光伏主产业链环节盈利能力逐渐改善 出口总额降幅明显收窄

Core Insights - The photovoltaic industry has responded to the "involution" competition by enhancing self-discipline, leading to improved profitability across the main industry chain and a significant recovery in prices [1] - The average prices of polysilicon, wafers, battery cells, and modules have increased by 38.9%, 2.2%, 0.4%, and 2.3% respectively since the beginning of the year [1] - Losses among main industry chain enterprises have narrowed, with third-quarter losses decreasing by over 5.6 billion yuan, a reduction of approximately 46.7% compared to the second quarter [1] Industry Performance - Despite a decline in operating revenue, the gross profit margin in the main industry chain has improved, indicating that photovoltaic companies are moving away from low-price, low-profit orders [1] - The new capacity growth trend in the main industry chain has been effectively controlled [1] - In the first ten months of the year, the export volume of photovoltaic products has shown signs of recovery, with total export value exceeding 24.4 billion USD, and the decline rate significantly narrowing compared to the same period in 2024 [1] Capacity and Utilization - As of the end of October, the installed capacity of photovoltaic power generation reached 114 million kilowatts, a year-on-year increase of 43.8% [1] - The proportion of photovoltaic power generation capacity in total installed capacity has increased from approximately 12% in 2020 to around 30% [1] - The share of photovoltaic power generation in total electricity consumption has risen from about 3.5% in 2020 to 11.6% [1] Future Directions - The National Energy Administration emphasizes the need for the photovoltaic industry to advocate for a competitive order centered on technological innovation, quality improvement, and service optimization [2] - The industry is encouraged to enhance its regulatory capabilities to meet diverse application needs, such as photovoltaic sand control, agricultural photovoltaic integration, and building-integrated photovoltaics [2] - There is a push to explore new non-electric utilization pathways and to integrate photovoltaic technology with green hydrogen, ammonia, and alcohol, directly addressing energy demands in commercial refrigeration, heating, and agricultural product drying [2]