太阳能行业周报：产业链博弈持续，组件价格下滑

Investment Rating - The report maintains a "Market Perform" rating for the solar energy industry, indicating expected performance in line with the market [2][5]. Core Insights - The National Energy Administration has released a draft for the management of distributed photovoltaic power generation, aiming to promote high-quality development and establish a new power system [1]. - In August, the solar power sector saw a 2.9% year-on-year increase in newly installed capacity, although downstream prices are under pressure [2]. - The report highlights the stability of polysilicon prices, with dense material averaging 40.0 CNY/kg and granular silicon at 36.5 CNY/kg, remaining unchanged from the previous week [4]. - The average price of 182mm monocrystalline silicon wafers is stable at 1.25 CNY/piece, while the 182mm N-type wafers are at 1.08 CNY/piece, reflecting a stagnant market [4]. - The report notes a decline in module prices, with 182mm bifacial PERC modules averaging 0.70 CNY/W, down 4.1% from the previous week [4]. Summary by Sections Market Performance - The solar energy industry has shown a 2.9% increase in new installations in August, with a total of 5,742 new photovoltaic projects registered [2]. - The National Energy Administration is pushing for enhanced development of large-scale wind and solar projects, addressing infrastructure gaps [2]. Price Tracking - Polysilicon prices remain stable, with no significant changes observed in the market due to low demand and high inventory levels [4]. - The average prices for battery cells and modules have remained steady, but there is an expectation of further price declines due to ongoing market pressures [4]. Investment Recommendations - The report recommends focusing on leading integrated solar storage companies such as Canadian Solar, and highlights companies like Sungrow and Deye for their potential in the African and Latin American markets [5]. - It also suggests monitoring companies involved in new solar technologies and those in the stable photovoltaic glass segment, such as Flat Glass Group [5].