年年报及 2025 年一季报点评 | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 80,282 | 77,720 | 88,905 | 101,161 | | 增长率（%） | -29.2 | -3.2 | 14.4 | 13.8 | | 归属母公司股东净利润（百万元） | -3,443 | 998 | 1,956 | 2,905 | | 增长率（%） | -162.3 | 129.0 | 95.9 | 48.5 | | 每股收益（元） | -1.58 | 0.46 | 0.90 | 1.33 | | PE | / | 29 | 15 | 10 | | PB | 1.1 | 1.0 | 1.0 | 0.9 | ➢ 多业务齐头并进，打造综合能源整体解决方案服务商。储能：公司储能产品 销售遍及全球，累计出货超过 10GWh，参与多个国内外大项目。支架：24 年公 司支架实现出货 7.3GW，其中跟踪支架维持增长态势，在欧洲、拉美和中东等重 点区域出 ...

2025 年 5 月 6 日 公司研究 210 组件累计出货量稳居行业第一，持续优化全球供应链配置 ——天合光能（688599.SH）2024 年年报&2025 年一季报点评 要点 事件：公司发布 2024 年年报&2025 年一季报，2024 年实现营业收入 802.82 亿 元，同比-29.2%，实现归母净利润-34.43 亿元，同比-162.25%；2025Q1 实现 营业收入 143.35 亿元，同比-21.48%，实现归母净利润-13.20 亿元，环比减亏。 210 组件累计出货量稳居行业第一，计提减值阶段性影响公司业绩。（1）2024 年公司组件销量同比增长 18.31%至 64.48GW（包含电站、电站工程建设管理及 系统产品的合计出货量为 70.47GW），210 组件累计出货超 170GW 稳居行业第 一，但在产业价格快速下跌情况下公司光伏产业营业收入同比减少 27.13%至 557.09 亿元，毛利率同比减少 10.24 个 pct 至 4.30%。（2）2024 年公司风光 储项目指标获取量超 5.7GW，支架业务出货量达 7.3GW，储能舱及系统销售累 计出货超过 10GWh，在户用电 ...

Core Viewpoint - Technological innovation is the core driving force behind the energy transition, shifting the energy industry's focus from "resource-driven" to "technology-driven" [1] Group 1: Achievements in Solar Energy - China has made significant breakthroughs in energy technology innovation, including high-efficiency photovoltaic cells, perovskite technology, and advanced energy storage [1] - The Long Triangle Solar Photovoltaic Technology Innovation Center, led by Dr. Shen Hui, aims to serve the photovoltaic industry and promote technological progress [4][5] Group 2: Industry Challenges - The current state of the photovoltaic industry in China is concerning, with many production facilities facing shutdowns and potential waste of capacity [1][5] - There are barriers from Western countries, including unfair market treatment and tariffs, which pose challenges for the future of China's photovoltaic sector [5][20] Group 3: Research and Development Focus - The center is focusing on developing low-altitude and space power sources, with ongoing projects including satellite-mounted photovoltaic devices [10] - A world-class team of scientists has been assembled to lead major research directions, emphasizing practical applications over academic accolades [8][10] Group 4: Education and Talent Development - There is a strong emphasis on training young talent in the photovoltaic field, with a sense of urgency to cultivate the next generation of scientists [14] - The center has initiated a training program, PV School, inviting top experts to educate industry professionals [10] Group 5: Intellectual Property and Industry Cooperation - The need for China to establish its own intellectual property system is highlighted, especially in light of ongoing patent disputes with foreign companies [20][22] - Collaboration between Chinese photovoltaic enterprises and international research institutions is essential for mutual benefit, despite current ideological barriers [23][24]

Core Insights - The photovoltaic industry in China is rapidly developing, with a cumulative installed capacity of 887 million kilowatts by the end of 2024, solidifying its position as the second-largest power source domestically [2] - Companies are facing challenges such as supply-demand imbalance and intense competition, leading to a general decline in profitability and increased losses across the industry [2] - Trina Solar is leading the industry in standardizing component sizes and promoting a friendly photovoltaic ecosystem, achieving over 170 GW in shipments of its 210 components in 2024 [2][3] Industry Developments - The demand for flexible adjustment resources in the power system is increasing due to the large-scale integration of new energy sources, prompting leading companies to accelerate the integration of solar and storage solutions [3] - Trina Solar's energy storage capacity saw over 100% growth in 2024, with a shipment volume of 4.3 GWh, doubling from 2023, and it aims to ship between 8 GWh and 10 GWh in the current year [3] Technological Advancements - The industry is actively pursuing next-generation photovoltaic technologies, with Trina Solar leading in perovskite solar cell patents, holding 481 patents and ranking first globally [4] - Trina Solar's self-developed 210 mm large-area perovskite-silicon tandem solar cells achieved a maximum efficiency of 31.1%, setting new world records in both efficiency and component power [4] Strategic Shifts - Trina Solar has transitioned from a photovoltaic product manufacturer to a comprehensive solution provider for photovoltaic and energy storage, focusing on new growth areas such as smart microgrids and green hydrogen production [5][6] - The company aims to enhance its market position by increasing the proportion of new business and shifting from price competition to value creation, thereby building a green and low-carbon energy supply system for end users [6]

以下文章来源于非凡油条 ，作者非凡油条 非凡油条 . 非凡油条新家 降低对石油的依赖。 作者 | 非凡油条 来源 | 非凡油条 （ID：ffyoutiao） 一场惊天变局，在不知不觉中发生了。 去年中国原油进口量为5.53亿吨，同比下降1.9%。 除疫情影响外，这是近二十年中国原油进口量第一次下降。 能源的变迁，也在让就建立在能源上的工业体系，发生着翻天覆地的变化。 削减石油消费，再造能源产业 石油，是重要的化工原料，所以我们目前无法完全抛弃石油，而是要降低对石油的依 赖。 中国就是这么做的，去年化工用油还增长了7.3%，但成品油消费为3.9亿吨，同比下降 了2.4%。 成品油消费下降，新能源车功不可没。2024年，中国新能源汽车保有量突破3000万 辆，占汽车总量比重超过8%，累计替代汽油约2800万吨。 难道是中国能耗见顶了？并不是。 去年全社会用电量同比增长6.8%，仍然是 全球第一 的吞电巨兽。 而在发电端，中国新能源发电装机达14.5亿千瓦，去年首次超过火电装机规模。 可见中国正在做的，是 发展新能源，降低对石油的依赖。 中国新能源车渗透率已经超过40%，保有量还会继续增长，减少成品油消费，预计到 ...