Changjiang Securities·2025-04-06 07:29Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The report emphasizes the importance of domestic demand and the impact of recent U.S. tariff policies on the energy sector, particularly in storage and power equipment [12][15] - The overall sentiment in the photovoltaic sector is improving, with expectations for price recovery and production increases in Q2 2025 [29][35] Summary by Sections 1. Photovoltaics - The U.S. has implemented "reciprocal tariffs," which will increase export tariffs on Chinese storage batteries and integrated products significantly by 2026, benefiting companies with domestic production capabilities in the U.S. [12] - The main transaction price for M10 183N silicon wafers has risen to 1.25-1.30 RMB per piece, indicating a recovery in the supply chain [21][25] - The report suggests that the photovoltaic sector is experiencing a price increase due to domestic demand and supply-side discipline, with expectations for production to rise in April [29][35] 2. Energy Storage - The energy storage sector has seen significant adjustments due to U.S. tariffs, but the report believes that the market has already priced in the negative expectations, and recovery is anticipated [15][17] - The report highlights a substantial increase in domestic energy storage bids, with a year-on-year growth of 155% in March [12] 3. Lithium Batteries - Demand for lithium batteries is exceeding expectations, with continuous price increases across the supply chain, indicating improved profitability [15][17] - The report recommends focusing on companies involved in product upgrades and new technologies, such as solid-state batteries and silicon-carbon anodes [15] 4. Wind Power - The report notes a positive outlook for the wind power sector, with increased production rates and a focus on offshore wind projects [15][17] - Companies involved in wind turbine manufacturing and related components are expected to benefit from this trend [15] 5. Power Equipment - The State Grid's investment in power infrastructure has increased by 27.7% year-on-year, reaching a historical high for Q1, which bodes well for the power equipment sector [12][15] - The report suggests that companies involved in high-voltage projects and digitalization will see significant growth opportunities [15] 6. New Directions - The report encourages attention to AI and robotics sectors, which are expected to have continuous catalysts for growth [15][17] - Companies involved in AI applications and related technologies are highlighted as potential investment opportunities [15]