电新公用环保行业周报：各省2025年新能源入市规则陆续出台

Investment Rating - The report maintains a "Buy" rating for the power equipment sector [7] Core Views - The overall electricity consumption in China showed a cumulative increase of 7.1% year-on-year as of November 2024, with significant contributions from various sectors [8] - The report highlights the ongoing adjustments in the electricity pricing mechanism, particularly in relation to coal prices, which are expected to influence long-term electricity contracts for 2025 [25] - The solar energy sector continues to face challenges with profitability across the supply chain, as all segments are currently operating at a loss [29] Summary by Sections Power Equipment and New Energy - In November, inverter exports reached USD 610 million, up 10% year-on-year, while solar module and battery exports totaled USD 1.8 billion, down 29% year-on-year [5] - The report notes that transformer exports increased by 54% year-on-year, indicating a robust demand in the power equipment sector [5] - New energy market rules for 2025 are being rolled out across various provinces, with a focus on increasing market participation and reducing guaranteed generation hours [7] Public Utilities - Electricity consumption growth is expected to improve marginally as the winter peak approaches, despite a slowdown in growth rates observed in November [25] - The report emphasizes the importance of electricity pricing in the current market, with expectations of a downward trend in long-term contract prices due to falling coal prices [25] - Defensive sectors are highlighted as a key focus, with recommendations for companies like Yangtze Power and China Nuclear Power [25] Solar Energy - The solar supply chain is under significant pressure, with no segment currently achieving profitability, and prices are stabilizing across various components [29] - The report indicates that the silicon material segment is experiencing tentative price increases, but overall demand remains weak [29] - The profitability metrics for the solar industry show negative margins across all segments, indicating ongoing operational challenges [30]