新能源板块行业周报美国降息利好光储，8月逆变器出口增长良好

Investment Rating - The report indicates a positive long-term outlook for the solar energy sector, particularly in the context of recent U.S. interest rate cuts and domestic policy support [22][23]. Core Insights - The Federal Reserve's recent rate cut is expected to accelerate the parity of photovoltaic (PV) storage systems and stimulate overseas demand for solar energy [22]. - Jiangsu Province has initiated a pilot program for distributed new energy aggregation to participate in the green electricity market, which is anticipated to set a precedent for other regions and expedite the transition to clean energy [19][24]. - The report notes that polysilicon dense material prices have increased, while prices for silicon wafers, cells, and modules have remained stable. Inverter exports in August showed significant growth both year-on-year and month-on-month [22][25]. Summary by Sections 1. Price Tracking of the Photovoltaic Industry Chain - The average price of polysilicon dense material is reported at RMB 39.50/kg, reflecting a 1.3% month-on-month increase. Prices for silicon wafers and cells have remained stable [25][26]. - In August 2024, China's inverter export value reached USD 861 million, marking a year-on-year increase of 24.9% and a month-on-month increase of 9.5%. Conversely, module exports faced pressure, totaling USD 2.23 billion, which is a year-on-year decrease of 27% [23][24]. 2. Weekly Performance and Valuation - The photovoltaic sector's recent weekly performance showed a decline of 1.72%, underperforming the CSI 300 index by 2.76 percentage points. Year-to-date, the sector has seen a cumulative decline of 18.28% [26]. - The TTM overall valuation for the photovoltaic sector is reported at 21.71 times, indicating a slight upward trend after a period of decline since the end of 2021 [26][13]. 3. Key Developments - The pilot program in Jiangsu allows distributed PV and wind power to enter the market directly or through aggregation, which is expected to encourage further participation in the green electricity market [19][24]. - The report highlights the stable pricing across various segments of the photovoltaic industry, with auxiliary materials like PV glass maintaining steady prices [25][26].