电气设备行业周报：逆变器7月出口承压，短期因素不改长期趋势

Investment Rating - The industry investment rating is maintained as "Recommended" [2] Core Views - The report indicates that the inverter export market is currently under pressure due to short-term factors, but the long-term trends remain positive with considerable demand [2][3] - The National Energy Administration reported that the newly installed capacity for wind power in July 2024 was 21.05GW, a year-on-year increase of 12%, while the cumulative installed capacity for the first seven months reached 123.5GW, up 27% year-on-year [5] - The report suggests that while the inverter export market is experiencing fluctuations, the core driving factors for demand remain unchanged, particularly in regions facing electricity shortages [3][4] Summary by Sections Industry Performance Review - The photovoltaic index fell by 6.49% from August 19 to August 23, underperforming the Shanghai and Shenzhen 300 index, which declined by 0.55% [3] - The wind power index also decreased by 5.2% during the same period, with only a few stocks showing positive performance [3] Policy Tracking - The report highlights that the U.S. government has increased the annual exemption quota for photovoltaic batteries from 5GW to 12.5GW, reflecting real market demand [4] - The National Energy Administration's data shows significant growth in newly installed capacities for both photovoltaic and wind power, indicating a robust market outlook [5][6] Key Stocks - The report identifies key stocks to watch, including Dongfang Cable (603606), Dajin Heavy Industry (002487), Jinlei Co. (300443), and others, suggesting a focus on companies with strong overseas capacity and cost control [2]