电力设备行业周报：海风项目稳步推进，光伏组件再度涨价

Investment Rating - Industry rating: Overweight [1] Core Views - The offshore wind projects are progressing steadily, and there is a renewed increase in the prices of photovoltaic (PV) modules [1][4] - The report highlights the importance of various segments within the energy sector, including storage, new technologies, hydrogen energy, and electric grid equipment [4][6][39] Summary by Sections Photovoltaics - N-type module prices increased by 0.02 CNY/W, driven by demand from 430 and 531 projects, indicating a potential recovery in the sector [5][12] - The overall PV sector performance showed a 1.67% increase, outperforming the market [12] - The report anticipates a recovery in the PV industry, with expectations of inventory reduction and price stabilization in 2025 [14][20] Wind Power - The domestic wind power installed capacity reached 79 GW in 2024, a year-on-year increase of 5% [5][21] - The report emphasizes the positive sentiment in the market due to the commencement of offshore wind projects, suggesting a focus on tower and foundation segments [21] Energy Storage - The demand for lithium batteries for data centers has exceeded expectations, with a focus on the data center and storage Power Conversion System (PCS) segments [4][24] - The report notes that various provinces are improving their energy storage profitability models, with significant growth in storage demand [24][30] New Technologies - Local governments are increasing subsidies to support the development of general aviation infrastructure, which is expected to enhance the low-altitude economy [4][32] - The report suggests monitoring the construction of general aviation airports and related industries [32][33] Hydrogen Energy - Multiple provinces are actively promoting the hydrogen energy industry, with significant investments and mergers occurring within the sector [6][35] - The report recommends focusing on hydrogen production, storage, and transportation segments as the industry accelerates [35][37] Electric Grid Equipment - The commencement of the Gansu-Zhejiang ±800 kV UHVDC project is highlighted, with expectations of high demand for UHV construction in 2025 [39][40] - The report suggests that the electric grid sector will benefit from stable growth, recommending attention to undervalued companies in this space [39][40] Electric Vehicles - Domestic policies are focusing on consumption upgrades and technological industries, with initiatives to promote the replacement of old vehicles [41][42] - The report indicates a strong push towards electric vehicle adoption, with significant government support for the sector [41][44]