证券研究报告 协鑫科技 (3800 HK) 港股通 颗粒硅成本优势显著，盈利反转可期 2025 年 9 月 05 日│中国香港 新能源及动力系统 协鑫科技为全球颗粒硅龙头，成本优势显著，近期荣获"长三角地区企业绿 色低碳创新案例"与"零碳地球·奇点奖"。25H1 由于产业链供需错配， 硅料价格持续承压，以及开工率下降导致单位费用提升，短期业绩承压，实 现收入 57.3 亿元，同比-35.3%，归母净利-17.8 亿元，亏损同比+20.0%。 25 年 6 月下旬以来光伏"反内卷"持续推进，硅料作为供给侧改革重要抓 手，或通过能耗管控与产能收储实现落后产能出清，公司颗粒硅现金成本行 业领先，盈利修复空间较大，叠加钙钛矿已实现 GW 线量产，有望贡献业 绩增量，维持 "买入"评级。 颗粒硅成本优势显著，盈利反转可期 公司颗粒硅成本优势显著，25H1 现金成本（不含税）为 26.22 元/kg，保持 行业领先水平，其中 25Q2 为 25.31 元/kg，环比下降 6.5%；颗粒硅品质稳 定提升，25Q2"19 元素金属杂质≤1ppbw"产品比例提升至 91.8%，环比 提升 0.6pct，"浊度≤70NTU"产品 ...

前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 固态电池+机器人+光伏，锂电设备打破海外厂商垄断，市占率连续多年排名国内第一，固态电池领域初步 完成"湿法+干法"双产线布局，与宇树科技合作灵巧手产品处于内侧阶段，这家公司钙钛矿领域在国内率 先取得订单突破。 ...

以下文章来源于i黑马 ，作者i黑马 i黑马 . 让创业者不再孤独@i黑马 2015年，老温从郑州一个三本学校毕业，去了华强北开始创业。 2018年，我 3000万 投他的公司——找靓机。 吴世春 梅花创投合伙人、黑马加速导师 现在，我还是 他最大的外部股东。 2020年，他把找靓机 20亿 卖给了转转。 2022年，他又出来创业，问我有什么创业方向？ 我说，我也不知道，你先跟着我听听课吧。 在江西丫山出行的时候，他问我最近在看什么？ 我说，在看 钙钛矿 。 他说，这是什么矿？我说，这是一种新的光伏材料。 他说，我也去研究一下。 过了几个月，他说，春哥，我准备搞钙钛矿了。 于是，我就又把钱投给了老温。 先后给他投了三轮，最近的一轮又给他投了一个多亿。 现在， 我们更看重像老温这样，从小镇走出来的青年创业者。 他们或许贫穷，但他们聪明，有野心，前途无量。 下半年 ， 我们预计要投出去的金额，应该不小于 15个亿。 这是实实在在的子弹，我们弹药还是很充足的。 这里，认真给大家推荐一下： 9月21日-23日 ， 我将亲自带队 100家企业家 ， 去四川泸州线下游学 ， 探 访 下沉创新 ， 寻找增长新引擎。 你 在 ...

进入8月末，多家光伏企业接连发布2025半年报。记者梳理发现，"亏损"依旧是全行业面临的难题。 多位业内人士告诉记者，去年下半年以来的行业自律有成效，但企业去库存进度不及预期；上半年"抢 装潮"透支市场需求叠加美加征关税，致使国内外需求增长整体呈现放缓迹象；二级市场虽有回暖，但 可持续性有待检验，行业深度调整或仍尚未结束。 多位受访者表示，当前行业困境已非行业自律可以破解，亟需"有形之手"与"无形之手"协同发力。 | 证券代码 | 证券名称 | 営收[亿元] | 宫收同比增长率[%] | 净利润[亿元] | 康利润目比查到[%] | | --- | --- | --- | --- | --- | --- | | 600438.SH | 通咸股份 | 405.09 | -7.51 | -61.02 | -58.35 | | 002129.SZ | TCL中环 | 133.98 | -17.36 | -48.36 | -38.48 | | 688599.SH | 天合光能 | 310.56 | -27.72 | -28.45 | -654.47 | | 002459.SZ | 品澳科技 | 239.05 | -3 ...

中信证券认为，2025年是钙钛矿GW级产线招标元年，3年内设备需求下限将基本确定，同时迈向经济 性的路径逐渐清晰，上限可期。行业处于发展早期，技术路线尚未收敛，竞争格局尚未定型。我们判断 随着GW级产线的跑通与商业化的加快，拥有相关技术积累、钙钛矿战略优先级较高的设备厂商将率先 胜出。重点推荐HJT设备龙头、喷墨打印技术提供商，以及组件设备龙头、整线方案提供商。建议关注 相关PVD、激光厂商。 ...

