Core Viewpoint - The report from Zhongyin International highlights the growth potential in the offshore wind and photovoltaic (PV) sectors in China and Europe, driven by policy changes and technological advancements, despite short-term fluctuations in demand for new energy installations [1] Group 1: Wind Power - Offshore wind power demand is expected to grow, with coastal provinces in China showing positive attitudes towards development and regulatory approvals becoming more streamlined [2] - The impact of the 136 document on offshore wind projects is relatively limited, allowing for good economic viability [2] - The global offshore wind demand is increasing, with Europe projected to see a 50% growth in wind installations, particularly in offshore wind, which is expected to exceed 100% growth [2] Group 2: Photovoltaic (PV) Sector - The "anti-involution" policy is expected to drive the PV sector in 2024, with industry associations leading the implementation and increased government engagement anticipated in 2025 [3] - There is a risk of negative growth in PV installation scales in 2026, with no significant capacity exits expected in 2025, leading to a challenging supply-demand landscape [3] - The focus on "anti-involution" will guide investment in the PV sector, particularly in the silicon industry chain and the potential exit of inefficient capacities [3] Group 3: Technological Advancements - Perovskite technology is seen as a promising direction for enhancing PV manufacturing efficiency, with the potential to reshape the competitive landscape [4] - Perovskite components have demonstrated strong performance under low-light conditions, with some achieving over 20% efficiency, which could rival traditional silicon components [4] - Leading manufacturers are expected to ramp up production of perovskite battery components in 2026, which may positively impact the industry [4] Group 4: Investment Recommendations - In wind power, the "anti-involution" policy is stabilizing turbine prices, and offshore wind projects are becoming economically viable, suggesting a focus on turbine segments with improving profitability [5] - For the PV sector, attention should be given to the exit of battery and component capacities that could lead to price elasticity, as well as the industrialization potential of perovskite technology [5] - Prioritizing investments in growth-oriented new technologies and segments benefiting from the "anti-involution" policy is recommended [5]
中银国际：新技术推动新能源发电升级 维持行业“强于大市”评级
智通财经网·2025-12-26 08:03