Investment Rating - The report maintains a positive outlook on the "space photovoltaic" sector, indicating it as a key investment theme for 2026, driven by strong demand and geopolitical narratives [7][8]. Core Insights - The space photovoltaic industry is experiencing significant advancements, primarily among companies already established in the sector, highlighting the high barriers to entry [7][8]. - The Chinese photovoltaic supply chain is expected to accelerate the growth of the space photovoltaic market, benefiting from the U.S. demand for "self-sufficiency" in solar products [7][8]. - The wind power and grid equipment sectors have also received substantial positive catalysts, with notable developments in offshore wind projects and significant investments planned by the State Grid [7][8]. Summary by Relevant Sections Space Photovoltaics - Recent developments in the space photovoltaic sector include strategic partnerships and investments by companies like JunDa and Dongfang Risen, focusing on advanced technologies such as perovskite and HJT cells [8][9]. - The U.S. is facing a critical need for domestic solar supply chains due to trade barriers, which presents a significant opportunity for Chinese companies to capitalize on this demand [11][12]. Wind Power - The UK government has signed contracts for 8.4GW of offshore wind projects, exceeding market expectations, which strengthens the outlook for domestic supply chain exports [13][14]. - The auction results indicate a favorable pricing environment for developers, enhancing the profitability of future projects [14]. Grid Equipment - The State Grid's investment plan of 4 trillion yuan for the 14th Five-Year Plan represents a 40% increase from the previous plan, establishing a strong foundation for long-term growth in the grid sector [3][15]. - The aging infrastructure in North America is driving demand for new transformers and grid solutions, creating opportunities for companies like Siyuan Electric and Jinpan Technology [17][19]. Lithium Batteries - New regulations on battery recycling are set to take effect in April 2026, emphasizing the importance of a comprehensive management system for used batteries [22][23]. - Companies like Fulin Precision are expanding their production capabilities in lithium iron phosphate batteries, indicating a positive trend in the lithium battery market [25][26]. Hydrogen and Fuel Cells - The hydrogen industry is poised for growth, with significant policy support and increasing sales of hydrogen vehicles expected in the coming years [4][5].

Core Viewpoint - The photovoltaic industry is undergoing a deep adjustment, with the overall sector still in a state of loss, as evidenced by the recent earnings forecasts from major companies indicating significant expected losses for 2025 [1][2]. Group 1: Company Performance - Longi Green Energy (隆基绿能) expects a net loss of approximately 60 billion to 65 billion yuan for 2025, primarily due to rising costs of silver paste and silicon materials [3]. - Tongwei Co., Ltd. (通威股份) anticipates the highest loss among the companies, with a projected net loss of 90 billion to 100 billion yuan for 2025, despite some performance improvement from rising polysilicon prices [2][3]. - TCL Zhonghuan (TCL中环) forecasts a net loss of 82 billion to 96 billion yuan for 2025, with product prices remaining low and insufficient cost transmission [2][3]. - JA Solar (晶澳科技) and Aiko Solar (爱旭股份) expect net losses of 45 billion to 48 billion yuan and 12 billion to 19 billion yuan, respectively, citing structural overcapacity as a significant challenge [3]. - Trina Solar (天合光能) and JinkoSolar (晶科能源) have not disclosed specific loss amounts but have indicated continued losses for 2025 [3]. Group 2: Industry Trends - The losses among these nine major companies are correlated with their production capacity, indicating that larger companies are experiencing greater losses [2]. - The industry is shifting from a focus on scale to a competition based on the ability to reduce losses, with Tongwei being the only company to see an increase in loss magnitude for 2025 compared to 2024 [4]. - The overall industry has faced nine consecutive quarters of losses since the fourth quarter of 2023, with ongoing supply-demand imbalances [4]. - Companies are urged to break away from homogeneous competition and build comprehensive advantages through technology, products, and ecosystems [4].

Investment Rating - The report does not provide a specific investment rating for the industry [4] Core Insights - The State Grid Corporation of China plans to invest 4 trillion yuan during the 14th Five-Year Plan period, which represents a 40% increase compared to the previous plan, aimed at developing a new power system and enhancing the supply chain [21][22] - The global lithium-ion battery shipment is expected to reach 2,280.5 GWh in 2025, with a growth rate of 47.6% year-on-year, driven by demand in the energy storage sector [14] - The report highlights significant developments in the energy storage sector, including a 2.2 GW independent energy storage project in Hohhot and a 10 GWh energy storage system factory to be built by Sungrow in Egypt [18][19] Summary by Sections Lithium Battery Sector - Container Technology signed a major procurement agreement with CATL to supply 3.05 million tons of lithium iron phosphate materials from Q1 2026 to 2031, with a total sales value exceeding 120 billion yuan [12] - The report recommends focusing on companies like CATL and EVE Energy, as well as new technology directions such as solid-state batteries [6] Energy Storage Sector - Hohhot's independent energy storage project will have a construction scale of 2.2 GW, expected to be operational by the end of 2027 [18] - Sungrow will invest in a 10 GWh energy storage system factory in Egypt, marking a significant step in localizing battery storage system manufacturing [19][20] Power Equipment Sector - The State Grid's investment plan aims to support the construction of a new power system, with a focus on renewable energy integration and enhancing grid capabilities [21][22] - The report suggests monitoring companies involved in ultra-high voltage projects and power equipment exports [6] Photovoltaic Sector - The report notes stable prices for silicon materials and an increase in silicon wafer production, with expectations for a slight rise in production in January [24][25] - The demand for photovoltaic components remains under pressure due to high prices, but there is an anticipated upward trend in component prices [27][28] Wind Power Sector - The report highlights significant offshore wind projects in both domestic and international markets, with recommendations to focus on leading cable and turbine manufacturers [6]

