电新&公用行业动态点评报告：9月装机数据：光伏新增装机20.89GW，风电新增装机5.5GW

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights that the demand for new energy installations is expected to continue growing in the long term, with future consumption pressures likely to be alleviated through energy storage and virtual power plants [1] - As of September 2024, the cumulative installed capacity of photovoltaic (PV) power reached 770 million kilowatts, representing a year-on-year increase of 48.3% [1] - In the first nine months of 2024, domestic PV installations totaled 160.88 GW, a year-on-year increase of 25% [1] - Wind power installations in September 2024 reached 5.51 GW, with a cumulative installed capacity of approximately 480 million kilowatts, reflecting a year-on-year increase of 19.8% [1] - The report indicates that power investment in the first nine months of 2024 grew by 7.2%, while grid investment increased by 21.1% [1] Summary by Relevant Sections Photovoltaic Installations - In September 2024, new PV installations were 20.89 GW, with a month-on-month increase of 27% and a year-on-year increase of 32% [1] - The report notes that the average utilization hours of national power generation equipment decreased by 106 hours compared to the same period last year [1] Wind Power Installations - The report states that new wind power installations in September 2024 were 5.51 GW, with a month-on-month increase of 49% and a year-on-year increase of 21% [1] - Cumulative wind power installations reached approximately 480 million kilowatts by the end of September 2024 [1] Investment Insights - The report mentions that the total investment in power generation projects by major national power companies reached 595.9 billion yuan, a year-on-year increase of 7.2% [1] - Grid engineering investment completed in the first nine months of 2024 was 398.2 billion yuan, reflecting a year-on-year growth of 21.1% [1] Key Companies to Watch - The report suggests focusing on leading companies in the photovoltaic sector such as Tongwei Co., Longi Green Energy, Trina Solar, JinkoSolar, Canadian Solar, and TCL Zhonghuan, as well as companies in the inverter and energy storage segments like Sungrow Power Supply, Deye Technology, and Shangneng Electric [1]