Core Viewpoint - The article highlights significant advancements in the perovskite solar cell technology, particularly a new prototype achieving a conversion efficiency of 27.2%, which marks a critical step towards commercialization in the solar energy sector [3][5][6]. Technological Breakthroughs - Researchers from the Chinese Academy of Sciences have developed a perovskite solar cell prototype with a light conversion efficiency of 27.2% and improved operational stability [3][5]. - The study published in the journal "Science" addresses issues of uneven chlorine distribution in the perovskite layer, which previously affected performance and stability [5][6]. - The new method introduced by researchers enhances the quality of perovskite films, extending carrier lifetimes to 20 microseconds and significantly reducing interface defect density [6]. Market Dynamics - The photovoltaic industry has seen a stabilization and recovery in prices since the third quarter, driven by "anti-involution" policies [3][9]. - Major photovoltaic companies reported improved profitability in Q3, attributed to stabilized supply chain prices and reduced inventory impairment losses [9]. - The "anti-involution" policies focus on controlling prices and production volumes, which have begun to yield positive results in the industry [9][10]. Industry Developments - The perovskite sector is experiencing a robust trend of technological breakthroughs, industrial implementation, and supply chain localization [7]. - A significant milestone was achieved with the first large-sized commercial perovskite module produced by a Zhejiang company, marking a transition from laboratory to large-scale commercial application [6][7]. - The National Energy Administration's new guidelines aim to promote the integration of coal and renewable energy, potentially creating new growth opportunities for the photovoltaic sector [10].

Investment Rating - Maintain "Buy" rating for the industry [5] Core Views - The perovskite photovoltaic technology is advancing towards large-scale commercialization, with significant milestones achieved in the supply chain and technology breakthroughs [1][14] - The offshore wind power sector is expected to accelerate, particularly benefiting companies in Jiangsu's offshore wind industry chain [2][16] - The hydrogen energy sector is encouraged to utilize green hydrogen in coal chemical projects, with a focus on developing large-scale photovoltaic bases in coal-producing areas [3][20] - The energy storage market is seeing competitive bidding with a range of prices, indicating a growing demand for energy storage solutions [3][21][26] - The electric vehicle sector is witnessing a surge in long-term supply agreements for electrolyte products, reflecting a shift in supply-demand dynamics [4][30] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The world's largest commercial perovskite photovoltaic module has been released, marking a significant step towards commercialization [1][14] - Key developments include the successful production of large-sized perovskite modules and the domestic production of TCO conductive film glass [1][15] - Focus areas include supply-side reform opportunities, long-term growth potential from new technologies, and industrialization opportunities in perovskite technology [1][15] 1.2 Wind Power & Grid - A significant green electricity direct connection plan has been issued in Jiangsu, expected to boost offshore wind development [2][16] - The approval of the Panshi ultra-high voltage AC project is anticipated to enhance the wind power sector's infrastructure [2][17] - Key companies to watch include Goldwind Technology, Yunda Co., and Mingyang Smart Energy [2][19] 1.3 Hydrogen & Energy Storage - The National Energy Administration encourages the integration of coal and new energy, promoting large-scale photovoltaic projects in coal areas [3][20] - Energy storage bidding shows a range of prices, indicating a competitive market with significant project scales [3][21][26] - Companies to focus on include Sungrow Power Supply, Aters, and other leading energy storage firms [3][29] 2. New Energy Vehicles - Tianci Materials has signed long-term supply agreements for nearly 1.6 million tons of electrolyte, indicating a robust demand forecast [4][30] - The total locked-in electrolyte supply has exceeded 3 million tons, reflecting a strategic reserve against future capacity expansions [4][30] - Key companies to monitor include Tianci Materials, Hunan Youneng, and Enjie Co. [4][30][31]

