政策利好引发光伏"抢装潮" 多晶硅市场短期回暖 近期，在政策刺激与行业自律减产的双重作用下，多晶硅市场需求边际回暖，期货价格小幅回升。 市场分析人士指出，由于本轮光伏项目抢装的时间周期较短，会透支下半年部分需求。此外，叠加 未来多晶硅供应增量和需求增速放缓预期，难改供需过剩格局。 需求端边际改善 价格或将继续承压 尽管期货盘面小幅上涨，但多晶硅现货实际成交未明显放量，上游传导的不流畅和去库不及预期限 制了多晶硅价格的上行空间。 据长江有色金属网，截至25日，多晶硅现货价32000-34000元／吨，均价33000元／吨，连续多个交 易日持平。 一德期货分析，近期部分企业处于签单前的议价磋商阶段。虽然下游环节部分规格组件紧俏，价格 稳中有涨，但目前往上传导并不流畅，到多晶硅环节有一定难度。 Mysteel预计，2025年3月份多晶硅排产在9.7万吨左右，环比上涨8.26%。银河期货在研报中推测， 3-5月硅片平均月度排产量将超过50GW，多晶硅月度平均需求为11.2万吨左右，预计多晶硅小幅去库。 1月，国家能源局发布《分布式光伏发电开发建设管理办法》（以下简称《管理办法》），旨在促 进分布式光伏发电高质量发展， ...

Group 1: Data Center Industry Insights - The company has established numerous successful cases in the data center sector, providing comprehensive product solutions to meet the demands of power distribution monitoring and management [1] - The rapid development of AI technology significantly boosts investment in data centers, with major tech companies increasing their capital expenditures in this area for 2025 [1] - Traditional data centers face substantial renovation needs to meet the requirements of AI data centers, indicating a growing market demand [1] Group 2: Impact of New Energy Policy - The recent notice from the National Development and Reform Commission emphasizes the acceleration of a new power system and the establishment of a green, low-carbon development mechanism [2] - Microgrids can sell excess renewable energy during high electricity prices and store energy or purchase from the main grid during low prices, enhancing economic returns [2] - The cost of renewable energy generation is subject to market fluctuations, posing challenges for cost control in microgrids [2] Group 3: Technological and Operational Challenges - Microgrids require precise forecasting of renewable energy generation and load demands, necessitating the use of smart energy management systems [2] - The development of power electronics technology is crucial for the flexible connection of microgrids to the main grid, enhancing performance and reliability [2] - The intermittency and volatility of renewable energy generation increase the difficulty of power balance in microgrids, highlighting the importance of energy storage systems [2] Group 4: Market Competition and Development - Microgrids must improve operational efficiency and service quality to compete as independent market entities in the electricity market [2] - The policy encourages technological innovation and industry upgrades in microgrids, attracting more enterprises to participate in their construction and operation [2] - The company's EMS 3.0 core functions align with electricity reform policies, becoming essential for commercial users looking to engage in market transactions [2]

电力设备及新能源 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 电力设备及新能源相对沪深 300 指数表现 相关报告 《电力设备及新能源行业专题研究：BC 电池 平台型技术优势明显，关注龙头商业化进 程》 2025-02-19 《电力设备及新能源行业月报：宏观信心增 强，海外需求不减，关注输变电行业龙头》 2025-01-27 《电力设备及新能源行业月报：2024 年国内 新增光伏装机再创历史新高，光伏主产业链 价格企稳》 2025-01-27 投资要点： ⚫ 2 月光伏产业指数震荡走高，个股表现良好。受整体 A 股市场投资 风险偏好提升和光伏产品价格企稳等因素影响，本月光伏指数表现 良好。截至 2 月 27 日收盘，2 月光伏行业指数上涨 6.32%，跑赢 沪深 300 指数，全部细分子行业均实现上涨，大部分个股取得正向 收益。 证券研究报告-行业月报 强于大市(维持) 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共13页 深化新能源上网电价市场化改革政策 出台，光伏组件价格有所上调 ...