电力设备新能源行业周报：行业结构性修复，供需压力集中释放-20250530

Investment Rating - The report maintains a "Buy" rating for the renewable energy sector, indicating a positive outlook for the industry [7]. Core Insights - The report highlights a structural recovery in the energy sector, with supply and demand pressures being released. The performance of the power equipment sector has lagged behind the broader market indices, with a decline of 0.71% during the review period [2][12]. - The solar photovoltaic (PV) industry is experiencing a price correction after a surge in demand, with prices for silicon materials, wafers, and modules adjusting downward but still maintaining a buffer above Q1 lows. The demand side shows structural resilience, supported by domestic project reserves and accelerated inventory depletion in Europe [4]. - The wind power sector is expected to thrive, with over 90% localization in the supply chain and a favorable export trend. 2025 is projected to be a significant year for offshore wind power in China, with various projects accelerating construction [5]. - The electric vehicle (EV) sector continues to grow rapidly, with a focus on battery and structural components benefiting from low raw material prices. Leading companies are expected to benefit from the recovery of the industry as excess capacity is gradually eliminated [5]. Weekly Market Review - From May 18 to May 23, 2025, the Shanghai Composite Index fell by 0.57%, while the Shenzhen Component Index and the ChiNext Index decreased by 0.46% and 0.88%, respectively. The Shenwan Power Equipment Index underperformed, declining by 0.71% [12]. - The sub-sectors of solar equipment, wind power equipment, batteries, and grid equipment experienced varied performance, with solar equipment down by 3.19% and wind power equipment down by 1.81% [12][15]. Key Company Tracking - CATL (宁德时代) successfully listed on the Hong Kong Stock Exchange on May 20, 2025, with an initial public offering price of HKD 263.00 per share, opening at HKD 296.00, a 12.55% increase [3][21]. - BYD has made significant strides in the European market, surpassing Tesla in electric vehicle sales for the first time in April 2025, with a 169% year-on-year increase in registrations [23]. Investment Recommendations - For the solar sector, companies such as GCL-Poly Energy, JinkoSolar, and Sungrow Power Supply are recommended due to their strong supply chain optimization and capacity upgrades [4]. - In the wind power sector, companies like Goldwind and Mingyang Smart Energy are highlighted for their competitive advantages in domestic and international markets [5]. - In the EV sector, companies such as CATL, EVE Energy, and Hozon Auto are suggested for their stable profitability and benefits from the recovery of the industry [5].