光伏行业周报：组件龙头酝酿涨价，前三季度国内工商业光伏装机实现高增

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Insights - The photovoltaic industry is responding positively to the association's call against "involution," with leading companies planning price increases for components, which is expected to help restore rational pricing in the industry chain [1][7]. - In the first three quarters of 2024, the domestic commercial and industrial photovoltaic installations have seen significant growth, with the share rising to 39% [1][8]. Summary by Sections Industry Response and Price Adjustments - The photovoltaic association has urged manufacturers to strengthen industry self-discipline to prevent "involution" and unhealthy competition. The minimum tax-inclusive cost for photovoltaic components is estimated at 0.68 RMB/W as of October 2024 [6]. - Leading companies like Trina Solar and LONGi Green Energy have begun to raise their component prices by 0.01 to 0.03 RMB/W, indicating a potential bottoming out of component prices [1][7]. Installation Growth - In the first three quarters of 2024, the newly installed capacity for centralized and distributed photovoltaic systems in China accounted for 47% and 53%, respectively. The total newly installed capacity reached 75.66 GW for centralized systems (up 22.4% year-on-year) and 85.22 GW for distributed systems (up 26.9% year-on-year) [1][8]. - The third quarter of 2024 saw 26.06 GW of newly installed centralized capacity (up 7.1% year-on-year) and 32.34 GW of distributed capacity (up 23.5% year-on-year) [1][8]. Market Performance - The report notes that the photovoltaic equipment sector has experienced a decline of 2.85% in the past week, while the overall electric equipment industry index fell by 2.82% [15][17]. - The report highlights significant stock performance variations, with companies like Shuangliang Energy seeing a rise of 61.18%, while Haida Co. experienced a drop of 27.39% [17][18]. Price Trends in the Supply Chain - The report provides detailed pricing for various components, indicating that the price of polysilicon remains stable at 40.00 RMB/kg for dense material and 36.50 RMB/kg for granular material [26]. - The average price for monocrystalline P-type silicon wafers is reported at 1.20 RMB/piece for 182-183.75mm and 1.70 RMB/piece for 210mm, with no significant changes from the previous week [26].