光伏行业2026年半年报总结：光伏板块底部夯实反内卷催化持续

目录光伏26年年及26二季综述 3季度利力化势 7上半期率用比升 资产值失续 12光伏块体持健行 13现流升著 13偿能稍下，转速有提升 14投资略 17风险示 20光伏26年半年报及26年二季报综述我们选取52家光伏上市公司，划分为8个子板块进行半年报分析。20263797.099.7%；-104.76-39.9112.3%1.2-2.76%1.8119.5%、14.4%6.4601、0.7个百分点，显示产业链价格企稳后中下游环节盈利能力有所修复。-41.6214.9657.7%表1光伏板块2025H1-2026H1经营情况对比证券简称营业收入（百万元，%）同比2025H1 2026H1增长毛利率（%，百分点）同比2025H1 2026H1增长（百万元，%）同比2025H1 2026H1增长归母净利润率（%，百分点）同比2025H1 2026H1增长光伏设备晶盛机电57993452-40.524.430.46.0639232-63.711.06.7-4.3捷佳伟创83722727-67.429.630.30.71,830375-79.521.913.7-8.1迈为股份42132909-31.033.748.514.7394252-36.09.38.7-0.7金辰股份13231104-16.620.223.63.33834-12.62.93.00.1帝尔激光11701029-12.047.645.3-2.4327306-6.427.929.71.8奥特维33792719-19.627.735.27.5308298-3.19.111.01.9合计2425613940-42.529.235.66.535361496-57.714.610.7-3.8硅料通威股份4050934357-15.20.1-2.5-2.6-4955-5119-3.3-12.2-14.9-2.7特变电工484015658516.916.617.10.631842552-19.86.64.5-2.1大全能源1470623-57.6-41.6-54.3-12.7-1147-1595-39.1-78.0-256.1-178.1合计90380915641.38.29.31.0-2918-4162-42.6-3.2-4.5-1.3硅片TCL中8-7.6-9.7-2.1-4,242-320424.5-31.7-22.49.3弘元绿能3229428332.63.05.22.2-297-679-128.9-9.2-15.9-6.7双良节能43883070-30.01.5-8.9-10.3-597-766-28.3-13.6-24.9-11.3京运通1525862-43.512.01.6-10.4-212-389-83.3-13.9-45.1-31.2高测股份145115839.111.83.3-8.4-89-490-453.2-6.1-31.0-24.8合计23991241130.5-2.1-5.7-3.6-5436-5528-1.7-22.7-22.9-0.3电池组件爱旭股份844691838.74.07.83.8-238-754-217.2-2.8-8.2-5.4中来股份33041166-64.75.44.3-1.2-169-345-104.5-5.1-29.6-24.5钧达股份36633181-13.22.05.73.7-264-2534.0-7.2-8.0-0.8隆基绿能3281327045-17.6-0.81.32.2-2,569-3,684-43.4-7.8-13.6-5.8天合光能31056319853.05.57.62.1-2,918-27090.8-9.4-0.88.6晶澳科技2390517498-26.8-3.51.34.8-2,580-2,663-3.2-10.8-15.2-4.4东方日升74434021-46.03.14.00.9-679-820-20.8-9.1-20.4-11.3晶科能源3183124727-22.3-2.03.45.4-2,909-3,076-5.8-9.1-12.4-3.3阿特斯2105212784-39.312.514.52.0731300-59.03.52.3-1.1合计163514131591-19.52.15.23.1-11594-115650.2-7.1-8.8-1.7逆变器阳光电源4353330912-29.034.435.91.67,7355,259-32.017.817.0-0.8固德威4086625053.019.925.85.8-172861825.9-0.44.65.0禾迈股份1005178077.126.918.1-8.816-164-1107.91.6-9.2-10.8德业股份55351064192.237.537.60.21,5222,71778.527.525.5-2.0上能电气2184285830.824.124.80.62012168.09.27.6-1.6科士达2163259119.829.029.40.425529013.611.811.2-0.6昱能科技651300-53.927.339.412.179-132-267.212.1-44.1-56.3禾望电气18841725-8.436.737.91.2243156-35.612.99.1-3.8锦浪科技379438822.335.735.1-0.6602423-29.715.910.9-5.0合计6483760940-6.033.133.90.7106369052-14.916.414.9-1.6组件辅材福莱特77376668-13.814.18.2-5.9261-363-239.03.4-5.4-8.8凯盛新能16731184-29.3-15.1-48.6-33.5-449-838-86.8-26.8-70.8-44.0亚玛顿1083701-35.27.41.9-5.4-16-106-568.9-1.5-15.1-13.6福斯特79596988-12.212.217.14.949684269.96