<p><em>美國太陽能安裝商因對其產品是否符合政府補貼的資格存在不確定性，已停止與中國支持的美國生產中心進行業務往來</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>根據路透社的報道，與中國有關聯的美國太陽能電池板製造商可能不符合旨在支持住宅太陽能的美國補貼資格</li>
<li>晶科能源正在將其位於佛羅里達州的美國工廠 75.1% 的股份出售給一家美國私募股權公司，顯然是為了保持其產品符合補貼資格</li>
</ul>
<p>隨着唐納德·特朗普準備在本週晚些時候訪問中國，與習近平主席會晤，美國對中國產品的保護主義措施可能成為議程上的重要議題。討論的一個重要部分可能集中在太陽能產品上，不僅包括在中國生產的產品，還包括在中國投資的美國工廠生產的產品。</p>
<p>這一問題是上週五 <strong>路透社報道</strong> 的核心內容，報道稱美國太陽能安裝商、保險公司和銀行已停止與中國投資的美國太陽能模塊製造商進行業務往來。這包括領先的住宅太陽能安裝商 Sunrun (NASDAQ: RUN)，該公司已停止從與中國公司有關的美國工廠購買面板。</p>
<p>作為對此挑戰的直接回應，領先的中國面板製造商 <strong>晶科能源控股有限公司</strong> (NYSE: JKS) (688223.SH) 已同意將其位於佛羅里達州的美國工廠 75.1% 的股份出售給私募股權公司 FH Capital，路透社報道當天 FH Capital 也發佈了 <strong>公告</strong>。晶科能源將保留位於傑克遜維爾市的工廠剩餘的 24.9% 股份，該工廠於 2018 年開始運營。</p>
<p>此次股份出售的規模頗具啓示性，因為美國去年通過的立法在特朗普政府的強力支持下，顯著削減了住宅太陽能安裝的補貼，並對剩餘的補貼施加了限制。其中一項限制禁止對任何使用由中國公司擁有超過 25% 股份的工廠生產的面板的安裝提供補貼。</p>
<p>“我們相信這筆交易為這個新項目提供了正確的所有權、管理和戰略方向，以擴大產能並滿足對高性能美國來源可再生能源產品日益增長的需求，” 晶科能源美國總經理奈傑爾·科克羅夫特表示。雙方還表示，交易完成後，他們計劃至少將工廠的產能翻倍，目前年產能力為 2 GW，並開始生產儲能系統。</p>
<p>晶科能源的競爭對手 <strong>隆基</strong> (601012.SH) 最近也將其在俄亥俄州的美國生產合資企業的股份減少到 25% 以下，路透社報道指出。其他面臨類似風險的中國公司包括 <strong>天合</strong> (688599.SH)、<strong>JA Solar</strong> (002459.SZ) 和 <strong>加拿大太陽能</strong> (NASDAQ: CSIQ)。</p>
<p>不出所料，中國對這些限制表示批評，稱其具有歧視性，路透社報道援引了中國駐華盛頓大使館發言人的話。</p>
<p>投資者對晶科能源的最新舉措表示歡迎，該公司在公告發布後股價上漲了 5.3%。在過去 52 周內，股價上漲了 30%，市場對這個受到衝擊的行業的復甦抱有希望，該行業因過去三年內巨大的產能過剩而受到影響。</p>
<p>復甦的跡象總體上看起來積極，因為該行業從美國和以色列對伊朗的戰爭中獲得了新的動力，這使得油價飆升至多年高點，並突顯了對更可靠能源來源的需求。即便在此之前，太陽能模塊和麪板的價格在經歷了一年多的下跌後也開始顯示出穩定的跡象，因為中國生產商在北京的鼓勵下關閉了老舊的、過時的產能。</p>
<h4><strong>低附加值設施</strong></h4>
<p>雖然出售其美國工廠的多數股份可能幫助中國公司避免限制其股份低於 25% 的限制，但現實是這些工廠技術水平較低，並不是特朗普政府希望吸引的那種設施。這是因為這些設施主要涉及最終模塊的組裝，且大部分或全部關鍵組件均從中國進口。</p>
<p>因此，我們不會感到驚訝，如果特朗普政府要求中國將更多高科技製造業轉移到這些設施，以作為使其產品符合補貼資格的條件。這可能會很棘手，因為北京已表示可能會試圖限制中國公司向外國工廠出口其最先進的技術——儘管它對許多過去來中國的外國公司也施加了相同的要求。</p>
<p>就其業務而言，晶科能源去年約五分之一的銷售來自美洲，根據其 2025 年年報，未按國家細分銷售額。但美國可能是其在該地區的主要市場，或許佔公司總銷售額的約 15%。隨着中國在經歷了幾年的大規模新增裝機後，急劇減少對新太陽能安裝的支出，像美國這樣的外國市場的重要性預計今年也將增加。</p>
<p>美國的緊張局勢也很重要，因為其他市場，尤其是歐盟和印度，已經表達了對中國的挫敗感，並在過去採取了類似的措施。</p>
<p>這些問題已經醖釀多年，我們懷疑特朗普訪問北京期間能否一夜之間解決。但至少領導人可以直接交流觀點，以更好地理解對方的關切。中國已經表現出一定的意願，考慮西方的觀點，最近取消了對中國太陽能製造商出口產品免徵部分增值税的多年政策。</p>
<p>與此同時，儘管晶科能源及其同行在過去一年面臨諸多挑戰，但仍然顯示出復甦的跡象。</p>
<p>晶科能源上個月底報告稱，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%，第三季度則暴跌 34%。更重要的是，該公司的毛利率在上一季度僅為 0.3% 的低點後反彈至 8.3%。隨着情況的改善，該公司報告最新季度的調整後淨虧損為 5.49 億元人民幣（8070 萬美元），相比去年同期的 10.7 億元虧損有了顯著改善。</p>
<p>雖然其鉅額虧損和微薄的利潤率在表面上看起來並不令人印象深刻，但趨勢在未來一兩年內看起來總體積極，預示着復甦。現在，北京需要在更宏觀的層面上努力，為其太陽能公司創造有利條件，以便將其一些專業知識出口，從而減少或消除過去幾年困擾該行業的一些地緣政治因素。</p>
<p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</p>

