电新行业2025Q1前瞻及策略展望

Group 1: Solar Industry - The solar industry is experiencing a price increase across the supply chain due to domestic demand surge and supply discipline, with a notable rise in photovoltaic glass prices by 2 CNY/square meter [11][29]. - In Q1, domestic solar installations reached 39.5 GW, a year-on-year increase of 7.5%, driven by the "Thousand Households in the Sun" initiative and market reforms [17][20]. - The global solar installation growth rate is expected to be around 15% in 2025, with non-European and non-American markets projected to grow over 40% [20][21]. Group 2: Energy Storage - The energy storage sector is witnessing robust demand growth, with domestic large-scale storage projects showing a cumulative bidding capacity of 75.6 GWh in the first two months of 2025, a 400% year-on-year increase [43]. - The cancellation of mandatory storage requirements in China and the adjustment of tariffs in the U.S. are expected to maintain a positive growth trajectory for both domestic and overseas energy storage markets [56]. - The global energy storage market is projected to grow by 45-50% year-on-year in 2025, with significant contributions from both developed and emerging markets [48][49]. Group 3: Lithium Battery - The lithium battery sector is poised for a spring rally, driven by demand and profitability resonance, as the market anticipates a recovery in pricing and demand dynamics [57]. - The first quarter of 2025 is expected to see a seasonal decline in shipments, but profitability is stabilizing due to price adjustments in the supply chain [40][41].