2026.01. 18 本文字数：2245，阅读时长大约4分钟 作者 | 第一财经 魏中原 在光伏行业持续低迷的背景下，钧达股份（002865.SZ）发布了业绩预亏公告，公司预计2025年归母 净利润亏损12亿-15亿元，亏损同比进一步扩大的同时，连亏两年"板上钉钉"。 太空光伏概念热炒，控股股东减持套现 2025年光伏产能阶段性过剩，全年产业链价格承压，虽然行业自律行为使得产品价格企稳反弹，但价 格上行阻力仍较大，叠加相对低迷的终端需求，使得光伏制造商业绩普遍续亏。天合光能 （688599.SH）、大全能源（688303.SH）、晶科能源（688223.SH）等组件、硅料、电池等光伏龙 头企业，均预计2025年业绩续亏。 然而，受"太空光伏"概念热炒推动，钧达股份股价去年12月以来累计上涨126%。股价翻倍的背后，钧 达股份的两大动作引人关注：一是公司宣布投资布局尚处早期的"太空光伏"概念企业；二是几乎同步， 公司控股股东抛出了一份最高减持3%股份的计划，拟套现金额超7.8亿元。 在基本面拐点未现、新业务能否带来实质性业绩增长仍存疑之际，钧达股份股价的狂热与重要股东的减 持套现意愿交织，为这波行情蒙上了一层 ...

尽管钧达股份在业绩预告中提及了"海外销售占比突破50%""公司成为海外地区光伏电池核心供应商"等 积极的市场布局，但这些举措并未能扭转业绩颓势。 在光伏行业持续低迷的背景下，钧达股份（002865.SZ）发布了业绩预亏公告，公司预计2025年归母净 利润亏损12亿-15亿元，亏损同比进一步扩大的同时，连亏两年"板上钉钉"。 然而，受"太空光伏"概念热炒推动，钧达股份股价去年12月以来累计上涨126%。股价翻倍的背后，钧 达股份的两大动作引人关注：一是公司宣布投资布局尚处早期的"太空光伏"概念企业；二是几乎同步， 公司控股股东抛出了一份最高减持3%股份的计划，拟套现金额超7.8亿元。 在基本面拐点未现、新业务能否带来实质性业绩增长仍存疑之际，钧达股份股价的狂热与重要股东的减 持套现意愿交织，为这波行情蒙上了一层迷雾。 业绩持续承压，亏损金额扩大 根据2025年度业绩预告，钧达股份预计2025年归母净利润亏损12亿元至15亿元，较2024年亏损5.91亿元 进一步扩大；预计扣非后归母净利润亏损14亿元至18亿元，上年同期为亏损11.18亿元。 钧达股份的单季度亏损也在环比扩大。2025年前三季度，公司归母净利润亏 ...

Group 1 - The accounts of well-known figures Jia Guolong and Luo Yonghao have been banned on Weibo due to negative behavior, as stated by Weibo's CEO Wang Gaofei [1] - Jia Guolong responded to accusations from Luo Yonghao, emphasizing that his company, Xibei, has operated legally and has not engaged in any illicit activities [1][2] - Xibei's public relations vice president, Song Xuan, has resigned, citing personal development reasons and the pressure from recent events [4][6] Group 2 - Ctrip has been under investigation by local market regulatory authorities for alleged monopolistic practices, including price manipulation and forced exclusivity [5][7] - Some Moutai provincial direct stores are now allowing eligible taxpayers to purchase the Flying Moutai at a price of 1499 yuan per bottle, without the need to buy additional products [7] - New regulations for the recycling and utilization of used power batteries from electric vehicles will be implemented starting April 1, 2026, focusing on comprehensive lifecycle management [7] Group 3 - Several smartphone manufacturers, including Xiaomi and OPPO, have lowered their annual shipment forecasts by over 20% due to rising upstream supply chain costs [8] - Porsche announced a 10% decrease in global deliveries for 2025, totaling 279,449 vehicles, with significant declines in the European market attributed to supply shortages [12][13] - Gree Electric plans to distribute over 5.58 billion yuan in cash dividends to shareholders, with a payout of 10 yuan per 10 shares [10] Group 4 - Smart has suspended its charging cooperation with multiple charging operators, possibly due to financial pressures [11] - Major banks in the U.S. have reduced their workforce by approximately 10,600 employees, marking the highest reduction in nearly a decade [14] - The AI startup Anthropic has appointed former Microsoft executive Irina Ghose as its General Manager for India [14]

