东海证券：晨会纪要-20240822

Key Recommendations - Changan Automobile (000625) is set to acquire a 10% stake in Avita Technology from Huawei for RMB 11.5 billion, enhancing its strategic partnership with Huawei in areas such as brand development, cloud and AI technology, and green energy [6][7] - The partnership is expected to elevate Changan's brand image and accelerate its transition to smart electric vehicles, with new models set to launch in H2 2024 [6][7] Industry Insights Photovoltaic Sector - The price of silicon materials has stabilized at the bottom, with an expected production of approximately 135,000 tons of polysilicon in August, indicating a slight easing of supply constraints [9] - The price of silicon wafers remains stable, with an anticipated production of around 54GW in August, supported by the recent price increases in upstream silicon materials [9] - Battery cell production is projected to be below expectations, with a total output of 58.54GW, while module prices are under pressure due to demand not significantly rebounding [9] Wind Power Sector - The bidding scale for onshore wind power continues to grow, with approximately 1,678.4MW of bids and 800MW of awards reported, indicating a stable average bidding price of around RMB 1,840 per kW [11] - Offshore wind projects are also ramping up, with several projects in provinces like Zhejiang and Guangdong set to commence construction, contributing to a positive outlook for the sector [11]