GOLDEN SUN SECURITIES·2025-05-18 15:45Investment Rating - Maintain "Buy" rating for the electric equipment industry [6] Core Views - The report highlights the ongoing decline in silicon wafer prices, with significant reductions in production rates due to weak downstream demand. The industry operating rate has dropped to approximately 55% [15][16] - The report emphasizes the importance of supply-side adjustments and the potential for price stabilization in the future, particularly focusing on companies like Xiexin Technology, Tongwei Co., and Flat Glass Group [15] - The report also discusses the growth opportunities in new technologies, recommending companies such as Aiko Solar and Juhe Materials [15] Summary by Sections New Energy Generation - Photovoltaics: The average transaction price for N-type G10L monocrystalline silicon wafers is 0.95 RMB/piece, with a week-on-week decline of 5.94%. The N-type G12R and G12 wafers have also seen price drops of 1.79% and 3.70%, respectively [15][16] - Wind Power & Grid: The report notes the commencement of wind turbine bidding for the Huaren Shantou Honghai Bay project, with a total capacity of 500MW. The report also highlights the successful installation of the first wind turbine for the 800MW offshore wind project in Jiangsu [16] - Hydrogen Energy: A green hydrogen project in Gansu is set to produce over 10,000 tons annually, aiming to reduce CO2 emissions by approximately 300,000 tons [17] Energy Storage - The average bidding price for energy storage systems in May is reported to be between 0.422 RMB/Wh and 2.29 RMB/Wh, with a focus on companies with high growth certainty in large-scale storage [18][23] New Energy Vehicles - The report discusses the launch of solid-state battery solutions by Better Ray, which includes high-nickel cathode materials and silicon-based anodes. The company has developed a high-performance three-dimensional framework material for solid-state batteries [27][30] - The report recommends focusing on leading companies in the lithium battery sector, such as CATL and BYD, as well as those involved in the composite materials industry [31]