电新行业双周报2024年第21期总第43期：2024国际风能展顺利举办，技术创新引领产业发展

Investment Rating - The investment rating for the power equipment industry is "Positive" [2][42] Core Viewpoints - The report highlights that the power equipment industry index declined by 3.63% during the reporting period, underperforming the CSI 300 index by 1.32 percentage points [2][11] - The report emphasizes the successful hosting of the 2024 Beijing International Wind Energy Conference, showcasing advancements in wind power technology and the integration of wind energy with hydrogen and storage solutions [5][39] - The report suggests a positive outlook for the wind power industry, driven by increased government support and the potential for enhanced efficiency and stability in wind power generation [5][39] Market Review - The power equipment industry has seen a cumulative increase of 0.07% from the beginning of 2024 to the end of the reporting period, while the CSI 300 index increased by 14.40%, indicating a significant underperformance of 14.33 percentage points for the power equipment sector [2][11] - Among the sub-industries, wind power equipment experienced the largest cumulative decline of 17.58% [2][11] - The report tracks individual stock performance, noting that in the lithium battery sector, 11 out of 31 A-share stocks increased, with Changhong Energy showing the highest gain of 50.06% [2][13] Valuation - As of October 18, 2024, the price-to-earnings (PE) ratio for the power equipment industry is 28.82 times, which is above the negative one standard deviation and ranks 13th among the Shenwan first-level industries [2][17] - The PE ratios for key tracked sub-industries are as follows: battery at 28.17 times, wind power equipment at 33.39 times, and lithium batteries at 25.76 times [2][17] Industry Insights - The report discusses the launch of the world's largest 26 MW offshore wind turbine, which showcases China's advancements in wind power technology and its potential to support the country's dual carbon strategy [20] - The report also mentions the "Thousand Villages and Ten Thousand Villages Wind Action" plan in Henan Province, aimed at developing localized wind power projects [21]