电力设备行业研究周报：供给端再迎约束，光伏行业有望企稳回升

Investment Rating - The report maintains an "Overweight" rating for the photovoltaic industry [1] Core Insights - Recent self-regulatory agreements among over 30 photovoltaic companies aim to control production capacity and stabilize market prices, promoting healthy industry development [2][18] - The prices of photovoltaic products, including polysilicon, silicon materials, and battery cells, have shown significant declines in the first half of the year but have stabilized in the second half [19][20] - The photovoltaic supply chain is expected to experience severe losses in Q1 to Q3 of 2024, with net profits for the polysilicon and silicon wafer segment projected at -14.53 billion yuan, a year-on-year decline of 149.3%, and for the photovoltaic battery and module segment at -10.35 billion yuan, a decline of 126.1% [25][26] Summary by Sections Weekly Discussion - The signing of self-regulatory agreements is intended to prevent disorderly competition and ensure a stable market environment for the photovoltaic industry [2][18] Market Review - The electric equipment industry saw a weekly change of 0.29%, ranking 30th among 31 primary industries, underperforming compared to the Shanghai Composite Index and other indices [30] - The top five gainers in the electric equipment sector included Xinling Electric and Electric Wind Power, while the top five losers included Hongyuan Green Energy and Aiko Solar [30] Price Changes in Key Materials - The report indicates that prices for polysilicon, silicon wafers, and battery cells have stabilized after significant declines earlier in the year [19][20] - The report provides detailed insights into the profitability of the photovoltaic supply chain, highlighting severe losses expected in early 2024 [25][26] Investment Strategy - The report suggests focusing on companies likely to benefit from rising photovoltaic module prices and possessing competitive product advantages, such as Longi Green Energy and Aiko Solar [3]