新能源板块行业跟踪报告：浅析特朗普上台对光储市场的影响

Investment Rating - The investment rating for the renewable energy sector is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights significant improvements in supply and demand dynamics within the photovoltaic sector, indicating that investment opportunities are worth paying attention to [2] - The analysis of the Trump administration's policies (2017-2020) reveals that tariffs on imported photovoltaic cells and components were implemented to protect domestic solar manufacturers, but the overall impact on exports was limited [3][4] - The Biden administration (2021-2024) has taken a more targeted approach with anti-dumping and anti-subsidy investigations, which have had a more pronounced effect on limiting Chinese photovoltaic products [3][4] - The U.S. solar and storage markets have experienced rapid growth under both administrations, with significant compound annual growth rates (CAGR) for new installations during their respective terms [4] Summary by Sections Section: Market Performance - The report notes that the U.S. photovoltaic market saw a CAGR of 21.1% for new installations during the Trump administration and 19.1% during the Biden administration, while storage installations experienced a CAGR of 70.8% and 84% respectively [4] Section: Policy Analysis - The Trump administration's policies were more about expressing trade positions rather than actively protecting domestic solar interests, while the Biden administration's policies are seen as more effective in supporting U.S. renewable energy companies [3][4] Section: Future Outlook - The report suggests that the U.S. storage market is poised for strong growth, with companies like Sungrow and Canadian Solar expected to benefit from this trend, despite potential valuation pressures from the upcoming U.S. elections [4]