电力设备及新能源行业周报：光伏主材价格回落，华能优先风电项目开发

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The report highlights a decline in prices of photovoltaic (PV) main materials, with specific price drops of 7.7% for N-type monocrystalline silicon wafers, 3.2% for TOPCon battery cells, and 1.3% for TOPCon double-glass modules [6][11] - Huaneng New Energy is prioritizing wind power project development, reflecting the overall development trend in the renewable energy sector [6][11] - The report indicates that the wind power index has increased by 0.47%, underperforming the CSI 300 index by 0.12 percentage points, with a current price-to-earnings (P/E) ratio of approximately 18.89 times [6][12] Summary by Sections Wind Power: Huaneng New Energy's Priority on Wind Power Project Development - Huaneng New Energy's chairman emphasizes the need to optimize resource structure and prioritize wind power projects, while also advancing distributed projects [6][11] - The report notes that the impact of the new pricing policy on offshore wind projects is minimal in the short term, as these projects will follow existing local policies [6][11] - The economic viability of wind power projects is highlighted, especially as solar power faces increasing consumption issues [6][11] Photovoltaics: Decline in Main Material Prices - The report states that the prices of PV main materials have decreased, indicating a shift in market dynamics as the deadline for new pricing policies approaches [6][11] - The upcoming changes in pricing mechanisms may lead to a temporary decline in demand for new solar projects [6][11] Energy Storage & Hydrogen Energy: Support for Large-Scale Storage Installations - The report mentions that 21 provinces in China have announced major projects for 2025, including 246 key energy storage projects with a total installed capacity exceeding 42.3 GW [6][7] - Local governments are actively exploring independent storage subsidies and revenue models to support energy storage installations [6][7] Investment Recommendations - For wind power, the report suggests focusing on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to the positive outlook for offshore wind and stable prices for onshore wind [6][7] - In photovoltaics, companies such as Dier Laser, Longi Green Energy, and Aiko Solar are highlighted as key players to watch [6][7] - The report also recommends monitoring companies in the energy storage sector, such as Sungrow Power Supply and Shuneng Electric, due to strong demand growth [6][7]