电力设备与新能源行业周报：行业结构性修复，供需压力集中释放

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector, indicating that the industry index is expected to outperform the benchmark index by more than 10% [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 energy sector is experiencing a price correction after a surge in demand driven by distributed project procurement. Key components such as silicon materials, wafers, and modules have seen price adjustments, but the overall profitability of the industry remains stable due to effective inventory management [4]. - The wind energy sector is projected to benefit from a high domestic localization rate exceeding 90%, with significant growth expected in offshore wind projects in 2025. The report suggests a positive outlook for domestic wind energy companies [5]. Summary by Sections 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]. - Sub-sectors such as photovoltaic equipment and wind power equipment saw declines of -3.19% and -1.81%, respectively, while battery and grid equipment experienced slight increases [12][15]. Key Sector Tracking - Ningde Times: On May 20, 2025, Ningde Times listed on the Hong Kong Stock Exchange, issuing 135 million shares at an initial price of 263.00 HKD per share, with the opening price rising to 296.00 HKD, a 12.55% increase [3][21]. - Photovoltaic Sector: The report emphasizes the resilience of demand in the photovoltaic sector, supported by project reserves and technological advancements, with a recommendation to focus on companies like GCL-Poly, JinkoSolar, and Sungrow [4]. - Wind Power Sector: The report suggests a favorable outlook for domestic wind power companies, highlighting the competitive advantage in core components and the positive trend in exports [5]. Industry News - BYD: Announced the launch of lithium iron phosphate batteries for two and three-wheeled electric vehicles, marking its entry into the low-speed electric vehicle battery market [21]. - Ningde Times: The company aims to promote a global zero-carbon economy through its recent listing [21]. - Market Performance: BYD achieved a historic breakthrough in Europe, surpassing Tesla in electric vehicle sales for the first time, with a 169% year-on-year increase in registrations [23]. Price Data - The report includes various price trends for key components in the renewable energy sector, indicating fluctuations in silicon material prices and module prices, which are essential for assessing the industry's cost structure [31][34].