10月光伏新增装机同比下降38.3%，组件逆变器出口同增环降

Core Insights - The report highlights a significant decline in domestic photovoltaic (PV) installations in October 2025, with new installations at 12.6GW, representing a year-on-year decrease of 38.3% but a month-on-month increase of 30.4% [1] - Cumulative PV installations from January to October 2025 reached 252.87GW, showing a year-on-year growth of 39.5% [1] - The inverter export value in October 2025 was 4.82 billion yuan, reflecting a year-on-year increase of 3.4% but a month-on-month decline of 5.2% [1] Domestic PV Installations - In October 2025, new domestic PV installations were recorded at 12.6GW, down 38.3% year-on-year and up 30.4% month-on-month [1] - Cumulative new PV installations from January to October 2025 totaled 252.87GW, marking a 39.5% increase compared to the same period last year [1] Component Exports - The export value of PV components in October 2025 was 16.08 billion yuan, up 4.9% year-on-year but down 19.5% month-on-month [1] - Cumulative component exports from January to October 2025 reached 168.26 billion yuan, a decrease of 11.8% year-on-year [1] - The export volume of PV components in October 2025 was 19.4GW, reflecting a year-on-year increase of 3.3% but a month-on-month decrease of 24.3% [1] Inverter Exports - The total inverter export value for the first ten months of 2025 was 53.31 billion yuan, showing a year-on-year increase of 7.2% [2] - In October 2025, the export value of inverters to Europe was 1.7 billion yuan, down 9.8% year-on-year and 9.9% month-on-month [2] - Exports to Asia were 1.5 billion yuan, up 7.1% year-on-year but down 11.5% month-on-month [2] Solar Power Generation - Solar power generation in October 2025 increased by 5.9% year-on-year, with a total output of 39.37 billion kWh [2] - The share of solar power in the total industrial power generation was 4.77%, with a slight decrease of 0.86 percentage points month-on-month [2] - Total power generation in October 2025 was 800.2 billion kWh, reflecting a year-on-year increase of 7.9% [2] Recommended Companies - Companies recommended for investment include Aiko Solar, Longi Green Energy, Daqo New Energy, and others focusing on various segments of the solar industry [3]