Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Insights - March exports of new energy equipment showed a month-on-month growth trend, indicating that industry demand is likely entering a recovery phase [2] - The export figures for March are as follows: - Components: 16.3 billion RMB, up 37.27% month-on-month, down 28.55% year-on-year; cumulative exports from January to March reached 44.6 billion RMB, down 30.79% year-on-year [2][11] - Inverters: 4.5 billion RMB, up 39.45% month-on-month, up 6.67% year-on-year; cumulative exports from January to March reached 12.2 billion RMB, up 6.5% year-on-year [2][12] - Transformers: 4.4 billion RMB, up 18.44% month-on-month, up 27.35% year-on-year; cumulative exports from January to March reached 13.1 billion RMB, up 39.99% year-on-year [2][16] - Electric meters: 600 million RMB, up 25% month-on-month, down 15% year-on-year; cumulative exports from January to March reached 2 billion RMB, down 14.17% year-on-year [2][18] - Wind turbines: 100 million USD, up 86.81% month-on-month, up 50.54% year-on-year; cumulative exports from January to March reached 300 million USD, up 41.58% year-on-year [2][20] - The wind turbine exports are showing a recovery trend, with significant growth in both year-on-year and month-on-month comparisons [9] - Global demand for new energy is showing signs of marginal recovery, with emerging markets expected to become the growth engine for the industry [9] Investment Recommendations and Targets - Recommended stocks to focus on include: - Deye Technology (605117, Buy) - Hema Technology (688032, Buy) - Jinpan Technology (688676, Buy) - Other companies are rated as "Not Rated" [3]