太阳能行业周报：CPIA预计2025年我国新增装机215-255GW，N型组件价格上涨

Investment Rating - The solar industry maintains a "Synchronize with the Market-A" investment rating [1] Core Viewpoints - The CPIA forecasts that China will add 215-255 GW of new solar capacity in 2025, with global solar capacity expected to increase by 531-583 GW, reflecting a 10% year-on-year growth in optimistic scenarios [1] - The National Energy Administration projects that by 2025, non-fossil energy will account for approximately 20% of total energy consumption, with a total installed power generation capacity exceeding 3.6 billion kilowatts [2] - The Ministry of Industry and Information Technology indicates that the photovoltaic manufacturing industry will continue to see a "volume increase and price decrease" trend in 2024, with production of polysilicon, wafers, cells, and modules all expected to grow by over 10% year-on-year [2] Summary by Sections Market Performance - The solar industry is expected to maintain high levels of new installations in 2025, with projections of 215-255 GW in China [1] Price Tracking - Polysilicon prices remain stable, with dense material averaging 39.0 CNY/kg and granular silicon at 37.0 CNY/kg [4] - The average price for 182mm monocrystalline wafers is 1.15 CNY/piece, while N-type wafers average 1.18 CNY/piece [5] - M10 cell prices are stable at 0.33 CNY/W, with N-type cells seeing a slight increase of 1.8% [5] - The average price for 182mm bifacial PERC modules is 0.65 CNY/W, with TOPCon modules at 0.695 CNY/W, reflecting a 0.7% increase [6] Investment Recommendations - Key recommendations include companies focusing on new technology (Aixu Co., Longi Green Energy), supply-side improvements (Folait), and overseas expansion (Canadian Solar, Sungrow Power) [7]