电气设备行业行业周报：宏观政策利好下，新能源板块反弹

Investment Rating - The report rates the electric equipment industry as "Positive" under favorable macro policies, indicating a rebound in the renewable energy sector [1]. Core Views - The report emphasizes the importance of cherishing limited resources while creating unlimited opportunities in the renewable energy sector [2][5]. Summary by Sections 01 New Energy Industry Trend Commentary - Lithium supply and demand mismatch persists, but lithium prices rebounded at the end of September due to macro policy stimulation and pre-holiday inventory adjustments [3]. - Cobalt prices are under pressure due to weak demand and high inventory levels, with expectations of continued weak performance in the short term [3]. - Nickel prices increased due to domestic economic stimulus policies, although oversupply and high inventory levels are suppressing further gains [3]. 02 Industry Dynamics & Data Tracking Energy Metals - In August, China's sales of power and other batteries reached 92.8 GWh, a month-on-month increase of 7.5% and a year-on-year increase of 43.2% [4][28]. - The domestic power battery installation volume in August was 47.2 GWh, reflecting a month-on-month increase of 13.5% and a year-on-year increase of 35.3% [4]. - The report notes that the lithium battery material supply chain may be entering a bottoming phase as lithium carbonate prices stabilize [4]. New Energy Vehicles - The retail penetration rate of domestic new energy passenger vehicles remained stable compared to August, with a significant number of new models launched [5][41]. - Cumulative retail sales of new energy vehicles reached 667.3 million units in 2024, a year-on-year increase of 36% [41]. Photovoltaic/Wind Power - In August, domestic photovoltaic installations reached 16.5 GW, a year-on-year increase of 3%, while component exports increased by 30% [6]. - Wind power installations in August reached 3.7 GW, a year-on-year increase of 42% [6]. Energy Storage/Grid - New energy storage installations in August reached 4.7 GWh, with a cumulative increase of 38.8 GWh in the first eight months of 2024, reflecting a year-on-year growth of 60% [7]. - Domestic grid investment is projected to reach around 600 billion yuan, with significant growth expected in overseas markets [7]. Electricity (Renewable/Traditional) - The report highlights that the marketization of green electricity is in its early stages, with price pressures expected to stabilize as energy storage develops [8].