新能源电力行业周报：退税税率调整拉动出货，陆风整机价格企稳

Investment Rating - The report maintains a "Market Perform" rating for the power equipment and renewable energy sector, indicating a cautious outlook on investment opportunities in this industry [4]. Core Insights - The report highlights a steady growth in electric vehicle demand and a high growth rate in the energy storage market, suggesting potential investment opportunities in battery and storage sectors [3]. - The adjustment of export tax rates is expected to drive shipments in the photovoltaic sector, while upstream silicon wafer production is showing signs of improvement [5][20]. - The report notes that the wind power sector is experiencing an increase in bidding and construction activities, particularly in offshore wind projects, which could catalyze growth in this segment [23][24]. Summary by Sections 1. Investment Highlights - Photovoltaic Sector: The report indicates that the photovoltaic equipment sector has seen a decline of 4.68% in the past week, underperforming the CSI 300 index by 2.08 percentage points. Key stocks in this sector include Suzhou Gohigh, Hengxing Technology, and Tuojin New Energy, which showed positive performance [4][32]. - Wind Power Sector: The wind power equipment sector declined by 2.18%, slightly outperforming the CSI 300 index. Notable stocks include Hezhong Electric, Sany Heavy Energy, and Zhenjiang Co., which performed well during this period [4][32]. 1.1 Photovoltaic Sector - Silicon Material: Prices remain stable, but inventory pressures are evident. Despite production cuts, the supply-demand relationship has not fundamentally improved, leading to a potential softening of silicon prices [20][21]. - Silicon Wafer: Production is improving due to demand mismatches and overseas demand. However, battery manufacturers are still facing losses, and prices are expected to remain stable in the short term [20][21]. - Battery Cells: The operating rate for battery production in November was 58.92%, with a 6.93% increase in total output. Export tax rate adjustments are prompting manufacturers to accelerate deliveries [20][21]. - Modules: Prices are stable, but manufacturers are under pressure due to a lack of significant installation peaks this year. The report anticipates a decline in module production as demand weakens [21][22]. 1.2 Wind Power Sector - Onshore Wind: Bidding for onshore wind power units reached approximately 2433.6 MW, with a steady increase in bidding and opening sizes supporting annual installation growth. Average bidding prices for complete units are stabilizing [23][24]. - Offshore Wind: The report notes significant progress in offshore wind project construction, particularly in coastal provinces, which is expected to catalyze overall growth in the wind power sector [24][25]. - Market Dynamics: The report suggests that the overall demand for offshore wind is strong, with opportunities for domestic products in international markets, enhancing the performance of component manufacturers [25][26]. 4. Industry Data Tracking - Price Trends: The report includes various price trends for key materials in the photovoltaic and wind power sectors, indicating stability in prices for silicon materials, wafers, and battery cells, while also tracking fluctuations in component prices [45][46].