光伏行业周报：预期12月中国光伏组件排产环比下降约9.7%

Investment Rating - The industry investment rating is maintained as "Overweight" [2][3]. Core Views - It is expected that the production of photovoltaic modules in China will decrease by approximately 9.7% month-on-month in December. In November, the operating rate of Chinese enterprises was about 49.6%, with a production decrease of about 1.6%. The total production in November remained above 50GW due to high year-end delivery demand, reduced export tax rates, stabilized module prices, and companies' intention to support prices. The operating rate in December is expected to be around 44.8% [12][13]. - The main reduction in production is from domestic bases of Chinese enterprises, while overseas reductions mainly come from Southeast Asian countries like Vietnam and Thailand, which have high anti-dumping tax rates. The CPIA previously reported that the component cost is at 0.69 yuan/W, and with the continuous decrease in production in November and December, module prices may be supported [12][13]. Market Review - In the past week, the power equipment industry rose by 0.29%, ranking 30th among all primary industries. The electrical machinery sector increased by 4.96%, while photovoltaic equipment decreased by 2.08% [14][16]. Photovoltaic Industry Data Tracking - As of October, the newly installed photovoltaic capacity in China reached 181.30GW, a year-on-year increase of 27.17%. In October alone, the newly installed capacity was 20.42GW, a year-on-year increase of 49.93% [23]. - The export value of inverters in October was 659 million USD, a year-on-year increase of 19.03%. However, the total export value of battery modules from January to October was 26.842 billion USD, a year-on-year decrease of 30.82% [25]. - In November, the domestic production of polysilicon was 133,000 tons, slightly adjusted down from the previous month [29]. Price Observations - The average price of n-type recycled material was 40,300 yuan/ton, down 0.49% month-on-month. The average price of n-type dense material was 36,300 yuan/ton, down 0.27% month-on-month. The average price of n-type granular silicon remained stable at 37,000 yuan/ton [33][36].