电力设备与新能源行业2025年度策略：否极泰来 静待花开

Investment Rating - The report maintains a positive investment rating for the renewable energy sector, particularly in photovoltaic (PV) and wind energy, indicating a favorable outlook for 2025 [4][6]. Core Insights - The global photovoltaic installation scale is steadily increasing, with significant changes in the supply side, including stricter energy and water consumption requirements for new capacities. Key materials like silicon and batteries are expected to see price increases, leading to profit recovery [1][20]. - The wind energy sector is poised for growth, particularly in offshore wind installations, with a favorable market environment anticipated in 2025 as domestic and export markets open up [2][78]. - The electric vehicle (EV) market is experiencing rapid growth, with a projected total sales volume of 12.866 million units in 2024, reflecting a year-on-year increase of 35.5% and a penetration rate exceeding 40% [3][106]. Summary by Sections Photovoltaics - The domestic PV installation in China reached 206.3 GW from January to November 2024, a year-on-year increase of 25.8%, with expectations of around 240 GW for the entire year [23][24]. - The supply side is undergoing optimization, with major players reducing production to stabilize prices, particularly in silicon materials [33][35]. - Investment recommendations include focusing on leading silicon and battery component companies, as well as firms advancing in BC and HJT production technologies [4][77]. Wind Energy - The domestic offshore wind market is entering a high-growth phase, with significant project launches expected in 2024 and 2025 [78][81]. - The report highlights the potential for domestic wind turbine manufacturers to expand into international markets, particularly in Europe, where local production is insufficient [90][99]. - Investment suggestions include major turbine manufacturers and companies involved in high-barrier segments like submarine cables [4][103]. Lithium Batteries - The report forecasts a continued increase in EV sales, with a total of 12.866 million units expected in 2024, driven by supportive policies and new model releases [3][106]. - The domestic battery supply chain is showing competitive advantages, with major players like CATL holding a significant market share [121][123]. - Investment focus should be on companies benefiting from low raw material prices and those leading in new technologies like silicon-carbon anodes [5][151].