面对这一机遇，钧达股份作为行业稀缺的专业化光伏电池厂商，2025年上半年全力推进全球化战略，通 过持续开拓亚洲、欧洲、北美、拉丁美洲、澳洲等新兴市场并完成客户认证，搭建起完善的海外销售网 络。报告期内，公司境外收入达19亿元，同比大幅增长116.15%，海外销售占比从2024年的23.85%跃升 至51.87%。在印度、土耳其等核心海外市场，公司已成为排名领先的光伏电池供应商，全球出货量前 列的组件企业均为其长期稳定客户。 除产品出口外，公司同步探索海外产能本土化布局，2025年上半年与土耳其本土组件客户签署战略合作 协议，依托自身电池技术优势共建高效电池项目，满足土耳其及全球其他市场对高性能、高可靠性光伏 电池的迫切需求，填补区域电池产能结构性缺口，强化国际化产能配置与客户响应能力。 随着海外项目全面铺开及客户结构提质增效，公司海外业务至2026年的增长路径清晰，有望下半年迎来 盈利与业绩的同步复苏。 核心技术持续领跑 N型电池效率成本双优 8月25日晚间，钧达股份（002865）（002865.SZ/02865.HK）披露2025年半年度报告。报告期内，公司 实现营业收入36.63亿元，较2024年下半年 ...

在全球能源结构加速转型、中国"双碳"目标深入推进的背景下，中国光伏产业历经多年跨越式发展，已 成为全球能源变革的核心引擎。作为光伏领域的深度参与者，能环宝持续追踪中国国际清洁能源博览会 (CEEC)等行业风向标，从技术迭代、市场变革与政策调整中提炼战略洞察，为自身在"十五五"期间的 战略布局提供关键指引。 一、技术迭代：见证主流路线更替，锚定前沿领域布局 光伏产业的技术竞争始终是行业发展的核心主线。从"十二五"期间多晶硅BSF电池以15%-18%转换效率 主导市场，到"十三五"单晶硅PERC电池效率突破20%、成本十年降七成，再到"十四五"TOPCon电池量 产效率达25.4%、钙钛矿叠层电池实验室效率逼近34.6%，技术路线的快速迭代既展现了行业创新活 力，也对企业战略定力提出更高要求。 能环宝启示：技术领先需兼顾商业化可行性与产业链协同性。公司通过持续跟踪CEEC展出的新型电池 技术、智能逆变器及储能系统，认识到TOPCon电池凭借成熟的产业链基础与成本优势，短期内仍将占 据主流市场;而钙钛矿叠层电池虽面临稳定性挑战，但其"光伏终极形态"的潜力不可忽视。 二、市场变革：洞察应用场景升级，构建综合服务能力 ...

Core Viewpoint - The photovoltaic sector is experiencing a significant rebound driven by policy reforms and industry self-regulation, creating potential investment opportunities. Group 1: Market Drivers - The first driver is a strong policy initiative aimed at curbing unhealthy competition, with the Ministry of Industry and Information Technology targeting the elimination of outdated production capacity to support quality enterprises [3]. - The second driver is a collective production cut by leading polysilicon manufacturers, forming a "photovoltaic OPEC" that tightens supply and boosts silicon material prices by over 20% [3]. Group 2: Investment Strategies - Investors are advised to focus on leading companies that possess both technological and cost advantages, such as Tongwei and Longi, as they are likely to benefit from the policy reshuffle [3]. - Another strategy involves betting on innovative technologies like HJT and perovskite tandem cells, which have achieved laboratory efficiencies exceeding 32%, although mass production is still pending [3]. Group 3: Risks - There is a risk that production capacity clearance may not yield significant results, as some struggling companies continue to operate [4]. - The competition among different technological routes is fierce, and misplacing bets could lead to substantial losses [4]. - High trade barriers, particularly from the U.S., pose a risk with potential tariffs impacting the sector [4].

