电气设备行业周报：陕西发布2025年电力交易新规，工信部发布2024年1-10月全国光伏制造行业运行情况

Investment Rating - The report maintains an "Outperform" rating for the electrical equipment sector, indicating expected performance above the market average [3]. Core Insights - The report highlights the release of new electricity trading regulations in Shaanxi for 2025, which will allow centralized wind and solar power to participate in market trading, supporting renewable energy development [4][17]. - The Ministry of Industry and Information Technology reported that the photovoltaic manufacturing industry in China showed stable performance from January to October 2024, with production of polysilicon, silicon wafers, batteries, and modules all increasing by over 20% year-on-year [19][20][21][22][23]. - Investment recommendations focus on several key areas within the renewable energy sector, including integrated component companies, emerging battery technologies, and leading inverter manufacturers [24][55]. Summary by Sections 1. Photovoltaic Industry - The report notes that major polysilicon producers are gradually reducing output, with the national production of polysilicon reaching approximately 1.58 million tons, a year-on-year increase of 39% [20]. - The production of silicon wafers reached about 608 GW, with exports around 53.2 GW [21]. - The crystalline silicon battery production was approximately 510 GW, with exports of about 45.9 GW [22]. - The crystalline silicon module production was around 453 GW, with exports totaling 205.9 GW [23]. 2. New Energy Vehicles - Investment suggestions include focusing on leading companies with global competitiveness in various segments, such as CATL, Enjie, and Tesla, among others [5][55]. 3. Industrial Control and Power Equipment - The report emphasizes the importance of the energy storage sector, recommending attention to companies like New Fengguang and Guodian NARI [55]. 4. Market Performance - The electrical equipment and new energy sector experienced a decline of 1.72% over the past week, underperforming the CSI 300 index by 0.71 percentage points [62]. - The top gainers in the sector included Shenhao Technology and Shangwei Shares, while the largest declines were seen in Funeng Oriental and Tianji Shares [65].