电力设备行业周报：新能源电价政策落地，投资收益预期锚稳定

Investment Rating - Industry rating: Overweight [1] Core Viewpoints - The new energy pricing policy has been implemented, stabilizing investment return expectations [1] - The photovoltaic industry chain prices remain stable, with a bottoming trend in fundamentals [10][12] - Wind power installations in China for 2024 are projected at 79GW, with a year-on-year increase of 5% [21] - The market for energy storage is expected to benefit significantly in the medium to long term due to the market-oriented pricing reform [26] - The hydrogen energy sector is experiencing strong growth, with multiple regions actively developing hydrogen production and storage [31] - The approval of two ultra-high voltage projects in January 2025 indicates ongoing investment opportunities in the power grid equipment sector [33] Summary by Sections Photovoltaics - The photovoltaic sector's performance has lagged behind the market, with a decrease of 2.87% in the week of February 10-14, 2025 [10] - The industry is expected to see a price bottom in Q3 2024, with a potential slight rebound in Q4 2024 [13] - Key segments to watch include battery cells, silicon wafers, and silicon materials, with a focus on companies that can withstand market cycles [19] Wind Power - The wind power sector has shown a year-on-year increase in installations, with a notable rise in offshore wind projects [21] - Investment opportunities are highlighted in the tower and foundation segments, particularly for offshore wind projects [22] Energy Storage - The launch of Tesla's Shanghai energy storage factory marks a significant development, with a production capacity of 40GWh [25] - The market-oriented pricing reform for new energy is expected to improve the profitability of energy storage systems [26] Hydrogen Energy - Inner Mongolia aims to achieve a green hydrogen production capacity of 200,000 tons by 2025 [31] - The hydrogen energy sector is seen as a promising investment area, particularly in hydrogen production and storage [31] Power Grid Equipment - The approval of two ultra-high voltage projects in January 2025 is expected to enhance the national power grid's capacity [33] - The virtual power plant capacity in Shanxi has increased significantly, indicating a growing trend in distributed energy resources [34] Electric Vehicles - CATL is experiencing a surge in orders, indicating strong demand in the electric vehicle market [35] - BYD and Changan are advancing their smart vehicle strategies, enhancing their competitive positions in the market [36] Humanoid Robots - The delivery of the Figure-02 humanoid robot to its second customer signifies progress in the humanoid robotics sector [40] - Companies like UBTECH and Yushun Technology are actively developing humanoid robots for various applications [40][41]