光伏行业投资策略：反内卷与技术迭代有望重塑行业格局

Investment Rating - The report suggests a positive investment outlook for the photovoltaic industry, emphasizing the transition from extensive expansion to technology-driven high-quality development [3][59]. Core Insights - The photovoltaic industry is undergoing a transformation driven by policy and technological innovation, with a focus on short-term opportunities related to the Q2 installation surge and long-term advancements in technologies such as BC and HJT [3][59]. - The report highlights the importance of leading silicon material companies that possess cost advantages and development potential, such as Tongwei Co. and GCL-Poly Energy [3][59]. - Specialized battery companies are expected to benefit from increased demand for batteries due to the growth of local photovoltaic manufacturing capacity overseas, with companies like Junda Co. being highlighted [3][59]. - New technologies, particularly BC and HJT, are identified as key areas for investment, with companies like Aiko Solar and Maiwei Co. expected to gain from these advancements [3][59]. Summary by Sections Current Status - The photovoltaic market is experiencing continuous growth driven by strong demand, with a projected domestic installation of 277.6 GW in 2024, maintaining its position as the global leader in cumulative installed capacity [8][30]. - The supply side is facing challenges, including a significant supply-demand imbalance expected to persist into 2024 [6][30]. Future Outlook - The report anticipates a new cycle of growth driven by anti-involution policies and technological innovation, with a focus on high-quality development [5][30]. - The global photovoltaic market is expected to maintain growth, with emerging markets in Latin America and the Middle East showing strong demand [13][30]. New Markets - The report emphasizes the high growth potential in overseas markets, particularly in the Middle East and Africa, where countries are increasingly investing in photovoltaic projects [51][53]. - India is projected to see significant growth in photovoltaic installations, with annual additions expected to reach 28-38 GW [55][56].