电力设备及新能源行业：零碳园区有望催化光-储-氢应用需求释放

Investment Rating - The industry investment rating is "Positive" as it is expected to outperform the market benchmark index by more than 5% in the next six months [18]. Core Viewpoints - The concept of "Zero Carbon Parks" has been introduced, which aligns with the dual carbon goals and is expected to stimulate demand across various segments of the industry [1]. - The transition to zero carbon in existing industrial parks will enhance the supply capacity of renewable energy and improve energy efficiency, leading to increased installations of distributed commercial photovoltaic and energy storage systems [2]. - Hydrogen energy is identified as a key component in achieving the zero carbon goals, facilitating decarbonization across multiple scenarios within the parks, including transportation and energy storage [3]. - The implementation of the "Zero Carbon Park" initiative is expected to drive significant demand for distributed commercial photovoltaic, energy storage, and hydrogen applications [4]. Summary by Sections Zero Carbon Parks - The establishment of zero carbon parks is a critical pathway for achieving China's dual carbon strategy, with over 2,700 industrial parks contributing significantly to energy consumption and CO2 emissions [1]. - The shift towards zero carbon models is supported by local government policies, with nearly 30 provincial regions already planning low-carbon or near-zero carbon parks [1]. User-side Energy Storage - The transition to zero carbon will lead to a substantial increase in the installation of distributed commercial photovoltaic systems, with a reported 62.4 GW of new capacity added in the first three quarters of 2024, representing an 83% year-on-year increase [2]. - New energy storage capacity is projected to reach 109.8 GWh in 2024, a 136% increase year-on-year, with commercial energy storage accounting for 6.7% of this growth [2]. Hydrogen Energy Applications - Hydrogen energy is expected to play a vital role in the decarbonization of parks, enabling the integration of various energy systems and alleviating pressure on the power grid during peak demand [3]. - The promotion of hydrogen applications within zero carbon parks is anticipated to accelerate the commercialization of hydrogen technologies and reduce costs across the industry [3]. Investment Recommendations - The report suggests focusing on demonstration projects related to distributed commercial photovoltaic, energy storage, and hydrogen applications, as well as monitoring bidding situations for traditional and new projects [4]. - Beneficiary companies identified include Tongwei Co., Ltd., Contemporary Amperex Technology Co., Ltd., and Sungrow Power Supply Co., Ltd. [4].