电力设备与新能源行业行业周报：《能源法》2025年1月1日施行

Investment Rating - The report does not explicitly state an investment rating for the electric power equipment and new energy industry Core Insights - The electric power equipment and new energy industry has shown a significant increase in stock performance, with the electric new energy index rising by 5.80% from November 1 to November 8, 2024, ranking 19th among industries [14] - The industry is currently at a historical low valuation, with a price-to-earnings ratio (TTM) of 49.95, which is at the 62.35% historical percentile [16] - Lithium carbonate prices have recently rebounded to 75,500 CNY/ton, reflecting a 2.08% increase [24] Market Review - The Shanghai Composite Index increased by 5.50%, while the ChiNext Index rose by 9.32% during the same period [14] - The sub-industries of comprehensive energy equipment, electric motors, and nuclear power saw significant gains of 21.58%, 17.38%, and 10.46% respectively [14] Valuation Analysis - As of November 8, 2024, the electric power equipment and new energy industry (CI) has a TTM price-to-earnings ratio of 49.95, which is at the 62.35% historical percentile, indicating it is in a low valuation zone [16] - The price-to-earnings ratios for sub-industries such as the electric grid, energy storage, new energy vehicles, and wind power are 26.25, 93.92, 34.13, and 51.47 respectively, with historical percentiles of 40.31%, 60.16%, 19.52%, and 81.73% [16] Industry Data Tracking - Recent data shows that lithium carbonate prices have rebounded to 75,500 CNY/ton, while the prices for various lithium battery materials have remained stable [24][25] - The solar industry is experiencing a price decline cycle, with polysilicon prices remaining stable at 36.00 CNY/kg [18] - The prices for solar cells and modules have also remained stable, with single crystal PERC cells priced at 0.29 CNY/W [18] Key News Tracking - Significant developments include the launch of a green electricity project in Jiangsu, which plans to connect a consumption scale of 130 GW and high-voltage support of 12 GW [30] - The establishment of a framework agreement between Germany's MR and China's Electric Equipment Group during the China International Import Expo [32] - The release of a high-quality development action plan for the new energy storage manufacturing industry by the Ministry of Industry and Information Technology [30]