电力设备及新能源行业周报：宁德时代发布骁遥增混电池，国家电网2024年电网投资首超6000亿元【第40期】

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy sector, with a specific "Buy-A" rating for CATL (300750.SZ) [1]. Core Views - The report highlights a significant growth in China's lithium battery shipments, with a total of 786 GWh in the first three quarters of 2024, representing a year-on-year increase of 30%. The shipments of power and energy storage batteries were 533 GWh and 216 GWh, respectively, showing increases of 20% and 70% [7][8]. - The report anticipates a gradual improvement in lithium battery production schedules and suggests that the industry is poised for valuation recovery, recommending attention to key players in the lithium battery sector [11][14]. Summary by Sections 1. New Energy Vehicles - In the first three quarters of 2024, the shipment of lithium batteries in China reached 786 GWh, a 30% increase year-on-year. Power and energy storage batteries accounted for 533 GWh and 216 GWh, with respective growth rates of 20% and 70% [7][8]. - The report notes that the shipment of cathode materials reached 226 million tons, up 26% year-on-year, while separator materials and electrolyte shipments also saw significant increases of 27% and 28% respectively [7][8]. 2. New Energy Generation - The report indicates that the price of domestic silicon materials has stabilized, with prices for dense block silicon ranging from 37.5 to 42 yuan per kilogram, and an average price of around 40 yuan [15][16]. - In the wind power sector, new installed capacity reached 24,258 MW in the first nine months of the year, a year-on-year increase of 3,165 MW, with offshore wind capacity increasing by 3,912 MW [16][17]. 3. Energy Storage and Power Equipment - National investment in power generation projects reached 595.9 billion yuan in the first nine months, a 7.2% increase year-on-year, while grid investment totaled 398.2 billion yuan, up 21.1% [21][22]. - The report highlights that the total investment in the national grid for 2024 is expected to exceed 600 billion yuan for the first time, with a focus on ultra-high voltage projects and digital upgrades [21][22].