华创证券：反内卷推进下硅料价格报涨 储能板块有望估值修复

Core Viewpoint - The report from Huachuang Securities indicates that the price support from silicon materials is expected to gradually transmit through the industry chain, leading to a recovery in profitability. Additionally, the ongoing anti-involution efforts may result in supply-side policies that optimize the competitive landscape of the photovoltaic industry [1][2]. Silicon Material and Industry Chain - Silicon material prices have increased due to self-discipline within the polysilicon industry and market transactions, with mainstream prices for rod silicon rising to 55 RMB/kg and granular silicon to 49 RMB/kg. The ongoing production limits and sales restrictions are expected to support price transmission and profitability recovery in the industry chain [2]. - The recent bidding prices from China Resources and China Huadian have significantly increased, which may enhance industry confidence if domestic component price increases are realized [2]. Energy Storage Sector - The recent rise in energy storage cell prices indicates strong demand, with mainstream manufacturers seeing price increases of 0.003-0.01 RMB per watt-hour. The production of energy storage cells has reached historical highs since July, with leading manufacturers operating at full capacity [3]. - The global energy storage market is primarily driven by China, Europe, and the United States, with a shift from policy-driven to value-driven demand in the domestic market. The potential for future market growth is significant, especially in Europe and the U.S. [3]. Investment Recommendations - The report suggests focusing on leading companies benefiting from rising silicon material prices and tight supply, including Tongwei Co., Daqo New Energy, and Xiexin Technology [4]. - It also recommends attention to companies involved in N-type technology iterations, such as Longi Green Energy and JinkoSolar, as profitability recovery in the battery and component sectors is anticipated [4]. - For the inverter and energy storage sectors, companies like Sungrow Power Supply and Hiber Technologies are highlighted due to strong overseas demand [4].