【 导读】爱旭股份定增收官，易方达、景顺长城、大成等多家公募获配 中国基金报记者 张燕北 光伏企业的"罕见定增"，吸引多家基金公司集体入场。 近期公告显示， 上海爱旭新能源股份有限公司（以下简称爱旭股份）35亿元定增收官 ， 易方达基金、景顺长城基金、大成基金、财通基 金、诺德基金、易米基金等多家公募获配 。其中不乏知名基金经理管理产品的身影，例如景顺长城杨锐文、大成刘旭等。 业内人士表示，在当前光伏行业面临"寒冬"、融资环境趋紧的背景下，爱旭股份获批35亿元定增并不常见。整体而言，今年的定增市场聚 焦先进制造、AI等科技领域。在政策环境向好和市场行情的助推下，公募机构参与定增的热情高涨。 易方达等6家公募获配爱旭股份定增 爱旭股份公告显示，此次发行的参与报价机构有22家，包括两家外资机构、多家公私募机构、保险机构、证券公司。最终发行对象确定为 19家，发行价格为12.03元/股，发行股票数量为2.91亿股，募集资金总额为35亿元，发行对象所认购的本次向特定对象发行的股票自发行 结束之日起6个月内不得转让。 具体来看，姓名为"徐进喜"的认购对象获配金额最多，达4.50亿元；易方达基金获配金额位居第二，为3.6 ...

Core Viewpoint - The photovoltaic industry is experiencing a recovery in prices after a period of significant losses, driven by a consensus on the necessity of "anti-involution" measures to stabilize the market and promote sustainable development [1][2][3] Price Stabilization and Market Recovery - Silicon material prices have rebounded, with multi-crystalline silicon and industrial silicon prices rising to 47,100 yuan/ton and 9,378 yuan/ton, reflecting increases of 36.9% and 7.26% respectively [2] - The average price of multi-crystalline silicon stabilized around 50,000 yuan/ton as of mid-September [2] - Silicon wafer prices have also shown recovery, with prices increasing from 0.9-1.0 yuan per piece in July to an estimated 1.45-1.75 yuan per piece by October [2] Industry Adjustments and Production Cuts - Leading companies have significantly reduced production, with New Special Energy's multi-crystalline silicon output dropping by approximately 77% year-on-year to 33,600 tons, and Daqo Energy's output decreasing by about 60% to 50,800 tons [3] - The overall domestic multi-crystalline silicon production fell by 44.1% year-on-year in the first half of 2025, totaling around 596,000 tons [3] Innovation and Differentiation - The industry recognizes the need for innovation to break the cycle of homogeneous competition, with leading firms like JinkoSolar and LONGi Green Energy achieving record efficiencies in their products [4] - JinkoSolar's N-type TOPCon high-efficiency module reached a conversion efficiency of 25.58%, while LONGi's BC cell technology achieved 24.8% efficiency [4] Financial Recovery of Companies - Companies focusing on BC technology have shown improved profitability, with Aiko Solar reducing its net loss to 238 million yuan in the first half of the year and achieving a net profit of 63 million yuan in the second quarter [5] - LONGi Green Energy reported a net loss of 2.569 billion yuan, a reduction of over 50% compared to the previous year [5] Recommendations for Sustainable Development - Industry participants advocate for coordinated efforts between government and enterprises to ensure a healthy and sustainable development cycle [7] - Specific measures are suggested to accelerate the exit of outdated production capacity, standardize local investment attraction behaviors, and support companies in expanding into international markets [7]

