电力设备与新能源行业11月第2周周报：工信部推动新型储能高质量发展，固态电池再获关注

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - The Ministry of Industry and Information Technology is promoting high-quality development of new energy storage, with solid-state batteries gaining attention. Policies on energy consumption control in the photovoltaic sector are expected to be further implemented, potentially reversing supply and demand in the silicon material segment. Price increase expectations for components are ongoing, with leading manufacturers showing high profit elasticity [1]. - The wind power sector is expected to see steady progress in domestic offshore and onshore bidding and construction, with demand likely to improve next year, leading to profit recovery in the complete machine and component segments. The new energy vehicle market is experiencing significant growth, with wholesale sales reaching 1.369 million units in October, a year-on-year increase of 55.2% [1][22]. - The report suggests prioritizing investments in complete machines and casting segments that are likely to benefit from offshore wind and overseas demand. In the lithium carbonate market, prices are declining, but supply-side material segments still face profit pressure. However, raw material prices are expected to stabilize next year, alleviating price pressure and allowing for profit recovery [1]. - The solid-state battery industry is accelerating its development, with companies involved in battery, material, and equipment sectors expected to benefit. The report recommends focusing on the cell segment with a favorable layout and midstream material segments with integrated layouts [1]. - In the power equipment sector, ongoing reforms in the electricity system and the release of policies to ensure high-quality development of renewable energy are expected to accelerate the construction of ultra-high voltage and main grid infrastructure, maintaining high demand for related grid equipment [1]. - The hydrogen energy sector is also being driven by policy support, with recommendations to focus on electrolyzer manufacturers with cost and technological advantages, as well as companies benefiting from hydrogen infrastructure construction [1]. Summary by Sections New Energy Vehicles - In October, wholesale sales of new energy passenger vehicles reached 1.369 million units, marking a 55.2% year-on-year increase and an 11.2% month-on-month increase [22]. - Ningde Times has begun sample verification of solid-state batteries, with plans for a semi-solid-state battery to undergo vehicle testing by 2026 [20][23]. Photovoltaic and Wind Power - The report highlights the production of 450W per square meter for the first batch of perovskite components by Jidian Energy, with an efficiency of 16.1% [27]. - Strategic cooperation agreements have been signed for a 16GW HPBC battery project, with the first phase of 6GW capacity expected to be completed by 2025 [28]. Hydrogen Energy - The National People's Congress has passed the Energy Law, clarifying the energy attributes of hydrogen [30]. - The Sichuan Provincial Government has issued an action plan to promote the development and application of the hydrogen energy industry chain from 2024 to 2027 [30]. Company Announcements - Zhijiang Co. plans to repurchase shares worth 30-60 million yuan, while Jinlei Co. intends to repurchase shares worth 40-70 million yuan [31]. - Trina Solar plans to sell its 5GW component factory in the U.S. to FREYR for a total consideration of 1 billion yuan in cash and preferred notes [31].