电力设备与新能源行业6月第1周周报：新一轮新能源汽车下乡启动，多晶硅价格暂稳-20250609

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Views - A new round of rural electric vehicle promotion has been initiated, and polysilicon prices remain stable. The photovoltaic sector in China saw rapid growth in installed capacity in the first quarter, with optimistic demand growth expected in the U.S. and emerging economies. Supply-side reforms in the photovoltaic sector are anticipated to strengthen [1]. - The wind power sector is expected to see steady progress in domestic offshore and onshore bidding and construction, with demand improving by 2025, which may restore profitability in the complete machine and component segments. The report suggests prioritizing investments in segments likely to see improved profitability, such as complete machines and foundation piles [1]. - In the new energy vehicle sector, the government aims to develop smart connected vehicles, with annual sales expected to maintain high growth, driving demand for batteries and materials. Some material segments have seen price increases due to supply and demand dynamics, which may lead to a recovery in profitability by 2025 [1]. - The report highlights the ongoing industrialization of solid-state batteries, with mass production expected by 2027, benefiting companies involved in batteries, materials, and equipment in related fields [1]. - The electric equipment sector is experiencing ongoing reforms in the power system, which is expected to accelerate the construction of ultra-high voltage and main grid projects, maintaining high demand for related grid equipment. The overseas demand for grid renovation is also strong [1]. - The hydrogen energy sector is being driven by policies promoting industrial development, with applications in green hydrogen and chemicals expected to open up new opportunities. The report recommends focusing on companies with cost and technological advantages in electrolyzer production and those benefiting from hydrogen infrastructure development [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 1.38% this week, outperforming the Shanghai Composite Index, which increased by 1.13% [10]. - The new energy vehicle index saw the largest increase at 1.90%, while the lithium battery index had the smallest increase at 0.08% [13]. Key Industry Information - The Ministry of Industry and Information Technology and other departments announced the launch of the 2025 rural new energy vehicle initiative, with expected wholesale sales of 1.24 million new energy passenger vehicles in May, a year-on-year increase of 38% [24]. - The polysilicon market is currently stable, with limited transaction volumes and a slight downward trend in prices expected based on new order signing [24]. Company Developments - Longpan Technology signed a sales contract for over 5 billion yuan of lithium iron phosphate cathode materials [26]. - Aisheng Co. plans to invest approximately 750 million yuan in a wind power project in Linyi County [26]. - Zhongke Electric plans to invest in a lithium-ion battery anode material project in Oman, with a total investment not exceeding 8 billion yuan [26].