.212.15.8赛伍技术13521264-6.52.210.38.2-72-494.5-5.3-0.35.0明冠新材3824097.2-2.410.512.9-53-1767.1-13.8-4.29.6海优新材633611-3.5-1.46.78.1-133-4864.3-21.0-7.813.2合计2081917825-14.49.17.8-1.334-534-1667.10.2-3.0-3.2其他辅材金博股份41145611.1-14.73.418.2-168-14215.7-40.9-31.09.8帝科股份83401166439.97.98.70.87037-46.90.80.3-0.5苏州固锝1993257329.110.910.8-0.1447776.92.23.00.8美畅股份1008116215.321.835.413.685310265.78.426.618.2通灵股份788554-29.813.212.9-0.3313-90.24.00.6-3.4中信博40372911-27.917.113.0-4.1158-204-229.23.9-7.0-10.9清源股份1205818-32.117.526.99.58721-75.77.22.6-4.6聚和材料64351060264.76.95.5-1.4181-86-147.92.8-0.8-3.6合计242173074026.910.29.7-0.648716-96.72.00.1-2.0电站太阳能26972376-11.949.045.4-3.6677491-27.525.120.7-4.4林洋能源2481452682.431.723.4-8.332442731.713.19.4-3.6芯能科技363324-10.956.844.9-11.910524-77.129.07.5-21.6苏文电能716367-48.816.116.60.535-6-117.44.9-1.7-6.6晶科科技21241403-33.938.729.5-9.2123-187-252.85.8-13.4-19.1合计838289957.338.830.7-8.21264748-40.815.18.3-6.8全部合计420395379709-9.711.112.31.2-3991-10476-162.5-0.9-2.8-1.81资料来源：Wind，2026Q22021.5312.74%-64.06366.0%；板2.6个百分点。26Q228.9%38.9%28.5%、9.9%、17.6%；4.0%124.6%300%。表2光伏板块2025Q2-2026Q2经营情况对比证券简称（百万元，%）同比2Q25 2Q26变动毛利率2Q25）同比2Q26变动归母净利润（百万元，%）同比2Q25 2Q26变动归母净利润率（%，百分点）同比2Q25 2Q26变动光伏设备晶盛机电26611723-35.320.631.410.86613096.22.57.55.0捷佳伟创42731231-71.231.725.1-6.61,122104-90.726.38.5-17.8迈为股份19841572-20.839.046.07.0232134-42.111.78.5-3.2金辰股份636519-18.521.720.4-1.31512-21.32.32.3-0.1帝尔激光609607-0.447.443.7-3.7164142-13.126.923.4-3.4奥特维18451686-8.628.333.45.116621328.09.012.63.6合计120087338-38.930.234.24.01765735-58.414.710.0-4.7硅料通威股份2457522232-9.52.0-2.5-4.5-2363-2675-13.2-9.6-12.0-2.4特变电工250183162326.416.617.10.61584738-53.46.32.3-4.0大全能源563434-22.8-41.6-54.3-12.7-589-794-34.9-104.6-182.9-78.3合计50156542908.28.88.5-0.3-1368-2731-99.7-2.7-5.0-2.3硅片TCL中环729777666.4-8.1-10.5-2.4-2,336-155733.3-32.0-20.112.0弘元绿能1572234349.10.7-2.6-3.3-235-388-65.4-14.9-16.6-1.6双良节能23091750-24.2-1.3-7.3-6.0-435-37114.8-18.9-21.2-2.4京运通842438-48.012.27.7-4.5-121-239-98.0-14.3-54.5-40.2高测股份7667913.316.1-3.5-19.6-14-440-2950.6-1.9-55.6-53.7合计12786130882.4-3.0-7.6-4.6-3141-29964.6-24.6-22.91.7电池组件爱旭股份4311474510.17.48.41.063-314-599.31.5-6.6-8.1中来股份1674671-59.99.221.512.3-35-94-166.0-2.1-14.0-11.9钧达股份17881486-16.9-2.1-3.3-1.1-158-267-69.4-8.8-18.0-9.2隆基绿能1916115854-17.31.63.11.5-1133-1764-55.7-5.9-11.1-5.2天合光能1672115156-9.44.58.54.1-1,59813100.8-9.60.19.6晶澳科技132328282-37.4-1.01.52.4-942-1,596-69.5-7.1-19.3-12.2东方日升44521319-70.41.58.26.6-412-459-11.4-9.3-34.8-25.6晶科能源1798812480-30.6-1.00.71.7-1,519-1,726-13.6-8.4-13.8-5.4阿特斯124675655-54.616.57.0-9.4