Investment Rating - The report maintains an "Outperform" rating for the renewable energy sector, indicating a positive outlook compared to the broader market [2]. Core Insights - The report highlights that major companies in the energy storage sector have shown impressive Q3 performance, with significant year-on-year profit growth [7]. - The photovoltaic sector has seen a sequential improvement in profitability, although challenges remain due to market pressures [28][29]. - The wind energy sector is experiencing robust growth, particularly with significant overseas contracts being secured [6][25]. Summary by Sections Wind Energy - Goldwind Technology has signed a contract for a 3GW wind power project in Saudi Arabia, providing a full lifecycle solution from equipment to operation [6][11]. - The wind index increased by 1.12% in the week of October 27-31, outperforming the CSI 300 index by 1.55 percentage points, with a current PE TTM of 26.07 [12][13]. - The report emphasizes the competitive advantage of domestic large-capacity wind turbine models in international markets [11][25]. Photovoltaic - Major photovoltaic companies reported Q3 losses, but with a reduction in losses compared to previous quarters; Longi Green Energy reported a loss of 830 million yuan, a reduction of 300 million yuan [28][27]. - The photovoltaic equipment index rose by 8.65%, outperforming the CSI 300 index by 9.08 percentage points, with a current PE TTM of 48.20 [30]. - The improvement in profitability is attributed to stabilized prices in the photovoltaic supply chain and a reduction in inventory impairment losses [28][29]. Energy Storage & Hydrogen Energy - Major energy storage companies reported strong Q3 results, with Sunshine Power's net profit increasing by 56.34% year-on-year [7]. - The report notes that the domestic energy storage market is expected to grow significantly, with a projected market size of approximately 800GWh over the next three years [7]. - The global energy storage market is anticipated to grow at a rate of 40-50% by 2026, indicating strong demand in both domestic and international markets [7].