电力设备行业研究周报：供不应求，硅片价格涨势延续

Investment Rating - The report maintains an "Accumulate" rating for the industry [3] Core Insights - The price of silicon wafers continues to rise due to supply shortages, with N-type G10L wafers reaching an average transaction price of 1.18 yuan per piece, a 7.27% increase, and N-type G12 wafers at 1.55 yuan per piece, a 9.15% increase [1][10] - The increase in silicon wafer prices is primarily driven by strong demand from downstream buyers and accelerated inventory turnover among suppliers [1][10] - Battery prices are also rising, with M10 single crystal TOPCon battery prices increasing to 0.29 yuan/W, a 1.75% increase, while module prices remain stable due to high inventory levels [2][11] Summary by Sections Weekly Discussion - Silicon wafer prices are experiencing significant increases due to supply-demand imbalances, with various sizes showing notable price hikes [1][10] - Integrated companies are resuming production due to favorable profit margins from previously accumulated raw materials [1][10] Market Review - The electric equipment industry saw a weekly decline of 1.33%, underperforming compared to the Shanghai Composite Index and other major indices [6][16] - Specific segments within the industry, such as electric motors and photovoltaic equipment, showed varying performance, with some segments experiencing gains [6][16] Investment Strategy - The report suggests that ongoing domestic policies aimed at eliminating outdated production capacity will benefit the photovoltaic industry, potentially leading to cost reductions in silicon wafers, battery cells, and modules [5][14] - Recommended companies to watch include Longi Green Energy and Aiko Solar, which are well-positioned in the integrated supply chain and battery technology [5][14]