新能源板块行业周报：系列政策提振资本市场，光伏板块具备较大成长潜力

Industry Investment Rating - The report highlights the potential of the photovoltaic (PV) sector, indicating that the industry is at a bottom position with significant growth potential due to policy support and market stabilization [2] Core Views - The PV sector is currently at a bottom position with Q2 earnings showing widespread losses, price bottoms, and a 70% cumulative decline over two years [2] - The sector is expected to benefit from a loose monetary environment, which could boost investment enthusiasm for PV projects [2] - The report recommends a portfolio of companies with clear overseas growth trends, technological advancements, and stable industry structures [2] - The National Energy Administration has improved the registration process for the national unified power market, which will facilitate the development of a unified power market and promote new productive forces [2][14] Industry Price Trends - Polysilicon dense material prices remained stable at 40 yuan/kg, while other segments such as silicon wafers, batteries, and modules showed mixed trends with some slight declines [3][5][6] - TOPCON battery prices for 182-183.75mm decreased by 3.6%, while other battery and module prices remained stable or saw minor fluctuations [3][5][6] - PV glass prices for 3.2mm and 2.0mm coated glass decreased by 3.4% and 3.8% respectively [3][5][6] Sector Performance and Valuation - The PV sector saw a weekly increase of 14.34%, underperforming the CSI 300 by 0.33 percentage points [10] - The TTM overall valuation of the PV sector was 24.8x as of September 27, 2024, ranking in the upper range compared to other sectors [10] - The sector's valuation premium relative to the CSI 300 was 2.1x, still at a historically low to medium level [10] Key Industry Developments - The Ministry of Industry and Information Technology aims to achieve full coverage of basic and key standards for the PV industry by 2026, with plans to develop over 60 new national and industry standards [13] - The National Energy Administration has issued rules to standardize the registration process for the national unified power market, promoting a "one-stop" registration model and information sharing [14] Recommended Companies - The report recommends companies with clear overseas growth trends (e.g., Sungrow Power, Ginlong Technologies, GoodWe), technological advancements (e.g., LONGi Green Energy, DIAL Laser, Tongwei), and stable industry structures (e.g., First, Flat Glass) [2]