Guoyuan Securities·2025-06-11 07:25Investment Rating - The report maintains a "Recommended" investment rating for the energy and new energy sectors [7]. Core Insights - The supply side is expected to reverse, with accelerated technological iterations breaking the deadlock in the power equipment and new 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 over 90% localization rate and self-sufficiency in core components, predicting 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 increases of 1.10%, 1.50%, 1.05%, and 1.80%, respectively [12][15]. Key Sector Tracking - Tesla announced on June 4, 2025, its plan to build a complete battery production system in the U.S., aiming to eliminate reliance on the Chinese supply chain, highlighting the importance of localizing supply chains to reduce geopolitical risks [3][19]. - The report suggests focusing on companies like GCL-Poly Energy, Junda Co., JinkoSolar, and Sungrow Power Supply in the photovoltaic sector, and Jinlun Technology, Mingyang Smart Energy, and Dongfang Cable in the wind power sector [4]. Investment Recommendations - In the photovoltaic sector, after a procurement surge driven by the "430 rush installation," prices in the supply chain have entered a correction phase, but still maintain a buffer compared to Q1 lows. The industry has achieved healthy inventory turnover through self-discipline, and the underlying logic for profit recovery remains solid [4]. - In the wind power sector, the report maintains a positive outlook for the domestic wind power industry chain, especially with the upcoming year being significant for offshore wind projects in China [4]. - For the new energy vehicle sector, the report recommends focusing on companies benefiting from low upstream raw material prices and stable profitability, such as CATL, Eve Energy, and others [5].