光伏反内卷点评：政策逐步落地，反内卷进入新阶段

Investment Rating - The report rates the photovoltaic industry as "Overweight," indicating an expectation for the industry to outperform the overall market [2]. Core Insights - Recent policies reflect the central government's determination to combat "involution" in the photovoltaic sector, aiming to regulate market prices and prevent unfair competition [2]. - The manufacturing standards for polysilicon are being tightened, which is expected to control new capacity additions and promote the elimination of outdated production [2]. - The anticipated implementation of these policies is likely to trigger a new round of price increases in the industry, enhancing profit margins for companies involved [2]. - Recommended companies to watch include those benefiting most from the anti-involution measures, such as GCL-Poly Energy, Daqo New Energy, Tongwei Co., and TBEA [2]. Summary by Sections Policy Developments - The government is actively working on refining standards for identifying unfair pricing behaviors and low-price dumping, which is expected to stabilize the market [2]. - The proposed revisions to polysilicon energy consumption standards aim to lower the thresholds for energy efficiency, thus promoting better practices within the industry [2]. Market Outlook - The report suggests that the photovoltaic industry is poised for a recovery in pricing due to the recent policy changes, which are expected to eliminate price wars and restore profitability [2]. - The anticipated positive impact of these policies is already reflected in rising prices across the supply chain, indicating a shift in market sentiment [2]. Company Valuations - A table of key companies in the power equipment sector provides insights into their valuations, including metrics such as PB (Price to Book) and PE (Price to Earnings) ratios, highlighting the financial performance expectations for 2025 and beyond [3].