电新行业2025年投资策略：千淘万漉虽辛苦，吹尽狂沙始到金

Investment Rating - The report provides a "Buy" recommendation for several companies in the electric power equipment and new energy sector, including Dongfang Cable, Sunshine Power, and CATL, among others [18][19][21]. Core Insights - The electric power equipment and new energy sector is experiencing significant fluctuations, with a focus on high growth potential in energy storage and wind power, while solar energy is expected to rebound in the second half of 2025 [5][6][7][16]. - The report highlights the strong demand for lithium batteries driven by new energy vehicles and energy storage, with a projected compound annual growth rate (CAGR) of 37% from 2023 to 2030 [6][17]. - The wind power sector is expected to see substantial growth, with projected installations of 90-100 GW for onshore and 15-18 GW for offshore wind in 2025, representing year-on-year growth of 18.8% and 83.3%, respectively [16][33]. Summary by Sections Market Review - The electric power equipment and new energy index has shown a year-to-date increase of 9.7% as of December 27, 2024, underperforming compared to the Shanghai Composite Index [24]. - The report notes that the wind power sector is benefiting from increased bidding activity, with a total of 119.1 GW of bids recorded in the first three quarters of 2024, a 93% increase year-on-year [52]. Energy Storage - The energy storage market remains robust, with a focus on Power Conversion Systems (PCS) expected to benefit from global market opportunities [6][16]. - The report emphasizes the emergence of long-duration and grid-forming energy storage solutions as key growth areas [6]. Lithium Batteries - The demand for lithium batteries is supported by three main factors: the push for consumer spending, policy-driven growth in new energy vehicles, and the expansion of energy storage solutions [17][21]. - The report anticipates a recovery in the materials sector, particularly for battery components, as the industry begins to rebound [17]. Solar Energy - The solar energy sector is expected to experience a rebound in the second half of 2025, driven by improved demand and supply chain adjustments [7][16]. - The report highlights the importance of high-quality development and collaboration within the solar industry to sustain growth [7]. Wind Power - The report forecasts a strong growth trajectory for wind power installations, with significant contributions from both onshore and offshore projects [16][33]. - The bidding activity for wind power projects is expected to exceed 150 GW in 2024, supporting high installation growth in 2025 [52]. Investment Recommendations - The report suggests focusing on three main investment themes: improving supply-demand dynamics, the acceleration of new technologies, and opportunities in international markets [17][21]. - Recommended stocks include leading companies in the sector such as Goldwind Technology, Dongfang Cable, and CATL, among others [17][18].