子行业周度核心观点： 光伏&储能：在光伏行业走出过剩困境的道路上，顶层关注力度丝毫不减，但驱动行业反转的核心力量，或正从政策 强制干预向产业自发自主转移，曙光已初现；中美贸易关系缓和实质性利好大储，继续重点推荐：阳光电源、阿特斯。 风电：大金重工新签 10 亿欧洲海风基础订单，我们统计 2025-2026 年将有接近 20GW 的海风项目将进行海风基础招 标，看好公司年内订单持续落地；运达股份宣布投资巴西本地化风机及储能制造基地，金风签约阿曼 234MW 风电项目， 整机出海提速，看好头部整机企业盈利修复。 电网：1）国网发布《电力"人工智能+"白皮书》，加快推进人工智能与电力生产等深度融合，以智能化技术支撑新型 电力系统建设，建议关注电网信息化相关受益标的；2）疆电送电川渝特高压直流环评第二次公示，工程计划于 25 年 12 月开工，特高压建设持续推进，重申 25 年是特高压开工大年，看好 25 年特高压相关公司业绩弹性持续兑现。 新能源车：本周周度数据同比再次走弱，增速下滑至约 5%，引发市场对行业大贝塔的焦虑。事实上环比 4 月 2 周，市 场总量增速较好，环比+30%，说明整体销量在季节性波动上仍是正 ...

Investment Rating - The report maintains a positive outlook on the photovoltaic and energy storage sectors, highlighting favorable policy developments and production stability [2][6]. Core Insights - The report emphasizes the positive impact of Shandong Province's new market-oriented pricing mechanism for renewable energy, which is expected to stabilize demand expectations for the second half of the year [6]. - It notes the potential changes in the European inverter market and suggests monitoring companies that may benefit from these shifts [6]. - The report highlights the increasing activity in offshore wind projects in China and the UK, indicating a growing market for related companies [2][9]. - It discusses the robust performance of the electric vehicle sector, particularly focusing on the launch of new models and the anticipated demand growth [3][12]. Summary by Relevant Sections Photovoltaic & Energy Storage - Shandong Province has released a comprehensive market-oriented pricing scheme for renewable energy, which is expected to support demand recovery in the second half of the year [6]. - The report indicates that May's component production is expected to remain stable, which is better than anticipated, contributing to market demand recovery [2][6]. - The European inverter market may undergo changes, with potential beneficiaries identified among Chinese companies [6]. Wind Energy - The Zhejiang deep-sea wind turbine bidding process has commenced, with expectations for construction to start within the year, indicating a positive trend in domestic offshore wind energy [9]. - The UK government has initiated reforms to its offshore wind bidding process, which may accelerate project demand [9]. Electric Grid - The report highlights the commissioning of the ±800 kV ultra-high voltage direct current transmission project in Gansu to Shandong, which is expected to enhance the performance of related companies [8]. - The first batch of framework bids for distribution network equipment in Southern China is valued at 5.4 billion yuan, indicating sustained high investment levels [8]. New Energy Vehicles & Lithium Batteries - The report notes that CATL's Hong Kong IPO has passed the hearing, signaling an expansion of the new energy sector's capital market activities [3][15]. - The electric vehicle market is expected to maintain strong demand, supported by new vehicle launches and favorable policies [12][16]. Hydrogen and Fuel Cells - The report indicates a long-term decline in hydrogen prices, with cities that have low hydrogen costs likely to promote commercial vehicle adoption [10]. - China has surpassed Japan in hydrogen-related patents, establishing itself as a global leader in the hydrogen energy sector [10].

