电力设备行业跟踪周报：锂电淡季不淡开启新周期、光伏静待供给侧改革深化

Investment Rating - The report maintains an "Accumulate" rating for the electric equipment industry [1] Core Views - The lithium battery sector is entering a new cycle despite the off-season, while the photovoltaic sector is awaiting supply-side reforms [1] - The report highlights a significant demand for energy storage in the U.S. and emerging markets, with expectations of substantial growth in global energy storage installations from 2023 to 2025 [4][13] - The electric vehicle market is projected to maintain a growth rate of over 20% in 2025, driven by strong domestic sales and new model launches [4][35] Summary by Sections Industry Trends - The electric equipment sector saw a decline of 2.66% in the past week, outperforming the broader market [4] - Key developments include the release of trading guidelines by the National Energy Administration to ensure accurate pricing in the electricity market [4] - The report notes various company activities, including acquisitions and strategic partnerships, indicating a dynamic industry landscape [4] Company Highlights - Notable companies such as Ningde Times, BYD, and Sunshine Power are highlighted for their strong market positions and growth potential [4][9] - The report emphasizes the importance of companies like Tongwei and LONGi Green Energy in the photovoltaic sector, particularly in the context of supply-side reforms [4][9] Investment Strategy - The report suggests a focus on leading companies in energy storage, electric vehicles, and photovoltaic sectors, anticipating a recovery in profitability and market demand [4] - Specific recommendations include investing in companies like Ningde Times, BYD, and Sunshine Power, which are expected to benefit from favorable market conditions and technological advancements [4][9]