Guotai Haitong: Household photovoltaic installation speed increases significantly, policy for multiple users connecting to green electricity directly implemented.

Guotai Haitong released a research report stating that in the first quarter of 2026, the national new installed capacity of photovoltaics reached 41.19GW, with Yunnan, Sichuan, and Jiangsu provinces leading the way. Distributed photovoltaics accounted for over half for the first time, with household photovoltaics becoming the core driver and the industry's installed capacity structure continuing to optimize. The NDRC and NEA jointly released a policy on directly connecting multiple users to green electricity, promoting the expansion of the local consumption model of new energy from "single users" to "multiple users" and opening up incremental space for industrial and commercial distributed photovoltaics. The bank believes that the industry is actively responding to changes in the electricity market through energy storage and exploring integrated operation models. With policy support resonating with market demand, the momentum for the high-quality development of the photovoltaic industry remains stable, and the sector allocation opportunities are worth paying attention to. Key points from Guotai Haitong: - In the first quarter of 2026, the national new photovoltaic installed capacity reached 41.19GW, with household photovoltaic installed capacity increasing significantly by 89% year-on-year. - Looking at the distribution by region, Yunnan, Jiangsu, and Sichuan are the top three in total new installed capacity. Meanwhile, provinces in the central and eastern regions such as Henan, Guangdong, Jiangsu, Zhejiang, which are economically active or have abundant sunlight resources, have also shown outstanding performance, collectively driving the cumulative installed capacity of photovoltaics in the country to exceed 1240GW. With the continued expansion of the distributed market and the continuous optimization of regional layout, the photovoltaic market will enter a new stage of diversified and high-quality development, laying a solid foundation for the long-term stable growth of the industry. - The overall prices of silicon wafers and battery wafers remained stable, while the prices of polysilicon and components slightly decreased. - Top performers in terms of price changes last week, with relatively higher valuations in the photovoltaic sector. - Risks include fluctuations in industry policies, intensifying competition, and the risk of new technologies replacing existing ones.