反内卷浪潮下，光伏、锂电池行业产能出清会议频开，引发市场高度关注。 "当前光伏、锂电池等板块的估值修复仅完成初期阶段，未来随着产能利用率提升，行情或将逐步见 顶。" 富国基金量化投资部ETF投资总监王乐乐于8月23日分析称，而农业、化工、建材等曾同样受困 于"低价竞争"的传统行业，正通过差异化突围、产业链重构与需求升级，成为"反内卷"背景下更具确定 性的结构性机会所在。 近期A股市场"反内卷"题材轮动仍在继续，除了光伏、锂电，化工、农业等板块的资金关注度也快速抬 升。截至8月24日，化工50ETF、建材ETF、煤炭ETF、农业ETF，自七月以来累计涨幅分别为16%、 15%、10%、8%。 华创证券研究所副所长张瑜也在分析报告中提到，钢铁、水泥、光伏设备、能源金属等反内卷主题板块 近期表现强劲，多数跑赢大盘。政策面上，要求盘活存量、做优增量，通过优化竞争秩序推动传统产业 升级与新质生产力创新。而反内卷并非短期主题，背后是行业盈利改善与竞争生态优化的中长期逻辑。 锂电、光伏"退烧"，产能出清成关键 作为"反内卷"的"先锋"， 锂电、光伏行业"退烧"趋势已开始显现。 截止目前，多晶硅期货从5.5万元/吨历史高位一 ...

跨界多年后，无缝服装行业知名企业棒杰股份（002634）(002634.SZ)逐渐收缩光伏业务。 公司：继续实施将带来更大损失 此次终止的扬州组件项目始于2023年7月。当月，棒杰股份披露称，其与扬州经开区管委会签署《高效光伏组件及研发中心项目投资协 议》，投资新建年产10GW高效光伏组件及研发中心项目。 据之前合同约定，对应项目固定资产投资约10亿元，其中一期建设4GW高效光伏组件项目，后续产能及研发中心项目择机启动。 8月21日晚间，棒杰股份公告称，经与扬州经济技术开发区管理委员会(以下简称扬州经开区管委会)友好协商，公司拟终止年产10GW 高效光伏组件及研发中心项目(以下简称组件项目)。目前，组件项目终止的相关议案已通过上市公司董事会审议，需等待后续股东大 会审议。 就在一个月前，棒杰股份还曾公告终止江山高效光伏电池片及大尺寸硅片切片项目。 从高薪挖人到被迫停产，再到终止项目棒杰股份在扬州的光伏项目经历了一个高开低走的过程。 8月22日，棒杰股份涨0.82%，股价报收4.92元，年内已涨超30%。不过，距离2022年12月项目官宣时的12.67元高点已跌超60%。 当时公告中，棒杰股份曾表示，上述项目顺 ...

格隆汇8月21日丨棒杰股份(002634.SZ)公布，因光伏行业市场环境变化等商业风险的影响，浙江棒杰控 股集团股份有限公司经与扬州经济技术开发区管理委员会（简称"扬州经济开发区管委会"）友好协商 后，拟终止年产10GW高效光伏组件及研发中心项目。2025年8月21日，公司召开第六届董事会第十八 次会议审议通过了《关于与扬州经济技术开发区签订高效光伏组件及研发中心项目终止协议的议案》， 同意公司及子公司扬州棒杰光电科技有限公司与扬州经济技术开发区管理委员会签署《高效光伏组件及 研发中心项目终止协议》。 ...

