Investment Rating - The report maintains a "Buy" recommendation for the photovoltaic industry [1] Core Views - The ongoing process of reducing internal competition is leading to an overall increase in prices across the main industry chain [1][12] - The price of silicon materials and silicon wafers has significantly increased, with expectations for battery component prices to follow suit [11][12] - There is a growing expectation for supply-side reforms in the photovoltaic sector, which could improve industry supply and demand dynamics [12] Summary by Sections Price Trends in the Photovoltaic Industry - The average transaction price for N-type silicon materials has risen to 41,700 CNY/ton, a 12.4% increase week-on-week, while N-type granular silicon reached 41,000 CNY/ton, up 15.2% [1][11] - Silicon wafer prices are expected to increase, with current prices for N-type G10L at 1.45 CNY/piece, N-type G12R at 1.65 CNY/piece, and N-type G12 at 1.93 CNY/piece [1][11] Export Data - In the first half of 2025, battery component exports are estimated at approximately 177 GW, a year-on-year increase of 6%, with June exports at about 31 GW, up 8% year-on-year but down 7% month-on-month [1][13] - The total export value of battery components for the first half of 2025 is 95.37 billion CNY, a decrease of 24% year-on-year, with June's export value at 15.81 billion CNY, down 23% year-on-year and 9% month-on-month [1][13] - In June, inverter exports reached approximately 34 GW, a 14% increase year-on-year and a 13% increase month-on-month, with total export value for the first half of 2025 at 20.6 billion CNY, up 7% year-on-year [1][26] Market Performance - The overall industry index increased by 2.22%, while the photovoltaic equipment sector saw a decline of 2.01% [51][57] - Notable stock performances include Wenzhou Hongfeng with a 25.62% increase and Tuo Ri Xin Neng with an 18.16% decrease [58][60]

Group 1 - The core viewpoint of the articles indicates a downward trend in the prices of polysilicon and silicon wafers due to high inventory levels and weak downstream demand [1][2][3] - Polysilicon prices have seen slight declines, with N-type feedstock averaging 38,600 CNY/ton, down 1.53% week-on-week, and P-type polysilicon averaging 31,300 CNY/ton, down 3.10% [1] - The current monthly supply-demand balance is precarious, with potential for inventory accumulation if downstream operations continue to decline [1][2] Group 2 - As of this week, two silicon material companies have entered maintenance shutdowns, reducing the number of operating companies to 11, with a reported polysilicon production of 99,100 tons in April, down 6.08% month-on-month [2] - Silicon wafer prices continue to decline, with N-type G10L wafers averaging 0.95 CNY/piece, down 5.94% week-on-week, and N-type G12R wafers at 1.10 CNY/piece, down 1.79% [2] - The overall operating rate for silicon wafers has slightly decreased to around 55%, with major integrated companies operating between 58% and 80% [2] Group 3 - The initial surge in prices for silicon wafers, battery cells, and modules has reversed post-holiday, with significant drops in orders leading to prices returning to or below early-year levels [3] - The short-term outlook for silicon wafer prices remains bearish due to weak terminal demand, although there is potential for price stabilization as current prices approach production costs [3][4] - Battery cell prices have seen a decline, with 183N battery cells averaging 0.26 CNY/W, while 210RN and 210N cells remain stable at 0.265 CNY/W and 0.28 CNY/W respectively [3] Group 4 - The ongoing decline in silicon wafer prices continues to exert pressure on battery cell pricing, with intense negotiations leading to attempts to lower prices for 183N cells to around 0.255 CNY/W [4] - The overall production of battery cells has not significantly changed since the beginning of May, indicating a persistent supply-demand imbalance [4][5] - Some manufacturers are offering lower prices for TOPCon new orders, with actual prices reaching between 0.65 CNY/W and 0.66 CNY/W, while mainstream delivery prices remain around 0.68 CNY/W to 0.70 CNY/W [5]