新能源电力行业周报：光伏出口退税率下调，海风项目建设持续加速

Investment Rating - The report maintains a "Market Perform" rating for the photovoltaic and wind power equipment sectors [4]. Core Insights - The photovoltaic equipment sector experienced a decline of 4.17% in the week of November 11-15, underperforming the CSI 300 index by 0.88 percentage points. The wind power equipment sector fell by 7.28%, lagging behind the CSI 300 index by 3.99 percentage points [5][34]. - The report highlights a trend of price stabilization in the wind power sector, with increasing project construction in offshore wind energy, indicating a robust demand outlook for 2025 [8][10]. Summary by Sections 1. Investment Highlights 1.1 Photovoltaic Sector - Silicon material prices have slightly decreased, with a general transaction volume observed. Monthly supply is expected to decline, leading to a gradual return to balance in supply and demand [6][23]. - Silicon wafer prices remained stable, with production dropping to approximately 39 GW in November. Monthly consumption is projected to exceed 10 GW, accelerating the return to supply-demand balance [6][24]. - Battery cell production increased by 6.93% month-on-month, with a utilization rate of 58.92% in November [6][23]. - Module production slightly decreased by 0.6%, with expectations of a decline in December due to reduced procurement demand [6][24]. - Recommended focus on Fulete, a leading photovoltaic glass manufacturer, benefiting from cost advantages and improved cash flow [7][25]. 1.2 Wind Power Sector - Onshore wind turbine bidding reached approximately 1,705.55 MW, with a total of 4,276.7 MW opened for bidding, indicating strong support for annual installation growth [8][27]. - The average bid price for onshore wind turbines stabilized at around 2,061.10 CNY/kW, with a forecast of continued demand in 2025 [8][27]. - Offshore wind project construction has accelerated, with significant developments in various provinces, indicating a reduction in restrictive factors and a positive outlook for the sector [10][28]. - Recommended focus on Daikin Heavy Industries, benefiting from stable overseas business and project deliveries [10][31]. 2. Market Performance - The photovoltaic equipment sector's performance was led by Maimai Co., CITIC Bo, and Jinbo Co., while the worst performers included Junda Co., Hongyuan Green Energy, and Sunflower [5][34]. - The wind power sector saw top performers such as Xinqianglian, Qifan Cable, and Zhonghuan Hailu, with the weakest being Electric Wind Power, Haili Wind Power, and Tongyu Heavy Industry [5][34]. 3. Industry Dynamics - The report notes that China's offshore wind power capacity is expected to exceed 45 million kW this year, maintaining its global leadership [42]. - The first million-kilowatt offshore photovoltaic project in China has successfully connected to the grid, showcasing advancements in technology and capacity [42]. - Recent adjustments to export tax rebates for photovoltaic products may impact market dynamics [42].