电力设备行业周报：2024国内光伏装机277GW，宇树科技产品获新进展

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - In 2024, China's new photovoltaic installed capacity is expected to reach 277GW, representing a year-on-year increase of 28%. The price of the industry chain remains stable, and by the end of 2024, the inventory of silicon wafers and battery cells is expected to be nearly depleted. The market's response to actual price increases will be more sensitive, while reactions to policy details may be dulled [3][11] - For wind power, the domestic installed capacity in 2024 is projected to be 79GW, a year-on-year increase of 5%. December alone saw an addition of 27.6GW, a month-on-month increase of 364%. The commencement of offshore wind projects has exceeded expectations, boosting market sentiment [3][24] - In the energy storage sector, new installations of 42.37GW/101.13GWh are anticipated in 2024. The large-scale storage market is rapidly developing, with traditional markets expanding and emerging markets rising, indicating potential benefits for the industry chain [3][29] - The hydrogen energy sector is experiencing strong growth, with multiple regions actively laying out plans. Investment in hydrogen energy is expected to enter a window period, with a focus on hydrogen production and storage [3][31] - The humanoid robot sector is seeing significant advancements, with companies like Yushu Technology and Kuawei Intelligence making progress. The humanoid robot is considered one of the most important applications of AI technology, with a promising outlook [3][32] Summary by Sections Photovoltaic - In 2024, the total new installed capacity is projected at 277GW, up 28% year-on-year [3][8] - The industry chain prices are stable, and inventory levels are expected to normalize by the end of 2024 [3][14] - The market is expected to respond sensitively to price increases and policy details [3][23] Wind Power - The domestic wind power installed capacity for 2024 is expected to be 79GW, a 5% increase year-on-year [3][24] - December 2024 saw a significant increase in new installations, with 27.6GW added [3][24] - The market is optimistic about offshore wind projects, which are expected to drive growth [3][25] Energy Storage - New energy storage installations are expected to reach 42.37GW/101.13GWh in 2024 [3][29] - The market is rapidly developing, with significant growth in both traditional and emerging sectors [3][29] Hydrogen Energy - The hydrogen energy sector is witnessing robust development, with various regions actively investing [3][31] - Focus areas include hydrogen production and storage, which are expected to see increased investment [3][31] Humanoid Robots - Significant advancements in humanoid robots are being made by companies like Yushu Technology and Kuawei Intelligence [3][32] - The sector is viewed as a key application of AI technology with a broad future potential [3][32] Electric Grid Equipment - The total investment in electric grid projects for 2024 is projected at 608.3 billion yuan, a 15.3% increase year-on-year [3][41] - The overall electricity consumption is expected to grow by 6.8% in 2024, with significant contributions from various sectors [3][41] New Technologies - Multiple regions are actively planning for low-altitude development, integrating air, land, and sea [3][45] - Policies are being implemented to support the growth of low-altitude economies, enhancing regional economic competitiveness [3][45]