电力设备行业研究周报：风光装机高增

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [5]. Core Insights - The report highlights significant growth in wind and solar power installations, with wind power capacity reaching 5.52 GW in September, a year-on-year increase of 14% and a month-on-month increase of 58%. Cumulatively, wind power installations for the first nine months of the year reached 38.21 GW, a 10% increase year-on-year, totaling approximately 479.55 GW by the end of September [2][8]. - Solar power installations in September amounted to 20.57 GW, reflecting a year-on-year growth of 31% and a month-on-month growth of 23%. For the first nine months, solar installations reached about 163.43 GW, a 27% increase year-on-year, with a cumulative total of approximately 772.92 GW by the end of September [2][8]. - The report notes that as of the end of September, thermal power accounted for the highest share of installed capacity at 45%, while solar and wind power accounted for 24% and 15%, respectively. However, the generation share of thermal power was 67.2%, with solar and wind contributing only 4.4% and 9.5%, indicating significant room for improvement in grid-connected generation [10][11]. - Investment in power generation and grid infrastructure has seen substantial growth, with power generation investment reaching 595.9 billion yuan, a 7.2% increase year-on-year, and grid investment totaling 398.2 billion yuan, a 21.1% increase year-on-year. This growth is driven by the transition to a new power system and carbon neutrality goals, emphasizing the need for energy storage systems to ensure stable operation of the power grid [10][11]. Summary by Sections Wind Power Installation - In September, wind power installations were 5.52 GW, with a year-on-year increase of 14% and a month-on-month increase of 58. Cumulative installations for the first nine months reached 38.21 GW, a 10% increase year-on-year, totaling approximately 479.55 GW by the end of September [2][8]. Solar Power Installation - Solar power installations in September were 20.57 GW, showing a year-on-year growth of 31% and a month-on-month growth of 23%. Cumulative installations for the first nine months reached about 163.43 GW, a 27% increase year-on-year, with a total of approximately 772.92 GW by the end of September [2][8]. Power Generation Structure - As of the end of September, thermal power had the highest installed capacity share at 45%, while solar and wind power accounted for 24% and 15%, respectively. The generation share for thermal power was 67.2%, with solar and wind at 4.4% and 9.5%, indicating a need for improvement in grid-connected generation [10][11]. Investment Growth - Power generation investment reached 595.9 billion yuan, a 7.2% year-on-year increase, while grid investment totaled 398.2 billion yuan, a 21.1% year-on-year increase. This growth supports the transition to a new power system and carbon neutrality goals, highlighting the importance of energy storage systems for grid stability [10][11].