Core Viewpoint - The technology theme is identified as the undisputed investment focus for 2025, with listed companies accelerating their development in both intrinsic and extrinsic ways to forge new productive forces [1] Group 1: Technological Advancements - Listed companies have made significant breakthroughs in key areas such as AI, semiconductors, biomedicine, high-end equipment, and communications this year [2] - Notable achievements include the world's first four-channel ultra-low noise semiconductor single-photon detector by GuoDun Quantum, and the approval of the world's first "rice-based" innovative drug by HeYuan Bio [2] - The trend of humanoid robots continues to gain momentum, with companies like Green Harmonic and Estun launching advanced components and robots for industrial applications [2] Group 2: Market Dynamics and Mergers - The total market capitalization of A-shares reached 107.32 trillion yuan, with the electronics sector leading at 12.42% of the market share, an increase of nearly 3 percentage points since the beginning of the year [3] - Companies are increasingly using mergers and acquisitions (M&A) as a strategy for resource reallocation and transformation, with significant activity in the semiconductor and information technology sectors [5] - In 2023, there were 1,104 new M&A disclosures in the Shenzhen market, totaling 553.7 billion yuan, marking a year-on-year increase of 54% [5] Group 3: Transition to New Productive Forces - Companies are focusing on transitioning to new productive forces, with examples like Wanlong Optoelectronics planning to acquire a leading infrastructure digital service provider [4] - The trend of cross-industry transformation is supported by policies, as seen with Songfa Co. transitioning from ceramics to shipbuilding and high-end equipment manufacturing [5] - The emphasis on high-quality development is evident as industries shift from "scale involution" to "quality upgrades," particularly in sectors like photovoltaics and new energy vehicles [6] Group 4: Innovation and Sustainability - Companies are investing heavily in R&D, with a total of 1.16 trillion yuan spent in the first three quarters of 2025, maintaining a scale above 1 trillion yuan for three consecutive years [2] - The ESG (Environmental, Social, and Governance) concept is gaining traction, with companies like Shede Liquor pioneering ecological brewing practices [6] - The government is promoting innovation and technology integration, with plans to support the establishment of innovation consortia and enhance the development of high-tech enterprises [7]

格隆汇12月25日丨太阳能(000591.SZ)在互动平台表示，公司小面积钙钛矿晶硅叠层电池效率目前已超 过30%。未来公司也将对制造业务进行战略转型升级。 一是实施轻资产降本运营策略；二是加强钙钛 矿晶硅叠层电池研发，攻坚前沿技术，提升竞争力；三是开展数智转型创新业务，以平台为基础，以现 有智能运维产品为亮点，探索细分场景的一体化解决方案。 ...

中来股份12月17日在互动平台表示，公司目前量产出货TOPCon高效电池，钙钛矿晶硅叠层电池属于公 司储备技术，处于研发阶段。 ...

中来股份（300393.SZ）12月17日在投资者互动平台表示，公司目前量产出货TOPCon高效电池，钙钛矿 晶硅叠层电池属于公司储备技术，处于研发阶段。 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司的钙钛矿太阳能电池的进度如何了，是否 已经量产出货？ （记者 王瀚黎） ...

Group 1 - The company is currently in the research and development phase of perovskite-silicon tandem battery technology, and large-scale production and application are still early [2] - The company will continue to monitor industry technological developments and applications [2]

格隆汇11月26日丨中来股份(300393.SZ)在投资者互动平台表示，公司的钙钛矿晶硅叠层电池尚处于研 发阶段，规模化量产和应用尚早，公司将持续关注行业技术发展及应用。 （原标题：中来股份(300393.SZ)：公司的钙钛矿晶硅叠层电池尚处于研发阶段） ...

南方财经11月21日电，通威股份在互动平台表示，目前公司钙钛矿晶硅叠层电池产品转换效率已突破 34.78%，210半片全尺寸电池（全面积）效率达到28.39%，处于行业领先水平。 ...

Group 1 - The conference on perovskite technology will be held from August 26-28, 2025, in Changzhou, Jiangsu, with over a thousand attendees and more than a hundred participating companies [1] - Dr. Huang Xin'er, Chief Scientist of Shanghai Xuli Perovskite New Energy Co., will present a report titled "Perovskite-Silicon Tandem Battery Technology Opens a High-Efficiency Future for Photovoltaics" [1][2] - The report will discuss the advancements in perovskite-silicon tandem battery technology, which is seen as a key technology for the next major revolution in the photovoltaic industry [3] Group 2 - N-type silicon batteries have become the market mainstream, but their efficiency improvements are reaching a plateau, leading to overcapacity in the industry [3] - The development of perovskite-silicon tandem batteries is crucial for reducing costs and increasing efficiency, thereby expanding the market share of photovoltaics in power generation [3] - Recent advancements in coating materials, processing equipment, and technology have led to record efficiency levels for perovskite-silicon tandem batteries, making them a focal point for future industry growth [3] Group 3 - Shanghai Xuli Perovskite New Energy Co. was established in 2023 and is a vice president unit of the China International Science and Technology Promotion Association's Perovskite Industry Association [7] - The founding team consists of experienced technical experts from the display, semiconductor, and photovoltaic fields, focusing on the research, production, and manufacturing of high-efficiency perovskite and tandem batteries [7] - The company is committed to innovation in battery technology, coating material development, and optimization of tandem structures, with a strong emphasis on research and mass production experience in perovskite and silicon batteries [7]

Core Viewpoint - Perovskite solar technology is emerging as a potential game-changer in the photovoltaic industry, offering higher efficiency and lower production costs compared to traditional silicon-based solar cells [1][2][3]. Group 1: Technology and Efficiency - Perovskite materials can be artificially adjusted to optimize the absorption of different wavelengths of sunlight, with theoretical efficiencies exceeding 30% for single-junction cells and over 40% for tandem cells, significantly surpassing the approximately 27% efficiency of silicon cells [2][3]. - The production process for perovskite solar cells is simpler and more efficient, allowing for faster manufacturing and potentially lower production costs [2][3]. Group 2: Market Potential and Applications - The lightweight, flexible, and semi-transparent characteristics of perovskite solar cells open new applications beyond traditional solar power plants, including building-integrated photovoltaics, wearable energy devices, and automotive rooftops [2][3]. - The integration of perovskite technology with existing silicon-based infrastructure is expected to facilitate rapid market entry and expansion [4]. Group 3: Industry Progress and Challenges - Major companies, including GCL-Poly, LONGi Green Energy, and Trina Solar, are investing in perovskite-silicon tandem cell research, with some already establishing production lines [3][4]. - Despite its potential, perovskite technology faces challenges such as stability under environmental stressors and the need for a mature supply chain for specialized materials and equipment [3][4]. Group 4: Future Outlook - The next few years are critical for validating the commercial viability of perovskite technology, with key factors including production yield, cost reduction, and long-term reliability [4]. - Industry consensus suggests that perovskite technology could disrupt the traditional photovoltaic market if stability issues are resolved, positioning it as a mainstream solution in the long term [4].