行业周报：10MW以上陆风整机批量商运，光伏技术路线竞争焦灼-2025-03-16

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Views - The wind power sector is witnessing a trend towards larger onshore wind turbines, with projects like the 11 MW wind turbine installation indicating a shift in capacity [8][16]. - The competition among photovoltaic (PV) technologies remains intense, with ongoing debates about the performance of different technologies such as BC and TOPCon [9][10]. - Recent policy changes in Sichuan province are expected to significantly reduce costs for user-side energy storage projects, enhancing their profitability [10]. Summary by Sections Wind Power - The report highlights the successful installation of the first 11 MW wind turbine at the 1 GW Tokkuz County wind project, indicating a trend towards larger turbine capacities [8][16]. - The wind power index increased by 1.93% during the week, outperforming the CSI 300 index by 0.34 percentage points, with a current PE_TTM valuation of approximately 20.28 times [17]. Photovoltaic - The competition between different PV technologies is described as fierce, with recent tests showing varying performance metrics between BC and TOPCon components [9][10]. - The report notes that the introduction of new technologies has led to significant debates regarding efficiency and output, impacting the adoption rate of BC technology [9]. Energy Storage & Hydrogen - A new policy in Sichuan allows user-side energy storage projects to be exempt from capacity demand charges for two years, which could lower operational costs and enhance returns [10]. - The report emphasizes the importance of energy storage in enhancing the flexibility and stability of the new power system [10]. Investment Recommendations - For wind power, the report suggests focusing on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to favorable market conditions [10]. - In the photovoltaic sector, companies such as Longi Green Energy and Tongwei Co. are highlighted for their potential growth amid competitive pressures [10]. - The energy storage market is also noted for its growth potential, with companies like Sungrow Power Supply and Shunfeng International Clean Energy recommended for investment [10].