光伏行业周报（20260302-20260306）：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 [7]. Core Insights - The report suggests focusing on profit recovery driven by supply-side reforms, alpha opportunities from technological iterations, and beta trends from marginal changes in demand expectations. It emphasizes the importance of monitoring policy implementation and technical order fulfillment in the short term, while advocating for long-term investments in efficient technologies and leading companies [3]. Summary by Sections 1. Market Performance Review - During the week of March 2 to March 6, 2026, the Shanghai Composite Index decreased by 1.07%, while the Shenwan Electric Equipment Index increased by 0.55%, ranking 6th among 31 industry indices. The photovoltaic equipment industry index fell by 2.38%, with notable performances from companies like Zhonglai Co., Airo Energy, and GCL-Poly, while companies like Poly Materials and Aotai Wei experienced significant declines [12][15][19]. 2. Price Trends in the Industry Chain - As of March 4, 2026, the prices for key materials in the photovoltaic supply chain are as follows: silicon material at 48 CNY/kg (down 7 CNY/kg), silicon wafers at 1.18 CNY/piece (down 0.02 CNY/piece), battery cells at 0.44 CNY/W (unchanged), and modules at 0.84 CNY/W (unchanged). The prices for photovoltaic glass and silver paste also remained stable, with silver paste priced at 22,277 CNY/kg (down 3.8%) [2][22]. 3. Industry News - The Ministry of Industry and Information Technology and five other departments issued guidelines aiming for a cumulative utilization of 250,000 tons of photovoltaic modules by 2027, focusing on improving green production levels and recycling technologies [28]. - Qinghai Province has introduced measures to promote the large-scale development of solar thermal power, with annual project capacities of 1-2 million kilowatts planned [29]. - The government work report emphasizes advancing zero-carbon parks and factories, enhancing green low-carbon development, and establishing a new power system [31][32]. - A new large-scale perovskite photovoltaic project in East China has successfully connected to the grid, showcasing significant ecological and economic benefits [33].