企业是科技创新的主体，民营企业是培育新质生产力的重要力量。上海多措并举支持企业深度融入全球 产业链，护航企业出海；江苏苏州以政策赋能打造"企业+"工作矩阵，优化营商环境；浙江杭州民营企 业探索产业帮扶新模式，带动农民家门口就业……近日，记者随中央统战部"走进民企看'质'变"主题采 访活动来到上海、江苏、浙江等省份，见证民企向"新"发力、向"质"前行的澎湃动能。 ——编 者 政策赋能—— 营商环境持续优化 小桥流水，河街相邻，粉墙黛瓦……今年7月，坐落于江苏省苏州市姑苏区阊胥路32号的苏州民营企业 家之家正式揭牌，成为集党建引领、政策宣讲、文化交流、产业链对接于一体的综合性服务平台。 新华三集团总裁兼首席执行官于英涛介绍，企业提供包括云计算、大数据、人工智能、工业互联网、信 息安全等在内的一站式数字化解决方案，助力企业数字化转型，带动产业链上下游企业协同发展。 "作为从浙江启航的民营企业，新华三的成长离不开良好营商环境的滋养。"于英涛说。 浙江积极打造重大工程和补短板项目清单、重点产业链供应链项目清单、完全使用者付费的特许经营项 目清单"三张清单"，推出民间投资问题收集和推动解决机制、民营企业定点联系机制、民间 ...

企业是科技创新的主体，民营企业是培育新质生产力的重要力量。上海多措并举支持企业深度融入全球 产业链，护航企业出海；江苏苏州以政策赋能打造"企业+"工作矩阵，优化营商环境；浙江杭州民营企 业探索产业帮扶新模式，带动农民家门口就业……近日，记者随中央统战部"走进民企看'质'变"主题采 访活动来到上海、江苏、浙江等省份，见证民企向"新"发力、向"质"前行的澎湃动能。 ——编者 政策赋能—— 营商环境持续优化 小桥流水，河街相邻，粉墙黛瓦……今年7月，坐落于江苏省苏州市姑苏区阊胥路32号的苏州民营企业 家之家正式揭牌，成为集党建引领、政策宣讲、文化交流、产业链对接于一体的综合性服务平台。 "让企业家在这里找到精神家园，更找到发展伙伴。政企同心，擦亮'苏州最舒心'营商环境品牌。"苏州 市委统战部副部长、市工商联党组书记王蓓蕾介绍，苏州市工商联通过精心打造"企业+"工作矩阵，启 动百家民企"企业+"供应链沙龙对接系列活动，已汇集125家企业提供的148项优质产品与服务，推动产 业链上下游合作。 数据显示，苏州拥有民营国家高新技术企业15618家，民营国家级专精特新"小巨人"企业587家。科技企 业不断壮大、创新成果持续涌 ...

Group 1 - The integration of green technology into daily life is showcased at the 2025 China International Fair for Trade in Services, featuring innovations such as solar-powered charging stations and biodegradable products made from citrus waste [1][2] - The orange processing industry chain presented by Beijing Light Industry Holdings demonstrates resource recycling, with by-products like orange peel being transformed into natural sweeteners and biodegradable materials [1] - The solar charging chair developed by BOE Technology Group features photovoltaic panels and wireless charging capabilities, enhancing charging efficiency with a maximum output of 250 kW [1][2] Group 2 - A "zero-carbon house" constructed with various photovoltaic materials has a capacity of 7 kW and can generate an annual output of 3,800 kWh, significantly reducing coal consumption and CO2 emissions [2] - Beijing Pure Lithium New Energy Technology Co. showcases solid-state batteries and smart battery swapping systems, enhancing safety and efficiency for electric bicycles [2] - Sinopec's exhibition highlights its green hydrogen production capabilities, including a project in Xinjiang with an annual output of 20,000 tons of green hydrogen, contributing to a total hydrogen production capacity of 4.45 million tons [3] Group 3 - The zero-carbon park solutions presented at the fair include comprehensive services for carbon management, energy efficiency, and renewable energy integration, with a focus on achieving carbon neutrality [3][4] - Hebei Huatong Technology Co. offers a one-stop service for zero-carbon park construction, featuring an energy management platform that has achieved an energy utilization rate of 86.8% and a reduction in carbon emissions by 31.5% [3] - Beijing Jingneng Technology Co. presents a model of a zero-carbon park, incorporating solar panels and mobile charging solutions, while promoting environmental sustainability through biodegradable seed cards [4]

