Investment Rating - The report maintains a recommendation for the photovoltaic industry [1] Core Insights - In April 2025, domestic newly installed photovoltaic capacity surged to 45.22GW, marking a year-on-year increase of 215% and a month-on-month increase of 123% [12][13] - From January to April 2025, the total newly installed photovoltaic capacity reached 104.93GW, up 75% year-on-year, indicating strong growth potential in the domestic photovoltaic market [12][13] - The report highlights a significant recovery in inverter exports to Europe, with April 2025 inverter export volume reaching approximately 28.1GW, a year-on-year increase of 31% [3][39] Summary by Sections Section 1: Domestic Photovoltaic Installation and Export Data - April 2025 saw a record high in domestic photovoltaic installations at 45.22GW, with a total of 104.93GW installed from January to April 2025, reflecting a 75% year-on-year growth [12][13] - Battery component exports in April 2025 amounted to 161.6 billion yuan, down 9% month-on-month, while inverter exports improved significantly, reaching 58.2 billion yuan, up 28% month-on-month [14][34] Section 2: Market Performance - The report notes that the photovoltaic industry remains resilient, with a strong performance in newly installed capacity and inverter exports, particularly to emerging markets in Asia and Africa [20][37] - The overall market sentiment is reflected in the performance of the industry indices, with the photovoltaic equipment sector experiencing a decline of 3.19% [66][66] Section 3: Price Trends in the Photovoltaic Supply Chain - The report provides insights into the pricing of key materials in the photovoltaic supply chain, indicating stable prices for polysilicon and silicon wafers, while battery cell prices showed slight declines [4][4] - The pricing trends for photovoltaic glass and EVA films also reflect minor fluctuations, suggesting a stable supply chain environment [4][4]