Zhongyuan Securities·2025-06-30 06:25Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - The photovoltaic industry saw a historic high in new installations in May, with 92.92 GW added, representing a year-on-year growth of 388.03% [3][17]. - The report highlights the ongoing improvement in inverter export data, with a significant increase in domestic inverter exports in May [29]. - The introduction of the "Three North Desertification Control Photovoltaic Plan" aims to add 253 million kW of new photovoltaic capacity by 2030, addressing desertification while promoting renewable energy [3][16]. Summary by Sections Industry Performance Review - The photovoltaic industry index increased by 1.46% in June, slightly underperforming the CSI 300 index, which rose by 2.75% [6]. - Most sub-sectors within the photovoltaic industry reported positive returns, with significant gains in monocrystalline silicon, conductive silver paste, and photovoltaic adhesive films [10][13]. Industry and Company Dynamics - The National Energy Administration is promoting the construction of a new power system and has released plans for photovoltaic desertification control [14]. - New photovoltaic installations surged in May due to commercial and distributed projects rushing to secure policy benefits [17]. - The report notes a rebound in the production of polysilicon and photovoltaic glass, although the industry continues to face challenges in capacity reduction [3][31]. Investment Recommendations - The market is entering a phase of inventory clearance, and the report suggests focusing on companies in the polysilicon and photovoltaic glass sectors that are expected to clear excess capacity [3]. - It is recommended to pay attention to leading companies in new technologies such as bifacial cells and perovskite cells [3].