新能源行业周报（第107期）：风光“内卷”有望改善，重视底部机会

Investment Rating - The report maintains a positive outlook on the electric equipment and new energy sector, indicating a "buy" rating for the industry [1]. Core Insights - The report highlights that the "low-price competition" in the wind and solar sectors is expected to improve, emphasizing the importance of focusing on opportunities at the bottom of the market [1]. - The electric vehicle (EV) sector is poised to enter a new upward cycle, with a focus on global leading companies [1]. - The photovoltaic (PV) industry is anticipated to reach a mid-term bottom soon, with quality becoming a key consideration over price [1][4]. Summary by Sections 1. New Energy Vehicles - In September, the total sales of new energy vehicles in major European countries reached 230,000 units, a year-on-year increase of 8% and a month-on-month increase of 86%, with a penetration rate of 25% [2][12]. - Specific country data includes: - Germany: 49,000 registrations, +5% YoY, +22% MoM, 24% penetration - France: 38,000 registrations, -16% YoY, +99% MoM, 28% penetration - UK: 81,000 registrations, +27% YoY, +225% MoM, 30% penetration - Italy: 11,000 registrations, +2% YoY, +111% MoM, 9% penetration - Spain: 11,000 registrations, +15% YoY, +79% MoM, 12% penetration - Norway: 13,000 registrations, +31% YoY, +19% MoM, 97% penetration - Sweden: 17,000 registrations, -6% YoY, +57% MoM, 65% penetration - Portugal: 6,000 registrations, +12% YoY, +46% MoM, 35% penetration - In the US, 123,000 EVs were registered in September, a decrease of 7% YoY and 5% MoM, with an 11% penetration rate [2][12]. 2. Photovoltaic Industry - The PV industry association stated that bids for PV modules below 0.68 CNY/W are suspected to be illegal, emphasizing the importance of quality over price [4][14]. - The cumulative newly installed PV capacity in China reached 139.99 GW in the first eight months of 2024, a year-on-year increase of 23.71% [14]. - In August, the monthly newly installed capacity was 16.46 GW, a year-on-year increase of 2.88% but a month-on-month decrease of 21.81% [14]. 3. Wind Power Industry - The signing of the "Self-Regulation Agreement for Fair Competition in the Wind Power Industry" by 12 domestic wind turbine manufacturers aims to curb low-price competition and promote sustainable development [6][16]. - The agreement is expected to enhance the profitability of wind turbine manufacturers, with a rebound in gross margins anticipated for 2024 H1 [6][16]. - Investment recommendations focus on leading turbine manufacturers such as Goldwind Technology, Yunda Shares, Sany Heavy Energy, and Mingyang Smart Energy [7][16].