成本持续承压 在白银价格波动、技术迭代升级等多重因素的共同驱动下，光伏行业成本梯度分化趋势日益明显，行 业"反内卷"成效进一步显现。 当前，白银价格在经历前期剧烈波动后逐步趋于平稳，近日震荡运行于每盎司80美元左右。"从市场走 势来看，短期内白银价格仍将存在一定波动，但目前白银正处于金融属性与商品属性双重驱动的强势周 期，未来一段时间价格仍将维持高位运行。"万联证券投资顾问屈放在接受《证券日报》记者采访时表 示，这一态势给用银大户光伏行业带来成本承压，而在银浆替代等技术领域具备先发优势的企业，其成 本优势将进一步凸显，进而推动行业分化提速。 世界白银协会当地时间2月10日发布报告称，受地缘政治紧张及美国政策不确定性引发的避险情绪支 撑，全球白银投资需求在2026年保持强劲。继1月份银价历史上首次突破每盎司100美元大关后，今年以 来银价已取得11%的涨幅。 世界白银协会称，尽管高昂的定价导致全球珠宝及银器需求预计将缩减约17%，但工业需求仍具韧性。 供应方面，矿产产量预计微增1%至8.2亿盎司，但高价诱发的回收银总量将自2012年以来首次突破2亿 盎司。 据《证券日报》记者了解，目前一些头部企业已经在加速银浆 ...

Core Viewpoint - The photovoltaic industry is experiencing a clear trend of cost differentiation driven by fluctuations in silver prices and technological advancements, leading to a reduction in industry competition [1][8]. Cost Pressure - The global demand for silver is expected to remain strong through 2026, supported by geopolitical tensions and uncertainty in U.S. policies, despite a projected 17% reduction in global jewelry and silverware demand due to high prices [2]. - The silver price has increased by 11% this year, following its historic rise above $100 per ounce in January [2]. - The global silver market is projected to face a supply shortage of approximately 67 million ounces by 2026, marking the sixth consecutive year of deficit [2]. - The photovoltaic sector, as a major consumer of silver, will continue to face cost pressures due to high silver prices, prompting companies to accelerate the development of silver paste alternatives [2][3]. Technological Breakthroughs - Leading companies in the photovoltaic industry are making significant progress in developing silver paste alternatives, with some planning large-scale production of low-cost metal alternatives [4]. - Longi Green Energy has announced plans to start large-scale production of a copper paste solution in Q2 of this year, which could reduce component costs by approximately 0.02 yuan per watt [4]. - Other major players, including Aiko Solar and JinkoSolar, are also actively pursuing silver paste replacement technologies, with JinkoSolar collaborating with Wuxi Dike Electronic Materials to innovate in low-silver metallization techniques [4][5]. Industry Restructuring - The photovoltaic industry is expected to shift towards high-efficiency and reliable components, with companies possessing technological advantages able to command price premiums [6]. - The new installed capacity of photovoltaic systems in China is projected to reach between 180 GW and 240 GW in 2026, marking a significant turning point after years of growth [6]. - The transition towards high-quality development in the photovoltaic sector will be driven by upgraded end-user demand, which will compel manufacturers to enhance technology and market mechanisms [8].

Core Viewpoint - JinkoSolar is focusing on advanced battery technologies, particularly N-type TOPCon, and aims to maintain its leadership in the solar energy sector through continuous investment in innovation and production capacity [2][3]. Group 1: Company Performance - On February 11, JinkoSolar's stock fell by 1.48%, with a trading volume of 2.545 billion yuan and a turnover rate of 3.11%, bringing the total market capitalization to 80.042 billion yuan [1]. - For the period from January to September 2025, JinkoSolar reported a revenue of 47.986 billion yuan, a year-on-year decrease of 33.14%, and a net profit attributable to shareholders of -3.92 billion yuan, a significant decline of 422.67% [7][8]. Group 2: Technological Advancements - The company has successfully mass-produced high-efficiency N-type TOPCon batteries and is actively developing new technologies, including IBC and perovskite batteries [2]. - JinkoSolar's advancements in TOPCon and perovskite technologies have led to a world record in conversion efficiency for their stacked battery technology, showcasing the potential for commercial scalability in the coming years [2]. Group 3: Market Dynamics - The main business of JinkoSolar includes the research, production, and sales of solar photovoltaic modules, battery cells, and silicon wafers, providing high-quality solar products globally [3]. - As of September 30, 2025, the number of shareholders in JinkoSolar increased to 77,300, with an average of 129,456 circulating shares per person, reflecting a decrease of 3.97% from the previous period [7].

