——电新环保行业周报20260322：高切低行情延续，围绕能源安全与业绩主线布局-20260322

Investment Ratings - Electric Power Equipment: Buy (Maintain) [1] - Environmental Protection: Buy (Maintain) [1] Core Views - The report highlights the ongoing high-cut low market conditions, emphasizing energy security and performance as key investment themes. The Iranian situation has escalated, leading to increased focus on energy infrastructure and commodity prices, with significant volatility in the market. The current market is prioritizing performance metrics [2]. - In the electric power sector, the North American electricity shortage chain, which previously had high valuations, is undergoing adjustments. The sectors related to energy crises, particularly household/commercial storage and European offshore wind, are performing well. The photovoltaic sector has seen a rebound due to Tesla's procurement plans for solar equipment [2]. - The report suggests focusing on companies like DeYue Co., Daikin Heavy Industries, TianShun Wind Energy, Airo Energy, and GoodWe in the energy storage and offshore wind sectors, as they are expected to benefit from sustained demand even post-conflict [2]. - The photovoltaic sector is anticipated to see continued catalysts if North American orders are fulfilled, with key companies to watch including JinkoSolar, Foster, JinkoSolar, and Laplace [2]. - The lithium battery and energy storage sectors are highlighted for their strong performance in upcoming financial reports, with companies like CATL, Defu Technology, and Sungrow Power to be monitored closely [2][3]. Summary by Sections Electric Power Equipment - The North American electricity shortage logic remains strong, with high volatility expected in high-valued stocks. The report recommends focusing on undervalued electric power equipment stocks such as Teradyne, Siyuan Electric, and Sifang Co. [3]. Energy Storage - Domestic energy storage capacity pricing policies have been released, and there is ongoing discussion about their impact on installations in 2026/27. Key indicators to monitor include regional coal power pricing, project lists, and market price differentials. The report suggests that low-valuation leading stocks in energy storage are likely to rebound [6]. - In the overseas market, the logic of electricity shortages in the U.S. is expected to continue, with significant potential for rebounds in North American energy storage stocks [6]. - The U.K.'s "Warm Homes Plan" and ongoing energy repairs in Ukraine are expected to sustain demand for household storage solutions [6]. Wind Power - According to the National Energy Administration, China's onshore wind power installations are projected to reach 110.0 GW in 2025, a year-on-year increase of 45.14%, while offshore wind installations are expected to reach 6.6 GW, a 63.12% increase [7]. - The report indicates that the wind power sector is experiencing a high degree of project releases, with significant growth expected in installations from 2026 to 2030 [18]. Photovoltaics - The report notes that prices across the photovoltaic supply chain are stabilizing but under pressure due to weak demand and high inventory levels. The silicon material prices have been declining, while the prices for silicon wafers have stabilized [27]. - The report emphasizes that all segments of the photovoltaic industry are currently facing operational pressures, with no profits reported as of March 18, 2026 [27].