光伏行业月报：市场风险偏好提升，积极关注各细分领域头部企业

Investment Rating - The report indicates a positive investment outlook for the photovoltaic industry, suggesting a focus on leading companies in various segments due to improved market risk appetite [3]. Core Insights - The photovoltaic sector experienced a significant rebound in September, with a 13.75% increase, closely aligning with the 13.44% rise in the CSI 300 index. Daily trading volume in the photovoltaic sector averaged 13.92 billion yuan, indicating increased market activity [7][10]. - The construction of domestic photovoltaic component factories in the U.S. is accelerating, enhancing local supply capabilities. First Solar's new factory in Alabama is expected to boost its U.S. manufacturing capacity to over 14GW by the end of 2026 [3][13]. - The domestic photovoltaic installation volume saw a month-on-month decline in August, with a total of 16.46GW added, reflecting a 21.81% decrease from the previous month. However, exports of photovoltaic inverters showed positive growth, with a 31.50% increase in quantity year-on-year [4][18]. - The supply of polysilicon continues to decrease, stabilizing prices in the photovoltaic upstream market. The average price of polysilicon reached 40 yuan/kg, showing a gradual recovery trend [4][23]. Summary by Sections 1. Industry Performance Review - The photovoltaic index rebounded in September, with significant gains across all sub-sectors, particularly solar cells and photovoltaic backsheets, which saw increases of 23.46% and 15.01% respectively [10][11]. - Individual stocks within the photovoltaic sector experienced widespread gains, with notable performers including Yicheng New Energy and JA Solar [11]. 2. Industry Dynamics - The report highlights government support for large-scale wind and solar projects in desert areas and the development of integrated "solar-storage-charging" projects [12][13]. - In August, the photovoltaic power generation in Henan province increased by 30.51% year-on-year, reflecting a commitment to low-carbon transition [14]. 3. Key Company Announcements - First Solar has opened a new 3.5GW photovoltaic component factory in Alabama, contributing to a total U.S. manufacturing capacity of nearly 11GW [13]. - The report also notes various local government initiatives aimed at enhancing the photovoltaic industry, including financial support for green development [14][15]. 4. Investment Recommendations - The report suggests a focus on leading companies in the photovoltaic glass, integrated components, polysilicon, perovskite battery equipment, and photovoltaic inverters sectors due to their competitive advantages [4][23].