电力设备行业研究周报：国内光伏装机高增，外部扰动加剧

Investment Rating - The report maintains an "Overweight" rating for the industry [5]. Core Insights - The domestic photovoltaic (PV) installation has seen significant growth, with a total of approximately 793.11 GW installed by the end of October 2023, reflecting a year-on-year increase of 28% [2][15]. - Wind power installations also increased, with a total of 486.17 GW installed by the end of October 2023, marking a year-on-year growth of 16% [2][15]. - The report highlights the increasing investment in power generation and grid infrastructure, with power generation investment reaching 718.1 billion yuan, up 8.3% year-on-year, and grid investment at 450.2 billion yuan, up 20.7% year-on-year [17][19]. - External disturbances, such as the U.S. Department of Commerce's preliminary anti-dumping ruling on crystalline silicon photovoltaic cells from Southeast Asia, may impact short-term exports but are not expected to alter the long-term demand for PV installations [25]. Summary by Sections 1. Photovoltaic and Wind Power Installation - In October 2023, the national wind power installation reached 6.62 GW, a year-on-year increase of 75% and a month-on-month increase of 20% [2][15]. - The cumulative wind power installation for the first ten months of 2023 was 44.83 GW, with a total of 486.17 GW installed by the end of October [2][15]. - The national photovoltaic installation in October 2023 was 20.19 GW, a year-on-year increase of 38% but a month-on-month decrease of 2% [2][15]. - The cumulative photovoltaic installation for the first ten months of 2023 was approximately 183.62 GW, with a total of 793.11 GW installed by the end of October [2][15]. 2. Power Generation Structure - As of the end of October 2023, thermal power accounted for the highest share of installed capacity at 45%, followed by photovoltaic and wind power at 25% and 15%, respectively [21][22]. - In terms of power generation, thermal power contributed 66.9% of the total, while photovoltaic and wind power accounted for 4.4% and 9.7%, indicating significant room for improvement in grid-connected generation [22]. 3. Investment Trends - The report notes a substantial increase in investment in power generation and grid projects, with total investments of 718.1 billion yuan and 450.2 billion yuan, respectively, for the first ten months of 2023 [17][19]. - The construction of energy storage systems and upgrades to grid systems are expected to maintain high levels of activity due to the transition to a new power system and carbon neutrality goals [19]. 4. External Factors - The U.S. has initiated an anti-dumping investigation into photovoltaic cells from Cambodia, Malaysia, Thailand, and Vietnam, with potential tariffs ranging from 0% to 271.28% [25]. - Despite these short-term disturbances, the report emphasizes that technological advancements will continue to lower the cost of photovoltaic power generation, leading to increased domestic and global demand for installations [25]. 5. Investment Recommendations - The report suggests focusing on companies likely to benefit from the construction of a new power system, such as Nanjing Grid Technology and Deyang Co., Ltd. [29].