电力设备行业快评报告：光伏行业协会发文呼吁合理化招投标价格，促进行业健康发展

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [8]. Core Insights - The China Photovoltaic Industry Association (CPIA) has called for reasonable bidding prices to ensure sustainable development in the photovoltaic industry, stating that product sales prices must exceed the full cost for companies to operate sustainably [1][2]. - The current cost guidance for integrated N-type M10 bifacial photovoltaic modules is set at 0.68 CNY/W, while the average price of domestic modules is approaching this cost line, with recent data showing prices fluctuating between 0.64 CNY/W and 0.78 CNY/W [2]. - The CPIA emphasizes that the current pricing situation, where some companies are selling below cost, is unsustainable and calls for manufacturers to comply with market regulations and for bidding parties to respect market laws [2]. Summary by Sections Industry Overview - The CPIA's recent statement highlights the need for a healthy and sustainable development of the photovoltaic industry, urging manufacturers to avoid below-cost sales and bidding practices [1][2]. - The association plans to conduct regular surveys and publish industry cost data to guide the market and regulatory bodies [2]. Market Conditions - The photovoltaic industry is currently facing an oversupply, with prices for silicon materials, wafers, and modules nearing or falling below production costs, leading to losses across multiple segments of the supply chain [2]. - The CPIA's proactive stance on preventing "involutionary" competition indicates a potential for gradual improvement in the supply-demand balance within the industry [2]. Investment Recommendations - Given the current oversupply and declining prices, the overall performance of companies in the photovoltaic sector is under pressure, but there are signs of potential recovery as supply-side reforms are anticipated [2]. - The low valuation of the photovoltaic sector presents an opportunity for investors to consider potential valuation recovery as market conditions improve [2].