Core Viewpoint - The article announces the return of the "Yuan Bao Jin Xuan" research tool, which has been upgraded to enhance its capabilities in capturing investment opportunities and market trends [1]. Group 1: Research Offerings - The new research tool will provide ten selected core research reports weekly [2]. - Daily market insights will be distilled to help investors anticipate industry turning points and leading companies' transitions [3]. Group 2: Industry Insights - The article highlights key technological advancements, such as the expected surge in foldable screen shipments to 70 million units and the potential market explosion for perovskite solar cells, projected to reach 130GW by 2030 with a 40% cost reduction [4]. - The high-end manufacturing sector is identified as a significant area for investment, particularly in domestic alternatives, with a noted 128% increase in overseas revenue for leading companies [5]. Group 3: Financial Projections - Revenue projections show a growth trajectory from 1,208 million in 2023 to 2,178 million in 2026, with a compound annual growth rate (CAGR) of approximately 24.3% [6]. - The net profit is expected to increase from 55 million in 2023 to 186 million in 2026, indicating a substantial growth rate of 52.3% in the final year [6]. Group 4: Competitive Advantages - The "Yuan Bao Jin Xuan" tool employs a selection standard ten times stricter than typical institutions, ensuring in-depth research by a professional investment team [11]. - The tool aims to provide essential investment information, including research reports and meeting minutes, to clarify expected discrepancies and potential beneficiaries [11]. Group 5: Promotional Offer - A limited-time annual subscription is available for 3,288 yuan, equating to approximately 9 yuan per day, promoting the tool as an essential resource for investors [12].

Market Overview - The market showed strong performance with all three major indices rising, particularly the ChiNext Index which surged by 2.25%, and over 3,900 stocks in the market increased in value, indicating heightened capital activity [1] Solar Energy Sector - The solar energy sector experienced significant gains with stocks like Shihang New Energy, Yijing Photovoltaic, and Tongwei Co. hitting the daily limit, driven by supportive policies from the Ministry of Industry and Information Technology aimed at promoting high-quality development in the solar industry [3] - New policies in regions like Yunnan are supporting the integration of solar manufacturing and power generation, leading to accelerated supply-side reforms and the exit of outdated production capacity, benefiting leading companies [3] - Technological innovations such as BC batteries and perovskite breakthroughs have greatly enhanced the competitiveness of solar companies [3] Computing Hardware Sector - The computing hardware sector saw notable performance with companies like Yihau New Materials and Xinyi Sheng reaching historical highs, driven by the explosive demand for AI computing power following the launch of NVIDIA's GB200 server [3] - The development of ASIC chips is accelerating, with expected shipments surpassing GPUs next year, which is a long-term positive for the entire computing supply chain [3] - Industrial Fulian, a leading global electronics manufacturer, is deeply tied to top clients like NVIDIA, showing strong performance in stock prices [3] Gaming Sector - The gaming sector also performed well, with companies like Ice Glacier Network and Giant Network seeing significant gains due to a substantial increase in the number of game licenses, reaching a 22-year high in June [4] - Supportive policies for the gaming industry are enhancing market expectations for profitability, while AI technology is improving development efficiency and user experience [4] Building Materials Sector - The building materials sector showed positive performance with companies like International Composite Materials and Shandong Fiberglass hitting the daily limit, driven by ongoing "anti-involution" policies aimed at improving industry fundamentals [4] - The central financial meeting emphasized the need to eliminate low-price disorderly competition, which is favorable for leading building material companies [4] Consumer Electronics and PCB Sectors - The consumer electronics sector benefited from increased tariffs on Vietnam by the U.S., highlighting the advantages of Chinese manufacturing, alongside domestic policies stimulating demand [4] - The PCB sector is experiencing growth due to surging demand for high-end products in AI servers and automotive electronics, with leading companies accelerating production [4] Underperforming Sectors - The banking sector saw declines, with major banks like Shanghai Pudong Development Bank dropping over 2%, attributed to tightening liquidity at month-end and institutional reallocation of funds [5] - The power sector also faced a pullback, influenced by changing demand expectations following high temperatures [5] - The insurance sector and controlled nuclear fusion sector underperformed due to regulatory impacts and previous overvaluation, respectively [5] Conclusion - Overall, the market displayed a clear structural trend with strong performances in solar, computing, and gaming sectors, while banking and power sectors lagged behind [5]

Core Viewpoint - The photovoltaic equipment sector is experiencing a strong performance, with significant gains in stock prices and inflows into related ETFs, despite a year-to-date decline in ETF values [1][4]. Group 1: Market Performance - Major photovoltaic stocks such as Yijing Photovoltaic and Oujing Technology have reached their daily limit up [1]. - Multiple photovoltaic ETFs, including Silverhua Photovoltaic 50 ETF and Huatai-PB Photovoltaic ETF, have seen increases of over 1% [1]. - Year-to-date, the photovoltaic ETFs have declined nearly 10%, with over 3.5 billion yuan net inflow into these funds [4]. Group 2: Fund Inflows - The top-performing ETFs in terms of net inflow include Huatai-PB Photovoltaic ETF with 2.637 billion yuan and Tianhong Photovoltaic ETF with 546 million yuan [4][6]. - Other ETFs also recorded net inflows, albeit at lower amounts, indicating a general interest in the sector despite the overall decline [6]. Group 3: Industry Dynamics - Recent reports indicate a 30% production cut among major domestic photovoltaic glass manufacturers, with some companies maintaining normal operations [8]. - The photovoltaic industry has seen a significant increase in new installations, with 197.85 GW added in the first five months of 2025, a 150% year-on-year increase [8]. - The industry is facing challenges such as supply-demand mismatches and market failures, which have led to intensified competition and price declines [9].

