TRINA(SH:688599) Di Yi Cai Jing·2026-01-31 05:38Core Viewpoint - The recent price increase of photovoltaic (PV) modules is primarily driven by the rising silver prices, leading to a collective pressure on downstream manufacturers to raise prices [1][3]. Group 1: Price Adjustments - The average price of TOPCon photovoltaic modules in China has been raised to 0.739 yuan per watt, with some high-power modules exceeding 1 yuan per watt [1]. - The current price range for distributed photovoltaic modules is between 0.8 yuan per watt and 0.88 yuan per watt, with actual transaction prices between 0.75 yuan per watt and 0.8 yuan per watt [3]. - Leading company Trina Solar has raised its module prices three times this month, with a price range set between 0.88 yuan per watt and 0.92 yuan per watt [3]. Group 2: Cost Influences - The silver price has significantly impacted production costs, with a noted increase of over 6,000 yuan per kilogram, leading to an increase in battery costs by 0.05 yuan per watt [3]. - The willingness of integrated enterprises to raise prices has strengthened due to the substantial rise in costs, with initial quotes expected to be above 0.8 yuan per watt [3]. Group 3: Market Dynamics - Despite the upward trend in prices, the sustainability of this price increase and actual transaction conditions remain uncertain as the Chinese New Year approaches [4]. - There is a declining willingness among end projects to accept high-priced modules, and the installation of distributed projects is expected to decrease as the year-end approaches [4]. - The market is currently exhibiting a cautious purchasing attitude due to seasonal demand fatigue, with a gradual decline in the execution of existing ground project orders [4].