With the growing global demand for sustainable energy, the photovoltaic new energy sector has attracted widespread attention. At present, the photovoltaic industry is at a critical stage of development, facing both challenges and huge opportunities.
In the global market, the photovoltaic industry is facing the suppression of overseas competition, and the problems of overcapacity and blocked exports still exist. The intensification of competition in the domestic and foreign markets has made the internal competition (involution) phenomenon of the photovoltaic industry increasingly serious. These factors have put pressure on the short-term development of the PV sector.
From a macro perspective, the outlook for the PV industry remains bright. At the beginning of 2024, despite the volatility of the A** field performance and the decline in the new energy sector, this did not weaken the long-term growth potential of the PV industry. Recently, the new installed capacity of domestic PV exceeded expectations, hitting a new high in a single month, which reflects that in the context of the increase in PV penetration, the reduction has effectively stimulated market demand.
The rapid development of the energy storage sector has also had a positive impact on the PV industry. According to the latest data, the new installed capacity in the energy storage sector in 2023 increased by more than 260% year-on-year, showing that the market's acceptance of new energy technologies is increasing. This trend not only helps to alleviate the problem of overcapacity in the PV industry, but also indicates that the global demand for PV products is likely to continue to grow in 2024 and in the coming years.
From an investment perspective, although the market's valuation of the PV sector may be affected by volatility in the short term, the PV sector is still attractive for allocation funds at the current valuation level of about 10 times. Especially when the industry returns to the traditional manufacturing attributes, this sector deserves the long-term attention of investors.
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