Investment Rating - The report maintains a "Recommended" rating for the photovoltaic industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [63]. Core Insights - A large-scale power outage in parts of Europe may stimulate the demand for solar energy storage, highlighting the urgency for grid upgrades and potentially increasing household storage demand [10][11]. - The report anticipates a month-on-month decline in production across the photovoltaic supply chain, with specific decreases noted in silicon materials, wafers, battery cells, and modules [11][12]. Summary by Sections 1. European Power Outage and Supply Chain Production - The recent severe power outage in Spain and Portugal has exposed the instability of the European power grid, which may accelerate the transition to renewable energy and grid improvements [10]. - The report predicts a decrease in production across the supply chain for May, with specific declines in silicon materials, wafers, battery cells, and modules [11]. 2. Market Performance Review - The report notes a 2.75% decline in the comprehensive index for the week, with the electric power equipment industry index down by 0.54% [12]. - The top-performing sectors included media and computer industries, while real estate and social services saw the largest declines [12]. 3. Photovoltaic Supply Chain Prices - Silicon material prices reported were 40.00 CNY/kg for dense silicon and 36.00 CNY/kg for granular silicon, with a slight decrease in granular silicon prices [36]. - The average price for P-type silicon wafers was 1.15 CNY/piece, while N-type wafers saw a decrease of up to 12.6% [36]. - Battery cell prices for PERC and TOPCon types showed a decline of approximately 1.69% to 5.26% [38]. - Module prices remained stable for some types, while others experienced slight declines [39][44]. - Photovoltaic glass prices decreased by 2.2% for 3.2mm coated glass and 3.5% for 2.0mm coated glass [46].