684-220-132.15.5-3.9-9.4合计9179465648-28.53.64.61.0-5050-6427-27.3-5.5-9.8-4.3逆变器阳光电源2449715352-37.333.838.64.93,9082,967-24.116.019.33.4固德威2204388976.520.425.45.1111851518.50.54.84.2禾迈股份66979118.223.322.5-0.927-102-482.34.0-12.9-16.8德业股份29696182108.237.734.9-2.88171,53087.327.524.7-2.8上能电气1354178732.024.125.51.41131195.28.36.6-1.7科士达1219135110.828.729.20.51441515.011.811.2-0.6昱能科技461152-67.020.643.623.050-71-240.710.9-46.5-57.4禾望电气111111523.735.436.51.0137105-23.312.49.1-3.2锦浪科技227624638.238.136.0-2.1407362-11.217.914.7-3.2合计3676033119-9.932.734.61.956155247-6.615.315.80.6组件辅材福莱特36582995-18.116.60.5-16.2155-401-358.94.2-13.4-17.6凯盛新能782511-34.7-17.1-69.5-52.5-324-485-49.8-41.4-95.0-53.6亚玛顿523333-36.37.5-0.7-8.2-21-67-221.4-4.0-20.1-16.2福斯特43343615-16.611.420.18.795530460.52.214.712.5赛伍技术709661-6.81.710.99.1-398119.4-5.51.16.6明冠新材2082132.2-4.715.820.4-30-195.8-14.2-0.613.6海优新材31835110.4-1.810.512.3-76-987.5-23.8-2.721.1合计105328678-17.69.56.0-3.5-239-426-78.1-2.3-4.9-2.6其他辅材金博股份251245-2.3-18.38.426.8-82-6323.5-32.8-25.77.1帝科股份4284509719.08.75.4-3.33523-35.90.80.4-0.4苏州固锝1092129418.511.06.0-5.07-8-211.50.6-0.6-1.2美畅股份585571-2.424.731.77.05811598.110.020.210.2通灵股份369338-8.211.713.01.3100-95.52.80.1-2.7中信博24781489-39.915.910.7-5.348-155-426.21.9-10.4-12.4清源股份844449-46.815.428.212.75517-69.86.53.7-2.8聚和材料3441498744.97.4-0.2-7.691-376-513.22.6-7.5-10.2合410.66.0-4.6222-447-301.61.7-3.1-4.8电站太阳能13971314-5.953.047.5-5.5388308-20.727.823.4-4.4林洋能535.124.7-10.420036682.914.812.1-2.6芯能科技223203-8.961.447.0-14.47822-71.934.910.8-24.2苏文电能297164-44.716.317.71.4-12262.5-0.51.41.9晶科科技1012821-18.948.433.6-14.8158-59-137.215.6-7.1-22.7合计4285552228.944.132.1-12.1822640-22.219.211.6-7.6全部合计231665202153-12.711.811.80.0-1375-6406-366.0-0.6-3.2-2.6资料来源：Wind，1.1季度盈利能力变化趋势73.383.983.1个7.353.46%；10.02%4.68图1光伏设备单季度经营情况营业收入（百万元，左轴） 净利润（百万元，左轴） 毛利率（，右轴）18000160001400012000100000

504540353025201510501Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q26资料来源：Wind，硅料环节：26Q2542.908.24%7-13.68-27.31-5.03%2.30个百分点。硅料环节营收环比显著回升，主要受一季度低基数及二季度出货量增加影响，但价格持续低位运行导致亏损进一步扩大。图2硅料单季度经营情况营业收入（百万元，左轴） 净利润（百万元，左轴） 毛利率（，右轴）1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q2690000 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q2680000 70000 60000 50000 40000 30000 20000 10000 0 -10000 资料来源：Wind，硅片环节：26Q2130.882.37%4.64-31.41至-29.961.68图3硅片单季度经营情况400003500030000250002000015000100000

营业收入（百万元，左轴） 净利润（百万元，左轴） 毛利率（，右轴1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q261Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q26