Group 1 - Canada will grant China an annual quota of 49,000 electric vehicles, which will enjoy a 6.1% Most Favored Nation tariff rate, with the quota increasing at a certain rate each year [1] - The Ministry of Commerce of China expects both countries' industries to seize opportunities for mutual benefit and win-win cooperation [1] - The State Council of China is focusing on boosting consumption and supporting new service consumption growth points, aiming to enhance service quality and consumer willingness [1] Group 2 - The China Securities Regulatory Commission (CSRC) is strengthening market monitoring and regulation to prevent excessive speculation and market manipulation [1] - The CSRC is drafting a trial management method for derivative trading, emphasizing prudent regulation and maintaining reasonable leverage levels in the derivatives market [1] - The market supervision authority approved the acquisition of Dole Group by American Axle Manufacturing with additional restrictive conditions to ensure fair competition in the automotive parts sector [2] Group 3 - TCL Zhonghuan signed a cooperation framework agreement to invest in a new energy project [4] - Huatai Hotel's controlling shareholder is planning a merger and reorganization, which may lead to a change in actual control [4] - Cheng Tian Wei Ye plans to raise no more than 800 million yuan through a private placement for liquid cooling system projects [4]

Group 1 - The company expects a net profit to be negative for the fiscal year 2025 due to multiple factors including industry supply-demand imbalance and price transmission issues within the main supply chain [1] - The company is experiencing operational pressure leading to a temporary loss, and it plans to make asset impairment provisions which will impact the current performance [1] - The company has successfully listed on the Hong Kong Stock Exchange in May 2025, becoming the first in the photovoltaic industry to achieve dual-platform listing, which provides strong capital support for sustainable business development [2] Group 2 - The company is advancing its globalization strategy, with overseas sales exceeding 50%, positioning itself as a core supplier of photovoltaic cells in international markets [2] - The company aims to strengthen its core competitiveness in photovoltaic cell business and explore new growth points to drive performance recovery and long-term sustainable growth [2] - The financial data in the performance forecast is preliminary and will be finalized in the annual report for 2025 [2]

Group 1 - Barclays PLC has increased its stake in Junda Co., Ltd. by 2.9812 million shares at a price of HKD 25.1185 per share, totaling approximately HKD 74.8833 million, raising its total holdings to 5.7051 million shares, which represents 8.99% of the company [1] - Junda Co., Ltd. is a leading technology enterprise in the photovoltaic battery sector, with over 50% of its sales coming from overseas markets, and continues to make breakthroughs in N-type TOPCon and perovskite tandem battery technologies [1] - The company has announced a strategic partnership with Shangyi Optoelectronics to enter the space photovoltaic market, focusing on the application of perovskite-silicon tandem batteries in low Earth orbit satellites and space computing, which opens new growth opportunities [1] Group 2 - Junda Co., Ltd. specializes in the research, production, and sales of photovoltaic cells, primarily focusing on the next-generation N-type high-efficiency batteries, which meet international advanced performance standards and possess strong market competitiveness [2] - The company has been dedicated to core photovoltaic battery technologies for over a decade, emphasizing its mission to lead the energy revolution and create a world-class photovoltaic technology company through increased R&D investment and enhanced global customer service capabilities [2]

Key Points - China Metallurgical Group Corporation (China MCC) expects a decline of over 50% in net profit attributable to shareholders in 2025 due to losses in the real estate sector and increased asset impairment provisions [1] - JAC Motors anticipates a net loss of approximately 1.68 billion yuan in 2025, although this represents a reduction in losses compared to the previous year [2] - Northern Rare Earth forecasts a net profit increase of 116.67% to 134.60% in 2025, driven by improved sales and production efficiency in rare earth products [3] - Shenghong Technology projects a net profit increase of 260.35% to 295% in 2025, attributed to the growing demand for AI infrastructure and high-end products [4] - Lanke Technology expects a net profit increase of 52.29% to 66.46% in 2025, benefiting from strong demand in the AI industry [7] - Aiwai Electronics anticipates a net profit increase of 17.70% to 29.47% in 2025, focusing on high-value chip solutions [25] - Longxin General expects a net profit increase of 47.15% to 60.53% in 2025, driven by steady growth in its core motorcycle and general machinery businesses [28] - China One Heavy Industry predicts a net loss of 310 million to 460 million yuan in 2025, although this represents a significant reduction from the previous year's loss [35] - Kunda Technology expects a net loss of 1.2 billion to 1.5 billion yuan in 2025, impacted by industry supply-demand imbalances [34] - Daqing Energy anticipates a net loss of 1 billion to 1.3 billion yuan in 2025, although this reflects a narrowing of losses compared to the previous year [42]