电力设备新能源2025年投资策略：落后产能出清，新技术，新周期

Investment Rating - The report maintains a positive outlook on the power equipment and new energy sectors, indicating potential investment opportunities as the industry undergoes structural changes and technological advancements [1]. Core Insights - The report highlights that the photovoltaic industry is expected to see a recovery in profitability as outdated capacities are phased out and demand increases in the latter half of 2025 [3]. - The lithium battery sector is projected to grow significantly, with domestic EV sales expected to increase by approximately 25% and overseas sales by 15% in 2025 [3]. - The energy storage market is anticipated to benefit from rising penetration of renewable energy, with a focus on grid-connected storage solutions [5]. - Wind power is expected to experience growth in both onshore and offshore installations, driven by favorable policies and increasing demand [5]. - The industrial control sector is set to see an upward trend in orders, with a focus on domestic demand and international expansion [5]. Summary by Sections Photovoltaics - The industry is expected to recover as component prices stabilize and profitability improves across various segments, with demand anticipated to peak in the second half of 2025 [3]. - New technologies such as N-type cells and reduced silver consumption are expected to benefit leading companies [3]. - Structural opportunities may arise as capacity expansion stagnates [3]. Lithium Batteries - Domestic EV sales are projected to grow by 25% and overseas sales by 15% in 2025, indicating strong growth potential [3]. - The overall supply-demand situation remains loose, but profitability is expected to have bottomed out [3]. - Attention is drawn to the progress of companies expanding internationally and the integration of precursor materials [5]. Power Equipment - Increased investment demand in both domestic and international markets is noted, with a focus on companies with export capabilities [3]. - The trend towards smart grid upgrades is clear, with recommendations to focus on related technologies and companies [3]. - The domestic ultra-high voltage construction is entering a peak phase, ensuring profitability for related equipment companies [3]. Energy Storage - The market is expected to grow due to increased renewable energy penetration, with a focus on grid-connected storage solutions [5]. - The domestic market is improving, but overcapacity remains a concern [5]. - Companies with strong grid coordination capabilities are recommended for investment [5]. Wind Power - Onshore wind installations are expected to increase due to the operation of ultra-high voltage projects, while offshore wind policies are becoming more favorable [5]. - Domestic companies are positioned to benefit from cost advantages and increasing overseas demand [5]. Industrial Control - The sector is seeing an upward trend in orders, with a focus on domestic demand and international market share expansion [5]. - The growth in downstream renewable energy demand is expected to support this sector [5].