东海证券晨会纪要

Core Insights - The report emphasizes the stable pricing of photovoltaic silicon wafers and the steady progress in offshore wind construction, indicating a positive outlook for the renewable energy sector [2][6][74] - The report suggests that various segments of the power industry exhibit strong growth potential and stability, with a reshaping of the valuation system driven by electricity policies and supply-demand dynamics [5][40] Summary by Sections Power Industry Overview - The power industry is expected to benefit from high temperatures in summer, leading to increased cash flow and profitability for hydropower leaders such as Changjiang Power, Guikang Power, and Huaneng Hydropower [5] - Pumped storage leaders like South Grid Storage are anticipated to gain from policy support, with stable profitability and increasing installed capacity [5] - Nuclear power leaders such as China Nuclear Power and China General Nuclear Power are positioned to benefit from a redefined status and increasing installed capacity, supported by high barriers in cost and technology [5] - Thermal power leaders like Huadian International and Huaneng International are expected to benefit from declining coal prices and stable profitability from capacity trading [5] - Green power leaders such as Three Gorges Energy and Longyuan Power are likely to benefit from electricity reforms [5] Photovoltaic Sector - The report notes that silicon material prices remain stable, with domestic production expected to maintain around 150,000 tons in July, while downstream demand shows no significant improvement [59] - The report highlights that the production of silicon wafers is projected to be around 50.6 GW in July, with a slight decrease from June due to reduced operating rates among several companies [25][59] Wind Power Sector - The report indicates that the bidding and opening scale for onshore wind power continues to grow, supporting the annual new installed capacity, with significant projects being approved in various provinces [26] - The average bidding price for onshore wind turbines has shown signs of recovery, indicating a positive trend in the wind power sector [61] Nuclear Power Insights - The report discusses the global shift in nuclear power policies, suggesting a potential for continued revaluation of the sector, with domestic nuclear power expected to increase its share of total electricity generation from 4.6% in 2023 to 7% and 10% by 2030 and 2035, respectively [23] Hydropower Insights - The report highlights the defensive nature of hydropower, with high cash flow and dividend ratios, and anticipates improved performance due to favorable weather conditions this summer [57] Green Power Insights - The report notes that the decline in component and storage costs is expected to ease installation costs, while the launch of the green certificate trading system is anticipated to enhance the valuation of green power [73]