电力设备行业研究周报：顶层强调加快社会绿色转型，光伏产品价格有望持续修复-2025-03-12

Investment Rating - The report maintains an "Overweight" rating for the industry [10] Core Views - The top-level emphasis on accelerating the green transition in society is expected to lead to a continuous recovery in photovoltaic product prices [12][6] - The government work report for 2025 indicates a target of reducing energy consumption per unit of GDP by approximately 3% and ongoing improvements in ecological environment quality [10][12] - The overall production of photovoltaic components increased by 35% month-on-month in March, with a notable rise in orders and a slight decrease in inventory [5][12] - The report suggests that as downstream components and battery prices rise, upstream silicon wafers and silicon materials are also likely to increase in price, leading to a recovery in profitability for industry chain enterprises [6][13] Summary by Sections Weekly Discussion - The report highlights the government's commitment to green transformation and the expected price recovery in photovoltaic products [12] - It notes the increase in production and demand for photovoltaic components, which has led to rising prices [5][12] Market Review - The electric equipment industry experienced a weekly change of 0.64%, ranking 23rd among 31 primary industries [14] - The industry underperformed compared to the CSI 300 index, which had a weekly increase of 1.39% [14] Investment Strategy - Continuous domestic policies are expected to help eliminate outdated production capacity and prevent disorderly expansion on the supply side, accelerating the bottoming out of the photovoltaic industry [7][13] - Technological advancements are anticipated to expand the application scale of granular silicon, reducing the cost of polysilicon and improving profitability [7][13] - Recommended companies to focus on include Longi Green Energy and Aiko Solar, which are leading in integrated operations and BC battery technology [7][13] Price Changes in Key Materials - Current market prices for photovoltaic components show an increase, with N-type 182mm modules priced at 0.685-0.695 CNY/W and N-type 210mm modules at 0.705-0.718 CNY/W [10][15] - Topcon 183 battery cells are priced around 0.29-0.30 CNY/W, with similar pricing for other models [10][15] - Silicon wafer prices remain stable, with recent high transactions for 210R wafers at 1.35 CNY/piece [10][15]