50403020100-10-20资料来源：Wind，电池组件环节：26Q2656.4828.48%，环7-64.274.29图4电池组件单季度经营情况营业收入（百万元，左轴） 净利润（百万元，左轴） 毛利率（，右轴）800006000040000200000

1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q261Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q2650-10资料来源：Wind，逆变器环节：26Q2331.199.90%19.04%34.65%1.94个百分点，环比持续提升；52.4715.84%0.57图5逆变器季度经营情况营业收入（百万元，左轴） 净利润（百万元，左轴） 毛利率（，右轴）45000400003500030000250002000015000100000

1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25

40.0035.0030.0025.0020.0015.0010.00资料来源：Wind，组件辅材环节：26Q286.7817.60%3.49-4.262.64图6组件辅材单季度经营情况营业收入（百万元，左轴） 净利润（百万元，左轴） 毛利率（，右轴）1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q2620000 40.01Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q261500010000

35.030.025.020.015.010.005.00-5000 0.00资料来源：Wind，144.714.55-4.47亿2.22亿元，同比转亏；归母净利率为-3.09%，同比下降4.75个百分点。该环节由盈转亏，主要受原材料价格波动及竞争加剧影响。图7其他辅材单季度经营情况营业收入（百万元，左轴） 净利润（百万元，左轴） 毛利率（，右轴）1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q2618000 301Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q261600014000 1200010000 2080001560004000 1020000 5-2000-4000 0资料来源：Wind，电站环节：26Q255.2228.86%58.98%32.06%12.0900图8电站单季度经营情况营业收入（百万元，左轴） 净利润（百万元，左轴） 毛利率（，右轴）1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q268000 501Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q267000 456000 4050003540003030002520001000 0 -1000 10资料来源：Wind，上半年期间费用率同比上升图9光伏板块期间费用率变化趋势16%

期间费用率 销售费用率 管理费用率 财务费用率 研发费用率1Q211Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q2612%10%8%6%4%2%0%-2%-4%资料来源：Wind，2026表3光伏各子板块单季度期间费用率变化趋势2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26光伏设备14.74%16.96%20.70%17.76%14.01%14.63%8.22%15.12%15.65%18.47%27.34%34.24%30.05%硅料10.92%14.48%19.57%19.43%19.02%20.85%18.73%22.60%17.58%19.54%24.46%25.34%17.17%硅片13.59%15.42%22.79%19.62%26.69%31.81%35.10%34.84%28.46%25.09%33.15%31.30%26.70%电池组件20.88%22.83%27.05%35.97%27.95%31.52%31.93%39.30%35.19%35.06%45.58%43.35%35.74%逆变器18.03%31.65%26.60%35.71%24.13%27.58%19.92%25.17%25.41%29.45%29.63%36.00%33.52%组件辅材10.50%11.50%15.98%11.74%13.38%19.40%13.07%14.83%14.92%14.82%20.02%18.25%20.14%其他辅材14.84%14.18%15.12%13.96%13.89%13.40%12.48%14.22%13.25%14.96%16.13%12.15%15.19%电站27.32%27.63%29.94%40.57%32.44%34.08%45.32%42.23%42.97%44.60%64.67%49.89%34.13%资料来源：Wind，电站、逆变器、电池组件环节的费用率环比下降，主要来自财务费用率下降。资产减值损失持续26Q126Q242.0197.4636.48亿33.7216.08亿元，为金额较大的环节；其他主要环节已开始企稳。