Core Insights - The solar energy sector is experiencing a significant decline in new installations, with September 2025 seeing a 53.8% year-on-year decrease in new photovoltaic installations, totaling 9.7GW, although there was a 31.2% increase compared to the previous month [6][7] - Despite the decline in new installations, the export of solar components and inverters has shown resilience, with inverter exports in September 2025 increasing by 5.0% year-on-year, although they decreased by 19.2% month-on-month [6][7] - The report highlights a strong growth trajectory in the wind energy sector, with the company achieving a 45.6% year-on-year revenue increase in the wind power segment, driven by a significant rise in blade production [12][13] Market Trends - The domestic photovoltaic market is facing challenges, with a cumulative new installation of 240.27GW from January to September 2025, reflecting a 49.3% year-on-year increase [6][7] - The overall power generation from solar energy in September 2025 increased by 21.1% year-on-year, contributing to 5.63% of the total industrial power generation in China [6][7] - The new materials sector has shown positive performance, with the new materials index rising by 3.19%, outperforming the ChiNext index by 2.69% [8] Company Performance - The report on Yonghui Supermarket indicates a 22.21% year-on-year decline in revenue for the first three quarters of 2025, with a net loss of 7.10 billion yuan [9] - In contrast, the report on Times New Material shows a 14.42% year-on-year increase in revenue for the first three quarters of 2025, with a net profit growth of 40.52% [12][13] - Financial performance for Caitong Securities indicates a 13.99% year-on-year revenue increase for the first three quarters of 2025, driven by strong growth in brokerage and investment businesses [15][16] Investment Recommendations - The report suggests focusing on companies involved in new technologies in the solar sector, such as Aiko Solar and Longi Green Energy, as well as those in the supply chain like Daqo New Energy and Flat Glass [6][7] - For the wind energy sector, the report emphasizes the importance of companies like Times New Material, which are well-positioned to benefit from the growing demand for wind turbine blades [12][13] - In the new materials sector, the report recommends monitoring developments related to AI materials, particularly in light of Nvidia's recent advancements in superchip technology [8]

2025 年 11 月 5 日 行业研究/行业周报 化学原料行业近一年市场表现 资料来源：最闻 相关报告： 布，建议关注风电材料发展机遇-新材料 周报（251020-1024） 2025.10.28 透，建议关注 AI 新材料机遇-新材料周 报（251013-1017） 2025.10.21 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 申向阳 邮箱：shenxiangyang@sxzq.com 新材料 新材料周报（251027-1031） 领先大市-B(维持) 英伟达发布 Vera Rubin 超级芯片，建议关注 AI 材料发展机遇 摘要 二级市场表现 氨基酸：缬氨酸(12400 元/吨，不变)、精16氨50酸元(2/吨，不变)、色氨酸 (32500 元/吨，-2.99%)、蛋氨酸(20800 元/吨，-0.95%) 【山证新材料】《风能北京宣言 2.0》发 【山证新材料】生成式人工智能快速渗 可降解材料：PLA(FY201 注塑级)(17800 元/吨，不变)、PLA(RE ...