Shanxi Securities·2025-08-01 07:11Investment Rating - The report maintains an investment rating of "Synchronize with the market-A" for the solar industry [2]. Core Viewpoints - In June, the domestic photovoltaic new installed capacity decreased by 38.4% year-on-year, influenced by the end of the rush for installation. The new installed capacity in June was 14.4GW, with a cumulative new installed capacity of 212.21GW from January to June, reflecting a year-on-year increase of 107.1% [2][13]. - The export value of photovoltaic components in June was 15.81 billion yuan, down 23.3% year-on-year and 8.7% month-on-month. The cumulative export value from January to June was 95.37 billion yuan, a decrease of 23.9% year-on-year [2][17]. - The export value of inverters in June was 6.59 billion yuan, showing a year-on-year increase of 1.2% and a month-on-month increase of 10.3%. The cumulative export value from January to June was 30.6 billion yuan, reflecting a year-on-year increase of 7.6% [3][30]. - Solar power generation in June increased by 18.3% year-on-year, with a total generation of 50.06 billion kWh, accounting for 6.29% of the total industrial power generation in the country [2][44]. Summary by Sections Installed Capacity - In June, the domestic photovoltaic new installed capacity was 14.4GW, down 38.4% year-on-year and 84.5% month-on-month. The cumulative new installed capacity from January to June was 212.21GW, up 107.1% year-on-year [13][2]. Exports - The export value of photovoltaic components in June was 15.81 billion yuan, down 23.3% year-on-year and 8.7% month-on-month. The cumulative export value from January to June was 95.37 billion yuan, down 23.9% year-on-year [17][2]. - The export value of inverters in June was 6.59 billion yuan, with a year-on-year increase of 1.2% and a month-on-month increase of 10.3%. The cumulative export value from January to June was 30.6 billion yuan, up 7.6% year-on-year [30][3]. Power Generation - In June, solar power generation was 50.06 billion kWh, reflecting an 18.3% year-on-year increase and accounting for 6.29% of the total industrial power generation in the country [44][2]. Investment Recommendations - Key recommendations include: - New technology direction: Aisuo Co., Longi Green Energy - Supply-side improvement direction: Daqian Energy, Fulete - Overseas layout direction: Hengdian East Magnet, Sunshine Power, Canadian Solar, Deye Co. - Power marketization direction: Langxin Group - Domestic substitution direction: Quartz Co. - Additional companies to actively monitor include: Xinyi Solar, GCL-Poly Energy, Tongwei Co., TCL Zhonghuan, New Special Energy, Dier Laser, Foster, Haiyou New Materials, JA Solar, Trina Solar, Jinko Solar, CITIC Bo, Maiwei Co., Jingcheng Machinery, Shanghai Ailuo, and Guangxin Materials [48][2].