山西证券：研究早观点-20241017

Market Overview - The Shanghai Composite Index closed at 3,202.95 with a slight increase of 0.05% while the Shenzhen Component Index decreased by 1.01% to 9,965.02 [1] Industry Commentary: Photovoltaic Industry Chain Price Tracking - According to InfoLink, prices for polysilicon and battery cells remained stable this week, while prices for silicon wafers and modules declined [2] - Polysilicon prices: Dense material averaged 40.0 CNY/kg and granular silicon averaged 36.5 CNY/kg, both unchanged from last week. Transaction volumes were low, leading to minor price adjustments without affecting overall averages [2] - Silicon wafer prices: 150um 182mm monocrystalline wafers averaged 1.25 CNY/piece (unchanged), while 130um 182mm N-type wafers decreased by 2.8% to 1.05 CNY/piece. October production is expected to be 46-48 GW, a slight increase from September [2] - Battery cell prices: M10 cells averaged 0.28 CNY/W (unchanged), 210mm cells at 0.285 CNY/W (unchanged), and 182mm TOPCon cells at 0.27 CNY/W (unchanged). Demand remains below expectations, leading to continued production cuts [2] - Module prices: 182mm bifacial PERC modules averaged 0.68 CNY/W (down 2.9%) and 182mm TOPCon dual-glass modules at 0.71 CNY/W (down 2.7%). Inventory pressures persist with no signs of demand recovery [2] Recommended Companies - Key recommendations include leading companies in the photovoltaic storage sector such as Canadian Solar, Sungrow Power Supply, and Deye Technology. Other notable mentions include Aiko Solar, LONGi Green Energy, and several others in various segments of the photovoltaic industry [3]