电力设备及新能源行业周报：产业周跟踪，出海板块投资拐点已至，重申新能源板块底部配置价值

Investment Rating - The report maintains a "stronger than market" rating for the new energy sector, emphasizing the bottom configuration value of the sector [3]. Core Views - The report highlights a recovery in electric vehicle sales in Europe, with a 15% month-on-month increase in December and a 2.2% increase in penetration rate [3][12]. - The photovoltaic sector is experiencing price increases across multiple links, with expectations for stability leading up to the Spring Festival [3][20]. - The wind power sector is accelerating deep-sea development, with significant projects being approved and initiated [3][29]. - The energy storage sector is projected to add approximately 110 GWh of new capacity in 2024, with ongoing international expansion of domestic companies [3][34]. - The power equipment and industrial control sector anticipates over 650 billion yuan in investment from the State Grid in 2025, with significant projects underway [3][47]. - The hydrogen energy sector is set to begin the application process for 22 key tasks in 2025, with the completion of the first green hydrogen pipeline in Inner Mongolia [3][61]. Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - December saw a 15.1% month-on-month increase in new energy vehicle sales across eight European countries, totaling 232,400 units [12]. - BYD launched its new model "Summer," equipped with advanced driving systems [13]. 2. New Energy Generation Sector 2.1 Photovoltaic Sector - Prices for silicon materials, N-type silicon wafers, and TOPCon battery cells continue to rise, driven by pre-holiday stocking demand [20]. - The report anticipates price stability in the lead-up to the Spring Festival, with a focus on post-holiday price changes [21]. 2.2 Wind Power Sector - Significant progress in offshore wind projects in Liaoning, with competitive configurations for 700,000 kW of offshore wind capacity announced [29][30]. 3. Energy Storage Sector - The report estimates a new installed capacity of 110 GWh for 2024, with a total of 43.7 GW/109.8 GWh of new energy storage capacity expected [34]. - The report notes a significant increase in large-scale projects, particularly in Xinjiang and Inner Mongolia [35]. 4. Power Equipment and Industrial Control Sector - The State Grid's investment is projected to exceed 650 billion yuan in 2025, with ongoing projects enhancing high-voltage expectations [47]. - The report highlights a stable manufacturing PMI and collaboration between Huichuan Technology and Huawei [50]. 5. Hydrogen Energy Sector - The report outlines the initiation of 22 key tasks in clean hydrogen for 2025, with the completion of a green hydrogen pipeline in Inner Mongolia [61][62]. - The design tender for a large-scale green hydrogen project in Xinjiang has been announced [63].