一季度光伏装机高增，政策推动氢能交通应用

Core Viewpoint - The report highlights a positive trend in the power equipment and new energy sectors, with significant growth in various sub-sectors, particularly in wind power and new energy vehicles, driven by favorable government policies and market demand [1][2][3]. Industry Summary - The power equipment and new energy sector saw an overall increase of 2.40% in the last week, with wind power rising by 4.52%, new energy vehicles by 3.80%, and nuclear power by 3.16% [1][3]. - In the photovoltaic sector, China's first quarter saw a rapid increase in installed capacity, with a year-on-year growth of 30.5%, totaling 59.71 GW for January to March 2025 [2][3]. - The government is expected to strengthen supply-side reforms in the photovoltaic industry, focusing on cost reduction and efficiency improvements [2]. - The wind power sector is anticipated to benefit from steady domestic project bidding and construction, with a positive demand outlook for 2025 [2][3]. - The new energy vehicle market is projected to maintain high growth, supported by government initiatives to develop smart connected vehicles [2][3]. Company Summary - Major companies reported significant earnings growth for the first quarter of 2025, including: - 阳光电源 (Sungrow Power) with a profit of 3.36 billion yuan, up 16.92% year-on-year [4]. - 天赐材料 (Tinci Materials) with a profit of 150 million yuan, up 30.80% [4]. - 亿纬锂能 (EVE Energy) with a profit of 1.10 billion yuan, up 3.32% [4]. - 中科电气 (Zhongke Electric) with a profit of 134 million yuan, up 465.80% [4]. - 大金重工 (Dajin Heavy Industry) with a profit of 231 million yuan, up 335.91% [4].