Sungrow Power Supply(SZ:300274) 格隆汇APP·2025-09-27 08:01Core Viewpoint - The photovoltaic industry in China is facing challenges such as overcapacity and price wars, but recent policy measures are expected to drive a transition towards high-quality development and create investment opportunities in photovoltaic, energy storage, wind power, and lithium battery sectors [2][17]. Photovoltaic Industry - The photovoltaic sector is experiencing a recovery driven by rising raw material prices, with leading companies showing significant performance elasticity [2][4]. - From July 2025, policies promoting industry self-discipline have led several photovoltaic companies to reduce production, alleviating supply pressure and restoring market confidence [3]. - The shift from a "price war" to a "value war" is evident as prices for core materials like silicon and photovoltaic modules have increased [4]. - Capital markets have reacted positively, with companies like Youyan New Materials and Feilu Co., Ltd. seeing their stock prices double within six months [7]. Energy Storage Sector - The energy storage market is witnessing robust demand, with domestic and international markets showing resilience and growth potential [8]. - The domestic energy storage market is expected to exceed expectations in the second half of 2025, while overseas markets continue to thrive despite short-term fluctuations [8][10]. - The energy storage index is on an upward trend, with leading companies like Sungrow Power seeing stock prices increase significantly [10]. Wind Power Industry - The domestic offshore wind power sector is set for rapid growth, with expected installation capacity reaching 10 GW in 2025, doubling year-on-year [11]. - The overseas offshore wind market is also performing well, with new installations projected to reach 5-6 GW in 2025 [11]. - The wind turbine sector is anticipated to experience a profitability recovery, supported by stabilized pricing and improved operational efficiency [14]. Lithium Battery Sector - The lithium battery industry continues to show strong demand, particularly for solid-state batteries, which are seen as a key area for technological advancement [15][16]. - Solid-state batteries are expected to enhance safety and energy density, opening new growth avenues for the industry [16]. Investment Opportunities - Investment strategies should focus on leading companies with strong core technologies and cost control in the photovoltaic sector, as well as those benefiting from rising raw material prices [18]. - In the energy storage and wind power sectors, priority should be given to companies with strong global competitiveness and performance delivery capabilities [22]. - For the lithium battery sector, attention should be directed towards key segments of the solid-state battery supply chain, particularly those with high technical barriers [22].