中银证券：中银晨会聚焦-20241209

Core Insights - The report highlights the strengthening consensus within the photovoltaic (PV) industry regarding self-discipline and the prevention of "involution" or unhealthy competition, as discussed in a meeting held by the China Photovoltaic Industry Association (CPIA) on December 5, 2024 [2][3] - The CPIA has released a cost analysis indicating that the price of PV components has increased, with the lowest price rising to 0.69 yuan/W, reflecting a commitment to curtailing involutionary competition and potentially improving industry profitability [4] Industry Performance - The PV industry is witnessing a gradual establishment of its bottom line, with production restrictions in various segments such as silicon wafers being implemented, and expectations for reduced silicon material output continuing to strengthen [4] - The number of participating companies in the CPIA's meetings has increased, further solidifying the consensus against involution, with new members joining the discussions [3] Cost Analysis - As of November 20, 2024, the CPIA reported that the component cost remained stable at 0.603 yuan/W, while the minimum price increased by 0.01 yuan/W compared to October, indicating a potential upward trend in pricing across the industry [4]