光伏行业周报（20260119-20260123）：本周光伏设备（申万）指数表现

Investment Rating - The report maintains a "Positive" outlook for the photovoltaic industry, expecting the industry index to outperform the market index by over 5% in the next six months [39]. Core Insights - The photovoltaic equipment industry index increased by 6.49% during the week of January 19-23, 2026, outperforming the broader market index by 4.19 percentage points [2][13][15]. - Key companies in the photovoltaic equipment sector that showed significant gains include Aotwei, Maiwei, Dike, Dier Laser, and Goodway, while companies like Weidao Nano, Polymer Materials, Sunshine Power, Aerospace Machinery, and Jing Shan Light Machine experienced declines [19][20]. - The report suggests focusing on investment opportunities in leading companies in polysilicon, components, and those with technological advantages, driven by supply-side reforms and demand expectations [4]. Market Performance - The Shanghai Composite Index decreased by 0.62% during the same week, while the electric power equipment index rose by 3.57%, ranking 11th among 31 industry indices [2][13]. - The photovoltaic equipment sector's performance was notably strong, with a weekly increase of 6.49%, indicating robust market dynamics [15]. Price Trends in the Industry Chain - As of January 21, 2026, the prices for key materials in the photovoltaic supply chain were as follows: silicon material at 59 CNY/kg (unchanged), silicon wafers at 1.50 CNY/piece (unchanged), battery cells at 0.42 CNY/W (unchanged), and modules at 0.81 CNY/W (up by 0.01 CNY/W) [3][22]. - The price of silver paste increased by 4.8% to 23,438 CNY/kg, while photovoltaic glass prices decreased by 0.5 CNY/m² for both 3.2mm and 2mm thicknesses [3][22]. Industry News - By the end of 2025, Shaanxi Province aims to achieve a photovoltaic installed capacity of 4,193 MW, contributing to a significant increase in renewable energy's share of total electricity consumption [29]. - The Ministry of Industry and Information Technology reported improvements in the competitive landscape of key industries, including photovoltaics, as part of ongoing efforts to stabilize and enhance industrial growth [30][31]. - The Ministry of Finance announced the cancellation of export tax rebates for photovoltaic products starting April 1, 2026, aimed at promoting resource efficiency and reducing environmental impact [35].