2025年电新行业投资策略：从卷到舒，万物更始

Investment Rating - The report suggests a positive investment outlook for the new energy sector, particularly in lithium batteries, photovoltaics, wind power, and energy storage, indicating a favorable supply-demand balance and technological advancements [3][4][19]. Core Insights - The lithium battery sector is experiencing robust demand growth, with domestic and overseas markets showing strong potential. Supply-side constraints are leading to a concentration of market share among cost-efficient and technologically advanced firms [3][4]. - The photovoltaic industry is expected to benefit from supply-side reforms and technological iterations, with a potential recovery in pricing and profitability for leading companies [4][19]. - The wind power sector is poised for a new growth cycle driven by increasing installation demand and improved profitability for manufacturers [4][19]. - Energy storage is projected to expand rapidly, particularly in overseas markets, with a focus on cost reduction and technological advancements [4][19]. Summary by Sections Lithium Batteries - Demand for lithium batteries is expected to grow significantly, driven by the rise of hybrid and energy storage applications. The market is projected to reach 1.6 TWh in 2025, with a year-on-year growth of 16% [34][35]. - The supply side is seeing reduced expansion pressure, leading to improved capacity utilization and cost reductions for leading companies [39][40]. - New technologies such as silicon-carbon and solid-state batteries are emerging, providing additional growth opportunities [3][4]. Photovoltaics - The photovoltaic sector is undergoing a supply-side adjustment, with industry self-discipline expected to improve the supply-demand balance and stabilize prices [4][19]. - New technologies, particularly the BC technology, are anticipated to gain traction in 2025, benefiting equipment and material suppliers [4][19]. Wind Power - The wind power sector is experiencing a demand-driven recovery, with manufacturers focusing on quality orders and stabilizing prices, leading to improved profitability [4][19]. Energy Storage - Energy storage demand is accelerating, particularly in overseas markets, with a focus on cost-effective solutions and technological advancements. The market is expected to see significant growth, especially in Europe and the U.S. [4][19]. - The report highlights the importance of leading companies with strong R&D capabilities and integrated supply chains in capitalizing on these trends [4][19].