Core Insights - The report highlights significant growth in the power equipment and new energy sectors, driven by various government initiatives and technological advancements [1][2][3][4][6]. Group 1: Power Equipment and New Energy - The State Grid has announced the second round of equipment bidding for ultra-high voltage projects in 2025, indicating accelerated construction in this area [3][6]. - In Q1, the State Grid completed fixed asset investments exceeding 90 billion yuan, marking a nearly 30% year-on-year increase and setting a historical high for the same period [1][6]. - The application of humanoid robots in infrastructure construction by the Southern Power Grid represents a technological advancement in the sector [1][6]. Group 2: Solar and Energy Storage - Domestic solar installations saw a significant increase in March, with battery component exports also maintaining growth, indicating strong demand both domestically and internationally [2][6]. - The combination of policy changes and market conditions is expected to lead to a recovery in solar demand, particularly for leading companies like Sungrow and Aters [2][6]. Group 3: Wind Energy - The report notes a 366% year-on-year increase in Q1 performance for major wind energy companies, with exports of wind turbines rising by 43% [2][4][6]. - The Global Wind Energy Council's report anticipates continued high growth in onshore wind demand in emerging markets, projecting an average annual growth rate of nearly 20% from 2025 to 2030 [2][4]. Group 4: Electric Vehicles and Lithium Batteries - BYD's Q1 performance aligns with expectations, maintaining a steady operational outlook for Q2, supported by low costs and scale effects [3][7]. - Guoxuan High-Tech has expanded its production capacity for lithium-ion batteries, increasing its annual output target from 20 GWh to 28 GWh [4][7]. - The hydrogen fuel cell vehicle market is showing robust growth, with a significant increase in insurance registrations for these vehicles in Q1 [4][7]. Group 5: Industry Events - Key industry events include the opening of the Shanghai Auto Show and the release of Q1 financial reports from major players like BYD and Tesla [7]. - The establishment of a new battery industry group by Geely aims to enhance its capabilities across the entire battery supply chain [4][7].

Investment Rating - The report maintains a positive investment outlook for the solar, wind, and energy storage sectors, highlighting strong demand and technological advancements [2][3][4]. Core Insights - The solar and energy storage sectors are expected to benefit from domestic demand support and supply discipline, with profitability in overseas battery and material production remaining strong [2][3]. - Wind power demand is projected to remain robust, with a significant increase in new bids for wind turbines in Q1, indicating sustained growth through 2026 [2][3]. - The development of virtual power plants is gaining momentum, with government guidance aimed at enhancing their scale and operational models [2][3][4]. Summary by Relevant Sections Solar & Energy Storage - The shift from large-scale solar projects to distributed generation is emphasized, with domestic demand and supply discipline expected to strengthen [2][3]. - Longi Green Energy launched its second-generation BC products, improving module efficiency and bifacial rates [2][3]. - The report notes that recent policy changes and market dynamics suggest a favorable environment for solar demand in the second half of the year [7][8]. Wind Power - In Q1, state-owned enterprises added 26.2 GW of new wind power capacity, a 32% year-on-year increase, reinforcing the outlook for sustained demand through 2026 [2][3]. - The report highlights the strategic value of offshore wind projects amid increasing trade tensions and domestic demand expectations [2][3]. Grid and Virtual Power Plants - The National Development and Reform Commission and the Energy Administration have issued guidelines to accelerate the development of virtual power plants, aiming for significant capacity increases by 2027 [2][3][4]. - The report indicates that the first batch of procurement agreements in the North China region has been announced, with a focus on long-term vendor capabilities [2][3][4]. New Energy Vehicles & Lithium Batteries - BYD's Q1 profit forecast indicates strong performance driven by increased exports and effective cost management [3][4]. - CATL has received approval for its Hong Kong listing, with plans to raise at least $5 billion for overseas capacity expansion [3][4]. Hydrogen and Fuel Cells - The report discusses the development of a "hydrogen corridor" in the western region, aiming to create a comprehensive hydrogen supply chain [5][10]. - The anticipated sales of hydrogen vehicles are projected to exceed 10,000 units by 2025, supported by infrastructure developments [5][10].

