光伏行业动态点评：国内反内卷+马斯克太空光伏扩产共振，关键仍在设备、材料

Investment Rating - The report maintains an "Outperform" rating for the photovoltaic industry, indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Insights - The report highlights that Elon Musk has announced plans to build 100GW of photovoltaic capacity, which may extend upstream to silicon materials and wafers, benefiting core equipment in silicon materials, wafers, batteries, and modules. Long-term, material companies are expected to have market expansion opportunities [1][3]. - The Ministry of Industry and Information Technology of China has clarified the "anti-involution" theme for the photovoltaic industry, suggesting that the industry is likely to self-limit production, optimizing the battery and module landscape [1][3]. - The acceleration of the industrialization of space photovoltaic technology in China is noted, with multiple technological routes progressing simultaneously [1][3]. Summary by Sections Industry Dynamics - The report discusses the "anti-involution" strategy as a key theme for the photovoltaic industry, aiming to prevent monopolistic risks and promote rational development through capacity control and market-oriented measures. This is expected to lead to a self-limiting production scenario within the industry [5]. - The potential for Musk's integrated photovoltaic capacity expansion is emphasized, with expectations for increased orders for domestic photovoltaic equipment manufacturers as overseas manufacturers clarify their expansion plans [5]. Investment Recommendations - The report recommends several companies for investment, including Foster, JinkoSolar, JinDa Co., Maiwei, and others, while suggesting to pay attention to companies like Aotewi, Shuangliang Energy, and Dongfang Risen [3].