<p><em>美国太阳能安装商因对其产品是否符合政府补贴的资格存在不确定性，已停止与中国支持的美国生产中心进行业务往来</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/11042024/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_11-5-2026_121810_thebambooworks.com_-1024x674.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/11042024/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_11-5-2026_121810_thebambooworks.com_-1024x674.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>根据路透社的报道，与中国有关联的美国太阳能电池板制造商可能不符合旨在支持住宅太阳能的美国补贴资格</li>
<li>晶科能源正在将其位于佛罗里达州的美国工厂 75.1% 的股份出售给一家美国私募股权公司，显然是为了保持其产品符合补贴资格</li>
</ul>
<p>随着唐纳德·特朗普准备在本周晚些时候访问中国，与习近平主席会晤，美国对中国产品的保护主义措施可能成为议程上的重要议题。讨论的一个重要部分可能集中在太阳能产品上，不仅包括在中国生产的产品，还包括在中国投资的美国工厂生产的产品。</p>
<p>这一问题是上周五 <strong>路透社报道</strong> 的核心内容，报道称美国太阳能安装商、保险公司和银行已停止与中国投资的美国太阳能模块制造商进行业务往来。这包括领先的住宅太阳能安装商 Sunrun (NASDAQ: RUN)，该公司已停止从与中国公司有关的美国工厂购买面板。</p>
<p>作为对此挑战的直接回应，领先的中国面板制造商 <strong>晶科能源控股有限公司</strong> (NYSE: JKS) (688223.SH) 已同意将其位于佛罗里达州的美国工厂 75.1% 的股份出售给私募股权公司 FH Capital，路透社报道当天 FH Capital 也发布了 <strong>公告</strong>。晶科能源将保留位于杰克逊维尔市的工厂剩余的 24.9% 股份，该工厂于 2018 年开始运营。</p>
<p>此次股份出售的规模颇具启示性，因为美国去年通过的立法在特朗普政府的强力支持下，显著削减了住宅太阳能安装的补贴，并对剩余的补贴施加了限制。其中一项限制禁止对任何使用由中国公司拥有超过 25% 股份的工厂生产的面板的安装提供补贴。</p>
<p>“我们相信这笔交易为这个新项目提供了正确的所有权、管理和战略方向，以扩大产能并满足对高性能美国来源可再生能源产品日益增长的需求，” 晶科能源美国总经理奈杰尔·科克罗夫特表示。双方还表示，交易完成后，他们计划至少将工厂的产能翻倍，目前年产能力为 2 GW，并开始生产储能系统。</p>
<p>晶科能源的竞争对手 <strong>隆基</strong> (601012.SH) 最近也将其在俄亥俄州的美国生产合资企业的股份减少到 25% 以下，路透社报道指出。其他面临类似风险的中国公司包括 <strong>天合</strong> (688599.SH)、<strong>JA Solar</strong> (002459.SZ) 和 <strong>加拿大太阳能</strong> (NASDAQ: CSIQ)。</p>
<p>不出所料，中国对这些限制表示批评，称其具有歧视性，路透社报道援引了中国驻华盛顿大使馆发言人的话。</p>
<p>投资者对晶科能源的最新举措表示欢迎，该公司在公告发布后股价上涨了 5.3%。在过去 52 周内，股价上涨了 30%，市场对这个受到冲击的行业的复苏抱有希望，该行业因过去三年内巨大的产能过剩而受到影响。</p>
<p>复苏的迹象总体上看起来积极，因为该行业从美国和以色列对伊朗的战争中获得了新的动力，这使得油价飙升至多年高点，并突显了对更可靠能源来源的需求。即便在此之前，太阳能模块和面板的价格在经历了一年多的下跌后也开始显示出稳定的迹象，因为中国生产商在北京的鼓励下关闭了老旧的、过时的产能。</p>
<h4><strong>低附加值设施</strong></h4>
<p>虽然出售其美国工厂的多数股份可能帮助中国公司避免限制其股份低于 25% 的限制，但现实是这些工厂技术水平较低，并不是特朗普政府希望吸引的那种设施。这是因为这些设施主要涉及最终模块的组装，且大部分或全部关键组件均从中国进口。</p>
<p>因此，我们不会感到惊讶，如果特朗普政府要求中国将更多高科技制造业转移到这些设施，以作为使其产品符合补贴资格的条件。这可能会很棘手，因为北京已表示可能会试图限制中国公司向外国工厂出口其最先进的技术——尽管它对许多过去来中国的外国公司也施加了相同的要求。</p>
<p>就其业务而言，晶科能源去年约五分之一的销售来自美洲，根据其 2025 年年报，未按国家细分销售额。但美国可能是其在该地区的主要市场，或许占公司总销售额的约 15%。随着中国在经历了几年的大规模新增装机后，急剧减少对新太阳能安装的支出，像美国这样的外国市场的重要性预计今年也将增加。</p>
<p>美国的紧张局势也很重要，因为其他市场，尤其是欧盟和印度，已经表达了对中国的挫败感，并在过去采取了类似的措施。</p>
<p>这些问题已经酝酿多年，我们怀疑特朗普访问北京期间能否一夜之间解决。但至少领导人可以直接交流观点，以更好地理解对方的关切。中国已经表现出一定的意愿，考虑西方的观点，最近取消了对中国太阳能制造商出口产品免征部分增值税的多年政策。</p>
<p>与此同时，尽管晶科能源及其同行在过去一年面临诸多挑战，但仍然显示出复苏的迹象。</p>
<p>晶科能源上个月底报告称，今年第一季度的收入下降了 11.5%，相比之下，第四季度下降了 15%，第三季度则暴跌 34%。更重要的是，该公司的毛利率在上一季度仅为 0.3% 的低点后反弹至 8.3%。随着情况的改善，该公司报告最新季度的调整后净亏损为 5.49 亿元人民币（8070 万美元），相比去年同期的 10.7 亿元亏损有了显著改善。</p>
<p>虽然其巨额亏损和微薄的利润率在表面上看起来并不令人印象深刻，但趋势在未来一两年内看起来总体积极，预示着复苏。现在，北京需要在更宏观的层面上努力，为其太阳能公司创造有利条件，以便将其一些专业知识出口，从而减少或消除过去几年困扰该行业的一些地缘政治因素。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>

