光伏行业月报：协会呼吁依法合规参与市场竞争，建议关注各细分领域头部企业

Investment Rating - The report maintains an "Outperform" investment rating for the power equipment and new energy sector [4]. Core Insights - The photovoltaic (PV) industry saw a significant rebound in October, with the sector rising by 9.22%, outperforming the CSI 300 index. Most sub-sectors, including solar cells, silicon wafers, conductive silver paste, silicon materials, and PV equipment, experienced substantial gains [2][7]. - The China Photovoltaic Industry Association urges manufacturers to avoid selling and bidding below cost, emphasizing the need for industry self-discipline to prevent harmful competition [2][14]. - The report highlights that the domestic newly installed PV capacity in September was 20.89 GW, a year-on-year increase of 32.38% and a month-on-month increase of 26.91% [3][16]. Summary by Sections 1. Industry Performance Review - The PV index showed a notable rebound in October, with a monthly increase of 9.22%, significantly outperforming the CSI 300 index. The average daily trading volume for the PV sector reached 49.27 billion yuan, indicating a substantial increase in market activity [7]. - Most sub-sectors within the PV industry saw price increases, with solar cells leading at 30.44%, followed by silicon wafers at 23.44% and conductive silver paste at 23.23% [7][8]. 2. Industry Dynamics - The report discusses the need for distributed photovoltaic capacity assessments to consider grid safety adequately. The association calls for avoiding harmful competition within the industry [12][14]. - In September, the domestic PV generation increased by 25.16% year-on-year, with significant growth in solar and wind energy contributions [14]. - The report notes a slight recovery in the supply of polysilicon, with September production at 138,000 tons, a month-on-month increase of 6.36% [19][22]. 3. Key Company Announcements - The report includes various announcements from listed companies in the PV sector, reflecting the ongoing developments and strategic moves within the industry [5][10]. 4. Investment Recommendations - The report suggests maintaining a focus on leading companies in various sub-sectors, including PV glass, encapsulants, integrated components, polysilicon, perovskite battery equipment, PV inverters, and electronic silver paste, as they are expected to navigate the industry's downturn effectively [4][12].