光伏行业周报：预计短期内硅片供需关系明显改善

Investment Rating - The industry investment rating is maintained as "Increase" [5][36]. Core Views - The supply-demand relationship of silicon wafers is expected to improve significantly in the short term. The demand for polysilicon is projected to decrease by at least 1GW in November due to production adjustments and maintenance in polysilicon companies. The operating rate of most major manufacturers is below 50% [2][9]. - The production of silicon wafers in October was 43.61GW, a month-on-month decrease of 1.58%. It is anticipated that the overall silicon wafer output will drop to between 41-42GW in November, a reduction of 1-2GW compared to October [2][9]. - The domestic battery production in October reached 51GW, and component production was 50GW, both showing a month-on-month increase of approximately 2% [2][9]. Summary by Sections Market Review - The power equipment industry experienced a decline of 2.82% over the past week, ranking 27th among all primary industries. The electric motor sector rose by 2.40%, while battery and photovoltaic equipment sectors fell by 4.52% and 2.85%, respectively [2][10][12]. Price Observation - The average price of N-type rod silicon is 41,700 CNY/ton, and the average price of N-type granular silicon is 37,300 CNY/ton, both remaining stable week-on-week. The average price of PERC 182 battery cells is 0.28 CNY/W, also stable [3][24]. Investment Suggestions - The report continues to favor supply-side reforms that enhance profitability across various segments. It recommends focusing on leading companies benefiting from technological advancements and cost reduction, such as GCL-Poly Energy, LONGi Green Energy, JinkoSolar, and Highstar [4]. Industry and Company Dynamics - The report highlights several industry news items, including the announcement of a 1GW photovoltaic project by Shanghai Electric Power Co., and competitive allocation for photovoltaic and wind power projects in Anhui Province [28][31]. - Company announcements reveal significant revenue declines for several firms, with Dongfang Risheng reporting a 57% decrease in Q3 revenue [32].