电力设备行业投资策略周报：大储电网基本面继续亮眼

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a stabilization in silicon material prices, with slight declines in prices for silicon wafers, batteries, and components, while silver prices have increased [3] - In July 2024, China's new photovoltaic installations reached 21.05 GW, a year-on-year increase of 12.3%, with cumulative installations reaching 123.53 GW, a 27.1% increase year-on-year [3][9] - The lithium battery sector shows signs of recovery, with Q2 performance indicating a significant improvement in operational conditions [3] - The wind power sector is witnessing new project announcements, including a 900 MW offshore wind project in Guangzhou, indicating a potential turning point for offshore wind energy [3] - Investment in power equipment remains robust, with a 19.2% year-on-year increase in grid project investments from January to July 2024 [3][25] - The hydrogen energy segment is expected to grow significantly, with a focus on green hydrogen projects and the demand for electrolyzers and compressors [3] - The robotics industry is advancing, with China holding two-thirds of global robot-related patents and showcasing new industrial applications at the World Robot Conference [3] Summary by Sections Photovoltaics - Silicon material prices have stabilized, while prices for silicon wafers, batteries, and components have slightly decreased [7] - In the first seven months of 2024, photovoltaic installations accounted for 67% of the total new power installations in China [9] Lithium Batteries - The average price of battery-grade lithium carbonate has decreased to 74,300 CNY per ton, with a weekly decline of 1.20% [10] - The demand for lithium iron phosphate is increasing, driven by the storage market [10][12] Wind Power - The Guangdong 400 MW offshore wind project has announced its winning bidders, with construction expected to start in October 2024 [21] - The 500 MW offshore wind project by Huadian Group has also announced its winning bidders [22] Power Equipment - From January to July 2024, grid project investments reached 294.7 billion CNY, a 19.2% increase year-on-year [25] - Transformer exports for the first seven months of 2024 reached 16.64 billion CNY, a 47.8% increase year-on-year [27] Hydrogen Energy - The cumulative bidding for electrolyzers reached 2,181 MW from January to August 2024, a year-on-year increase of 66.81% [31] - Shandong Province has introduced a policy to exempt hydrogen vehicles from highway tolls, promoting the hydrogen energy industry [34] Robotics - The World Robot Conference showcased 27 humanoid robots, with China holding a significant share of global robot patents [35] - New humanoid robot solutions were presented, indicating advancements in industrial applications [36]