2025年12月30日，晶科能源披露接待调研公告，公司于12月30日接待淡水泉资管、汇添富基金、交银施 罗德基金、永赢基金、华商基金、大成基金等22家机构调研。 调研情况显示，公司电池效率通过整合新型钝化接触技术、超低光学寄生吸收技术、新型金属化方案等 多项自主研发核心技术创新，提升至27．79％新高，夯实TOPCon技术主流地位，其与钙钛矿叠层电池 转化效率达34．76％，为空间能源应用奠定基础。针对白银等大宗商品涨价，公司推进银包铜等贱金属 技术研发，预计明年规模放量以形成成本领先优势，并通过套期保值应对价格波动。 受宏观环境影响，以白银为代表的贵金属短期价格波动较大。白银占组件整体成本上升，公司根据日常 生产经营的需要进行必要的套期保值，并持续推动贱金属的研发和导入，如银包铜浆料方案等，有望在 一定程度上抵消原材料价格上涨的影响。公司目前贱金属方案预计明年实现规模放量，在行业中有望形 成显著成本领先优势。 3．如何看待太空算力中光伏市场空间潜力和技术路线展望？ 业内分析指出，未来低轨通信卫星、轨道式太阳能电站及地外数据中心等空间能源应用场景，均需依托 超高效率、轻质化的光伏技术。第三方研究机构表示，钙钛 ...

今日周五(12月26日)亚盘时段，伦敦银目前交投于74.31一线上方，今日开盘于71.94美元/盎司，截至发 稿，伦敦银暂报74.80美元/盎司，上涨3.97%，最高触及75.13美元/盎司，最低下探71.94美元/盎司，目 前来看，伦敦银盘内短线偏向震荡走势。 据世界白银协会统计，2024年全球白银消费结构中，工业需求占比59%，珠宝首饰占18%，银币银条占 16%。工业领域中光伏需求为197.6百万盎司，占总需求约17%。光伏银浆是光伏电池的关键辅料，且当 下主流TOPCon电池单GW耗银量高于PERC电池。 另外，白银对于光伏产业而言，绝非普通原材料。它是构成光伏电池银浆的核心要素，直接关系到光电 转换效率与组件长期可靠性。当前主流PERC电池每片需消耗约80毫克白银，而更具潜力的N型TOPCon 电池用量则高达130毫克。 【最新伦敦银行情解析】 短期来看，年末至年初需警惕回调风险，重点关注65.88美元附近的关键阻力汇合区域——这个区间大 概率会成为行情拐点，可能出现涨势衰竭或短期回调。若白银能维持上行趋势，回调幅度理应受限在 51.86美元，且需实现"收盘突破上轨平行通道"，才能确认开启下一轮主升 ...

世纪证券近日发布装备制造行业周报：根据中国工程机械工业协会数据，11月份，12类主要工程机械产 品内销同比10升2降（塔式起重机及高空作业车销量同比下降），出口销量同样是10升2降（摊铺机及升 降工作平台销量同比下降）。其中汽车起重机11月内销780台，同比增长25.8%，从7月份开始已连续5 个月实现同比正增长，进入自2021年以来持续下滑后的向上复苏趋势中。 以下为研究报告摘要： 1)工程机械：11月内销及出口均持续增长。根据中国工程机械工业协会数据，11月份，12类主要工程机 械产品内销同比10升2降（塔式起重机及高空作业车销量同比下降），出口销量同样是10升2降（摊铺机 及升降工作平台销量同比下降）。其中汽车起重机11月内销780台，同比增长25.8%，从7月份开始已连 续5个月实现同比正增长，进入自2021年以来持续下滑后的向上复苏趋势中。从出口看，随着内资企业 全球竞争力提升以及降息背景下需求向上，整体出口呈稳定增长态势。目前工程机械内需及出口共振向 上确定性高，我们建议重点关注出口竞争力强、非挖产品恢复明显的企业，以及高景气且毛利高的中大 型矿机等产品领域。 2)光伏：电池片环节上涨，整体需求依 ...