山股份、冰轮环境、雪人股份。 证券研究报告 | 行业周报 gszqdatemark 2025 09 14 年 月 日 电力设备 储能：2025 年 9 月 W1 储能系统项目投标报价区间为 0.3928 元/Wh-0.585 元/Wh。均价：9 月 W1 EPC 投标报价区间为 0.5398 元/Wh-1.4555 元/Wh，储能 系统投标报价区间为 0.3928 元/Wh-0.585 元/Wh。推荐关注方向：建议关注国内 外增速确定性高的大储方向，关注阳光电源、海博思创、上能电气、科华数据、三 晖电气、东方日升。 干湿法隔膜价格均出现明显回升，山东 136 号文件后风光新增项目竞价结果落地 光伏：效率、良率全面提升，关注钙钛矿产业化进程。9 月 11 日，BOE IPC 钙钛 矿光伏峰会论坛上，BOE 表示目前已经实现 1.2m*2.4m 钙钛矿组件量产功率 505W（ 交付效率 18.6%）、产线良率达到 95%以上、且未来每年预计可以实现效 率提升约 1%。钙钛矿作为下一代光伏技术，转换效率一直是主要攻关的方向。当 下晶硅组件平均效率在 22~23%左右，考虑上弱光性能，对应钙钛矿单节组件实 现 21% ...

从中国石油获悉，近日，中石油深圳新能源研究院有限公司（简称"深圳院"）在青海油田仙东8井建成 的集团公司首座钙钛矿组件光伏示范电站正式投入使用，装机容量峰值达101.8千瓦。这标志着中国石 油在钙钛矿电池技术研发与产业化应用上迈出关键一步，也意味着深圳院已形成覆盖钙钛矿组件研发、 光伏场站设计及运维的全链条技术能力。据悉，该示范电站位于平均海拔2800米的柴达木盆地南八仙地 区，采用深圳院联合研发的钙钛矿组件和自主研发的昆鹏变流器，构建了高原离网光储柴系统，实现绿 电直供抽油负荷，形成井场生产多能互补智能调控模式。在高原极端天气情况下，电站年均发电量预计 达18.1万千瓦时，年均可减少柴油消耗36吨、二氧化碳排放113吨，使该井全年生产用绿电占比超过 95%。 ...

Summary of Perovskite Industry Conference Call Industry Overview - The perovskite industry is experiencing trends towards stacking and larger sizes, with tandem cell efficiency increasing to 26%-27% and single-junction cell area expanding to 2.82-2.88 square meters, achieving efficiencies close to 21% [2][3] - Flexible perovskite modules are being applied in consumer scenarios, expanding from traditional power plants to portable photovoltaics and the Internet of Things [2][4] Key Players and Their Strategies - Major companies such as GCL-Poly, Jiet Electric, CATL, and BOE are actively investing in perovskite production lines [2] - GCL-Poly plans to build a 500 MW production line by 2025, targeting a module efficiency of 27% and a price of approximately 2 RMB per watt [5] - Jiet Electric has a 300 MW large-format production line with single-junction module efficiency at 17.44% and tandem module efficiency at 26.8% [5] - CATL is focusing on upgrading existing production lines, while BOE has established a 300 MW large-format production line with a delivery efficiency of 17.6% [5] Equipment and Material Costs - The perovskite equipment procurement market is steadily progressing, with equipment valued at approximately 900-1,000 million RMB per GW [6] - FTO glass, due to its high-temperature resistance and cost advantages, accounts for the highest proportion of materials, with demand from glass and coating manufacturers increasing [6] Future Industry Expectations - 2026 is anticipated to be a pivotal year for the perovskite industry, with major manufacturers expanding production and new players entering the market [7] - Key factors to monitor include the efficiency of GCL-Poly's GW production line, the mass production stability of Jiet Electric, and the cost reduction of FTO glass [7] Cost Reduction Strategies - Enhancing cell efficiency and reducing manufacturing costs are crucial for lowering the cost per watt [8] - Current investment per GW is around 900 million RMB, with a target to reduce this to approximately 500 million RMB within 3-5 years [10] Technical Challenges - Key challenges in perovskite battery manufacturing include the deposition of the perovskite layer and the selection of suitable materials for the electron transport layer [11] - Improvements in core processes could lead to single-junction cell efficiencies rising from 19%-20% to 22%-23% [11] Advantages of Tandem Technology - Tandem technology is seen as the future of the photovoltaic industry, with efficiency limits significantly higher than single-junction cells, potentially reaching 44% [12] - The combination of perovskite and crystalline silicon is a primary solution, with the TOPCon route being favored for its cost-effectiveness [12] Key Catalysts for Industry Development - The progress of large enterprises like BOE and CATL in scaling production and the performance of domestic startups are critical for the industry's future [14] Notable Companies in Equipment and Materials - Key equipment suppliers include Jinshan Qingji and Jijiwei Chuang, while material suppliers like Jinjing Technology and Yaopi Glass are also significant players [15]

