电力设备行业周报：欧盟电车进口关税或解决，光伏出台制造规范

Investment Rating - The report rates the industry as "Overweight" [1] Core Views - The Ministry of Industry and Information Technology has introduced manufacturing standards for the photovoltaic industry, enhancing production capacity through energy consumption restrictions [1] - In the photovoltaic sector, domestic new installations reached 181 GW from January to October 2024, a year-on-year increase of 27.2%, with October alone seeing 20.42 GW added, up 50% year-on-year [1] - The wind power sector has seen the commencement of the first phase of the Shanghai Jinshan offshore wind farm project, with domestic wind power installations totaling 39.12 GW from January to September 2024, a year-on-year increase of 17% [1] - The energy storage market is expanding rapidly overseas, with a focus on the PCS segment, as companies like Sungrow and Sungrow Electric secure significant contracts in emerging markets [1] - The power equipment sector is experiencing high growth, with cumulative investment in power grid projects reaching 450.2 billion yuan, a year-on-year increase of 20.7% [1] Summary by Sections Photovoltaic - The market sentiment has cooled during a news vacuum, with future attention on policy expectations and price changes [5] - The report indicates that the photovoltaic sector is expected to stabilize in Q4 after a period of price declines, with a focus on companies that can withstand market cycles [20][31] - The report suggests that the price of silicon materials and the overall photovoltaic supply chain will stabilize, with potential for slight rebounds in Q4 [20][31] Wind Power - Domestic wind power installations from January to October 2024 reached 45.8 GW, a year-on-year increase of 22.8% [34] - The report anticipates that total wind power installations for 2024 will reach 89 GW, a 17% increase from the previous year [35] - Investment recommendations include focusing on undervalued stocks and those benefiting from offshore wind projects [34][35] Energy Storage - The overseas large-scale energy storage market is accelerating, with significant contracts signed by domestic companies in regions like the Middle East and North Africa [40] - The report highlights the rapid development of the energy storage market, particularly in the PCS and transformer segments [42] Power Equipment - Cumulative investment in power grid projects has maintained high growth, with significant tenders announced for power distribution equipment [43] - The report emphasizes the importance of power grid infrastructure in supporting energy transition and suggests focusing on companies involved in high-voltage transmission and distribution [44] Electric Vehicles - The report notes that the EU and China are nearing a resolution regarding electric vehicle import tariffs, which is favorable for the electric vehicle industry [49] - It highlights the potential impact of EU regulations requiring technology transfer from Chinese battery manufacturers in exchange for subsidies [51][52]