电力设备与新能源行业周报：从光伏玻璃联合限产，看景气底部布局的方向选择

Investment Rating - The industry investment rating is "Buy" (maintained) [1] Core Viewpoints - The photovoltaic glass industry is experiencing a supply-demand turning point due to joint production cuts by companies, emphasizing the principle of selecting stable and leading companies for bottom-fishing in the photovoltaic sector [2][4] - The report highlights the resilience of the U.S. solar and storage market despite policy fluctuations, reiterating the "double-click" opportunity for advantageous companies [5][6] - The integration of state-owned enterprises in the power grid sector is expected to enhance business synergy and optimize capital layout [3][8] - The recent offshore wind energy auction in the UK has allocated 5.34GW of projects, with increased bid prices indicating a higher probability of project realization [10][11] Summary by Sections Photovoltaic & Energy Storage - Joint production cuts in the photovoltaic glass sector are accelerating the approach to a supply-demand turning point, with a focus on selecting companies with stable market positions and strong leadership [2][4] - The report emphasizes the importance of the U.S. solar market, where high trade barriers lead to increased profitability for local companies, and recommends firms with significant U.S. market presence [5][6] Power Grid - The restructuring of state-owned enterprises in the power grid sector is expected to enhance the core competitiveness of China's power transmission and transformation equipment industry [8] - The National Grid's collaboration with South African and Indonesian power companies aims to strengthen cooperation in smart grids and transmission projects [3][8] Wind Power - The UK government has allocated 5.34GW of offshore wind projects, with increased bid prices indicating a positive outlook for project realization and potential revenue for domestic companies [10][11] Hydrogen and Fuel Cells - BMW's entry into the fuel cell vehicle market signals growth potential in the passenger vehicle segment, while new regulations in Inner Mongolia are expected to facilitate the development of hydrogen projects [12][13] Investment Recommendations - The report recommends leading companies in the photovoltaic, energy storage, wind power, and hydrogen sectors, highlighting firms like Arctech, Sungrow, and Goldwind as key players [14]