电力设备：宁德Q3业绩超预期，光伏行业反内卷达共识

Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [1]. Core Views - The report highlights that the performance of Ningde Times in Q3 exceeded expectations, with a focus on the photovoltaic industry reaching a consensus against excessive competition [1]. - The lithium battery sector is expected to see stable prices and cost reductions, with recommendations for companies like Ningde Times and Yiwei Lithium Energy [1]. - The energy storage sector is experiencing a global demand surge, with leading companies expected to accelerate performance [1]. - The photovoltaic sector is anticipated to benefit from improved supply-demand dynamics, with a focus on leading companies that demonstrate operational resilience [1]. Summary by Sections Lithium Battery Sector - The battery industry index increased by 3.42%, outperforming the CSI 300 by 2.439 percentage points [5]. - Notable stock performances include Hunan Youneng (+17.51%) and Shangtai Technology (+18.18%) due to rising processing fees for lithium iron phosphate [5][6]. - Ningde Times reported a net profit of 36 billion yuan for the first three quarters, a year-on-year increase of 15.59% [6][7]. Energy Storage Sector - Sungrow Power plans to raise 4.878 billion yuan for advanced energy storage equipment manufacturing projects [13]. - The new time-of-use electricity pricing policy in Heilongjiang aims to enhance energy efficiency and reduce peak demand [14]. Power Grid Equipment Sector - The State Grid announced a procurement for 29.68 million metering devices, with an estimated total value of 8.5 billion yuan [15]. - In September, the total electricity consumption reached 847.5 billion kWh, a year-on-year increase of 8.5% [16]. Photovoltaic Sector - The report notes stable prices for silicon materials, with multi-crystalline silicon prices holding steady at 40.0 yuan/kg [17]. - The price of N-type silicon wafers decreased slightly, while P-type silicon wafers remained stable [17]. - A significant order of 2.3 GW for a solar power project in Saudi Arabia was secured by Zhongxin Bo [27]. Wind Power Sector - The report indicates a recovery in offshore wind projects, with approvals for significant projects in Denmark and the Philippines [1].