Core Viewpoint - The photovoltaic industry is still in a bottoming phase in the first half of the year due to a year-on-year decline in industry chain prices, with significant revenue and profit reductions reported by listed companies [1][3]. Financial Performance - A total of 110 photovoltaic listed companies achieved a combined revenue of 615.28 billion yuan in the first half of the year, a decrease of approximately 65 billion yuan compared to the same period last year [1]. - The net profit attributable to shareholders was 7.64 billion yuan, down from 17.01 billion yuan in the previous year [1]. - Among the listed companies, 47 reported losses, an increase from 39 in the same period last year [4]. Company-Specific Performance - Notable companies such as Longi Green Energy and Aiko Solar reported significant reductions in losses, with Longi's net profit at -2.569 billion yuan (a 50.88% improvement) and Aiko's at -238 million yuan (an 86.38% improvement) [4]. - Aiko Solar attributed its performance improvement to a 400% year-on-year increase in ABC component shipments, reaching 8.57 GW [4]. Market Dynamics - The demand side saw high growth in new domestic photovoltaic installations, particularly during the second quarter's "rush installation" period, which boosted revenue despite ongoing price pressures [3][5]. - The component segment remains a key area of loss, with major manufacturers like Tongwei, Trina Solar, and JinkoSolar collectively losing nearly 16 billion yuan [5]. Cash Flow and Operational Trends - The net cash flow from operating activities for the 110 listed companies turned positive, totaling 29.451 billion yuan, a significant improvement from the previous year [8]. - The second quarter alone saw a net cash flow of 28.988 billion yuan, marking a 60-fold increase from the first quarter [8]. Industry Outlook - The industry is experiencing a shift towards maintaining stable cash flow and seeking high-value orders, moving away from irrational competition [8][9]. - Regulatory efforts are underway to address non-rational competition, with a focus on capacity adjustment and resisting low-price competition [9].

Core Viewpoint - The photovoltaic industry is still in a bottoming phase in the first half of the year due to a year-on-year decline in the price of the industrial chain, with total revenue and net profit of listed companies decreasing significantly compared to the previous year [1] Financial Performance - A total of 110 photovoltaic listed companies achieved a combined operating revenue of 615.28 billion yuan in the first half of the year, a decrease of approximately 65 billion yuan compared to the same period last year [1] - The net profit attributable to shareholders was 7.64 billion yuan, down from 17.01 billion yuan in the same period last year [1] - Among the listed companies, 47 faced losses, an increase from 39 in the previous year [4] Company-Specific Performance - Companies like Longi Green Energy and Aiko Solar reported significant reductions in losses, with net profits of -2.57 billion yuan and -0.24 billion yuan respectively, showing year-on-year improvements of 50.88% and 86.38% [5] - Aiko Solar attributed its performance improvement to the ABC component, with shipments reaching 8.57 GW, a year-on-year increase of over 400% [5] - The five major component manufacturers, including Tongwei Co., Trina Solar, and JinkoSolar, collectively lost nearly 16 billion yuan in the first half of the year [6] Market Dynamics - The demand side saw high growth in new domestic photovoltaic installations, particularly during the second quarter's "rush installation" period, which boosted revenue but did not significantly improve profitability due to low prices in the industrial chain [1][3] - The inverter segment benefited from a recovery in the European market and demand from emerging markets, with companies like Sungrow Power Supply and DeYuan achieving significant profit growth [7] Cash Flow and Operational Strategy - The net cash flow from operating activities for the 110 listed photovoltaic companies turned positive, reaching 29.45 billion yuan, a significant improvement from the previous year [8] - Companies are focusing on maintaining stable cash flow as a strategy to cope with the cyclical downturn in the industry, moving away from irrational competition and seeking high-value orders [8][9] Industry Outlook - The industry is undergoing a "de-involution" process, with government efforts to curb irrational competition and promote capacity adjustment [9] - The overall industry is expected to see improvements in profitability as companies adapt to market conditions and focus on cost advantages rather than subsidies [9]

