电新行业双周报2024年第23期总第45期：2024风能企业领导人座谈会召开，引导风电产业生态健康发展

Investment Rating - The report maintains a positive investment rating for the power equipment industry, indicating a favorable outlook [3]. Core Insights - The power equipment industry index increased by 3.31% during the reporting period, outperforming the CSI 300 index by 1.29 percentage points [3]. - The report highlights the performance of various sub-industries within power equipment, with battery and other power equipment showing significant increases, while wind and photovoltaic equipment experienced declines [3][4]. - The report emphasizes the importance of the recent Wind Energy Leaders Forum, which aims to foster healthy development in the wind power industry and improve policy frameworks [7]. Market Review - The cumulative increase in the power equipment industry from the beginning of 2024 to the end of the reporting period was 9.60%, while the CSI 300 index increased by 15.67%, indicating a lag of 6.07 percentage points for the power equipment sector [3][34]. - Among the tracked sub-industries, the battery sector had the highest cumulative increase of 23.26% [34]. - The report notes that 29 out of 31 A-share stocks in the lithium battery sector rose, with the largest increase being 100.25% for Lijia Technology [4][46]. Valuation - As of November 15, 2024, the price-to-earnings (PE) ratio for the power equipment industry was 33.08, which is above the negative one standard deviation and ranks it 8th among the Shenwan first-level industries [58]. - The PE ratios for key tracked sub-industries are as follows: battery at 31.11, wind power equipment at 45.30, wind power components at 49.86, battery chemicals at 45.26, and lithium batteries at 26.29 [58]. Industry News - The report discusses the "Wind Action Plan" in Hubei, which aims to integrate wind power projects with rural revitalization efforts, targeting the construction of approximately 1 million kilowatts of rural wind power capacity [64]. - The report also highlights the successful delivery of China's first floating wind turbine by Hunan Xinglan Wind Power, marking a significant step in the internationalization of floating wind technology [65][66]. - In the electric vehicle sector, China achieved a historic milestone with the production and sales of 10 million new energy vehicles in 2024, reflecting rapid growth in the industry [67].