光伏产业链供给侧改善

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光伏50ETF(516880)逆市飘红,阳光电源涨超3%,机构:光伏产业链价格和盈利底部明确
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-26 02:16
Group 1 - The A-share market experienced a decline in the three major indices, while the photovoltaic sector showed resilience with the Photovoltaic 50 ETF (516880) rising by 0.38% despite the overall market trend [1] - Key stocks in the Photovoltaic 50 ETF, including LONGi Green Energy, Sungrow Power Supply, and TCL Technology, saw significant gains, with some stocks rising over 3% [1] - The Hainan Provincial Development and Reform Commission announced a plan to promote integrated photovoltaic construction in public institutions, aiming for a minimum installation ratio of 40% for government buildings and 50% for schools and hospitals by 2030, targeting a new installed capacity of 560 megawatts [1] Group 2 - Guojin Securities indicated that the photovoltaic industry chain has reached a price and profit bottom, with a significant recovery in product prices and an expansion of participants in the market [2] - The industry is expected to improve through a combination of top-level support, market-driven elimination, and technological iteration, leading to a sustained recovery in the industry chain's prosperity [2] - Policies related to capacity and product quality are anticipated to be implemented, further driving the recovery of the photovoltaic industry [2]
国金证券:顶层支持+市场化淘汰+技术迭代有望推动光伏产业链供给改善
智通财经网· 2025-09-23 01:40
智通财经APP获悉,国金证券发布研报称,光伏产业链价格和盈利底部明确,"反内卷"推进以来参与主 体持续扩大、产品价格修复效果显著,该行认为光伏行业有望通过顶层支持+市场化淘汰+技术迭代结 合的方式实现供给侧改善,预计后续关于产能、产品质量等相关的政策组合拳将陆续落地,驱动产业链 景气度持续修复。继续推荐低成本硅料、光伏玻璃、高效电池/组件、财务稳健的各环节龙头,及主业 经营扎实、有能力和意愿向电子半导体、机器人、AI算力等方向延伸的辅材、设备、逆变器企业。 国金证券主要观点如下: 2016-2017年供给侧改革复盘 行政力量主导坚定淘汰落后产能,国企推动兼并重组。2016-2017年供给侧改革在化解过剩产能、控制 供给等方面取得了显著效果,过程中国家对落后产能态度坚决,严格执行环保、能耗、质量、安全、技 术要求,依托行政化力量短期内出清了大量落后产能,同时国资企业加速并购重组,推动行业集中度提 升。 日本水泥行业出清复盘:政策引导产能快速收缩,市场化兼并重组提升集中度 光伏供给侧调整思路:能耗、质量或成为本轮政策抓手,关注多晶硅收储进度 综合以上对典型行业供给侧出清的复盘,考虑到光伏行业特点,该行认为光伏行业 ...