光伏储能大爆发！政策+业绩+出海共振，核心标的全面梳理

Core Viewpoint - The photovoltaic and energy storage sectors are experiencing a significant surge driven by a combination of favorable policies, strong earnings reports, and a global demand explosion, creating substantial investment opportunities in high-quality stocks [1] Group 1: Four Core Drivers of Sector Surge - Policy changes have ended the low-price competition in the photovoltaic industry, leading to improved profit expectations [3] - Third-quarter earnings exceeded expectations, attracting institutional investment as companies demonstrated solid performance [4] - A global supercycle in power construction is benefiting Chinese equipment manufacturers, with overseas demand outpacing domestic [5] - Technological advancements are shifting the sector's perception from "cyclical stocks" to "growth stocks," allowing for significant valuation expansion [6] Group 2: High-Quality Stocks in Sub-Sectors Photovoltaic Equipment - Longi Green Energy leads with advanced technology and a strong overseas presence, with plans for significant production capacity [7] - Tongwei Co. benefits from the lowest silicon material costs and high production efficiency, enhancing profit margins [7] - JA Solar is recognized for its extensive global channels and significant overseas revenue [7] - Dongfang Risheng excels in heterojunction technology, translating technical advantages into substantial profit growth [7] Energy Storage Batteries - CATL holds a 40% market share in global energy storage batteries, with stable profit margins [8] - EVE Energy ranks second in domestic energy cell shipments, with a strong order backlog [8] - Guoxuan High-Tech is advancing its localization strategy in the U.S. while experiencing significant growth in energy storage shipments [8] Energy Storage Inverters & System Integration - Sungrow Power Supply leads in global energy storage system shipments, with a strong overseas market presence [9] - Deye Technology excels in household storage inverters, benefiting from early market entry in emerging regions [9] - Jinlang Technology ranks among the top three in string inverters, with increasing profitability from energy storage applications [10] Power Grid Equipment - Sifang Electric is a leading exporter of transformers, capitalizing on European grid upgrades [11] - State Grid Corporation of China is a global leader in grid automation, with a strong order visibility [11] - Haixing Electric leads in smart meter exports, benefiting from global grid modernization [11] Solid-State Battery Prospects - Ganfeng Lithium is advancing solid-state battery production, positioning itself for future market leadership [12] - Rongbai Technology leads in high-nickel cathode materials for solid-state batteries, with strong technical partnerships [12] Photovoltaic/Energy Storage Auxiliary Materials - Foster is a leader in EVA film with a strong market share, benefiting from rising product prices [13] - CITIC Bo is the top provider of tracking brackets in Asia-Pacific, with increasing profitability from major projects [13]