2025光伏行业年度投资策略：长风破浪会有时，策施暖霭起新程

Investment Rating - The report maintains an "Overweight" rating for the solar power equipment industry [1]. Core Insights - The global photovoltaic market demand is projected to reach 492-568 GW in 2025, representing a growth of 5-7% compared to 2024 [4][11]. - The supply of polysilicon is expected to be in surplus in 2024, leading to price declines, but a recovery is anticipated if downstream demand improves post-Spring Festival [4]. - The N-type battery technology has surpassed 80% market share, with ongoing efficiency improvements expected [4][39]. - Investment opportunities are highlighted in companies such as GCL-Poly, LONGi Green Energy, and JinkoSolar [4]. Summary by Sections 01 Supply-Side Reform and Emerging Markets - Domestic photovoltaic installations are steadily increasing, with a total of 206.3 GW added from January to November 2024, a year-on-year increase of 25.88% [11]. - Emerging markets in the Middle East and Southeast Asia are expected to drive new demand, supported by favorable policies [4][20]. - The U.S. tariff policies are impacting the market, with significant increases in tariffs on Chinese solar products [16]. 02 Main Material Profitability and Technology Iteration - Polysilicon prices have dropped significantly due to oversupply, with major companies reducing production to manage inventory levels [31]. - The silicon wafer segment is facing severe losses, with utilization rates below 70% [32]. - N-type technology is gaining traction, with potential for further efficiency improvements [39]. 03 Photovoltaic Glass and Silver Paste Developments - The inventory pressure for photovoltaic glass is easing, leading to price increases [55]. - The industry is moving towards less silver usage in production, with copper paste being introduced as a cost-saving measure [63]. 04 Investment Recommendations - The report suggests focusing on companies such as GCL-Poly, LONGi Green Energy, JinkoSolar, and others for potential investment opportunities [4].