电力设备及新能源行业周报：电力设备及新能源硅料价格维持稳定，当升科技上半年锂电材料整体产能利用率超60%【第38期】

Investment Rating - The industry investment rating is maintained at "Outperform the Market - B" [2] Core Viewpoints - The lithium battery industry is expected to gradually improve in production scheduling, with industry valuations at historical lows, indicating potential for valuation recovery. Key companies to watch include CATL, Yiwei Lithium Energy, Guoxuan High-Tech, and others in various segments of the lithium battery supply chain [1][12][13] - In the photovoltaic sector, the price of silicon materials remains stable, with domestic dense block material prices ranging from 37.5 to 43 RMB per kilogram. The average price for dense block materials is around 40 RMB per kilogram [2][14] - The wind power sector has seen an increase in installed capacity, with 33.61 million kilowatts added in the first eight months of the year, indicating a growing market for offshore wind projects [15][17] Summary by Sections New Energy Vehicles - In September, China's power battery installation volume reached 54.5 GWh, a month-on-month increase of 15.5% and a year-on-year increase of 49.6%. Cumulatively, from January to September, the total installation volume was 346.6 GWh, up 35.6% year-on-year [11] - The production capacity utilization rate of lithium battery materials at Dangsheng Technology exceeded 60% in the first half of the year, with significant growth in the shipment of lithium iron phosphate products [11][12] New Energy Generation - In the photovoltaic sector, the price of P-type silicon wafers for M10 and G12 specifications is around 1.2-1.25 RMB and 1.7-1.75 RMB per piece, respectively. The price for N-type wafers is approximately 1.5 RMB for G12 and 1.23-1.25 RMB for G12R [14] - The market for battery cells remains stable, with P-type M10 battery cells priced between 0.26-0.285 RMB per watt [14] Energy Storage and Power Equipment - From January to August, major power generation companies completed investments of 497.6 billion RMB in power source projects, a year-on-year increase of 5.1%. Investments in grid projects reached 333 billion RMB, up 23.1% year-on-year [18] - The State Grid Corporation's total investment in the grid for 2024 is expected to exceed 600 billion RMB, focusing on ultra-high voltage and digital upgrades [18][47]