电力设备及新能源周报20250525：4月光伏装机量同环比提升显著，小米YU7正式发布-20250525

Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Keda Li, and others, indicating a positive outlook for their performance [4][5]. Core Insights - The report highlights significant growth in the photovoltaic (PV) sector, with April's new installations reaching 45.22 GW, a year-on-year increase of 214.68% and a month-on-month increase of 74.56% [3][33]. - The electric vehicle market is also emphasized, particularly with the launch of Xiaomi's Yu7 SUV, which features advanced technology and performance metrics [2][22]. - The overall electricity consumption in April was 772.1 billion kWh, reflecting a year-on-year growth of 4.7% [4]. Summary by Sections New Energy Vehicles - Xiaomi's Yu7 SUV was officially launched, featuring a luxurious design and advanced technology, including an 800V silicon carbide platform and a maximum range of 835 km [2][11]. - The vehicle offers both single and dual motor options, with impressive acceleration capabilities [16][22]. Photovoltaics - In the first four months of 2025, domestic PV installations totaled 104.93 GW, a 74.6% increase year-on-year, with April alone contributing 45.22 GW [3][33]. - The report notes a significant increase in inverter exports, reaching 58.17 billion yuan in April, up 18% year-on-year [3][36]. - However, component exports saw a decline, with a total of 622.41 billion yuan in the first four months, down 26.54% year-on-year [3][37]. Electric Equipment and Industrial Control - The total electricity consumption for April was 772.1 billion kWh, with a cumulative total of 31,566 billion kWh for the first four months, marking a 3.1% increase year-on-year [4]. - Investment in power generation projects reached 193.3 billion yuan, a 1.6% increase year-on-year, while grid investment rose by 14.6% to 140.8 billion yuan [4]. Market Performance - The electric equipment and new energy sector experienced a slight decline of 0.71% in the week of May 19-23, underperforming compared to the Shanghai Composite Index [1]. - The lithium battery index saw the highest increase at 2.69%, while the solar energy index experienced the largest drop at 3.46% [1].