电力设备：NDC持续更新，能源转型持续推进

Industry Investment Rating - The investment rating for the power equipment industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the acceleration of NDC (Nationally Determined Contributions) updates, indicating a resilient global energy transition. As of February 16, 2025, 16 countries have updated their NDCs, with significant reduction targets set for 2030 and 2035 [4][5] - The report emphasizes the importance of carbon pricing mechanisms, such as carbon taxes and quotas, which are expected to increase in various countries, enhancing the investment landscape for green energy operators [5] - The report suggests focusing on green electricity operators, specifically recommending companies like Longyuan Power and JinkoSolar for investment opportunities [6] Summary by Sections Industry Overview - The closing index for the power equipment sector is 7144.09, with a 52-week high of 8068.94 and a low of 5403.16 [1] Relative Index Performance - The report includes a performance chart comparing the power equipment sector to the CSI 300 index, indicating potential growth trajectories from February 2024 to December 2025 [3] NDC Update Status - The report provides a detailed table of NDC updates from various countries, showcasing their emission reduction targets for 2030 and 2035, with notable commitments from countries like the UK and UAE [9]