Ping An Securities·2025-07-21 04:04Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The report highlights a significant rebound in prices across the photovoltaic industry chain and an accelerated overseas expansion by wind turbine manufacturers [2]. - The wind power index has underperformed the CSI 300 index, with a decline of 0.14% compared to a 1.23% drop in the latter [5][12]. - The photovoltaic sector is experiencing a notable price recovery, driven by policy measures aimed at curbing excessive competition [6]. Summary by Sections Wind Power: Accelerated Overseas Expansion of Turbine Manufacturers - Domestic turbine manufacturers secured over 34GW of international orders in 2024, with 10.23GW obtained in the first half of 2025 [6][11]. - The export volume of wind turbines from China is expected to grow significantly, with a year-on-year increase of 71.9% in 2024 and a further 43.2% in Q1 2025 [6][11]. - Companies like Mingyang focus on the European market, while Envision Energy targets India and other global markets [6][11]. Photovoltaics: Significant Price Recovery in the Industry Chain - The prices of polysilicon and monocrystalline silicon wafers have increased by 5.7% and 13.6% respectively, indicating a recovery in the photovoltaic supply chain [6]. - The current price trends reflect a response to policy measures aimed at stabilizing the market and ensuring prices remain above production costs [6]. - The report emphasizes the need for substantial changes in supply-demand dynamics to sustain the recovery in photovoltaic prices [6]. Energy Storage & Hydrogen: New Pricing Policies in Gansu - Gansu has introduced a capacity pricing mechanism for new energy storage, which is expected to enhance the economic viability of storage technologies [7]. - The new pricing model aims to create a revenue structure based on capacity and spot market trading, promoting competition and quality in the energy storage sector [7]. - The report suggests that the new pricing mechanism will help establish a more favorable environment for innovative storage solutions [7]. Investment Recommendations - For wind power, the report recommends focusing on companies like Mingyang Smart Energy, Goldwind Technology, and Oriental Cable, which are well-positioned to benefit from domestic demand and international expansion [7]. - In the photovoltaic sector, it suggests monitoring structural opportunities related to BC industry trends, with companies like Dier Laser and Longi Green Energy highlighted [7]. - For energy storage, it recommends Sunshine Power and Haibo Technology, which are expected to capitalize on overseas market opportunities [7].