Core Viewpoint - Bluefeng Biochemical (SZ002513) experienced a limit-up on September 30, 2025, with a price of 9.45 yuan, marking a 10.05% increase, and a total market capitalization of 3.698 billion yuan [1] Group 1: Business Transformation and Performance - Bluefeng Biochemical is transitioning from traditional agricultural chemicals to a dual business model of "agricultural chemicals + photovoltaic new energy," with photovoltaic revenue accounting for 77.39% and a year-on-year growth of 71.04% [2] - The company has achieved an industry-leading mass production efficiency of 26.5% for N-type TOPCon batteries, attracting market attention due to the promising outlook of the photovoltaic industry [2] Group 2: Incentive Plans and Financial Improvement - The company launched a restricted stock incentive plan covering 109 core employees, which is expected to enhance employee motivation and overall operational efficiency, with performance assessment targets set for 2024-2026 [2] - In the first half of 2025, the company's net loss decreased by 67.87% year-on-year, indicating improved operational efficiency and a positive trend [2] Group 3: Market Activity and Stock Performance - On September 29, 2025, Bluefeng Biochemical was included in the "Dragon and Tiger List," with a trading volume of 634 million yuan, driven by net buying from retail and institutional investors [2] - The recent activity in the agricultural chemical products sector may have contributed to the stock's limit-up performance [2]

Core Insights - Anhui Xuhe New Energy, a subsidiary of Bluestar Bio-chemical, has recently obtained a national invention patent for a "0BB battery IV characteristic testing device," highlighting the company's strategic focus on the dual business model of "agriculture + new energy" [1] - The patented device addresses industry pain points and provides critical technical support for the production of efficient photovoltaic products [1] - This achievement complements the N-type TOPCon battery technology, which has already achieved a mass production efficiency of 26.5%, further enhancing the company's technological matrix [1] Company Developments - Following the acquisition of a 51% stake in Xuhe New Energy for 67.52 million yuan in September 2023, Bluestar Bio-chemical has been actively empowering its development [1] - The company has provided over 650 million yuan in financing guarantees and assisted in attracting strategic investors for capital expansion [1] - Xuhe New Energy has established a production capacity of 2.5 GW for battery cells and 1 GW for modules, holding 47 authorized patents [1] Industry Positioning - Bluestar Bio-chemical's new energy transformation strategy is accelerating, reinforcing its competitive position within the industry [1]

Core Viewpoint - The article emphasizes the importance of technological innovation in driving high-quality energy development during China's 14th Five-Year Plan, highlighting breakthroughs in clean energy, fossil energy cleaning, and integrated energy development, which collectively support energy security and the transition to a low-carbon economy [2][3][4]. Group 1: Clean Energy Development - During the 14th Five-Year Plan, the energy structure is rapidly adjusting, with non-fossil energy power generation capacity reaching 2.23 billion kilowatts by July 2025, accounting for 60.8% of total power generation capacity [3]. - The efficiency of N-type TOPCon solar cells has surpassed 27%, with the cost of electricity dropping to approximately 0.13 yuan/kWh, a reduction of about 50% compared to 2020 [3]. - The largest hydropower unit in the world, the Baihetan hydropower station, has been completed, and the pumped storage capacity exceeds 58 million kilowatts, maintaining the world's leading position for nine consecutive years [3]. Group 2: Fossil Energy Cleaning - Fossil energy continues to play a stabilizing role in energy security, with over 500 million kilowatts of coal-fired power units undergoing energy-saving, heating, and flexibility upgrades [4]. - Significant projects include the completion of Asia's first ultra-deep exploration well and the world's first 100,000-ton deep-water semi-submersible oil production platform [4]. - The CCUS demonstration project in Taizhou has been established with a capacity of 500,000 tons, marking a significant step in carbon capture technology [4]. Group 3: Integrated Energy Development - The smart grid is undergoing continuous upgrades, with the capacity for "West-to-East Power Transmission" increasing from 260 million kilowatts to 360 million kilowatts [4]. - The energy consumption of proton exchange membrane (PEM) electrolyzers has decreased to 4.2 kWh/Nm3, and key technologies for hydrogen refueling stations have achieved localization [4]. - The cost of lithium iron phosphate energy storage systems has dropped to around 0.4 yuan/Wh, with advancements in compressed air and vanadium flow battery storage technologies [4]. Group 4: Original Technological Innovation - The construction of a new power system aims to maximize the integration of renewable energy, with projections indicating that by 2060, wind and solar installations will exceed 900 million kilowatts, accounting for over 70% of power generation [5]. - The development of a new type of high-voltage direct current (HVDC) converter valve has been achieved, demonstrating 100% failure resistance in practical applications [6]. - The flexible HVDC technology has been successfully exported, with significant projects in the Middle East and a successful bid for the Dolwin6 offshore wind project in Germany [6]. Group 5: Strengthening National Strategic Technological Forces - The article highlights the need to address issues of fragmentation and homogeneity in energy technology innovation, advocating for a unified national strategy to enhance research capabilities [8]. - The establishment of national laboratories and innovation alliances in the energy sector aims to consolidate resources and focus on major national energy needs [8]. - Collaborative efforts among various stakeholders, including government, enterprises, and research institutions, are emphasized to drive technological advancements in flexible coal-fired power generation [9][10].

