Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report indicates that the supply-side "anti-involution" policies are continuously promoting the optimization of the industry structure, and with China's submission of NDC3.0, it is expected that relevant supporting measures will be released intensively, accelerating the consumption of large bases. Therefore, it is believed that overall demand in 2026 will have support, increasing the expected difference [5][7] - In the first ten months of 2025, the cumulative newly installed capacity reached 252 GW, a year-on-year increase of 39.3%, with a consumption rate of 95% from January to September. The report forecasts that the total photovoltaic installation for 2025 is expected to reach 300 GW, with the proportion of wind and solar power generation expected to exceed 20% for the year [6][30] Summary by Sections Industry Overview - The closing index for the industry is 9962.15, with a 52-week high of 10950.05 and a low of 6107.84 [2] Performance of Relative Indices - The report shows a performance trend of the electric equipment sector relative to the CSI 300 index, indicating a gradual recovery from a -19% decline to a +41% increase over the specified periods [4] Investment Recommendations - The report suggests focusing on integrated components, particularly companies like Longi Green Energy and JinkoSolar, as the photovoltaic industry is expected to experience a supply-demand expectation gap, with ongoing "anti-involution" actions on the supply side [7][30] Key Company Earnings Forecasts - The report includes earnings forecasts for key companies in the photovoltaic sector, although specific ratings for these companies are not provided [9]
光伏行业报告（2025.11.23-2025.11.29）：适应“拍卖”机制，国家发改委修定输配电成本监审和定价办法，我们预计明年整体进入过渡期
China Post Securities·2025-12-01 06:18