电力设备行业周报：光伏关注硅料价格变化，固态电池进展加速

Investment Rating - Industry Rating: Overweight [2] Core Insights - The photovoltaic sector is experiencing a performance gap, with market expectations influenced by policy and price fluctuations. The focus is on the supply chain dynamics of silicon materials and battery cells [2][10] - Wind power is seeing increased project approvals, with a notable 850MW offshore wind project awarded, indicating a positive trend in domestic wind power installations [20][21] - The energy storage market is expected to improve on both supply and demand sides, with a focus on the PCS segment. The government aims to cultivate leading enterprises in the storage sector [24][28] - The electric power equipment sector is benefiting from high demand for transmission and transformation equipment, with significant contracts awarded by the State Grid [28] - The electric vehicle sector is advancing with solid-state battery technology, suggesting continued investment in high-profit companies within this space [2][10] Summary by Sections Photovoltaic - The photovoltaic industry is in a performance gap period, with market expectations being affected by news and policy changes. The focus is on the price movements of silicon materials and battery cells [2][10] - The price of silicon materials has stabilized after a decline, with expectations for a slight rebound in Q4 as production cuts are implemented [12][18] Wind Power - The wind power sector has seen a 17% year-on-year increase in installations, with a total of 39.12GW added in the first nine months of 2024 [20] - The market sentiment is optimistic due to the commencement of offshore wind projects, which is expected to drive demand for related equipment [21] Energy Storage - The energy storage market is experiencing a positive shift, with a significant increase in demand and supply expectations. The government is promoting the development of large-scale storage enterprises [24][27] - The average price for 2-hour energy storage systems has shown a slight increase, indicating a potential for growth in this segment [24] Electric Power Equipment - The State Grid has announced significant contracts for transmission and transformation equipment, totaling 10.348 billion yuan, indicating robust growth in this sector [28] - The construction of renewable energy bases is driving demand for related electrical equipment, suggesting a sustained high level of activity in the electric power equipment market [28] Electric Vehicles - The advancement of solid-state battery technology is accelerating, with recommendations to invest in companies with stable profitability in the lithium battery and component sectors [2][10] - The electric vehicle market is expected to benefit from favorable policies and strong sales during peak seasons, indicating a positive outlook for the sector [2][10]