电力设备周观点：电新较景气，多环节边际改善

Investment Rating - The report maintains a positive investment rating for the power equipment industry [1] Core Insights - The report highlights a decline in prices for silicon materials and photovoltaic components, with a slight increase in inventory levels, indicating a challenging market environment [2][9] - The lithium battery sector shows strong demand driven by small digital power needs, with rising prices for wet separators and challenges in sourcing copper foil [2][11] - The wind power sector is experiencing significant growth, with new projects and tenders being announced, particularly in offshore wind [2][21] - The power equipment sector continues to see high growth in exports, particularly for transformers, with a notable increase in export value [2][34] Summary by Sections Photovoltaics - Prices for silicon materials and photovoltaic components have decreased, with dense silicon prices dropping to 41 RMB/kg, a 2.4% weekly decline [7][9] - The photovoltaic industry is facing challenges with inventory levels rising and overseas demand remaining weak [2][9] - A meeting held by the China Photovoltaic Industry Association discussed industry issues and proposed measures to encourage mergers and ensure healthy development [2][10] Lithium Batteries - The average price of battery-grade lithium carbonate is reported at 106,500 RMB/ton, with a weekly decline of 0.47% [11] - The prices for various lithium battery components, including ternary and lithium iron phosphate batteries, have shown slight increases [13][18] - Demand for consumer batteries remains strong, with recommendations to focus on key companies in the sector [2][20] Wind Power - New wind power tenders amounting to 1.6 GW have been announced, with significant growth in both onshore and offshore projects [21][24] - Cumulative wind power tenders for 2024 have reached 59.19 GW, a 154.24% year-on-year increase [21][24] Power Equipment - Exports of transformers (rated capacity >16kVA) reached 2.448 billion RMB in April, a 41.2% year-on-year increase [34][36] - The report notes a strong performance in the export of power equipment products, with significant growth in various regions [34][37] - Investment in power generation and grid projects has also seen growth, with a reported investment of 136.5 billion RMB in the first quarter of 2024 [29][32]