电新、公用行业周报：工信部修订光伏行业制造规范，新建硅料项目标准趋严

Investment Rating - The report maintains a "Recommended" investment rating for the electric new energy and public utility sectors [1]. Core Insights - The electric new energy sector experienced a decline of -1.66% from November 18 to November 22, 2024, ranking 17th among 31 industries, while the public utility sector fell by -0.47%, ranking 8th [1][10]. - The Ministry of Industry and Information Technology has revised the manufacturing standards for the photovoltaic industry, tightening the standards for new silicon material projects [1][22]. - The wind power sector is seeing progress with the initiation of a 1.3GW offshore wind power project in Shandong, expected to accelerate domestic and international supply chain activities [1][22]. - Investment in grid equipment reached 450.2 billion yuan from January to October, marking a year-on-year increase of 20.7%, driven by high overseas demand and domestic grid investment growth [1][23]. - The low-altitude economy is being explored in Shanghai, with plans to establish over 400 low-altitude flight routes by 2027 [1][23]. - In October, the total electricity consumption in China was 774.2 billion kWh, reflecting a year-on-year growth of 4.3% [1][23]. Summary by Sections Industry News - The Ministry of Industry and Information Technology has issued the 2024 version of the photovoltaic manufacturing industry standards, which stipulate that existing polysilicon projects must have a comprehensive power consumption of less than 60 kWh/kg, while new and expanded projects must be below 53 kWh/kg [1][22]. - A 1.3GW offshore wind power project in Shandong has begun preliminary bidding, with a planned construction period from January 1, 2025, to June 30, 2026 [1][22]. - The grid investment for the first ten months of 2024 reached 450.2 billion yuan, a 20.7% increase year-on-year [1][23]. - Shanghai is exploring a new low-altitude transportation model, planning to establish over 400 low-altitude flight routes by the end of 2027 [1][23]. Industry Tracking Photovoltaic Sector - The report notes a slight decrease in the prices of silicon materials, with high prices dropping from around 42 yuan/kg to approximately 40 yuan/kg, and low prices from 37 yuan/kg to 36 yuan/kg [1][28]. - The average price of P-type battery cells remains stable, while N-type cells have seen a slight increase in price [1][31]. - The export value of solar modules in October 2024 was 15.392 billion yuan, a year-on-year decrease of 22% [1][34]. Wind Power Sector - Domestic wind power installations increased by 45.80GW from January to October 2024, representing a year-on-year growth of 23% [1][39]. - In October 2024, the newly installed wind power capacity was 6.68GW, a year-on-year increase of 74% [1][39].