中电建终止51GW组件集采，澳大利亚计划扶持户储装机

Investment Rating - The report maintains a "Strong Outperform" rating for the industry [1]. Core Insights - The report highlights significant developments in the wind and solar sectors, including the commencement of China's first large-capacity floating offshore wind power project and the termination of a large-scale solar module procurement by China Power Construction [6][7]. - The Australian Labor Party's plan to subsidize home energy storage systems is expected to reduce initial costs for consumers and drive significant growth in the home storage market [7]. Wind Power - The commencement of the 16MW floating offshore wind power project by Three Gorges marks a milestone in China's offshore wind technology, addressing high costs through larger turbine capacities [11]. - The wind power index fell by 6.67%, underperforming the CSI 300 index by 3.80 percentage points, with a current PE_TTM valuation of approximately 18.89 times [12]. Solar Power - China Power Construction's termination of the 51GW solar module procurement reflects the impact of recent adjustments in renewable energy pricing policies, leading to uncertainty in project investment returns [6][7]. - The solar sector is facing potential short-term demand weakness following the end of the installation rush by May 31 [6]. Energy Storage & Hydrogen - The Australian government's plan to subsidize home energy storage batteries, amounting to AUD 2.3 billion (approximately CNY 10.5 billion), aims to lower costs by 30% and facilitate the installation of over 1 million new batteries by 2030 [7]. - The report suggests a strong growth outlook for energy storage, particularly in overseas markets, with a focus on companies like Sungrow Power Supply and Sangfor Technologies [7]. Investment Recommendations - For wind power, the report recommends focusing on companies such as Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to favorable market conditions [7]. - In the solar sector, it suggests monitoring companies like Longi Green Energy and Tongwei Co., as well as the potential for improved competition in the supply chain [7]. - For energy storage, it highlights the importance of companies with solid overseas market positions and emerging market strategies [7].