电力设备与新能源行业周报：产业链底部区域蓄力，新能源环节龙头价值凸显

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, highlighting the value of leading companies in the new energy segment [1][5]. Core Insights - The report emphasizes that the new energy sector is at a bottoming phase, with leading companies in the industry showing significant value. It suggests that despite market fluctuations, there is a strong recommendation for investing in leading companies across various segments of the industry [5]. - The report notes that the electric grid equipment sector continues to hold significant investment value, driven by the transition towards a new power system and increased investments in high-voltage direct current projects [5]. - The report highlights the ongoing recovery in the wind power sector, with expectations of increased installations and improved valuations due to low current valuations and high growth potential [16]. Summary by Sections Industry Overview - The report discusses the overall market strategy, indicating that the new energy sector is experiencing a recovery phase, with leading companies in the photovoltaic and lithium battery sectors positioned for growth [5]. Lithium Battery Sector - The report indicates that the demand for lithium batteries remains high, driven by policies promoting electric vehicle sales. In September 2024, wholesale sales of new energy passenger vehicles reached 1.231 million units, a year-on-year increase of 48.1% [6][7]. - Investment recommendations focus on companies with strong positions in the battery supply chain, such as CATL and EVE Energy, as well as midstream material companies like Keda and PULI [7]. Photovoltaic Sector - The report notes an increase in component production in October, with expectations for continued growth in November. It emphasizes the importance of monitoring anti-dumping measures in Southeast Asia [8][12]. - Investment suggestions include focusing on inverter and main chain companies, as well as those in the supply chain that are currently undervalued [12][13]. Wind Power Sector - The report highlights the low valuations in the wind power sector, with many companies trading below a price-to-book ratio of 1. It anticipates a recovery in installations and overall industry growth due to increased demand both domestically and internationally [16]. - Recommendations include focusing on offshore wind projects and companies involved in the supply chain, such as tower manufacturers and cable suppliers [16].