国金证券：光伏行业少银/无银浆料工艺势在必行

Group 1 - The photovoltaic industry is facing profit pressure and is seeking cost reduction solutions, with a shift towards low-silver or silver-free paste processes becoming essential [1] - The large-scale release of TOPCon capacity in 2023 has intensified competition in N-type battery processes, leading to negative gross margins in the battery segment [1] - The trend towards silver-free products is clear, with leading manufacturers nearing industrialization and mass production of these products [1] Group 2 - Research on copper paste's anti-oxidation has matured, and it is expected to enter the initial stage of industrialization [1] - Copper, being a metal with electrical conductivity second only to silver, is a key focus for replacement materials in the industry, especially given its price being approximately 1/100th of silver's price as of January 3, 2025 [1] Group 3 - The application of aluminum paste in the photovoltaic industry has a long history, but its contact and conductivity performance with N-type cells remains a significant bottleneck [1] - The physical and chemical properties of aluminum are well-suited for P-type solar cells, but challenges in achieving good ohmic contact and enhancing conductivity with N-type cells hinder its full replacement of silver paste in TOPCon and xBC batteries [1] Group 4 - Companies to watch include Juhe Materials, Tongwei Co., and Aiko Solar [2]