电力设备新能源行业周报：供给侧有望反转，技术迭代加速破局-20250611

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 supply side is expected to reverse, with accelerated technological iterations breaking the deadlock in the power equipment and renewable energy sectors [2]. - The report highlights a structural resilience in demand, supported by domestic large-scale project reserves and accelerated inventory digestion in Europe, alongside cost advantages from N-type technology iterations [4]. - The report emphasizes the strong competitive advantage of China's wind power industry, with a domestic localization rate exceeding 90% and a positive trend in wind power exports [4]. Weekly Market Review - From June 1 to June 6, 2025, the Shanghai Composite Index rose by 1.13%, the Shenzhen Component Index by 1.42%, and the ChiNext Index by 2.32%. The Shenwan Power Equipment Index increased by 1.38%, outperforming the CSI 300 by 0.5 percentage points [12]. - Sub-sectors such as photovoltaic equipment, wind power equipment, batteries, and grid equipment saw respective increases of 1.10%, 1.50%, 1.05%, and 1.80% [12][15]. Key Sector Tracking - Tesla announced on June 4, 2025, its plan to establish a complete battery production system in the U.S., aiming to reduce reliance on the Chinese supply chain, which is crucial for lowering geopolitical risks [3][19]. - The report suggests focusing on leading companies in the photovoltaic sector, such as GCL-Poly Energy, JinkoSolar, and Sungrow Power Supply, as they build resilience through supply chain optimization and capacity upgrades [4]. Investment Recommendations - For the photovoltaic sector, after a procurement surge driven by the "430 rush installation," prices in the supply chain have entered a correction phase, but there remains a buffer compared to the Q1 lows. The report recommends monitoring companies like GCL-Poly Energy, Junda Co., JinkoSolar, and Sungrow Power Supply [4]. - In the wind power sector, the report suggests a positive outlook for domestic wind power supply chains, with a focus on companies like Goldwind Technology and Mingyang Smart Energy [4]. - In the new energy vehicle sector, the report highlights the rapid growth of the industry and recommends focusing on companies benefiting from low upstream raw material prices, such as CATL and EVE Energy [5].