电力设备行业周报：光伏新技术加速迭代，光伏制造业新规出炉

Industry Investment Rating - The report maintains a "Recommend" rating for the power equipment sector [1][7] Core Views - BC (Back Contact) technology is accelerating its industrialization, with its platform advantages becoming prominent. BC technology can be combined with various mainstream new technology paths such as PERC, TOPCon, and HJT to enhance efficiency. Currently, the focus is on the "TOPCon+BC" direction [1][16] - HJT (Heterojunction) technology is considered the optimal route for the US domestic photovoltaic market due to its short production process, low-temperature manufacturing, and strong low-carbon attributes [4][22] - New regulations for the photovoltaic manufacturing industry have been introduced, raising the construction threshold and increasing capital requirements for new and expanded projects [5][24] BC Technology - BC technology improves battery conversion efficiency through structural optimization and can be combined with other technologies like PERC, TOPCon, and HJT to form P-IBC, TBC, and HBC batteries [16] - Leading companies in BC technology include LONGi and Aiko Solar. LONGi's second-generation HPBC battery has achieved a mass production efficiency of 26.6%, with a planned BC capacity of 70GW by the end of 2025. Aiko Solar's ABC battery has an average mass production conversion efficiency of 27.2% [17] - Large state-owned enterprises have started setting up independent bidding sections for BC components, with LONGi, Tongwei, and Huayao Optoelectronics being the main bidders [18] - The cost of BC technology remains high, with equipment investment ranging from 3 to 4 billion yuan/GW, compared to 1.5 billion yuan/GW for TOPCon. Silver paste consumption is also higher for BC batteries [19] HJT Technology - HJT technology is gaining traction in the US market, with companies like Revkor, H2 Gemini, and Enel 3Sun planning to expand HJT production capacity [22] - HJT's advantages include a shorter production process, lower labor and maintenance costs, and a low-temperature manufacturing process that saves fuel. Additionally, HJT faces fewer patent issues compared to TOPCon in the US [22] Photovoltaic Manufacturing Regulations - The Ministry of Industry and Information Technology has revised the "Photovoltaic Manufacturing Industry Standard Conditions (2024 Edition)" and the "Photovoltaic Manufacturing Industry Standard Announcement Management Measures (2024 Edition)", raising the minimum capital ratio for new and expanded projects to 30% [24][25] - The new regulations also impose stricter energy and water consumption standards, which may limit the addition of new polysilicon production capacity [25] Market Performance - The power equipment sector fell by 1.66% last week, ranking 15th among 28 primary sub-sectors. The photovoltaic sector dropped by 4.31 percentage points [50] - Top gainers in the sector last week included Jiusheng Electric (+55.05%) and Weil Transmission (+41.23%), while the biggest losers included Kaifa Electric (-14.19%) and Zhenhua New Materials (-15.68%) [53]