电力设备及新能源行业双周报（2025、5、9-2025、5、22）：今年1-4月全国电网工程投资完成额同比增长14.8%-20250523

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Views - In the first four months of 2025, national grid engineering investment reached 140.8 billion yuan, a year-on-year increase of 14.8% [39] - The report suggests focusing on leading companies with strong scale, technology, and cost control capabilities due to the accelerated construction of ultra-high voltage lines benefiting the upstream and downstream industrial chains [66] Market Review - As of May 22, 2025, the electric equipment industry rose by 1.26% over the past two weeks, underperforming the CSI 300 index by 0.32 percentage points, ranking 13th among 31 industries [10] - The electric equipment industry has seen a year-to-date decline of 3.35%, underperforming the CSI 300 index by 2.82 percentage points, ranking 24th among 31 industries [10] - The wind power equipment sector fell by 0.69%, while the battery sector increased by 5.10% in the same period [14] Valuation and Industry Data - As of May 22, 2025, the electric equipment sector's PE (TTM) is 25.09 times, with sub-sectors showing varied valuations: - Motor II: 48.56 times - Other power equipment II: 39.33 times - Photovoltaic equipment: 17.09 times - Wind power equipment: 30.39 times - Battery: 25.70 times - Grid equipment: 23.98 times [21][24] Industry News - The National Market Supervision Administration announced measures to address "involution" competition, including strict penalties for unfair competition practices [63] - The China Automotive Engineering Society released a standard for "all-solid-state batteries," marking a significant development in battery technology [63] - Inner Mongolia's Energy Bureau is seeking opinions on competitive configuration management for new energy projects, which will affect investment risks [63] Company Announcements - Several companies, including Shangtai Technology and Changyou Technology, announced their profit distribution plans, indicating ongoing financial activities within the sector [67]