光伏行业月报：四月国内光伏装机再次高增，钙钛矿电池取得技术突破-20250530

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Viewpoints - The domestic photovoltaic (PV) installation capacity saw significant growth in April, with a year-on-year increase of 214.68%, totaling 45.22 GW for the month [5][18]. - The report highlights the impact of U.S. tax credit policy changes and tariff uncertainties on the market, which may increase investment costs and reduce domestic demand [5]. - The report emphasizes the technological breakthrough in perovskite solar cells, which could accelerate commercialization and present new investment opportunities [5]. Summary by Sections Industry Performance Review - The photovoltaic industry index increased by 1% in May, slightly underperforming the CSI 300 index, which had a return of 2.34% [8]. - Most sub-sectors within the photovoltaic industry reported positive returns, with quartz crucibles and monocrystalline silicon wafers leading the gains [11]. Industry and Company Dynamics - In April, the domestic PV installation capacity surged, driven by commercial and distributed projects aiming to secure policy benefits [18]. - The report notes a significant decline in the export of PV components, with a 8% year-on-year decrease in the first quarter of 2025, totaling 61.9 GW [21]. - The report discusses the ongoing challenges in the supply chain, including production cuts in polysilicon and the stabilization of product prices following a period of overproduction [5][31][44]. Investment Recommendations - The report suggests focusing on sectors with clear capacity clearance expectations and significant technological innovations, particularly in photovoltaic glass, integrated components, polysilicon, electronic silver paste, BC batteries, and perovskite batteries [5].