光伏年度大会，行业发展聚焦“反内卷”

Investment Rating - The report suggests a positive outlook for the photovoltaic industry, indicating that the "反内卷" (anti-involution) strategy will lead to high-quality development in the sector, with recommendations for investors to consider opportunities in leading companies like 协鑫科技 (GCL-Poly) and 钧达股份 (Junda) [5][6]. Core Insights - The photovoltaic industry is entering a critical phase of governance in 2026, focusing on capacity regulation, price monitoring, innovation, standardization, industry self-discipline, and international cooperation [2][3]. - Major companies in the photovoltaic sector are aligning with the "反内卷" consensus, leading to a decrease in production in key segments such as polysilicon and silicon wafers, with polysilicon production down 29.6% year-on-year [3][4]. - Initial effects of the "反内卷" actions are visible, with prices stabilizing and a shift in market sentiment, as evidenced by a 37% increase in the total market capitalization of listed companies in the sector since May [4]. Summary by Sections Industry Overview - The 2025 Photovoltaic Industry Annual Conference emphasized the need to address internal competition and promote sustainable development, with participation from government officials and industry experts [1][2]. Production Data - From January to October, polysilicon production was approximately 111.3 thousand tons, a 29.6% decrease year-on-year, while silicon wafer production was 560 GW, down 6.7% [3]. - Battery and module production saw growth, with battery production increasing by 9.8% to 560 GW and module production rising by 13.5% to 514 GW [3]. Market Dynamics - The report highlights a gradual price recovery in the second half of the year, with November prices for photovoltaic modules up 1.3% year-on-year and polysilicon average factory prices increasing by 34.4% [4]. - Despite a 17% decline in revenue for 31 listed companies in the photovoltaic sector during the first three quarters of 2025, the rate of decline is narrowing, indicating a potential recovery [4]. Investment Recommendations - The report encourages investors to take advantage of lower prices and consider investments in leading photovoltaic companies, particularly 协鑫科技 (GCL-Poly) and 钧达股份 (Junda), which have competitive advantages in their respective segments [5][6].