新能源板块行业周报：分布式管理办法发布，隆基推出BC新品

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, suggesting that the sector has reached a bottom in terms of stock prices and fundamentals, with potential investment opportunities expected in the future [4][5][6]. Core Viewpoints - The recent release of the distributed photovoltaic development management measures by the National Energy Administration is expected to clarify project definitions and reduce investment risks, promoting healthy long-term development in the industry [4][21]. - The launch of Longi Green Energy's HPBC 2.0 technology and the new Hi-MO X10 distributed product, which boasts a maximum power output of 670W and a module efficiency of 24.8%, is seen as a significant advancement in the market [4][18][20]. - The photovoltaic industry has experienced a price stabilization, with key components such as polysilicon, wafers, and batteries maintaining steady prices, indicating a balanced supply-demand situation [5][9][10]. Summary by Sections Photovoltaic Industry Price Tracking - Polysilicon prices remain stable at an average of 40.0 CNY/kg, with no significant changes observed [5][6]. - The average prices for P-type and N-type wafers are 1.25 CNY and 1.08 CNY for 182mm wafers, and 1.70 CNY and 1.50 CNY for 210mm wafers, respectively, all showing stability [5][6]. - Battery prices for PERC and TOPCon technologies are also stable, with PERC battery prices at 0.28 CNY/W for 182mm and 0.285 CNY/W for 210mm [5][6]. Market Performance and Valuation - The photovoltaic sector's recent weekly performance showed a decline of 5.37%, underperforming the CSI 300 index by 2.88 percentage points, indicating a relatively low valuation compared to other sectors [11][14]. - As of October 11, 2024, the sector's price-to-earnings ratio (TTM) stands at 19.67, which is considered low compared to historical levels, suggesting potential for future growth [14][16]. Key Developments - The National Energy Administration's new management measures for distributed photovoltaic projects categorize them into four types and clarify grid connection modes, which is expected to enhance market participation and investment security [4][21]. - Longi Green Energy's Hi-MO X10 product, featuring advanced battery technology and structural innovations, is anticipated to set new benchmarks in efficiency and performance within the industry [18][20].