Investment Rating - The industry investment rating is "Outperform" [2] Core Viewpoints - The report emphasizes that China is a proactive player in energy transition, which is expected to drive demand improvement [6][22] - The supply-side "anti-involution" policies are continuously promoting the market, and the submission of China's NDC 3.0 is anticipated to enhance demand expectations [5][13] - The cumulative newly installed capacity for solar power from January to September 2025 reached 240.3 GW, a year-on-year increase of 49.3%, with a consumption rate of 95% [5][20] - The report forecasts that the total solar installation for 2025 is expected to reach 300 GW, with the proportion of wind and solar power generation likely to exceed 20% for the year [5][20] Summary by Sections Industry Overview - The closing index for the industry is 10836.31, with a 52-week high of 10836.31 and a low of 6107.84 [2] Investment Suggestions - The report suggests focusing on integrated components, particularly companies like Longi Green Energy and JinkoSolar, due to the existing supply-demand expectation gap [6][22] Key Company Earnings Forecasts and Investment Ratings - The report includes earnings forecasts and investment ratings for key companies in the solar industry, although specific ratings are not provided for most [8]
光伏行业报告（2025.11.03-2025.11.08）：随着中国NDC3.0的正式提交，光伏装机需求有望逐步改善
China Post Securities·2025-11-11 03:09