电力设备行业周报：十月电力工业统计数据发布，电新行业稳步发展

Industry Investment Rating - The report maintains a "Positive" rating for the power equipment and new energy industry [8] Core Views - From January to October 2024, China's new photovoltaic installations reached 181.3GW, a year-on-year increase of 27.2%, with cumulative installations reaching 793GW. In October alone, new installations were 20.42GW, up 50% year-on-year [2] - New energy accounted for 81% of new power installations, with solar energy making up 65% [2] - The COP29 conference highlighted the need for global wind power installations to reach 380GW by 2030 to achieve net-zero emissions. Wind power is expected to provide one-fifth of global electricity by 2030 and one-third by 2050 [3] - The Global Energy Storage and Grid Commitment aims for 1500GW of global energy storage by 2030, six times the 2022 capacity [4] - From January to October 2024, China's grid investment reached 450.2 billion yuan, a year-on-year increase of 20.7% [5] Investment Recommendations Photovoltaic Sector - Focus on high-efficiency battery companies such as Aiko Solar, LONGi Green Energy, and DIAL Laser [6] - Pay attention to leading companies in the main chain like JinkoSolar, JA Solar, Trina Solar, and Canadian Solar [6] - Monitor the recovery of photovoltaic glass, silicon materials, and film materials, with companies like Flat Glass, First Applied Material, and Haiyou New Material [6] - Inverters and energy storage systems are expected to recover, with companies like Deye, Hoymiles, and Sungrow being key players [6] Wind Power Sector - The onshore wind power sector is recovering, with companies like Goldwind, Mingyang Smart Energy, and Yunda expected to benefit [6] - Offshore wind power is poised for improvement in 2024, with companies like Orient Cable, Taisheng Wind Energy, and Titan Wind Energy being key players [6] Power Equipment Sector - The domestic market remains stable, while overseas exports offer long-term growth opportunities. Key companies include Haixing Electric, Sanxing Medical, Jinpan Technology, and Dongfang Electronics [6] Industry Data and Trends Photovoltaic Industry - From January to October 2024, China's new photovoltaic installations reached 181.3GW, with cumulative installations at 793GW [2] - In October 2024, new photovoltaic installations were 20.42GW, up 50% year-on-year [2] - The Hebei Development and Reform Commission issued new policies for distributed photovoltaic market participation, aiming for full market participation by 2030 [26] Wind Power Industry - From January to October 2024, China's new wind power installations reached 45.8GW, with cumulative installations at 490GW [3] - The COP29 conference emphasized the need for global wind power installations to reach 380GW by 2030 to achieve net-zero emissions [3] Energy Storage Industry - The Global Energy Storage and Grid Commitment aims for 1500GW of global energy storage by 2030 [4] - Beijing is promoting the development of new energy storage technologies, encouraging enterprises to install energy storage facilities in industrial parks [40] Power Equipment Industry - From January to October 2024, China's grid investment reached 450.2 billion yuan, a year-on-year increase of 20.7% [5] - Green certificate trading is steadily progressing, with 384 million green certificates traded by October 2024 [46]