国内硅料库存维持较高水平，辽宁、山西氢车免高速费

Investment Rating - The report maintains a "stronger than market" rating for the industry [2] Core Views - The report highlights that the domestic silicon material inventory remains at a high level, impacting production rates and pricing strategies in the solar energy sector [6][7] - The offshore wind power market is experiencing challenges due to supply chain constraints and inflation, leading to a slowdown in project developments [6][34] - Hydrogen vehicle policies are being implemented across multiple provinces, enhancing the economic viability of hydrogen transportation [7] Summary by Sections Wind Power - Sif Holding has officially launched its expanded monopile foundation factory in Rotterdam, increasing its production capacity to 500,000 tons annually, which translates to 200 super-large monopiles each year [6][12] - The wind power index (866044.WI) decreased by 2.13% in the week of May 19-23, underperforming the CSI 300 index by 1.95 percentage points, with a current PE_TTM valuation of approximately 18.64 times [5][13] - The report notes that the offshore wind market is facing intensified competition and challenges for domestic companies looking to expand internationally [6][34] Solar Power - As of April 2025, China's polysilicon inventory stands at approximately 390,000 tons, leading to reduced production rates and significant price drops [6][7] - The report indicates that polysilicon prices have fallen below cash production costs, prompting companies to reduce output and manage inventory levels [6] - Global solar installation growth is projected to slow down, with demand for silicon materials expected to lag behind the growth of solar installations [6] Energy Storage & Hydrogen - Recent policies in Liaoning and Shanxi provinces exempt hydrogen vehicles from highway tolls, which is expected to promote the adoption of hydrogen-powered commercial vehicles [7] - The energy storage sector is witnessing strong demand growth, with a focus on companies that are well-positioned in emerging markets [7] - The report suggests investment opportunities in companies involved in hydrogen production and fuel cell systems, highlighting their potential for growth [7]