电力设备及新能源行业周报：产业周跟踪，电网投资高增，光伏供需共振

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1] Core Views - The report highlights significant growth in grid investment and a resonant supply-demand dynamic in the photovoltaic sector [1] Summary by Sections 1. New Energy Vehicles and Lithium Battery Sector - CATL launched the "Xiaoyao" battery, integrating sodium and lithium battery technologies, achieving over 400 km pure electric range and 4C fast charging capability [6] - Xiaopeng Motors introduced the AI Tianji 5.4.0, enhancing intelligent driving capabilities with a cloud-based model [7] 2. New Energy Generation Sector 2.1 Photovoltaic Sector - In the first nine months, China's new photovoltaic installations reached 160.88 GW, a year-on-year increase of 24.77%, with September alone seeing 20.89 GW added, up 32.38% year-on-year [12][13] - The report anticipates continued growth in new installations through the fourth quarter [12] 2.2 Wind Power Sector - The offshore wind sector is experiencing high demand, with significant projects underway, including a 146 MW offshore wind turbine procurement by Goldwind [19] - The Guangdong Huadian project is set to install 500 MW of offshore wind capacity [20] 3. Energy Storage Sector - In September, new energy storage installations in China decreased to 2.38 GWh, with a notable drop in both year-on-year and month-on-month comparisons [26] - Major companies signed a 4.1 GWh order at the Australian International Energy Exhibition, indicating strong international demand [27] 4. Power Equipment and Industrial Control Sector - In September, grid investment surged by over 70%, with total investment reaching 652 billion yuan, a year-on-year increase of 12.03% [32] - Major power equipment companies reported mixed quarterly results, with some showing improved gross margins despite revenue pressures [33][34] 5. Hydrogen Energy Sector - The report notes steady progress in hydrogen energy applications, with government support for clean hydrogen initiatives [1]