电力设备：产业周跟踪：新能源龙头价值重估，建议均衡配置电新各子赛道

Investment Rating - The report maintains an "Outperform" rating for the industry [6] Core Views - The report highlights the revaluation of leading companies in the new energy sector, suggesting a balanced allocation across various sub-sectors of new energy [2][3] Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - The Ministry of Industry and Information Technology and seven other departments issued a "Work Plan for Stabilizing Growth in the Automotive Industry," targeting 15.5 million new energy vehicle sales by 2025, with a 20% year-on-year growth [11][12] - CATL signed a prepayment agreement with Fulin Precision to secure iron lithium capacity, reflecting strong demand and strategic partnerships in the lithium battery sector [12][13] 2. New Energy Power Generation Sector 2.1 Photovoltaic Sector - The Ministry of Finance allocated 46.183 billion yuan in renewable energy subsidies, supporting the valuation recovery of the green electricity sector, with solar power receiving 21.589 billion yuan [20][21] - The report emphasizes the advantages of solar installations and the potential for valuation recovery in both solar and wind sectors, recommending attention to leading companies with stable operations [20][21] 2.2 Wind Power Sector - Significant progress is being made on the 3GW offshore wind project in Qingdao and the 1GW project in Dandong, with the Netherlands reinstating offshore wind subsidies, which may reactivate previously stalled projects [36][38] 3. Energy Storage Sector - In August, domestic energy storage installations increased by 2.90GW/7.97GWh, marking a year-on-year growth of 30%/43%, with independent storage installations accounting for over half [46][47] - Major energy groups dominate new installations, with a notable shift towards long-duration storage technologies and non-lithium technology developments [48][49][52] 4. Power Equipment Sector - The construction of the Zangyue DC project has commenced, expected to be operational by 2029, which will significantly enhance power transmission capabilities [61] - The first industry standard for AIDC (Artificial Intelligence Data Center) has been pre-released, promoting standardized development in the sector [62] 5. Industrial Control and Robotics Sector - The PMI for manufacturing showed slight improvement, indicating a recovery in demand, with significant advancements in robotics showcased at the recent industrial expo [68][69] - The collaboration between Weiyi Intelligent Manufacturing and Jebot highlights the ongoing innovation in industrial robotics, aiming to enhance flexible production capabilities [69][70] 6. Hydrogen Energy Sector - The State-owned Assets Supervision and Administration Commission announced ten hydrogen energy pilot projects, and Wuhan's Economic and Information Bureau released financial subsidy policies for the hydrogen industry [5]