2026 年菲律宾国际电力、照明及新能源展览会 Philenergyexpo，Metro Manila, Philippines 时间：2026 年 06 月 24—26 日 地点：菲律宾·马尼拉 中国总代理：广州华贸会展有限公司#huamaohuizhan01 微 作为东南亚能源领域的标杆盛会，2026 年菲律宾国际电力、照明及新能源展览会（Phil Energy 2026）将延续多年行业积淀，于马尼拉 SMX 国际会展中心盛 大启幕。展会紧扣菲律宾能源转型战略，聚焦绿色能源拍卖、储能技术应用等核心趋势，打造覆盖电力、新能源、照明、电动汽车全产业链的专业交流与商 贸对接平台。 展会核心优势 权威背书与规模升级：由菲律宾电力工程师协会主办，历经多年发展已成为当地最具影响力的能源展会，预计展览面积达 20000 平米，吸引 300 + 全球参展 企业与 25000 + 专业观众到场。 编辑 政策红利加持：恰逢菲律宾第四轮绿色能源拍卖（GEA-4）落地期，展会将同步呈现 9.378GW 清洁能源扩容机遇，聚焦太阳能与储能集成等创新方向，精 准对接政策支持项目。 精准商贸对接：设置政企对接会、项目签约仪式、技术研讨 ...

Core Viewpoint - Double Good Energy (600481.SH) is planning a refinancing to raise up to 1.292 billion yuan for projects including zero-carbon intelligent manufacturing plants and to supplement working capital [1][7]. Group 1: Fundraising and Strategic Initiatives - The company aims to upgrade its industry and strengthen its core competitiveness through the fundraising [2]. - The funds will be used for projects such as high-efficiency air cooling, liquid cooling intelligent equipment systems, and research centers for intelligent hydrogen equipment and materials [7]. - The company has secured a contract worth approximately 119 million USD (about 847 million yuan) to supply cooling systems and other equipment to Kazakhstan [2][7]. Group 2: Financial Performance - In the first three quarters of 2025, the company reported revenues of 6.076 billion yuan, a year-on-year decline of 41.27%, and a net loss attributable to shareholders of 544 million yuan, a reduction in loss of 59.42% [3][4]. - The third quarter of 2025 marked a turnaround with a net profit of 53.18 million yuan, ending six consecutive quarters of losses [5][6]. - Despite a significant drop in revenue, the company managed to reduce its net loss and improve its financial performance through cost reduction and efficiency improvements [4][5]. Group 3: Industry Context and Challenges - The photovoltaic industry remains under pressure, with a structural mismatch in supply and demand affecting upstream and midstream companies [3][6]. - The company has been focusing on lean management and quality improvement to cope with the challenges in the photovoltaic sector [2][4]. - The company’s main business segments include energy-saving and water-saving equipment, new energy equipment, and photovoltaic products, with the latter facing significant market challenges [3][6].

Core Insights - The "Work Plan for Stable Growth in the Power Equipment Industry (2025-2026)" aims to promote green and low-carbon energy structure transformation and establish a new power system, targeting an average revenue growth rate of about 7% for national advanced manufacturing clusters in the power equipment sector and 10% for leading enterprises [1][5]. Group 1: New Power System Requirements - The new power system imposes higher demands on the performance, reliability, and intelligence of power equipment, necessitating upgrades and new demands across all segments of generation, transmission, transformation, distribution, and consumption [1][2]. - The construction of the new power system is seen as a key pathway for achieving China's "dual carbon" goals, representing a profound energy revolution and industrial transformation, creating unprecedented opportunities for the power industry [2][4]. Group 2: Technological Innovations and Product Development - New technologies, products, and applications are being introduced to support the construction of the new power system, such as the SI-242 wind turbine series capable of operating under a wide range of wind speeds [3]. - Companies like JA Solar are focusing on technological innovation, with their TOPCon components achieving a conversion efficiency of 25.5% and power output exceeding 700W, while also exploring new battery technologies [3][4]. Group 3: Major Engineering Projects - The "Work Plan" emphasizes leveraging major engineering projects to stabilize demand for power equipment, including large onshore wind and solar bases, new coal power renovations, and significant hydropower and nuclear projects [5][6]. - Companies are targeting major projects such as the transformation of old wind farms and the construction of offshore wind energy bases, which are expected to provide new growth points for the wind power industry [5][6]. Group 4: International Market Expansion - The "Work Plan" includes initiatives to actively explore international markets, leveraging China's leading technologies and experiences in ultra-high voltage, renewable energy, and grid construction [7][9]. - Companies like JA Solar are investing in overseas production capacities, such as a 6GW solar cell and 3GW solar module project in Oman, to better meet local demand and enhance market competitiveness [8][9]. Group 5: Future Trends in Power System Construction - The future of domestic power system construction is expected to focus on large-scale renewable energy bases, cross-regional ultra-high voltage transmission, and the upgrading of distribution networks, with an emphasis on flexibility and system integration [6][10]. - Traditional coal power will continue to play a crucial role in providing safety and flexibility, with a focus on modernization and operational efficiency [6][10].

