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Investment Rating - The report maintains a positive investment outlook on the photovoltaic and energy storage sectors, recommending key areas such as battery cells, storage inverters, and new technology directions [2][10][24]. Core Insights - The report highlights a significant increase in domestic photovoltaic installations in April, with a year-on-year growth of 215% and a month-on-month growth of 123%, indicating strong demand driven by a rush to install before new regulations take effect [10][11]. - The Danish government has restarted a 3GW offshore wind project, which is expected to boost demand in the European offshore wind sector, suggesting a recovery in this market [2][14]. - The report emphasizes the importance of overseas markets for electrical equipment, noting a 31% year-on-year increase in export value for major electrical equipment in April, with transformers and high-voltage switches seeing even higher growth rates [3][13][15]. Summary by Relevant Sections Photovoltaic & Energy Storage - April saw a total of 45.22GW of new photovoltaic installations, with cumulative installations reaching 104.93GW in the first four months of the year, reflecting robust demand [10][11]. - The report anticipates continued strong performance in May, supported by the backlog in component installation and upcoming industry events like SNEC [2][10]. - Export data shows a stable demand for battery components, with a total export of 27.6GW in April, indicating resilience in overseas markets [10][11]. Wind Power - The report notes that European offshore wind policies are improving, with several countries announcing new projects and subsidies, which will likely enhance demand certainty in the sector [2][14]. - Key companies in the offshore wind sector are recommended for investment, particularly those poised to benefit from increased orders in Europe [2][14]. Electrical Equipment - The report highlights a strong export performance in electrical equipment, with a total export value of $6.99 billion in April, marking a 31% increase year-on-year [3][13][15]. - The focus remains on companies with strong overseas market presence and product capabilities, such as Sanyuan Electric and Samsung Medical [3][15]. New Energy Vehicles & Lithium Batteries - The report indicates a surge in the new energy vehicle sector, with significant sales growth driven by companies like BYD and the positive performance of other manufacturers [19][21]. - The recent listing of CATL on the Hong Kong stock market has resulted in a notable price increase, reflecting strong investor interest and potential for valuation re-rating in the lithium battery sector [21][24]. Hydrogen Energy & Fuel Cells - The report discusses a policy shift in hydrogen vehicle promotion, with several provinces offering toll exemptions to stimulate demand [4][15]. - The growth in green hydrogen projects is highlighted, with a significant increase in bidding for electrolyzer projects, indicating a positive outlook for the hydrogen sector [4][15]. Investment Recommendations - The report provides a comprehensive list of recommended companies across various sectors, including photovoltaic, energy storage, wind power, electrical equipment, new energy vehicles, and lithium batteries, emphasizing those with strong growth potential and market positioning [24][25].