8月19日，工信部联合多部门召开光伏产业座谈会，打出规范竞争秩序的"组合拳"，推动落后产能退 出，健全价格监测和产品定价机制。此次行动距7月初首次行业座谈会仅隔46天，六部委协同之密集、 政策落地之迅速，凸显了决策层根治行业竞争格局的决心。回溯今年上半年，随着新修订《反不正当竞 争法》的实施、中央财经委员会对"低价无序竞争"的亮剑，光伏行业终于迎来从"价格厮杀"到"价值重 构"的关键转折。 光伏行业的转折，始于政策层面的精准发力。2025年以来，一系列针对性政策密集出台，直指"低价无 序竞争"的行业痛点，为产业健康发展划定了清晰边界。6月27日，新修订的《反不正当竞争法》正式实 施，明确禁止硅料、组件等产品以低于现金成本价格销售，为光伏产业链设定了价格底线，从法律层面 遏制"自杀式降价"，推动价格中枢向合理区间回归。紧随其后，7月1日中央财经委员会第六次会议提 出"依法依规治理企业低价无序竞争，推动落后产能有序退出"，7月3日工信部制造业座谈会进一步强 调"综合治理光伏行业低价无序竞争，引导企业提升产品品质"。政策的连续发声，释放出"优化供给侧 结构"的强烈信号。 政策的针对性，源于对行业规律的深刻把握。通过 ...

光伏：硅料价格延续小幅上行，下游价格持稳，市场观望氛围不减 华安证券近日发布电力设备行业周报：Q3新车密集上市，反内卷浪潮推动车市降价减 少、促销平缓，车市运行日益平稳，8月预计继续延续以销定产的平稳走势。我们维持年初 对于2025年汽车零部件板块投资主线在于"新"的判断，同时我们认为"确定性"的重要性在下 半年逐步增强，建议关注在业绩、新产品及客户确定性更高的零部件。 以下为研究报告摘要： 主要观点： 本周硅料价格继续小幅上探，N型颗粒硅料涨幅相对突出。硅片、电池片及组件价格延 续平盘走势，整体维持稳定。产业链观望情绪未改，市场整体仍处于弱平衡状态。建议关注 BC产业趋势。 风电：海上风电多地项目集中落地，投资建设加速推进 近期，中广核浙江新能源252MW海上风电工程招标启动，中龙源电力发布海南500MW 海上风电项目的投资建设提案，三峡能源山东半岛北300MW海上风电项目启动招标。本周 海上风电多地项目相继推进，200–500MW级项目密集启动，输电与投资环节同步落地。 储能：山西136号文细则公布，内蒙古独立储能持续火热 531后国内独立储能招标超预期，欧洲大储招标数据持续火热，欧洲补气周期电价上 涨， ...

转自：新华财经 近期，工业和信息化部等六部门联合召开光伏行业专题座谈会，部署规范产业竞争秩序。中国光伏行业 协会也发布行业自律倡议，明确提出遏制低价竞争、强化知识产权保护等核心主张。政策与行业组织连 续释放清晰信号：我国光伏产业正加速构建规范有序、创新驱动的"反内卷"高质量发展新格局。 龙头企业率先行动，从"各自为战"转向"协同共治"。2024年SNEC展会期间，中国光伏行业协会首任理 事长、天合光能董事长高纪凡提出"以技术突破打破内卷"，隆基、通威、晶科等七大龙头企业在央视 《对话》节目中共同书写"合"字，呼吁"产业整合与统筹规划"。同年，中国光伏行业协会首次公布行业 成本价，推动企业签署自律公约，天合光能、协鑫集团等企业率先响应，形成"以行业自律破局内卷"的 实践路径。 当前，光伏产业正经历深度调整期。业内分析指出，此次政策与行业的联动，有望成为行业触底反弹的 转折点。从中央政治局会议首提"内卷式竞争"到中央经济工作会议的明确要求，光伏行业治理正进 入"政府引导、协会参与、企业主导"的新阶段。8月25日，天合光能披露信息显示，高纪凡作为企业代 表出席六部门座谈会，明确表态将"切实加强行业自律，维护公平竞争 ...

以下为研究报告摘要： 报告要点： 周度行情回顾 2025年08月18日至08月22日，上证综指上涨3.49%，深证成指上涨4.57%，创业板指上涨 5.85%。其中申万电力设备上涨2.28%，较沪深300跑输1.90pct。细分子行业来看，申万光伏 设备/风电设备/电池/电网设备分别涨跌3.47%/-0.90%/2.53%/1.21%。 重点板块跟踪 国元证券近日发布电力设备新能源行业周报：2025年08月18日至08月22日，上证综指上 涨3.49%，深证成指上涨4.57%，创业板指上涨5.85%。其中申万电力设备上涨2.28%，较沪 深300跑输1.90pct。细分子行业来看，申万光伏设备/风电设备/电池/电网设备分别涨跌 3.47%/-0.90%/2.53%/1.21%。 光伏：近期光伏行业"反内卷"行动已上升至国家最高战略层面，行业积极信号持续酝 酿，重点聚焦硅料环节的产能整合同时强化产业链价格监管。当前行业处于周期底部，未来 政策力度将成为影响行业走势的关键变量。中长期来看光伏行业将进入高质量发展阶段，技 术升级和市场格局优化将成为企业竞争的核心要素。建议关注前期回调充分、α明确的硅 料、玻璃、电池 ...