晶科能源

清洁能源 WilderHill ETF - Invesco

RAYS

太阳能 ETF - Guggenheim

全球清洁能源 ETF - iShares

<p>美国太阳能安装商因对补贴资格的不确定性而暂停与中国支持的美国生产中心的业务。晶科能源正在出售其佛罗里达工厂的 75.1% 股份，以维持补贴资格。随着特朗普与习近平会晤，美国对中国产品，特别是太阳能的保护主义措施成为重要议程。美国已限制使用超过 25% 中国拥有的工厂生产的面板的安装补贴。投资者对晶科能源的举措反应积极，股价上涨了 5.3%。在油价上涨和太阳能价格稳定的背景下，该行业显示出复苏的迹象</p>

<p><em>American solar installers have stopped doing business with China-backed U.S. production centers due to uncertainties about their products' eligibility for government subsidies</em></p>
<div class="lb-trans"><p><em>美国太阳能安装商因对其产品是否符合政府补贴的资格存在不确定性，已停止与中国支持的美国生产中心进行业务往来</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/11042024/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_11-5-2026_121810_thebambooworks.com_-1024x674.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/11042024/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_11-5-2026_121810_thebambooworks.com_-1024x674.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>China-linked U.S. solar panel makers may be ineligible for U.S. subsidies aimed at supporting residential-based solar power, according to a Reuters report</li>
<li>JinkoSolar is selling 75.1% of its U.S. plant in Florida to an American private equity company in an apparent attempt to keep its products eligible for subsidies</li>
</ul>
<div class="lb-trans"><ul>
<li>根据路透社的报道，与中国有关联的美国太阳能电池板制造商可能不符合旨在支持住宅太阳能的美国补贴资格</li>
<li>晶科能源正在将其位于佛罗里达州的美国工厂 75.1% 的股份出售给一家美国私募股权公司，显然是为了保持其产品符合补贴资格</li>
</ul>
</div><p>As Donald Trump prepares to visit China later this week to meet with President Xi Jinping, U.S. protectionist measures against Chinese products are likely to be one of the top items on the agenda. An important part of that discussion could focus on solar energy products, not only ones produced in China but also ones made at Chinese-invested plants in the U.S.</p>
<div class="lb-trans"><p>随着唐纳德·特朗普准备在本周晚些时候访问中国，与习近平主席会晤，美国对中国产品的保护主义措施可能成为议程上的重要议题。讨论的一个重要部分可能集中在太阳能产品上，不仅包括在中国生产的产品，还包括在中国投资的美国工厂生产的产品。</p>
</div><p>That issue was a central element in a <strong>Reuters report</strong> last Friday, which revealed that U.S. solar installers, as well as insurance companies and banks, have stopped doing business with China-invested U.S. solar module makers. That includes companies like leading residential solar installer Sunrun (NASDAQ: RUN), which has stopped buying panels from U.S. plants with links to Chinese companies.</p>
<div class="lb-trans"><p>这一问题是上周五 <strong>路透社报道</strong> 的核心内容，报道称美国太阳能安装商、保险公司和银行已停止与中国投资的美国太阳能模块制造商进行业务往来。这包括领先的住宅太阳能安装商 Sunrun (NASDAQ: RUN)，该公司已停止从与中国公司有关的美国工厂购买面板。</p>
