202411光伏行业月度报告：11月国内光伏新增装机同增17.3%，逆变器出口额同比增长8.1%

Investment Rating - The report assigns a "Buy" rating to Longi Green Energy (601012.SH) with a rating of "Buy-B" [1] Core Insights - The solar power generation in November increased by 10.3% year-on-year, with a total of 29.83 billion kWh generated, accounting for 3.98% of the total industrial power generation in China [2][42] - The domestic photovoltaic (PV) installed capacity in November saw a year-on-year increase of 17.3% and a month-on-month increase of 22.4%, totaling 25.0 GW for the month [8][63] - The report highlights key recommended companies in the solar energy sector, including Longi Green Energy and Aiko Solar, and suggests actively monitoring other companies such as GCL-Poly, Tongwei, and Trina Solar [3][23] Summary by Sections Installed Capacity - In November, the domestic PV installed capacity increased by 25.0 GW, representing a year-on-year growth of 17.3% and a month-on-month growth of 22.4% [8][63] - Cumulatively, from January to November, the total installed capacity reached 206.3 GW, with a year-on-year increase of 25.9% [8] Exports - In November, the export value of PV modules was 12.8 billion yuan, showing a year-on-year decrease of 30.1% and a month-on-month decrease of 16.5% [59][94] - The inverter export value in November was 4.33 billion yuan, reflecting a year-on-year increase of 8.1% but a month-on-month decrease of 7.1% [35][79] - Cumulatively, from January to November, the total export value of inverters was 54.04 billion yuan, which is a year-on-year decrease of 17.3% [35] Solar Power Generation - The solar power generation in November was 29.83 billion kWh, marking a year-on-year increase of 10.3% and a slight month-on-month decrease of 0.44 percentage points [42][84] - The total power generation in November was 749.51 billion kWh, with various sources showing different year-on-year growth rates: thermal power +1.4%, hydropower -1.9%, nuclear power +3.1%, and wind power -3.3% [42]