Jefferies：太阳能-上游价格企稳；2025 年 4 月国内光伏装机量激增至 45GW

China (PRC) | Alternative Energy Equity Research Solar: Upstream Prices Stabilized; Domestic PV Inst Surged to 45GW in Apr '25 SIA reported N-/P-type poly prices stayed at RMB38.6/31.3/kg. G10L/ G12R/G12 N-type wafer prices were flat WoW at RMB0.95/1.10/1.3 per pc. Per SolarZoom, M10/G12R TOPCon cell prices were down/ flat at RMB0.26/0.27 per W. M10 TOPCon modules prices were flat WoW at RMB0.68 per W. Per SCI, 3.2/2.0mm SG prices dropped to RMB21-21.5/13-13.5 per m2; SG inventory days continued to go up to ...