光伏转债点评：光伏转债密集下修，后续怎么看？

Investment Rating - The report rates the photovoltaic industry as "Overweight," indicating an expectation for the industry to outperform the overall market [9]. Core Insights - Recent proposals for downward adjustments of convertible bonds in the photovoltaic sector suggest companies are leveraging industry recovery to promote conversion and alleviate future debt pressures [1]. - The photovoltaic supply chain is experiencing a price rebound driven by policy expectations and industry self-discipline, with significant price increases observed across various segments [2]. - The current phase of the photovoltaic industry is shifting from extensive expansion to a technology-driven high-quality development stage, with a focus on structural investment opportunities [2]. Summary by Sections Convertible Bonds - The total outstanding size of photovoltaic convertible bonds is approximately 603 billion yuan, accounting for about 8.66% of the convertible bond market, making it the second-largest industry after banking [2]. - A detailed table lists various convertible bonds, their associated companies, bond balances, remaining terms, ratings, and current prices, highlighting the significant price adjustments and conversion premiums [3]. Industry Price Trends - In March 2025, the photovoltaic supply chain prices showed a comprehensive rebound, with multi-crystalline silicon prices stabilizing around 41,700 yuan/ton, and N-type rectangular silicon wafer prices increasing by 3.08% to 1.35 yuan/piece [2]. - The report notes that the price increases are primarily driven by pre-installation expectations ahead of policy changes, alongside active production control measures [2]. Investment Recommendations - The report suggests focusing on companies that are positioned to benefit from technological advancements and overseas market penetration, including Aiko Solar, JinkoSolar, Tongwei, and others [2]. - The current valuation and profitability of the sector are at historical lows, presenting structural investment opportunities along the lines of "profit recovery + technological breakthroughs" [2].