Core Viewpoint - The Chinese photovoltaic industry has achieved high-quality development, ranking as the world's top 5A country in this sector, with significant advancements in technology and market presence [1][3]. Industry Overview - The Chinese photovoltaic industry has built the most competitive supply chain globally, maintaining the highest production and installation capacity for over a decade [3]. - In the first half of 2025, China added 212.21 GW of new photovoltaic installations, a 107% year-on-year increase, contributing over 45% to the global total expected to reach 570-630 GW [3]. - As of May 2025, the cumulative installed capacity of photovoltaic power generation in China surpassed 1 billion kW, equivalent to 48 Three Gorges power stations [3]. Market Dynamics - The industry faces structural contradictions, with production capacity exceeding global demand significantly, leading to price volatility and squeezed profit margins [4]. - Component prices have dropped below 0.6 yuan per watt due to supply exceeding demand, resulting in a challenging profit environment across the industry [4]. Technological Innovations - N-type batteries have become mainstream, with TOPCon technology accounting for over 75% of production capacity, while advanced technologies like HJT and BC are accelerating commercialization [4]. - Longi Green Energy's HIBC technology has achieved a laboratory conversion efficiency of 27.81%, with HPBC 2.0 components reaching 24.8% efficiency and HIBC components exceeding 25.9% efficiency [4][5]. Policy and Regulatory Environment - The Chinese government is implementing measures to regulate the photovoltaic industry, including curbing low-price competition and ensuring product quality [5][6]. - Recent international policy changes from the U.S. and EU pose new challenges for Chinese photovoltaic companies, including anti-dumping investigations and local manufacturing requirements [6][7]. Global Market Expansion - Chinese photovoltaic companies are diversifying their market presence to counter global trade barriers, actively participating in large projects in the Middle East and Southeast Asia [7]. - Investments in Latin America and Africa are increasing, with significant projects underway in Brazil, Mexico, and Ethiopia [7]. Future Challenges - The industry must align with international standards, including stricter ESG requirements and carbon footprint labeling, to enhance export competitiveness [8]. - Future policies will likely create a multi-dimensional regulatory framework encompassing market rules, environmental protection, and safety production [8].

Core Insights - The photovoltaic industry is showing signs of recovery despite many companies still facing losses, with a notable performance improvement among leading firms with advantages in technology, channels, and funding [1][2] Group 1: Industry Performance - The overall performance of the photovoltaic industry in the first half of the year has been mixed, with some leading companies beginning to recover while second and third-tier companies continue to face operational pressures [1] - Longi Green Energy reported a net loss of 2.569 billion yuan in the first half of the year, a reduction of over 50% compared to a loss of 5.231 billion yuan in the same period last year [2] - Shanghai Aiko Solar Energy Co., Ltd. also showed improvement, with a net loss of 238 million yuan, down 86.38% from a loss of 1.745 billion yuan year-on-year, and achieved a profit of 63 million yuan in the second quarter [2][3] Group 2: Technological Advancements - The technological advancements in the industry are primarily focused on BC technology, HJT technology, perovskite technology, and tandem technology, with BC technology seeing accelerated mass production and market penetration [2][3] - Longi Green Energy's BC cell efficiency reached 27.81% and BC module efficiency surpassed 26%, demonstrating strong technological iteration capabilities [5] Group 3: Market Dynamics - The "anti-involution" trend in the photovoltaic industry is gaining momentum, with policies aimed at curbing low-price competition and promoting quality improvements [4] - Recent government initiatives include the central financial committee's call for regulated competition and the Ministry of Industry and Information Technology's emphasis on enhancing product quality [4] - The industry is expected to shift towards comprehensive competition based on technology, cost, and quality, as indicated by recent policy signals [4] Group 4: Cost Management - GCL-Poly Energy Holdings reported an average cash cost of granular silicon at 26.22 yuan per kilogram, showing a decreasing trend from 37.84 yuan in Q1 2024 to 25.31 yuan in Q2 2025 [5] - The average cost of electricity generated from wind and photovoltaic projects in China has decreased by 60% and 80% respectively over the past decade, contributing significantly to global green transition efforts [5]

