HTSC·2025-10-10 02:48Investment Rating - The report maintains a "Buy" rating for the following companies: GCL-Poly Energy (3800 HK), Hewei Electric (603063 CH), Sany Renewable Energy (688349 CH), Daqo New Energy (688303 CH), and Tongwei Co., Ltd. (600438 CH) [6][8] Core Insights - The report highlights the recent announcement by the National Development and Reform Commission and the State Administration for Market Regulation regarding measures to combat price disorder in the market, which is expected to support the wind and solar industries [1][2] - Wind power is identified as a leading sector in the new energy industry, benefiting from improved bidding rules and a continuous recovery in turbine prices, with an average bidding price of 1616 RMB/kW in June 2025, up 5.8% from December 2024 [2] - Silicon materials are emphasized as a key focus for the solar industry, with prices for N-type silicon materials rising by 53.3% to 53,200 RMB/ton as of September 2025, driven by industry self-discipline and top-level design [2] Summary by Sections Policy Measures - The report outlines specific measures to regulate pricing behavior, including ensuring that operators do not bid below cost and establishing industry cost benchmarks [1] - The implementation of legal and regulatory penalties for non-compliance is expected to drive a steady improvement in market order [1] Investment Opportunities - The report expresses optimism about investment opportunities in wind and solar sectors, driven by a combination of domestic supply-side reforms and international demand growth due to the Federal Reserve's interest rate cuts [3] - Recommended stocks include Sany Renewable Energy, Hewei Electric, GCL-Poly Energy, Daqo New Energy, and Tongwei Co., Ltd. [3][6] Company Performance - GCL-Poly Energy is expected to benefit from strategic financing and industry consolidation, with a target price of 2.22 HKD [9] - Hewei Electric reported a 36.39% year-on-year revenue increase in H1 2025, with a target price of 48.05 RMB [9] - Sany Renewable Energy's revenue grew by 62.75% in H1 2025, with a target price of 38.01 RMB [9] - Daqo New Energy's financial resilience is highlighted despite losses, with a target price of 33.84 RMB [9] - Tongwei Co., Ltd. is positioned to benefit from ongoing industry reforms, with a target price of 25.39 RMB [10]