Newsletter summary
This week, the price of main materials continued to be weak, the price of silicon led the decline, and the price of auxiliary materials differentiated. Photovoltaic newly installed in the first quarter 45Bestp2egamescrypto.74GW, the global installed capacity is expected to be close to 500GW, but the growth rate is slowing. The upstream inventory accumulates, the weak state of the industrial chain continues, and the prices of batteries and components are weak. The performance of exports has improved, but we need to guard against the rise of trade protectionism. Risk tips include industry expansion, lower-than-expected demand for installed capacity, overseas capacity expansion and trade protection.
Text of news flash
The weak pattern of the photovoltaic industry chain continued this week, with silicon prices leading the decline.
This week, the price of main materials continued to decline in domestic and foreign markets, showing a downward trend of shock. Silicon prices led the decline this week, followed by wafer, module and battery prices. At the same time, the prices of auxiliary materials are differentiated, the prices of quartz sand, plastic film and inverter continue to decline, while the prices of backplane and silver paste have rebounded to a certain extent.
[the weak state of the photovoltaic industry chain is difficult to improve in the short term]
Although wafer makers have been cutting production since April, inventory accumulation continues, highlighting weak demand in the downstream market. Against this backdrop, wafer prices are expected to remain on a downward trend. In terms of silicon, due to the gradual release of new capacity, recent inventory has continuously broken the historical record, inventory pressure is increasing day by day, it is expected that the follow-up will continue to reduce prices and production to ease inventory pressure.
The growth rate of newly installed photovoltaic at home and abroad is in line with expectations.
In the first quarter, the newly installed scale of photovoltaic in China reached 45.74GW, and the installed capacity in overseas markets also increased steadily. Under optimistic expectations, global installed capacity is expected to be close to 500GW in 2024, but a slowdown in growth is inevitable.
The export growth is remarkable, and the risk of trade protectionism needs to be vigilant.
In March, the export volume of most links of the photovoltaic industry chain rose sharply from the previous month, indicating the strength of overseas demand. However, it is worth noting that recently, Europe and the United States have taken a series of measures on the overseas business of China's new energy (600617) enterprises, which may indicate the rise of trade protectionism and affect exports.
Investment advice and risk tips
In terms of investment advice, investors should pay attention to the boost to demand during the peak summer installation season. However, the following risks also need to be concernedBestp2egamescryptoIndustry expansion may lead to a surge in supply, vicious competition may cause prices to fall faster than expected, installed demand may fall short of expectations, and overseas capacity expansion and trade protectionism may have a negative impact on exports.
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