金吾财讯 | 交银国际研报指，美国联邦通信委员会（FCC）7月28日将外国逆变器列入FCC覆盖清单，新型号被禁止在美国销售，但前已授权的现有型号不受影响。美国大型逆变器90%依赖进口，短期内缺口难以弥补，仍不得不依赖中国供应商的现有产品。由于现有产品销售不受影响，该机构预计该禁令短期内对中国企业逆变器销售影响较小。自路透社7月1日首次报道该禁令传闻后，逆变器板块股价已大幅回调，其中，阳光电源（300274CH/买入）跌幅超30%，正式公布后单日跌幅5%，该机构认为，已较充分反映本次事件的悲观预期，关注后续实际执行情况或好于市场担忧，看好阳光电源股价超调后的估值修复机会。近期催化剂包括：部分中国企业逆变器新产品获得豁免，未来几个月中国企业逆变器美国出货量并未大幅下降。风险提示：若特斯拉等自产逆变器的美国储能系统企业扩产后可满足大部分本土需求，美国可能进一步提高逆变器贸易壁垒。
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