电新行业四季度策略暨重点推荐组合：周期反转，成长先锋

Investment Rating - The report maintains a "Positive" investment rating for the electric power equipment sector [5]. Core Insights - The photovoltaic industry is experiencing a rapid rebalancing, with prices stabilizing and excess capacity being eliminated, leading to accelerated demand for offshore wind and energy storage [5][11]. - The lithium battery sector is seeing a sequential increase in production, driven by a surge in electric vehicle sales and a booming energy storage market, which is expected to enhance profitability in the third quarter [5][27]. - Recent policy changes in China and the U.S. are expected to boost market confidence and improve the valuation of the new energy sector [5][15]. - Institutional holdings in the electric power equipment sector remain overweight, indicating potential for continued strength in the upward market trend [5][19]. - The report recommends stocks in the electric power equipment new energy sector due to their low valuations and solid fundamentals [5]. Summary by Sections 1. Photovoltaic and Energy Storage Operations - The photovoltaic industry is witnessing a price bottoming out, with the average prices for polysilicon at approximately 40.0 RMB/KG and N-type 182mm wafers at about 1.08 RMB/piece [11][12]. - In August 2024, domestic photovoltaic installations reached 16.46 GW, a year-on-year increase of 2.88% [12][15]. - Global energy storage projects have seen a cumulative installed capacity of 289.2 GW, with new installations in 2023 growing by 69.5% [15][16]. 2. Lithium Battery Operations - Global lithium battery shipments surged from 294 GWh in 2020 to 1203 GWh in 2023, with a CAGR of 59.86% [27][30]. - The report forecasts that global lithium battery sales will reach 1530 GWh in 2024, representing a year-on-year growth of 27% [30][33]. - The domestic market for electric vehicles is expected to continue its rapid growth, compensating for slower sales in Europe and the U.S. [30][31]. 3. Policy Dynamics and Impact - A series of policies announced in September 2024, including interest rate cuts and support for mergers and acquisitions, are expected to enhance market confidence and improve the competitive landscape in the new energy sector [5][15]. - The U.S. Federal Reserve's interest rate cuts are anticipated to benefit growth-oriented investment styles, potentially leading to a valuation uplift for the new energy industry [5][15]. 4. Financial Landscape - Institutional holdings in the electric power equipment sector remain in an overweight position, indicating a strong outlook for the sector amidst rising market conditions [5][19]. - The report highlights that the electric power equipment sector has seen a 30.35% increase since the start of the current market rally, ranking it seventh among 31 sectors [5][19]. 5. Stock Recommendations - The report suggests that stocks in the electric power equipment new energy sector are undervalued and have strong fundamentals, making them attractive investment opportunities [5].