新能源板块行业周报：光伏利好不断反转趋势明确，后续投资机会值得重视

Investment Rating - The investment rating for the renewable energy sector is "Outperform the Market" and is maintained [1]. Core Views - The report highlights a significant increase in the bidding prices for photovoltaic (PV) components, indicating a stabilization in the solar industry prices. The average bidding price for a recent procurement project was 0.694 CNY/W, with a range of 0.675-0.722 CNY/W, reflecting an upward trend compared to previous months [2][16]. - The report emphasizes that the photovoltaic industry is at a cyclical bottom, with signs of marginal improvement, suggesting that investors should pay attention to potential turning points in the market [2]. - The report notes that the domestic photovoltaic installed capacity reached 160.88 GW in the first nine months of 2024, representing a year-on-year growth of 24.8% [15]. Summary by Sections 1. Price Tracking of the Photovoltaic Industry Chain - The average price of dense silicon remains stable at 40 CNY/kg. The average prices for P-type and N-type silicon wafers are 1.20 CNY and 1.05 CNY per piece, respectively, with minor fluctuations [3][4]. - The average price for PERC cells is 0.28 CNY/W, while TOPCON cells are priced at 0.27 CNY/W, both showing stability [4][5]. 2. Market Performance and Valuation - The photovoltaic sector's recent weekly performance showed an increase of 18.98%, outperforming the CSI 300 index by 18.72 percentage points [10]. - As of October 25, 2024, the sector's price-to-earnings (P/E) ratio is 22.71, which is considered average compared to other sectors [12]. 3. Key Developments - The report mentions that the recent procurement of 2.5 GW of PV components by China Energy Conservation Group saw participation from 13 companies, indicating strong competition among leading firms [16]. - The report also highlights that the photovoltaic industry is experiencing a supply-side structural reform, which is expected to stabilize prices and enhance the concentration of leading companies [2].