【电新公用环保】聚焦“防内卷”政策投资策略，优先推荐风电整机环节——电新公用环保行业周报20250706（殷中枢）

Overall Viewpoint - The article discusses the "involution-style competition" in the photovoltaic, energy storage, and new energy vehicle industries, highlighting the government's focus on preventing such competition as a key task for Q3 2025 [3] - The government aims to address issues of low-price disorderly competition and promote the orderly exit of backward production capacity, with a focus on price strategies to combat deflation and assist local governments in debt reduction [3] - The article emphasizes that while backward production capacity will continue to exit, it will not do so rapidly, and the market is concerned about the speed of this exit and future demand in H2 2025 or 2026 [3] Photovoltaic Industry - Photovoltaic glass and silicon material prices show good elasticity, but profitability after price increases is generally moderate; integrated companies with low price-to-book ratios are expected to benefit from overall valuation increases [3] - New technologies such as BC and perovskite have certain price elasticity, and overseas markets show good profitability elasticity, leading to higher stock price elasticity under changing market sentiment [3] Wind Power Industry - Wind turbine prices are stabilizing but will benefit from the "prevent involution" policy; the performance elasticity in the wind turbine segment is significant, with larger units and cost reductions in components expected to improve profitability in 2026 [4] - The issuance of Document No. 136 is reshaping the logic of new energy installations, with expectations for a recovery in wind power development and power station sales [4] - Short-term wind power bidding and Q2 performance may face pressure, but the market is gradually digesting these issues, and expectations for improvement in related indicators are forming [4] Solid-State Battery Sector - The solid-state battery sector has shown signs of a pullback, with weak performance recently; however, stock prices of some companies in the copper foil segment have rebounded following the "prevent involution" policy [4] - While the solid-state battery sector is viewed positively, there are significant risks associated with materials linked to solid-state battery concepts in the short term [4] - In the medium term, battery manufacturers are actively advancing semi-solid production lines and full solid-state experiments, leading to increased capital expenditures in the solid-state battery sector [4] Energy Storage Market - There is a consensus on the positive outlook for large-scale energy storage in Europe and overseas commercial storage; however, there are differing views on profitability improvements and demand rhythms in domestic large-scale storage following Document No. 136 [5] - The good bidding data for large-scale storage in May-June is related to the "531" rush installation and independent storage "land grabbing" [5] - Medium-term profitability improvements for large-scale storage depend on the construction of the electricity market and improved trading flexibility, while short-term large-scale storage still requires substantial subsidies [5]