</div><p>In what looks like a direct response to that challenge, leading Chinese panel maker <strong>JinkoSolar Holding Co. Ltd.</strong> (NYSE: JKS) (688223.SH) has agreed to sell 75.1% of its U.S. plant in Florida to private equity company FH Capital, according to an announcement from FH Capital the same day as the Reuters report. JinkoSolar would retain the remaining 24.9% in the factory in the city of Jacksonville, which began operations in 2018.</p>
<div class="lb-trans"><p>作为对此挑战的直接回应，领先的中国面板制造商 <strong>晶科能源控股有限公司</strong> (NYSE: JKS) (688223.SH) 已同意将其位于佛罗里达州的美国工厂 75.1% 的股份出售给私募股权公司 FH Capital，路透社报道当天 FH Capital 也发布了 <strong>公告</strong>。晶科能源将保留位于杰克逊维尔市的工厂剩余的 24.9% 股份，该工厂于 2018 年开始运营。</p>
</div><p>The size of the stake sale is quite revealing, since legislation passed by the U.S. last year, with strong backing from the Trump administration, sharply cut subsidies for residential solar installations, and placed restrictions on subsidies that remained. One restriction prohibited subsidies for any installations using panels produced at factories that were more than 25% owned by Chinese companies.</p>
<div class="lb-trans"><p>此次股份出售的规模颇具启示性，因为美国去年通过的立法在特朗普政府的强力支持下，显著削减了住宅太阳能安装的补贴，并对剩余的补贴施加了限制。其中一项限制禁止对任何使用由中国公司拥有超过 25% 股份的工厂生产的面板的安装提供补贴。</p>
</div><p>&#34;We believe this transaction provides the right ownership, management and strategic direction for this new venture to grow capacity and serve the growing demand for high performance U.S.-sourced renewable energy products,&#34; said JinkoSolar U.S. general manger Nigel Cockroft. The two sides added that following the deal, they plan to at least double capacity at the plant, currently at 2 GW annually, and also start producing energy storage systems.</p>
<div class="lb-trans"><p>“我们相信这笔交易为这个新项目提供了正确的所有权、管理和战略方向，以扩大产能并满足对高性能美国来源可再生能源产品日益增长的需求，” 晶科能源美国总经理奈杰尔·科克罗夫特表示。双方还表示，交易完成后，他们计划至少将工厂的产能翻倍，目前年产能力为 2 GW，并开始生产储能系统。</p>
</div><p>JinkoSolar rival <strong>Longi</strong> (601012.SH) also recently reduced its stake in its U.S.-based production joint venture in the state of Ohio to below 25%, according to the Reuters report. Other Chinese companies facing similar exposure from their U.S.-based factories include <strong>Trina</strong> (688599.SH), <strong>JA Solar</strong> (002459.SZ) and <strong>Canadian Solar</strong> (NASDAQ: CSIQ).</p>
<div class="lb-trans"><p>晶科能源的竞争对手 <strong>隆基</strong> (601012.SH) 最近也将其在俄亥俄州的美国生产合资企业的股份减少到 25% 以下，路透社报道指出。其他面临类似风险的中国公司包括 <strong>天合</strong> (688599.SH)、<strong>JA Solar</strong> (002459.SZ) 和 <strong>加拿大太阳能</strong> (NASDAQ: CSIQ)。</p>
</div><p>Not surprisingly, China has criticized the restrictions, calling them discriminatory, according to the Reuters report, citing a spokesperson for the Chinese embassy in Washington.</p>
<div class="lb-trans"><p>不出所料，中国对这些限制表示批评，称其具有歧视性，路透社报道援引了中国驻华盛顿大使馆发言人的话。</p>
