金吾财讯 | 中原证券研究认为，从各家上市公司披露的年报和一季报来看，光伏产业已处寒冬，连续业绩亏损和现金流压力倒逼企业从关注规模到关注盈利质量上来。后续产业出清的程度取决于反内卷政策执行力度。截至2026年4月30日，光伏产业指数（931151）PB(LF)估值2.71倍，处于历史52.37%估值分位。建议关注景气度较好的储能逆变器领域，技术方面关注钙钛矿电池/晶硅钙钛矿叠层电池/砷化镓电池领域头部企业以及产业周期角度关注各制造环节现金流良好、资金储备充裕的头部企业。风险提示：全球光伏装机增速放缓风险；国际贸易摩擦风险；阶段性供需错配，产能过剩，盈利能力下滑风险；政策落地不及预期风险。
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