金吾财讯 | 华泰证券表示，受新能源入市抢装影响，国内光伏需求高景气，根据国家能源局统计，25Q1国内光伏新增装机59.71GW，同比+30.5%。该行看好Q1抢装驱动排产提升，产业链有望实现量价齐升，亏损环比收窄。展望Q2，该行预计3-4月抢装排产结束后或进入需求真空期，叠加川滇丰水期临近，部分产能存在复产预期，产业链量价或短期承压。新技术方面，BC电池产业化进展加速。供给侧政策与市场化出清驱动行业供需错配改善，新技术降本提效促进渗透率提升，建议关注硅料、电池、玻璃环节。
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