Core Viewpoint - The SNEC PV+ 2025 International Photovoltaic and Energy Storage Conference in Shanghai highlighted the importance of zero-carbon parks as a key strategy for industrial carbon neutrality, with Double Good Energy showcasing its comprehensive zero-carbon park solutions and signing a 450 million yuan contract for green hydrogen systems [2][5]. Group 1: Zero-Carbon Park Solutions - Double Good Energy presented its zero-carbon park solutions, which include a customized "solar-hydrogen-storage" system that utilizes rooftop solar power for direct supply, green hydrogen production for industrial use, and energy storage for grid peak shaving [3][4]. - The company aims to enhance energy efficiency through over 40 years of energy-saving technology, utilizing electric cooling, heat pumps, and waste heat recovery [3][4]. - The zero-carbon park solutions are supported by Double Good Energy's leading capabilities in photovoltaic modules, with over 65% market share in polysilicon reduction furnaces and nearly 100 GW capacity in monocrystalline silicon wafers [3][4]. Group 2: Green Hydrogen Production - Double Good Energy has established a 5 GW electrolyzer manufacturing base and developed the world's largest single hydrogen production alkaline water electrolyzer with a capacity of 5000 Nm³/h [4][5]. - The company signed a 450 million yuan contract to provide a green hydrogen production solution with a capacity of 72,000 Nm³/h for the Hongyang Fuhai project, marking a significant industry milestone [5]. Group 3: Energy Efficiency and Management - The centralized immersion liquid cooling system for energy storage applications achieves over 50% energy savings and maintains temperature control within ±0.2°C, enhancing battery safety and lifespan [4]. - Double Good Energy's energy management platform utilizes AI to analyze energy and carbon data in real-time, optimizing energy use and management across the park [5][6]. - The company's products and solutions have been well-received in over 100 countries, including Southeast Asia, the Middle East, and Europe, and have led to strategic partnerships with various international firms [5][6].

Core Insights - The SNEC PV+ 2025 International Photovoltaic and Energy Storage Conference in Shanghai showcased over 3,600 companies from 95 countries, highlighting its significance in the global photovoltaic industry [1] - The company presented its "Zero Carbon Smart Symbiosis" concept, emphasizing a comprehensive solution for zero-carbon parks that integrates manufacturing capabilities in photovoltaic, hydrogen, energy storage, and electricity utilization [1][2] - The development of zero-carbon parks is positioned as a key pathway for industrial carbon neutrality, with the potential for large-scale promotion and becoming a core competitive advantage for enterprises [1][4] Company Solutions - The company offers a customized "Light-Hydrogen-Storage" system for power generation, utilizing rooftop photovoltaic power for direct supply, green hydrogen production for industrial use, and large-scale liquid-cooled energy storage for grid peak regulation [1][5] - In energy efficiency, the company leverages over 40 years of experience in energy-saving technologies, employing green electricity devices and waste heat recovery to enhance energy utilization [1][5] - The company has developed a carbon management platform for real-time monitoring of energy flow and carbon emissions, enabling precise control and efficient management [1][6] Market Position and Recognition - The company has a leading position in the photovoltaic sector, with over 65% market share in polysilicon reduction furnaces and nearly 100 GW capacity in monocrystalline silicon wafers, ranking among the top three in the industry [4] - The company was recognized in the "PVBL2025 Global Photovoltaic Brand Value Top 20" and "PVBL2025 Global Photovoltaic Top 100" lists [4] - The company’s products have received multiple certifications and are sold in international markets, including South Korea, Italy, and Brazil, demonstrating strong global demand [4] Technological Innovations - The company’s centralized immersion liquid cooling system for energy storage achieves over 50% energy savings and maintains temperature control precision within ±0.2°C, enhancing battery safety and lifespan [5] - The company has established a 5 GW electrolyzer manufacturing base and developed the world's largest single hydrogen production alkaline electrolyzer, showcasing its technological advancements in green hydrogen production [5] - Continuous innovation in green electricity applications, including low-energy consumption products and waste heat recovery technologies, supports energy efficiency and carbon reduction [5] International Strategy - The company emphasizes internationalization as a strategic direction, establishing 11 global subsidiaries and offices, and serving over 100 countries in various fields including photovoltaic, hydrogen, and CO2 storage [8] - The company has formed strategic partnerships with international firms, enhancing its global presence and reputation [8] - Recognition in global ESG rankings underscores the company's commitment to sustainable development, which is increasingly becoming a standard for international business [8] Future Outlook - The company aims to optimize its zero-carbon park solutions and collaborate with global partners to build a sustainable zero-carbon ecosystem, contributing to global climate governance [9]

