Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - The photovoltaic industry index rose by 4.41% as of February 26, significantly outperforming the CSI 300 index, which had a return of 0.44% during the same period [8]. - The report highlights that the photovoltaic industry is currently undergoing a deep adjustment phase, with expectations for new installations in 2026 to be between 180-240 GW, following a short-term market correction [5][16]. - The industry is transitioning from scale expansion to value competition, with a focus on governance to mitigate internal competition [5][14]. Summary by Sections Industry Performance Review - The photovoltaic industry index experienced a significant rise, outperforming the CSI 300 index [8]. - Sub-sectors within the photovoltaic industry showed mixed performance, with photovoltaic modules and conductive silver paste leading the gains [10]. - Individual stock performance varied widely, with notable gains from companies like GCL-Poly Energy and JinkoSolar, while others like Sungrow Power and LONGi Green Energy faced declines [13][15]. Industry and Company Dynamics - The report discusses the implementation of a unified national electricity market system by 2030, which aims to enhance market participation and price mechanisms for renewable energy [14]. - The National Energy Administration reported that new photovoltaic installations reached 315.07 GW in 2025, with a year-on-year growth of 13.67% [17]. - The report notes that the photovoltaic industry is entering a demand off-season, with supply constraints expected to continue [5][26]. Key Data Points - In January 2026, the photovoltaic inverter bidding capacity was recorded at 1,056.29 MW, marking a low point typical of the seasonal downturn [26]. - The report indicates a significant reduction in polysilicon production, with expectations of a 15% decrease in January [28]. - The average price of polysilicon decreased slightly to 52 RMB/kg, reflecting a weak balance in supply and demand [40].

电力设备及新能源 《电力设备及新能源行业月报：硅片、电池 报价大幅提高，关注细分行业龙头》 2025- 12-26 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 证券研究报告-行业月报 强于大市(维持) 电力设备及新能源相对沪深 300 指数表现 资料来源：聚源数据，中原证券研究所 -17% -8% 1% 10% 18% 27% 36% 45% 2025.02 2025.06 2025.10 2026.02 电力设备及新能源 沪深300 相关报告 《电力设备及新能源行业月报：全年新增装 机超 300GW，关注太空光伏商业化进展》 2026-01-28 《电力设备及新能源行业点评报告："十五 五"国网投资四万亿，国内外电气设备需求 旺盛》 2026-01-20 ⚫ 光伏行业治理内卷是政策重点，2026 年国内新增装机预期有所下 滑。光伏行业当前正处于新一轮的深度调整期，2026 年是光伏行 业治理的攻坚之年，治理行业"内卷"是政策重点。工信部将通过 加强部门协同，统筹施策，综合运用产能的调控、标准的引领、质 量监督、价格执法、防范垄断风险、加 ...