月第4周周报：电力设备与新能源行业10

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Views - The report highlights that energy consumption control policies in the photovoltaic sector are expected to be further implemented, potentially reversing supply and demand in the silicon material segment. This will drive up prices for components, benefiting leading manufacturers with high profitability elasticity [1]. - In the wind power sector, steady progress in domestic offshore and onshore wind bidding and construction is anticipated, with improved demand expected to drive profitability recovery in the complete machine and component segments [1]. - The report suggests prioritizing investments in complete machines and casting segments that are likely to benefit from offshore wind and international expansion logic [1]. - In the new energy vehicle sector, the upcoming sales season is expected to boost demand across the supply chain, with material segments still facing profitability pressures. However, a reduction in material price pressures is anticipated, leading to potential profitability recovery [1]. - The report emphasizes the accelerated development of solid-state battery industrialization, indicating that companies involved in batteries, materials, and equipment in related fields are likely to benefit [1]. - The domestic push for electricity system reform and the National Energy Administration's notification on renewable energy consumption is expected to accelerate the construction of ultra-high voltage and main grid infrastructure, maintaining high demand for related grid equipment [1]. - The hydrogen energy sector is also highlighted, with ongoing policy support for industrialization, suggesting a focus on companies with cost and technological advantages in electrolyzer production and those benefiting from hydrogen infrastructure development [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector saw a weekly increase of 9.10%, outperforming the broader market. The power generation equipment segment rose by 24.87%, photovoltaic by 18.41%, wind power by 17.55%, nuclear power by 6.73%, and new energy vehicles by 6.18% [1][6][8]. Key Industry Information - The report notes that the National Development and Reform Commission has issued a notification to improve the carbon emission statistical accounting system, aiming for completion by 2030. In September 2024, China's photovoltaic installed capacity reached 20.89 GW, a year-on-year increase of 32% [1][12][13]. - Major companies reported varying profitability, with some experiencing significant declines while others, like Goldwind Technology, reported a 42.14% increase in profits [1]. Market Dynamics - The report discusses the current state of the silicon material market, indicating a weak demand and stable pricing, with domestic block silicon prices averaging around 40 RMB per kg. The silicon wafer market remains pessimistic, with prices for various specifications adjusting downward [10][11]. - Battery prices have remained stable, with P-type M10 and G12 battery prices averaging 0.28 RMB per watt, while N-type battery prices also held steady [10][11]. Company Developments - Notable developments include CATL's release of a new battery model and Tesla's plans for a more affordable vehicle model starting in mid-2025. The report also highlights the expected increase in new energy vehicle sales in October 2024 [12][13].