电新行业双周报2024年第20期总第42期：宏观政策密集出台，风电板块持续走强

Investment Rating - The investment rating for the power equipment industry is "Positive" [3][55] - The rating remains unchanged [3] Core Insights - The power equipment industry index increased by 29.38%, outperforming the CSI 300 index by 2.20 percentage points during the reporting period from September 18 to October 7, 2024 [3][11] - The cumulative increase for the power equipment industry from the beginning of 2024 to the end of the reporting period is 3.83%, while the CSI 300 index increased by 17.10%, indicating a relative underperformance of 13.27 percentage points [3][11] - The wind power equipment sector experienced the largest cumulative decline of -13.25% among the six sub-industries [3][11] - The report highlights significant growth in the wind power and solar energy sectors, with installed capacity reaching 47,403 MW and 75,235 MW respectively, marking year-on-year growth of 19.9% and 48.8% [5][55] - The report suggests that the wind power industry may enter a new growth phase, recommending a focus on wind turbine and key component sectors [5][55] Summary by Sections Market Review - The power equipment industry index rose by 29.38%, with notable increases in battery, photovoltaic equipment, and wind power equipment sub-industries [3][11] - Key tracked sub-industries such as lithium batteries and battery chemicals saw increases of 36.67% and 36.57% respectively [3][11] - The report indicates that 14 listed companies in the power equipment sector experienced a net reduction in shareholder holdings amounting to 0.85 billion [4][38] Industry Data Tracking - As of September 30, 2024, the price-to-earnings (PE) ratio for the power equipment industry is 29.92 times, which is above the negative one standard deviation level [3][23] - The PE ratios for key tracked sub-industries are 28.78 times for batteries and 35.24 times for wind power equipment [3][23] Company Dynamics - The report notes significant stock price increases among key companies in the lithium battery and battery chemical sectors, with notable gains of 53.76% for Changhong Energy and 67.79% for Defang Nano [3][15] - The report also highlights the establishment of a joint venture for lithium hexafluorophosphate production, indicating ongoing investment in the sector [37]