电力设备新能源行业周报：关税靴子落地，板块回调充分

Investment Rating - The report maintains a "Buy" rating for the photovoltaic and wind power sectors, indicating a positive outlook for these industries [4][5]. Core Insights - The impact of the recent tariff changes on the photovoltaic sector is limited due to established trade barriers and a shift in production to Southeast Asia and other emerging markets [4]. - The wind power industry continues to show strong growth potential, with domestic companies maintaining a competitive edge due to high localization rates and upcoming offshore wind projects [5]. - The electric vehicle sector is experiencing rapid growth, with a focus on companies benefiting from low raw material prices and improving supply chain structures [5]. Weekly Market Review - From April 13 to April 18, 2025, the Shanghai Composite Index rose by 1.19%, while the Shenzhen Component Index and the ChiNext Index fell by 0.54% and 0.64%, respectively. The Shenwan Electric Power Equipment Index decreased by 0.37%, underperforming the CSI 300 by 0.96 percentage points [12][18]. - Within sub-sectors, photovoltaic equipment fell by 1.92%, wind power equipment rose by 2.31%, battery equipment increased by 0.46%, and grid equipment decreased by 0.27% [12][14]. Key Company Tracking - Keda Li reported a revenue of 12.03 billion yuan for 2024, a year-on-year increase of 14.44%, with a net profit of 1.472 billion yuan, up 22.55% from the previous year [3][27]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on companies that have established local production capabilities in North America, which enhances their bargaining power [4]. - In the wind power sector, it is recommended to pay attention to leading companies such as Goldwind Technology and Mingyang Smart Energy, as well as cable manufacturers like Orient Cable and Zhongtian Technology [5]. - In the electric vehicle sector, the report highlights companies like CATL and EVE Energy, which are expected to benefit from the recovery of the industry and improved supply chain dynamics [5].