光伏行业月报：多晶硅、硅片持续减产，关注产能出清进度

Investment Rating - The report maintains an "Outperform" rating for the photovoltaic industry relative to the CSI 300 index [16]. Core Insights - The photovoltaic industry is experiencing a significant adjustment, with a 7.43% decline in December, underperforming the CSI 300 index. All sub-sectors within the photovoltaic industry saw declines, with the most significant drop in solar cell prices [16][51][52]. - The report highlights the need for structural adjustments in the supply side, as production cuts in polysilicon and silicon wafers are stabilizing prices across the photovoltaic supply chain [4][5][66]. - The Central Economic Work Conference emphasizes the need to address "involution" competition and accelerate the construction of new energy bases, which is expected to lead to differentiated competition and technological upgrades in the industry [3][31]. Summary by Sections Industry Performance Review - The photovoltaic industry index saw a significant drop in December, with an average daily trading volume of 25.04 billion yuan, a substantial decrease compared to previous months [51]. - All sub-sectors within the photovoltaic industry experienced declines, with the largest drop in solar cell prices at 19.29% [52]. Industry Dynamics - In November, domestic demand for photovoltaic installations grew steadily, with an increase of 25 GW, representing a year-on-year growth of 17.26%. Cumulatively, from January to November, the total new installations reached 206.30 GW, a 25.88% increase year-on-year [17][40]. - The report notes that the export of solar battery components increased significantly in quantity but decreased in value, indicating a price reduction trend in the overseas market [63]. Key Company Announcements - The report suggests focusing on companies in the photovoltaic glass, integrated component manufacturers, polysilicon materials, and electronic silver paste sectors, particularly those with clear capacity clearance expectations [5][48]. - The report also mentions that the introduction of polysilicon futures is expected to stabilize the market and improve price transparency [60].