Investment Rating - The report maintains a "Positive" rating for the photovoltaic industry, indicating an expectation that the industry index will outperform the market index by over 5% in the next six months [3][36]. Core Insights - The photovoltaic equipment sector has entered a bottoming phase after previous corrections, suggesting potential investment opportunities in companies with high N-type product ratios and those leading in perovskite technology [3]. - The industry is experiencing price stability across the supply chain, with key materials such as silicon and solar glass showing little to no price fluctuation [2][24]. Summary by Sections 1. Market Performance Review - During the week of March 3 to March 7, 2025, the Shanghai Composite Index increased by 1.39%, while the photovoltaic equipment index decreased by 0.64%, underperforming the broader index by 0.75 percentage points [14][17]. - Notable performers in the photovoltaic equipment sector included companies like Optec and Muban High-Tech, while companies such as Dike and Arctech saw significant declines [21][22][23]. 2. Supply Chain Price Trends - As of March 5, 2025, the transaction price for silicon material was 42 CNY/kg, remaining stable; silicon wafer prices increased by 0.02 CNY/piece; battery prices rose by 0.002 CNY/W; and module prices increased by 0.01 CNY/W [2][24]. 3. Industry News - Jiangsu Province is expanding distributed photovoltaic applications and promoting large-scale offshore photovoltaic development as part of its green transition policies [30]. - In Jiangxi Province, a target has been set for a minimum of 95% utilization of renewable energy by 2025, aiming for maximum utilization and stable consumption of new energy [31]. - The U.S. Energy Information Administration (EIA) predicts that by 2025, solar, storage, and wind energy will account for 93% of total installed power capacity [33].

未经授权引用或转发须承担法律责任及一切后果，并请务必阅读文后的免责声明 行业研究 市场研究部 2025 年 3 月 3 日 光伏行业周报（20250224-20250228） 本周光伏设备（申万）指数表现 本周（2025/2/24-2025/2/28）沪深 300 指数-2.22%，申万 31 个行业 指数 8 个上涨，电力设备（申万）指数本周-0.83%，排在第 16 位， 跑赢指数 1.40pct。电力设备二级行业指数仅光伏设备上涨，光伏设备 行业指数+2.84%，电池（申万）、电网设备（申万）、其他电源设备Ⅱ （申万）、风电设备（申万）、电机Ⅱ（申万）分别-1.20%、-1.53%、 -6.20%、-0.98%、-4.22%。从公司表现看，本周光伏设备行业（申 万）公司涨幅居前的是金博股份、中信博、联泓新科、晶科能源、帝 科股份，跌幅居前的公司为双良节能、同享科技、航天机电、欧普泰、 艾能聚 产业链价格底部震荡 根据 Solarzoom，2 月 26 日硅料成交价 42 元/kg，环比持平；硅片成 交价为 1.18 元/片，环比持平；电池成交价 0.293 元/W，环比 0.2 分 /W；组件成交价为 ...