月第4周周报：光伏新增产能政策收紧，欧盟或取消新能源汽车关税

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The tightening of new capacity policies in the photovoltaic sector is expected to optimize supply-side dynamics, with a notable increase in component price expectations, benefiting leading manufacturers [1]. - The wind power sector is anticipated to see steady progress in domestic bidding and construction, with improved profitability in the machinery and component segments due to favorable demand [1]. - The electric vehicle market has shown strong sales performance, with expectations for continued growth in 2025, driving demand across the industry chain [1]. - The report highlights the acceleration of solid-state battery industrialization, suggesting that companies involved in relevant battery, material, and equipment sectors may benefit [1]. - The ongoing push for power system reform in China is expected to accelerate the construction of ultra-high voltage and main grid projects, maintaining high demand for related equipment [1]. - The hydrogen energy sector is also highlighted, with recommendations to focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Photovoltaic Sector - The Ministry of Industry and Information Technology has tightened energy consumption and water usage standards for new and expanded silicon material and cell production [1]. - In October 2024, newly installed photovoltaic capacity reached 20.42 GW, a year-on-year increase of 50% [34]. Wind Power Sector - New wind power installations in October 2024 totaled 9.50 GW, representing a year-on-year growth of 148% [34]. - The report suggests prioritizing investments in machinery and casting segments that are expected to benefit from offshore wind projects [1]. Electric Vehicle Market - The report notes that the EU is nearing a resolution to eliminate tariffs on electric vehicles from China, which could further stimulate the market [1][33]. - The overall sales growth in the electric vehicle sector is expected to continue into 2025, enhancing demand across the supply chain [1]. Battery Technology - The report emphasizes the rapid development of solid-state battery production, with companies involved in this technology likely to see benefits [1]. - The establishment of a new GWh-level solid-state battery production line in Wuhu, Anhui, is noted as a significant industry development [34]. Power Equipment - The National Energy Administration has issued 1.232 billion green certificates in October 2024, with wind power accounting for 43.01% of the total [34]. - The report recommends focusing on companies benefiting from the high demand for ultra-high voltage projects and those with international expansion strategies [1]. Hydrogen Energy - The report suggests monitoring companies with competitive advantages in electrolyzer production and those involved in hydrogen storage and refueling infrastructure [1].