产业聚链成势，构筑光储产业硬实力 肥东县已形成"龙头带动、配套协同、全链覆盖"的产业格局。先进光伏领域，晶科能源、协鑫集成两大 行业龙头企业落子布局，带动清电光伏、中南光电等20余家企业集聚，构建起从硅片、电池片、组件到 背板、边框支架、光伏电站的完整产业链。2024年，全县电池片产量19.61吉瓦，组件产量29.42吉瓦， 规模以上光伏产业产值突破310亿元，成为长三角地区重要的光伏制造基地。 锚定"双碳"目标，安徽省合肥市肥东县抢抓机遇，以链式思维布局先进光伏及新型储能产业，凭借完整 产业链、精准政策支持与龙头带动力，打造安徽省新能源产业发展的"肥东范例"。 在项目服务上，肥东县实行"倒排计划、靶向破题"机制，聚焦协鑫储能、塔益莱光学材料等重点项目， 高效解决用地用能、环评审批等重点问题；同时加大技术改造政策宣传，引导企业对接新装备、新工 艺，推动光储企业研发、生产、管理全流程信息化升级，以信息化与工业化深度融合提升核心竞争力。 此外，通过推进绿色园区、工厂建设，鼓励工业厂房、公共建筑普及分布式光伏，让光伏电池"见板 率"成为产业发展的"新名片"。 龙头企业带动，书写实干兴产新篇章 产业的高质量发展，离不 ...

Core Viewpoint - The "anti-involution" trend is reshaping the competitive landscape in industries such as photovoltaic and lithium battery, with a focus on capacity clearing and structural opportunities in traditional sectors like agriculture and chemicals [1][5]. Industry Analysis - The photovoltaic and lithium battery sectors are experiencing a "cooling down" phase, with polysilicon futures prices dropping from a historical high of 55,000 yuan/ton to 51,400 yuan/ton, indicating a significant decrease in market activity [2]. - Lithium carbonate futures prices have also declined from over 90,000 yuan/ton to around 78,000 yuan/ton, reflecting a drop of more than 10,000 yuan within a week [2]. - The overall profitability in the lithium battery sector is under pressure, with a projected revenue decline of 2.8% in 2024, despite a 32.6% increase in shipment volume to 1,175 GWh [3]. Structural Opportunities - Traditional industries such as chemicals and agriculture are emerging as more certain structural opportunities due to differentiation and demand upgrades, with significant capital inflows observed in these sectors [1][4]. - The chemical sector has seen a rise in the Chemical 50 ETF and other related ETFs, with cumulative increases of 16% to 20% since July [1][4]. - The agricultural sector is also benefiting from policy adjustments aimed at reducing outdated production capacity, with a noted decline in the number of breeding sows [6]. Policy Impact - Recent policies are focused on capacity clearing and price guidance, which are expected to reshape competition across multiple industries, including lithium and photovoltaic [5]. - The "anti-involution" policies are anticipated to enhance profitability in related sectors by eliminating low-efficiency competition and outdated capacity, potentially leading to a 53% increase in industry profits over the next two years [6].

Core Viewpoint - The company, Bangjie Co., Ltd. (002634.SZ), is gradually retracting from its solar energy business, having announced the termination of its high-efficiency photovoltaic module project in Yangzhou due to changing market conditions and increased investment risks [1][4]. Group 1: Project Termination - The company plans to terminate the 10GW high-efficiency photovoltaic module and R&D center project, which was initiated in July 2023 [4]. - The project was expected to involve a fixed asset investment of approximately 1 billion yuan, with the first phase focusing on a 4GW module project [4]. - The termination is attributed to changes in the photovoltaic industry market environment, leading to increased investment risks and potential economic losses for all parties involved [4]. Group 2: Previous Projects and Financial Implications - In December 2022, the company signed an investment agreement for a 10GW high-efficiency photovoltaic cell project, which has also faced challenges, including a temporary production halt since March 2024 [6][7]. - The company has announced the termination of another project in Jiangshan, which will incur a compensation payment of 15 million yuan to the local government [9]. - The company has not mentioned any compensation related to the termination of the Yangzhou project, indicating that other agreements with the Yangzhou Economic Development Zone are still pending resolution [10]. Group 3: Management Changes - The company has undergone significant management changes, including the replacement of its controlling shareholder and actual controller, with the new controlling entity being Shanghai Qishuo Ruihang Enterprise Management Partnership [11]. - A complete overhaul of the management team has occurred, with the appointment of new directors and executives, including a new chairman and general manager, who have backgrounds in finance and investment [12][13].

