新能源板块行业周报：调整不改光伏逻辑，组件招标价格与新技术亮点较多

Investment Rating - The report maintains a positive outlook on the photovoltaic (PV) sector, indicating that despite recent adjustments, the industry's turning point logic remains unchanged and the sector is still worth attention [2]. Core Insights - The report highlights that the recent centralized procurement by Huaneng for 15GW of PV modules shows a significant price increase compared to October, with N-type bids ranging from 0.675 to 0.722 RMB/W, indicating a shift away from low-price competition towards a focus on technology and quality [2][26]. - The report emphasizes that the industry is moving towards recognizing and rewarding new technologies, as evidenced by the premium prices for HJT and BC technology sections, which are over 0.1 RMB higher than traditional options [2][26]. - The report notes an increase in industry concentration, with leading companies such as Longi, Jinko, and Chint dominating the procurement candidates, which is expected to benefit these leaders in the long run [2][26]. Price Trends - The report provides a detailed overview of the current pricing trends in the PV supply chain, indicating that the average price of dense material is stable at 40 RMB/kg, while silicon wafer prices for P-type and N-type remain unchanged or show slight increases [5][8]. - The report also mentions that the average prices for PERC and TOPCON cells are stable, with dual-glass PERC module prices holding steady at around 0.68 to 0.69 RMB/W [5][8]. Market Performance - The report indicates that the PV sector has underperformed compared to the CSI 300 index, with a recent weekly decline of 3.66% and a year-to-date performance lagging by 24.44% [6][15]. - The report highlights that the current price-to-earnings (P/E) ratio for the PV sector is 49.19, which is relatively high compared to other sectors, suggesting a potential for future growth despite recent market challenges [21][15]. Procurement Insights - The report details that Power China's centralized procurement volume for 2025 is set to increase by 24% year-on-year, with both modules and inverters each at 51GW, reflecting optimism for the market scale in the coming year [4][27]. - The procurement includes various packages for N-type Topcon and HJT technologies, indicating a strategic focus on advanced technologies in upcoming projects [4][27].