本周，由多家硅料龙头企业联合投资设立的北京光和谦成科技有限责任公司正式登记成立，光伏行 业"反内卷"迈出重要一步。 硅片环节，本周，价格在前期连续下跌后开始出现止跌迹象，主流成交均价大致维持上周水平。虽仍可 见部分企业在低价段的报价区间较广，但高低价差距已有所收敛，市场氛围由先前的悲观逐步转向观 望。此外，上游硅料价格持稳，也使整体行情呈现"弱稳"格局。 InfoLink数据显示，183N硅片的主流成交仍落在1.18元/片，210RN主流价格则落在1.20元/片—1.23元/ 片。然而，在减产预期及收储信号的带动下，部分企业已陆续收回先前的低价报盘，使本周成交区间虽 显扩大，但价格重心已回到主流水平。至于210N硅片，价格表现相对坚挺，主流成交维持在1.50元/ 片，市场分化程度明显低于其他尺寸，显示其具备较强支撑力。 InfoLink认为，随着12月减产计划逐步落地，硅片库存累积速度已有放缓。需注意的是，自律性减产与 实际产量控制仍待观察，当前硅片价格波动多受到会议与收储信号带动的短期备货所影响。整体而言， 在新的会议之前，硅片价格大概率维持窄幅震荡格局。预计下周仍以持稳为主，小幅反弹为辅，主流价 格出现大 ...

Group 1: IPO and Market Activity - Moer Technology plans to publicly issue 70 million shares, with the initial inquiry date set for November 19 and subscription date for November 24 [2] - Muxi Co. has received approval from the China Securities Regulatory Commission for its IPO registration on November 12 [2] - JD.com's third-quarter revenue reached 299.1 billion yuan, marking a 14.9% year-on-year increase, with service revenue growing by 30.8% [3] Group 2: Corporate Transactions and Strategies - Lideman intends to acquire 70% equity of Xiansheng Xiangrui for 1.733 billion yuan, which will grant it controlling interest [3] - Several silicon wafer companies have united to raise prices, with 183N and 210R silicon wafers adjusted to 1.3 yuan per piece [3] - Tencent's third-quarter revenue increased to 192.87 billion yuan, a 15% year-on-year growth, driven by AI, overseas expansion, and sustainable strategies [3] Group 3: Industry Trends and Insights - The lithium hexafluorophosphate market is experiencing price fluctuations due to supply-demand mismatches, with some manufacturers halting external quotes [4] - Foreign capital is increasingly researching A-share companies, indicating a growing interest in Chinese assets [4] - The non-ferrous metals sector is expected to strengthen, with institutions predicting a price increase driven by new demands from AI, electricity, and renewable energy [4] Group 4: Economic Indicators and Policies - The social financing scale stock increased by 8.5% year-on-year as of the end of October, with abundant funding supply [9] - The consumer price index (CPI) turned from decline to increase in October, rising by 0.2% year-on-year [6] - The government aims to establish a multi-level renewable energy consumption and regulation system by 2030 to support high-quality energy integration [10]

Core Viewpoint - The Chinese photovoltaic industry is facing significant challenges, including overcapacity, price fluctuations, and losses, leading to a clearer path towards "production reduction to maintain prices" [1][2]. Group 1: Industry Challenges - The photovoltaic industry is experiencing a supply-demand imbalance, with many companies facing financial losses. In the first quarter, 18 out of 21 listed companies reported net profit losses, with major manufacturers like Tongwei Co., Ltd. losing 2.61 billion yuan [1]. - The industry is under pressure to reduce production, with a projected decrease in operating rates by 10%-15% in the third quarter [1][2]. - The price of polysilicon has been declining due to weak downstream demand and significant price drops in silicon wafer products, leading to a challenging market environment [3]. Group 2: Regulatory Measures - The China Photovoltaic Industry Association is implementing measures to combat below-cost sales and promote self-discipline within the industry, including setting minimum price standards and enhancing technical standards [2]. - A third-party audit group will conduct comprehensive audits to identify and address low-price sales practices among companies [1][2]. Group 3: Market Dynamics - Recent data indicates that prices for 183N silicon wafers have fallen to around 0.9 to 0.91 yuan, with some quotes dropping below 0.9 yuan [2]. - The average prices for 183N and 210N battery cells have also decreased to 0.24 yuan and 0.255 yuan per watt, respectively [2]. - The number of polysilicon producers remains at 11, all operating at reduced capacity, but the market anticipates an increase in production due to capacity replacement [3].