</div><p>Investors applauded the latest move by JinkoSolar, whose shares rose 5.3% on Friday after the announcement. The stock is up 30% over the last 52 weeks on hopes for a recovery for the embattled sector that has suffered for more than a year due to huge overcapacity built up over the last three years.</p>
<div class="lb-trans"><p>投资者对晶科能源的最新举措表示欢迎，该公司在公告发布后股价上涨了 5.3%。在过去 52 周内，股价上涨了 30%，市场对这个受到冲击的行业的复苏抱有希望，该行业因过去三年内巨大的产能过剩而受到影响。</p>
</div><p>Signs for such a recovery look broadly positive, as the sector gains fresh momentum from the U.S. and Israeli war against Iran, which has sent oil prices to multi-year highs and underscored the need for more reliable energy sources. Even before that, solar module and panel prices were showing signs of stabilizing after more than a year of declines, as Chinese producers shut down older, more obsolete capacity under encouragement by Beijing.</p>
<div class="lb-trans"><p>复苏的迹象总体上看起来积极，因为该行业从美国和以色列对伊朗的战争中获得了新的动力，这使得油价飙升至多年高点，并突显了对更可靠能源来源的需求。即便在此之前，太阳能模块和面板的价格在经历了一年多的下跌后也开始显示出稳定的迹象，因为中国生产商在北京的鼓励下关闭了老旧的、过时的产能。</p>
</div><h4><strong>Low value-added facilities</strong></h4>
<div class="lb-trans"><h4><strong>低附加值设施</strong></h4>
</div><p>While the sale of majority stakes of their U.S. plants may help Chinese companies avoid the restriction limiting their stakes to less than 25%, the reality remains that these plants are quite low tech and not really the kinds of facilities the Trump administration wants to attract. That's because the facilities are mostly involved in final module assembly, with most or all of their key components imported from China.</p>
<div class="lb-trans"><p>虽然出售其美国工厂的多数股份可能帮助中国公司避免限制其股份低于 25% 的限制，但现实是这些工厂技术水平较低，并不是特朗普政府希望吸引的那种设施。这是因为这些设施主要涉及最终模块的组装，且大部分或全部关键组件均从中国进口。</p>
</div><p>Accordingly, we wouldn't be surprised to see the Trump administration call for the Chinese to move more high-tech manufacturing to these facilities as a condition for making their products eligible for subsidies. That could prove tricky, as Beijing has signaled it may try to restrict Chinese companies from exporting their most cutting-edge technology to foreign-based plants – even though it imposed the same requirement on many foreign companies that came to China in the past.</p>
<div class="lb-trans"><p>因此，我们不会感到惊讶，如果特朗普政府要求中国将更多高科技制造业转移到这些设施，以作为使其产品符合补贴资格的条件。这可能会很棘手，因为北京已表示可能会试图限制中国公司向外国工厂出口其最先进的技术——尽管它对许多过去来中国的外国公司也施加了相同的要求。</p>
</div><p>In terms of its business, JinkoSolar got about one-fifth of its sales last year from the Americas, according to its 2025 annual report, which didn't break down the amount by country. But the U.S. is probably its main market in the region, perhaps accounting for around 15% of the company's total sales. The importance of foreign markets like the U.S. is also likely to grow this year as China sharply slows its spending on new solar installations after several years of massive additions that made the country home to more than half of the world's installed capacity.</p>
