Core Insights - The testing conducted by Beijing Jianheng Certification Center (CGC) in Sanya, Hainan, demonstrated that Jinko's Tiger 2 modules outperformed N-type BC modules in terms of energy generation efficiency and performance under various light conditions [1][26]. Performance Summary - The Jinko Tiger 2 modules exhibited a 3.25% increase in energy generation per watt compared to N-type BC modules during the six-month monitoring period, achieving a performance ratio (PR) of 96.70%, significantly higher than the 93.69% of N-type BC modules [1][14][26]. - In low light conditions, the Jinko Tiger 2 modules showed remarkable advantages, with energy generation gains of 11.87% in the early morning (6:00-7:00) and 12.60% in the evening (18:00-20:00) compared to N-type BC modules [4][16]. - In extremely low irradiance conditions (0-100 W/m²), the Jinko Tiger 2 modules maintained a 5.87% higher energy generation compared to N-type BC modules, demonstrating their effectiveness in cloudy or low-light scenarios [6][17]. Project Background - The testing took place during a challenging tropical maritime climate in Sanya, characterized by high temperatures (average 29.26°C) and humidity (average 88%), with a total irradiance of 783.145 kWh/m², providing a rigorous environment for performance validation [8][21]. - The project aimed to assess the stability of energy generation and weak light response capabilities of solar modules, which are critical factors influencing investment returns and technology selection in the growing photovoltaic market [21]. Project Design - The Sanya testing facility was designed with two photovoltaic arrays, each consisting of 10 identical Jinko Tiger 2 and N-type BC modules, utilizing a dual-sided double-glass structure to ensure controlled testing variables [10][24]. - The experiment employed fixed mounts at approximately 15° facing south, with data continuously collected on energy generation, irradiance, component temperatures, and environmental conditions for comparative analysis [10][25].

Investment Rating - The report assigns an "Overweight" rating for the solar energy industry, indicating a projected performance exceeding the Shanghai and Shenzhen 300 Index by more than 15% [2][12]. Core Insights - The announcement of the component bidding by Huadian on July 29 is expected to promote the application of new technologies, benefiting manufacturers with advanced product supply capabilities [4]. - The bidding includes a total procurement scale of 20GW, with a specific focus on high-efficiency N-type TOPCon and HJT components, which are anticipated to command a premium due to their performance requirements [5]. - The report highlights that only a few advanced products currently meet the stringent efficiency requirements set forth in the bidding, suggesting a potential for market consolidation around high-quality offerings [5]. - The new technology applications are expected to accelerate the industry's move away from price competition, aligning with recent policy directives aimed at enhancing product quality and phasing out outdated capacities [5]. Summary by Sections Bidding Announcement - Huadian Group's procurement announcement includes two segments, with Segment Two requiring a conversion efficiency of at least 23.8% for N-type TOPCon, HJT, and BC products, with a total scale of 2GW [5]. Industry Trends - Recent policy signals indicate a recovery in the supply chain pricing and a push for renewable energy consumption responsibilities, which are expected to positively impact the solar industry [5]. Recommended Stocks - The report recommends focusing on companies with advanced product supply capabilities, including Longi Green Energy, Aiko Solar, JinkoSolar, Tongwei, JA Solar, Trina Solar, Dier Laser, and Laplace [5][6].