光伏行业周报（20250804-20250810）：产业链价格涨势放缓，组件价格处于博弈期-20250812

Investment Rating - The report maintains a "Recommendation" rating for the solar industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [5][61]. Core Insights - The solar industry is experiencing a slowdown in price increases across the supply chain, with component prices currently in a negotiation phase [12]. - The report highlights that the prices of key materials such as polysilicon and silicon wafers have remained stable, while the demand for solar cells is showing signs of differentiation based on size [12][39]. - The overall market sentiment is improving due to supply-side reforms and the implementation of energy-saving measures, which are expected to benefit certain segments of the industry [12][9]. Summary by Sections 1. Price Trends in the Solar Industry - Polysilicon prices are stable, with N-type re-investment material averaging 47,200 RMB/ton, up 0.21% week-on-week, while N-type granular silicon remains unchanged at 44,300 RMB/ton [12][39]. - Silicon wafer prices are also stable, with various sizes holding steady, indicating a cautious market outlook [12][40]. - The prices of solar cells are showing a divergence based on size, with larger cells seeing price increases due to overseas demand [12][39]. - Component prices are in a negotiation phase, with upstream costs rising but limited acceptance from downstream companies due to profitability concerns [12][39]. 2. Market Performance Review - The report notes a 4.32% increase in the comprehensive index and a 1.94% increase in the electric power equipment industry index for the week [13][14]. - The top-performing stocks in the electric power equipment sector include Huaguang Huaneng (+46.75%) and Jinlihua Electric (+45.33%) [16][18]. 3. Industry Valuation Metrics - As of August 8, the industry PE (TTM) for electric power equipment stands at 26x, with a valuation percentile of 27.9% [25][30]. - The solar equipment sector has a PE (TTM) of 19x, with a valuation percentile of 19.7%, indicating a relatively lower valuation compared to other sectors [26][35].