光伏"反内卷"持续走向"深水区"，一大信号是光伏公司接连选择结束专利"缠斗"。 继隆基绿能(601012.SH)与晶科能源(688223.SH)于去年9月底宣布结束全球范围内全部专利纠纷法律程序 后，爱旭股份(600732.SH)和TCL中环(002129.SZ)近日也官宣签订《专利许可协议》，各自撤回或终止 所有与许可专利及许可产品相关的、双方之间进行中或未决的法律程序。至此，这两家公司为期超过两 年的专利"缠斗"画上句号。 签订巨额BC专利许可协议 据第一财经记者了解，两家公司的许可费用总计16.5亿元，其中2.50亿元于2026年支付，剩余许可费分 别于2027年至2030年期间分期支付。签订《专利许可协议》后，爱旭股份获得约千项Maxeon过往以及 未来5年内新增单独或共同拥有的除美国外的所有BC电池及组件专利授权，且Maxeon(TCL中环子公司) 未对爱旭股份BC组件、电池及代工销量设限，未涉及爱旭股份反向授权义务。 "此前，部分海外大客户因专利诉讼的持续骚扰对ABC组件的提货持观望态度，授权后，这种不确定性 将得以扫除。"爱旭股份相关负责人进一步对记者表示，随着协议签署，公司电池、组件产品全线涨 ...

格隆汇2月11日｜A股光伏设备板块盘初冲高，其中，永臻股份触及涨停，聚和材料盘中创新高，拉普 拉斯、晶科能源、艾罗能源、协鑫集成、同享科技跟涨。 ...

其中山西基地自动化程度最高，大幅节约了土地以及人员。 【长江电新】晶科能源：TOPCon龙头设备自动化程度高，全球化优势显著 1、T规划3年内建设100GW光伏产能，近期对光伏产业链进行密集审厂，并在晶科越南以及太原工厂进行了参观交 流。 2、晶科能源是TOPCon龙头公司，累计申请专利数量4400+，获得数3000+，拥有专利数量行业第一。 其中山西基地自动化程度最高，大幅节约了土地以及人员。 售价与成本两端优势明显，26年公司主业向好趋势明确。 5、公司光储一体化企业布局初现，2025年储能出货6GWh，2026年大概率翻倍。 【长江电新】晶科能源：TOPCon龙头设备自动化程度高，全球化优势显著 晶科目前拥有5GWh电芯和17GWh pack产能，25年出货80%在海外，5%在美国。 1、T规划3年内建设100GW光伏产能，近期对光伏产业链进行密集审厂，并在晶科越南以及太原工厂进行了参观交 流。 随着出货规模的增长，公司2026年有望实现储能业务盈利。 3、全球化层面，公司越南一体化成本较国内更优，美国拥有2GW组件产能，海外及北美产能建设及运营经验丰 厚。 25年美国出货占比5%-10%，26年通过多 ...

继隆基绿能（601012.SH）与晶科能源（688223.SH）于去年9月底宣布结束全球范围内全部专利纠纷法律程序后，爱旭股份 （600732.SH）和TCL中环（002129.SZ）近日也官宣签订《专利许可协议》，各自撤回或终止所有与许可专利及许可产品相关 的、双方之间进行中或未决的法律程序。至此，这两家公司为期超过两年的专利"缠斗"画上句号。 签订巨额BC专利许可协议 2026.02.10 本文字数：1837，阅读时长大约4分钟 作者 |第一财经陆如意 光伏"反内卷"持续走向"深水区"，一大信号是光伏公司接连选择结束专利"缠斗"。 据第一财经记者了解，两家公司的许可费用总计16.5亿元，其中2.50亿元于2026年支付，剩余许可费分别于2027年至2030年期间 分期支付。签订《专利许可协议》后，爱旭股份获得约千项Maxeon过往以及未来5年内新增单独或共同拥有的除美国外的所有 BC电池及组件专利授权，且Maxeon（TCL中环子公司）未对爱旭股份BC组件、电池及代工销量设限，未涉及爱旭股份反向授 权义务。 "授权后，双方全部未决或者潜在专利争议都将终止，公司可避免冗长的法律流程和昂贵的海外诉讼成本，更聚 ...

