新能源板块行业周报：调整不改光伏推荐逻辑，组件招标价格与新技术亮点较多

Investment Rating - The investment rating for the industry is "Outperform the Market" and is maintained [2]. Core Viewpoints - The report emphasizes that despite some adjustments in the photovoltaic sector, the logic of an industry turning point remains unchanged, making the sector still worthy of key recommendations. The procurement of 15GW of photovoltaic components by Huaneng in 2024 is highlighted, with significant price increases compared to October's average bidding prices [4][31]. - The report indicates that the concentration of leading companies in the industry is increasing, with major players like Longi, Jinko, and Trina being the main candidates for procurement, which is beneficial for the industry as it moves away from price competition towards a focus on technology and quality [4][31]. Summary by Sections 1. Photovoltaic Industry Price Tracking - The average price of dense material is 40.0 CNY/kg, remaining stable. The average prices for P-type and N-type silicon wafers are 1.15 CNY and 1.04 CNY per piece, respectively, with slight increases for N-type wafers [10][11]. - The average prices for PERC and TOPCON cells are stable at 0.275 CNY/W and 0.27 CNY/W, respectively. The average prices for double-glass PERC components are 0.68 CNY/W [10][11]. 2. Market Performance and Valuation - The photovoltaic sector's recent weekly performance shows a decline of 3.66%, underperforming the CSI 300 index by 1.03 percentage points. Year-to-date, the sector has a cumulative performance of 1.74%, lagging behind the CSI 300 index by 24.44 percentage points [8][17]. - The sector's price-to-earnings ratio (TTM) as of November 15, 2024, is 49.19, ranking it favorably compared to other industry sectors [25][26]. 3. Key Events - Huaneng's second batch of procurement candidates for 2024 includes a total of 15GW of photovoltaic components, with prices ranging from 0.675 to 0.94 CNY/W across different categories [31]. - China Electric Power Construction Group's procurement for 2025 includes 51GW of photovoltaic components and inverters, representing a 24% increase from 2024, indicating a positive outlook for the market [32].