电力设备新能源行业周报：政策窗口开启，本土制造升级-20250924

Investment Rating - The report maintains a "Buy" rating for the energy and new energy sectors, indicating a positive outlook for the industry [7]. Core Insights - The report highlights the opening of policy windows and the upgrade of domestic manufacturing in the power equipment and new energy sectors, suggesting a favorable environment for investment [2]. - The photovoltaic industry is undergoing a "de-involution" movement, which has reached the highest strategic level in the country, focusing on capacity integration in the silicon material segment and strengthening price regulation across the industry [4]. - The wind power industry is experiencing sustained high prosperity, with a reasonable supply-demand structure and good profitability for enterprises [4]. Weekly Market Review - From September 15 to September 19, 2025, the Shanghai Composite Index fell by 1.30%, while the Shenzhen Component Index rose by 1.14%, and the ChiNext Index increased by 2.34%. The Shenwan Power Equipment Index rose by 3.07%, outperforming the CSI 300 by 3.51 percentage points [12]. - Among sub-sectors, photovoltaic equipment decreased by 0.84%, wind power equipment increased by 5.26%, battery equipment rose by 5.56%, and grid equipment increased by 2.06% [12]. Key Sector Tracking - The report notes a significant increase in the bidding prices for wind turbine models, with the lowest bid price for 5 MW units rising from 1,157 RMB/kW in 2024 to approximately 1,700 RMB/kW in the first half of this year. This trend indicates that all models' bidding prices are now above their minimum cost prices, effectively curbing the industry's vicious low-price competition [3][21][22]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on silicon materials, glass, and battery segments that have undergone sufficient corrections and have clear alpha. Companies to watch include Aiko Solar, Flat Glass Group, GCL-Poly Energy, and Junda Technology [4]. - In the wind power sector, the report recommends focusing on companies like Goldwind Technology and Yunda Co., as well as cable manufacturers like Orient Cable and Zhongtian Technology [4]. - The new energy vehicle sector is experiencing rapid growth, with a recommendation to prioritize companies benefiting from low upstream raw material prices, such as CATL and EVE Energy [5]. Industry Price Data - The report provides insights into the price trends of key materials in the industry, including silicon material prices, which have shown significant fluctuations, indicating a dynamic market environment [33][35].