Ping An Securities·2025-11-10 03:36Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The wind power sector is witnessing increased overseas expansion by leading turbine manufacturers, enhancing their profitability and market share [5][10] - Leading photovoltaic (PV) component companies are accelerating their energy storage business layouts, indicating a shift towards integrated solar-storage solutions [5][6] - The energy storage and hydrogen sectors are experiencing positive trends in bidding volumes and prices, suggesting a healthy market environment [6] Summary by Sections Wind Power - Recent actions by top wind turbine companies include signing agreements for significant projects in Saudi Arabia (3GW), the Philippines (2GW), and Costa Rica, indicating a clear trend towards international market expansion [5][10] - The wind power index increased by 2.29% in the week of November 3-7, outperforming the CSI 300 index by 1.47 percentage points, with a current PE_TTM valuation of approximately 26.96 times [4][11] Photovoltaics - Major PV component firms are focusing on energy storage, with partnerships aimed at supplying large-scale battery systems and integrated solar-storage solutions [5][6] - The current market conditions for the PV sector remain challenging, with leading companies reporting losses in the first three quarters of 2025, while the energy storage sector shows better profitability [5][6] Energy Storage & Hydrogen - In October 2025, the domestic energy storage bidding volume reached 29.4GWh, a year-on-year increase of 116%, indicating strong market demand [6] - The average price for 2-hour energy storage systems is reported at 0.628 CNY/Wh, reflecting a slight decrease from the previous month, while the 4-hour systems saw a price increase [6] - The report suggests that the independent energy storage market is maturing, with potential for reasonable returns as policies and market structures evolve [6] Investment Recommendations - For wind power, focus on companies like Goldwind Technology, Mingyang Smart Energy, and Yunda Co., which are expanding their overseas markets [6] - In photovoltaics, attention is drawn to companies like LONGi Green Energy and Aiko Solar, despite short-term supply-demand challenges [6] - In energy storage, recommend companies like Sungrow Power Supply and Haibo Technology, which are well-positioned in both domestic and international markets [6]