银河证券：反内卷政策趋势仍在 太空光伏产业加速

Core Viewpoint - The trend of anti-involution policies remains, with ongoing exploration of coordinated governance in the industry [2] Group 1: Anti-Involution Policies - The recent halt of self-regulatory actions related to silicon material integration in the photovoltaic industry by the Market Supervision Administration is characterized as a rare preemptive review, which does not provide exemptions for anti-involution or integration [2] - The halt specifically targets monopolistic self-regulation concerning price, production capacity, and market division, while allowing compliance in areas such as cost-price sales, intellectual property protection, and technical standard improvements [2] - A collaborative governance framework has been established, involving enterprises, power generation parties, and associations to ensure compliance without resorting to monopolistic practices [2] Group 2: Industry Price Trends - The price of N-type silicon material has increased to 59,200 yuan per ton, reflecting a week-on-week rise of 9.83% [3] - Prices for N-type silicon wafers and battery cells have been maintained or increased, with N-type battery cell prices rising to 0.39 yuan per watt and TOPCon module prices increasing to 0.7 yuan per watt [3] - The industry is expected to gradually recover profitability, with a forecast of turning profitable in 2026 as terminal demand begins to improve [3] Group 3: Commercial Space and Space Photovoltaics - Elon Musk has announced plans to deploy a solar energy network of 100GW satellites annually, while China aims to establish gigawatt-level space data centers between 2025 and 2035 [4] - Space photovoltaics are expected to become commercialized in the next 10-15 years, driven by decreasing launch costs and breakthroughs in battery technology [4] - The efficiency of space photovoltaic systems is significantly higher than ground-based systems, with energy density and annual generation hours improved by 7-10 times [4]