电力设备与新能源行业行业周报：政府工作报告强调加快建设“沙戈荒”基地

Investment Rating - The report maintains a positive outlook on the power equipment and new energy industry, highlighting high growth potential and certainty in sectors like energy storage and lithium batteries [5][11]. Core Insights - Energy storage is expected to maintain high prosperity with a cumulative installed capacity CAGR of 37% from 2023 to 2030, emphasizing the importance of selecting leading companies in the sector [5]. - Lithium battery demand is supported by three main factors: policy-driven growth in new energy vehicle demand, the explosion of energy storage, and a recovery in material supply [5]. - The photovoltaic sector is anticipated to rebound in the second half of 2025, driven by high-quality demand and industry collaboration [5]. Summary by Sections 1. Market Review - The report notes that from February 28 to March 7, 2025, the CSI 300 index increased by 1.39%, while the new energy index rose by 1.16%, ranking 16th among industries [11]. 2. Valuation Analysis - As of March 7, 2025, the price-to-earnings ratio (TTM) for the power equipment and new energy industry is 26.64, which is at 29.69% of its 10-year historical valuation percentile, indicating it is at a historical low [15][17]. 3. Industry Data Tracking - The report highlights that the photovoltaic industry is entering a down cycle in pricing, with significant price drops in silicon materials and components, leading to pressure on profit margins [20][25]. - The lithium battery supply chain shows a mixed trend, with some materials experiencing price increases while others remain stable or decline [35][36]. 4. Key News Tracking - The report covers significant developments in the wind power sector, including a 4.12GW procurement in February 2025 and government initiatives to boost offshore wind energy [50][51]. - It also notes advancements in energy storage technology, such as the deployment of a commercial 8-hour lithium battery storage system in Australia [66].