Core Viewpoint - The article discusses the growing trend of perovskite line construction services in the photovoltaic industry, highlighting the increasing demand and the challenges associated with building perovskite production lines [2][4][12]. Group 1: Market Demand for Perovskite Line Construction - More than five perovskite line construction projects have been disclosed this year, with the number continuing to rise [1][3]. - Companies are eager to establish production lines or research lines to seize market opportunities, especially as having a production line is often a prerequisite for obtaining investment [10][11]. - The demand for perovskite line construction services varies significantly based on production capacity and technology paths, with service fees ranging from millions to tens of millions [10] Group 2: Challenges in Perovskite Production Line Construction - Building a perovskite production line is significantly more complex than constructing a silicon photovoltaic line due to the reliance on diverse chemical formulations for materials [6][8]. - The lack of standardized processes in perovskite production complicates the construction of production lines, as different companies adopt various methods [6][8]. - Material costs remain high in the overall cost structure of perovskite components, and the development cycle for material suppliers is lengthy, making cost reduction challenging [8][10]. Group 3: Industry Dynamics and Trends - The perovskite construction service market is primarily driven by traditional enterprises looking to transition, industrial capital, and startups, as well as academic institutions seeking to support research [2][10]. - Major state-owned energy groups have begun procuring perovskite technology services to establish experimental bases, indicating a shift towards perovskite as a key technology in the photovoltaic sector [2][4]. - The construction of a gigawatt-level perovskite production line is estimated to cost between 800 million to 1 billion yuan [4][11]. Group 4: Historical Context and Future Outlook - The construction model of outsourcing production lines has previously led to rapid capacity expansion in the photovoltaic industry, but it also resulted in financial difficulties for some companies due to overcapacity and debt [12]. - Current practices in perovskite line construction often require prepayment models to mitigate risks associated with payment defaults seen in previous industry cycles [12]. - The industry is witnessing a shift towards attracting more participants and capital into the perovskite sector, aiming to lower entry barriers [12].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to supply-demand mismatches and intensified competition leading to prices falling below cash costs. However, there are signs of recovery as supply-side reforms progress and the industry stabilizes [1]. Financial Performance - In H1 2025, the company achieved revenue of 5.735 billion yuan, a year-on-year decrease of 36.84%, and a net loss of 1.776 billion yuan, with the same figure for non-recurring net profit [1]. - The average cash cost of granular silicon production in H1 2025 was 26.22 yuan/kg, with a quarterly cash cost of 25.31 yuan/kg in Q2 2025, indicating a continued trend of cost reduction [1]. Product Quality Improvement - The company has significantly improved product quality, achieving a purity level where 91.8% of products met the standard of total metal impurities ≤1 ppbw by Q2 2025. The proportion of granular silicon products with turbidity ≤70 NTU increased from 25% in September 2024 to 57.4% in Q2 2025 [1]. - The market share of the company in H1 2025 was 24.32%, an increase of 9.74 percentage points compared to the entire year of 2024 [1]. Technological Advancements - The company’s GW-level perovskite production line commenced mass production in June 2025, marking a significant milestone in the commercialization of perovskite photovoltaic technology [1]. - The company has achieved several global records in perovskite technology, including the largest single-junction and tandem perovskite modules, the highest efficiency for large-size modules, and the first to pass rigorous stability tests [1]. Investment Outlook - The company is projected to achieve revenues of 12.594 billion yuan, 21.309 billion yuan, and 24.398 billion yuan for the years 2025 to 2027, with net profits of -2.375 billion yuan, 0.838 billion yuan, and 2.189 billion yuan respectively. The corresponding PE ratios for 2026 and 2027 are expected to be 39x and 15x [1]. - As the photovoltaic industry undergoes capacity clearing and the company continues to lower production costs, profitability is expected to recover alongside an increase in market share [1].

