电新公用环保行业周报：支持电力领域新型经营主体创新发展：利好虚拟电厂、微电网

Investment Rating - The report maintains a "Buy" rating for the electric equipment and new energy sector [1] Core Views - The report highlights the support from the National Energy Administration for innovative development in the electric power sector, which benefits virtual power plants and microgrids [1] - It emphasizes the strong demand for lithium batteries in 2024 and 2025, driven by export demand and industry cycles [1] - The report notes the acceleration of domestic offshore wind projects and the recovery of bidding prices, indicating a positive outlook for the wind power sector [1] - It discusses the stabilization of photovoltaic prices due to supply-side self-discipline and the expected entry into a clearing cycle by 2025 [1] Summary by Sections Electric Power Sector - The National Energy Administration's guidance encourages innovation in new technologies and business models, supporting the aggregation of distributed resources for flexible power system adjustments [1] - Industrial enterprises and parks are encouraged to develop smart microgrids to enhance local consumption of renewable energy [1] Lithium Battery Sector - Short-term export demand is driving good production data for lithium batteries in December 2024 and January 2025 [1] - The report identifies segments with pricing power, such as high-voltage lithium iron phosphate, anode materials, copper foil, and lithium hexafluorophosphate [1] Wind Power Sector - Key domestic offshore wind projects are accelerating, with bidding prices showing a recovery trend [1] - The report highlights the need to focus on large MW turbine components that are expected to see price increases [1] Photovoltaic Sector - The report notes that supply-side self-discipline in the photovoltaic industry is leading to inventory reduction and price stabilization [1] - It anticipates that the industry will enter a clearing cycle in 2025, with production capacity moving to the next stage [1] Public Utilities - The report discusses the signing of annual long-term electricity prices for 2025, which are expected to decline due to falling coal prices [1] - It suggests focusing on power operators in regions with tight electricity supply, which are expected to show resilience in pricing [1]