电力设备行业：特斯拉Model 3电池升级，东缆再中帆石一次回500kV海缆

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [1]. Core Insights - The report highlights that Tesla is expected to launch a new generation battery pack manufactured by CATL in 2025, which is anticipated to become a core product in the next 1-2 years [7]. - The lithium battery industry is projected to experience significant performance and valuation improvements over the next two years, indicating a favorable medium-term investment opportunity [1][5]. - The report emphasizes the importance of the supply-demand balance in the lithium battery sector, with expectations of a turning point in supply and demand dynamics in 2-3 years [1]. Summary by Sections Battery Industry - The battery industry index decreased by 4.52%, underperforming compared to the Shanghai and Shenzhen 300 index by 2.839 percentage points [5]. - Key companies with stable profitability and good competitive positioning, such as Shangtai Technology and Hunan YN, showed positive stock performance [5][6]. - Tesla's Model 3 battery upgrade is expected to enhance safety and performance while reducing costs, with a net capacity increase of 4% [7]. Electric Vehicle Sales - In October, electric vehicle sales in Europe decreased by 8% year-on-year, with a penetration rate of 33.9% [11]. - Domestic electric vehicle manufacturers like BYD and NIO reported varying delivery figures, with BYD achieving a 66% year-on-year increase in October [12][13]. Lithium Battery Supply Chain - The report tracks price movements in the lithium battery supply chain, noting slight increases in VC prices and stable electrolyte prices [14]. - The cost reductions in key materials such as lithium carbonate and nickel are expected to significantly lower battery production costs [15][17]. Market Trends - The report suggests that the energy storage sector is poised for growth, driven by increasing demand and new project developments [1]. - The photovoltaic sector is also highlighted as having a positive outlook, with recommendations for key companies in the solar supply chain [1].