SINOLINK SECURITIES·2025-06-15 12:53Investment Rating - The report maintains a positive outlook on the wind power sector, particularly for domestic companies capable of securing orders from the Philippines' 3.3GW offshore wind project and the domestic wind turbine market [2][7]. Core Insights - The report highlights the strong demand for wind power and solar energy, with specific attention to the Philippines' offshore wind project and the ongoing developments in the domestic wind turbine market. It also emphasizes the importance of technological innovation and differentiation in the solar and energy storage sectors [2][7][4]. Wind Power - The Philippines has initiated a 3.3GW offshore wind project tender, requiring project delivery between 2028-2030, which is significantly shorter than typical overseas project timelines. This presents opportunities for domestic wind turbine, foundation, and submarine cable companies to secure related orders [2][7]. - The average bidding price for the 5.XMW wind turbine model in the 2.5GW land wind turbine procurement by State Power Investment Corporation increased by 17% compared to March, indicating a positive trend for profitability in the turbine segment [2][7]. Solar & Energy Storage - The SNEC exhibition showcased strong attendance, but the demand outlook remains stable with companies prioritizing risk control amid overcapacity and ongoing profitability pressures. The focus has shifted from technical debates to micro-innovations and exploring new application scenarios for differentiation [2][7]. - The report projects that by 2025, the domestic energy storage market will see an addition of 54GW/150GWh, reflecting a year-on-year growth of 24%/37% [2][7]. Electric Grid - The report notes a significant increase in the number of bidding packages for the State Grid's 2025 transmission and transformation projects, with a total of 579 packages, marking a 58-package increase from previous rounds [3][10]. - The Hami-Chongqing ultra-high voltage direct current project has commenced operations, with additional projects expected to be approved for construction in the coming months, indicating a robust outlook for companies involved in ultra-high voltage projects [3][10]. New Energy Vehicles - The report indicates a decline in local subsidies for electric vehicles, leading to a pessimistic sentiment regarding overall vehicle demand. However, it suggests that the impact of subsidy reductions may vary by region and emphasizes the need to monitor actual sales data [12][17]. - The report highlights the launch of the Xiaopeng G7, a new electric SUV, and notes that the vehicle's pre-sale performance has exceeded expectations, although pricing adjustments may be necessary upon official launch [12][17]. Hydrogen and Fuel Cells - The National Energy Administration has initiated hydrogen energy pilot projects, aiming to accelerate the commercialization of hydrogen technologies across various applications [3][17]. - The report notes a decline in production and sales of fuel cell vehicles, indicating that the industry still requires substantial policy support to achieve stable growth [3][17]. Lithium Batteries - The report emphasizes the nearing commercialization of composite current collectors and solid-state batteries, with significant advancements expected in the third quarter [4][22]. - The rising copper prices are increasing the cost share of copper foil in batteries, making it a critical area for cost reduction in battery materials [4][22].