电力设备及新能源：地方“两会”落幕，25年电新发展重点前瞻

Investment Rating - The report maintains a "Recommended" investment rating for the electric power equipment and new energy industry [1]. Core Insights - The report highlights that the 2025 government work reports from various provinces emphasize the electric power equipment and new energy sectors, particularly in areas like new energy vehicles and new storage technologies [3]. - The focus on consumer promotion and domestic demand expansion is expected to benefit the lithium battery sector significantly, with stable demand growth anticipated [3]. - New storage technologies are gaining priority, with policies aimed at optimizing storage and auxiliary service markets, which will enhance the profitability of storage projects [3]. - The report anticipates that the photovoltaic sector will recover from recent challenges due to improved consumption capabilities and supportive policies [3]. - Wind power is expected to see growth driven by new policies and equipment upgrades, with offshore wind projects gaining traction [3][4]. - The report notes the importance of optimizing the power grid structure to support the integration of renewable energy sources [4]. Summary by Sections Government Focus and Policy Direction - The report indicates that the 2025 government work reports have a strong focus on the electric power equipment and new energy sectors, with specific mentions of new energy vehicles and storage technologies [3]. - Consumer promotion and domestic demand are highlighted as key themes for 2025, with various provinces announcing subsidy policies to support these initiatives [3]. Lithium Battery Sector - The lithium battery industry is expected to benefit from favorable policies and strong demand, with companies like CATL and others positioned to gain from this trend [5]. - The report cites that the lithium battery supply chain is seeing an upward adjustment in production, indicating a robust market outlook [3]. New Storage Technologies - New storage technologies are increasingly prioritized, with policies being developed to enhance their economic viability and market integration [3]. - The report emphasizes the importance of innovative storage solutions, such as long-duration and grid-connected storage [3]. Photovoltaic and Wind Power - The photovoltaic sector is projected to recover as consumption issues are addressed, with a significant increase in installed capacity expected [3]. - Wind power is anticipated to grow, particularly in offshore projects, with a forecast of over 105 GW of new installations in 2025 [3][4]. Power Grid Optimization - The report discusses the ongoing efforts to optimize the power grid, which is crucial for integrating renewable energy sources and enhancing overall efficiency [4].