电力设备及新能源行业2026年上半年投资策略：零碳纪元启华章曦源永续万代春

Group 1 - The report emphasizes the transition of the photovoltaic industry from "price wars" to "value wars," driven by technological innovation to achieve quality development [3][5][51] - As of Q3 2025, capital expenditure in the photovoltaic industry is significantly contracting, indicating a shift in focus from scale expansion to competition based on technology, brand, and profitability [3][80] - The report highlights the importance of leading companies with strong cash flow and technological barriers to navigate through the current industry challenges and enhance market concentration [3][80] Group 2 - The photovoltaic industry is currently experiencing a critical transformation phase, characterized by a supply-demand imbalance and rapid technological iteration [5][14] - The report notes that the domestic photovoltaic market is expected to see a new development cycle due to continuous policy support and the construction of a new energy system [40][30] - By the end of 2024, China's cumulative installed photovoltaic capacity is projected to reach 886.7 GW, with a compound annual growth rate of 39.8% over the past decade [18][30] Group 3 - The report indicates that the global energy system is accelerating its transition towards low carbon, with renewable energy utilization and the clean low-carbon transformation of conventional energy becoming major trends [14][62] - The demand for energy storage is expected to grow significantly, with the new energy storage installed capacity projected to reach over 180 million kilowatts by 2027, driving direct investment of approximately 250 billion yuan [5][30] - The report predicts that by 2030, the global cumulative energy storage capacity will reach around 1950 GWh, indicating a strong growth trajectory for the energy storage market [5][30]