缅甸地震对硅片开工造成影响，产业链中下游价格持续结构性上涨

Investment Rating - The report maintains a "Synchronize with the Market-A" rating for the solar energy industry [2] Core Viewpoints - The solar energy industry has seen a structural price increase across the supply chain, with 39.5 GW of new photovoltaic installations in January and February 2025 [2] - A significant earthquake in Myanmar (magnitude 7.9) has impacted the production of photovoltaic silicon rods, particularly in western regions of China, leading to potential long-term operational disruptions [2] - The National Energy Administration issued 13.27 million green certificates for solar power in February 2025, indicating ongoing growth in renewable energy [3] - IRENA forecasts a global increase of 451.9 GW in solar photovoltaic capacity in 2024, contributing to a total of 4,448 GW, marking a historical growth rate of 15.1% [3] Summary by Sections Investment Recommendations - Recommended stocks include: - Aikang Co., Ltd. (600732.SH) - Buy-B - Longi Green Energy (601012.SH) - Buy-B - Flat Glass Group (601865.SH) - Buy-A - Hengdian East Magnetic (002056.SZ) - Buy-A - Sungrow Power Supply (300274.SZ) - Buy-A - Canadian Solar (688472.SH) - Buy-A - Deye Technology (605117.SH) - Buy-A - Additional stocks to watch include: Xinyi Solar, GCL-Poly Energy, Tongwei Co., Ltd., and others [2][9] Price Tracking - The average price of polysilicon remains stable at 40.0 CNY/kg, while the average price of granular silicon is 38.0 CNY/kg [6] - The average price of 150um 182mm monocrystalline silicon wafers is 1.15 CNY/piece, with a slight increase in some N-type silicon wafers [7] - The average price of M10 solar cells is 0.31 CNY/W, with TOPCon cells seeing a 1.7% increase [7] - The average price of 182mm bifacial PERC modules is 0.65 CNY/W, remaining stable, while TOPCon modules have increased by 1.4% [8] Market Dynamics - The earthquake in Myanmar has led to production issues, with some manufacturers facing significant operational challenges [2][7] - The demand for solar cells and modules is expected to rise due to upcoming installation deadlines, leading to potential price increases [7][8]