晶科能源

清潔能源 WilderHill ETF - Invesco

RAYS

太陽能 ETF - Guggenheim

全球清潔能源 ETF - iShares

<p>美國太陽能安裝商因對補貼資格的不確定性而暫停與中國支持的美國生產中心的業務。晶科能源正在出售其佛羅里達工廠的 75.1% 股份，以維持補貼資格。隨着特朗普與習近平會晤，美國對中國產品，特別是太陽能的保護主義措施成為重要議程。美國已限制使用超過 25% 中國擁有的工廠生產的面板的安裝補貼。投資者對晶科能源的舉措反應積極，股價上漲了 5.3%。在油價上漲和太陽能價格穩定的背景下，該行業顯示出復甦的跡象</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>美國太陽能安裝商因對其產品是否符合政府補貼的資格存在不確定性，已停止與中國支持的美國生產中心進行業務往來</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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>根據路透社的報道，與中國有關聯的美國太陽能電池板製造商可能不符合旨在支持住宅太陽能的美國補貼資格</li>
<li>晶科能源正在將其位於佛羅里達州的美國工廠 75.1% 的股份出售給一家美國私募股權公司，顯然是為了保持其產品符合補貼資格</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>隨着唐納德·特朗普準備在本週晚些時候訪問中國，與習近平主席會晤，美國對中國產品的保護主義措施可能成為議程上的重要議題。討論的一個重要部分可能集中在太陽能產品上，不僅包括在中國生產的產品，還包括在中國投資的美國工廠生產的產品。</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>這一問題是上週五 <strong>路透社報道</strong> 的核心內容，報道稱美國太陽能安裝商、保險公司和銀行已停止與中國投資的美國太陽能模塊製造商進行業務往來。這包括領先的住宅太陽能安裝商 Sunrun (NASDAQ: RUN)，該公司已停止從與中國公司有關的美國工廠購買面板。</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>作為對此挑戰的直接回應，領先的中國面板製造商 <strong>晶科能源控股有限公司</strong> (NYSE: JKS) (688223.SH) 已同意將其位於佛羅里達州的美國工廠 75.1% 的股份出售給私募股權公司 FH Capital，路透社報道當天 FH Capital 也發佈了 <strong>公告</strong>。晶科能源將保留位於傑克遜維爾市的工廠剩餘的 24.9% 股份，該工廠於 2018 年開始運營。</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>此次股份出售的規模頗具啓示性，因為美國去年通過的立法在特朗普政府的強力支持下，顯著削減了住宅太陽能安裝的補貼，並對剩餘的補貼施加了限制。其中一項限制禁止對任何使用由中國公司擁有超過 25% 股份的工廠生產的面板的安裝提供補貼。</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>“我們相信這筆交易為這個新項目提供了正確的所有權、管理和戰略方向，以擴大產能並滿足對高性能美國來源可再生能源產品日益增長的需求，” 晶科能源美國總經理奈傑爾·科克羅夫特表示。雙方還表示，交易完成後，他們計劃至少將工廠的產能翻倍，目前年產能力為 2 GW，並開始生產儲能系統。</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>晶科能源的競爭對手 <strong>隆基</strong> (601012.SH) 最近也將其在俄亥俄州的美國生產合資企業的股份減少到 25% 以下，路透社報道指出。其他面臨類似風險的中國公司包括 <strong>天合</strong> (688599.SH)、<strong>JA Solar</strong> (002459.SZ) 和 <strong>加拿大太陽能</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，中國對這些限制表示批評，稱其具有歧視性，路透社報道援引了中國駐華盛頓大使館發言人的話。