Core Viewpoint - The recent "anti-involution" policies are reshaping the renewable energy industry by curbing price wars and promoting technological innovation, leading to a structural transformation in sectors like photovoltaics and energy storage [1][2][3] Group 1: Industry Dynamics - The "anti-involution" policies aim to stabilize market order by addressing low-price competition, with solar glass companies collectively planning a 30% production cut, leading to a recovery in silicon material prices [1][2] - The policies are driving the exit of outdated production capacities, enhancing the scale and technological advantages of leading companies, such as CATL and BYD, which are accelerating their development of advanced technologies like solid-state batteries [2][3] - Companies are encouraged to shift from price competition to technological collaboration, with innovations in photovoltaic and lithium battery technologies gaining traction, thereby enhancing China's technological influence in the global supply chain [2][3] Group 2: Positive Industry Signals - The electricity sector is experiencing steady demand growth, with the China Electricity Council projecting a 5%-6% year-on-year increase in total electricity consumption by 2025, particularly in high-tech manufacturing and digital economy sectors [3][4] - The share of clean energy continues to rise, with non-fossil energy generation capacity expected to exceed 60% by 2025, and the installed capacity of wind and solar surpassing that of thermal power [3][4] - Technological advancements in the renewable energy sector are accelerating, with breakthroughs in photovoltaic efficiency and lithium battery energy density, leading to significant cost reductions and enhanced product performance [4] Group 3: Investment Opportunities - The Carbon Neutrality ETF (560560) is strategically positioned to benefit from the increased industry concentration and technological innovations, providing exposure to upstream, midstream, and downstream segments of the renewable energy supply chain [5] - The ETF serves as an efficient tool to capture the transition from "involution pain" to "high-quality development" in the industry, ensuring performance growth for its constituent stocks [5]

Group 1: Market Overview - The Shanghai Composite Index surged to 3497 points, just shy of 3500, while the ChiNext Index rose by 2.39%, indicating a strong market sentiment and profitability for investors [1] - The solar energy and AI sectors are highlighted as key drivers of market momentum, with significant capital inflow [1] Group 2: Solar Energy Sector - The solar sector experienced a "star-studded" performance, with companies like Shihang New Energy hitting the daily limit up, and established leaders like Yijing Photovoltaic and Yamaton also seeing strong gains [3] - Three main factors contributed to this surge: government policies aimed at eliminating low-price competition, technological breakthroughs in perovskite tandem solar cells achieving 34.2% efficiency, and substantial capital inflow of nearly 20 billion yuan into the sector [3][3] - Despite the positive outlook, challenges such as overcapacity in the industry, particularly in silicon materials and wafers, remain a concern [4] Group 3: AI Sector - The AI sector is experiencing explosive growth, with Industrial Fulian's stock hitting the daily limit due to a surge in AI server orders, reflecting a significant demand for computing infrastructure [3] - The demand for high-end PCBs in AI servers is three times that of traditional servers, indicating a robust market for PCB manufacturers [3] - Companies in related fields, such as textile machinery leader Zhuolang Intelligent, are also benefiting from AI collaborations, showcasing AI's penetration into various industries [3] Group 4: Consumer Electronics and PCB - The consumer electronics sector is benefiting from government subsidies and a wave of device upgrades, with major companies like Apple and Huawei set to release AI smartphones and foldable screens [4] - The PCB market is thriving, driven by the increased demand from electric vehicles, which require six times more PCBs than traditional vehicles [4] Group 5: Investment Strategy - Recommendations for investment include focusing on leading companies in solar energy and AI, such as Longi Green Energy and Industrial Fulian, while also considering hidden champions in consumer electronics and PCB sectors for potential gains [4] - A cautious approach is advised, suggesting to build positions gradually and wait for market corrections before increasing investments [4][5]

