电力设备行业周报：协会牵头签署光伏自律公约，多晶硅期货将于近期上市

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [29]. Core Insights - The photovoltaic industry is forming a self-regulatory framework to prevent "involution" and promote sustainable development, with 33 companies signing a self-discipline agreement [3][20]. - The largest-ever procurement order for photovoltaic modules, totaling 51GW, indicates a shift towards rational pricing among leading companies, with major firms quoting prices above the cost line of 0.69 yuan/W [4][21]. - The upcoming launch of polysilicon futures on December 26 is expected to help alleviate industry inventory pressures [7][28]. Summary by Sections 1. Self-Regulatory Agreement and Polysilicon Futures - A self-regulatory agreement was signed by 33 companies to control capacity and shipments, aiming to avoid blind expansion and promote healthy industry development [3][20]. - The polysilicon futures will be launched on December 26, with a trading unit of 3 tons per hand and a minimum price fluctuation of 5 yuan/ton, which is anticipated to assist in inventory digestion [7][28]. 2. Industry Dynamics - The report highlights India's plan to include solar cells in the ALMM, requiring all solar projects to procure components from approved domestic manufacturers starting June 2026 [32]. - The U.S. has announced high tariffs on certain solar products from China, which could impact the market dynamics significantly [33]. 3. Photovoltaic Industry Chain Tracking - The self-regulatory meeting has led to a stabilization in the silicon material and module prices, with recent discussions focusing on production quotas and market stability [36]. - The report notes a decrease in silicon wafer inventory, leading to a rebound in prices, with P-type and N-type silicon wafer prices reported at 1.1-1.15 yuan/piece and 1.05 yuan/piece respectively [37]. 4. Market Performance - The electric power equipment sector experienced a decline of 2.15% recently, ranking 27th among sectors [4]. - The report provides a detailed forecast for key companies, indicating varying earnings per share (EPS) and price-to-earnings (PE) ratios, with some companies rated as "Buy" [30].