国别研究 [table_Header]2026.01.05 企业出海合规要点与案例指南——越南篇 产业研究中心 摘要： | [Table_Authors] | 李俊(分析师) | | --- | --- | | | 021-23154149 | | | lijun8@gtht.com | | 登记编号 | S0880525040063 | | | 纪尧(分析师) | | | 021-23185836 | | | jiyao@gtht.com | | 登记编号 | S0880525040003 | | | 孙欣欣(分析师) | | | 021-38038562 | | | sunxinxin@gtht.com | | 登记编号 | S0880525010001 | | | 何韫露(分析师) | | | 021-23185849 | | | heyunlu@gtht.com | | 登记编号 | S0880525110003 | | | 汪立亭(分析师) | | | 021-23219399 | | | wangliting@gtht.com | | 登记编号 | S0880525040004 | | | 李明亮 ...

每日经济新闻 （责任编辑：张晓波 ） 【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 2026年1月5日，光伏ETF华夏（515370）上涨1.2%，持仓股罗博特科涨超12%，旗滨集团涨超 6%，弘元绿能涨超5%。资金面上，光伏ETF华夏（515370）近二十日净流入超12亿元，最新规模达 15.2亿元。 消息面上，近日，国家知识产权局、工业和信息化部发布《关于进一步加强光伏产业知识产权保护 工作的意见》，明确提出要加强知识产权协同保护，根据对企业核心专利的综合性评议以及行政裁决对 知识产权侵权行为的裁定，加强光伏制造行业规范条件企业名单动态管理；强化知识产权海关保护，依 法禁止侵犯知识产权的光伏产品进出口。 平安证券认为，尽管光伏产业技术迭代速度较快，但当依然面临较严重的同质化竞争问题，其重要 原因之一是知识产权保护有待加强。本次主管部门发布加强光伏知识产权保护相关政策，有助于充分发 挥知识产权保护和激 ...

Core Points - Longi Green Energy Technology Co., Ltd. is a leading solar technology company focusing on monocrystalline silicon wafers and battery components, contributing to global zero-carbon development with its "electric + green hydrogen" products and solutions [1] - The company has recently formed a strategic partnership with Suzhou Jingkong Energy Technology Co., Ltd., a high-tech enterprise in the new energy sector, to enhance collaboration in research and development and smart manufacturing [1] Group 1 - The meeting between Wu Qingwen, the Deputy Secretary of the Municipal Party Committee and Mayor, and Longi Green Energy's Chairman, Zhong Baoshen, highlighted Suzhou's focus on national "dual carbon" goals and the promotion of new energy and energy storage industries [1] - Wu expressed optimism about the collaboration between Longi Green Energy and Jingkong Energy, emphasizing the potential for complementary strengths and the creation of a localized industrial ecosystem to drive high-quality development in Suzhou [1] - Zhong Baoshen acknowledged Suzhou's solid industrial foundation and favorable business environment, expressing confidence in the strategic cooperation to enhance the region's role in the energy storage supply chain [1]

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。 （文章来源：每日经济新闻） 展望后市，中信建投认为，"控价"已让7月以来主产业链价格上涨，硅料环节三季度实现扭亏为盈，"控 量"也随枯水期到来顺利推进。不过也提示当前硅料全行业库存约46万吨，压力依旧很大，若明年需求 持平或微降，硅料排产还需再降30%左右，才有望在2026年使库存回归正常。整体来看，其预计"反内 卷"政策将推动各环节盈利回归合理水平。 2025年12月5日，A股三大指数集体翻红，光伏ETF华夏（515370）午后涨幅扩大，上涨1.69%。资金面 上，12月4日，光伏ETF华夏（515370）大幅流入超1亿元。 消息面上，据SMM（上海有色网）统计数据，12月份，国内多晶硅排产环比下降0.96%；硅片排产环比 下降15.95%；电池片排产环比下降12.61%；组件排产环比下降13.58%。在行业自律等因素影响下，硅 料、硅片、组件等光伏产业链多个环节12月份排产环比下降。 ...

