电力设备及新能源行业周报：“明阳天成号”正式投运，中电建51GW组件集采开标

Investment Rating - The report maintains an "Outperform" rating for the renewable energy sector, specifically highlighting the wind and solar segments [4]. Core Insights - The report emphasizes the successful launch of the "Mingyang Tiansheng" floating wind platform, which is expected to significantly reduce investment costs in offshore wind energy and accelerate commercialization [26]. - It notes the recent procurement of 51GW of solar modules by China Power Construction, indicating a trend towards stabilization in pricing and profitability within the solar industry [4][7]. - The report discusses the loosening of regulations for green hydrogen production outside chemical parks, which is anticipated to enhance hydrogen supply capabilities and reduce costs [8]. Summary by Sections Wind Energy - The "Mingyang Tiansheng" floating wind platform, with a capacity of 16.6MW, was officially launched on December 11, 2024, marking a significant technological advancement in the sector [25][26]. - The wind energy index (866044.WI) decreased by 1.19% during the week of December 9-13, 2024, underperforming the CSI 300 index by 0.18 percentage points, with a current PE_TTM valuation of approximately 21.44 times [27]. Solar Energy - China Power Construction's procurement of 51GW of solar modules indicates a shift towards higher pricing discipline among leading companies, with module costs reported at 0.69 CNY/W [4][7]. - The report highlights the importance of industry self-regulation to stabilize prices and improve profitability in the solar sector [7]. Energy Storage & Hydrogen - The report notes that over 10 regions in China have released policies to promote green hydrogen production outside chemical parks, which is expected to diversify hydrogen production methods and reduce transportation costs [8]. - The recognition of hydrogen as an energy source in the newly passed Energy Law is anticipated to further relax regulations and support the growth of the hydrogen industry [8]. Investment Recommendations - For wind energy, the report suggests focusing on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to favorable market conditions [9]. - In solar energy, it recommends monitoring companies such as Longi Green Energy and Tongwei Co., as well as those benefiting from policy guidance and industry self-regulation [9]. - In the energy storage sector, it highlights the strong growth potential and profitability of companies like Sungrow Power Supply and Upwind Electric [9]. - For hydrogen energy, it advises attention to companies positioned in the electrolyzer market and leading fuel cell system participants [9].