【电新公用环保】持续看好风电整机、固态电池板块，关注光伏“防内卷”后续政策——电新公用环保行业周报20250622（殷中枢）

Overall Viewpoints - Wind Power: The issuance of Document No. 136 reshapes the logic of new energy installations. Due to the favorable output curve of wind power, sales of wind power stations are expected to recover, and profits from wind turbine manufacturing are likely to improve. Focus should be on wind turbine manufacturers, with Q2 performance potentially under pressure, while monitoring the degree of profit improvement in Q3-Q4 and the progress of power station sales [4]. - Solid-State Batteries: Companies like Winbond Technology, Leading Intelligent, and Xingyun Co. have completed the delivery of core equipment for solid-state batteries, significantly catalyzing the sector. The investment in solid-state battery equipment is 400-500 million per GWh, significantly higher than traditional liquid lithium battery equipment, with comprehensive upgrades in equipment requirements. The solid-state battery sector is seeing increased capital expenditure driven by policy support and the active promotion of semi-solid and all-solid experimental lines by battery manufacturers [4]. - Photovoltaics: After the anti-involution policy in Q4 2024 and the rush for installation in Q1 2025, the photovoltaic sector's debt repayment ability did not continue to deteriorate during Q1 2025. However, starting in May 2025, the decline in production and prices has led to further deterioration in the sector's debt repayment and profitability. It is expected that the next phase of supply or demand-side support policies will further strengthen the industry [4]. - Energy Storage: Recent adjustments in the stock price of Deye Technology are mainly due to European inventory factors leading to a downward revision of performance expectations. However, its valuation has entered a reasonable range, and it is still considered to have allocation value. Continuous monitoring of monthly data for household storage in July-August is necessary. The outlook for large-scale energy storage and commercial energy storage in Europe remains high, with a core focus on Q2-Q3 performance or order releases [5]. - Controlled Nuclear Fusion: The sector has seen significant adjustments recently, primarily due to changes in market style and a lack of catalytic factors. Future focus should be on domestic experimental pile bidding and the resonance of technological progress between China and the U.S. Controlled nuclear fusion remains an important thematic investment opportunity, with potential for repeated market speculation [6].