智通财经APP获悉，中信证券发布研究报告称，光伏导电浆料主要用于光伏电池的金属化环节，直接影 响电池的性能。目前银浆是导电浆料的主流选择，但受N型技术银浆单耗上升及白银价格中枢上移的影 响，银浆降本需求迫切。以银包铜、电镀铜和高铜/纯铜浆料为代表的新型光伏浆料产业化进程不断加 速，预计到2030年新型浆料的市场空间有望超过150亿元，对应CAGR约60%，铜浆料有望于2025Q4实 现量产导入，推荐技术和规模领先的龙头企业。 光伏导电浆料：制备电极的关键原材料 贱金属替代指用铜、铝、镍等价格低廉的金属材料取代传统的银，是光伏电池金属化降本的重要方向。 铜的电导率仅次于银，而在成本上仅为银的1%，成为目前贱金属替代的主流选择。铜浆料替代的方案 有银包铜、电镀铜、纯铜/高铜浆料等，其中银包铜技术已较为成熟，主要用于HJT、HBC等低温电池 方向，未来采用高温银种子层+低温固化银包铜浆料的方式有望进一步拓展其在高温电池的应用，目前 银包铜在向更高比例的铜占比(比如70%铜)的方案推进；电镀铜可以实现降本和增效的双重增益，但目 前仍存在工艺复杂，量产良率较低等问题，目前主要用于BC电池的提效领域；纯铜浆料可以近似实现 ...

Core Insights - The report from CITIC Securities highlights the critical role of conductive pastes in the metallization process of photovoltaic cells, which directly impacts cell performance [1] - Currently, silver paste is the mainstream choice for conductive pastes, but there is an urgent need to reduce costs due to rising single consumption of silver paste in N-type technology and increasing silver prices [1] - The industrialization of new types of photovoltaic pastes, represented by silver-coated copper, electroplated copper, and high copper/pure copper pastes, is accelerating [1] - It is projected that by 2030, the market space for new types of pastes will exceed 15 billion yuan, corresponding to a CAGR of approximately 60% [1] - Copper pastes are expected to achieve mass production by Q4 2025, and the recommendation is to focus on leading companies with advanced technology and scale [1]