新能源电力行业周报：风电机组陆续下线，海风、陆风建设持续推进

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into the performance of the photovoltaic and wind power sectors, indicating a cautious outlook due to recent price declines in both sectors [7][20]. Core Insights - The photovoltaic equipment sector experienced a decline of 6.05%, underperforming the CSI 300 index by 2.79 percentage points, while the wind power equipment sector fell by 5.12%, lagging behind the index by 1.87 percentage points [20]. - The report highlights that the production of silicon materials and silicon wafers is expected to rise, although the overall price dynamics in the supply chain remain dependent on end-user demand [8][14]. - In the wind power sector, the construction of onshore wind projects is steadily increasing, and offshore wind projects are progressing, indicating a potential recovery in the industry [9][16]. Summary by Sections Photovoltaic Sector - Silicon material prices are stable, with September production reaching 138,000 tons, a 6.36% increase month-on-month. October production is expected to rise slightly by up to 5% [8][14]. - Silicon wafer inventory remains high at nearly 5 billion pieces, with production expected to be between 46-48 GW in October. The market is under pressure due to weak demand [8][14]. - Battery cell production is projected at 47.99 GW for October, with a notable decline in prices. The supply chain is currently experiencing an imbalance, affecting pricing power [8][14]. - Module prices are stable, but manufacturers face increasing pressure due to a lack of significant installation peaks this year [8][14]. Wind Power Sector - Onshore wind project bidding reached approximately 875.7 MW, with a total of 5,100 MW opened for bidding. The average bid price is around 1,678.88 RMB/kW, indicating a stable demand for new installations [9][16]. - Offshore wind projects are advancing, with significant projects in Guangdong and Shandong provinces. The overall sentiment in the offshore wind sector is improving as previous restrictions are lifted [10][17]. - The report anticipates a strong performance in the offshore wind sector, driven by both domestic and international demand, suggesting potential growth for component manufacturers [10][17]. Recommendations - The report suggests focusing on companies like Fulete, a leader in photovoltaic glass, which benefits from cost advantages and improved cash flow [15]. - For the wind power sector, companies like Dajin Heavy Industry and Dongfang Cable are highlighted for their strong positions in offshore wind equipment and cable technology, respectively, with expected growth in their performance [18][17].