新能源电力行业周报：光伏硅料供需有望修复，陆风中标单价持续回暖

Investment Rating - The report maintains a "Market Perform" rating for the power equipment and renewable energy sectors, indicating a cautious outlook on investment opportunities in these industries [4]. Core Insights - The report highlights a recovery in the photovoltaic (PV) and wind power sectors, with specific attention to the stabilization of prices and an increase in demand for equipment [5][24]. - The photovoltaic sector is expected to see a gradual balance in supply and demand for silicon materials, while the wind power sector is experiencing a rise in bidding prices for onshore and offshore projects [6][8][10]. Summary by Sections 1. Investment Highlights - Photovoltaic Sector: - Silicon material prices are slightly decreasing, with a forecast of supply-demand balance restoration. The number of companies in maintenance or reduced production is 15, with one company starting to reduce output [22]. - Silicon wafer prices remain stable, with a slight decrease in production in November. Inventory levels have notably decreased, and several manufacturers plan to increase production in December [6][22]. - Battery cell prices are stable, with a reported operating rate of 58.92% in November, and a 6.93% increase in total production compared to the previous month [22]. - Component prices are stable, with expectations of a 7-8% decrease in production in December due to year-end delivery schedules [22]. - Wind Power Sector: - Onshore wind power bidding has seen approximately 175 MW of new bids, with average bidding prices for complete units stabilizing around 1739 CNY/kW [24]. - Offshore wind projects are accelerating, with significant progress in projects in Shandong and Guangdong provinces, indicating a reduction in limiting factors for development [9][10]. - The report anticipates continued demand for wind power equipment, with a positive outlook for the performance of manufacturers in the sector [10]. 2. Market Performance - The report notes that the photovoltaic equipment sector rose by 4.25%, outperforming the CSI 300 index by 2.93 percentage points, while the wind power equipment sector increased by 9.57%, surpassing the CSI 300 index by 8.25 percentage points [5][33]. 3. Recommendations - Photovoltaic Sector: - Companies like Fulete are recommended due to their cost advantages and improved cash flow, which are expected to enhance their market position as industry capacity clears [7][23]. - Wind Power Sector: - Companies such as Daikin Heavy Industries and Oriental Cable are highlighted for their strong positions in offshore wind projects, with expectations of benefiting from the rapid development of offshore wind energy [29].