机械行业周报：国内价格战趋缓+海外投资产能，带动光伏设备需求

Investment Rating - The report maintains a "Positive" investment rating for the machinery industry, expecting returns to exceed the CSI 300 index by more than 5% over the next six months [31]. Core Viewpoints - The domestic price war in the photovoltaic industry is easing, and overseas investment capacity is driving demand for photovoltaic equipment [5][6]. - The China Photovoltaic Industry Association analyzed the cost of photovoltaic modules, stating that 0.68 yuan/W is the minimum cost for high-quality products, urging the industry to focus on healthy development [5]. - Recent procurement activities indicate a trend towards healthier competition, with average bidding prices for N-type TOPCon bifacial modules rising to 0.694 yuan/W, reflecting an increase from previous months [5]. - Major photovoltaic companies are actively raising funds overseas to expand production capacity, which is expected to release equipment demand [5][6]. Summary by Sections Industry Opinion and Investment Suggestions - The easing of domestic price wars and increased overseas investment capacity are expected to boost demand for photovoltaic equipment. Companies such as Aotwei, Maiwei Co., Jingsheng Mechanical & Electrical, and Jiejia Weichuang are recommended for investment [6]. Key Company Announcements - JinkoSolar plans to issue GDRs on the Frankfurt Stock Exchange to raise 4.5 billion yuan for projects in the U.S. and Shanxi [5]. - Sungrow Power plans to issue GDRs to raise up to 4.88 billion yuan for various projects, including advanced energy storage equipment [5]. - Canadian Solar's subsidiary has secured a $500 million investment from BlackRock to support global project development [5]. Market Performance Review - During the period from October 21 to October 25, the CSI 300 index rose by 0.8%, while the machinery sector increased by 4.3%, ranking 10th among all primary industries [26].