Core Viewpoint - The article emphasizes the importance of focusing on structural alpha opportunities in various sectors, particularly in real estate and metals, as market conditions evolve and performance indicators shift [4][5][6]. Group 1: Market Overview - In June, major A-share indices experienced an overall increase, with the ChiNext index rising by 6.1% [4]. - The Hong Kong stock market showed a fluctuating upward trend due to improved overseas conditions and domestic risk appetite [4]. Group 2: Real Estate Sector - The real estate sector is currently exhibiting weak beta, but structural highlights are emerging due to further regional and urban differentiation [5]. - From January to May 2025, the sales amount of commercial residential properties in key cities (Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, and Chengdu) increased by 14.4% [5]. - The transaction volume and price of land in 30 core cities tracked by Everbright rose, with a transaction area increase of 15.6% and a floor price increase of 23.9% [5]. Group 3: Metals Sector - The price of electrolytic aluminum reached a three-month high, indicating potential recovery in the steel sector's profitability towards historical average levels [6]. - The Ministry of Industry and Information Technology revised the "Steel Industry Normative Conditions," which may positively impact steel companies [6]. Group 4: Copper Industry - LME copper inventory has dropped to a 22-month low, leading to tight copper supply outside the U.S. and a subsequent price increase due to short-covering [8]. - Domestic air conditioning production is expected to decline by 13% year-on-year from July to September, indicating a slowdown in demand [8]. Group 5: Semiconductor and Chemical Materials - The global semiconductor sales are projected to reach approximately $630.5 billion in 2024, with a year-on-year growth of about 19.7% [9]. - The steady growth in the semiconductor market is expected to drive demand for semiconductor materials [9]. Group 6: Renewable Energy - The wind power sector is anticipated to see improved profitability due to stable pricing and cost reductions in components [10]. - The photovoltaic sector is expected to benefit from upcoming policies aimed at preventing excessive competition, with a focus on specific technologies and companies [10].

Overall Viewpoint - Wind power: The price of wind turbine units is stabilizing, and the trend towards larger units along with cost reductions in components will drive continuous improvement in profitability for the turbine segment through 2026. The 136 document reshapes the logic of new energy installations, as wind power has a favorable output curve, leading to a potential recovery in wind power development and power station sales. Short-term pressure is expected from June wind power bidding and Q2 performance, but the market is gradually digesting these issues, and expectations for improvement in related indicators are forming [2]. Component Segment - Attention is drawn to the trend of larger turbine units, particularly in the bearing segment, and investment opportunities in European offshore wind products. The current timing is crucial for performance realization [3]. Photovoltaics - This week, the price of polysilicon futures has rebounded due to news factors. After experiencing internal competition policies in Q4 2024 and a rush for installations in Q1 2025, the photovoltaic sector's debt repayment ability did not continue to deteriorate during Q1 2025. However, starting in May 2025, production and prices in the photovoltaic sector have declined, further worsening the sector's debt repayment and profitability. It is anticipated that supply or demand-side support policies will strengthen in the next phase, with a focus on BC cells, perovskite, silicon materials, and low-PB integrated companies [3]. Solid-State Batteries - The market for solid-state batteries has expanded to include copper foil, separators, and other segments, which are currently at low price levels and in distress, but may not have reversed yet. In the short term, there is a risk of a pullback in the solid-state battery sector. However, in the medium term, battery manufacturers are actively advancing semi-solid production lines and full solid-state experiments, leading to increased capital expenditure in the solid-state battery sector, supported by policies. Continuous attention is recommended for solid-state battery front and mid-process equipment, lithium sulfide, solid-state electrolyte membranes, and dry-process positive electrode technologies [3]. Energy Storage - There is a consensus in the market regarding the favorable outlook for large-scale energy storage in Europe and overseas commercial storage. However, there are differing views on the profitability improvement and demand rhythm for domestic large-scale storage following the 136 document. The good bidding data for large-scale storage in May-June is related to the "531" rush for installations and independent energy storage "land grabbing." The mid-term profitability improvement for large-scale storage relies on the construction of the electricity market and improved trading flexibility, while the peak-valley price difference remains cyclical. In the short term, large-scale storage still requires substantial subsidies, but the commercial model is expected to improve, necessitating continuous monitoring of large-scale storage bidding data changes in the second half of the year [4][5].