智通财经APP获悉，国投证券国际发布研报称，2025年光伏行业大会召开，主管部门明确传达出"反内 卷"推动光伏行业高质量发展的积极信号。光伏产业链内的主流企业，也对"反内卷"逐步达成共识，严 格自律。今年光伏行业"反内卷"初步显现出一定效果。该行认为行业明年"反内卷"效果更加明显，行业 内主要企业都会从中受益，利润有望扭亏为盈。建议投资者逢低布局，关注光伏产业链企业投资机会。 国投证券国际主要观点如下： 光伏产业链内主要企业凝聚"反内卷"共识 光伏行业主流企业积极响应政策号召，凝聚"反内卷"共识，严格自律严控产量。根据光伏行业协会数 据，今年1-10月，光伏主产业链中多晶硅料及硅片环节，产量同比下降。1-10月，多晶硅料产量约111.3 万吨，同比下降29.6%；硅片产量为560GW，同比下降6.7%。多晶硅料产量自2013年以来首次同比下 降，硅片产量自2009年以来首次同比下降。电池片及组件环节，产量增速较去年回落。1-10月，电池片 产量约560 GW，同比增长9.8%，光伏组件产量约514 GW，同比增长13.5%。不同环节的产量下降或增 速降低，体现出行业内主流企业"反内卷"决心及行动。 光伏产业链 ...

Group 1 - The central economic work conference emphasizes the importance of "dual carbon" goals, promoting a comprehensive green transition and advancing energy security through the construction of a strong energy nation [1][2] - The construction of a strong energy nation is expected to create significant development opportunities for China's new energy industry, with listed companies in sectors such as energy storage, wind power, solar energy, hydrogen energy, and advanced nuclear technologies poised to benefit [1][4] - The integration of the "dual carbon" goals with the energy strong nation initiative is seen as a core driver for the leap in green and low-carbon industries, with specific quantitative targets set for non-fossil energy consumption and renewable energy capacity by 2035 [2][3] Group 2 - The energy strong nation initiative is expected to shift China's role from a follower to a leader in energy rules, necessitating a transition in the energy storage industry from scale development to high-quality growth [3][4] - Companies like Trina Solar and GCL Group are focusing on technological innovation and integrated solutions across the energy supply chain, aiming to capitalize on the opportunities presented by the energy strong nation initiative [4][5] - The energy storage sector is identified as a crucial growth area, with advancements in various storage technologies expected to enhance the capacity for renewable energy consumption and support the transition to a new energy system [5][6]

上周举行的中央工作会议指出深入整治"内卷式"竞争，对反内卷的表述首次由"综合整治"变为"深入整 治"，结合多晶硅产能收储平台正式成立，该行预计光伏"反内卷"将进一步深入，实质性去产能政策有 望逐步推出。多晶硅产能收储平台正式成立。据中国光伏行业协会报道，近日北京光和谦成科技有限责 任公司完成注册，标志着光伏行业酝酿已久的"多晶硅产能整合收购平台"正式落地。 交银国际发布研报称，在近期股价回调后，部分光伏龙头估值已具吸引力，并看好多晶硅这一"反内 卷"的标竿环节，首选颗粒硅龙头协鑫科技(03800)，同时看好更加受益于产能收储的低估值棒状硅龙头 新特能源(01799)。 ...

Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫科技) announced the establishment of a limited partnership to acquire a 42.469% stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. This acquisition aligns with the company's development strategy and aims to enhance capital appreciation opportunities [1][2]. Group 1: Partnership Agreement - The partnership agreement involves GCL-Poly's subsidiaries, including GCL Suzhou and GCL Xuzhou, along with partners Xinda and Xinsong, to form a limited partnership with a total capital of RMB 2.064 billion [1]. - GCL Suzhou and Xinda will contribute RMB 760 million and RMB 1.3 billion, respectively, while the general partners will contribute smaller amounts, with GCL Xuzhou contributing RMB 150,000 [1]. Group 2: Target Company Overview - The target company, established in 2021, focuses on the research, development, manufacturing, and sales of granular silicon and related renewable energy businesses [2]. - GCL-Poly currently holds a 57.531% stake in the target company through its subsidiaries, which will continue to be a non-wholly-owned subsidiary post-acquisition [2]. Group 3: Financial Implications - The total consideration for the acquisition will be RMB 2.01 billion, and the financial performance of the target company will continue to be consolidated into GCL-Poly's financial statements [2]. - The establishment of the limited partnership and the acquisition are expected to provide significant investment opportunities for the group, aligning with its strategic goals [2].

Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫科技) announced a partnership agreement to establish a limited partnership for acquiring a 42.469% stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. [1][2] Group 1: Partnership Agreement - The partnership agreement involves GCL-Poly's subsidiaries, including GCL Suzhou and Xinda, contributing a total of RMB 20.64 billion to the limited partnership [1] - GCL Suzhou will contribute RMB 7.60 billion, while Xinda will contribute RMB 13 billion [1] - The ordinary partners, including Xinseng, Anyi, and GCL Xuzhou, will contribute RMB 1 million, RMB 1.5 million, and RMB 1.5 million respectively [1] Group 2: Acquisition Details - The total consideration for the acquisition will be RMB 20.10 billion, with subsequent agreements to be established between the limited partnership and Hongyuan Green Energy and Tibet Ruihua [1] - Following the acquisition, the target company will remain a non-wholly-owned subsidiary of GCL-Poly, with its financial performance continuing to be consolidated into the group's financial statements [2] Group 3: Strategic Alignment - The establishment of the limited partnership and the acquisition aligns with the group's development strategy and presents a significant investment opportunity for capital appreciation [2]

