> 数据图表想关注一下供给端：过剩局面持续，全产业链承压2026-7-1供给端：过剩局面持续，全产业链承压2主链盈利仍处低位，现金流与负债压力分化加剧◆ 主产业链亏损延续，辅材环节韧性相对更强。 2026Q1组件、硅片和硅料环节整体盈利仍处低位；相比之下，辅材企业多数保持盈利，行业不同环节的经营表现进一步分化。现金流方面，电池、硅片及硅料环节的资金压力尤为突出，企业盈利修复和资产负债表改善仍需时间。图表：光伏各环节龙头经营情况（截至26年Q1末，单位：亿元）环节公司代码货币资金 交易性金融资产 短期借款Q1单季度费用支净现金（考虑应Q1单季度经营性收应付）净现金流资产负债率 Q1单季度归母净利润隆基绿能 601012.SH526.2天合光能 688599.SH224.4晶澳科技 002459.SZ233.1组件晶科能源 688223.SH280.6阿特斯 688472.SH107.3东方日升 300118.SZ横店东磁 002056.SZ爱旭股份 600732.SH电池钧达股份 002865.SZ弘元绿能 603185.SH双良节能 600481.SH硅片京运通 601908.SHTCL中环 002129.SZ合盛硅业 603260.SH19.796.444.134.251.627.51.378.121.4硅料通威股份 600438.SH212.6大全能源 688303.SH福斯特 603806.SH海优新材 688680.SH宇邦新材 301266.SZ福莱特 601865.SH林洋能源 601222.SH胶膜焊带玻璃运营金刚线 美畅股份 300861.SZ聚和材料 688503.SH银浆银浆18.237.25.46.138.545.11.919.11.40.8-21.211.10.10.70.06.639.41.30.633.20.188.017.937.13.60.94.021.717.93.112.279.7118.426.362.964.822.853.519.321.665.56.50.357.489.6--3.94.713.36.8-56.4一年内到期的非流动负债138.594.792.792.532.311.90.632.521.76.59.918.283.889.8202.6-0.00.20.326.29.20.30.10.0长期借款应付债券净现金应收款应付款41.4172.6140.9152.679.921.1-46.918.83.310.53.0448.7124.0472.9--1.00.458.520.4--4.395.461.089.483.4------14.0---160.2-28.61.32.641.0----372.849.720.8155.922.7(58.4)73.4(43.1)(0.3)62.6(47.9)(22.8)26.6(126.4)(3.2)36.174.24.5(0.6)3.050.718.8(34.3)(28.8)122.4153.797.7159.173.929.043.725.714.912.419.337.864.310.4114.61.460.27.518.451.435.214.767.347.5394.6294.2160.4317.896.165.3120.096.325.0113.431.426.1166.9161.1259.18.28.41.44.439.229.21.614.740.2出20.223.114.618.89.44.75.26.41.72.52.51.09.96.120.90.61.90.40.43.82.60.31.13.1100.5(90.8)(41.8)(2.7)0.5(94.7)(2.9)(113.7)(10.5)(38.5)(60.1)(11.1)(75.9)(277.1)(147.8)29.3125.910.613.415.256.731.918.4(21.5)(24.5)40.92.0(8.3)(1.6)0.14.37.0(7.0)3.16.70.73.012.6(26.6)(12.5)(1.2)0.6(0.6)3.0(5.0)(1.0)(11.3)(2.5)66.08%77.95%79.07%76.49%62.49%71.24%60.50%78.89%75.00%56.40%80.67%55.39%68.19%63.52%74.23%7.41%19.98%36.14%45.02%46.85%36.68%8.06%60.44%83.35%(19.2)(2.8)(10.7)(13.5)5.2(3.6)3.9(4.4)0.1(2.9)(3.9)(1.5)(16.5)0.8(24.4)(8.0)3.1(0.4)0.30.40.61.92.90.121帝科股份 300842.SZ数据来源：Wind、东吴证券研究所27.90.235.1东吴证券综合其他