Core Viewpoint - JinkoSolar's stock price has declined significantly despite a more than threefold increase in net profit in the first half of the year, leading to a market capitalization drop to 104.2 billion yuan [1] Financial Performance - In the first half of the year, JinkoSolar achieved operating revenue of 53.624 billion yuan, a year-on-year increase of 60.52% [1] - The net profit for the same period was 3.843 billion yuan, reflecting a year-on-year growth of 324.58% [1] - The non-recurring net profit was 3.536 billion yuan, up 340.34% year-on-year [1] Stock Market Reaction - On August 15, JinkoSolar's stock price fell by 11.99%, closing at 10.42 yuan per share, with a trading volume of 1.41 billion yuan and a turnover rate of 6.66% [1] - In response to the stock price drop, the company announced a share buyback plan of 300 million to 600 million yuan, with a maximum repurchase price of 18.85 yuan per share [1] Capital Raising and Asset Impairment - JinkoSolar is seeking additional funds through a new private placement plan to raise 9.7 billion yuan for expanding its integrated project capacity in Shanxi [2] - The company reported asset impairment losses totaling 1.32 billion yuan, with the largest portion being 1.246 billion yuan attributed to inventory, fixed assets, and contract asset impairments [2] Industry Context - The significant decline in silicon material prices since March has impacted JinkoSolar's financials, leading to potential inventory losses due to the long production cycle [3] - The price of silicon materials dropped from over 200,000 yuan per ton to around 70,000 yuan per ton by the end of June [3] - The entire photovoltaic sector experienced a downturn, with major companies like TCL Zhonghuan and JA Solar also reporting declines in stock prices [3][4]

Core Insights - The global energy transition is accelerating towards efficient, clean, low-carbon, and diversified solutions, with China emerging as a key player in the renewable energy sector [1] Group 1: Industry Overview - By Q1 2025, global photovoltaic (PV) module shipments are expected to reach 320 GW, with products sold in nearly 200 countries and regions [1] - China has established the world's largest and most complete new energy industry chain, enhancing green development as a core strategic priority [1] - China contributes significantly to global green transition efforts, collaborating on clean energy projects with over 100 countries and regions, supplying over 80% of global PV modules and 70% of wind power equipment [1] Group 2: Company Performance - JinkoSolar has consistently ranked first in global module shipments from 2016 to 2019 and remains among the top five from 2020 to 2022, regaining the top position in 2023-2024 [1][2] - In 2024, JinkoSolar achieved a module shipment volume of 92.87 GW, representing an 18.28% year-on-year increase, with nearly 57.8% of shipments being overseas [2] - The company has over 10 production bases globally, serving around 4,000 customers and operating more than 120 marketing branches and 35 service centers worldwide [2] Group 3: Technological Advancements - JinkoSolar is a pioneer in N-type TOPCon technology, having developed and implemented this technology ahead of competitors, with a maximum cell conversion efficiency of 27.02% achieved in October 2023 [2] - The company holds 462 patents related to N-type TOPCon technology, making it one of the leaders in this field [2] - The third-generation Tiger Neo PV module, launched this year, boasts a maximum power output of 670W and a conversion efficiency of 24.8%, suitable for various complex applications [2] Group 4: Market Outlook - The photovoltaic industry has significant growth potential, as its current share in the global energy structure is still low, indicating room for expansion [3] - Companies with core competitiveness and resilience to market cycles are expected to thrive amid industry consolidation [3]

