光伏行业周报：11月硅料硅片排产预计环降，电池库存去化排产环增

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Insights - November production of silicon materials and wafers is expected to decrease, while battery production is projected to increase [2][6]. - In September, the import scale of battery components in the U.S. slightly decreased, but the proportion of batteries increased [2][8]. Summary by Sections Production Forecast - November silicon material production is estimated at 130,000 to 140,000 tons (approximately 62GW), a decrease of 3% month-on-month, with an operating rate of 53%, down 3 percentage points [1][6]. - November wafer production is expected to be 42-43GW, a decrease of 4% month-on-month, with N-type wafers accounting for about 84% [1][6]. - Battery production is projected at 53-54GW for November, an increase of 3% month-on-month, with N-type batteries making up 84% [1][7]. - Module production is expected to be 53-54GW, a decrease of 3% month-on-month, with an operating rate of 49% [1][7]. Market Overview - In September, U.S. battery component imports totaled 6.37GW, a year-on-year increase of 21% but a month-on-month decrease of 3% [2][8]. - Cumulative imports from January to September 2024 reached 57.38GW, a year-on-year increase of 22% [2][8]. Price Trends - The average price of polysilicon dense material is reported at 40.00 CNY/kg, remaining stable week-on-week [1][23]. - The average price for N-type 183mm wafers is 1.00 CNY/piece, reflecting a decrease of 2.9% week-on-week [1][23]. - The average price for PERC battery cells is 0.275 CNY/W, down 1.8% week-on-week [1][26]. - The price of 3.2mm coated photovoltaic glass is reported at 20.00 CNY/m², a decrease of 2.0% week-on-week [1][28]. Investment Recommendations - The report suggests focusing on leading integrated module companies such as Longi Green Energy, JinkoSolar, JA Solar, Trina Solar, and Canadian Solar [1][6]. - It also highlights inverter companies like Deye, Aiko Energy, GoodWe, Sungrow, and others as having positive demand expectations [1][6].