电力设备行业周报：光伏供给侧改革持续推进，甘肃储能容量电价首发落地-20250719

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Insights - The photovoltaic supply-side reform continues to advance, with Gansu's energy storage capacity price mechanism being implemented, which is expected to enhance the stability of independent storage revenue [4][5] - The wind power sector is entering a high prosperity cycle, with several companies forecasting significant year-on-year profit growth for Q2 2025 [4][5] - The energy storage market is seeing policy support in both domestic and European markets, with Gansu's new capacity price mechanism and various incentives in Europe expected to boost project economics [5][6] Summary by Sections Photovoltaic Sector - Supply-side reforms are being enforced with a focus on maintaining prices above production costs, which may lead to the elimination of outdated production capacity [4][5] - Demand remains weak in the domestic distributed market, with expectations of a slight decline in production schedules for July [4][5] Wind Power Sector - The wind power sector is experiencing a surge in new installations, with a 134% year-on-year increase in cumulative new installations from January to May 2025 [4][5] - Companies like Dajin Heavy Industry and Zhongcai Technology are expected to see substantial profit growth in Q2 2025 [4][5] Energy Storage Sector - Gansu's new capacity price mechanism is set at 330 RMB/kW/year, which is anticipated to provide fixed subsidies for independent storage [5][6] - The domestic energy storage market is projected to reach 70-80 GWh in installed capacity by the second half of 2025 [5][6] Lithium Battery Sector - Companies are actively advancing solid-state battery technologies, with significant orders and production milestones being reported [6] - The electric heavy truck market is showing strong growth, with a 158% year-on-year increase in sales for June 2025 [6] Grid and Infrastructure - The inclusion of the Ganjiang-Gannan ultra-high voltage AC project in the national power development plan is expected to enhance the stability of the power grid [8]