Group 1 - The company expects a net profit attributable to shareholders of -2 billion to -3 billion yuan for the first half of 2025, primarily due to supply-demand mismatches and price declines in the photovoltaic industry [1] - Despite facing cyclical adjustments, the company has made significant progress in global market expansion, core technology breakthroughs, and capital operations, demonstrating resilience as a leading Chinese photovoltaic cell manufacturer [1] Group 2 - The company's overseas sales ratio has surged to 51.90% in the first half of 2025, nearly doubling from 23.85% in 2024, indicating strong demand for its efficient battery products in international markets [2] - The company has been actively expanding its market network across Asia, Europe, North America, Latin America, and Australia, becoming a leading supplier of battery cells in markets like India and Turkey [2] Group 3 - The global photovoltaic industry is undergoing significant structural adjustments, with global installed capacity demand continuing to grow, particularly in China, which saw a new installed capacity of 197.85 GW, a year-on-year increase of 150% [3] - The industry faces challenges such as overcapacity and declining product prices, prompting a shift in national policy to guide the industry back to a healthier trajectory [3] Group 4 - The company is a typical representative of the ongoing transformation in the photovoltaic sector, leading in global market share for N-type TOPCon batteries and continuously improving efficiency through advanced technologies [4] - With the acceleration of the exit of outdated production capacity driven by policy changes, the company is expected to benefit from increased market share and improved profitability [4] Group 5 - The company successfully listed on the Hong Kong Stock Exchange on May 8, 2025, raising a net amount of 1.29 billion HKD, and was included in the Shanghai-Hong Kong Stock Connect on June 3, enhancing liquidity and valuation [5] - The company aims to achieve high-quality development through the synergy of domestic and international business, technology optimization, and capital-driven strategies [5]

Group 1: Core Insights - The focus on "innovation" has emerged as a key theme at this year's photovoltaic exhibition, contrasting with previous years where rapid growth overshadowed this aspect [1] - The photovoltaic industry is currently facing a cyclical downturn, necessitating a shift from price competition to innovation for survival [1] - New technologies such as N-type TOPCon, HJT, and BC batteries are opening high-end markets, while new applications like household, offshore, and agricultural photovoltaics are creating additional growth opportunities [1] Group 2: Technological Innovation - The photovoltaic industry is engaged in a continuous technological arms race, with a strategic shift towards battery structure iterations and the dominance of N-type technology over P-type [2] - TOPCon technology has achieved a mass production efficiency of 25.8%, while laboratory efficiency for perovskite tandem cells has reached 33.9% [2] - Cost reduction strategies are focusing on both process improvements to reduce silver paste usage and exploring alternative conductive materials to replace silver [2] Group 3: Business Model Innovation - Photovoltaic companies are encouraged to transition from being mere manufacturers to comprehensive energy service providers, moving away from one-time sales to long-term service models [3] - Successful examples of this transition include partnerships like the one between Shuangliang Energy and Hongyang New Energy, which aims to provide a green hydrogen production solution [3][4] - The integration of energy storage with photovoltaic systems is becoming essential for stabilizing revenue and enhancing product value [4] Group 4: Industry Chain Collaborative Innovation - Collaborative innovation across the photovoltaic industry chain is crucial in the current context of overcapacity, with leading companies urged to create an "innovation ecosystem" [5] - Stronger partnerships among industry players can help mitigate market challenges and reduce internal competition through shared technology and capacity [5] - The shift towards market-based pricing mechanisms for new projects emphasizes the need for efficient photovoltaic components and smart operation solutions [5] Group 5: Future Outlook - The photovoltaic industry is at a critical juncture, where the focus must shift from mere capacity expansion to deep and broad innovation [6] - Companies that can maintain their commitment to innovation during crises are likely to emerge as leaders in the high-quality development of the photovoltaic sector [6]