Core Viewpoint - The photovoltaic industry is facing significant losses across the supply chain, with major manufacturers reporting substantial deficits in their financial results for the first half of the year [1][4][6]. Financial Performance - The top five manufacturers in terms of module shipments reported a combined loss of approximately 160 billion yuan in the first half of the year [1][6]. - JinkoSolar reported a revenue of 31.83 billion yuan, a year-on-year decrease of 32.63%, with a net loss of 2.91 billion yuan, a year-on-year increase in losses of 342.4% [4]. - Longi Green Energy's revenue was 32.81 billion yuan, down 14.83% year-on-year, with a net loss of 2.57 billion yuan, a reduction in losses of 26.61% compared to the previous year [4]. - Trina Solar and JA Solar both reported significant revenue declines and net losses, with Trina Solar's revenue at 31.06 billion yuan (down 27.72%) and a net loss of 2.92 billion yuan (up 654.47%) [4]. - Tongwei Co. achieved a revenue of 40.51 billion yuan, down 7.51%, with a net loss of 4.96 billion yuan, an increase in losses of 58.35% [5]. Cash Flow Health - Cash flow has emerged as a critical indicator of survival for photovoltaic companies, with several firms reporting improvements in cash flow despite overall losses [8][9]. - TCL Zhonghuan reported a net cash flow from operating activities of 523 million yuan, a year-on-year increase of 308.4% [9]. - Trina Solar's net cash flow was 1.843 billion yuan, with a second-quarter figure of 2.679 billion yuan [9]. - However, companies like Daqo New Energy reported negative cash flow, with a net cash flow of -1.608 billion yuan [9]. Industry Pricing and Competition - The photovoltaic industry is undergoing a "reverse involution" movement, with a reduction in low-price sales and fierce competition [1][10]. - Regulatory bodies have initiated measures to combat low-price, disorderly competition, emphasizing the need for quality improvement and the orderly exit of outdated production capacity [11]. - Recent trends indicate a recovery in prices across various segments of the supply chain, with manufacturers expressing hope for prices to stabilize above cost levels [11][12].

Core Viewpoint - The photovoltaic industry is facing significant losses across the supply chain, with major manufacturers reporting substantial deficits in their financial results for the first half of the year [1][3][4]. Financial Performance - The top five manufacturers in terms of module shipments reported a combined loss of approximately 160 billion yuan in the first half of the year [1][4]. - JinkoSolar reported a revenue of 31.83 billion yuan, a year-on-year decrease of 32.63%, with a net loss of 2.91 billion yuan, a year-on-year increase in losses of 342.4% [3]. - Longi Green Energy's revenue was 32.81 billion yuan, down 14.83%, with a net loss of 2.57 billion yuan, a reduction in losses of 26.61% compared to the previous year [3]. - Trina Solar's revenue was 31.06 billion yuan, down 27.72%, with a net loss of 2.92 billion yuan, a year-on-year increase in losses of 654.47% [3]. - JA Solar reported revenue of 23.90 billion yuan, down 36.01%, with a net loss of 2.58 billion yuan, an increase in losses of 195.13% [3][4]. - Tongwei Co. achieved revenue of 40.51 billion yuan, down 7.51%, with a net loss of 4.96 billion yuan, an increase in losses of 58.35% [4]. Cash Flow Health - Cash flow has become a critical indicator of survival for photovoltaic companies, with some firms reporting improved cash flow despite overall losses [5][6]. - TCL Zhonghuan reported a net cash flow from operating activities of 0.523 billion yuan, a year-on-year increase of 308.40% [5]. - Trina Solar's net cash flow from operating activities was 1.843 billion yuan, with a second-quarter figure of 2.679 billion yuan [5]. - Canadian Solar reported a net cash flow from operating activities of 3.78 billion yuan, a year-on-year increase of over 150% [5]. - However, companies like Daqo New Energy reported a negative cash flow of -1.608 billion yuan [6]. Industry Pricing and Policy - The photovoltaic industry is undergoing a "reverse involution" movement, with a reduction in low-price sales and fierce competition [1][7][8]. - The Chinese government has initiated measures to combat low-price, disorderly competition, emphasizing the need for quality improvement and the orderly exit of outdated production capacity [7]. - Recent meetings and legislative changes have aimed to regulate below-cost sales practices, indicating a shift towards maintaining stable pricing in the industry [7][8].

