电力设备行业点评：光伏协会年会召开，凝聚共识应对周期波动

Investment Rating - The industry investment rating is "In line with the market" [2][10]. Core Viewpoints - The 2024 annual conference of the photovoltaic industry was held in Yibin, Sichuan, focusing on various aspects of the industry chain [2]. - The report highlights that the photovoltaic industry is experiencing a significant adjustment cycle, with the industry association taking measures to address cyclical fluctuations and improve expectations [10]. Supply Side Summary - The production of the photovoltaic industry chain has maintained growth, with output for polysilicon, wafers, cells, and modules reaching 1.58 million tons, 608 GW, 510 GW, and 453 GW respectively, with year-on-year growth rates of 42%, 33%, 25%, and 21% [4][5]. - However, the growth rate of domestic production capacity has significantly slowed, with the number of new projects down 75% compared to the previous year [4]. - Overseas production capacity is gradually rising, with planned, under construction, and newly commissioned capacities nearing 80 GW across North America, the Middle East, and Europe [4]. Demand Side Summary - Domestic installed capacity remains high but the growth rate is slowing, with a year-on-year increase of 27.2% in new installations for the first ten months of the year [5]. - Exports of photovoltaic cells and modules have increased by 41.8% and 15.9% respectively, but the total export value of photovoltaic products has decreased by 34.5% [5]. - The report anticipates that China's new photovoltaic installations will reach 230-260 GW this year, with global installations expected to be 430-470 GW, an upward revision from previous estimates [5]. Price Summary - Prices for key materials have dropped significantly, with reductions of approximately 35%, 45%, 25%, and 25% for the four main materials [6]. - Despite the decline in manufacturing output value, which fell by 43.17% to 781.1 billion yuan, tender prices for components have stabilized since mid-October [6]. Challenges Summary - The report indicates that 39 out of 121 listed companies are currently facing losses, with the manufacturing sector's output value dropping by over 570 billion yuan [9]. - Domestic demand is constrained by tight land resources and uncertainties in electricity pricing, while external demand faces trade barriers in traditional markets [9]. Response Summary - The industry is encouraged to pursue cross-industry collaborative development and establish clear consensus to mitigate cyclical fluctuations [9]. - The report emphasizes the need for fair competition and adherence to manufacturing standards to avoid destructive price competition [9].