为持续向投资者普及ETF基础知识，招商证券携手十大基金公司，联合全景网共同举办2025年招商证 券"招财杯"ETF实盘大赛系列直播，旨在帮助投资者提升资产配置与风险管理能力，促进ETF市场的健 康发展。 2021年以来，中国光伏产业在攀上全球主导地位的高峰后，迅速坠入严重的产能过剩与"内卷式"价格战 的深渊。产业链各环节利润被急剧压缩，企业普遍面临经营困境。 王帅表示，国家"反内卷"政策的深层意图在于重构新兴产业的发展逻辑，推动光伏等战略行业从"规模 导向"转向"价值导向"。 "光伏行业的终局格局，很可能会呈现出一种'分层垄断、局部多元'的独特生态。最有可能在本轮洗牌 中胜出的企业，往往具备'战略反脆弱性'——即在行业扩张期克制规模冲动，在行业低谷期敢于逆势投 入。这类企业共同的特点是：不过度依赖单一技术路线或市场区域，而是构建起可动态调整的商业生态 系统。"王帅进一步说道。 01 "反内卷"政策推动产业从"规模导向"转向"价值导向" 全景网：您如何解读国家层面"反内卷"政策的深层意图？《求是》杂志明确指出，光伏、锂电等新兴行 业也深陷"内卷"。这轮针对新兴产业的调控，与过往针对钢铁、水泥等传统行业的供给侧改 ...

2. 公司高功率产品最新改造进度,以及规模化出货时间? 2025年7月31日，晶科能源披露接待调研公告，公司于7月31日接待淡水泉投资、华夏基金、汇添富基 金、华泰柏瑞基金、银华基金、兴全基金等72家机构调研。 调研情况显示，近期中央及各部委重视治理光伏行业无序竞争，解决内卷式竞争需严控新增产能、推动 技术创新，高价值先进产品有望为产业链价格修复提供基础。同时，公司已完成上饶和山西基地两个车 间技术升级改造，今年底高功率产能将达一定比例，且交付量将增加。 公司率先推进 TOPCon 产能升级，预计明年先进产能功率档位将达 670W 左右，未来两三年有望达 680 - 700W，有信心将量产效率提升至 28%以上。另外，中国光伏产业协会上调 2025 年全球及中国光伏新 增装机预测，国内需求下半年回归正常，海外新兴市场增长保障整体需求，组件价格趋稳，分销市场价 格传导优势更大。 因印太和中东非等新兴市场的快速增长，公司三季度排产整体环比保持稳定 。 调研详情如下： 1. 如何看待近期行业"反内卷"政策? 近期,中央明确指出解决"内卷式"竞争的重要性和紧迫性,各部委的会议调研也充分体现出对治理光伏行 业无序竞争、 ...

Core Viewpoint - Trina Solar faces significant challenges in the photovoltaic industry in 2024, including rapidly declining module prices and external uncertainties, leading to widespread losses among industry players [1] Group 1: Company Performance and Strategy - Trina Solar expects to ship over 70GW of modules in 2024, with a first-quarter shipment of over 15GW and improved gross margins [1] - The company aims to balance volume and profitability, focusing on markets with better profit margins, such as Europe and Australia, while targeting a shipment goal of 70-75GW for the year [1] - The company reported an operating cash flow of 8 billion yuan in 2024, maintaining a healthy financial position despite industry pressures [5] Group 2: Market Dynamics and Challenges - The U.S. market is experiencing operational uncertainties due to high anti-dumping tariffs, prompting the company to closely monitor policy changes and adjust shipment volumes accordingly [1] - Emerging markets are expected to see significant growth, with the Middle East and Africa projected to grow over 30%, and Asia-Pacific expected to have double-digit growth [2] Group 3: Technological Developments - Trina Solar identifies a dominant technology landscape with TOPCon as the main technology, supported by BC and HJT technologies, with plans to launch TOPCon 2.0 in June [2] - The company is investing in perovskite-silicon tandem cell technology, which is expected to achieve 4% higher efficiency than current silicon cells [2] Group 4: Energy Storage Business - Trina Solar plans to achieve a storage shipment target of 8-10GWh in 2025, with a focus on high-margin overseas markets, particularly Europe [3] - The company has signed contracts exceeding 5GWh in overseas markets, indicating significant growth compared to the previous year [3] Group 5: System Solutions and Digital Energy Services - In 2024, Trina Solar's system solutions and digital energy services achieved positive profit growth, with a target of at least 20% growth in these segments for 2025 [4] - The company aims for system solutions and digital energy services to account for over 50% of its revenue and profits in the future [4] Group 6: Financial Health and Cost Management - Trina Solar has optimized personnel and reduced costs by nearly 30% over the past year, while maintaining a good level of cash flow [5] - The company has improved its financial management through digital transformation, increasing the digitalization rate of its financial system by 40% [5]

丨 2025年4月9日星期三丨 NO.3璞泰来：子公司与德国MOLL签订合作备忘录 NO.1天合光能：在美国储备有足够规模的电池组件 4月8日，璞泰来（603659）公告称，公司控股子公司欧洲嘉拓与德国MOLL签订《合作备忘录》，双方 合作将涵盖从产品开发到批量生产的项目全生命周期。MOLL计划在德国建设一个钠离子电池工厂，年 产能目标为500MWh至1GWh。欧洲嘉拓将为MOLL提供电池极片制作的工艺流程设计、电极加工设 备、电极样品和其他电池原型制作所需的设备，并提供全面的服务，包括样品设备研发、生产设备研发 与供应、设备技术人员培训和售后服务。此外，欧洲嘉拓还将为MOLL提供生产钠离子电池所需的各类 材料。 4月7日，天合光能在互动平台表示，截至目前公司在美国储备有足够规模的电池组件库存，其成本预计 不会受到美国加征"对等关税"的影响，另有部分在运输途中即将入关的产品，再加上其他的一些供货渠 道，可以满足公司今年后续阶段美国市场客户需求。这次"对等关税"可能会带来产品价格一定幅度的上 升，对于美国的电池组件库存利润会产生正面影响。另外，公司的印尼合资TOPCon电池组件工厂(目前 年产能1GW)不受东南 ...