Group 1: Investor Relations Activities - The company held an earnings briefing on May 9, 2025, via an online platform, with participation from various investors [3] - Key personnel present included the Chairman, Vice Presidents, Financial Director, and Board Secretary [3] Group 2: Technology and Innovation - The company is increasing investment in mainstream technology research to maintain a technological edge and reduce reliance on single technologies [4] - R&D expenditure for the reporting period was 140 million RMB, accounting for 3.70% of revenue, with 216 patents obtained [6] Group 3: Financial Performance and Dividends - The company plans to distribute a cash dividend of 2.2 RMB per 10 shares, totaling 67,204,764 RMB, based on a distribution base of 305,476,200 shares [4] - The company reported overseas sales revenue of 178 million RMB during the reporting period [5] Group 4: Market Strategy and Customer Relations - To maintain customer stability amid competition, the company focuses on product quality, brand building, and cost management while actively developing new customers [4] - The company is enhancing its international market presence by establishing marketing stores in countries like the Netherlands, South Africa, and Pakistan [5] Group 5: Risk Management and Future Outlook - The company is closely monitoring market conditions and has strategies in place to manage stock price stability and enhance operational performance [7][8] - The company is addressing the impact of raw material price fluctuations through improved supply chain management [10] Group 6: Collaboration and Partnerships - The company collaborates with universities and research institutions for technology development, enhancing its innovation capabilities [6] - It is actively pursuing global market strategies to navigate international trade barriers and improve competitiveness [9]

Core Viewpoint - The 2025 European International Solar Energy Exhibition highlighted China's pivotal role as the largest photovoltaic application market and its contribution to Europe's energy transition [1][2]. Group 1: Industry Insights - The exhibition attracted over 2,700 companies from more than 50 countries, with approximately 850 from China, showcasing products such as high-efficiency photovoltaic modules, energy storage devices, and charging infrastructure [1]. - The European Solar Industry Association's report indicated that in 2024, China's new photovoltaic installed capacity is expected to account for about half of the global total, signaling China's commitment to energy structure transformation towards clean energy [1][2]. Group 2: Sino-European Cooperation - China plays a crucial role in Europe's renewable energy transition, providing key low-carbon products and competitive solutions [2]. - Chinese companies have established factories or joint ventures in countries like Germany and Hungary, enhancing bilateral cooperation and creating local job opportunities [2]. - The collaboration extends beyond supply chains, with Chinese photovoltaic and energy storage companies forming close partnerships with European distributors and service providers, improving adaptability to local regulations and standards [2]. Group 3: Future Prospects - The synergy in the Sino-European renewable energy industry chain presents vast opportunities for cost-effective and scalable clean energy solutions [2]. - Europe possesses rich experience in regulatory policies, project development, and system integration, while China excels in research and development speed, industrial scale, and manufacturing capabilities [2][3].

