电力设备及新能源行业2025年年度投资策略：行业触底，复苏在即

Investment Rating - The report maintains a "Positive" investment rating for the power equipment and new energy industry in China [2]. Core Insights - The report indicates that the photovoltaic (PV) sector is at the bottom of its cycle, with energy supply-side reforms creating strong opportunities. It anticipates a recovery in industry profitability by 2025, driven by a balance of supply and demand and advancements in core technologies [1][4]. - The wind power sector is showing signs of recovery, with significant increases in bidding volumes and a bottoming out of prices. The report highlights a 93.03% year-on-year increase in new bidding volumes for wind power as of September 2024 [1][4]. - The power equipment market is expected to grow steadily in the domestic market while expanding overseas, driven by increased investment levels and demand from developed countries [1][4]. - The energy storage sector is witnessing a rise in independent storage models, with a significant increase in bidding volumes and a recovery in prices, indicating a positive trend for future demand [1][4]. Summary by Sections Photovoltaics - The global energy transition is expected to provide continuous growth for PV installations, with a projected balance of supply and demand by 2025. The report emphasizes the importance of BC technology and mentions partnerships among leading companies to reduce material costs [1][4]. - In 2024, China's PV installations are expected to reach 230-260 GW, with a cumulative installed capacity exceeding 770 million kW, reflecting a year-on-year growth of 48.4% [36]. Wind Power - The report notes a significant recovery in the wind power sector, with new bidding volumes reaching 119.1 GW as of September 2024, a 93.03% increase from the previous year. The average bidding price for wind turbines has also shown signs of recovery [1][4]. - The cumulative installed capacity for wind power in China increased by 22.76% year-on-year, reaching 45.8 GW from January to October 2024 [45]. Power Equipment - The domestic market for power equipment is expected to grow steadily, supported by increased investment levels. The report highlights the ongoing modernization of aging grid infrastructure in developed countries as a new trend in the industry [1][4]. - The report suggests focusing on companies actively pursuing export opportunities and those involved in high-voltage transmission projects during the "14th Five-Year Plan" period [1][4]. Energy Storage - The energy storage sector is experiencing significant growth, with a cumulative bidding volume of 42.46 GW/131.88 GWh from January to October 2024. The report indicates a recovery in prices for storage systems, signaling a positive trend for future demand [1][4]. - The report anticipates that the independent storage model will gain traction, particularly in developing countries, leading to increased demand for PV systems [1][4].