新能源电力行业周报：光伏组件试探性涨价，陆风中标价格稳中向好

Investment Rating - The report maintains a "Market Perform" rating for the power equipment and renewable energy sectors [2]. Core Insights - The solar equipment sector saw a significant increase of 17.06% in the week of October 21-25, outperforming the CSI 300 index by 16.27 percentage points. The wind power equipment sector also rose by 16.52%, exceeding the CSI 300 index by 15.73 percentage points [3][24]. - The report highlights a tentative price increase for solar modules, with polysilicon prices remaining stable despite a decrease in silicon wafer prices due to reduced downstream demand. Battery cell prices are stable, while module prices are expected to hold steady in the short term [4][15][16]. - In the wind power sector, the average bidding price for onshore wind turbine projects remains stable, with a notable increase in bidding and awarded capacities, indicating a positive trend for the overall installed capacity for the year [6][18]. Summary by Sections Solar Sector - Polysilicon prices are stable, with a slowdown in transaction volumes attributed to weakened downstream demand. Companies are maintaining prices, anticipating an increase in electricity prices during the dry season in regions like Sichuan and Yunnan [4][15]. - Silicon wafer production is expected to decrease to 45-46 GW in October, down by approximately 2 GW from earlier estimates, with further reductions anticipated in November [4][15]. - Battery cell prices are stable, although some manufacturers have lowered prices due to the declining costs of silicon wafers. The supply of 210N cells continues to grow, while 183 cells are experiencing inventory reductions [4][15][16]. - Module prices are expected to remain stable, with some manufacturers considering slight price increases. The actual success of these price adjustments will depend on market demand and inventory levels [4][15][16]. Wind Sector - The onshore wind power bidding volume reached approximately 3870 MW, with awarded capacities at about 4420.25 MW, indicating a robust support for new installations [6][18]. - The average bidding price for onshore projects is around 2089.2 RMB/kW, remaining stable compared to previous weeks. The market is witnessing a recovery in pricing trends, with manufacturers resisting low-price competition [6][18]. - The offshore wind sector is also seeing positive developments, with ongoing projects in various provinces and an increase in project scales, suggesting a recovery in the industry [6][18][19]. Recommendations - The report suggests focusing on companies like Fulete, which benefits from cost advantages and improved cash flow, and Dajin Heavy Industry, which is positioned to gain from overseas wind power developments [5][22].