Investment Rating - The report maintains a "Recommended" rating for the electrical equipment industry, indicating a positive outlook for the sector in the next six months [4][28]. Core Insights - The report highlights that the global top five battery cell suppliers had a total shipment of 162.8 GW in 2024, a year-on-year decrease of 10.7%. The PERC battery cells accounted for approximately 53.5 GW, while TOPCon battery cells reached 109.3 GW, representing 67% of total shipments [3][14]. - The top ten global module companies shipped around 502 GW in 2024, reflecting a year-on-year increase of 22%, with domestic shipments at 289 GW, making up 58% of the total. The top four companies, Jinko, Longi, JA Solar, and Trina, contributed approximately 316 GW, accounting for 63% of the top ten shipments [3][14]. Summary by Sections Industry Performance Review - The photovoltaic index increased by 1.7% during the week of February 17-21, outperforming the CSI 300 index, which rose by 1.00%. The top five performers in the sector included Kehua Data (+24.25%) and Igor (+17.04%) [9]. Industry Perspective Update - Recent policies from the National Energy Administration emphasize the development of distributed photovoltaic power generation, encouraging various stakeholders to invest and operate in this sector. The report notes critical deadlines of April 30 and May 31, 2025, for existing projects to secure subsidies [10][11][12]. Industry Highlights - The report indicates that the competitive landscape among second-tier manufacturers is intensifying, with companies like Tongwei, Chint New Energy, and Canadian Solar vying for market share. The top five battery cell suppliers are expected to leverage technological advancements to maintain their leading positions [14][15][16].

Investment Rating - The report maintains a "Recommended" rating for the electrical equipment industry, indicating a positive outlook for the sector in the next six months [4][28]. Core Insights - The report highlights that the global top five battery cell suppliers had a total shipment of 162.8 GW in 2024, a year-on-year decrease of 10.7%. The PERC battery cells accounted for approximately 53.5 GW, while TOPCon battery cells reached 109.3 GW, making up 67% of the total shipments [3][14]. - The top ten global module companies shipped around 502 GW in 2024, reflecting a year-on-year increase of 22%, although the growth rate is slowing. Domestic shipments were 289 GW, representing 58% of the total, indicating stable domestic demand [3][14]. - Recent policies from the National Energy Administration are expected to guide the high-quality development of the renewable energy sector, emphasizing project quality and efficiency [4][10][12]. Summary by Sections Industry Performance Review - The photovoltaic index increased by 1.7% during the week of February 17-21, outperforming the CSI 300 index, which rose by 1.00%. The top five performers in the sector included Kehua Data (+24.25%) and Igor (+17.04%) [9]. Industry Perspective Update - The report discusses the significance of the policy deadlines on April 30 and May 31, 2025, which are expected to accelerate project completion to secure existing subsidies. The distributed order volume, particularly in commercial sectors, has seen a slight increase [10][12][13]. Key Industry Data - The report provides detailed statistics on the shipment volumes of battery cells and modules, noting that the top four module manufacturers contributed approximately 316 GW, accounting for 63% of the top ten's total shipments. The competitive landscape in the second tier of manufacturers is intensifying [14][15][16]. - The report also notes that the price of battery components continues to decline, with a 40% annual drop in TOPCon battery prices, leading to increased cost pressures on companies [16]. Data Tracking - The report includes various data points tracking the monthly installation capacity of photovoltaic and wind power in China from January 2020 to December 2024, providing insights into market trends and growth [18][19][20].