Q3前瞻：旺季量增，盈利逐步企稳

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [1]. Core Insights - The report highlights that Q3 shows a seasonal increase in volume and a gradual stabilization in profitability across various segments, including new energy vehicles, photovoltaics, wind power, and energy storage [1][2][3]. - The new energy vehicle segment saw a significant increase in wholesale volume, reaching 3.225 million units in Q3, a 21.1% increase quarter-on-quarter [1]. - In the photovoltaic sector, domestic demand remained stable or slightly decreased, while overseas demand increased, indicating a potential bottoming out of profitability in the supply chain [1]. - The wind power segment is progressing steadily with offshore projects and increased orders, which are expected to improve profitability [2]. - Energy storage saw a quarter-on-quarter increase in shipments, with large-scale storage profitability expected to stabilize [3]. Summary by Relevant Sections New Energy Vehicles - Q3 saw a 21.1% quarter-on-quarter increase in domestic new energy passenger vehicle wholesale volume, reaching 3.225 million units [1]. - Major battery manufacturers reported a production increase of 10.6% quarter-on-quarter, with industry concentration further rising [1]. Photovoltaics - In August, China's newly installed photovoltaic capacity reached 16.46 GW, with a year-on-year increase of 2.9% but a quarter-on-quarter decrease of 21.8% [1]. - The profitability of the main supply chain is expected to stabilize, while auxiliary materials may face pressure from the main chain [1]. Wind Power - New installed capacity for wind power reached 7.77 GW in July-August, a year-on-year increase of 31% [2]. - The profitability of onshore wind turbine manufacturers is expected to improve as project approvals and conflicts are resolved [2]. Energy Storage - New installed capacity reached 5.23 GW/13.26 GWh in July-August, with year-on-year increases of 86%/118% [3]. - The profitability of large-scale storage integrators is expected to rise due to increased overseas demand [3].