电力设备及新能源行业周报：产业周跟踪，风光价格竞争有望趋缓，低空人机迎密集催化

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [3] Core Views - The report highlights that the price competition in the wind and solar sectors is expected to ease, with significant catalysts on the horizon for the industry [3] - Key insights include the potential turning point for lithium iron phosphate (LiFePO4) cathodes, strong policy support for low-altitude economy, and the need for industry self-regulation to prevent irrational competition in the photovoltaic sector [3][14] Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - The report notes an increase in the operating rate of lithium iron phosphate cathodes, indicating a potential price turning point. In September, the production of lithium iron phosphate reached 238,600 tons, up 10.2% month-on-month, with a capacity utilization rate exceeding 60% [7] - The low-altitude economy is gaining traction due to policy support and industry trends, with significant employment opportunities projected in drone operation [8] 2. New Energy Generation Sector 2.1 Photovoltaic Sector - The China Photovoltaic Industry Association held a meeting to prevent "involution" and promote industry self-regulation. The minimum cost for N-type M10 double-glass photovoltaic modules was reported at 0.68 yuan/W, which is expected to stabilize prices and reduce irrational competition [14][15] - The report emphasizes the importance of setting reasonable bidding schemes to enhance market stability [15] 2.2 Wind Power Sector - The report mentions that Dongcable won the bid for the first loop of the 500KV submarine cable for the Fan Stone project, with a bid amount of 910 million yuan [21] - Twelve wind turbine manufacturers signed a self-regulation agreement to maintain fair competition in the market [22] 3. Energy Storage Sector - The report discusses Germany's recent legislative changes that facilitate the installation of balcony solar storage systems, which are expected to boost deployment significantly [26] - Haibo Technology's IPO was approved, indicating strong growth potential in the energy storage sector [27] 4. Electric Equipment and Industrial Control Sector - The State Grid's third batch of metering product tenders for 2024 amounted to 29.77 million units, with an expected total bid amount of 8.56 billion yuan [32] - The report highlights improvements in manufacturing PMI and the launch of new electric control products by Huichuan [35] 5. Hydrogen Energy Sector - The report notes the increasing trend of wind-solar-hydrogen integration, with significant investments in hydrogen production projects [41] - Hong Kong's government is increasing subsidies for hydrogen fuel cell vehicles, indicating a supportive policy environment for hydrogen energy [42] Investment Recommendations - The report suggests focusing on companies with strong inventory management and cost advantages, such as CATL and Tianqi Lithium [9] - It also highlights emerging technologies like sodium-ion and solid-state batteries, recommending companies involved in these innovations [9][11] - For the photovoltaic sector, it recommends companies with cost advantages in integrated modules and inverter manufacturers benefiting from increased demand [19] - In the hydrogen sector, it suggests companies with strong electrolyzer performance and fuel cell systems [43]