清洁能源市场监测——2024年11月（英）

Investment Rating - The report does not explicitly provide an investment rating for the clean energy sector, but it indicates a positive outlook for clean energy transitions, particularly in emerging markets and developing economies [12]. Core Insights - The clean energy market is experiencing significant growth, with solar PV additions rising by 36% and electric vehicle sales increasing by 25% in the first half of 2024 compared to the same period in 2023 [12][23]. - Despite some setbacks in specific sectors, the overall clean energy transition is accelerating, particularly in emerging markets outside of China, where electric vehicle sales doubled [12][34]. - The report highlights a decline in clean energy equipment prices, with the Clean Energy Equipment Price Index down by 22% from its post-pandemic peak [14][45]. Clean Technology Deployment Trends - Solar PV capacity additions in major markets like China, the United States, and India saw significant increases, with China alone adding almost 130 GW, a 33% rise from 2023 [17][18]. - Wind power capacity additions varied, with China seeing stable growth while the U.S. experienced a decline due to project pipeline delays [21]. - Global electric car sales increased by approximately 25%, with China leading the market, where nearly 50% of cars sold were electric by mid-2024 [23][25]. - Heat pump sales fell by 10% globally, primarily due to a sharp decline in Europe, while China saw a 13% increase [34][37]. Clean Energy Equipment Price Trends - The Clean Energy Equipment Price Index fell by around 17% in Q2-2024 compared to the same period last year, with solar PV module prices decreasing by more than 50% since their post-pandemic peak [45][49]. - Prices for grid-scale battery storage decreased by over 30% from their peak in 2022, while EV battery prices fell nearly 20% [50][51]. Financial Performance of Selected Clean Energy Technology Companies - Profit margins for integrated solar PV manufacturers in China dropped to nearly -5% in the first half of 2024 due to excess capacity and price competition [62]. - In contrast, Chinese EV manufacturers showed resilience, with profit margins strengthening to around 4.5% for BYD, while margins for top EV manufacturers outside China declined [60][61]. - Wind power companies in China maintained stable profit margins, while those outside China saw modest recovery, with margins increasing from -1% to over 4% [63][64]. CO2 Emission Trends from the Electricity Sector in 2024 - CO2 emissions from electricity generation in tracked countries fell by over 1% compared to the same period in 2023, despite a 2.5% increase in total electricity generation [71]. - The share of renewables in the electricity mix rose by two percentage points, contributing to a nearly 3.5% improvement in CO2 intensity [71][79]. - The European Union achieved a significant milestone, with renewables accounting for around 50% of total electricity generation between January and October 2024 [15][79].