Group 1 - The core viewpoint of the news highlights a significant breakthrough in the global photovoltaic sector with the launch of the world's largest perovskite photovoltaic commercial module by Zhejiang-based company "Xianan Optoelectronics," which has a power output of 509.21W and an efficiency of 18.60% [1] - The traditional silicon battery efficiency is nearing its theoretical limit of approximately 27%, leading to a price war within the industry. In contrast, perovskite single-junction batteries have a theoretical efficiency of 33%, and tandem batteries can exceed 40%, indicating substantial potential for cost reduction and commercial application [1] - The commercialization of perovskite technology is expected to inject new growth momentum into the photovoltaic industry, shifting the focus from "scale expansion" to "technological innovation," which may reshape market competition rules in the long term [1] Group 2 - The ChiNext New Energy ETF (159368) is the largest ETF fund tracking the ChiNext New Energy Index, covering various sectors including batteries and photovoltaics, with a total scale of 829 million yuan as of October 31, 2025 [2] - The ETF has the highest elasticity with a potential increase of up to 20%, and the lowest fee rate, with a combined management and custody fee of only 0.2% [2] - The ETF's composition includes 51% energy storage and 30% solid-state batteries, aligning with current market trends [2]

2025年11月05日 国泰君安期货商品研究晨报-绿色金融与新能源 | 观点与策略 | | --- | | 镍：冶炼端累库压制，矿端不确定性支撑 | 2 | | --- | --- | | 不锈钢：钢价低位窄幅震荡运行 | 2 | | 碳酸锂：复产预期叠加淡季预期，偏弱震荡 | 4 | | 工业硅：仓单持续去化，底部支撑偏强 | 6 | | 多晶硅：关注本周信息情况 | 6 | 国 泰 君 安 期 货 研 究 所 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 119,700 | -1,250 | -860 | -1,480 | -1,200 | -2,020 | | 期 | | 不锈钢主力（收盘价） | 12,545 | -85 | -205 | -120 | -185 | -375 | | 货 | | 沪镍主力（成交量） | 122,871 | 25,519 | -33,425 | 62,480 ...

2025 年 11 月 05 日 工业硅：仓单持续去化，底部支撑偏强 多晶硅：关注本周信息情况 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2601收盘价（元/吨） | 8,885 | -255 | -70 | -170 | | | | Si2601成交量（手） | 379,786 | 152,978 | 118,699 | 61,649 | | | | Si2601持仓量（手） | 242,153 | 13,885 | 30,483 | -17,812 | | | 工业硅、多晶硅期货市场 | PS2601收盘价（元/吨） | 53,715 | -2,350 | -640 | - | | | | PS2601成交量（手） | 274,348 | 59,060 | 66,148 | - | | | | PS2601持仓量（手） | 128,876 | -1 ...

Core Insights - The global photovoltaic sector has achieved a significant breakthrough with the launch of the world's largest perovskite photovoltaic commercial module by Zhejiang-based company "Xiana Photovoltaics" [1] - The newly certified 2.88m² module has a power output of 509.21W and an efficiency of 18.60%, marking a leading position in the industry [1] - The rapid development of perovskite technology, from the first mass-produced 90W module in 2022 to surpassing 500W in just three years, indicates faster-than-expected progress [1] Company Highlights - Xiana Photovoltaics is recognized for its innovative perovskite technology, which is simpler to manufacture and more cost-effective than traditional silicon solar cells [4] - The company has achieved notable milestones, including being the first Chinese enterprise to publish a research paper as the independent first author in the prestigious journal Science [1][4] - The CEO of Xiana Photovoltaics expressed excitement over the rapid advancements and the company's ability to exceed initial expectations [1] Industry Context - The photovoltaic industry is entering a third-generation development phase, with a clear recognition of the oversupply of crystalline silicon capacity [4] - National policies are actively guiding industry upgrades and encouraging innovation in new technologies like perovskite [4] - Currently, there are few companies in China mastering perovskite photovoltaic technology, with Xiana Photovoltaics being a leading player in this emerging field [4]