Group 1: Green Manufacturing in Photovoltaics - The company is focusing on green innovation and advanced production processes in the competitive photovoltaic industry, emphasizing the importance of technology upgrades every 1-3 years [1][2] - The company has established two perovskite technology laboratories and successfully developed various perovskite battery samples, indicating proactive strategic planning [1][2] - Innovative cutting processes have led to annual electricity savings of 1.018 million kWh, equivalent to a reduction of 580 tons of CO2 emissions [1] Group 2: Wastewater Treatment Innovations - The company is implementing a new governance model that integrates green environmental practices with cultural education and smart technology in wastewater treatment [2][3] - The Hu Daying wastewater treatment plant, with a daily capacity of 100,000 tons, saves approximately 67% of land resources compared to traditional plants and achieves 100% closed treatment of noise and odor [2][3] - The Xiaocangfang wastewater treatment plant features an AI water management system that enhances operational efficiency and emergency response capabilities [3] Group 3: Solid Waste Management and Energy Generation - The company has developed a waste-to-energy model that converts waste into clean electricity, with a cumulative processing of over 4.1 million tons of waste and a generated electricity output of 1.34 billion kWh by May 2025 [5][6] - The facility employs a collaborative disposal model that maximizes the energy value of solid waste, significantly reducing landfill volumes and avoiding methane emissions [5][6] - The company has invested in environmental technology innovation, leading to the development of 32 patents and 10 software copyrights, enhancing solid waste processing efficiency [6]

Core Insights - The report emphasizes the ongoing recovery of the Chinese economy, with consumption and investment as the main driving forces, suggesting a favorable environment for long-term investments in the stock market [5][9][12] - The report highlights the performance of various sectors, with banking, electricity, and chemical pharmaceuticals leading the market, while software development and automotive parts lag behind [5][9][12] - The report suggests a balanced investment strategy, focusing on companies with strong mid-year performance and reasonable valuations, particularly in the banking, electricity, and chemical pharmaceutical sectors [5][9][12] Domestic Market Performance - The Shanghai Composite Index closed at 3,457.75, with a slight increase of 0.39%, while the Shenzhen Component Index rose by 0.11% to 10,476.29 [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 14.13 and 38.67, respectively, indicating a suitable environment for medium to long-term investments [5][9] International Market Performance - Major international indices, including the Dow Jones and S&P 500, experienced declines of 0.67% and 0.45%, respectively, reflecting a mixed global market sentiment [4] Industry Analysis - The photovoltaic industry saw a record high in new installations in May, with 92.92 GW added, marking a year-on-year increase of 388.03% [14][15] - The report notes a significant increase in solar power generation capacity, with a focus on the integration of solar energy in desertification control projects [13][14] - The semiconductor industry continues to show growth, with global sales reaching $56.96 billion in April, a year-on-year increase of 22.7% [18] Investment Recommendations - The report recommends focusing on sectors with strong fundamentals and stable profitability, such as traditional engineering machinery and high-speed rail equipment, while also considering emerging technologies like humanoid robots and AIDC [29][30] - In the media sector, the report suggests monitoring the performance of films during the summer box office season, with several high-profile releases scheduled [32][35]

Core Viewpoint - Longi Green Energy (隆基绿能) aims to optimize its production capacity structure and expects to exceed 50GW in both HPBC2.0 battery and module production capacity by the end of 2025 [1] Group 1: Production Capacity and Technology - The company will focus on the replacement and upgrade of advanced HPBC2.0 production capacity this year [1] - By June 2025, Longi plans to officially launch HIBC technology and products at the Shanghai SNEC exhibition, with HIBC modules achieving a power output exceeding 700W and a mass production efficiency of 25.9% [1] - The power density of HIBC modules is reported to exceed 259W/㎡, indicating significant advancements in technology [1] Group 2: Market Position and Future Plans - Longi Green Energy has matured the conditions for large-scale mass production of HIBC battery technology [1] - Despite the advantages of perovskite tandem batteries in conversion efficiency, the technology is still in the research and development stage due to stability issues, and there are currently no mass production plans for this technology [1]

