电新公用环保行业周报：锂电风电投资逻辑更优，光伏美国反倾销税初裁落地

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector [2] Core Views - The U.S. Department of Commerce announced preliminary affirmative rulings on anti-dumping duties for crystalline solar panels from Cambodia, Malaysia, Thailand, and Vietnam, which could impose duties ranging from 21.31% to 271.28% on Chinese companies exporting solar products through these Southeast Asian countries. This development may delay the expected profitability turning point for the solar sector to 2025 [2][4] - In the lithium battery sector, demand certainty is stronger, and supply clearing is expected to begin earlier. Focus should be on segments with pricing power, such as high-voltage lithium iron phosphate, anode materials, and solid-state battery technologies [2] - The offshore wind power sector is seeing accelerated project progress, with recent procurement results indicating a significant increase in turbine prices, which may catalyze the wind power market [3][29] - The grid investment outlook for 2025 remains positive under counter-cyclical adjustment policies, making it a valuable investment or defensive sector [3] Summary by Sections New Energy - Solar: The preliminary anti-dumping duties may pressure the profitability of Chinese solar companies exporting through Southeast Asia, potentially delaying the profitability turning point [2] - Lithium: The lithium carbonate price has slightly decreased, with expectations of further declines due to reduced demand from downstream manufacturers [14] - Wind: The procurement results for offshore wind turbines indicate a price increase, suggesting a recovery in the wind power market [29][30] Utilities - The long-term electricity price negotiations for 2025 are underway, with expectations of a downward trend due to falling coal prices. The report suggests monitoring power operators in regions with tight electricity supply [4][45] - The report emphasizes the defensive nature of the utilities sector, recommending a focus on hydropower and nuclear power companies [4] Environmental - The report highlights the ongoing challenges in the solar industry, with various segments facing operational pressures and no profits reported as of late November 2024 [9][10]