电气设备行业周报：硅料价格平稳供应持续缩减，国内前九月光伏装机维持增长

Investment Rating - The report maintains an "Outperform" rating for the electrical equipment industry [1]. Core Insights - The price of silicon materials remains stable while supply continues to decrease. The average transaction prices for N-type rod silicon, P-type monocrystalline dense silicon, and N-type granular silicon are 41,700 CNY/ton, 34,500 CNY/ton, and 37,300 CNY/ton respectively. The overall average price remains stable due to various factors including seasonal production cost increases and upcoming futures listings [2][15]. - The domestic photovoltaic (PV) installation maintained growth in the first nine months of 2024, with a total of 160.88 GW added, representing a year-on-year increase of 24.77%. The cumulative solar power generation capacity reached approximately 770 million kW, a 48.3% increase year-on-year [3][20]. Summary by Sections Silicon Material Prices - Silicon material prices have remained stable, with limited transactions due to reduced downstream operating rates and a shift in purchasing preferences towards more economical products. The current inventory level of silicon materials is around 350,000 tons, which puts pressure on prices [2][15]. Photovoltaic Installation Growth - In the first nine months of 2024, the newly added photovoltaic capacity was 160.88 GW, with September alone contributing 20.89 GW, marking a year-on-year growth of 32.38%. The total solar power generation capacity reached approximately 770 million kW by the end of September [3][20]. Investment Recommendations - The report suggests focusing on several key areas for investment: 1. Integrated component companies with advantages in new battery technologies such as JinkoSolar, LONGi Green Energy, JA Solar, and Trina Solar. 2. Companies in the battery segment with emerging technologies like Tongwei Co., Aiko Solar, and Yueda Co. 3. Silicon wafer companies with efficiency or volume growth potential such as TCL Zhonghuan and Shuangliang Eco-Energy. 4. Leading inverter companies benefiting from overall growth like Sungrow Power Supply and Deye Technology. 5. Energy storage battery suppliers including CATL and EVE Energy [4][5][29]. Industry Data Tracking - The report includes various industry data points, such as the average utilization hours for power generation equipment and investment trends in power generation and grid projects, indicating a robust investment environment in the energy sector [3][20]. Market Performance - The electrical equipment and new energy sectors saw a weekly increase of 5.80%, outperforming the CSI 300 index by 0.30 percentage points. Specific segments like wind power and nuclear power showed significant growth, with respective increases of 7.24% and 10.46% [40][41].