GOLDEN SUN SECURITIES·2025-09-28 11:01Investment Rating - The report maintains an "Overweight" rating for the electric power equipment sector [5] Core Insights - The report highlights the ambitious target set by President Xi Jinping for China's wind and solar power capacity to reach 3.6 billion kilowatts by 2035, which is over six times the capacity in 2020. This target is based on a solid energy transition, with installed capacity exceeding 1.69 billion kilowatts by August 2025, ahead of the 2030 goal [15][16] - The report identifies three key areas of focus for investment opportunities: 1) Price increase opportunities in the supply chain due to reforms, with a focus on companies like GCL-Poly, JA Solar, Tongwei, and others [15] 2) Long-term growth opportunities driven by new technologies, focusing on companies like Maiwei, Aiko Solar, and others [15] 3) Industrialization opportunities from perovskite technology, with a focus on companies like Jinjing Technology [15] Summary by Sections New Energy Generation - Solar Power: The report emphasizes the high-quality development of the solar industry, driven by the new installation targets announced by the government. It highlights the rapid growth in installed capacity and the confidence it brings to the sector [15] - Wind Power & Grid: The report discusses recent offshore wind power tenders and the delivery of projects, along with supportive policies that aim to significantly increase installed capacity over the next decade [16] - Hydrogen & Energy Storage: The report notes a significant order for hydrogen equipment from Longi Hydrogen Energy for a project in Namibia, and it provides insights into the energy storage market, including recent bidding and pricing trends [17][19] New Energy Vehicles - The report covers Tianqi Materials' recent announcements regarding its IPO in Hong Kong and long-term supply agreements for electrolyte products, which are expected to stabilize future production and performance [28][29] Price Dynamics - The report includes price dynamics for the photovoltaic industry, indicating fluctuations in the prices of polysilicon and solar cells, which are critical for the overall cost structure of solar projects [33] Important News - The report summarizes significant industry news, including partnerships and project announcements that reflect ongoing developments in the new energy sector, such as collaborations between companies and government initiatives to boost renewable energy projects [35][36]