电力设备与新能源行业研究：布局在板块热度与政策预期降温之时

Investment Rating - Buy (Maintain Rating) [1] Core Viewpoints - The upcoming listing of polysilicon futures is expected to aid in inventory digestion, price recovery, and smooth operational fluctuations in the photovoltaic and energy storage sectors. Despite a temporary cooling in sector enthusiasm and policy expectations, the fundamental trend remains positive, presenting a good opportunity for investment in the sector [1][6][12] - In the wind energy sector, significant progress is noted in offshore wind projects in Guangdong, with approvals accelerating, indicating a clear signal for increased offshore wind capacity in the "14th Five-Year Plan" period [1][14][15] - The electricity grid sector is witnessing an unexpected increase in the number of high-voltage service tenders, indicating strong demand for infrastructure development [1][16][19] - The hydrogen energy and fuel cell sector is experiencing robust policy support in Guangdong, with initiatives to promote hydrogen fuel cell vehicles and significant advancements in hydrogen transport infrastructure [1][24][25][27] Summary by Sections Photovoltaic & Energy Storage - The listing of polysilicon futures on December 26 is anticipated to help digest high inventory levels and stabilize prices, with current industry inventory estimated at around 400,000 tons [8][9] - The photovoltaic sector is currently experiencing a phase of cooling in market enthusiasm, but positive macro and micro signals are still emerging, indicating a good time for investment [6][12] - Key companies to watch include Tongwei Co., GCL-Poly Energy, and Daqo New Energy, which are expected to benefit from cost advantages and production capacity [9][12] Wind Energy - The Guangdong offshore wind projects are progressing rapidly, with significant procurement results announced for wind turbine equipment, indicating a strong market outlook [14][15] - Companies such as Mingyang Smart Energy and Goldwind Technology are highlighted as key players benefiting from this growth [14][15] Electricity Grid - The announcement of the sixth batch of high-voltage service tenders indicates a strong commitment to infrastructure development, with significant projects planned for 2025 [16][19] - Companies like XJ Electric and State Grid Corporation are expected to play crucial roles in these developments [16][19] Hydrogen Energy & Fuel Cells - Guangdong's push for hydrogen energy includes a comprehensive policy framework to promote hydrogen fuel cell vehicles, with a target of 10,000 vehicles by 2025 [24][27] - The construction of the world's largest green hydrogen pipeline is set to enhance hydrogen supply in the Beijing-Tianjin-Hebei region, further supporting the hydrogen economy [25][27] - Key players in this sector include companies like Weichai Power and Hydrogen Energy Technology, which are positioned to benefit from these developments [24][27]