Core Viewpoint - The company, Bangjie Co., Ltd., is gradually retracting from the photovoltaic business after experiencing significant changes in the market environment, leading to the termination of key projects [1][4]. Group 1: Project Termination - On August 21, Bangjie announced the termination of its 10GW high-efficiency photovoltaic module and R&D center project in collaboration with the Yangzhou Economic and Technological Development Zone Management Committee [1]. - The decision to terminate the project was made after the board's review and is pending approval from the shareholders' meeting [1]. - Just a month prior, the company also announced the termination of the Jiangshan high-efficiency photovoltaic cell and large-size silicon wafer slicing project [2]. Group 2: Investment and Financial Implications - The Yangzhou module project was initiated in July 2023, with an estimated fixed asset investment of approximately 1 billion yuan, including a planned 4GW capacity for the first phase [3]. - The company had previously indicated that successful implementation of the project would enhance its core competitiveness in the photovoltaic sector [3]. - The latest announcement cited increased investment risks and uncertainties due to changes in the photovoltaic market environment, which could lead to greater economic losses for all parties involved [4]. Group 3: Other Agreements and Compensation - Bangjie is required to pay 15 million yuan in compensation to the Jiangshan Economic Development Zone Management Committee due to the termination of the Jiangshan project, with a deadline for payment set for October 10 [4]. - The termination agreement for the Yangzhou project does not mention any compensation, and it only pertains to the module project, leaving other agreements with the Yangzhou committee to be addressed separately [5]. - In December 2022, Bangjie signed an investment agreement for a 10GW high-efficiency photovoltaic cell project, which has faced production challenges since early 2024, with temporary shutdowns reported [5][6].

Group 1 - The company announced the termination of the 10GW high-efficiency photovoltaic module and R&D center project due to changes in the photovoltaic industry market environment and associated business risks [1][2] - The project was initially planned with a fixed asset investment of approximately 1 billion yuan, including a 4GW capacity for the first phase and an investment of about 250 million yuan for production equipment [2] - The decision to terminate the project was made after friendly consultations with the Yangzhou Economic Development Zone Management Committee, aiming to concentrate resources and optimize allocation in line with the company's core strategy in seamless clothing [2] Group 2 - The company's subsidiary, Yangzhou Bangjie, faced intensified competition in the photovoltaic industry, leading to significant price declines and operational underperformance [3] - As a result, the subsidiary implemented a temporary shutdown of its high-efficiency solar cell production line starting March 1, 2025, for comprehensive maintenance, with an expected downtime of no more than three months [3] - The company projected a net loss of 120 million to 180 million yuan for the first half of 2025, primarily due to debt pressure from the photovoltaic segment and high fixed costs associated with long-term assets [3]

Core Viewpoint - The company, Bangjie Co., Ltd., has decided to terminate its project for the annual production of 10GW high-efficiency photovoltaic modules and a research and development center due to changes in the photovoltaic industry market environment and associated business risks [1] Group 1 - The decision to terminate the project was made after friendly consultations with the Yangzhou Economic and Technological Development Zone Management Committee [1] - The company's board of directors approved the termination agreement during its 18th meeting on August 21, 2025 [1] - The termination agreement will be signed between the company, its subsidiary Yangzhou Bangjie Optoelectronics Technology Co., Ltd., and the Yangzhou Economic Development Zone Management Committee [1]

Group 1 - The company held its 13th meeting of the 6th Supervisory Board on August 21, 2025, with all three supervisors present, complying with relevant regulations [1][2] - The Supervisory Board approved the proposal to terminate the agreement for the high-efficiency photovoltaic module and research center project with the Yangzhou Economic and Technological Development Zone, which will be submitted for shareholder meeting approval [1][2] - The decision to terminate the project was based on changes in the objective environment and prudent business assessment, deemed beneficial for the company's long-term development, and not harmful to the interests of the company and its shareholders [2]