近期光伏產(chǎn)品，從多晶硅到組件均出現(xiàn)幅度不等的下跌，部分產(chǎn)品從最高點到現(xiàn)在下跌幅度超過30%，對相關(guān)生產(chǎn)企業(yè)形成巨大的壓力。

    下跌原因：供需失衡導(dǎo)致的階段性景氣下滑

    首先，價格下跌是太陽能產(chǎn)業(yè)具備成本優(yōu)勢的必經(jīng)之路；

    在這個前提下，要認(rèn)識到這次價格下跌不是簡單的短期波動，而是一輪產(chǎn)業(yè)景氣周期的下行，是前兩年大量產(chǎn)能逐漸釋放與需求增速下降雙重作用導(dǎo)致的供需失衡，是階段性的價格下跌；

    這輪產(chǎn)業(yè)景氣開始于2009年中期，其觸發(fā)因素是金融危機(jī)之后各企業(yè)一次性提取多晶硅跌價損失，之后景氣一路上揚，到去年的下半年達(dá)到巔峰，其觸發(fā)因素是意大利與德國市場的超預(yù)期；

    之后景氣開始維持并慢慢下滑，其實組件在年初銷售已經(jīng)開始有些困難，遠(yuǎn)不似去年下半年的火熱，這是行業(yè)開始轉(zhuǎn)冷的跡象，之后組件價格開始下跌，然后是電池，然后是硅片，最后是剛剛開始下跌的多晶硅。

    還能跌多少、多久：硅片與電池最壞的日子快過去了，反彈言之尚早

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title="光伏產(chǎn)品">光伏產(chǎn)品的下跌呈梯度，不會多晶硅、硅片、電池、組件同時開跌或者同時止跌回升；.上一輪的價格下跌是由于金融危機(jī)帶來的，其觸發(fā)因素是嚴(yán)重高估的多晶硅價格雪崩，領(lǐng)跌是多晶硅，由成本下降和信貸萎縮帶來的需求下降；而今年這輪的下跌是由于下游需求無法承接如此巨大的上游產(chǎn)能，領(lǐng)跌是距離市場最近的組件；.幅度方面，目前根據(jù)歐洲的市場情況和現(xiàn)在的價格以及企業(yè)的盈利水平，我們判斷硅片、電池的價格應(yīng)該跌至行業(yè)平均凈利潤水平；時間方面，我們判斷半年應(yīng)該結(jié)束，但之前應(yīng)該要經(jīng)歷一波產(chǎn)能過剩帶來的超跌。

    后面會怎樣：多晶硅仍有較大下跌空間、硅片電池價格仍將徘徊向下

    從年初以來我們在路演以及溝通中反復(fù)強(qiáng)調(diào)的是規(guī)避多晶硅、硅片與電池。從目前來看，盡管部分產(chǎn)品的價格下跌幅度不小，但說止跌可能一個月內(nèi)能看到，但景氣回升我們的判斷是需要到四季度前后；

    目前多晶硅價格并未大幅下降，我們判斷，在成本不斷下降和下游硅片盈利急劇萎縮的雙重壓力下，多晶硅將有較大幅度的下降，以年初最高的70萬人民幣/噸為基準(zhǔn)，下跌幅度可能接近40%，市場價后面可能要到40萬上下。

    投資策略：關(guān)注價跌量增的時點、持續(xù)看好增量不降價的子行業(yè)

    在目前價格下跌趨勢尚未結(jié)束的情況下，我們持續(xù)去年年底以來的觀點，繼續(xù)建議對多晶硅、硅片、電池這幾個主流產(chǎn)品觀望；

    但這輪價格暴跌之后，我們一直期待的光伏平價就將來到，所以強(qiáng)烈建議大家關(guān)注價格下跌帶來IRR提高、出貨量增加的時點，這將是歷史性的投資機(jī)會；

    雖行業(yè)普遍慘淡，但量增價不減的子行業(yè)仍值得看好，如銀漿、逆變器。