新能源板块行业月报：8月逆变器出口：德国大幅修复，新兴市场需求持续

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights a continuous demand in the industry, with inverter exports in August showing a year-on-year increase of 24.9% and a month-on-month increase of 9.5%, amounting to 860 million USD [1] - Cumulative inverter export value for the year is 5.66 billion USD, reflecting a year-on-year decrease of 25.6% [1] - The report notes significant recovery in Germany's inverter exports, with a month-on-month increase of 15.9% [1] Summary by Relevant Sections Inverter Exports - August inverter export value reached 860 million USD, with a year-on-year increase of 24.9% and a month-on-month increase of 9.5% [1] - Cumulative inverter export quantity for the year is 35.75 million units, showing a year-on-year decrease of 3.2% [1] - Germany's inverter export value in August was 610 million USD, with a month-on-month increase of 15.9% [1] Regional Performance - In the Americas, Mexico's exports doubled month-on-month, while the US export value was 220 million USD, reflecting a year-on-year increase of 63.6% [1] - In Asia-Pacific, the Philippines showed significant month-on-month growth, while Indonesia and Vietnam remained stable [1] - Emerging markets are performing steadily, with continuous demand noted [1] Provincial Performance - Significant month-on-month growth in inverter exports was observed in Anhui and Zhejiang provinces, with Zhejiang's export quantity increasing by 53% [1] - The report identifies key companies in these regions, including DeYe, YN, and HeMai in Zhejiang, and GuoDeWei and ShangNeng in Guangdong [1]