央广网北京8月26日消息（总台记者郑颖 郎清哲 内蒙古台记者于学慧）据中央广播电视总台中国之 声《新闻和报纸摘要》报道，内蒙古自治区充分发挥能源综合优势，坚持煤电油气风光多元协同，大力 发展绿色能源，推动传统能源产业转型升级，实现能源经济高质量发展。 包头市昆都仑经济技术开发区管委会副主任徐永昕：现在需要用电生产硅料、做太阳能板，发电之 后我们储能，再把电运送到企业，变成一个循环设计。我们首先是钢铁，然后是晶硅、稀土、风电四个 集群。 公司总经理韩华山：一天的出货量基本在9000吨左右。所有设备国产化达到98.8%。"绿氢"全补进 去，一年煤的原料就能省到230万吨，二氧化碳的排放又能减排630万吨。 内蒙古自治区能源局副局长胡成东指出，目前内蒙古已构建起以煤制油气、煤制烯烃及精细化学品 为主的现代煤化工体系，新能源装机容量突破一亿千瓦。未来，内蒙古能源产业结构将更绿、更强、更 新。 作为传统工业城市、"草原钢城"的包头，正凭借新能源资源与制造业基础，快速培育晶硅光伏、风 电装备等产业集群，构建完整产业链。 在鄂尔多斯市一家煤基新材料有限公司，全自动生产线正将煤炭转化为聚乙烯和聚丙烯产品，涵盖 垃圾袋、奶茶杯 ...

证券研究报告 Q2 环比减亏，关注反内卷进展 通威股份 (600438 CH) 25Q2 公司毛利率 2.0%，环比+4.9pct，主要系国内光伏抢装驱动电池组件 价格提升，叠加公司加强内部管理，期间费用率大幅降低，25Q2 期间费用 率 为 8.5%， 环 比 下 降 5.0pct ，其中销售 /管 理 /财务费用率分别为 2.0/2.5/2.8%，环比下降 0.5/2.8/1.5pct。公司在手资金充沛，截至 25H1 末， 公司货币资金与交易性金融资产合计约 332 亿元；并储备丰富融资工具， 子公司永祥股份引入战略投资者增资扩股以偿还银行贷款并补充流动资金。 硅料龙头地位稳固，技术持续优化 25H1 公司硅料实现销量 16.13 万吨，全球市占率约 30%，位居行业第一。 公司硅料产品品质及成本继续保持领先水平，N 型出货比例达 90%以上， 硅耗降至 1.04kg/kg.si 以内，蒸汽基本实现零消耗，产品质量进一步提升， N 型料体金属降至 0.1ppbw 以内，表金属降低至 0.2ppbw 以内。 2025 年 8 月 25 日│中国内地 电源设备 通威股份发布半年报，2025H1 实现营收 4 ...

Core Viewpoint - The photovoltaic industry is experiencing a significant shift as regulatory bodies intensify efforts to combat low-price competition and improve product quality, aiming for a more sustainable and high-quality development model [1][4][8]. Industry Overview - The photovoltaic industry has faced a prolonged period of price decline, with downstream components entering a phase of widespread losses starting in Q4 2023, and upstream polysilicon prices dropping below industry average costs by mid-2024 [3][5]. - A series of meetings and regulatory announcements have been made to address the issues of low-price competition and product quality, including a call for industry self-regulation and innovation [4][8]. Regulatory Actions - The Ministry of Industry and Information Technology and other governmental bodies have initiated discussions to regulate the photovoltaic industry, focusing on curbing low-price competition, ensuring product quality, and promoting technological innovation [6][8]. - The introduction of management measures aims to facilitate the orderly exit of outdated production capacities and to establish a pricing mechanism that discourages below-cost sales [8]. Market Dynamics - Following the regulatory push, there has been a notable increase in polysilicon prices in the futures and spot markets, indicating a potential stabilization of the industry [5][6]. - Despite the upward price movement in polysilicon, downstream prices for battery cells and modules have not yet adjusted due to insufficient demand, leading to a cautious market outlook [7][9]. Quality Concerns - The quality of photovoltaic components has come under scrutiny, with a reported decline in compliance rates from 93%-94% to 69.4%, primarily due to issues like power mislabeling and inadequate testing standards [9][10]. - Industry leaders emphasize the need for a shift from price competition to value competition based on quality and innovation to ensure long-term sustainability [9][10].

