Catrina Ko🦁🇺🇦🇹🇼🇭🇰

光伏全员亏损，不是个例 7家主要光伏企业2025合计预亏392亿。2024年还有两家盈利，2025年一家不剩。全A股光伏合计亏损估计超500亿元。 多晶硅价格暴跌-94%。组件出厂价从2.1元/W跌到0.78元/W，卖一片亏一片。但产能利用率仍只有55%左右，去产能进展缓慢。 当然最大的问题是风险外溢到银行体系。

China Isn’t Competing. It’s Running a State-Backed War of Attrition China is not competing with market economies under anything resembling the same rules. Look at the news about solar underneath. An entire industry is bleeding, yet production keeps going. In any market system, firms losing money at this scale would shut down, consolidate, or be forced through bankruptcy. In China, the state keeps the machine running. That is the real distortion. If EU commits to solar deployment while keeping trade “fair” in the conventional sense, it is also committing to wipe out its own solar manufacturing base. No European government can or will subsidize every loss-making producer across an entire sector indefinitely. Beijing can. So Europe ends up in a trap: decarbonization requires solar, Chinese state-backed overcapacity crushes local producers, local industry dies, and dependence on China deepens. That is the vicious cycle market economies lock themselves into when they try to do “fair trade” with a system that is not playing by market rules at all. “Photovoltaic Industry-Wide Losses - The seven major photovoltaic companies are projected to collectively lose 39.2B yuan ($5.5B) in 2025. In 2024, two were still profitable; by 2025, not a single one will be. The total losses across all A-share photovoltaic firms are estimated to exceed 50 billion yuan ($7B). Polysilicon prices have plummeted by -94%. Module ex-factory prices have dropped from 2.1 yuan/W to 0.78 yuan/W—selling one piece means losing money on it. Yet capacity utilization remains around only 55%, with slow progress on capacity reduction.”