Core Viewpoint - JinkoSolar's stock experienced a decline of 4.92% on February 10, with a trading volume of 3.526 billion yuan and a market capitalization of 81.242 billion yuan [1] Group 1: Company Developments - The company has begun mass production of high-efficiency N-type TOPCon batteries and is actively developing new technologies and processes, including IBC and perovskite battery technologies [2] - JinkoSolar has a strong technical reserve in the N-type TOPCon field, with clear paths for efficiency improvement and cost reduction, and plans to increase investment to maintain its leadership in the "N-type era" [2] - The company has successfully ramped up production at its 16GW N-type TOPCon battery facilities in Hefei and Haining, with Hefei's factory achieving full production and a testing efficiency of 24.7% [2] Group 2: Financial Performance - For the period from January to September 2025, JinkoSolar reported a revenue of 47.986 billion yuan, a year-on-year decrease of 33.14%, and a net profit attributable to shareholders of -3.92 billion yuan, a decrease of 422.67% [7][8] - The company has distributed a total of 3.355 billion yuan in dividends since its A-share listing, with 3.125 billion yuan distributed over the past three years [9] Group 3: Market Position and Shareholder Information - As of September 30, 2025, JinkoSolar had 77,300 shareholders, an increase of 4.14% from the previous period, with an average of 129,456 circulating shares per shareholder, a decrease of 3.97% [7] - Major shareholders include Hong Kong Central Clearing Limited, holding 306 million shares, and various ETFs, which have seen reductions in their holdings [9]

机构持仓方面，截止2025年9月30日，晶科能源十大流通股东中，香港中央结算有限公司位居第二大流 通股东，持股3.06亿股，相比上期减少1.32亿股。易方达上证科创板50ETF（588080）位居第六大流通 股东，持股1.47亿股，相比上期减少1824.29万股。华夏上证科创板50成份ETF（588000）位居第八大流 通股东，持股1.41亿股，相比上期减少7888.63万股。 资料显示，晶科能源股份有限公司位于上海市闵行区申长路1466弄1号晶科中心，成立日期2006年12月 13日，上市日期2022年1月26日，公司主营业务涉及太阳能光伏组件、电池片、硅片的研发、生产和销 售以及光伏技术的应用和产业化,并以此为基础向全球客户提供高效、高质量的太阳能光伏产品。主营 业务收入构成为：产品销售100.00%。 截至9月30日，晶科能源股东户数7.73万，较上期增加4.14%；人均流通股129456股，较上期减少 3.97%。2025年1月-9月，晶科能源实现营业收入479.86亿元，同比减少33.14%；归母净利润-39.20亿 元，同比减少422.67%。 分红方面，晶科能源A股上市后累计派现33.55亿元。 ...

截至2026年2月10日 09:46，中证光伏产业指数(931151)成分股方面涨跌互现，阳光电源领涨3.37%，协 鑫集成上涨2.78%，德业股份上涨1.90%；奥特维领跌。光伏ETF基金(516180)最新报价0.93元。 光伏板块今日震荡调整，资金持续关注，光伏ETF基金盘中换手3.6%，成交342.38万元。拉长时间看， 截至2月9日，光伏ETF基金近1周日均成交1561.53万元。 中信证券研报称，太空光伏需求有望迎来指数级增长。马斯克下注光伏制造，为轨道算力和AI供电铺 路。中国头部光伏设备厂商具备极强的高效迭代和快速响应能力，有望跻身特斯拉和SpaceX等相关设 备供应链，并收获高额订单，打开全新成长空间。此外，太空光伏设备或具备明显通胀效应，价值量或 将实现跃迁式提升。重点推荐具备技术、产品和份额优势的光伏各环节设备龙头厂商。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金 ...