电力设备及新能源行业双周报（2025、11、14-2025、11、27）：全国电源规模最大“沙戈荒”大基地项目开工-20251128

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy industry [2] Core Viewpoints - The report highlights the commencement of the "Shago Desert" clean energy base project in Qinghai, which is the largest approved new energy installation in the country, with a total investment of nearly 73 billion yuan and a planned power capacity of 19.44 million kilowatts [3][42] - The project aims to create a multi-energy complementary structure with over 80% of its capacity coming from renewable sources, including 6 million kilowatts of wind power and 9.6 million kilowatts of solar power [42] - The report suggests focusing on leading new energy companies that have technological and scale advantages due to the certainty of demand created by this project [42] Market Review - As of November 27, 2025, the power equipment sector has seen a decline of 10.21% over the past two weeks, underperforming the CSI 300 index by 6.24 percentage points, ranking 31st among 31 sectors [11][13] - Year-to-date, the sector has increased by 38.23%, outperforming the CSI 300 index by 23.47 percentage points, ranking 5th among 31 sectors [11][13] - The wind power equipment sector fell by 4.29%, solar equipment by 9.98%, grid equipment by 11.12%, motor equipment by 4.56%, battery equipment by 11.20%, and other power equipment by 7.80% in the last two weeks [11][19] Valuation and Industry Data - As of November 27, 2025, the price-to-earnings (PE) ratio for the power equipment sector is 32.19 times [4][24] - Sub-sector PE ratios include: motors at 55.76 times, other power equipment at 52.32 times, solar equipment at 29.60 times, wind equipment at 31.80 times, battery equipment at 32.15 times, and grid equipment at 27.51 times [4][24] Industry News - The report notes the official start of the Qinghai Hainan clean energy base project, which is expected to stabilize power supply and create demand certainty for the domestic new energy industry chain [37][42] - The project will utilize a ±800 kV ultra-high voltage direct current transmission line to deliver power to the Guangdong-Hong Kong-Macao Greater Bay Area [37][42]