Investment Rating - The report maintains a "Recommendation" rating for the photovoltaic industry [1] Core Viewpoints - In April, India's photovoltaic installations saw a significant year-on-year increase, with a total of 10.08 GW added from January to April 2025, representing an 8% increase year-on-year. April alone saw 2.30 GW added, a remarkable 179% increase year-on-year, although it was a 25% decrease month-on-month. The Indian government aims for a cumulative installed capacity of 280 GW by 2030, with an annual addition of approximately 30 GW, supported by various policies and subsidies [6][10] - The demand in the downstream market has weakened, leading to a slight decrease in photovoltaic glass prices. The average price for 3.2mm coated photovoltaic glass is reported at 21.50 CNY/m², down 1.1% week-on-week, while the 2.0mm variant is at 13.50 CNY/m², down 1.8% week-on-week. The industry inventory days have increased to approximately 38.2 days, indicating a trend of rising inventory levels [6][12] Summary by Sections Section 1: April India's Photovoltaic Installations - April saw a year-on-year increase in India's photovoltaic installations, with a total of 2.30 GW added, marking a 179% increase year-on-year [10] - The cumulative installed capacity from January to April 2025 reached 10.08 GW, an 8% increase year-on-year [10] - The Indian government's National Electricity Plan aims for a cumulative installed capacity of 280 GW by 2030, with annual additions of about 30 GW [10] Section 2: Market Trends - The photovoltaic industry experienced a slight decrease in glass prices due to weakened downstream demand and increased production capacity [12] - The average price for 3.2mm coated photovoltaic glass is 21.50 CNY/m², down 1.1% week-on-week, while the 2.0mm variant is at 13.50 CNY/m², down 1.8% week-on-week [12] - Industry inventory days have increased to approximately 38.2 days, indicating a trend of rising inventory levels [12] Section 3: Industry Chain Prices - The average price for polysilicon dense material is reported at 37.00 CNY/kg, down 5.1% week-on-week, while the price for polysilicon granular material remains stable at 35.00 CNY/kg [39] - The average price for 182-183.75mm monocrystalline N-type silicon wafers is 0.95 CNY/piece, down 5.0% week-on-week [41] - The average price for 182-183.75mm TOPCon battery cells is reported at 0.260 CNY/W, down 1.9% week-on-week [44]

Investment Rating - The report maintains a "Recommended" rating for the photovoltaic industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [63]. Core Insights - A large-scale power outage in parts of Europe may stimulate the demand for solar energy storage, highlighting the urgency for grid upgrades and potentially increasing household storage demand [10][11]. - The report anticipates a month-on-month decline in production across the photovoltaic supply chain, with specific decreases noted in silicon materials, wafers, battery cells, and modules [11][12]. Summary by Sections 1. European Power Outage and Supply Chain Production - The recent severe power outage in Spain and Portugal has exposed the instability of the European power grid, which may accelerate the transition to renewable energy and grid improvements [10]. - The report predicts a decrease in production across the supply chain for May, with specific declines in silicon materials, wafers, battery cells, and modules [11]. 2. Market Performance Review - The report notes a 2.75% decline in the comprehensive index for the week, with the electric power equipment industry index down by 0.54% [12]. - The top-performing sectors included media and computer industries, while real estate and social services saw the largest declines [12]. 3. Photovoltaic Supply Chain Prices - Silicon material prices reported were 40.00 CNY/kg for dense silicon and 36.00 CNY/kg for granular silicon, with a slight decrease in granular silicon prices [36]. - The average price for P-type silicon wafers was 1.15 CNY/piece, while N-type wafers saw a decrease of up to 12.6% [36]. - Battery cell prices for PERC and TOPCon types showed a decline of approximately 1.69% to 5.26% [38]. - Module prices remained stable for some types, while others experienced slight declines [39][44]. - Photovoltaic glass prices decreased by 2.2% for 3.2mm coated glass and 3.5% for 2.0mm coated glass [46].

Investment Rating - The report maintains a "Recommended" rating for the electrical equipment industry, indicating a positive outlook for the sector in the next six months [4][28]. Core Insights - The report highlights that the global top five battery cell suppliers had a total shipment of 162.8 GW in 2024, a year-on-year decrease of 10.7%. The PERC battery cells accounted for approximately 53.5 GW, while TOPCon battery cells reached 109.3 GW, representing 67% of total shipments [3][14]. - The top ten global module companies shipped around 502 GW in 2024, reflecting a year-on-year increase of 22%, with domestic shipments at 289 GW, making up 58% of the total. The top four companies, Jinko, Longi, JA Solar, and Trina, contributed approximately 316 GW, accounting for 63% of the top ten shipments [3][14]. Summary by Sections Industry Performance Review - The photovoltaic index increased by 1.7% during the week of February 17-21, outperforming the CSI 300 index, which rose by 1.00%. The top five performers in the sector included Kehua Data (+24.25%) and Igor (+17.04%) [9]. Industry Perspective Update - Recent policies from the National Energy Administration emphasize the development of distributed photovoltaic power generation, encouraging various stakeholders to invest and operate in this sector. The report notes critical deadlines of April 30 and May 31, 2025, for existing projects to secure subsidies [10][11][12]. Industry Highlights - The report indicates that the competitive landscape among second-tier manufacturers is intensifying, with companies like Tongwei, Chint New Energy, and Canadian Solar vying for market share. The top five battery cell suppliers are expected to leverage technological advancements to maintain their leading positions [14][15][16].