Core Viewpoint - The photovoltaic industry is facing significant losses across the supply chain, with major manufacturers reporting substantial financial setbacks in the first half of the year, despite some signs of cash flow improvement and a reduction in aggressive price competition [1][2][3][4]. Financial Performance - The top five global manufacturers of photovoltaic modules, including JinkoSolar, LONGi Green Energy, Trina Solar, JA Solar, and Tongwei Co., all reported losses in the first half of the year, with a combined loss of approximately 160 billion yuan [2][3]. - JinkoSolar's revenue decreased by 32.63% to 31.83 billion yuan, with a net loss of 2.91 billion yuan, a decline of 342.4% year-on-year [2]. - LONGi Green Energy's revenue fell by 14.83% to 32.81 billion yuan, resulting in a net loss of 2.57 billion yuan, although this was an improvement compared to the previous year [2]. - Trina Solar's revenue dropped by 27.72% to 31.06 billion yuan, with a net loss of 2.92 billion yuan, marking a shift from profit to loss [2]. - JA Solar reported a revenue decline of 36.01% to 23.90 billion yuan, with a net loss of 2.58 billion yuan, an increase in loss of 195.13% [2]. - Tongwei Co. achieved a revenue of 40.51 billion yuan, down 7.51%, with a net loss of 4.96 billion yuan, an increase in loss of 58.35% [3]. Cash Flow Situation - Cash flow health is critical for the survival of photovoltaic companies, with some firms reporting improved cash flow despite overall losses [4]. - TCL Zhonghuan reported a net cash flow of 523 million yuan, an increase of 308.40% year-on-year [4]. - Trina Solar's net cash flow was 1.843 billion yuan, with a second-quarter cash flow of 2.679 billion yuan [4]. - Canadian Solar reported a net cash flow of 3.78 billion yuan, an increase of over 150% [4]. - However, companies like Daqo Energy reported negative cash flow of -1.608 billion yuan, and JinkoSolar, Tongwei, and LONGi Green Energy also reported negative cash flows [4]. Industry Trends - The photovoltaic industry is undergoing a "reverse involution" movement, with efforts to reduce low-price competition and improve product quality [6][7]. - The Chinese government has initiated measures to regulate low-price competition, including new laws to classify below-cost sales as illegal [6]. - Industry associations have called for enhanced self-regulation to maintain fair competition and promote the exit of outdated production capacity [6][7]. - Recent trends indicate a recovery in prices across various segments of the supply chain, with manufacturers hopeful for a return to sustainable pricing [6][7].

Core Insights - The global photovoltaic (PV) industry is facing cyclical challenges, yet companies with advanced technologies are achieving performance breakthroughs through innovation [1] - Despite overall industry pressure, companies like Longi Green Energy and Aiko Solar, which focus on Back Contact (BC) technology, have significantly narrowed their losses, highlighting the core value of new productive forces in industry transformation [1] Financial Performance - Longi Green Energy reported a net loss of 2.598 billion yuan in H1 2025, a reduction of approximately 50% compared to the same period last year; Q2 net loss improved to 1.162 billion yuan from Q1 [2] - Aiko Solar's performance was even more remarkable, with a net loss of 263 million yuan in H1 2025, an 85% reduction year-on-year, and a net profit of 37 million yuan in Q2 [2] - Aiko Solar's revenue reached 8.446 billion yuan in H1 2025, a year-on-year increase of 63.63%, with a significant improvement in cash flow from -3.293 billion yuan to 1.855 billion yuan [2] Market Position and Technology - BC technology has demonstrated strong market competitiveness, with BC components commanding a premium of 9-13% over TOPCon products in the domestic market and up to 114% in residential scenarios in Europe [4] - Aiko Solar's ABC component shipments reached 8.57 GW in H1 2025, a growth of over 400%, with over 40% of Q2 sales coming from overseas markets [4] - Longi Green Energy's BC second-generation components shipped 4 GW, achieving strong sales in over 70 countries, particularly in high-value markets like Europe and Asia-Pacific [4] Pricing and Cost Structure - The average bidding price for BC high-efficiency products was 0.749 yuan/W, compared to 0.696 yuan/W for TOPCon products, indicating a premium of only 5.3 cents/W for BC products [5] - Aiko Solar's overseas revenue was 3.625 billion yuan with a gross margin of 8.09%, while Longi Green Energy's overseas revenue was 12.41 billion yuan with a gross margin of 4.77% [6] Industry Trends - The PV industry is transitioning from price competition to value competition, driven by continuous technological breakthroughs and market applications of BC technology [7] - The industry is moving towards a strategic shift from "scale expansion" to "quality improvement," emphasizing the need for optimizing production capacity and encouraging technological innovation [7]