新能源板块行业周报：《能源法》表决通过，10月组件中标价格回暖

Investment Rating - The report does not explicitly provide an investment rating for the industry but highlights potential opportunities in the photovoltaic sector due to recent developments and price recovery trends [1][21]. Core Insights - The passing of the Energy Law on November 8 emphasizes the importance of renewable energy consumption systems, confirming the direction of energy transition and addressing consumption issues, which is expected to benefit high-quality development in the new energy sector [1][16]. - The U.S. election results on November 6 are anticipated to have a limited impact on the photovoltaic sector, with trade policy remaining a core issue. The U.S. energy storage market is projected to experience strong growth next year [1][21]. - In October, module prices showed signs of recovery, indicating a potential turning point in the industry, with 51.4GW of modules ordered and N-type modules averaging RMB 0.68/W [1][17]. Price Trends - In October, the average bidding price for P-type modules was RMB 0.685/W, while N-type modules averaged RMB 0.68/W, reflecting a year-to-date decline of 27% and 24% respectively [2][17]. - The average price for dual-glass PERC modules remained stable at RMB 0.68/W, with no significant fluctuations reported in the supply chain prices [3][5]. - The average price for dense material was RMB 40/kg, with silicon wafer prices showing slight decreases for both P-type and N-type [3][5]. Market Performance - The photovoltaic sector's recent weekly performance showed a rise of 1.47%, underperforming the CSI 300 index by 3.27 percentage points. Year-to-date, the sector has risen 5.34%, lagging behind the CSI 300 by 24.81 percentage points [4][11]. - The report indicates that the photovoltaic sector's price performance has ranked low compared to other sectors, suggesting a need for attention to potential recovery opportunities [4][11]. Key Companies to Watch - The report highlights several companies of interest within the photovoltaic sector, including silicon material producers (Tongwei, GCL Technology), specialized leaders (TCL Zhonghuan, Shuangliang Eco-Energy), integrated module manufacturers (JinkoSolar, JA Solar), and inverter companies (Sungrow Power Supply, GoodWe Technologies) [2][21].