新能源行业周报（第119期）：重结构轻总量，优质企业持续在进化

Investment Rating - The report maintains a positive outlook on the power equipment and new energy sector [1] Core Viewpoints - The industry strategy emphasizes structural improvements over total volume, highlighting the evolution of quality enterprises [3] - The new energy vehicle supply chain has entered a new cycle, with significant opportunities in the electric vehicle sector [4][20] - The photovoltaic industry is expected to confirm a mid-term bottom as prices for silicon wafers and battery cells continue to rise [5][21] - The wind power sector is focusing on offshore projects, particularly in Shandong, with significant capacity planned for 2025 [12][22] Summary by Sections New Energy Vehicles - Focus on structural opportunities within the electric vehicle supply chain, with companies like Xiaopeng showing strong performance and partnerships [4][20] - Supportive policies include an increase in subsidies for public transport vehicles and expanded eligibility for vehicle scrappage programs [10][20] - Material supply dynamics are tightening, with recent price increases in dry separators [10][20] Photovoltaic Industry - Strong upward momentum in pricing for silicon wafers and battery cells, driven by supply-demand dynamics and inventory adjustments [5][21] - Recent policy updates aim to optimize the market environment, promoting a unified national energy market [21] - Export opportunities are improving, particularly for granular silicon [5][21] Wind Power Industry - Shandong province is set to implement 2.6GW of offshore wind projects in 2025, with additional preparations for 4.1GW [12][22] - Multiple offshore wind projects are in the preparatory stages in Shanghai and Jiangsu, indicating a robust pipeline for future development [15][24]