电力设备新能源行业周报：“反内卷”初见成效，关注后续催化-20250916

Investment Rating - The report maintains a "Buy" rating for the renewable energy sector, indicating a positive outlook for the industry based on recent developments and market trends [4][7]. Core Insights - The report highlights that the recent "anti-involution" actions in the photovoltaic industry have reached the highest strategic level in the country, signaling a positive trend for the sector. The focus is on capacity integration in the silicon material segment and strengthening price regulation across the industry [4]. - The new policy initiatives, including the "New Energy + Storage" market mechanism, are expected to enhance the participation of new energy sources in the electricity market, which will be crucial for the industry's growth [3][22]. - The report emphasizes that the photovoltaic industry is currently at the bottom of its cycle, with future policy strength being a key variable influencing the industry's trajectory. It anticipates a shift towards high-quality development in the medium to long term, driven by technological upgrades and market optimization [4][5]. Weekly Market Review - From September 8 to September 12, 2025, the Shanghai Composite Index rose by 1.52%, while the Shenzhen Component Index and the ChiNext Index increased by 2.65% and 2.10%, respectively. The Shenwan Electric Power Equipment Index saw a modest increase of 0.53%, underperforming the CSI 300 by 0.85 percentage points [12][19]. - Within the sub-sectors, photovoltaic equipment and wind power equipment experienced declines of 3.28% and 2.04%, respectively, while battery and grid equipment saw increases of 1.28% and 1.02% [12][16]. Key Sector Tracking - The report notes the release of the "New Type Energy Storage Scale Construction Special Action Plan (2025-2027)" by the National Development and Reform Commission and the National Energy Administration, which aims to enhance the utilization of new energy storage and optimize resource allocation in the electricity market [3][22]. - The report also mentions the first mechanism electricity prices for renewable energy, with wind power priced at 0.319 yuan/kWh and photovoltaic at 0.225 yuan/kWh, reflecting a decrease of 43% and 19.2% compared to previous benchmark prices [23]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on companies with clear alpha and those in the silicon material, glass, and battery segments, such as Aiko Solar, Flat Glass Group, and GCL-Poly Energy [4]. - In the wind power sector, the report recommends attention to companies like Goldwind Technology and Yunda Co., which are well-positioned in the domestic wind power supply chain [4]. - The report highlights the rapid growth of the electric vehicle sector in China, recommending investment in battery and structural component manufacturers that benefit from low upstream raw material prices, such as CATL and EVE Energy [5].