表4光伏各子板块单季度资产减值变化趋势（百万元）2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26光伏设备-134-74-550-57-410-333-1,515-29-264-494-1,358-47-207硅料-2,029-599-5,214-494-3,527-1,804-6,003-1,274-3,401-3,332-6,808-1,735-3,648硅片-1,895-69-2,222-1,243-1,481-997-3,887-699-1,887-2,210-5,314-647-1,608电池组件-4,567-2,894-10,159-4,055-6,208-2,204-10,962-1,364-3,241-5,147-11,395-1,307-3,372逆变器-273-169-1,078-144-99-239-666-288-786-1,092-1,706-220-430组件辅材-94-64-31414-302-81-337-11-333-159-504-210-391其他辅材-48-60-219-34-99-25-689-93-172-119-1,239-42-75电站-41-4-233-9-2023-20512-23-31-2718-14合计-9,082-3,932-19,989-6,023-12,145-5,660-24,263-3,745-10,106-12,584-28,595-4,201-9,746资料来源：Wind，光伏板块整体维持稳健运行经营性现金流提升显著26Q2190.10表5光伏板块单季度经营性现金流净额变化趋势（百万元）2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26光伏设备251319622551-28068224202515760-1735358104221942712硅料24637840318033-566338432112678-1214229263061749-33737459硅片283514334705-150-194924302319763322948211250612电池组件257242587433346-179601547579819594-348011298722612605852512逆变器7430-6154064-1762-329613214257940388887101149423636121组件辅材-124929152465292938094376-87790318521794-32353其他辅材-174-1090235-190213067491931-417-1938-1639848-2345-2290电站-43710682149-61483427001870787101745362878-2831532合计612803732670328-2322984052724947244-330316359296423323065419010资料来源：Wind，货币资金方面：2026Q22981.04表6光伏板块货币资金合计（百万元）2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26光伏设备16242173681534715830137731413415060176431413713473128021504117253硅料74706748046441970676484514259949592600705179748975476895086052980硅片23657261632838123676228002660425623227152170020128222551644819040电池组件163673163865165231155975151810158263154607151179149917150767154673147989134701逆变器31344290093457433951313643022233853384573518340294419264761149401组件辅材12544156511588915046135061336913757125801165996039759105409904其他辅材5454600469856248769460297469743265226713722565457469电站149011364814118118021192780397724712580688626788876007356合计342521346513344944333203301324299259307684317201298983298579304217302634298104资料来源：Wind，2026Q2207.73表7光伏板块应收账款及应收票据合计（百万元）2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26光伏设备142411280514369146411572217535170911796619368194221761516,98016418硅料260192740623059245372760528981269143043130253309112960032,93133831硅片133691461914211158391608716425151361472716362164281615915,76017188电池组件880459402283619792878436879293769827216275449717216813067,13061699逆变器222842457129470287613390235795384403765739917400183686537,14437706组件辅材194762079418312185031841216044134071366114388147701366014,09712940其他辅材7391802592839624109311104199601045512081120931115510,06310293电站165001725018038186381876618802186721935220310176891655817,03717966合计206930219074209934209402225390223507216271216093227840222783209480210,886207731资料来源：Wind，26Q22237.18表8块存货合计（百万元）2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26光伏设备46