电力设备与新能源行业行业周报：光伏大会在京召开，行业有望走向复苏

Investment Rating - The report maintains a "Buy" recommendation for the power equipment and new energy industry [1] Core Viewpoints - The photovoltaic industry is expected to recover as the industry enters a down cycle in pricing, with a focus on high-quality development and technological innovation [4][5] - Wind power installations are projected to grow significantly, with onshore and offshore installations expected to reach 90-100 GW and 12-16 GW respectively in 2025 [4] - The energy storage sector is anticipated to maintain high growth, with a compound annual growth rate (CAGR) of 37% from 2023 to 2030 [4] Market Review - The Shanghai Composite Index decreased by 2.22% from February 21 to February 28, 2025, while the new energy index fell by 1.57%, ranking 17th among industries [3] - The solar energy segment showed a price decline, with polysilicon prices entering a downward cycle since late 2022 [12][14] Valuation Analysis - As of February 28, 2025, the price-to-earnings (P/E) ratio for the power equipment and new energy industry is 26.36, which is at the 28.13% historical percentile, indicating a low valuation [3][11] - Specific industry P/E ratios include: grid (23.75), energy storage (32.57), solar (20.35), new energy vehicles (26.65), and wind (27.82) [11] Industry Data Tracking - Lithium carbonate prices were reported at 75,200 CNY/ton, showing a decrease of 1.22% [30] - The photovoltaic industry is experiencing a price decline across its supply chain, with significant drops in the prices of silicon materials and solar cells [12][14] Important News - The State Council has initiated actions to deepen the "AI+" strategy in central enterprises [4] - The National Energy Administration has released guidelines for energy work in 2025, aiming for a 60% share of non-fossil energy in total power generation capacity [43][45] - A major wind power project in Ningxia has commenced construction, expected to significantly enhance renewable energy development in the region [46]