Group 1 - The event held in Chengdu on May 9, 2025, aimed to create a deep cooperation platform between government, enterprises, and research institutions to develop a new blueprint for the high-end energy equipment industry [1] - A total of 102 investment opportunities were announced, focusing on equipment procurement, innovation platform development, digital transformation, park construction, and investment financing [1][3] - Chengdu has established two trillion-level and ten hundred-billion-level industrial clusters, housing 354 national-level specialized and innovative "little giant" enterprises and 14,500 high-tech enterprises [3] Group 2 - The joint release of the "2025 Work Plan for the Cultivation and Enhancement of the High-end Energy Equipment Cluster" by Chengdu and Deyang signifies a significant step towards collaborative development in the high-end energy equipment industry [5] - The signing of cooperation orders among companies like Chuan Kai Electric, Jinxing, and Dongfang Hydrogen Energy promotes resource sharing and enhances the overall competitiveness of the industry [5][6] Group 3 - China Huadian Group plans to accelerate the development of a strategic renewable energy base in Sichuan, aiming to produce an additional 10 million tons of new energy by 2027 [6] - Sichuan Jinxing Clean Energy Equipment Group is set to complete projects like the hydrogen energy industrial park, which will attract more upstream and downstream enterprises to invest in Chengdu [8] Group 4 - Qingdao Tereader Electric Co., Ltd. has invested over 2.5 billion yuan in Sichuan, establishing 12 subsidiaries and over 37,000 charging terminals, with a total charging volume exceeding 3.52 billion kWh [10][12] - Chengdu's high-end energy equipment industry is rapidly developing, with 362 enterprises expected to achieve an output value exceeding 140 billion yuan in 2024, maintaining a leading position nationally [13] Group 5 - Chengdu has established a high-level innovation system with national laboratories and innovation centers, achieving breakthroughs in over 400 key technologies, with nearly 70 reaching international standards [15] - The city has set up an industrial fund exceeding 10 billion yuan and introduced various financial products to support the development of small and medium-sized enterprises [15]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a slight recovery in Q1 2025, indicating challenges in the coal industry but potential for future growth through strategic initiatives and resource acquisition [1][2][4]. Financial Performance - In 2024, the company achieved operating revenue of 25.06 billion yuan, a year-on-year decrease of 12.13% - The net profit attributable to shareholders was 2.225 billion yuan, down 57.05% year-on-year - For Q1 2025, the net profit attributable to shareholders was 597 million yuan, a year-on-year decline of 31.18% but a quarter-on-quarter increase of 47.10%, slightly exceeding expectations [1]. Production and Sales - In 2024, the raw coal production was 38.37 million tons, a decrease of 16.4% year-on-year, while raw coal sales were 35.54 million tons, down 13.3% year-on-year - In Q1 2025, raw coal production increased to 9.94 million tons, up 16.9% year-on-year, and commodity coal sales reached 8.75 million tons, a year-on-year increase of 5.7% [2]. Cost and Pricing - In 2024, the selling price of coal was 567 yuan/ton, down 6.4% year-on-year, while the cost was 339 yuan/ton, up 14.7% year-on-year - For Q1 2025, the selling price was 512 yuan/ton, down 13.1% year-on-year, and the cost was 292 yuan/ton, down 19.1% year-on-year [2]. Strategic Initiatives - The company actively participated in mineral rights bidding, successfully acquiring coal exploration rights in Shanxi Province for 6.3 billion tons of coal resources, enhancing its resource reserves and competitive edge [3]. - The company is advancing key projects, including the commissioning of the Qiyuan coal mine and the construction of the Bolin project, aiming for early operational efficiency [3]. High-Quality Development - The company is focusing on high-quality development beyond coal, including advancements in new energy and materials, with significant progress in sodium-ion battery production and high-performance carbon fiber projects [4]. - A cash dividend of 1.115 billion yuan is planned for 2024, with a distribution ratio of 50.11%, indicating a commitment to shareholder returns [4].

Investment Rating - The report maintains a "Buy" rating for Huayang Co., Ltd. (600348.SH) [6] Core Views - The company has shown significant results in quality improvement and cost reduction, with a promising future driven by innovation and growth [1] - In 2024, the company achieved a revenue of 25.06 billion yuan, a year-on-year decrease of 12.13%, and a net profit attributable to shareholders of 2.225 billion yuan, down 57.05% year-on-year [1] - The first quarter of 2025 saw a net profit of 597 million yuan, a year-on-year decline of 31.18% but a quarter-on-quarter increase of 47.10%, slightly exceeding expectations [1] Financial Performance - The company’s coal production in 2024 was 38.37 million tons, a decrease of 16.4% year-on-year, while coal sales were 35.54 million tons, down 13.3% year-on-year [9] - The average selling price of coal in 2024 was 567 yuan per ton, a decrease of 6.4% year-on-year, while the cost per ton was 339 yuan, an increase of 14.7% year-on-year [9] - The company plans to distribute a cash dividend of 1.115 billion yuan in 2024, with a payout ratio of 50.11%, resulting in a dividend yield of 4.70% based on the closing price on April 25 [4] Strategic Developments - The company actively participated in mineral rights auctions, securing coal exploration rights in Shanxi Province for 6.3 billion tons of coal resources, enhancing its resource reserves and core competitiveness [3] - The Qiyuan coal mine is set to begin trial operations in December 2024, with plans to accelerate key project construction and ensure timely commencement and completion of projects [3] - The company is focusing on high-quality development, expanding into new energy and new materials sectors, and achieving breakthroughs in sodium-ion battery production and high-performance carbon fiber projects [4]