风光储网行业2025年半年报点评报告：光伏板块修复态势明显，风电储能板块景气上行

Investment Rating - The report maintains a positive investment rating for the renewable energy sector, particularly highlighting the recovery in the photovoltaic and wind energy segments [5]. Core Insights - The renewable energy sector is showing clear signs of recovery, with significant performance improvements in the photovoltaic and wind energy segments, while the energy storage sector continues to experience upward momentum [1][14]. - The photovoltaic industry is witnessing a rebound in performance, driven by a surge in domestic demand and the implementation of policies to eliminate "involution" competition, leading to price stabilization [2][34]. - The wind energy sector is benefiting from improved bidding conditions, which are translating into revenue growth for companies within the industry [3][21]. - The grid equipment sector is experiencing stable growth, supported by a long-term increase in global grid investment [4][24]. Summary by Sections Overall Industry Performance - The overall performance of the renewable energy sector has improved significantly in the first half of 2025, with a notable recovery in profits, particularly in the wind and energy storage segments [1][15]. - The photovoltaic segment is gradually recovering, with major components like silicon wafers and battery cells showing substantial growth, while auxiliary materials face pressure [1][21]. - The industry is experiencing a slowdown in capacity expansion, with the proportion of ongoing projects relative to total assets decreasing [26]. Photovoltaic Sector - The photovoltaic sector is seeing a recovery in performance, with significant growth in the main supply chain components, while auxiliary materials are under pressure [2][34]. - Domestic demand for photovoltaic products surged in the first half of 2025, leading to a historical high in new installations [2][48]. - The implementation of policies to address "involution" competition is accelerating the exit of outdated capacities from the market [2][34]. Wind Energy Sector - The wind energy sector is showing a clear recovery trend, with revenue growth across various segments, particularly in components like towers and bearings [3][21]. - The domestic wind energy prices have significantly increased compared to 2024, with bidding volumes continuing to grow [3][21]. Grid Equipment Sector - The grid equipment sector is maintaining stable growth, benefiting from a long-term upward trend in global grid investments [4][24]. - The performance of transmission and distribution equipment is particularly strong, with notable revenue growth in the first quarter of 2025 [22].