“反内卷”初见成效，关注后续催化

Market Overview - From September 8 to September 12, 2025, the Shanghai Composite Index rose by 1.52%, the Shenzhen Component Index increased by 2.65%, and the ChiNext Index went up by 2.10% [2] - The Shenwan Electric Equipment Index saw a rise of 0.53%, underperforming the CSI 300 by 0.85 percentage points [2] - In the sub-sectors, the Shenwan photovoltaic equipment and wind power equipment decreased by 3.28% and 2.04% respectively, while battery and grid equipment increased by 1.28% and 1.02% respectively [2] Key Sector Tracking - On September 12, the National Development and Reform Commission and the National Energy Administration issued a notice regarding the "Special Action Plan for Large-Scale Construction of New Energy Storage (2025-2027)" [3] - The document emphasizes the need to reasonably enhance the utilization level of new energy storage and optimize the calling sequence of various adjustment resources based on system needs [3] - It also highlights the acceleration of the improvement of the new energy storage market mechanism and promotes "new energy + storage" as a unified pricing entity in the electricity market [3] Investment Recommendations - Photovoltaics: The recent "anti-involution" actions in the photovoltaic industry have reached the highest strategic level, focusing on capacity integration in the silicon material segment and strengthening price regulation across the industry [4] - The industry is currently at the bottom of the cycle, with future policy strength being a key variable affecting industry trends [4] - Long-term, the photovoltaic sector is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [4] - Recommended companies include Aiko Solar, Flat Glass Group, GCL-Poly Energy, and Junda Technology [4] - Wind Power: The supply-demand structure of China's wind power industry chain is relatively reasonable, with good profitability for enterprises [5] - Offshore wind power is a key focus for developing the marine economy, with accelerated construction expected by 2025 and a positive trend in wind power exports [5] - Recommended companies include Goldwind Technology, Yunda Co., Oriental Cable, Zhongtian Technology, Dajin Heavy Industry, and Pangu Intelligent [5] - New Energy Vehicles: The new energy vehicle chain in China continues to grow rapidly, with low-end capacity being quickly eliminated after two years of price declines [5] - It is recommended to focus on battery and component segments benefiting from low upstream raw material prices, with companies like CATL, EVE Energy, Haopeng Technology, and others highlighted [5] - As supply-side structure improves and excess capacity gradually diminishes, leading companies such as Hunan YN Energy, Longpan Technology, and others are recommended for attention [5]