新能源电力行业周报：光伏硅片开工率提升，新增海风项目实施“单30”布局要求

Investment Rating - The report indicates a cautious outlook on the photovoltaic and wind power equipment sectors, with recent declines in stock performance compared to the broader market indices [25][28]. Core Insights - The photovoltaic sector is experiencing a stabilization in silicon material prices, with an increase in silicon wafer production rates. Major companies have raised their operating rates to 60% and 55% respectively, with integrated companies maintaining rates between 50%-60% [19][29]. - The wind power sector is witnessing a significant increase in new installations, with a reported 51.75 GW added from January to November 2024, marking a 25.03% year-on-year increase. The total expected new installations for 2024 could reach 94.90 GW [73]. - The implementation of the "single 30" layout requirement for new offshore wind projects is expected to streamline project approvals and accelerate the development of deep-sea wind projects [8][72]. Summary by Sections Photovoltaic Sector - Silicon material prices are stable, with leading companies entering a low-load operation phase due to maintenance announcements [29][42]. - Silicon wafer prices are on the rise, with increased acceptance of new pricing for N-type G10L and G12 specifications [19][29]. - Battery cell prices remain stable, with some manufacturers adjusting production plans in response to market conditions [29][69]. - Module prices are stable, although there is price confusion in the distributed market, leading to continued downward pressure [43]. Wind Power Sector - The average bidding price for onshore wind turbines has stabilized around 1451.5 RMB/kW, indicating the end of aggressive price competition [30]. - The report highlights significant progress in offshore wind projects, with over 1 GW of capacity connected to the grid in provinces like Liaoning, Guangxi, and Hainan [10][46]. - The demand for wind power equipment is expected to remain strong, with a projected increase in bidding and installation activities in 2025 [30][73]. Company Focus - Fulete, a leading photovoltaic glass manufacturer, is expected to benefit from its scale advantages and improved cash flow, enhancing its competitive position as the industry undergoes capacity adjustments [6][70]. - Oriental Cable, a leader in submarine cables, has secured multiple offshore wind project contracts and is poised for growth as the offshore wind sector expands [6][74]. - Dajin Heavy Industry, a leader in offshore engineering equipment, is expected to see improved profitability due to its stable overseas business and successful project deliveries [33].