电力设备新能源行业周报：关税升级难撼根基，回购浪潮彰显底气-20250412

Investment Rating - The report maintains a "Recommended" rating for the renewable energy sector, indicating that the industry index is expected to outperform the benchmark index by more than 10% [42]. Core Insights - The report highlights that the recent tariff upgrades in the U.S. will have limited impact on the photovoltaic sector due to established trade barriers and a shift in production to Southeast Asia and other emerging markets [4]. - The wind power sector is expected to benefit from strong domestic demand, with major manufacturers showing confidence through share buyback announcements [5]. - The electric vehicle supply chain in China continues to grow rapidly, with a focus on companies benefiting from low raw material prices and stable profitability [5]. Weekly Market Review - From April 6 to April 11, 2025, the Shanghai Composite Index fell by 3.11%, while the Shenzhen Component Index and the ChiNext Index dropped by 5.13% and 6.73%, respectively. The Shenwan Electric Power Equipment Index decreased by 9.10%, underperforming the CSI 300 by 6.23 percentage points [12]. - The sub-sectors of photovoltaic equipment, wind power equipment, batteries, and grid equipment saw declines of -9.57%, -8.87%, -10.52%, and -5.71%, respectively [12]. Key Sector Tracking - CATL announced a share buyback plan, intending to repurchase between RMB 4 billion and RMB 8 billion worth of shares at a maximum price of RMB 392.32 per share [3][25]. - The wind power sector's major players, including Goldwind and Envision Energy, have low exposure in the U.S. market, focusing instead on "Belt and Road" countries [5]. Investment Recommendations - For the photovoltaic sector, the report suggests that the impact of U.S. tariffs is minimal due to established trade barriers and a shift in production strategies [4]. - In the wind power sector, the report emphasizes the strong competitive advantage of China's domestic supply chain, with over 90% localization [5]. - In the electric vehicle sector, the report recommends focusing on companies that benefit from low raw material prices and stable profitability, such as CATL and other leading firms [5]. Industry News - The report notes significant developments, including the mass production of high-nickel battery precursors by Greeenme, which is expected to enhance its market position [19]. - The first quarter of 2025 saw a wind turbine bidding scale exceeding 38.5 GW, indicating a robust market outlook [22].