金吾财讯 | 中信证券表示，在光伏产业链量、价、利触底的情况下，随着需求端有望逐步复苏并稳健增长，而供给侧通过行政约束、自律限产和市场化出清等手段，且有望受益于潜在的改革政策落地，行业有望迎来基本面修复。短期看，该行预计随着2025Q1末旺季来临，产业链量利有望开启反弹行情；中期看，随着落后产能加速实质性出清，光伏供给侧有望于2025H2逐步重构，具备技术、成本、资金和全球化解决方案服务能力优势的龙头厂商有望率先引领行业反转。建议关注以下投资机会：1）量价拐点：随着供给侧改革和市场化出清持续推进，行业库存有望逐步消化，在需求稳步复苏的催化下，产业链价格和产销有望迎来整体修复，且低成本、新技术龙头厂商有望受益于格局优化，实现率先盈利反转。2）新技术新市场从1到10：在技术升级和市场拓展推动下，BC电池、无银浆料等新产品有望迎来加速增长，并带动设备、辅材等环节需求放量，颗粒硅等具备明显优势的差异化产品也有望保持快速增长。3）光伏出海开启2.0阶段：在光伏产能全球化和本土化的要求下，头部电池组件厂商加快高价值和高壁垒市场布局，而上中游产品直接出口比例快速提升，并推进海外产能扩张，从而攫取海外市场超额盈利。4）系统解决方案服务优势凸显的优质厂商：企业核心竞争力逐步由产品供应转向服务和销售能力，关注头部企业全球市场系统解决方案能力优势。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.