根据合伙协议，有限合伙企业的规模将为人民币2,064百万元，其中有限合伙人协鑫苏州及信达将分别 认缴出资人民币760百万元及人民币1,300百万元，而普通合伙人鑫盛(作为普通合伙人1)、安义(作为普 通合伙人2)及协鑫徐州(作为普通合伙人3)将分别认缴出资人民币1.0百万元、人民币1.5百万元及人民币 1.5百万元。 有限合伙企业的目的乃向弘元绿色能源及西藏瑞华收购内蒙古鑫元硅材料科技有限公司("目标公 司")42.469%股权。目标公司为一间于2021年在中国成立的有限公司，主要从事颗粒硅的研发、制造及 销售，以及相关配套新能源业务。 于有限合伙企业成立后，有限合伙企业与弘元绿色能源及西藏瑞华各自将订立买卖协议以进行收购事 项，总代价为人民币2,010百万元。由于成立有限合伙企业及收购事项，相关订约方订立一系列其他协 议。 格隆汇12月8日丨协鑫科技(03800.HK)公告，于2025年12月8日，协鑫苏州、协鑫徐州、信达、鑫盛及安 义订立合伙协议，以成立有限合伙企业，收购目标公司内蒙古鑫元硅材料科技42.469%股权，使目标公 司于收购事项后将继续为公司非全资附属公司。 ...

于有限合伙企业成立后，有限合伙企业与弘元绿色能源及西藏瑞华各自将订立买卖协议以进行收购事 项，总代价为人民币2,010百万元。由于成立有限合伙企业及收购事项，相关订约方订立一系列其他协 议。 有限合伙企业的目的乃向弘元绿色能源及西藏瑞华收购内蒙古鑫元硅材料科技有限公司("目标公 司")42.469%股权。目标公司为一间于2021年在中国成立的有限公司，主要从事颗粒硅的研发、制造及 销售，以及相关配套新能源业务。 根据合伙协议，有限合伙企业的规模将为人民币2,064百万元，其中有限合伙人协鑫苏州及信达将分别 认缴出资人民币760百万元及人民币1,300百万元，而普通合伙人鑫盛(作为普通合伙人1)、安义(作为普 通合伙人2)及协鑫徐州(作为普通合伙人3)将分别认缴出资人民币1.0百万元、人民币1.5百万元及人民币 1.5百万元。 格隆汇12月8日丨协鑫科技(03800.HK)公告，于2025年12月8日，协鑫苏州、协鑫徐州、信达、鑫盛及安 义订立合伙协议，以成立有限合伙企业，收购目标公司内蒙古鑫元硅材料科技42.469%股权，使目标公 司于收购事项后将继续为公司非全资附属公司。 ...

交银国际发布研报称，看好协鑫科技(03800)在颗粒硅盈利优势明显，低电耗符合政策导向，行业"反内 卷"推动多晶硅价格大涨，产能收储若能落地将推动价格进一步上涨，目标价1.54港元。该行予内地新 能源与公用事业行业领先评级，2025年在上半年政策推动一轮抢装后，该行预期全年内地风/光的装机 旺季将较往年温和，但维持全年装机总量创历史新高的预测。 展望2026年，该行预期内地光伏装机或将继续保持280GW的高位;风电装电方面，在过去招标量饱满的 支撑下，仍有望同比增长约11%至110GW。该行对覆盖的子行业偏好顺序为：多晶硅>逆变器/储能>运 营商>光伏玻璃>电池片。 ...

Core Viewpoint - The report from CMB International expresses optimism about GCL-Poly Energy (03800) due to its significant profitability in granular silicon, low energy consumption aligning with policy directions, and the industry's "anti-involution" leading to a surge in polysilicon prices, with a target price set at HKD 1.54 [1] Industry Summary - The report maintains a leading rating for the domestic new energy and public utility sector, predicting a historical high in total installed capacity for the year despite a moderate peak season for wind and solar installations in the first half of 2025 driven by policy incentives [1] - For 2026, the expectation is that domestic photovoltaic installations will continue to remain at a high level of 280 GW, while wind power installations are projected to grow by approximately 11% year-on-year to reach 110 GW, supported by robust bidding volumes in the past [1] - The preferred order of sub-industries covered by the report is: polysilicon > inverters/storage > operators > photovoltaic glass > battery cells [1]

Group 1 - The global governance system is undergoing significant changes, emphasizing the need for reform and the establishment of a cooperative global governance model that reflects contemporary values and practical significance [1] - The "Understanding China" International Conference in Guangzhou aims to facilitate high-level dialogue between Chinese and foreign entrepreneurs, addressing their deep concerns and promoting new productive forces [1] - Multinational companies are recognized as key contributors to China's development, providing not only capital and technology but also acting as catalysts for industrial upgrades and institutional innovation [1] Group 2 - Eni's deep commitment to the Chinese market is highlighted as a model for multinational companies, focusing on energy transition and global cooperation [2] - Sodexo's transformation over 30 years in China emphasizes professional services and innovative solutions that contribute to high-quality economic and social development [2] - Alibaba's transition from "tool innovation" to "core technology breakthroughs" showcases China's advancements in intelligent manufacturing, serving over 40 global automotive brands [2] Group 3 - CATL's Chief Manufacturing Officer emphasizes the need for collaborative standards and investment in next-generation automotive technologies to reduce hidden costs and enhance global cooperation [3] - GCL's Assistant Vice President showcases breakthroughs in green materials, aiming to shift from traditional product exports to collaborative capability building in global energy restructuring [3]