光伏设备：提高新增产能准入门槛，光伏行业迎供给侧改革

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic equipment industry [1]. Core Insights - The Ministry of Industry and Information Technology has released the "Photovoltaic Manufacturing Industry Specification Conditions (2024 Edition)", which aims to raise the entry threshold for new production capacity, thereby promoting supply-side reform in the photovoltaic industry [1]. - The new regulations impose stricter water and energy consumption requirements for new and expanded production capacities in the silicon wafer and battery segments, which is expected to benefit existing high-efficiency production capacities and encourage the development of advanced technologies [1]. - The report highlights that the new standards favor leading companies with advanced production technologies, such as Tongwei Co., JinkoSolar, and LONGi Green Energy, and suggests that the industry will gradually return to a state of supply-demand balance after the current adjustment [1]. Summary by Sections Policy Changes - The "Specification Conditions (2024 Edition)" introduces stringent requirements for water consumption: less than 540 tons/million wafers for silicon wafers and less than 360 tons/MWp for batteries. Energy consumption standards have also been tightened, with silicon material reduction energy consumption required to be less than 40 kWh/kg [1]. Industry Impact - The new regulations are expected to increase the difficulty of adding new production capacity, which will benefit existing high-efficiency production capacities and allow technically advanced companies to expand their market share [1]. - The report notes that the heterojunction technology (HJT) is more likely to meet the new standards, indicating a favorable government stance towards the development of new technologies [1]. Investment Recommendations - The report recommends focusing on leading companies with advanced production technologies, including Tongwei Co., JinkoSolar, and LONGi Green Energy, and suggests paying attention to GCL-Poly Energy and Daqo New Energy from a new technology perspective [1].