月第3周周报：电力设备与新能源行业10

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy industry [1]. Core Insights - The report highlights the call for compliance competition in the photovoltaic sector, with expectations for component prices to rise, leading to profit recovery in the supply chain [1]. - New technologies, such as solid-state batteries, are advancing, with recommendations to prioritize investments in segments with tight capacity and technological iteration potential [1]. - The wind power sector is expected to see steady progress in domestic offshore and onshore bidding and construction, with improved profitability anticipated next year [1]. - The report suggests focusing on companies benefiting from high demand in offshore wind and related infrastructure [1]. - The electric vehicle sector is entering a sales peak season, which is likely to boost demand across the supply chain, with material costs expected to stabilize [1]. - The report emphasizes the ongoing push for hydrogen energy development, recommending attention to companies with cost and technological advantages in electrolyzer production [1]. Summary by Sections Industry Performance - The power equipment and new energy sector rose by 1.92% this week, outperforming the broader market [6]. - The nuclear power sector saw the highest increase at 9.34%, while the photovoltaic sector experienced a decline of 0.64% [7]. Key Industry Developments - Chery aims to launch solid-state batteries in 2026 and mass production in 2027 [11]. - LG Energy signed agreements to supply 109GWh of batteries to Ford by 2032 [11]. - The China Photovoltaic Industry Association called for the rejection of bids below cost or above set limits [11]. - A new law in Germany grants tenants the right to install balcony photovoltaic systems [12]. Company Performance - CATL reported a net profit of 36 billion CNY for the first three quarters, a 15.59% increase year-on-year [13]. - Huayou Cobalt achieved a net profit of 3 billion CNY, up 0.24% year-on-year [13]. - Purtai's net profit decreased by 23.97% to 1.24 billion CNY [13]. - Pinggao Electric expects a net profit of 850-870 million CNY, a growth of 53.87%-57.49% [13].