Core Viewpoint - Longi Green Energy Technology Co., Ltd. successfully issued a green corporate bond aimed at professional investors, marking a significant step in supporting private enterprise financing and aligning with national strategies for technological and green finance [1][2]. Group 1: Bond Issuance Details - The bond issuance scale is 1.48 billion yuan, with a term of 3+2 years and a coupon rate of 2.89%, categorized as a high-growth industry bond [1]. - Special arrangements have been made for investor protection and information disclosure, highlighting the bond's characteristics such as reliable information disclosure and active market trading [1]. Group 2: Company Mission and Strategy - Longi Green Energy aims to become the world's most valuable solar technology company, focusing on technological innovation and creating a product matrix that supports global zero-carbon development, including green electricity and hydrogen products [2]. - The successful issuance of the green corporate bond reflects strong support from the capital market for private enterprise financing and aligns with national strategies [2]. Group 3: Role of Guosen Securities - Guosen Securities acted as the lead underwriter and has provided various financing services to Longi Green Energy since 2012, raising a total of 26.19 billion yuan [2]. - The successful bond issuance demonstrates Guosen Securities' commitment to providing comprehensive financial services and supporting green development initiatives [2][3]. Group 4: Future Focus - Guosen Securities will continue to focus on serving the real economy, emphasizing technological innovation and green finance to contribute to high-quality development in the capital market and the real economy [3].

Core Insights - The company reported a revenue of 50.915 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.10%, with a net profit attributable to shareholders of -3.403 billion yuan, showing a reduction in losses compared to the previous year [1] - The company is acquiring a controlling stake in Suzhou Jingkong Energy Technology Co., Ltd., which specializes in lithium-ion battery energy storage systems, indicating a strategic move into the energy storage sector [2] - The photovoltaic industry is experiencing a "de-involution" trend, which is expected to improve pricing and profitability across the supply chain [2] Financial Performance - For Q3 2025, the company achieved a revenue of 18.101 billion yuan, down 9.78% year-on-year and 5.53% quarter-on-quarter, with a net profit of -0.834 billion yuan, showing significant reduction in losses compared to the previous quarter [1] - The company sold 11.26 GW, 13.46 GW, and 13.43 GW of silicon wafers in the first three quarters, and 16.93 GW, 24.92 GW, and 21.58 GW of battery modules, indicating stable sales performance [1] Strategic Moves - The acquisition of approximately 61.9998% voting rights in Jingkong Energy will allow the company to control the energy storage business, enhancing its product offerings in this growing market [2] - A significant launch event for energy storage solutions was held in London, showcasing the company's strategic direction in energy storage [2] Industry Outlook - The ongoing "de-involution" policies in the photovoltaic industry are expected to stabilize prices and improve profitability, which could benefit the company [2] - The company is projected to see revenue growth from 65.434 billion yuan in 2025 to 96.332 billion yuan in 2027, with net profits expected to turn positive by 2026 [3]

Core Insights - The A-share market saw a collective rise in the three major indices on November 24, 2025, with the photovoltaic ETF Huaxia (515370) increasing by 0.23%, and stocks like Micro导纳米, Arctech, and Deyang shares rising over 3% [1] Industry Developments - The Inner Mongolia Autonomous Region's Party Committee released recommendations for the 15th Five-Year Plan, emphasizing the need to successfully implement the "Three North" project, which includes high-quality construction of ecological projects such as the Yellow River "Z" shaped green belt and photovoltaic desertification control [1] - The "photovoltaic desertification control" model, which combines power generation with ecological restoration, is expected to achieve a win-win situation for both ecology and economy. Companies involved in this dual-functionality are likely to benefit from both renewable energy generation and potential ecological restoration subsidies, indicating strong profit certainty [1] Company Insights - The Huaxia photovoltaic ETF (515370) tracks the CSI Photovoltaic Industry Index, encompassing upstream, midstream, and downstream companies in the photovoltaic supply chain, including silicon wafers, polysilicon, solar cells, cables, photovoltaic glass, battery modules, inverters, photovoltaic brackets, and solar power stations, providing a comprehensive reflection of the photovoltaic industry's overall performance [1]

