光伏行业研究框架专题报告：春光不远，静待回暖

Investment Rating - The report rates the photovoltaic industry as "positive" with expectations of a recovery in competition and improvement in industry conditions by 2025 [68]. Core Viewpoints - The photovoltaic industry is expected to benefit from policy support and self-discipline, leading to a recovery in orderly competition and a potential rebound in industry prices [65]. - Long-term demand for photovoltaic energy is driven by economic and environmental factors, with a global consensus on energy transition [6][11]. - The supply side is experiencing a gradual capacity clearance, which is expected to optimize the competitive landscape of the industry [65]. Summary by Sections 1. Research Framework Overview - The report outlines a comprehensive framework for analyzing the photovoltaic industry, focusing on supply-demand dynamics, industry chain segmentation, and investment recommendations [4][64]. 2. Photovoltaic Industry Supply and Demand Research Framework - The demand for photovoltaic energy is primarily driven by government policies and economic viability, with a shift from concentrated to decentralized installation [4][6]. - The average Levelized Cost of Electricity (LCOE) for global photovoltaic systems has decreased significantly, indicating improved economic viability [7]. - Short-term demand is constrained by grid capacity and power consumption mismatches, leading to increased curtailment rates [10][11]. 3. Industry Chain Segmentation Research Framework - The photovoltaic industry chain consists of four main materials: silicon, silicon wafers, solar cells, and modules, with each segment experiencing different competitive dynamics [34][35]. - The report highlights the importance of brand and channel advantages in the module segment, which is expected to maintain profitability [49]. - The silicon material segment is characterized by high investment intensity and long construction cycles, making it a critical component in the industry cycle [40][62]. 4. Investment Recommendations - The report suggests focusing on leading companies in various segments, including silicon material leaders like Tongwei Co. and Daqo New Energy, and module leaders like JinkoSolar and Trina Solar, which are expected to benefit from market recovery and competitive advantages [65].