</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>投資者對晶科能源的最新舉措表示歡迎，該公司在公告發布後股價上漲了 5.3%。在過去 52 周內，股價上漲了 30%，市場對這個受到衝擊的行業的復甦抱有希望，該行業因過去三年內巨大的產能過剩而受到影響。</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>復甦的跡象總體上看起來積極，因為該行業從美國和以色列對伊朗的戰爭中獲得了新的動力，這使得油價飆升至多年高點，並突顯了對更可靠能源來源的需求。即便在此之前，太陽能模塊和麪板的價格在經歷了一年多的下跌後也開始顯示出穩定的跡象，因為中國生產商在北京的鼓勵下關閉了老舊的、過時的產能。</p>
</div><h4><strong>Low value-added facilities</strong></h4>
<div class="lb-trans"><h4><strong>低附加值設施</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>雖然出售其美國工廠的多數股份可能幫助中國公司避免限制其股份低於 25% 的限制，但現實是這些工廠技術水平較低，並不是特朗普政府希望吸引的那種設施。這是因為這些設施主要涉及最終模塊的組裝，且大部分或全部關鍵組件均從中國進口。</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，我們不會感到驚訝，如果特朗普政府要求中國將更多高科技製造業轉移到這些設施，以作為使其產品符合補貼資格的條件。這可能會很棘手，因為北京已表示可能會試圖限制中國公司向外國工廠出口其最先進的技術——儘管它對許多過去來中國的外國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>就其業務而言，晶科能源去年約五分之一的銷售來自美洲，根據其 2025 年年報，未按國家細分銷售額。但美國可能是其在該地區的主要市場，或許佔公司總銷售額的約 15%。隨着中國在經歷了幾年的大規模新增裝機後，急劇減少對新太陽能安裝的支出，像美國這樣的外國市場的重要性預計今年也將增加。</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>美國的緊張局勢也很重要，因為其他市場，尤其是歐盟和印度，已經表達了對中國的挫敗感，並在過去採取了類似的措施。</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>這些問題已經醖釀多年，我們懷疑特朗普訪問北京期間能否一夜之間解決。但至少領導人可以直接交流觀點，以更好地理解對方的關切。中國已經表現出一定的意願，考慮西方的觀點，最近取消了對中國太陽能製造商出口產品免徵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>與此同時，儘管晶科能源及其同行在過去一年面臨諸多挑戰，但仍然顯示出復甦的跡象。</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>晶科能源上個月底報告稱，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%，第三季度則暴跌 34%。更重要的是，該公司的毛利率在上一季度僅為 0.3% 的低點後反彈至 8.3%。隨着情況的改善，該公司報告最新季度的調整後淨虧損為 5.49 億元人民幣（8070 萬美元），相比去年同期的 10.7 億元虧損有了顯著改善。</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>雖然其鉅額虧損和微薄的利潤率在表面上看起來並不令人印象深刻，但趨勢在未來一兩年內看起來總體積極，預示着復甦。現在，北京需要在更宏觀的層面上努力，為其太陽能公司創造有利條件，以便將其一些專業知識出口，從而減少或消除過去幾年困擾該行業的一些地緣政治因素。</p>
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太陽能補貼可能成為特朗普與習近平會晤的首要議題