SINOLINK SECURITIES·2025-05-18 14:03Investment Rating - The report maintains a positive investment outlook on the photovoltaic and energy storage sectors, highlighting key companies such as Sungrow Power and Canadian Solar for continued recommendation [2][5]. Core Insights - The photovoltaic industry is transitioning from a state of excess supply to a more balanced market, driven by both policy support and self-initiated industry adjustments. The easing of US-China trade tensions is seen as a significant benefit for large-scale energy storage [2][5]. - In the wind energy sector, major contracts and investments are being made, indicating a robust growth trajectory for leading turbine manufacturers [5][6]. - The report emphasizes the integration of artificial intelligence in the power grid, suggesting that companies involved in grid informatization will benefit from this trend [7][8]. Summary by Relevant Sections Photovoltaic & Energy Storage - The photovoltaic sector is showing signs of recovery, with government policies aimed at resolving structural issues. The focus is shifting from forced interventions to voluntary industry cooperation [2][5]. - Key developments include the issuance of manufacturing standards by the Ministry of Industry and Information Technology and the publication of a white paper on artificial intelligence in the power sector [5][8]. - Recommended companies include Sungrow Power, Canadian Solar, and others that are expected to benefit from the easing of trade tensions and new pricing policies [5][8]. Wind Energy - Major contracts, such as a €1 billion order from a European offshore wind project, highlight the growth potential in this sector. The report anticipates nearly 20 GW of offshore wind projects to be tendered between 2025 and 2026 [5][6]. - Companies like Goldwind and Envision are expected to see improved profitability as they expand their international presence [5][6]. Electric Grid - The National Grid's white paper on artificial intelligence outlines a comprehensive plan for integrating AI into power production, which is expected to enhance operational efficiency [7][8]. - The report notes that the upcoming high-voltage direct current projects are set to commence in December 2025, indicating a significant investment phase for related companies [7][8]. New Energy Vehicles & Lithium Batteries - The report indicates a slowdown in year-on-year growth for new energy vehicles, with a current growth rate of approximately 5%. However, a month-on-month increase of 30% suggests seasonal fluctuations are normal [3][9]. - The reduction of tariffs on lithium batteries is expected to boost exports to the US, with companies like BETTERRY and Guoxuan High-Tech launching new solid-state battery products [3][11]. Hydrogen and Fuel Cells - The development of green liquid fuels is gaining momentum, with pilot projects being initiated in Jiangsu province. This is expected to create new opportunities in the hydrogen sector [10][12]. - The report highlights the importance of hydrogen highways as a key application for hydrogen vehicles, with several provinces implementing toll exemptions to promote this initiative [10][12].