电气设备行业周报：硅料龙头逐步减产，国内前十月光伏装机维持增长

Investment Rating - The report maintains an "Outperform" rating for the electrical equipment sector [3]. Core Insights - The leading silicon material producers are gradually reducing production, and prices may continue to decline. The average transaction price for N-type silicon material is around 40,700 CNY per ton, while N-type granular silicon is priced at approximately 37,000 CNY per ton. The market for polysilicon is showing some activity, but overall demand remains low, leading to expectations of price drops [6][27]. - Domestic photovoltaic installations have maintained growth, with a total of 181.3 GW added from January to October 2024, representing a year-on-year increase of 27.17%. In October alone, 20.42 GW were added, marking a 49.92% increase year-on-year [7][29]. Summary by Sections 1. Silicon Material Production and Photovoltaic Installations - Leading silicon material producers are reducing output, with potential for further price declines. Current prices for N-type silicon materials range from 39,000 to 43,000 CNY per ton, with an average of 40,700 CNY per ton. The market is active but remains under pressure due to low downstream demand and high inventory levels [6][27]. - The photovoltaic sector has seen a total of 181.3 GW of new installations in the first ten months of 2024, a 27.17% increase year-on-year. October's additions alone reached 20.42 GW, up 49.92% from the previous year [7][29]. 2. New Energy Vehicle Investment Recommendations - Investment recommendations include focusing on leading companies with global competitiveness in various segments, such as CATL, Enjie, and BYD. Additionally, attention is drawn to second-tier lithium battery companies and other quality firms in the lithium battery materials sector [9][47]. 3. Industrial Control and Power Equipment - The report suggests focusing on the energy storage segment, highlighting companies like New Fengguang and Guodian NARI. The industrial control and power equipment sector is expected to benefit from ongoing investments in energy infrastructure [66].