政策窗口开启，本土制造升级 | 投研报告

Core Insights - The report highlights the performance of the power equipment and new energy sector during the week of September 15 to September 19, 2025, with the Shanghai Composite Index declining by 1.30%, while the Shenzhen Component Index and the ChiNext Index increased by 1.14% and 2.34% respectively. The Shenwan Power Equipment Index rose by 3.07%, outperforming the CSI 300 by 3.51 percentage points [1][2]. Weekly Market Review - During the specified week, the Shenwan Power Equipment Index showed a positive trend, with sub-sectors such as photovoltaic equipment, wind power equipment, batteries, and grid equipment experiencing varied performance, with changes of -0.84%, +5.26%, +5.56%, and +2.06% respectively [1][2]. Key Sector Tracking - The report indicates a significant increase in the bidding prices for various wind turbine models, with the lowest bid price for 5 MW units rising from 1157 RMB/kW in 2024 to approximately 1700 RMB/kW in the first half of this year. Similar trends are observed in other categories, with the 6.25 MW to 7.15 MW units seeing a rise from 960 RMB/kW to 1439 RMB/kW. This suggests that the industry's low-price competition has been effectively curbed [3]. Investment Recommendations - In the photovoltaic sector, the report notes a national strategic focus on "anti-involution" actions, emphasizing capacity integration in the silicon material segment and price regulation across the industry. The sector is currently at a cyclical low, with future policy strength being a key variable influencing market trends. Long-term prospects indicate a shift towards high-quality development, with technology upgrades and market optimization becoming central to competition. Companies such as Aiko Solar, Flat Glass, GCL-Poly, and Junda are recommended for attention [4]. - For the wind power sector, the supply-demand structure is deemed relatively balanced, with good profitability among enterprises. The report maintains a positive outlook on the domestic wind power industry chain, suggesting a focus on companies like Goldwind Technology and Yunda Shares for complete systems, and Oriental Cable and Zhongtian Technology for submarine cables [5]. - In the new energy vehicle sector, rapid growth continues, with a recommendation to focus on battery and component segments benefiting from low upstream raw material prices, highlighting companies like CATL and EVE Energy. Additionally, leading firms such as Hunan Youneng and Longpan Technology are suggested as beneficiaries of industry recovery [5].