Key Recommendations - The solid-state battery route is basically confirmed, but the utilization rate of large-scale storage in China needs improvement. The battery and energy storage sector saw an overall increase of 8.31% in the week of November 4-10, outperforming the CSI 300 index by 2.81 percentage points [6][7] - The central government plans to digest local government hidden debts with a total of 1 trillion yuan, signaling a strong commitment to stabilize market expectations and boost domestic demand [12][13] Battery Sector - Progress in solid-state batteries is on track, with sulfide routes confirmed. Nandu Power announced an energy density of 350 Wh/kg and a cycle life of 2000 times, expected to complete acceptance by Q4 2024. The market for new energy vehicles is projected to reach 11.5 million units in 2024, a year-on-year increase of 20% [7][8] - Supply-side adjustments are orderly, with prices stabilizing. Lithium carbonate prices are fluctuating, while the phosphate iron lithium market is at a breakeven point. The demand for graphite is improving marginally, but prices remain near cost levels [7][9] Energy Storage Sector - There were 15 new bidding projects and 9 winning projects in the energy storage market, with a total scale of 3.00 GW/7.44 GWh. The average bidding price for energy storage EPC projects increased to 1.13 yuan/Wh [9] - The newly released Energy Law emphasizes the need to enhance the utilization rate of large-scale storage, with the average utilization rate of electrochemical storage stations at 37% [9][10] Financial Policy Insights - The National People's Congress approved a resolution to increase local government debt limits, which will allow for the replacement of hidden debts totaling 1 trillion yuan over three years. This is expected to significantly reduce the hidden debt risk [12][14] - The central government has room to increase leverage, with a current government leverage ratio of 25.8%, which is low compared to other major economies [16][17] Market Data - The CSI 300 index closed at 3470.07 points, up 0.51%, while the ChiNext index rose by 3.05%. The semiconductor sector led the gains with a 7.15% increase, followed by the battery and electronic chemical sectors [23][24][28]
东海证券:晨会纪要-20241112
Donghai Securities·2024-11-12 05:02