新能源产业周期系列2：从政策变化看新能源产业周期，“市场化”升级，底部再起航

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [9]. Core Insights - Recent significant policy changes in the renewable energy sector are expected to drive demand positively, with the Chinese government easing export tax rates on photovoltaic and battery products from 13% to 9% [1]. - The report highlights that the current price levels in the renewable energy industry are at a cyclical bottom, which is anticipated to stimulate demand recovery and market consolidation [1]. - The report emphasizes the importance of technological advancements and the transition to market-oriented policies in the renewable energy sector, particularly in electric vehicles and solar energy [1]. Summary by Sections Policy Changes - The report discusses the anticipated changes in U.S. government policies, including the potential removal of tax credits for electric vehicle purchases, which could impact market dynamics [1]. - It also notes the adjustment of export tax rates in China, which is expected to alleviate trade protectionism and enhance competitiveness in international markets [1]. Industry Outlook - The analysis suggests that the demand outlook for the renewable energy sector is favorable, driven by the government's proactive measures and the upward price trend expected in the future [1]. - The report identifies that the renewable energy supply chain is currently at a cyclical low, and the reduction in export tax rates will likely lead to a market recovery and improved profitability for key players [1]. Key Companies and Growth Potential - The report lists core growth companies in the renewable energy sector, including Tesla, CATL, and LONGi Green Energy, which are expected to benefit from new technologies and market expansions [5]. - It also highlights companies that are positioned for gradual recovery from the bottom, such as Tongwei Co. and Tianqi Lithium, indicating a positive shift in their performance outlook [5].