012560806003561833584795114143166378593416829708252182532326963硅料27472267302354928548271233045230049346773369036679376204276937986硅片15493189861599317029156551580011107118971132512223109591181112165电池组件105750110442966711107291002419169773451796707701380565751238178385296逆变器32302355982975531872376804199938459405273950439839369243959946777组件辅材7942733368006026669564195195524254234582470347604675其他辅材4112480547234368564555514151462438564618493174078611电站2781309718592153213627133203331538254252302526501597合计241416262613239048262201253265245377208499217513208511212177198251215800223718资料来源：Wind，偿债能力稍有下滑，周转速率有所提升26Q2别为196。表9光伏板块资产负债率（%）2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26光伏设备66.7768.5268.2965.6964.6861.5659.4656.3554.1350.8749.6949.9950.97硅料48.4050.2249.5251.2455.9257.3757.9859.2358.8558.5858.2159.2959.69硅片53.1054.3456.5956.4559.0561.6363.6664.3365.5865.3665.1765.5566.61电池组件66.1266.6167.0367.8069.5769.8070.3871.1371.5672.0673.1273.3973.43逆变器58.5358.2257.7554.9956.8257.6457.8057.2556.4056.4154.2354.0056.12组件辅材47.9143.8743.4042.1143.5442.7242.5242.7444.2342.8243.1343.7144.16其他辅材35.3738.1940.5940.8344.5844.8541.8544.0144.7245.9047.8149.7750.89电站50.6150.8850.7143.8345.5445.3046.1646.4949.1447.8648.2749.2948.04合计57.4258.1758.4558.7460.9061.3654.9855.1955.5854.9854.9555.6256.24资料来源：Wind，流动比率与速动比率方面：光伏板块26Q2流动比率和速动比率分别1.55、1.23，环比小幅下降，整体来看仍然维持相对稳定。表10光伏板块流动比率及速动比率流动比率2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26光伏设备1.331.321.321.371.391.461.511.611.711.861.891.881.79硅料1.611.511.501.571.341.271.251.331.261.281.251.231.21硅片1.301.301.151.191.111.080.991.010.990.980.960.950.92电池组件1.211.191.131.171.161.191.181.211.191.191.141.111.07逆变器1.631.651.561.751.711.681.651.701.681.661.691.681.61组件辅材2.062.252.292.402.212.302.212.282.022.171.991.891.80其他辅材2.362.182.041.971.851.851.941.871.851.791.711.671.64电站2.182.152.052.412.172.272.332.452.402.502.112.162.35合计1.421.391.331.381.331.341.321.381.351.351.311.291.26速动比率2Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26光伏设备0.650.610.590.590.620.720.810.931.021.171.251.261.18硅料1.361.291.290.940.900.870.830.840.830.810.800.770.74硅片1.031.000.921.311.141.051.021.081.031.020.980.940.96电池组件0.900.880.860.850.870.900.940.940.930.920.900.850.80逆变器1.101.091.121.241.171.141.191.231.221.211.261.241.15组件辅材1.691.921.952.101.891.971.941.991.751.921.751.671.58其他辅材1.981.801.691.661.521.531.671.601.621.531.441.311.25电站1.931.901.832.252.042.092.112.212.152.201.921.992.23合计1.061.031.011.010.991.001.031.061.051.051.030.990.96资料来源：Wind，周转速率方面：26Q2光伏板块的存货周转天数、应收账款周转天数分别为119.34天、95.06天，环比均下降，应收账款周转天数