光伏主产业链环节盈利能力逐渐改善

Core Insights - The photovoltaic industry has responded to "involution" competition by enhancing self-regulation, leading to improved profitability across the main industry chain and a significant narrowing of export declines [1] Group 1: Industry Performance - As of November, the average prices of polysilicon, silicon 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 continued to decrease, with third-quarter losses reduced by over 5.6 billion yuan compared to the second quarter, a decrease of approximately 46.7% [1] - 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] Group 2: Export and Capacity Growth - In the first ten months of the year, the export volume of photovoltaic products has shown signs of recovery, with total export value of silicon wafers, battery cells, and modules exceeding 24.4 billion USD, with a significantly reduced decline compared to the same period in 2024 [1] - As of October, the installed capacity of photovoltaic power generation reached 114 million kilowatts, representing a year-on-year growth 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%, while the share of photovoltaic power generation in total electricity consumption has risen from about 3.5% in 2020 to 11.6% [1] Group 3: Future Directions - The photovoltaic industry is encouraged to promote a healthy competitive order centered on technological innovation, quality improvement, and service optimization [2] - There is a focus on enhancing self-regulation capabilities to meet diverse application needs, including photovoltaic applications in desertification control, agriculture, and building integration [2] - The industry aims to explore new non-electric utilization pathways and integrate photovoltaic technology with green hydrogen, ammonia, and alcohol, directly addressing energy demands in commercial refrigeration, heating, and agricultural product drying [2]