反内卷对于光伏板块具有非常积极的影响板块整体上有望迎来修复

Core Insights - The electric power equipment sector outperformed other industries, with a 3.86% increase from September 22 to September 26, 2025, ranking first among 31 primary industries [1][2] - The lithium battery equipment, photovoltaic processing equipment, and wind power components saw the highest gains, with increases of 10.43%, 6.40%, and 4.30% respectively, while photovoltaic generation, thermal power equipment, and thermal generation experienced declines [1][2] Industry Performance - The Shanghai and Shenzhen 300 Index rose by 1.07%, while the electric power equipment index outperformed it by 2.79 percentage points [2] - In the electric power energy sub-sectors, the top three performers were lithium battery equipment, photovoltaic processing equipment, and wind power components, while the worst performers were photovoltaic generation, thermal power equipment, and thermal generation [1][2] Electric Power Industry Operations - In August 2025, the total electricity consumption reached 10,154 billion kWh, a year-on-year increase of 5.00%, with a cumulative consumption of 68,788 billion kWh from January to August, reflecting a 4.60% growth [2] - The newly added power generation capacity from January to August 2025 was 34,516 MW, marking a significant year-on-year increase of 64.40% [2] - The average utilization hours of power generation equipment decreased by 223 hours to 2,105 hours from January to August 2025 [2] - Cumulative investment in the power grid reached 379.6 billion yuan, up 14.00% year-on-year, while cumulative investment in power sources was 499.2 billion yuan, a slight increase of 0.50% [2] New Power System Developments - The photovoltaic sector is expected to benefit from positive influences such as policy support and demand growth, leading to a potential recovery [3] - As of September 24, 2025, the average price of polysilicon remained stable at 51 yuan/kg [3] - The cumulative installed capacity of operational energy storage projects in China reached 164.3 GW by the end of H1 2025, a 59% year-on-year increase, with new energy storage capacity growing by 110% to 101.3 GW [3] - The price of lithium carbonate was reported at 71,500 yuan/ton, reflecting a slight increase [3] - By the end of August 2025, the total number of charging infrastructure units in the country reached 17.348 million, a year-on-year growth of 57.72% [3]