电气设备行业周报：硅料价格小幅上涨，国内前11月光伏装机维持增长

Investment Rating - The report maintains an "Outperform" rating for the electrical equipment sector [4]. Core Insights - The report highlights a slight increase in silicon material prices and sustained growth in domestic photovoltaic installations for the first eleven months of the year [4][6]. - The report suggests investment opportunities in various segments of the renewable energy sector, including integrated component companies, new battery technologies, and leading inverter firms [7][10][56]. Summary by Sections Silicon Material Price Recovery - Silicon material companies have announced production cuts, leading to a slight recovery in silicon prices. The average transaction price for n-type silicon material is 40,600 CNY/ton, up 0.74% week-on-week, while n-type granular silicon averages 38,000 CNY/ton, up 2.70% [6][34]. - The report notes that the transaction volume for polysilicon has been low, with most companies focusing on executing previous orders and signing new ones [6][34]. Photovoltaic Installation Growth - In the first eleven months of 2024, China's newly installed photovoltaic capacity reached 206.3 GW, a year-on-year increase of 25.88%. In November alone, 25 GW was added, marking a 17.26% increase year-on-year [36][38]. - As of the end of November, the total installed solar power capacity was approximately 820 GW, reflecting a 46.7% year-on-year growth [38]. Investment Recommendations in Renewable Energy - The report recommends focusing on several key areas: 1. Integrated component companies with advantages in new battery technologies, such as JinkoSolar, LONGi Green Energy, JA Solar, and Trina Solar [7]. 2. Companies in the battery segment with emerging technologies, including Tongwei Co., Aiko Solar, and Junda Co. [7]. 3. Silicon wafer companies with efficiency or volume growth potential, such as TCL Zhonghuan and Shuangliang Eco-Energy [7]. 4. Leading inverter companies benefiting from overall growth, including Sungrow Power Supply, GoodWe, and DeYe [7]. 5. Energy storage battery suppliers like CATL, EVE Energy, and Pylon Technologies [7]. Investment Recommendations in Electric Power Equipment - The report advises focusing on the energy storage segment, highlighting companies such as New Energy Wind Power, Jinpan Technology, Sifang Co., and State Grid NARI Technology [10].