国元证券：新能源行业“反内卷”成果显著 业绩中枢上行

Group 1: Photovoltaic Industry Insights - The "anti-involution" movement in the photovoltaic industry has reached the highest strategic level of the state, indicating positive signals for the industry [1] - The current state of the photovoltaic industry is at the bottom of the cycle, with future policy strength being a key variable affecting industry trends [1] - The photovoltaic industry is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive elements [1] - Companies to focus on include Aiko Solar (爱旭股份), Flat Glass (福莱特), GCL-Poly Energy (协鑫科技), and Junda Technology (钧达股份) [1] Group 2: Wind Power Industry Performance - The supply-demand structure of the wind power industry is relatively reasonable, with good profitability among enterprises [2] - The profitability situation in the wind power industry chain is improving, as evidenced by the recent half-year reports from listed companies [2] - The offshore wind power sector is expected to accelerate construction by 2025, becoming a significant focus for the marine economy [2] - Recommended companies include Goldwind (金风科技), Yunda (运达股份) for complete machines, and Dongfang Cable (东方电缆), Zhongtian Technology (中天科技) for submarine cables [2] Group 3: New Energy Vehicle Sector Developments - The new energy vehicle sector continues to grow rapidly, with low-end capacity being quickly eliminated after two years of price declines, leading to marginal improvements in the industry [3] - Companies benefiting from low upstream raw material prices and stable profitability in battery and structural components include CATL (宁德时代), EVE Energy (亿纬锂能), and Haopeng Technology (豪鹏科技) [3] - As supply-side structure improves and excess capacity is gradually eliminated, leading companies such as Hunan YN (湖南裕能), Longpan Technology (龙蟠科技), and Wanrun New Energy (万润新能) are recommended for attention [3]