行业周报：我国风电整机出口步伐加快，印度推出光伏强制配储政策

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The wind power sector is experiencing accelerated export growth, with China's wind turbine exports reaching 5.19 GW in 2024, a year-on-year increase of 41.7% [7][15]. - The photovoltaic (PV) equipment sector is facing challenges, with companies like JinkoSolar and Aotaiwei implementing debt-to-equity swaps to address cash flow issues [8]. - India's new mandatory energy storage policy for solar projects is expected to create opportunities for Chinese energy storage companies in the Indian market [9]. Summary by Sections Wind Power - In 2024, China's wind turbine exports are projected to reach 5.19 GW, with major players like Goldwind and Envision Energy leading the market [7][15]. - Envision Energy's overseas orders have significantly increased, with a record 10 GW in 2024, compared to 4 GW in 2023 [16]. - The wind power index has shown a slight increase of 0.04% this week, outperforming the CSI 300 index by 2.27 percentage points [17]. Photovoltaic - Companies in the PV sector are resorting to debt-to-equity swaps to mitigate cash flow issues, with JinkoSolar and Aotaiwei both increasing their stakes in downstream company Runyang [8]. - The overall PV industry is facing significant losses, with upstream polysilicon production expected to decrease by 32%-46% in 2025 [8]. - The current price pressures in the PV supply chain are expected to continue, impacting the financial health of manufacturing companies [8]. Energy Storage and Hydrogen - India's new policy mandates that all renewable energy projects include at least 10% co-located energy storage systems, potentially leading to a significant increase in storage capacity by 2030 [9]. - The energy storage sector is experiencing a decline in the index by 0.58%, with a current overall P/E ratio of 28.23 [4]. - The hydrogen sector is showing resilience, with a slight increase of 0.33% in the index, and a P/E ratio of 31.58 [4]. Investment Recommendations - For wind power, focus on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to favorable export conditions [9]. - In the photovoltaic sector, attention should be given to companies like Longi Green Energy and Tongwei Co., as they may benefit from policy changes and industry self-regulation [9]. - In energy storage, companies like Sungrow Power Supply and Upwind Electric are recommended due to strong demand growth [9].