电力设备行业周报：光伏锂电出口退税下调，海风或迎来抢装

Investment Rating - The industry rating is "Overweight" [2] Core Views - The report highlights that the reduction in export tax rates for photovoltaic (PV) products accelerates industry capacity clearance and enhances expectations for supply-side reforms. The long-term impact is expected to stabilize or increase the prices of PV export products [2][15] - In the wind power sector, the commencement of the Shanghai Jinshan offshore wind farm project is noted, with domestic wind power installations reaching 39.12 GW from January to September 2024, a year-on-year increase of 17% [2][31] - The energy storage segment shows significant growth, with October's new installations increasing by 191% year-on-year, driven by demand from Europe, America, and Asia [2][37] - The COP29 conference outlines five future development opportunities, including the expansion of global energy storage and grid infrastructure, which is expected to support the growth of renewable energy capacity [2][42] Summary by Sections 1. Weekly Insights - Photovoltaics: The reduction in export tax rates is expected to accelerate capacity clearance and enhance supply-side reform expectations [2][15] - Wind Power: The Shanghai Jinshan offshore wind farm project has commenced construction, with a notable increase in domestic installations [2][31] - Energy Storage: October saw a significant increase in new installations, indicating a high demand environment [2][37] - Electric Vehicles: Potential cancellation of IRA subsidies by Trump suggests continued investment in high-profit companies [2][15] - Hydrogen: The launch of the first SAF project indicates a growing focus on hydrogen production and storage [2][15] 2. Industry Overview - The report tracks price trends in the new energy generation industry chain and observes demand and price dynamics in the electric vehicle sector [2][6] 3. Investment Recommendations - The report suggests focusing on companies that can withstand market cycles, particularly in the photovoltaic sector, where the first-tier companies are recommended for investment [2][28] - In the wind power sector, it recommends low-valuation stocks and those benefiting from offshore wind projects [2][32] - For energy storage, attention is drawn to the PCS segment, which is expected to maintain profitability amid high demand [2][37]