Investment Rating - The report maintains an "Increase" rating for the renewable energy sector [5] Core Insights - The report highlights three main areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [15][18] Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - The Ministry of Industry and Information Technology has initiated energy-saving inspections for polysilicon, targeting 41 companies, which is expected to optimize energy-saving efforts and reform outdated capacities [14] - The National Development and Reform Commission emphasizes the need to eliminate "involution" competition and advance the bidding system reform, which has led to an increase in polysilicon prices, potentially restoring component prices [14][15] - Key companies to watch include Xiexin Technology, Tongwei Co., Daqo New Energy, and JA Solar [15] 1.2 Wind Power & Grid - The AR7 wind auction reform has significantly increased wind power prices, with floating offshore wind power prices rising by 10.6% and fixed offshore wind power prices by 10.8% [16] - The contract duration for CfD has been extended from 15 to 20 years, improving project financing feasibility [16] - The introduction of Clean Industry Bonuses (CIB) is expected to drive investment in local supply chains, with a total subsidy budget exceeding £544 million [16] 1.3 Hydrogen & Energy Storage - A major user-side energy storage project in the aluminum industry has been launched by Penghui Energy and Sichuan Zhongfu, with a scale exceeding 100MW/400MWh [18] - The average bidding price for energy storage systems in July was 0.4645 RMB/Wh, with a range for EPC bids between 0.7399 RMB/Wh and 1.5748 RMB/Wh [25][27] - Recommended companies include Longi Green Energy, Sungrow Power Supply, and Kehua Tech [27] 2. New Energy Vehicles - LG Energy has signed a supply contract for lithium iron phosphate batteries worth 5.94 trillion KRW (approximately 30.9 billion RMB), which represents 23.2% of its projected sales for 2024 [28][30] - The contract is expected to enhance the performance of Longpan Technology, which has also signed an agreement to supply 260,000 tons of lithium iron phosphate materials to LG Energy [30]