电新行业（风光储）2025年度策略：需求侧稳健，供给侧发力

Investment Rating - The report maintains a positive outlook on the photovoltaic and wind power sectors, highlighting potential recovery in profitability and demand growth [11][92]. Core Viewpoints - The report emphasizes a dual focus on "growing offshore wind demand and industry chain profitability recovery" as key investment themes [11][92]. - It suggests that supply-side reforms and technological advancements are expected to drive a rebound in the photovoltaic sector, with significant growth anticipated in emerging markets [11][45]. Summary by Sections Performance Review - The report notes that the profitability of the industry chain has been under pressure, but an acceleration in installations is expected to lead to performance recovery [7][94]. - The photovoltaic index showed a significant rebound in Q4 2024, driven by supply-side reforms, with the excess return of the photovoltaic equipment index reaching 22.8% from September to December [23][42]. Supply Chain Insights - The report highlights that the current cost of photovoltaic components is approximately 0.692 CNY/W, with inventory levels in the polysilicon and battery segments being relatively high, indicating a potential for price stabilization [51][49]. - It also points out that the glass and EVA film prices are on a downward trend due to oversupply, while the profitability of leading companies in these segments remains strong [74][78]. Market Trends - Global photovoltaic installations are projected to grow steadily, with expected additions of 544 GW in 2024, reflecting a year-on-year growth rate of 22% [27][45]. - The report identifies Asia, Africa, and Latin America as key growth markets for photovoltaic installations, with significant increases anticipated in these regions [45][47]. Policy and Regulatory Environment - The report discusses the tightening of trade policies in the U.S. and India, which may impact the competitiveness of Chinese photovoltaic products in these markets [32][47]. - It notes that domestic policies in China are increasingly supportive of offshore wind development, with several provinces launching significant projects [97][99]. Investment Recommendations - The report recommends focusing on leading companies with strong alpha characteristics and global capabilities in the photovoltaic sector, such as Tongwei Co., Longi Green Energy, and JinkoSolar [11][12]. - For the wind power sector, it suggests monitoring companies involved in offshore wind and those benefiting from structural supply-demand tightness [11][92].