月第3周周报：电力设备与新能源行业12

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - The upcoming "Two New" policies are expected to be introduced, which will support continued growth in new energy installations [1]. - In the photovoltaic sector, supply-side reforms are ongoing, with the central economic work conference emphasizing the need to regulate competition and strengthen supply-side reforms. Despite high inventory levels of silicon materials, attempts to raise prices have begun, and the overall price trend in the photovoltaic industry chain is expected to gradually recover [1]. - The wind power sector is anticipated to see steady progress in domestic offshore and onshore bidding and construction, with improved demand expected to drive profitability in the complete machine and component segments [1]. - The new energy vehicle market is projected to see significant year-on-year sales growth in 2024, supported by trade-in policies, which will further boost demand in 2025 [1]. - The solid-state battery industry is accelerating its development, benefiting companies involved in battery, material, and equipment sectors [1]. - The domestic power system reform is expected to accelerate the construction of ultra-high voltage and main grid projects, maintaining high demand for related grid equipment [1]. - The hydrogen energy sector is being driven by supportive policies, with a focus on companies that have cost and technological advantages in electrolyzer production and those benefiting from hydrogen infrastructure development [1]. Summary by Sections New Energy Vehicles - The Ministry of Commerce is working on formulating the "Two New" policies for the upcoming year, with significant vehicle scrappage and replacement statistics reported [1][32]. - Companies like CATL are expanding their battery swap business, and there are plans for new vehicle models featuring solid-state batteries [1][36] [33]. Photovoltaic and Wind Power - In 2024, China added 206.3 GW of new photovoltaic capacity, a year-on-year increase of 25.88%, and 51.75 GW of new wind power capacity, up 25.03% [1][37]. - Major projects in offshore wind power are underway, with significant capacity being developed [1][39]. Company Developments - Companies such as JinkoSolar and GCL-Poly are making strategic investments in solar cell and module production capacity, with significant project investments reported [1][41]. - CATL is considering a secondary listing in Hong Kong to raise at least $5 billion [1][35]. - Other companies are also engaging in various strategic partnerships and project developments to enhance their market positions [1][41].