<div class="lb-trans"><p>就其业务而言，晶科能源去年约五分之一的销售来自美洲，根据其 2025 年年报，未按国家细分销售额。但美国可能是其在该地区的主要市场，或许占公司总销售额的约 15%。随着中国在经历了几年的大规模新增装机后，急剧减少对新太阳能安装的支出，像美国这样的外国市场的重要性预计今年也将增加。</p>
</div><p>The U.S. tensions are also significant because other markets, most notably the EU and India, have expressed their own frustrations at China and have taken similar steps in the past.</p>
<div class="lb-trans"><p>美国的紧张局势也很重要，因为其他市场，尤其是欧盟和印度，已经表达了对中国的挫败感，并在过去采取了类似的措施。</p>
</div><p>These issues have been years in the making, and we doubt things will be solved overnight during Trump's visit to Beijing. But at least the leaders can exchange views directly to better understand the other side's concerns. China has already shown some willingness to consider the Western point of view with its recent cancellation of a yearslong policy that exempted Chinese solar manufacturers from paying some value-added tax for products they exported.</p>
<div class="lb-trans"><p>这些问题已经酝酿多年，我们怀疑特朗普访问北京期间能否一夜之间解决。但至少领导人可以直接交流观点，以更好地理解对方的关切。中国已经表现出一定的意愿，考虑西方的观点，最近取消了对中国太阳能制造商出口产品免征部分增值税的多年政策。</p>
</div><p>Meantime, JinkoSolar and its peers, despite the numerous headwinds they've faced over the last year, continue to show signs of a rebound.</p>
<div class="lb-trans"><p>与此同时，尽管晶科能源及其同行在过去一年面临诸多挑战，但仍然显示出复苏的迹象。</p>
</div><p>JinkoSolar reported late last month that its revenue fell 11.5% in the first quarter of this year, which marked an improvement from the 15% decline in the fourth quarter and 34% plunge in the third. More importantly, the company's gross margin rebounded to 8.3% after hitting a low of just 0.3% in the previous quarter. As its situation improves, the company reported an adjusted net loss for the latest quarter, which excludes certain non-cash items, of 549 million yuan ($80.7 million), marking a big improvement over its 1.07 billion yuan loss a year earlier.</p>
<div class="lb-trans"><p>晶科能源上个月底报告称，今年第一季度的收入下降了 11.5%，相比之下，第四季度下降了 15%，第三季度则暴跌 34%。更重要的是，该公司的毛利率在上一季度仅为 0.3% 的低点后反弹至 8.3%。随着情况的改善，该公司报告最新季度的调整后净亏损为 5.49 亿元人民币（8070 万美元），相比去年同期的 10.7 亿元亏损有了显著改善。</p>
</div><p>While its massive losses and thin margins don't look too impressive on the surface, the trends look broadly positive for a recovery over the next year or two. Now, Beijing needs to work at the more macro level to create favorable conditions for its solar companies to export some of their expertise to reduce or eliminate some of the geopolitics that have plagued the industry over the last few years.</p>
<div class="lb-trans"><p>虽然其巨额亏损和微薄的利润率在表面上看起来并不令人印象深刻，但趋势在未来一两年内看起来总体积极，预示着复苏。现在，北京需要在更宏观的层面上努力，为其太阳能公司创造有利条件，以便将其一些专业知识出口，从而减少或消除过去几年困扰该行业的一些地缘政治因素。</p>
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太阳能补贴可能成为特朗普与习近平会晤的首要议题