电力设备：新增装机量续增，待新能源电价实施细则落地

Investment Rating - The industry investment rating is maintained as "in line with the market" [3][27]. Core Viewpoints - The installed capacity and construction investment in the power equipment sector are maintaining good growth rates, with a cumulative installed capacity of 3.4 billion kilowatts as of the end of February, representing a year-on-year increase of 14.5% [4]. - The solar power installed capacity reached 930 million kilowatts, showing a year-on-year growth of 42.9%, while wind power capacity increased by 17.6% to 530 million kilowatts [4]. - The investment in power generation equipment for January-February was 73.5 billion yuan, a slight increase of 0.2% year-on-year, while grid investment reached 43.6 billion yuan, up 33.5% year-on-year [4]. - The new energy pricing reform is a significant variable affecting domestic new energy installed capacity this year, with all new energy project electricity entering market transactions [4]. Summary by Relevant Sections Installed Capacity and Investment - The new installed capacity for power generation in January-February was 54.53 million kilowatts, with solar power contributing 39.47 million kilowatts, a year-on-year increase of 7% [4]. - The expected new installed capacity for 2025 is projected to exceed 450 million kilowatts, with over 300 million kilowatts from new energy sources [8]. Domestic and International Demand - Domestic demand is influenced by the implementation of new energy pricing reforms, while international demand shows growth in grid equipment exports, with transformer export amounts increasing by 45.6% [4]. - The export of solar batteries saw a quantity increase of 29.7%, but the export amount decreased by 32.4% [4]. Grid Investment - The expected investment in the State Grid for 2025 is over 650 billion yuan, focusing on optimizing the main grid and supporting high-quality development of new energy [4][8]. - The Southern Grid is expected to have fixed asset investments of 175 billion yuan in 2025, with ongoing projects to enhance the backbone grid in southern provinces [8]. Market Outlook - The second quarter is expected to see a recovery in the photovoltaic industry chain prices due to demand release and low inventory replenishment [8]. - The market is anticipated to evolve with the implementation of new energy market policies, focusing on demand-side responses and related applications [8].