● 第三届XBC电池与组件技术论坛2025将于5月15-16日在嘉兴召开 ● 5月16日将参观隆基HPBC 2.0产线，全球光伏行业首个"灯塔工厂" 5月8日，钧达股份（股票代码：02865.HK）正式于香港联合交易所主板挂牌上市，成为全球首家实现"A+H"双资本平台运作的光伏企业。 钧达股份此次全球发售股票6343.23万股，定价为每股22.15港元。所募资金将主要用于兴建海外光伏电池生产基地、技术研发、海外销售业务等。依 托"A+H"双资本平台协同赋能，公司将全面打通境内外资源通道，加速高效电池技术产业化进程与全球销售网络建设，以更高维度的资本势能驱动全球能 源转型实践。 在行业深度调整周期中，钧达股份以N型电池技术为核心引擎，构筑起差异化效率护城河。目前，公司新一代"MoNo 2"系列N型高效电池转换效率已突破 26.3%，单瓦非硅成本降低约30%，以过硬实力打造"高效率+低成本"的绝对竞争优势。 在夯实N型技术主导地位的同时，钧达股份正以BC、钙钛矿叠层技术开辟第二战场。公司TBC电池中试阶段量产效率较主流产品可提升1-1.5个百分点， 持续推动下一阶段量产准备。同时，公司与全球顶尖科研机构联合研发的 ...

通过政策引导、技术迭代和产能出清加速调整，光伏行业正逐步企稳，众多机构认为产业链变化已经释放出了触底信号。 华安证券研报指出，2025年是光伏周期触底之时，预计2025年H1进入修复通道；中信证券则认为，随着需求端的逐步复苏和供给侧通过行政约束、自律限 产等手段的优化，行业将迎来基本面修复；光大证券也表达了类似观点，2025年光伏行业的需求有望好转，落后产能持续出清将推动行业拐点来临。 在行业整体基本面边际好转的背景下，各个环节中具备比较优势的企业往往更具增长弹性。近期在港股招股的钧达股份也因此备受关注，作为专业光伏电池 制造商龙头，通过全球化布局和技术壁垒构建的护城河，为其估值修复提供了核心驱动力量。 一、占据光伏电池核心地位 在碳中和加速推进与全球能源安全博弈交织的背景下，光伏产业链正经历结构性调整。基于当前产业发展态势与全球贸易格局演变，光伏电池环节的战略价 值呈现螺旋上升趋势。 全球能源自主化浪潮中，各国优先布局组件环节具有现实必然性。考虑到各个环节技术难度、资金需求、环保要求、供应链以及基础设施建设等各方面条 件，国外市场往往会优先从组件环节入手，提升本土化光伏产业规模，强化自身在光伏产业中的话语权 ...

Group 1: Company Overview - JunDa Co., Ltd. is conducting an IPO for H-shares in Hong Kong, with a global offering of 63.43 million shares priced between HKD 20.40 and HKD 28.60, expected to list on May 8, 2025 [1] - The company is recognized as the "first A+H stock in photovoltaic" and has key cornerstone investors including Zhuhai Highview and Modern Direct Investment [1] Group 2: Industry Context - The global push for carbon neutrality is driving the growth of renewable energy installations, with photovoltaic (PV) power expected to account for 76.1% of new renewable energy capacity in 2024 [2] - The cumulative installed capacity of PV is projected to grow from 2,557 GW in 2025 to 6,437 GW by 2030, with a compound annual growth rate of 20.3% [2] Group 3: Technological Leadership - JunDa has maintained a leading position in PV technology, achieving over 26% average mass production conversion efficiency in 2023 and introducing the MoNo2 series N-type TOPCon battery in 2024, improving efficiency by 0.5% [8][9] - The company has a global market share of approximately 17.9% in PV batteries, ranking second, and leads the N-type TOPCon battery market with a 24.7% share [10] Group 4: Global Strategy and Financial Performance - JunDa's overseas market revenue accounted for 58% in Q1 2024, a significant increase of 34.15 percentage points compared to the entire year of 2024, leading to a net profit increase of 39.23% [12] - The company plans to use 75% of the funds raised from the IPO to build a 5 GW PV battery production base in Oman, expected to increase production capacity by 11.3% [13] Group 5: Market Dynamics and Competitive Strategy - The company is addressing the challenges of irrational competition and price wars in the PV industry by focusing on global expansion and technological innovation [11] - JunDa has strategically reduced its reliance on outdated P-type production, achieving a 100% N-type TOPCon production structure, which positions it favorably for profit recovery as market conditions improve [18] Group 6: Conclusion - JunDa's IPO and global strategy reflect a deeper logic of transformation in China's renewable energy sector, aiming to establish a competitive advantage through technological differentiation and capital market integration [20]