电新&公用行业周报：光伏组件价格下探，辅助服务市场规则发布

Summary of Key Points Core Viewpoints - The report indicates a downward trend in photovoltaic module prices, with average prices approaching 0.7 RMB per watt, reflecting increased pressure on manufacturers due to unclear order conditions in Q4 [1][12][18] - The report highlights significant investment in the hydrogen energy sector, particularly by Saudi Arabia, which plans to invest billions in developing low-carbon hydrogen fuel [1][12][13] - The National Energy Administration has released basic rules for the electricity auxiliary service market, aiming to optimize pricing mechanisms and improve market connections [1][12][13] Industry Overview - The electric new energy sector saw a decline of 5.44% in the recent week, ranking 16th among 31 industries, while the public utility sector declined by 4.83%, ranking 13th [5][6] - The overall market performance for the electric new energy sector has been weak, with 24 stocks rising and 317 stocks falling during the week [9][11] Key Industry Dynamics - Photovoltaics: Post-holiday market activity is low, with silicon material and cell prices remaining stable, while module prices are declining. The average price for modules is nearing 0.7 RMB per watt, with significant pressure on manufacturers due to weak demand [12][18] - Wind Energy: The report notes that the approval of offshore wind projects is expected to accelerate, potentially boosting the supply chain and export opportunities for China's wind energy sector [1][12][13] - Hydrogen Energy: Saudi Arabia's investment in hydrogen energy is expected to enhance the industry's growth and attractiveness [1][12][13] Company Announcements - ChuanTou Energy reported a net profit of 4.422 billion RMB for the first three quarters of 2024, a year-on-year increase of 15.10% [12][14] - Huaneng Hydropower announced a net profit of 7.226 billion RMB for the same period, reflecting a year-on-year increase of 7.78% [12][14] - Teruide expects a net profit between 436 million and 462 million RMB for the first three quarters of 2024, compared to 222 million RMB in the previous year [12][14]