光伏行业对外贸易企业自律委员会成立，行业加速秩序回归

Investment Rating - The report indicates a positive outlook for the photovoltaic (PV) industry, suggesting potential price increases and recommending focus on the bottom turning point for significant elasticity [2][31]. Core Insights - The establishment of the PV Industry Self-Regulatory Committee with 22 leading companies marks a significant step towards maintaining export order and industry interests, promoting legal and compliant overseas operations [3][33]. - The industry is currently in a clearing phase, with prices across the supply chain showing slight variations, but overall stability is expected. The downside for prices is limited, and potential fluctuations may occur as year-end orders increase [2][31]. - The report emphasizes the importance of avoiding low-price competition and suggests that the current policies provide clear guidance on capacity and pricing, indicating a trend towards industry order [2][31]. Price Dynamics - The report provides detailed pricing data across the PV supply chain, indicating that dense material averages RMB 39.50/kg, with slight declines in various segments such as silicon wafers and auxiliary materials [4][34]. - Specific price points include P-type silicon wafers averaging RMB 1.15 and RMB 1.70 per piece, while N-type wafers average RMB 1.03 and RMB 1.40 per piece, showing stability in pricing [4][34]. - The report notes that the average price for PERC cells is RMB 0.275 and RMB 0.280 per watt, with TOPCON cells seeing a slight increase [4][34]. Market Performance - The PV sector's recent weekly performance shows a rise of 4.44%, outperforming the CSI 300 index by 2.39 percentage points, although year-to-date performance indicates a cumulative decline of 0.99%, underperforming the CSI 300 by 25.34 percentage points [5][35]. - The report highlights that the PV sector's price-to-earnings ratio (TTM) as of November 29, 2024, is 47.24, ranking favorably compared to other industry sectors [21][35].