太平洋证券：重视底部再布局 新技术持续落地+上游供需持续向好

Core Viewpoint - The report from Pacific Securities emphasizes the importance of re-entering the bottom of the new energy industry, highlighting the continuous implementation of new technologies and the improving supply-demand dynamics in the upstream sector. It suggests that the current period presents a favorable opportunity for investment, particularly focusing on the certainty of leading companies and the elasticity of upstream resources [1] New Energy Vehicle Industry Chain - A new cycle has begun with ongoing innovations in battery technology, such as large cylindrical and solid-state batteries. For instance, the new BMW iX3, equipped with a new generation large cylindrical battery from EVE Energy, achieved a real-world range of 1007.7 km, surpassing the official WLTP range of 805 km. EVE Energy is also planning a 30 GWh production facility for large cylindrical batteries near BMW's plant in Hungary, expected to be operational by 2026. Companies like CATL, EVE Energy, and Putailai are expected to benefit [2] - Solid-state battery technology is progressing, with laboratory tests showing energy densities reaching 824 Wh/kg, with potential to exceed 1000 Wh/kg in the future. The industry is adopting a strategy of prioritizing solid-state applications in high-value scenarios while using semi-solid-state for transitional applications [2] Lithium Battery Cathode Industry Chain - The lithium iron phosphate (LFP) market is projected to see significant demand growth, with production expected to reach 3.9 million tons in 2025 and 5.8 million tons in 2026. Companies like Hunan Youneng, Rongbai Technology, and Tianci Materials are likely to benefit from this trend [3] - The cost of lithium iron phosphate is anticipated to rise, with the industry cost range reported at 16,798.2 to 17,216.3 yuan per ton in November, an increase of 89.6 yuan per ton from October. The average market price also rose by 279.3 yuan per ton to 14,704.8 yuan [3] - Rongbai Technology announced plans to acquire Guizhou Xinren, which specializes in the research and production of lithium iron phosphate materials, enhancing its production capacity [3] Photovoltaic Industry Chain - The photovoltaic sector is undergoing a "reverse internal competition" with major companies like Longi, Aiko, and GCL benefiting. A self-regulatory initiative has been formed among leading firms to address industry practices, including the cancellation of export tax rebates and setting production limits for silicon materials [4] - The Ministry of Industry and Information Technology has outlined six key tasks for the photovoltaic industry by 2026, focusing on capacity regulation, innovation, and international cooperation to enhance the industry's global competitiveness [4] AI + New Energy and Wind Power Industry Chain - The application of robotics in manufacturing is advancing, with CATL launching the world's first humanoid robot production line for battery assembly, marking a significant breakthrough in intelligent manufacturing [5] - The wind power sector is experiencing unexpected growth, with a total of 117.97 GW of wind power projects opened for bidding from January to November 2025. The market is highly concentrated, with the top five companies holding a combined market share of 68.02% [6] - Daikin Heavy Industries has commenced manufacturing core components for the BC-Wind offshore wind project in Poland, marking its first international project [6]