电力设备与新能源行业3月第1周周报：政府工作报告推动能源低碳转型

Investment Rating - The industry investment rating is "Outperform the Market" [1][34]. Core Insights - The government work report promotes low-carbon energy transition, with market-oriented reforms in photovoltaic pricing expected to drive demand growth in the solar industry. Price increases are observed across the photovoltaic supply chain, with a focus on the optimization of the silicon material and battery segment in 2025 [1]. - Wind power demand is anticipated to improve, driven by steady domestic and overseas project developments. The report suggests prioritizing investments in segments likely to see profit recovery, such as complete machines and casting components [1]. - The report highlights the growth potential in the new energy vehicle sector, with government support for smart connected vehicles expected to sustain high sales growth throughout the year, positively impacting battery and material demand [1]. - The report emphasizes the ongoing push for power system reforms in China, which is expected to accelerate the construction of ultra-high voltage and main grid infrastructure, maintaining high demand for related equipment [1]. - Hydrogen energy policies are expected to continue promoting industrial development, with a focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Market Overview - The electric equipment and new energy sector saw a weekly increase of 0.64%, with automation and new energy vehicle indices performing particularly well, rising by 5.58% and 5.34% respectively [2][5]. - Major companies in the photovoltaic sector have raised prices, with cumulative increases of approximately 0.04-0.08 yuan/W since the beginning of the year [2][20]. Industry Dynamics - The report notes significant developments in the new energy vehicle market, including a 164% year-on-year increase in BYD's February sales, and a total retail volume of 720,000 units, reflecting an 85% increase year-on-year [20]. - The report also mentions the discovery of Asia's largest lithium mine in Sichuan, with a resource volume exceeding 1.12 million tons, which could impact the supply chain positively [20]. Company Developments - Notable company activities include a supply agreement between Dangsheng Technology and SK On for 17,000 tons of lithium battery materials from 2025 to 2027, and strategic cooperation between Shida Shenghua and CATL for electrolyte procurement [24]. - Tongwei's new high-efficiency heterojunction module has achieved a power output of 783.2W, with a conversion efficiency exceeding 25.21% [24].