碳中和领域动态追踪（一百四十七）：《光伏制造行业规范条件》正式发布，强化能耗、供应链安全等要求

Investment Rating - The report maintains a "Buy" rating for the renewable energy equipment sector [4]. Core Insights - The release of the "Photovoltaic Manufacturing Industry Normative Conditions (2024 Edition)" aims to strengthen energy consumption and supply chain security requirements, reflecting a shift towards more sustainable practices in the photovoltaic industry [1][2]. - The new regulations increase the minimum capital ratio for new and expanded photovoltaic manufacturing projects from 20% to 30%, indicating a more stringent financial requirement for industry participants [1]. - The average photoelectric conversion efficiency requirement for new and expanded perovskite and other thin-film component projects has been raised from 15% to 15.5%, reflecting growing investor interest in the perovskite sector [2]. - New water consumption and recycled water usage requirements have been introduced for silicon wafer and cell projects, promoting sustainable water management practices [2]. - The report encourages local governments to promote the clustering and intensive development of photovoltaic manufacturing projects, aiming to enhance efficiency across the entire industry chain [2]. Summary by Sections Regulatory Changes - The new normative conditions set stricter energy consumption limits for polysilicon projects, reducing the allowable reduction energy consumption from less than 44 kWh/kg to less than 40 kWh/kg [1]. - The report highlights the importance of supply chain collaboration and security management among enterprises to ensure orderly and healthy industry development [2]. Investment Recommendations - The report suggests focusing on companies with technological, cost, and scale advantages in the polysilicon segment, such as Tongwei Co., Ltd. and GCL-Poly Energy Holdings [3]. - It recommends monitoring integrated component leaders like JA Solar Technology, LONGi Green Energy, and JinkoSolar, which are expected to benefit from a rebound in component prices [3]. - The report identifies auxiliary material leaders like Foster and Flat as having significant advantages in cost, scale, market share, and cash reserves, making them attractive investment opportunities [3].