Core Insights - Longi Green Energy Technology Co., Ltd. has established itself as a leader in the global photovoltaic industry, focusing on monocrystalline silicon wafers, battery modules, and green hydrogen solutions since its inception in 2000 [1] - The company emphasizes a quality-driven approach, integrating advanced international quality management standards with digital technologies to enhance its quality management system across the entire value chain [1][3] Group 1: Company Overview - Longi Green Energy operates in over 160 countries, providing a comprehensive range of products and solutions in the "green electricity + green hydrogen" sector [1] - The company has been recognized for its quality management practices, receiving nominations for the China Quality Award and being selected as a leading enterprise in the national quality enhancement initiative [1] Group 2: Industry Context - The global photovoltaic industry is transitioning from scale expansion to quality enhancement, with Longi Green Energy responding to intensified competition and traditional quality management inefficiencies [2] - In December 2023, Longi's Jiaxing base was certified as the first "Lighthouse Factory" in the global photovoltaic sector, showcasing its commitment to advanced manufacturing and quality standards [2] Group 3: Key Practices - Longi Green Energy has developed a quality management philosophy that combines international standards with Chinese manufacturing practices, focusing on digital transformation and full value chain collaboration [3] - The company has implemented a comprehensive AI quality inspection system, achieving full coverage of 20 processes and significantly reducing anomaly handling time by over 90% [4][5] Group 4: Technological Innovations - The company has introduced five core digital use cases to support the "Lighthouse Factory" initiative, including AI-driven quality inspection and flexible production systems that enhance operational efficiency [4][7] - Longi Green Energy has established a dual quality management system based on ISO 9001 and IEC 62941 standards, ensuring comprehensive quality assurance from design to delivery [5] Group 5: Standardization and Influence - Longi Green Energy has been actively involved in standardization, leading the development of over 320 standards across various categories, including international standards for photovoltaic components [6] - The company views standard innovation as a key driver for development, facilitating technological advancements and industry upgrades through its participation in standard-setting [6] Group 6: Future Directions - The Jiaxing "Lighthouse Factory" serves as a model for the industry, with Longi Green Energy planning to replicate its smart manufacturing and digitalization experiences across 38 production bases globally [7] - The company aims to drive high-quality development in the global photovoltaic supply chain through a dual approach of digital transformation and comprehensive quality management [7]

Core Points - Longi Green Energy Technology Co., Ltd. issued the first phase of its 2025 technology innovation green corporate bonds, with a total issuance scale of 1.48 billion yuan and a coupon rate of 2.89% [1][2] - The bonds are categorized as high-growth industry bonds, featuring enhanced information disclosure and special investor protection clauses to ensure investor rights [1] - Longi Green Energy aims to become the world's most valuable solar technology company, focusing on technological innovation and offering a product matrix that supports global zero-carbon development [1] Summary by Sections - **Bond Issuance Details** - The bond issuance scale is 1.48 billion yuan, with a term of 3+2 years and a coupon rate of 2.89% [1] - The bonds are the first green corporate bonds issued by a private enterprise in China [1] - **Investor Protection and Market Features** - Special arrangements have been made for investor protection and information disclosure, highlighting five key features: reliable information disclosure, active market trading, effective market pricing, smooth financing communication, and diverse investor structure [1] - **Company Mission and Business Focus** - Longi Green Energy's mission is to "make good use of sunlight to create a green energy world," with a brand positioning of "stable and reliable, technology-driven" [1] - The company focuses on technological innovation across various business segments, including monocrystalline silicon wafers, battery modules, distributed photovoltaic solutions, ground photovoltaic solutions, and hydrogen equipment [1]

Core Viewpoint - The photovoltaic industry is experiencing a gradual recovery in profitability, with the main industry chain showing signs of reduced losses and improved margins, while the auxiliary industry chain remains stable [2][9]. Group 1: Industry Performance - In Q3 2025, the price of silicon materials rebounded from 34,000 yuan/ton to 51,000 yuan/ton, leading to a transmission of price increases in silicon wafers and batteries, although component prices remained stable due to poor acceptance in power stations [8]. - Q3 2025 marks the seventh consecutive quarter of losses for the main photovoltaic industry chain, but the ongoing anti-involution process is expected to restore prices to reasonable levels, potentially leading to industry valuation recovery [8][10]. Group 2: Financial Metrics - The overall profitability of the main industry chain improved in Q3 2025, with both gross and net profit margins showing a quarter-on-quarter increase [2]. - Capital expenditure in the photovoltaic sector remains low, with companies showing limited willingness to expand production amid ongoing losses [3]. - The asset-liability ratio for the industry remains high, with slight improvements noted in the battery segment, indicating a focus on survival rather than growth [4]. Group 3: Market Dynamics - Industry inventory levels have increased, with polysilicon inventory remaining high [6]. - Domestic photovoltaic installations are entering a low season, with medium to long-term global installation growth expected to be between 5% and 10% [7]. - The photovoltaic sector is primarily positioned to meet new electricity demand, with limited short-term capacity to replace traditional energy sources [9]. Group 4: Future Outlook - The anti-involution measures are expected to improve industry supply and demand dynamics, with companies in polysilicon, silicon wafers, and battery components likely to benefit from valuation recovery [10]. - New technologies, such as copper replacing silver in materials and perovskite solar cells, present opportunities for cost reduction and efficiency improvements in the industry [10].