技术创新推动平价，2021光伏装机迎来高增长时期。光伏行业链上下游持续技术创新，推动国内外平价上网。十四五期间光伏装机量有望年均新增70-90GW ，市场需求旺盛，迎来必然高增长机会。

硅料价格先抑后扬，一季度后供需偏紧，均价维持高位运行 硅料扩产周期较长，容配比扩大，硅料需求量增加。2021年一季度后硅料产能供需偏紧，全年均价有望维持在8.0-8.5万元/吨。

硅片扩产加剧竞争，大尺寸单晶硅片持续渗透 硅片大幅扩产，硅片竞争加剧，2021年单晶硅片毛利率可能下滑至20-25%合理区间。大尺寸单晶硅片持续渗透，逐步在客户端得到验证，2021年下半年将迎来放量增长。

PERC效率提升至23.5%，TOPCon电池迎来量产 2021年电池片环节主流PERC技术效率将从23%提升至23.5%。HJT技术由于生产效率、供应链配套、成本等原因暂时不具备竞争优势。市场将迎来TOPCon电池的量产，尤其是TOPCon+将逐步替代现有PERC产能，大尺寸电池片将迎来盈利改善机会。

受益大功率组件的推广，宽幅玻璃结构性短缺 辅材方面，由于大尺寸大功率组件逐步推广，宽幅玻璃将出现结构性短缺。宽幅玻璃尺寸较大，老旧产线无法配套，新建产线周期长，存在结构性短缺机会。双面双玻的快速渗透将带来POE材料需求的大幅增长。

高端装备迎来技术迭代，设备企业业绩高增长 从硅料、硅片到电池片、组件，整个产业链上下游积极扩产。受益扩产和收入确认，2021年高端装备企业业绩将持续高增长。捷佳伟创、迈为股份、帝尔激光等企业业绩持续快速增长。

Technology innovation drives parity, 2021 photovoltaic installed capacity ushered in a period of high growth.Continued technological innovation in the upstream and downstream of the photovoltaic industry chain will promote affordable Internet access at home and abroad. During the 14th Five-Year period, the photovoltaic installation is expected to increase by 70-90GW annually, and the market demand is strong, ushers in the inevitable high growth opportunity.

After the first quarter, the supply and demand became tight. The average price remained high. The silicon material expansion period was longer, the capacity ratio was expanded, and the demand for silicon material increased. After the first quarter of 2021, the supply and demand of silicon material production capacity is tight, and the annual average price is expected to remain at 80,000-85,000 yuan/ton.

The expansion of silicon wafer production intensifies the competition. The continuous penetration of large-size monocrystal silicon wafer greatly increases the production, and the competition of silicon wafer intensifies. In 2021, the gross margin of monocrystal silicon wafer may decline to a reasonable range of 20-25%. Large-size monocrystalline silicon wafers continue to penetrate and are gradually verified on the client side. In the second half of 2021, massive growth will be ushered in.

PERC efficiency improved to 23.5%, Topcon battery ushered in mass production in 2021 battery link mainstream PERC technical efficiency will increase from 23% to 23.5%. HJT technology temporarily does not have competitive advantages due to production efficiency, supply chain matching, cost and other reasons.The market will usher in the mass production of TOPCON batteries, especially TOPCON + will gradually replace the existing PERC capacity, large size batteries will usher in profit improvement opportunities.

Benefiting from the promotion of high-power components, wide-width glass structural shortage of auxiliary materials, due to the gradual promotion of large-size high-power components, wide-width glass will be in structural shortage. Wide glass size is large, the old production line can not be matched, the new production line cycle is long, there are structural shortage opportunities.The rapid penetration of double-sided and double-glass materials will lead to a significant increase in the demand for POE materials.

High-end equipment ushered in technological iteration, and equipment enterprises saw a high growth in performance. From silicon materials, silicon wafers to battery wafers and components, the upstream and downstream of the entire industrial chain actively expanded production. Benefit from expansion of production and revenue recognition, the performance of high-end equipment enterprises will continue to grow at a high rate in 2021.Jiejia Wei Chuang, Maiwei shares, Dier laser and other enterprises continued to grow rapidly.