电力设备行业周报：光伏产业链多环节涨价，风电中长期需求和盈利向好

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [10][27]. Core Insights - The wind power sector is expected to see long-term demand and profitability improvements, with domestic new installations projected at approximately 105-115 GW in 2025 and 110-120 GW in 2026 [4][22]. - The photovoltaic upstream industry chain is experiencing price increases across key products, including silicon materials, wafers, and batteries, driven by supply-demand dynamics and inventory levels [6][24][25]. Summary by Sections Wind Power Demand and Profitability - The China Wind Energy Spring Tea Party held on January 11, 2025, revealed that domestic wind power installations reached about 530 GW by the end of 2024, with a forecast of entering a new era of annual installations exceeding 100 GW [4][22]. - Wind turbine prices have decreased significantly since 2019, with onshore turbine prices dropping to 1,400 RMB/kW and offshore prices below 3,000 RMB/kW [5][23]. Photovoltaic Upstream Price Increases - Starting in 2025, the prices of silicon materials, wafers, and batteries have begun to rise, with N-type silicon material prices increasing by 2.22% and N-type wafers by up to 9.15% [6][24]. - The average transaction price for M10 monocrystalline TOPCon battery cells has risen to 0.29 RMB/W, reflecting a 1.75% increase [6][24]. Optimus Update and Production - Tesla's CEO Elon Musk announced potential updates to the Optimus humanoid robot, with production expected to ramp up significantly in 2026 and 2027 [9][26]. Investment Recommendations - For the photovoltaic sector, companies such as Tongwei Co., JinkoSolar, JA Solar, Longi Green Energy, and others are recommended due to anticipated profitability turning points [10][28]. - In the wind power sector, companies like Orient Cable, Zhongtian Technology, and others are highlighted for their stable pricing and growth potential [10][28].