本轮行业出清的节奏严重滞后，无序竞争、低效产能难以退出，行业的复杂性远远超出了市场经济的规 律。 光伏"反内卷"正在从最高层推进，整治决心空前。 继人民日报发文点名光伏后，7月3日工信部召开第十五次制造业企业座谈会，针对光伏行业发展提出多 项举措，包括治理低价无序竞争：强调依法依规、综合治理行业低价竞争问题，引导企业提升产品品 质，推动落后产能有序退出，实现健康可持续发展等等。 工信部上一次举行光伏行业专项座谈会是2023年11月，同时，通威集团董事局主席刘汉元、隆基绿能董 事长钟宝申、天合光能董事长高纪凡等头部光伏企业负责人参会。 本轮行业出清的节奏严重滞后，无序竞争、低效产能难以退出，行业的复杂性远远超出了市场经济的规 律。尽管减产预期不断升温，本周光伏产业链多环节价格继续承压，尤其受抢装结束后需求低迷影响， 对比抢装潮前（2月底）数据，硅片价格下跌约20%，硅料跌幅达到16%，几乎所有品种的价格都跌破2 月底。 供需两端来看，由于需求增速下滑，光伏行业困境反转主要依赖供给侧改革。伴随整治无序竞争信号加 强，市场对后续针对性的实质性政策出台，推动供给侧改革抱有强预期。 InfoLink在本周价格评析中表示 ...

2025 年 6 月 19 日 星期四 市场走势 【今日要点】 【行业评论】【山证电新】20250618 光伏产业链价格跟踪 研究早观点 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,388.81 | 0.04 | | 深证成指 | | 10,175.59 | 0.24 | | 沪深 | 300 | 3,874.97 | 0.12 | | 中小板指 | | 6,393.77 | 0.63 | | 创业板指 | | 2,054.73 | 0.23 | | 科创 50 | | 968.18 | 0.53 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 电池片 价格结构性下降： 182-183.75mm N 型电池片均价为 0.240 元/W（转换效率 25.0%+），较上周 下降 2.0%；182*210mm ...

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The photovoltaic industry is experiencing a weakening market atmosphere, with continued price declines across the supply chain. N-type module prices fell by 0.02 CNY/W, driven by expectations of decreased terminal component demand as the 531 rush installation deadline approaches. It is recommended to focus on the BC technology industry trend, which has relatively high certainty for the year [3][17][22]. - Offshore wind projects are progressing steadily, with the Jiangsu 1550MW offshore wind project entering the basic phase of construction. The successful connection of the Guangdong Yangjiang offshore wind project to the grid marks a significant milestone [3][23]. - The energy storage sector is seeing a valuation recovery during the earnings announcement period, with a focus on storage PCS and industrial storage segments. Global energy storage demand is rebounding, particularly in Europe, and there is potential for valuation recovery in large-scale and household storage segments [3][26]. - The electric grid investment in the first quarter of 2025 reached 95.6 billion CNY, a year-on-year increase of 24.8%. The State Grid plans to accelerate investment in UHV projects in the second quarter [3][43]. - The electric vehicle sector is influenced by potential tariff exemptions proposed by the Trump administration, suggesting continued investment in high-profit companies within the sector [3][45]. Summary by Sections Photovoltaic - Market sentiment is weak, with prices continuing to decline. N-type components dropped by 0.02 CNY/W, and terminal component demand is expected to decrease [3][15][21]. - The supply chain is under pressure, with expectations of a decline in domestic terminal component demand in the second half of the year [3][17][22]. Wind Power - Offshore wind projects are entering a positive phase, with significant projects in Jiangsu and Guangdong making progress [3][23][24]. Energy Storage - The sector is experiencing a valuation recovery, with a focus on PCS and industrial storage. Global demand is increasing, particularly in Europe [3][26][27]. Electric Grid Equipment - Investment in electric grid projects in the first quarter of 2025 was 95.6 billion CNY, a 24.8% increase year-on-year. The State Grid is expected to enhance UHV investment in the second quarter [3][43][44]. Electric Vehicles - The electric vehicle sector is affected by proposed tariff exemptions, with a recommendation to continue investing in high-profit companies [3][45][46]. Hydrogen Energy - Multiple large-scale hydrogen projects are underway, with a focus on hydrogen production and storage. Significant investments are being made in green hydrogen projects [3][38][39][40].