新能源板块行业周报：《能源法》草案通过，10月组件中标价格回暖

Investment Rating - The investment rating for the renewable energy sector is "Outperform the Market" [2] Core Viewpoints - The recent passing of the Energy Law emphasizes the importance of improving the renewable energy power consumption system, which is expected to significantly benefit the high-quality development of the renewable energy sector [3] - The impact of the recent U.S. election results on the photovoltaic sector is considered limited, as the core conflict between the U.S. and photovoltaic industry revolves around trade policies, with the certainty of high growth in the U.S. energy storage market next year [3] - The October component bidding prices have shown signs of recovery, indicating a potential turning point in industry chain prices, which may accelerate the industry's clearing pace [3] Summary by Sections 1. Photovoltaic Industry Chain Price Tracking - The average price of dense silicon is 40.0 CNY/kg, remaining stable [7] - The average prices for P-type and N-type silicon wafers are 1.15 CNY and 1.00 CNY per piece respectively, with slight declines [7] - The average price for PERC batteries is 0.275 CNY/W, showing a minor decrease [7] - The average price for double-glass PERC components is 0.68 CNY/W, remaining stable [7] 2. Market Performance and Valuation - The photovoltaic sector's recent weekly performance showed a 1.47% increase, underperforming the CSI 300 index by 3.27 percentage points [13] - The cumulative performance since the beginning of the year is a 5.34% increase, also underperforming the CSI 300 index by 24.81 percentage points [13] - As of November 8, 2024, the price-to-earnings (P/E) ratio for the photovoltaic sector is 49.30 times, ranking favorably compared to other sectors [15] 3. Key Developments - The Energy Law, effective from January 1, 2025, aims to optimize energy consumption and promote renewable energy development [17] - In October, over 51.42 GW of photovoltaic components were bid, with N-type components accounting for over 97% of the bids [18] - The average bidding price for N-type components in October was 0.68 CNY/W, reflecting a 24% decrease from the beginning of the year [18]