光伏反内卷系列报告：政策逐步落地光伏反内卷进入新阶段

申万宏源研究2025-08-08

投资分析意见本轮反内卷为高层定调，与之前行业自律性质的反内卷有着本质上的区别。自第六次中央财经委员会会议召开一个月以来，政策法规、行业规范密集落地，后续有望看到更多反内卷具体举措出台。反内卷产生正面催化，产业链价格开始实质性上涨。7月以来，受益于光伏反内卷，多晶硅期货大幅上涨，随后产业链价格开始反弹。目前除了硅料成交价格上涨至4万以上之外，下游硅片和电池环节也开始涨价成交，而光伏组件作为制造环节的...

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光伏反内卷系列报告：政策逐步落地 光伏反内卷进入新阶段

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光伏反内卷系列报告：政策逐步落地光伏反内卷进入新阶段