Investment Rating - The report maintains a "Buy" rating for the hydrogen and fuel cell industry [5] Core Insights - The hydrogen and fuel cell industry is experiencing significant growth, with a notable increase in fuel cell system installations and vehicle registrations, driven by strong policy support and market demand [5][39] - The integration of system suppliers and automotive manufacturers is becoming a trend, enhancing sales channels and collaboration within the industry [2][5] - The green hydrogen sector is seeing a surge in demonstration projects and bidding activities, indicating a robust pipeline for future growth [4][39] Summary by Sections Fuel Cell System Installations - In February 2025, the installed capacity of fuel cell systems reached 26.88 MW, a year-on-year increase of 269.3% [9] - Cumulatively, from January to February 2025, the total installed capacity was 40.84 MW, reflecting a 4% decrease year-on-year due to seasonal fluctuations [9] Vehicle Registrations - In February 2025, the number of registered fuel cell vehicles was 288, marking a 433% increase year-on-year, although production and sales figures showed a decline [15] - Cumulatively, from January to February 2025, the total number of registered vehicles was 415, a slight increase of 1% year-on-year [15] Leading Companies - Hyundai Hydrogen Energy led the monthly installation of fuel cell systems in February 2025 with 9.4 MW, accounting for 35% of the market [2][18] - In terms of vehicle registrations, Hyundai also ranked first with 144 units in February 2025, representing 50% of the total [26] Demonstration Projects - The Guangdong demonstration city cluster showed the highest vehicle deployment in February 2025, with 144 units, all from Shenzhen [3][29] - The green hydrogen sector is witnessing a significant increase in project bidding, with approximately 620 MW of projects tendered in early 2025, an eightfold increase year-on-year [4][39] Market Trends - The report highlights a trend towards closer collaboration between system suppliers and automotive manufacturers, which is expected to enhance market dynamics and efficiency [2][5] - The average bidding price for electrolyzers has decreased significantly, with alkaline electrolyzers averaging 0.84 yuan per watt, indicating a trend towards cost reduction in hydrogen production [5][39]

Investment Rating - The report maintains a positive outlook on the renewable energy sector, particularly in solar and wind energy, indicating strong recovery potential in profitability and pricing dynamics [1][6][9]. Core Insights - The government work report emphasizes the development of the renewable energy industry, addressing issues such as "internal competition," the construction of "Shagora" renewable energy bases, and the development of offshore wind power for the first time [1][6][9]. - The solar industry is experiencing a significant recovery in both volume and price, with expectations for continued upward trends in glass and battery cell profitability [1][6][9]. - The wind energy sector is expected to benefit from government policies aimed at stabilizing prices and enhancing project profitability, particularly in offshore wind projects [1][6][9]. - The electric grid sector is witnessing a surge in demand for high-voltage equipment, with significant increases in tender amounts for transmission and transformation equipment [1][6][9]. Summary by Relevant Sections Solar & Energy Storage - The government work report highlights the importance of the renewable energy sector, with new initiatives aimed at addressing structural issues and enhancing supply and demand dynamics [1][6]. - The solar industry is seeing a strong recovery in production and pricing, with expectations for increased output in March [1][6]. - Key components such as glass and battery cells are identified as having the best potential for profitability recovery [1][6]. Wind Energy - The government work report's focus on offshore wind development marks a significant policy shift, indicating a positive outlook for the sector [1][6]. - The report anticipates a return to reasonable pricing levels for wind turbines, driven by policy guidance and market demand [1][6]. Electric Grid - The report notes a record high in tender amounts for grid equipment, with a total of 152 billion yuan for 2025, reflecting a 23% year-on-year increase [1][6]. - The demand for high-voltage products is surging, with specific tenders for 750kV equipment showing substantial growth [1][6]. New Energy Vehicles - The report indicates that the overall sales performance of new energy vehicles in February met expectations, with significant growth in electric vehicle sales [2][12][16]. - The introduction of new models, such as the Galaxy E8 and the Wanjie M8, is expected to enhance market competitiveness [12][13]. Lithium Batteries - The report highlights the impact of increased tariffs on lithium batteries, raising the effective tax rate to approximately 50%, which may affect trade dynamics [2][16]. Hydrogen and Fuel Cells - The establishment of a significant venture capital fund for hydrogen energy is expected to attract substantial investment, enhancing the industry's long-term growth prospects [2][10]. - Policy proposals from the recent national congress indicate a shift towards cost reduction and demand expansion in the hydrogen sector [2][10].