Investment Rating - The report maintains a "Recommended" rating for the company [5][8]. Core Viewpoints - The company's performance has shifted from profit to loss, primarily due to supply-demand mismatches in the industry and intensified competition leading to prices falling below cash costs. However, recent government initiatives aimed at reducing competition have shown early positive results, suggesting a potential rebound in performance as supply-side reforms continue [2]. - The average cash production cost of granular silicon has been decreasing, reaching 26.22 RMB/kg in the first half of 2025, with a further reduction to 25.31 RMB/kg in Q2 2025. The quality of products has significantly improved, with 91.8% of products meeting the standard of total metal impurities ≤1 ppbw, and the proportion of products with turbidity ≤70 NTU increasing from 25% in September 2024 to 57.4% in Q2 2025 [3]. - The company has successfully launched a GW-level perovskite production line, marking a significant milestone in the commercialization of perovskite photovoltaic technology. This project is noted for achieving several global records, including the largest single-junction and tandem perovskite modules and the highest efficiency for large-sized modules [4]. Financial Forecasts - Revenue projections for the company from 2025 to 2027 are 12.594 billion RMB, 21.309 billion RMB, and 24.398 billion RMB, respectively. Net profits are expected to be -2.375 billion RMB in 2025, 838 million RMB in 2026, and 2.189 billion RMB in 2027, indicating a recovery in profitability [5][7]. - The report anticipates a significant increase in the company's market share, which was 24.32% in the first half of 2025, up 9.74 percentage points from the previous year, as the photovoltaic industry undergoes capacity clearing and the company continues to lower production costs [3][5].

Core Viewpoint - The photovoltaic industry in China is facing significant challenges in the first half of 2025, with a focus on stabilizing expectations and expanding application scenarios as key strategies for future growth [1][4]. Group 1: Industry Overview - In the first half of 2025, the photovoltaic industry in China experienced a difficult environment, with a call for regulatory measures to clear outdated production capacity [1]. - The manufacturing sector showed a stark contrast, with polysilicon production down 43.8% year-on-year to 596,000 tons, and silicon wafer production down 21.4% to 31.6 million kilowatts [2]. - The average prices across various segments of the industry have dropped significantly, with reductions of 88.3% for polysilicon, 89.6% for silicon wafers, 80.8% for battery cells, and 66.4% for modules compared to the highest prices since 2020 [2]. Group 2: Application and Market Dynamics - The application sector is thriving, with new installations in the first half of 2025 reaching 21.22 million kilowatts, a year-on-year increase of 107%, marking a historical monthly high of 9.29 million kilowatts [3]. - The cumulative installed capacity in China surpassed 100 million kilowatts, indicating a significant milestone for the industry [3]. - Export dynamics have shifted, with silicon wafer and module exports declining by 7.5% and 2.82% respectively, while battery cell exports surged by 74.4% due to increased demand from overseas markets [3]. Group 3: Policy and Future Outlook - The forecast for global photovoltaic installations has been revised upward, with expectations for new installations in China adjusted to between 27,000 and 30,000 megawatts [4]. - Key factors supporting this optimistic outlook include a solid foundation of projects ready for grid connection, ongoing support for large-scale wind and solar projects, and mature market mechanisms in provinces like Xinjiang and Gansu [4]. - The industry is moving towards a consensus on "anti-involution," with regulatory bodies advocating for healthy competition and the exit of outdated production capacities [5][6]. Group 4: Technological Innovation - Technological advancements are seen as crucial for companies to navigate current challenges, with innovations such as N-type TOPCon and perovskite tandem cell technologies showing promising efficiency improvements [7]. - Companies like JinkoSolar and LONGi Green Energy are leading the way with significant advancements in product efficiency and market share [7].