[Galaxy Securities: photovoltaic sector valuation is currently at historical lows suggest grasping two main lines] Yinhe Securities Research News believes that photovoltaic sector valuation is currently at a historic low (PE (TTM) is 13.8 times). Although it is facing the challenges of intensified industry competition brought by overcapacity, we can also see the development potential and opportunities brought by technological iterations and high global demand. It is suggested to grasp two main lines: one is the integrated enterprise or auxiliary materials leader that has a large marginal improvement space for profitability, has the ability to resist periodic fluctuations, has strong competition barriers, and enjoys overseas market dividends; the second is the leading enterprises leading the technological change in the industry, the curtain of N-type battery is opened, and the potential of granular silicon + CCZ is great.