Core Viewpoint - The photovoltaic industry is experiencing a significant shift as regulatory bodies aim to curb unhealthy price competition and improve product quality, which has been declining due to excessive competition and cost-cutting measures [1][4][8]. Group 1: Industry Challenges - The photovoltaic industry has faced a prolonged period of price decline, leading to widespread losses across the supply chain, with average prices for polysilicon dropping to 38,000 yuan per ton, below the average industry cost [1][2]. - The industry has been characterized by a focus on low prices over quality, prompting major manufacturers to outsource production to smaller firms to reduce costs [1][7]. - The quality of photovoltaic components has deteriorated, with a reported qualification rate of only 69.4% in 2024, down from 93%-94% in previous years, highlighting issues such as power mislabeling and inadequate testing standards [8][9]. Group 2: Regulatory Actions - A series of meetings led by the Ministry of Industry and Information Technology have emphasized the need to regulate the photovoltaic industry, targeting low-price competition and promoting technological innovation [3][6]. - The government has introduced measures to strengthen management of the photovoltaic manufacturing sector, aiming to guide the industry towards transformation and upgrade [2][6]. - The recent regulatory focus includes combating illegal practices such as selling below cost and misrepresenting product specifications, which are seen as detrimental to the industry's long-term health [6][8]. Group 3: Market Reactions - Following the initiation of anti-"involution" actions, prices in the polysilicon market have begun to rise, indicating a potential stabilization of the industry as supply-side reforms take effect [4][5]. - Despite rising prices in the upstream polysilicon sector, the downstream demand remains weak, preventing a full recovery in component prices [5][7]. - The industry is witnessing a shift towards a value-based competition model, emphasizing quality and technological advancement over mere price reductions [8][9].

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The photovoltaic module shortage has led to price increases, while the energy storage sector is initiating a "reverse involution" [1]. - In the new energy vehicle sector, the China Association of Automobile Manufacturers reported sales of 1.262 million units in July, a year-on-year increase of 27.4%, accounting for 48.7% of total new car sales for the month [1][25]. - The price of lithium carbonate has recently risen significantly, which is expected to restore profitability in related sectors, with a focus on battery and cathode material segments [1]. - Solid-state batteries have made progress in both new energy vehicles and energy storage applications, with a clear trend towards industrialization [1]. - The central economic work conference has emphasized the need to regulate "involutionary" competition and promote product quality in the photovoltaic sector [1]. - The hydrogen energy sector is being driven by continuous policy support, with pilot projects being launched in the energy sector [1]. Industry Dynamics - The electric equipment and new energy sector saw a weekly increase of 5.84%, outperforming the Shanghai Composite Index [10]. - The lithium battery index rose by 6.56%, while the wind power sector increased by 6.32% [13]. - The report highlights that the price of photovoltaic components has reached 0.7 yuan/W, with shortages primarily in the 710W large-format components [25]. - The energy storage market is witnessing significant project orders, such as a 2.8GWh independent energy storage project signed by Nandu Power [25]. - The report notes that the price of silicon materials remains stable, with mainstream prices for dense materials around 42-47 yuan/kg [15]. Company Dynamics - Ganfeng Lithium is collaborating with LAR to develop a lithium salt lake project with an annual production capacity of 150,000 tons of LCE lithium products [26]. - Keda Li reported a net profit of 769 million yuan for the first half of 2025, a year-on-year increase of 18.72% [26]. - Nandu Power reported a net loss of 232 million yuan for the first half of 2025, a year-on-year decline of 225.48% [26]. - Jinlang Technology reported a net profit of 602 million yuan for the first half of 2025, a year-on-year increase of 70.96% [26].

Core Viewpoint - The photovoltaic industry is currently facing significant challenges due to price competition and quality issues, prompting government intervention to regulate the market and promote high-quality development [1][2][4][7]. Group 1: Industry Challenges - The photovoltaic industry has experienced a continuous decline in prices over the past two years, leading to widespread losses across the supply chain, particularly in the downstream component sector starting from Q4 2023 [2][3]. - By June 2025, the price of polysilicon fell below 40,000 yuan per ton, which is below the cash cost for many manufacturers, exacerbating the industry's financial difficulties [2][4]. - The industry has seen a drop in the qualification rate of photovoltaic components to 69.4% in August 2024, down from 93%-94% in previous years, indicating a significant decline in product quality [9]. Group 2: Government Intervention - A series of meetings led by various government departments, including the Ministry of Industry and Information Technology, have been held to address issues of low-price competition and to promote quality standards within the industry [3][6][7]. - The government has proposed measures to strengthen industry regulation, including the management of project investments and the elimination of outdated production capacity [7][8]. Group 3: Market Dynamics - The "anti-involution" movement in the photovoltaic industry has led to rising prices in the polysilicon market, while downstream prices for battery cells and components have not yet adjusted due to insufficient demand [4][6]. - Companies are increasingly relying on OEM production due to insufficient order volumes, which has led to a reliance on lower-cost production methods [1][8]. - The industry is witnessing a shift towards value competition based on technology innovation and quality improvement, moving away from the previous focus on low-cost competition [9][10].