Changjiang Securities·2025-04-20 13:45Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Insights - The report highlights the prominence of leading companies and the ongoing push towards new directions in the industry [1]. Summary by Sections 1. Weekly Review of the Electric New Energy Sector - The CJ Electric New Energy Index fell by 0.41% this week, with the first half of the week seeing a rebound following the broader market, while the latter half was dragged down by photovoltaic and energy storage sectors due to significant tariff impacts [9]. - Wind power, lithium batteries, and electric power equipment showed stronger performance compared to other sectors [9]. 2. Important Events Review and Outlook - The distributed photovoltaic market demand continues to weaken, leading major manufacturers to lower photovoltaic module prices by 0.01-0.03 RMB/W. However, centralized bidding project scales have recently seen a significant increase [11]. - Key contracts and agreements were signed, including a sales framework agreement for battery cells and successful bids for photovoltaic component procurement [11]. - The report notes a 4.8% year-on-year increase in total electricity consumption in March, with a cumulative increase of 2.5% for the first quarter [11]. 3. Sector Strategy Summary and Core Recommendations - The report emphasizes the importance of focusing on undervalued stocks with good quarterly reports, particularly in the energy storage, electric power equipment, and lithium battery sectors, while also keeping an eye on themes like robotics and AI [14]. - For photovoltaic, the report suggests monitoring price changes in the supply chain and production schedules for May, with specific recommendations for companies like Longi Green Energy and Tongwei Co [14]. - In the energy storage sector, the report anticipates a recovery as negative tariff impacts are priced in, recommending leading companies like Sungrow Power Supply and Dewei Co [15]. - The lithium battery sector is viewed as being at a bottom stage, with recommendations for companies like CATL and Hunan YN Energy [15]. - Wind power is expected to see increased activity in offshore projects, with recommendations for companies like Orient Cable and Mingyang Smart Energy [15]. - The electric power equipment sector is advised to focus on domestic demand and potential export opportunities, with recommendations for companies like State Grid Corporation and Mingyang Electric [15]. 4. Photovoltaic Sector Analysis - The photovoltaic module prices are under downward pressure due to weak demand in the distributed market, while centralized bidding projects are increasing [20]. - The report highlights the positive progress in new technologies, including the development of high-efficiency cells and the expansion of production capacity for new battery technologies [20][36]. - The overall sentiment in the photovoltaic sector is cautious, with expectations of a recovery in the second half of the year driven by overseas demand and supply policies [36].