电新&公用行业周报：欧洲组件市场酝酿上涨，新能源电价全面市场化

Investment Rating - The report maintains an investment rating of "Recommended" for the industry [2][36] Core Insights - The European photovoltaic component prices have started to rise after several months of decline, with N-type monofacial components increasing by 12% and P-type monofacial components by 8% in January [4][18] - The UK government is accelerating the development of offshore wind power, planning to unlock 13 offshore wind projects with a total capacity of 16GW, potentially attracting £20 billion to £30 billion in investments [4][19] - In 2025, the total investment in the power grid by the State Grid and Southern Grid is expected to exceed 825 billion yuan, marking an increase of 220 billion yuan compared to 2024 [4][19] - A recent notice from the National Development and Reform Commission and the National Energy Administration promotes the market-oriented pricing of renewable energy, aiming for all renewable energy to enter the electricity market [4][19] Summary by Sections Industry Performance - From February 5 to 7, 2025, the Shenwan Electric New Energy sector rose by 4.18%, ranking 7th among 31 industries, while the Public Utilities sector increased by 0.17%, ranking 26th [8][9] Photovoltaic Industry - The report indicates a trend of rising prices in the photovoltaic sector, with a focus on high-efficiency products as demand stabilizes [4][18] - The average price of P-type M10 battery cells remains at 0.33 yuan per watt, while N-type cells are priced at 0.29 yuan per watt [26] Wind Power Industry - In 2024, the domestic wind power sector added 79.82GW of new capacity, reflecting a year-on-year increase of 6% [32] Power Grid Investment - The total investment in the power grid for 2025 is projected to exceed 825 billion yuan, with significant increases from both the State Grid and Southern Grid [4][19] Investment Recommendations - The report suggests focusing on leading companies in the photovoltaic sector such as Junda Co., Aisheng Co., Tongwei Co., Longi Green Energy, and Fulete [36] - For the wind power sector, recommended companies include Daikin Heavy Industries, Taisheng Wind Energy, and Dongfang Cable [36] - In the power grid equipment sector, companies like Guodian Nari, XJ Electric, and Sany Medical are highlighted [36]