电力设备新能源行业周报：“反内卷”加码落地，产业链盈利重构-20250729

Investment Rating - The report maintains a positive investment rating for the renewable energy sector, particularly highlighting the solar and wind energy segments as having strong growth potential [4][5]. Core Insights - The report emphasizes that the "anti-involution" initiative has reached the highest strategic level in the country, indicating a significant restructuring of profitability within the industry chain. The focus is on capacity integration in the silicon material segment and strengthening price regulation across the industry [4]. - The solar industry is currently at the bottom of its cycle, with future policy strength being a key variable affecting industry trends. The sector is expected to enter a phase of high-quality development, with technological upgrades and market structure optimization becoming core competitive factors [4]. - The wind energy sector is noted for its global competitive advantage, with a relatively reasonable supply-demand structure and strong profitability among companies. The year 2025 is projected to be a significant year for offshore wind energy development in China [4][5]. Weekly Market Review - From July 21 to July 25, 2025, the Shanghai Composite Index rose by 1.67%, while the Shenzhen Component Index and the ChiNext Index increased by 2.33% and 2.76%, respectively. The Shenwan Electric Power Equipment Index outperformed, rising by 3.03% [12]. - The sub-sectors of solar equipment, wind equipment, batteries, and grid equipment experienced varied performance, with solar equipment rising by 3.13% and battery equipment increasing by 3.36% [12][18]. Key Sector Tracking - The Hebei Provincial Development and Reform Commission has solicited opinions on the management implementation rules for distributed photovoltaic power generation, emphasizing self-use ratios for commercial distributed photovoltaic systems [3][21]. - The report highlights significant developments in the solar and wind sectors, including new projects and partnerships that are expected to enhance production capacity and market presence [22][24][26]. Investment Recommendations - For the solar sector, the report suggests focusing on silicon materials, glass, and battery segments that have undergone sufficient corrections and have clear alpha potential. Companies such as Aiko Solar, Flat Glass Group, GCL-Poly Energy, and Junda Technology are recommended for attention [4]. - In the wind energy sector, companies like Goldwind Technology, Dongfang Cable, and Zhongtian Technology are highlighted as key players to watch due to their strong market positions and profitability [4]. - The report also notes the rapid growth of the electric vehicle supply chain in China, recommending companies that benefit from low upstream raw material prices and stable profitability in battery and structural components [5].