Group 1: Investment and Financing Activities - Shaanxi Yungu Zhonghui Biopharmaceutical Co., Ltd. completed seed and angel round financing totaling approximately 50 million RMB, aimed at establishing a hollow microneedle medical device production base and other facilities [2] - Hangzhou Yige Cloud Technology Co., Ltd. announced the completion of nearly 100 million RMB in Pre-B round financing, which will be used to develop an AI-driven integrated enterprise office support platform [3] - Suzhou Guangsu Technology Co., Ltd. secured tens of millions RMB in angel and Pre-A round financing to accelerate the development of core inkjet printing technology for perovskite tandem solar cells [4][5] - "Renren Rent," a one-stop circular rental service platform, completed D1 round financing of several hundred million RMB to enhance AI technology integration in its services [6] - Silicon Flow, an AI startup, completed several hundred million RMB in A round financing, with plans to expand its AI infrastructure offerings [7] - Beijing Zhilian An Technology Co., Ltd. completed D+ round financing of several hundred million RMB, marking its tenth round of financing since its establishment [8][9] - Longxing Aviation successfully completed A++ round financing of over 100 million RMB to enhance its research and development capabilities in the aviation electronics sector [10] - Wuxi Danikel Automation Technology Co., Ltd. announced a strategic financing round of over 100 million RMB, aimed at expanding its core technology and production capacity [11] - Meta confirmed a significant investment of 14.3 billion USD in Scale AI, which will enhance its AI capabilities and data services [12][13] Group 2: Company Developments and Innovations - Shaanxi Yungu has developed a full-chain production platform for microneedles, breaking foreign monopolies and planning to complete its first automated production line by September 2025 [2] - Yige Cloud has shown rapid growth with over 100% annual growth for three consecutive years, serving over 400 top clients across various industries [3] - Suzhou Guangsu is the only company in China to achieve commercial delivery of inkjet printing equipment for perovskite solar cells, with a focus on core process equipment [4][5] - Renren Rent has provided no-deposit rental services to over 15 million users, significantly reducing the total deposit amount by over 30 billion RMB [6] - Silicon Flow's platform has surpassed 6 million users and thousands of enterprise clients, becoming one of the fastest-growing third-party cloud service platforms in China [7] - Zhilian An Technology specializes in AIoT chips and has developed a series of core technologies for communication and signal processing [8][9] - Longxing Aviation aims to become a leading manufacturer of domestic aviation electronics, with a focus on developing products for major aircraft manufacturers [10] - Danikel has established a comprehensive product system for automated assembly solutions, with international certifications for its core products [11] - Scale AI reported strong revenue growth, projecting 2 billion USD in revenue for the current year, indicating robust demand for its data services [12][13]

Core Viewpoint - The photovoltaic industry is experiencing significant differentiation, with JinkoSolar's performance in Q1 2025 being particularly surprising as it reported a substantial increase in losses compared to its peers [3][4][14]. Financial Performance - JinkoSolar reported Q1 2025 revenue of 13.84 billion RMB, a year-on-year decline of 40.03% and a quarter-on-quarter decline of 33.13%. The net profit was -1.39 billion RMB, a year-on-year decrease of 218.2% [5][6][14]. - In comparison, Longi Green Energy reported revenue of 13.65 billion RMB and a net profit of -1.44 billion RMB, with revenue and net profit growth rates of -22.75% and 38.89%, respectively [5][14]. - JinkoSolar's cash flow from operating activities was -2.62 billion RMB, a decline of 323.43% year-on-year [6]. Market Position and Stock Performance - JinkoSolar's stock price has dropped over 70% since its peak in 2022, with a market value loss exceeding 138 billion RMB. In 2025 alone, the stock fell over 27%, marking a historical low [7][14]. - The actual controller of JinkoSolar, Li Xiande, has seen his wealth decrease significantly, dropping to 11.5 billion RMB, a decline of over 23.5 billion RMB [8]. Industry Trends and Challenges - The competitive advantage of JinkoSolar in TOPCon technology is diminishing as other companies rapidly adopt similar technologies, leading to oversupply in the market [15][16]. - The industry has seen an increase in effective TOPCon capacity of approximately 700 GW over the past two years, far exceeding global demand [16]. - JinkoSolar's gross profit margin for photovoltaic modules fell to 7.79% in 2024, down from 14.43% the previous year, indicating a significant decline in profitability [16]. Future Outlook - JinkoSolar is facing a challenging future due to the oversupply of TOPCon technology and the need for technological upgrades to remain competitive [18][25]. - The company is under pressure to transition to more advanced technologies like TBC or perovskite tandem cells, but the latter's stability issues may take over three years to resolve [22][24]. - JinkoSolar's financial situation is precarious, with a debt ratio of 72.72% and total liabilities of 86.56 billion RMB, indicating significant financial strain [24][25].