新能源电力行业周报：光伏硅片累库压力缓解，风电整体发展趋势向好

Investment Rating - The report maintains a "Market Perform" rating for the solar and wind energy sectors, indicating a cautious outlook on investment opportunities in these industries [3]. Core Insights - The solar sector is experiencing a relief in inventory pressure for silicon wafers, while the wind sector is seeing an increase in bidding scale, particularly in offshore wind projects [3][4]. Summary by Sections Solar Sector - The silicon material prices remain stable, with October production in China at approximately 133,600 tons, a month-on-month decrease of 3.15%. A further decline of about 5% is expected in November due to reduced operational capacity in some regions [5][15]. - Silicon wafer inventory has decreased significantly, dropping below 40GW, with production expected to be between 41-42GW in November, which is less than the demand by nearly 10GW [5][15]. - Battery cell prices are stable, driven by increased procurement from integrated companies, leading to tight supply from specialized manufacturers [16]. - Module prices are also stable, with some manufacturers adjusting prices upward, but significant increases are unlikely in the short term due to market acceptance concerns [16][5]. - Recommended stocks include Fulete, a leading solar glass manufacturer benefiting from cost advantages and improved cash flow [6][17]. Wind Sector - The bidding scale for onshore wind turbines has increased, with approximately 9,757.4MW of bids recorded, supporting the annual installation scale. The average bid price for turbines is around 1,959.9 yuan/kW [18][19]. - Offshore wind projects are accelerating, with significant progress in construction in provinces like Guangdong and Jiangsu, indicating a reduction in limiting factors for development [19][21]. - The report suggests that companies like Daikin Heavy Industries and Dongfang Cable, which are leaders in offshore equipment and cables respectively, are well-positioned to benefit from the growth in offshore wind projects [22][19].